Read Regulatory & Company Updates, Academic & Research Articles InstaFinancials Blog

21Jan

By InstaFinancialsNo Comments

Academia

The Impact of MCA V3 Rollout

In continuous endeavour to serve the stakeholders better, the Ministry of Corporate Affairs announced launch of V3 platform on 1st Feb 2022. The V3 portal is an upgraded version of the current V2 version. The key difference between Version 2 & Version 3 as mentioned below: In V2 the company incorporation, charge creation, modification, director & KMP change, address change and other eforms where made available in PDF file format. Users use to download the form in PDF format, fill and upload them in V2 In V3, MCA is trying to replace the PDF forms with Webforms All LLP Forms are migrated to V3 65 Company forms have been moved to V3 platform List of 56 Forms that are notified to be migrated to V3 by 23 Jan 2023 Eventually all the modules of V2 including Vie...

IBBI Admits 1,060 Cases into Corporate Insolvency Resolution Process in Around 2 Years

28Mar

By InstaFinancialsNo Comments

Uncategorized

IBBI Admits 1,060 Cases into Corporate Insolvency Resolution Process in Around 2 Years

As per the information provided by Insolvency and Bankruptcy Board of India, in the years 2020-21 and 2021-22 (upto 31st December, 2021), 538 and 522 cases, respectively, have been admitted into the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. Giving more details, the Minister gave details of action taken in the said cases as follows:- YearCases AdmittedOutcome of cases as on 31st December 2021Appeal/ Review/SettledWithdraw n u/s 12AResolutionLiquidatio nOngoing2020-2153849939633242021-22522134704458 Further details are available in public domain on www.ibbi.gov.in, whi...

Strong Growth in Direct Tax Collections: A promising start to FY 2023-2024

20Sep

By InstaFinancialsNo Comments

Generic

Strong Growth in Direct Tax Collections: A promising start to FY 2023-2024

1. Spectacular Growth in Gross Direct Tax Collections: The Gross Direct Tax collections for FY 2023-24 have registered an astonishing growth rate of 18.29%. To put it into perspective, this represents a significant increase compared to the corresponding period in the preceding financial year. In concrete terms, the Gross collection of Direct Taxes (before adjusting for refunds) stands at a whopping Rs. 9,87,061 crore for the current financial year. This impressive figure includes Corporation Tax (CIT) at Rs. 4,71,692 crore and Personal Income Tax (PIT), including Securities Transaction Tax (STT), at Rs. 5,13,724 crore. These numbers indicate a robust financial sector and a strong revenue stream for the government. 2. Net Collections Soar with Over 23.51% Growth: Ne...

CBDT Extends Deadline for Submission of Form 10B/10BB and Form ITR-7 for AY 2023-24

20Sep

By InstaFinancialsNo Comments

Generic

CBDT Extends Deadline for Submission of Form 10B/10BB and Form ITR-7 for AY 2023-24

The Central Board of Direct Taxes (CBDT) has announced an extension of the due dates for filing key documents related to the Financial Year 2022-23 and Assessment Year 2023-24. For Audit reports in Form 10B/Form 10BB, originally due on September 30, 2023, the new deadline is now October 31, 2023. Likewise, the deadline for submitting the Return of Income in Form ITR-7 for Assessment Year 2023-24, initially set for October 31, 2023, has been extended to November 30, 2023. These changes are detailed in CBDT Circular No. 16/2023, referenced as 225/177/2023/ITA-II. You can access the full circular on the official website: www.incometaxindia.gov.in."

How to Check the DIR-3-KYC Filing Status?

13Sep

By InstaFinancialsNo Comments

Academia

How to Check the DIR-3-KYC Filing Status?

Verify the DIR-3-KYC Status of any director in 3 Simple Steps: Login to MCA V3 using your credentials Visit the DIR-3-KYC Web Form for Verifying Director's KYC Details Enter the DIN 1. Login to MCA V3 2. Visit DIR-3-KYC Form 3. Enter the DIN to Check the Filing Status Once you enter any valid DIN number the DIR-3 KYC status for the respective DIN will be displayed immediately. If the DIR-3 KYC is successfully submitted, then you can see a message confirming the Director KYC already done for this year. If the "Director KYC already done for this year" is not appearing and the mobile number and email ID is loaded, it indicates that the DIR-KYC is not successfully completed yet.

When is the Due Date for Filing DIR-3-KYC for FY 22-23?

13Sep

By InstaFinancialsNo Comments

Academia

When is the Due Date for Filing DIR-3-KYC for FY 22-23?

For Financial Year 22-23 - any person who has been allotted “Director Identification Number (DIN/DPIN)” on or before 31st March 2023 and the status of such DIN is ‘Approved’, needs to file form DIR-3 KYC to update KYC details in the system on or before 30 Sep 2023. 30 Sep 2023 is the last date for filing DIR-3 KYC form for FY 22-23 After expiry of the respective due dates, system will mark all non-compliant DINs against which DIR-3 KYC form has not been filed as ‘Deactivated due to non-filing of DIR-3 KYC’. The Director will be liable to pay the late filing fee of Rs 5,000, for filing after the due date Please follow the steps mentioned below to file DIR-3 KYC form: Login to MCA V3 Portal Open the DIR-3-KYC Web Form (MCA Services → Company e-Filing → DIN Related Fil...

How To File DIR-3 KYC Web Form Through MCA V3?

13Sep

By InstaFinancials1 Comment

Academia, Forms

How To File DIR-3 KYC Web Form Through MCA V3?

In the quest for seamless digitization and enhanced compliance measures, the Ministry of Corporate Affairs (MCA) has introduced the DIR-3 KYC Web Form, a simplified and efficient way for directors to fulfil their Know Your Customer (KYC) obligations. This article will guide you through the step-by-step process of filing the DIR-3 KYC Web Form via MCA V3. Purpose of The DIR-3 KYC Web Form The role of the DIR-3 KYC Web Form is to validate and confirm the existing KYC details registered in the MCA database. Every individual with a Director Identification Number (DIN) as of the 31st of March of the financial year is obligated to file the DIR-3 KYC form. The submission deadline for Form No. DIR-3 KYC (Web) is September 30, 2023. Please note that the DIR-3 KYC Web Form service i...

UIDAI Showcases Enhanced Face Authentication at Global Fintech Festival 2023

7Sep

By InstaFinancialsNo Comments

New Release

UIDAI Showcases Enhanced Face Authentication at Global Fintech Festival 2023

In its relentless pursuit of providing seamless services and leveraging the Aadhaar identity platform, the Unique Identity Authority of India (UIDAI) has made significant strides. At this year's Global Fintech Festival in Mumbai, UIDAI unveiled its improved Face Authentication facility, powered by cutting-edge AI and ML engines, developed entirely in-house. This development aligns with their mission to "reimagine Aadhaar #authentication" and make services readily accessible to residents. Under the Volunteer Guideline 2022 initiative, UIDAI has actively encouraged collaboration with industry and fintech partners. Their broader objective is to expedite the adoption of technology and discover superior solutions and products to enhance resident services. One notable collaboration took p...

7Apr

By InstaFinancialsNo Comments

New@Insta

New Reports Vs Archived Reports

We are glad to introduce that we have simplified ordering Archive Reports on InstaFinancials. Please find the key differences between ordering a new report & archived report: New Report: If you order for New Report, you get the latest information The latest information is fetched from the respective sources after the order is placed You can order new report for any active company registered in India The turn around time of delivering the report will be based on the type of the report ordered Product Name - TAT InstaSummary - Instant InstaDocs - 5 Hours InstaDetailed - 5 Working Hours InstaCombo - 5 Working Hours InstaLegal - 5 Working Hours Brisk - 5 Working Hours Custom Report - 5 Working Hours Price: As per contract or subscription or disco...

How to Check The Filing Date of Latest AOC-4 Form on MCA?

6Apr

By InstaFinancialsNo Comments

Academia

How to Check The Filing Date of Latest AOC-4 Form on MCA?

Please find a step-by-step guide on how to check the filing date of the latest AOC-4 form on MCA.gov.in website: Open your web browser and go to the MCA.gov.in website. On the homepage, click on the "MCA Services" tab in the main menu. Click on "Document Related Service" Click on "View Public Documents" Enter the Company or LLP Details for which you are trying to check the filing date of latest Form AOC-4 Form Click on the CIN from the search results On the next page, Select Document Category as "Annual Return Balance Sheet eForm" Select the latest Year of Filing Click on Submit The search result will display the filing date of the latest Form AOC-4 That's it! You have successfully checked the filing date of the latest AOC-4 form on MCA.gov.in...

How to Calculate Customer Lifetime Value?

2Apr

By InstaFinancialsNo Comments

Academia

How to Calculate Customer Lifetime Value?

This article content is powered by ChatGPT In today's highly competitive market, customer lifetime value (CLV) has become a crucial metric for businesses to determine the value of their customers. Customer lifetime value is the total amount of money that a customer will spend on a business during their lifetime. Understanding CLV is essential for businesses to evaluate their customer acquisition and retention strategies. In this article, we will discuss how to calculate customer lifetime value for Indian readers. Step 1: Determine the Average Purchase Value The first step in calculating CLV is to determine the average purchase value. This can be calculated by dividing the total revenue generated by the number of purchases made by customers. For example, if a company generates ...