Recent Amendment in Company Roc filing
Few highlights of the interview of Shri Rajesh Varma, Secretary MCA.
Govt to Launch random e-scrutiny of Corp filings
The ministry of corporate affairs (MCA) is set to launch random electronic scrutiny of corporate filings later this year as it seeks to use technology to improve supervision and compliance.
➡️ MCA is set to launch random electronic scrutiny of corporate filing later this year. DG
➡️ There will be stratified random sampling of the returns.
➡️ The computer-driven scrutiny will be similar to the one that will be taken by the income tax department that takes few returns.
➡️ Scrutiny work will begin earlier, version 3 of MCA21 with a system of RED Flags. DG
➡️ Red flags system will include,
1) Frequent resignation by Auditors or directors
2) Companies with Low paid-up capital but with high turnover
3) High related party transactions
➡️ Govt. Is now seeking to improve oversight as well as compliance.
➡️ the new module will immediately send out an alert to the companies if they miss the deadline for filing returns or other compliances.
➡️ Non-fillers will be tracked and prodded to file. DG
➡️ MCA is moving to a pre-filling (Pre field) And auto filing regime for returns.
➡️ Web-based form is being implemented replacing the current system of filing. Nearly 90% of prefilling will happen DG
➡️ Key focus is to improve compliance and make life easy for businesses including through decriminalization of laws.
➡️ Improvement in compliance rate in the last few years. DG
➡️ Burden on small cos. Will be reduced. Small category cos. defined in the budget:-
Paid-up capital of Rs. 2Cr. & Turnover of Rs. 20Cr. DG
So dear all professionals please take more care while doing any filings on the MCA portal.
If you have any clarifications or questions about the Recent Amendment in Company’s Roc filing, contact us and we will assist you. If you are looking to make the whole compliance process easy for you, we have the best solution for you: www.iconnectfinance.com Do check it out. I Connect Financial Solution offers the service of company registration in Pune.