Corporate Updates – 01-09-2014


Versions of Form INC -7 is modified w.e.f yesterday i.e 31st August, 2014. Only new version of the eForms will be acceptable. Further, the MCA has introduced new Form CLSS-2014 which is now available for filing w.e.f. 1st September 2014 as per General Circular No. 34/2014. stakeholders are requested to plan accordingly and ensure that you have downloaded the latest version for filing and uploading the latest version only. Form-wise date of last version change is available at on the website of MCA, to view & download, the list of all such Forms, Click Here.


MCA has made Amendment in Schedule II of the Companies Act, 2013, related to calculations of the Useful Lives of an asset to Compute Depreciation. According to the Amended provisions the useful life of an asset shall not ordinarily be different from the useful life specified in Part C and the residual value of an asset shall not be more than five per cent of the original cost of the asset and in case of variation, the financial statements shall disclose such different and provide justification in this behalf duly supported by technical advice. Further this requirement shall be voluntary in respect of the financial year commencing on or after the 1st April, 2014 and mandatory for financial statements in respect of financial years commencing on or after the 1st April, 2015.

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