KIND ATTENTION TAXPAYERS!

The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025.

The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRs for AY 2025-26 from 15th September, 2025 to 16th September, 2025.

To enable changes in the utilities, the e- filing portal will remain in maintenance mode from 12:00 AM to 02:30AM on 16th September 2025.
Press Release issued:

KIND ATTENTION TAXPAYERS!

With filing deadlines approaching, many taxpayers are reporting difficulties in accessing the Income Tax e-Filing Portal. While heavy traffic and server load are common around due dates, in many cases the issue may actually arise from local system or browser settings.

The Income Tax Department has advised the following quick fixes, which often resolve such problems:

🔹 Simple Steps to Improve Access

1. Delete Temporary Files

   • Press Win + R → type temp and %temp% → delete all files.

2. Clear Browser Cache & Cookies

   • Go to browser Settings → Clear browsing data (cache + cookies).

3. Use a Supported Browser

   • Prefer the latest version of Chrome or Edge.

4. Open in Incognito/Private Mode

   • Shortcut: Ctrl + Shift + N (Chrome/Edge) OR Ctrl + Shift + P (Firefox).

5. Disable Browser Extensions

   • Turn off ad-blockers, VPNs, or privacy tools that may interfere with the portal.

6. Update Your Browser

   • Ensure you are using the most up-to-date version.

7. Try a Different Network

   • Switch from office Wi-Fi to home Wi-Fi or use a mobile hotspot.

🔹 Final Note

Most access issues can be resolved by following the above steps. If problems persist, taxpayers are advised to reach out to the Income Tax Helpdesk through official support channels for assistance.

Here’s a more detailed list you can use if the Income Tax Portal is slow:

✅ Troubleshooting Steps

1. Non-peak hours – Try early morning (6–9 AM) or late night (after 11 PM).

2. Switch browsers – Chrome, Edge, Firefox, or even mobile browsers sometimes load faster.

3. Use Incognito/Private Mode – Avoids cached errors and stuck sessions.

4. Clear cache, cookies & saved passwords – A fresh login often works better.

5. Disable extensions / pop-up blockers – Some browser add-ons interfere with site loading.

6. Check your internet speed – A weak or fluctuating connection slows down OTPs and uploads.

7. Try Netbanking Login – Instead of PAN/Aadhaar login, many banks offer direct portal login.

8. Use “Download Utility” – For ITR filing, use the offline Java/Excel/JSON utility; then upload later when the site responds.

9. Retry with smaller uploads – If uploading documents, compress files within the allowed size.

10. Alternate payment modes – For tax payment, use Netbanking, Debit Card, NEFT/RTGS, or UPI instead of waiting for the challan page to load.

✅ Additional Tips

• Check official updates – Visit the Income Tax Portal Home Page for downtime/maintenance notices.

• Save progress often – The site may log out unexpectedly.

• Avoid last-day rush – Try filing a day or two earlier to avoid portal overload.

• Raise a ticket – If you’re repeatedly stuck, use the “Helpdesk” option or call Income Tax e-filing helpdesk (1800 103 0025 / 1800 419 0025).

the Income Tax e-filing site often becomes slow around due dates (ITR filing, TDS, advance tax payments, etc.) because of high traffic.

✅ Some tips you can try:

• Use the site during non-peak hours (early morning or late night).

• Try different browsers (Chrome/Edge/Firefox) or use incognito mode.

• Clear cache & cookies before logging in.

• If using Netbanking login, try that route instead of PAN login.

• Check the official Income Tax portal status update — sometimes they announce downtime/maintenance.

  The Income Tax Portal often faces problems near due dates because of heavy traffic, server load, or maintenance. The common issues are:

  🔹 Common Problems

  • Very slow loading or login failure.

  • OTP not received or delays in authentication.

  • Challan payment page not opening.

  • Error messages while uploading ITR / TDS.

  • Session timeout even after entering details.

  🔹 Suggested Solutions

  1. Use non-peak hours – early morning or late night.

  2. Clear cache/cookies or use incognito/private window.

  3. Switch browsers – Chrome, Edge, or Firefox.

  4. Try Netbanking login instead of PAN login.

  5. Use the Offline Utility (JSON/Excel) to prepare the return, then upload when the site is stable.

  6. Use alternative payment modes – Netbanking, Debit Card, NEFT/RTGS, UPI.

  7. Check official downtime updates on incometax.gov.in.

  8. Save progress frequently to avoid data loss.

  👉 If still unresolved, you can contact the Income Tax Helpdesk:
  📞 1800-103-0025 or 1800-419-0025

• Income Tax Portal Issues: Why the Site is Slow and How to Manage

  Filing income tax returns and making online tax payments has become much easier with the digital portal introduced by the Income Tax Department. However, during peak filing seasons, many taxpayers and professionals encounter a common frustration — the Income Tax e-filing portal becomes slow or unresponsive.

  Why Does the Site Slow Down?

  1. High Traffic Load – On or near due dates, lakhs of users log in simultaneously, which overwhelms the servers.

  2. Technical Updates – The portal undergoes frequent maintenance and version upgrades.

  3. Heavy File Uploads – Bulk TDS returns, audit reports, and large attachments add to the load.

  4. Payment Gateway Bottlenecks – Delays often occur on challan/payment pages when banks are also processing large volumes.

  Common Problems Taxpayers Face

  • Difficulty logging in.

  • OTPs not being received on time.

  • Session timeouts while filing returns.

  • Errors while uploading JSON files or attachments.

  • Challan generation/payment failure.

  Practical Solutions and Tips

  • File during non-peak hours: Early mornings or late nights usually work better.

  • Use different browsers or incognito mode: Helps bypass cache-related errors.

  • Clear cache and cookies regularly: Ensures smoother login.

  • Use Offline Utility: Prepare your ITR offline and upload when the portal stabilizes.

  • Try alternative payment options: Netbanking, NEFT/RTGS, or UPI if challan pages are stuck.

  • Save progress frequently: Avoids data loss in case of sudden timeouts.

  • Check official updates: The portal often posts downtime/maintenance notices.

  What Should Taxpayers Do?

  • Plan ahead – Avoid waiting until the last day to file or pay.

  • Keep documents ready – So filing is faster once the site works.

  • Contact Helpdesk if needed – The Income Tax helpdesk (1800 103 0025 / 1800 419 0025) can assist with technical issues.

  Conclusion

  While the Income Tax portal has significantly simplified compliance, technical glitches are still a reality, especially during peak seasons. By being proactive, using offline tools, and filing in advance, taxpayers and professionals can avoid last-minute stress.

Introduction: Guidance Note on AOC-4

Financial Statements are formal record of the financial operations and financial position of the Company. Financial statements are the heart and soul of Company’s annual report. While financial statements do not provide answers, they provide information of great significance to the stakeholders. It gives a broad financial picture of the affairs of the company during the financial year.

Mandatory disclosure through financial statement including Auditor’s Report and Board’s Report is a method of providing information to the shareholders and the public about the financial position and activities of the company so as to enable its members to exercise a more intelligent and purposeful control thereon.

It is mandatory for the Board of Directors of every company to present financial statement (annual report) to the shareholders along with its report i.e. Board’s Report. Financial statement prepared, presented and filed annually is the most important means of communication by the Board of Directors of a company with its shareholders.

As per section 137(1) of the Companies Act, 2013, every Company is required to file with the Registrar a copy of its financial statements, including consolidated financial statement, if any, along with all the documents which are required to be or attached to such
financial statements under this Act, duly adopted at the annual general meeting of the company within thirty days of such AGM. Section 403 prescribes the manner, fees or additional fees in this respect.

This Guidance Note intends to explain various features relating Guidance Note on AOC-4
to financial statements under the Companies Act, 2013. It is intended to guide the professionals in filling, filing and certifying the Form AOC-4. Financial Statements of a company includes Balance Sheet, Profit and Loss Account, Cash Flow statement (if applicable), statement of change in equity (if applicable) and any explanatory notes annexed to the financial statements.

Definitions

(i) “Accounting Standards” means the standards of accounting or any addendum thereto for companies or class of companies referred to in section 133. [Section 2(2)].

(ii) “Associate Company”, in relation to another company, means a company in which that other company has a significant influence, but which is not a subsidiary company of the
company having such influence and includes a joint venture company. [Section 2 (6)].
Explanation.—For the purposes of this clause, “significant influence” means control of at least twenty percent of total share capital, or of business decisions under an agreement.

(iii) “auditing standards” means the standards of auditing or any addendum thereto for companies or class of companies referred to in sub-section (10) of section 143. [Section 2(7)]

(iv) “authorised capital” or “nominal capital” means such capital as is authorised by the memorandum of a company to be the maximum amount of share capital of the company.
[Section 2 (8)]

(v) “book and paper” and “book or paper” include books of account, deeds, vouchers, writings, documents, minutes and registers maintained on paper or in electronic form. [Section 2 (12)]

(vi) “books of account” includes records maintained in respect of—

(i) all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place;

(ii) all sales and purchases of goods and services by the company;

(iii) the assets and liabilities of the company; and

(iv) the items of cost as may be prescribed under section 148 in the case of a company which belongs to any class of companies specified under that section. [Section 2 (13)]

(vii) “chartered accountant” means a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 who holds a valid certificate
of practice under sub-section (1) of section 6 of that Act. [Section 2 (17)]

(viii) “Chief Financial Officer” means a person appointed as the Chief Financial Officer of a company Section 2 (19).

(ix) “company secretary” or “secretary” means a company secretary as defined in clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980 who is appointed by a company to perform the functions of a company secretary under this Act.

(x) “electronic form” with reference to information means any information generated, sent, received or stored in media, magnetic, optical, computer memory, micro film, computer
generated micro fiche or similar device.

(xi) “electronic record” means data, record or data generated, image or sound stored, received or sent in an electronic form or micro film or computer generated micro fiche.

(xii) “financial statement” in relation to a company, includes—
(i) a balance sheet as at the end of the financial year;
(ii) a profit and loss account, or in the case of a company carrying on any activity not for profit, an income and expenditure account for the financial year;
(iii) cash flow statement for the financial year;
(iv) a statement of changes in equity, if applicable; and
(v) any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv):
Provided that the financial statement, with respect to One Person Company, small company and dormant company, may not include the cash flow statement. [Section 2 (40)]

(xiii) “financial year”, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up:
Provided that on an application made by a company or body corporate, which is a holding company or a subsidiary of a company incorporated outside India and is required to follow
a different financial year for consolidation of its accounts outside India, the Tribunal may, if it is satisfied, allow any period as its financial year, whether or not that period is a year: Provided further that a company or body corporate, existing on the commencement of this Act, shall, within a period of two years from such commencement, align its financial year as per the provisions of this clause. [Section 2 (41)]

(xiv) “issued capital” means such capital as the company issues from time to time for subscription Section 2 (50).

(xv) “net worth” means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, after deducting the aggregate
value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of
revaluation of assets, write-back of depreciation and amalgamation Section 2 (57).

(xvi) “officer who is in default” [Section 2 (60)], for the purpose of any provision in this Act which enacts that an officer of the company who is in default shall be liable to any penalty
or punishment by way of imprisonment, fine or otherwise, means any of the following officers of a company, namely:—

(i) whole-time director;

(ii) key managerial personnel;

(iii) where there is no key managerial personnel, such director or directors as specified by the Board in this behalf and who has or have given his or their consent in writing to
the Board to such specification, or all the directors, if no director is so specified;

(iv) any person who, under the immediate authority of the Board or any key managerial personnel, is charged with any responsibility including maintenance, filing or distribution of accounts or records, authorises, actively participates in, knowingly permits, or knowingly fails to take active steps to prevent, any default;

(v) any person in accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to act, other than a person who gives advice
to the Board in a professional capacity;

(vi) every director, in respect of a contravention of any of the provisions of this Act, who is aware of such contravention by virtue of the receipt by him of any proceedings of the
Board or participation in such proceedings without objecting to the same, or where such contravention had taken place with his consent or connivance;

(vii) in respect of the issue or transfer of any shares of a company, the share transfer agents, registrars and merchant bankers to the issue or transfer;

(xvii) “paid-up share capital” or “share capital paid-up” means such aggregate amount of money credited as paid-up as is equivalent to the amount received as paidup in respect of
shares issued and also includes any amount credited as paidup in respect of shares of the company, but does not include any other amount received in respect of such shares, by
whatever name called [Section 2 (64)].

(xviii) “subscribed capital” means such part of the capital which is for the time being subscribed by the members of a company Section 2 (86).

(xix) “turnover” means the aggregate value of the realization of amount made from the sale, supply or distribution of goods or on account of services rendered, or both, by the company during a financial year Section 2 (91).

The employers have several responsibilities towards employees , one of which is to deduct TDS on behalf of them. An employer has to file TDS return for the tax deducted under section 192 on the salaries of employees. The TDS return is filed in the Form 24Q . Form 24Q is required to be filed quarterly.

The Fisheries Division of the Department of Agriculture and Cooperation and a part of the Ministry of Food Processing Industries were later transferred to this Department with effect from 10th October 1997. The Department is located at Krishi Bhawan, New Delhi and parts of some Divisions of the Department are functioning from Chanderlok Building, Jan path, New Delhi.

The Department is responsible for matters relating to livestock production, preservation, protection from diseases and improvement of stocks and dairy development, and also for matters relating to Delhi Milk Scheme and National Dairy Development Board.

The Department advises State Governments/Union Territories in formulation of policies and programmes in the field of Animal Husbandry and Dairy Development. The main thrust areas are:

1. Development of requisite infrastructure in States/ UTs for improving animal productivity.
2. Preservation and protection of livestock through provision of health care.
3. Strengthening of central livestock farms (Cattle, Sheep and Poultry) for development of superior germplasm for distribution to states.

External Link : Click Here

External Link : Click Here

External Link : Click Here

Important Article: Click Here

Q18. When is the applicability of the provisions of insolvency resolution and liquidation on a corporate person?

(a) When the amount of the default is one lakh rupees or more

(b) When the amount of the default is ten lakh rupees or more

(c) When the amount of the default is two lakh rupees or more

(d) Amount of default is immaterial

Q19. Who among the following is considered as constitutional document in relation to corporate person under IBC, 2016?

(a) Articles of association

(b) Memorandum of association of a company

(c) Incorporation document of a limited liability partnership

(d) All of the above

Q20. Insolvency resolution process costs under the Code does not include:

(a) The amount of any interim finance and the costs incurred in raising such finance

(b) The fees payable to any person acting as a resolution professional

(c) Any payment of fees for the services of an insolvency professional to any person other than the insolvency professional

(d) any costs incurred at the expense of the Government to facilitate the insolvency resolution process

Q21. Dispute does not includes a suit or arbitration proceedings relating to:

(a) the quality of goods or services

(b) rights and liabilities of a person

(c) existence of the amount of debt

(d) breach of a representation or warranty

Q22. Resolution Professional under the Code means:

(a) Insolvency Professional appointed to conduct CIRP

(b) Interim resolution professional

(c) Both (a) and (b)

(d) None of the above

Q23. Persons who can initiate Corporate Insolvency Resolution process are:

(a) Financial Creditor and Operational creditor

(b) Financial Creditor, Operational Creditor and Corporate debtor

(c) Financial Creditor and Corporate Debtor

(d) Operational Creditor and Corporate Debtor

Q24. Who among the following is the Adjudicating Authority under the Code:

(a) Registrar of Companies

(b) Regional Director of Companies

(c) National Company Law Tribunal

(d) Debt Recovery Tribunal

Q25. Date of commencement of The Corporate Insolvency Resolution Process shall be;

(a) Date of filing application before Adjudicating Authority

(b) Due date for payment which has not been met by the debt

(c) Date of admission of the application by the Adjudicating authority

(d) Date of communication of order by Adjudicating authority

Q26. Once the application is received, the adjudicating authority shall confirm the existence

of default within:

(a) 7 days

(b) 14 days

(c) 21 days

(d) None of the above

Q27. The Adjudicating Authority before rejecting the application for initiating Corporate Insolvency Resolution Process shall give a notice to the applicant to rectify the defects in the application within ——- days of receipt of such notice.

(a) 10

(b) 14

(c) 7

(d) 30

Q28. When can an Operational creditor file application before the adjudicating authority?

(a) After expiry of the period of Ten days from the date of delivery of notice under sub section 1 of section 8

(b) After expiry of the period of Fifteen days from the date of delivery of notice under sub section 1 of section 8

(c) After expiry of the period of Eight days from the date of delivery of notice under sub section 1 of section 8

(d) After expiry of the period of Twenty eight days from the date of delivery of notice under sub section 1 of section 8

Q29. Documents furnished along with application by operational creditors include:

(a) Copy of Invoice

(b) Copy of certificate from the financial institution

(c) Both (a) and (b)

(d) None of the above

Q30. Corporate Insolvency Resolution process shall be completed within a period of:

(a) 120 days from the date of admission of application

(b) 180 days from the date of admission of application

(c) 140 days from the date of admission of application

(d) 100 days from the date of admission of application

Q31. Persons not entitled to make application:

(a) A corporate debtor having completed corporate insolvency resolution process twenty four months preceding the date of making of the application

(b) A corporate debtor having completed corporate insolvency resolution process fifteen months preceding the date of making of the application

(c) A corporate debtor having completed corporate insolvency resolution process twelve months preceding the date of making of the application

(d) A corporate debtor having completed corporate insolvency resolution process nine months preceding the date of making of the application

Q32. Public announcement of appointment of Interim resolution professional shall be made:

(a) Within 5 days

(b) Within 7 days

(c) Within 3 days

(d) Within 14 days

Q33. After Insolvency commencement date Interim resolution professional shall be appointed :

(a) Within 7 days

(b) Within 14days

(c) Within 15 days

(d) Within 18 days

Q34. Name of Resolution professional proposed to be appointed shall be in the application filed by:

(a) Operational and Financial creditor

(b) Financial creditor and corporate debtor

(c) Corporate debtor and operational debtor

(d) None of the above

Q35. An independent resolution professional shall mention in the disclosures made at the time of appointment that he is:

(a) Not a related party of the corporate debtor

(b) Not an employee of a firm of auditors of corporate debtor

(c) Eligible for his appointment as an Independent director on the Board of corporate debtor

(d) All of above

Q36. The interim resolution professional under the Corporate Insolvency resolution process vested with the management of the corporate debtor shall have the authority to access the books of accounts, records and other relevant documents of corporate debtor available with:

(a) Depositories of securities

(b) Adjudicating authority

(c) Information utility, depositories of securities

(d) Board of directors, information utility, depositories of securities

Q37. Term period of interim resolution professional shall be:

(a) 45 days

(b) 60 days

(c) 15 days

(d) 30days

Q38. The order of moratorium under the Corporate Insolvency resolution process shall have effect from the date of such order till:

(a) Date of appointment of committee of creditors

(b) A compulsory period of 90 days

(c) A compulsory period of 180 days

(d) Completion of the corporate insolvency resolution process

Q39.Vikas and Co, the tax consultants of M/S ABC Limited for which an interim resolution professional – Mr Sudhir, has been appointed under the Corporate Insolvency resolution process has refused to furnish information to Mr Sudhir on the grounds of client confidentiality. Are they right

(a) Yes, they are right

(b) No, the Code provides powers to the IRP to access all information from various parties

(c) Partly right, they can do so only after consent of the directors

d) Mr Sudhir is not right in even asking for this information

Q40. What is the time limit within which Interim Resolution Professional shall convene the first meeting of the committee of creditors?

(a) Within 7 days of filing report of constitution of committee of creditors with the Adjudicating Authority.

(b) Within 7 days of appointment of resolution professional.

(c) Within 7 days of admission of the insolvency case.

(d) Within 7 days of formation of committee of creditors

Q41. Who can make a request to convene a meeting of the committee of creditors:

(a) Members of the Committee representing 50% of the voting rights.

(b) Members of the Committee representing 75% of the voting rights.

(c) Members of the Committee representing 33% of the voting rights.

(d) Members of the Committee representing 85% of the voting rights

Q42. The public announcement of the Corporate Insolvency resolution process need not include

(a) The Closure date of the insolvency resolution process

(b) The Statement of Assets and Liabilities of the Corporate Debtor

(c) The last date for submission of claims

(d) Details of the interim resolution professional

Q43. Interim resolution professional shall compile business and financial operations of Corporate debtor for:

(a) 2 years

(b) 3 years

(c) 4 years

(d) 5 years

Q44. IRP shall not have control and custody over the assets of corporate debtor where the asset is:

(a) Asset owned by third party in possession of corporate debtor

(b) Assets of the Indian or foreign subsidiary of the corporate debtor

(c) Tangible and intangible assets of corporate debtor

(d) Assets over which the corporate debtor has ownership rights but located in a foreign

country

Q45. The management under the Corporate Insolvency resolution process of the Company refuses to cooperate with the Interim resolution professional. The options available to the IRP include

(a) Write to the CEO and BOD

(b) Write to the Committee of Creditors for commencement of liquidation proceedings

(c) Application to the Adjudicating authority for directions

(d) He has to be capable to resolve the conflict

Q46. The Interim Resolution Professional under the Corporate Insolvency Resolution process does not have the powers under the code to:

(a)Appoint a forensic expert to review the transactions of the company

(b) renegotiate certain materials purchase contracts in line with prevailing market conditions

(c)raise interim finance against certain assets on which are unencumbered

(d) to close down the operations which will cause going concern impairment

Q47. Related party under the Corporate Insolvency Resolution process shall have the right of

(a) Representation in the committee of creditors

(b) Participation in the committee of creditors

(c) Voting in a meeting of the Committee of creditors

(d) Enforcing his claim for debts against the corporate debtor

Q48. Members of the committee of creditors of corporate debtor shall be:

(a)Only Operational debtors who own financial debt

(b)Financial creditor, operational debtors who owns financial debt

(c) Related party who owes a financial debt, financial creditor

(d)Financial creditor, Operational debtors who is not a financial creditor

Q49.Financial creditor lent as a part of consortium shall have a voting share in thecommittee meeting based on

(a) Financial debt owned by the lead lender

(b) financial debt owned to them

(c) none of the above

(d) one vote per creditor

Q50. Notice of each meeting of committee of creditors shall not be given to:

(a) Members of committee of creditors

(b) Members of the suspended board of directors

(c) Operational creditors

(d) Adjudicating authority

Q51.The committee of creditors under the Corporate insolvency resolution process, shall have the right to require the resolution professional to furnish any financial informationin relation to the corporate debtor within :

(a) 9 Days

(b) 15 days

(c) 7 days

(d) 5 days

Q52. The first meeting of the Committee of Creditors shall be held within days of its constitution :

(a) 14

(b) 21

(c) 7

(d) 30

Q53. For the appointment of resolution professional in the committee of creditors under the Corporate insolvency resolution process the voting share of financial creditor shall not be less than:

(a) 77%

(b) 50%

(c) 75%

(d) 33%

Q54. When NCLT doesn’t confirm the proposed name of resolution professional within the specified period then:

(a) The Interim professional shall continue

(b) The new professional shall take over unless rejected

(c) The corporate debtor shall function without a resolution professional till the approval

(d) The largest creditor shall appoint one of his officers to be the Resolution professional

Q55. Meetings of the Committee of creditors shall be conducted by

(a) The CEO of the Corporate debtor

(b) The Resolution professional

(c) The representative of the largest financial creditor

(d) The CFO of the corporate debtor

Q56. Who among the following is not entitled to receive notice of the committee meeting of creditors:

(a) Members of suspended board of directors

(b) Partner of LLP

(c) Financial creditor

(d) Operational creditors whose dues are less than 10% of the total debt

Q57. Which of the following duty is not undertaken by the resolution professional:

(a) Convene the committee meeting

(b) Raising interim finance on a suo moto basis without consent of Committee of Creditors

(c) Appoint accountant, legal or other professionals

(d) Prepare information memorandum

Q58. Does the committee of creditors can replace the resolution professional, if yes then he can be replaced:

(a) until the conclusion of the resolution process

(b) Can be replaced with 75% voting in favour of the decision and approval of the Board

(c) Untill the expiry of 90 days

(d) Can be replaced with 75% voting in favour of the decision

Q59. The Insolvency Resolution Professional does not need the consent of the Committee of Creditors to perform which of the following actions

(a) Creating new class of securities

(b) Seek information from the Company’s bankers

(c) Amend constitutional documents of corporate debtor

(d) Change the Statutory auditors

Q60. Which of the following action shall not be taken by the resolution professional during the corporate insolvency resolution process, without the prior approval of the committee of creditors?

(a) creating security interest over the assets of the corporate debtor

(b) undertaking any related party transaction

(c) both a and b

(d) None of the above

Q61 To get the access to all relevant information contained in information memorandum a resolution applicant undertakes:

(a) To comply with the provisions of law for the time being in force relating to confidentiality and insider trading

(b) To protect any intellectual property of the corporate debtor it may have access to

(c) Not to share relevant information with third parties

(d) All of the above

Q62. The resolution plan shall be approved by _____% of_______ creditors in the committee of creditors

(a) 75% of operational creditors

(b) 75% of the financial creditors

(c) 75% of the total creditors

(d) None of the above

Q63. A resolution plan shall provide:

(a) Payment of insolvency resolution process cost

(b) Repayment of debts of operational creditors

(c) Management of affairs of corporate debtor

(d) All of the above

Q64. The resolution plan shall be binding on

(a) Shareholders

(b) Corporate debtor, shareholders and employees and creditors

(c) Corporate debtor and shareholders

(d) Corporate debtor, shareholders and employees

Q65. Which of the following persons can be appointed as registered valuers:

(a) A relative of the suspended director of the corporate debtor.

(b) A relative of the interim resolution professional.

(c) A related party of the corporate debtor.

(d) A partner or director of the insolvency professional entity

Q66. Appointment of Registered Valuers shall be made:

(a) Within 7 days of appointment of resolution professional

(b) Within 14 days of appointment of resolution professional

(c) Within 5 days of appointment of resolution professional

(d) Within 3 days of appointment of resolution professional

Download : Click Here Insolvency Resolution and Liquidation for Corporate Persons

Click: Here 

https://ibbi.gov.in/en

MEANING OF A PRIVATE COMPANY:

As per Section 2(68) “Private Company” means a Company, which by its Article, –

(I) restricts the right to transfer its shares;

(ii) Limits the number of its members to 200; and

(Iii) prohibits any invitation to the public to subscribe for any securities of the Company;

IMPORTANT FEATURES OF PRIVATE LIMITED COMPANIES:

1. No need of Minimum Capital Requirement

2. Have been allowed to accept the deposits from the members without the requirement of the offer circular and creation of deposit repayment reserve etc. Maximum of 100% of the aggregate of its paid-up capital and free reserves (which does not include securities premium).

3. No Need of filing of the Board Resolutions (MGT-14) with the ROC for the purposes mentioned under Section 179(3).

4. Loan to the Director u/s 185 is allowed subject to the certain conditions.

5. Even if, the Member is related then also he can vote on such resolution which is required to pass u/s 188 in General Meeting.

MAJOR CHANGES ARE AS FOLLOW:

1. Directors’ Report: There are a lot of changes in the Directors’ Report of a Private Company. By amendment in the Companies Act, 2013, MCA has introduced the abridged format of a Small Private Companies. However, the Private Company other than a Small Company needs to follow Section 134 read with rules and other Act compliances. 

2. Annual Return (MGT-7): Annual Return is the Form MGT-7. This is a very lengthy form. Annual Return [MGT-7] of a Private Company (other than Small Company) mandatorily requires the signatures of a Practicing Company Secretary or Company Secretary in employment. Annual Return can be file with the ROC with the Digital Signature of the Directors and the Company Secretary in employment or a Practicing Company Secretary.

CERTIFICATION OF ANNUAL RETURN BY THE COMPANY SECRETARY (MGT-8):

1. All Listed Companies

2. Every Company having:

• Paid-Up share capital of 10 Crore (Ten Crore) rupees or more or

• Turnover of 50 Crore (fifty crore) rupees or more

COMPANIES WHICH ARE EXEMPTED FROM SIGNING OF ANNUAL RETURN FROM THE COMPANY SECRETARY:

1. One Person Company

2. Small Company

Secretarial Standards: From 1^stJuly 2015 onwards, every meeting of the Board of Directors and the Shareholders shall be conducted in consolidation with the provisions of Secretarial Standards and Companies Act, 2013. It needs a lot of Concentration and documentation

Above mentioned Seventeen Compliances are mandatory annual compliances for the Private Company.

Except above 17 (Seventeen), there may be event-based compliances for the Private Company.

In this State of affairs, we need to ensure the following points:-
a) No post dated / current dated cheque is to be accepted of the amalgamating banks as their customers have to collect the new cheque book (as there may be a change in the bank a/c no. / IFSC code / MICR code), the customers of the amalgamating banks are given a set timeline up  to which the old cheque book can be used but to be on a safer side please avoid it unless it’s really unavoidable.

b) While fixing the disbursements in such cases please do ask and collect the new bank details.

c) Similarly all such vendors whose bank details have undergone a change due to this merger need to submit the KYC details again like  copy of a cancelled cheque / letter from the anchor bank.