Ambika Sharma

I am a Practising Company Secretary

Ambika Sharma

Ambika Sharma a Practicing Company Secretary, having 7 years of working experience. She is specialized in providing high quality services and solving complexity relating to Various Corporate Laws Matters. She has immense knowledge and experience in dealing with matters relating to Company Law, Secretarial Law, Securities Laws, Income Tax, GST and MSME, Legal Due Diligence, Listings Regulations (LODR).

  • India, Kolkata
  • +91-7980818964
  • csambikasharma@gmail.com
  • csambikasharma.blogspot.com
Me

A Sharma & Associates

Owner and founder of "A Sharma & Associates"

Formation & Conversion of Companies & LLP

  • Incorporation of different type of companies such as public, private, OPC, LLP
  • Incorporation of & conversion to section 8 (non – profit ) company.
  • Conversion of LLP into Company

Company Law Compliances

  • We do all compliances required as per Companies Act 2013

Secretarial Compliances

  • Secretarial Audit and Corporate Governance Certification
  • Issue of Compliance Certificate under Companies Act.
  • Certification relating to Depository Participants, Share Transfers, Managerial Remuneration.

NCLT work

  • Revival Company name from strike off to Active

ROC filing

  • All type of forms filing as required by Companies Act.

Stock Exchange Compliances

  • Listing of securities in BSE, NSE and CSE
  • Revocation from suspension from CSE and BSE.
  • Annual secretarial audit and compliance report
  • Certificate relating to the quarterly Secretarial Audit for reconciliation as required under notification issued by SEBI.
  • Certificate as required for completion of the transfers as required under Regulation 40 of the listing Regulation 2015.

Return & Registration work

  • GST Registration & Return
  • Professional Registration & Return
  • Individual Income Tax Return
  • Company Income Tax Return
  • TDS return
  • MSME registration

Other Service

  • Issuing Digital Signature Certificate.
  • Preparing Balance sheet in XBRL
  • PAN & TAN application
  • Insert directors name from back end of ROC
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current projects
  • Due Date Extension made by SEBI and CBDT







    Today I will talk about some due dates extension. Just to update you about your compliance calender.  If you are feeling worry about that how to file compliances on time as due dates is going to end soon than dont worry as there are so many extension is made by Income tax department and SEBI in last 2days dated 24/06/2020 & 25/06/2020.

    Here is the list of extension made by SEBI

    Sl No
    Particulars
    Current due date
    Earlier due date
    1
    Audited financial result for quarter and year ended March 2020 regulation 33 of LODR 2015 
    31.07.2020
    30.06.2020
    2
    Annual Secretarial Compliance report for the year ended March 2020 as required by regulation 24A of LODR 2015
    31.07.2020
    30.06.2020

    Here is the list of extension made by Income Tax department

    Sl No
    Particulars
    Current due date
    Earlier due date
    1
    Due date for ITR for FY 2018-19  Original or Belated or Revised ITR for Financial Year 2018-19 [AY 2019-20].
    31.07.2020.
    30.06.2020
    2
    Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21]
    31.07.2020
    30.06.2020
    3
    Last date for ITR for FY 2019-20 [AY 2020-21]
    30.11.2020
    31.07.2020
    4
    Last date of furnishing audit report
    31.10.2020
     30.09.2020
    5
    TDS/TCS return
    31.07.2020
    30.06.2020
    6
    Issue of Form 16 & form 16A for Financial Year 2019-20
    15.08.2020
    30.06.2020
    7
    PAN & ADHAR linking
    31.03.2021
    30.06.2020
    8
    The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act
    30.09.2020
    30.06.2020
    9
    The date for passing of order or issuance of notice by the authorities and various compliances under various direct taxes & Benami Law which are required to be passed/ issued/ made
    31.03.2021
    31.12.2020
    10
    The date for commencement of operation for the SEZ units for claiming deduction under deduction 10AA of the IT Act
    30.09.2020
    30.06.2020

    If you have any doubt or need further detail then you can contact me at Email csambikasharma@gmail.com 
    WhatsApp Number 7980818964

  • Cyclone Amphan, PM visit West Bengal


    Hello to my all readers

    Today i am going to discuss about the details about the PM visit in West Bengal and Odisha on Friday 22nd May,2020.





    As you all aware that cyclone Amphan came to West Bengal and Odisha on 20th May, 2020 and create huge damaged in the states. On Thursday 21st May 2020 Our CM Mamta Banerjee made an appeal to our PM to visit the state and inspect the damage. On appeal our PM has visit the West Bengal.


    Highlight of PM visit in West Bengal and Odisha



    1)    Prime Minister Narendra Modi announced a Rs 1,000 crore "advance interim assistance" for West Bengal
    2)    PM Modi also announced Rs 2 lakh each for the families of those who died in the cyclone in Bengal.

    3)    PM Modi also announced Rs 50,000 for the injured person given from PM fund.

    4)    After Bengal, PM Modi conducted an aerial survey in Odisha and announced Rs 500 crore as advance assistance.
    After reading all this some questions will come in some peoples mind.

    Q. What is Amphan?



    Ans: Amphan is a severe cyclonic storm that is set to hit the coast of West Bengal's Digha and Hatia Islands of Bangladesh during the afternoon or evening of May 20. The tropical cyclone had intensified into a super cyclonic storm between May 17 and 18, according to IMD. At least 19 teams of National Disaster Response Force (NDRF) have been deployed in West Bengal in view of the approaching cyclone. The cyclone Amphan comes a year after cyclone 'Fani' on May 3, 2019 that claimed the lives of 64 people.

    Q. What Damage caused by Cyclone Amphan?








    1.    Strong Winds had damage or destroy vehicles, buildings, bridges, trees, personal property and other outside objects, turning loose debris into deadly flying projectiles.
    2.    Cyclones knock out power to tens or hundreds of thousands of people, preventing vital communication and hampering rescue efforts.
    3.    Cyclones caused heavy rainfall in the states and it caused water lodge in many area.
    4.    Due to this cyclone many people died.
    5.    Furthermore, the damage caused economic damage to a state, and to a diaspora of the population of the region.













  • Want to registre under MSME.? Get full details here


    IS MSME REGISTRATION WILL GIVE BENEFIT TO YOU OR NOT?

    HERE IS THE ANSWER




    DEFINITION OF MSMEs

    Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes:

    Manufacturing Enterprises-the enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use. The Manufacturing Enterprise is defined in terms of investment in Plant & Machinery.

    Service Enterprises:-The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment..

    “The definition being changed is done in the favour of MSMEs. There has always been this fear, among successful MSMEs also, that if they outgrow the size of what has been defined as an MSME, they will lose their entitled benefits. This is why MSMEs like to remain within the definition rather than grow. With the revised definitions of MSMEs, they will not have to worry about growing their size and can still avail benefits,” Finance Minister Ms. Nirmala Sitharaman said.

     CLASSIFICATION OF MSMES

    1. Earlier scenario (till 13th May 2020): Classification of MSMEs have been done based on investments in plant and machineries.

    MSME are classified into two categories:

    a. Manufacturing enterprise; and

    b. Service enterprise.

    Classification

    Micro

    Small

    Medium

    Manufacturing Enterprises

    25 lakhs

    less than 50 lakhs

    less than 1 cr.

    Service Enterprises

    less than 10 lakhs

    less than 20 lakhs

    less than 50 lakhs

    2. Current Scenario (from 14th May 2020): Classification of MSMEs have been done based on investments in plant and machineries and Turnover and now there is no distinction between manufacturing enterprise and service enterprises.

    Classification

    Micro

    Small

    Medium

    Manufacturing & Services enterprises

    Investment less than 1 cr. and

    Turnover less than 5 cr.

    Investment less than 10 cr. and

    Turnover less than 50 cr.

    Investment less than 20 cr. and

    Turnover less than 100 cr.

     MISSION

    To promote e-Governance for empowering citizens, promoting the inclusive and sustainable growth of the Electronics, IT & ITeS industries, enhancing India’s role in Internet Governance, adopting a multipronged approach that includes development of human resources, promoting R&D and innovation, enhancing efficiency through digital services and ensuring a secure cyber space.

    OBJECTIVES

    e-Government: Providing e-infrastructure for delivery of e-services
    e-Industry: Promotion of electronics hardware manufacturing and IT-ITeS industry
    e-Innovation / R&D: Implementation of R&D Framework - Enabling creation of Innovation/ R&D Infrastructure in emerging
    areas of ICT&E/Establishment of mechanism for R&D translation
    e-Learning: Providing support for development of e-Skills and Knowledge network
    e-Security: Securing India’s cyber space
    e-Inclusion: Promoting the use of ICT for more inclusive growth
    Internet Governance: Enhancing India’s role in Global Platforms of Internet Governance.

    WHAT IS MSME REGISTRATION?

    Micro, Small and Medium Enterprises (MSME) Registration provides benefit to the individual/companies who fall under the investment limit decided by the Government. The registration is meant for the entities dealing in the manufacturing or service sector.
    Any business entity (sole proprietorship, partnership, OPC etc.) can apply for the msme certificate, however; there are different investment limits for the applicants. It is also known as Udyog Aadhar Registration and can be done in both online and offline mode.

    BENEFIT OF MSME REGISTRATION

    1. Collateral Free loans from banks:
    The Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGS) was launched by the GOI to make available collateral-free credit to the micro and small enterprise sector. Both the existing and the new enterprises are eligible to be covered under the scheme. The Ministry of Micro, Small and Medium Enterprises, Government of India and Small Industries Development Bank of India (SIDBI), established a Trust named Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) to implement the Credit Guarantee Fund Scheme for Micro and Small Enterprises.

    2. Subsidy on Patent Registration
    Enterprises that have MSME Registration Certificate can avail 50% subsidy for patent registration by making application to respective ministry.

    3. 1% exemption on interest rate on overdraft
    Enterprises that have MSME Registration can avail benefit of 1% exemption on interest rate on OD as mentioned in the scheme (this is bank dependent).

    4. Eligible for Industrial Promotion subsidy
    Enterprises that have MSME Registration are eligible for Industrial Promotion Subsidy as may be prescribed by the government in this behalf.

    5. Protection against delayed payments
    At times, the buyers of services or products from the MSME’s or SSIs tend to delay the payment. The Ministry of Micro, Small and Medium Enterprise lend a helping hand to such enterprises by giving them the right to collect interest on the payments that are delayed from the buyer’s side. The settlement of such disputes must be done in minimum time through conciliation and arbitration.
    In case, if any MSME registered enterprise supplies any goods or services to a buyer then the buyer is required to make the payment on or before the agreed date of payment or within 15 days from the day they had accepted the goods and services from MSME or SCI registered business( if there is no mention of the date of payment).

    If the buyer delays the payment for more than 45 days after accepting the products or services then the buyer has to pay compound interest along with interests (monthly) on the amount that was agreed to be paid. The interest rate is three times the rate that is notified by the Reserve Bank of India.

    6. Fewer Electricity Bills
    Enterprises that have MSME Registration Certificate can avail Concession on electricity bill by making application to electricity department along with MSME Registration Certificate.

    7. ISO Certification Charges Reimbursement
    The registered MSME enterprises can claim the reimbursement of the expenses that were spent for the ISO certification.

    WHAT ARE THE DOCUMENTS REQUIRED FOR MSME?

    All the documents and forms are filed online only. The applicant needs to submit scanned copies of the following documents –
    • Aadhar and PAN Card.
    • Address Proof (Business)
    • Registration Proof (Business)
    • Sale and Purchase Bills
    • Licenses (Industrial license)

    RELIEF PROVIDED TO MSMES DUE TO COVID-19 PANDEMIC

    1. Collateral-free automatic loan which have 4 years tenor with moratorium of 12 months on principal repayment.
    2. Subordinate Debt for Stressed MSMEs to be provided.
    3. Equity infusion for MSMEs with growth potential through fund of funds model.
    4. Definition of MSME to be revised to increase investment and turnover limit to expand the coverage (already discuss in classification of MSME).

    For more detail you can contact us at csambikasharma@gmail.com









  • ATMANIRBHAR BHARAT, 20 LAKH CRORE FINANCE PACKAGE




    Highlights of Finance Minister’s Announcement on 20 Lakh Crore Finance Stimulus


    On 13 May, 2020 the Finance Minister Ms. Nirmala Sitaraman has announced 15 different measures under Aatmanirbhar bharat; 6 of which are pertained to the Micro Small and Medium enterprises
    The focus will be on what can be defined as the factors of production- Land, Labour, Liquidity and Law. Intention is also to take local brands to a global level, thus global value chain is also kept in mind. Five pillars of Atmanirbhar Bharat –Economy, Infrastructure, System, Vibrant Demography and Demand.

    Pradhan Mantri Garib Kalyan Package (1)

    Rs. 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus:

    Insurance cover of Rs 50 Lakh per health worker
    80 crore poor people given benefit of  5 kg wheat or rice per person  for next 3 months
    1 kg pulses for each household for free every month for the next 3 months
    20 crore women Jan Dhan account holders get Rs 500 per month for next 3 months
    Gas cylinders, free of cost, provided to 8 crore poor families for the next 3 months
    Increase in MNREGA wage to Rs 202 a day from Rs 182 to benefit 13.62 crore families
    Ex-gratia of Rs 1,000 to 3 crore poor senior citizen, poor widows and poor Divyang


    Pradhan Mantri Garib Kalyan Package (2)
    Announcements For MSME


    ·      3 Lakh collateral free loan for MSME and there will be a 4 year tenure on the loans with 100% credit guarantee to banks and NBFCs on principal and interest. The offer will be valid until 31 Oct 2020 and no fresh collateral will be required, no extra fee will be charged. 

    ·      Rs 20,000 crore liquidity through subordinate debt-based scheme for stressed MSMEs.

    ·      Funds of Funds- Funds worth 50,000 crore equity infusion for those who are viable and eligible.

    ·  Change in Definition of MSMEs- 


      The definition is being changed in  the favour of the MSMEs. Investment limit which define MSME is being revised upwards, even with an  increased investment they’ll still be under benifits of MSME. Additional criteria of turnover has been brought up. Manufacturing and service-bases MSMEs to now enjoy same benefits. Now investment can be upto 1 crore and turnover  upto 5 crore for an organisation to be considered under MSME.

    ·      FM announced that the Global tenders will be disallowed in government procurement upto Rs 200 crores.
    ·      Within the next 45 days all the recievables of MSMEs will be cleared.
    Announcements For EPF Scheme


    ·      Liquidity Relief is being given for EPF establishment- June July and August EPF contribution will be paid by the government of India. Govt will pay the 12% of both the parties. Relief of Rs 2,500 crores to be provided to benefit 70.22 lakh employees.
    ·      To provide more take-home salaries- The statutary contribution is being reduced to 10% from 12% so that employers can have money in hand. No change in EPF for Central PSUs. Government to take up PF for firms with 100 staff, earning less than Rs 15,000
    Announcements For NBFC


    ·      The Finance Minister has announced Rs 30,000 crore special liquidity scheme where investment is to be made in primary and secondary investments and debt papers will be fully guaranteed by government of India. Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs

    Announcement for DISCOM 


    ·      Govt. announced emergency liquidity injection of Rs 90,000 crore for cash-desperate discoms. This is one time liquidity infusion.

    Announcement for Contractors

    ·      All Govt of India agencies, such as railways, roadways, will provide 6 month extension to contractors.
    Announcement for Tax Payers



    ·      25% reduction is TDS, and new TDS rate chart will come from tomorrow.
    ·      Finance Minister has announced that the due date of all IT Return filings extended from July 31 to November 30 2020. Tax audit date extended to 31 Oct 2020.

    Thank you for reading my blogs.



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    ADDRESS

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    EMAIL

    csambikasharma@gmail.com

    MOBILE

    +91-7980818964,

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    +91-7980818964,