Amendments are carried out in Rule 8(4) of the said Rules related to “Issue of sweat equity shares” has been substituted stating that the company shall not issue sweat equity shares for more than 15% of the existing paid-up equity share capital in a year or shares of the issue value of rupees five crores, whichever is higher, provided that a start-up company may issue sweat equity shares not exceeding 50% of its paid-up capital up to 10 years from the date of its incorporation or registration. Further, Rule 18(7)(b)(v) related to “Debentures” has been substituted, to be provided that In case a company is covered in item (A)(iii)(b) or item (B)(iv)(b), it shall on or before the 30th day of April in each year, in respect of debentures issued by such a company, invest or deposit, as the case maybe, a sum which shall not be less than 15% of the amount of its debentures maturing during the year, ending on the 31st day of March of the next year in any one or more methods of investments or deposits. Provided that the amount remaining invested or deposited, as the case may be, shall not any time fall below 15% of the amount of the debentures maturing during the year ending on 31st day of March of that year.

(Trust/Society/Section-8)

 Meaning & Definition of Nonprofit organization 

nonprofit organization (NPO), also known as a non-business entity,not-for-profit organization,or nonprofit institution,is an organization traditionally dedicated to furthering a particular social cause or advocating for a shared point of view. In economic terms, it is an organization using its surplus of the revenues to further achieve its ultimate objective, rather than distributing its income to the organization’s shareholders, leaders, or members. Being public extensions of a nation’s revenue department, nonprofits are tax-exempt or charitable, meaning they do not pay income tax on the money that they receive for their organization. They can operate in religious, scientific, research, or educational settings  .Section 8 Company or a NonProfit organization (NPO) is a Company established for promoting commerce, art, science, religion, charity or any other useful object, provided the profits, if any, or other income is applied for promoting only the objects of the Company and no dividend is paid to its members

Section 2(15) Income Tax: Charitable Purpose – Meaning

Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, exemption under section 11.

The term religious purpose is not defined under the Income-Tax Act. However, Section 2(15)​ of the Act defines “charitable purpose” to include relief of the poor, education, medical relief, preservation of environment (including watersheds, forests and wildlife) and preservation of monuments or places or objects of artistic or historic interest, and the advancement of any other object of general public utility.

Provided that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity, unless—

(i) such activity is undertaken in the course of actua​​l carrying out of such advancement of any other object of general public utility; and

(ii) the aggregate receipts from such activity or activities during the previous year, do not exceed 20% of the total receipts, of the trust or institution undertaking such activity or activities, of that previous year;

Objective:-

  • Has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object;
  • Intends to apply its profits, if any, or other income in promoting its objects; and
  • Intends to prohibit the payment of any dividend to its members.

All 3 Forms of NGO are discussed in details below –

 

  1. Trusts :- A public charitable trust is usually floated when there is property involved, especially in terms of land and building. Different states in India have different Trusts Acts in force, which govern the trusts in the state; in the absence of a Trusts Act in any particular state or territory the general principles of the Indian Trusts Act 1882 are applied. The main instrument of any public charitable trust is the trust deed, wherein the aims and objects and mode of management (of the trust) should be enshrined. In every trust deed, the minimum and maximum number of trustees has to be specified. The trust deed should clearly spell out the aims and objects of the trust, how the trust should be managed, how other trustees may be appointed or removed, etc. The trust deed should be signed by both the settlor/s and trustee/s in the presence of two witnesses. The trust deed should be executed on non-judicial stamp paper, the value of which would depend on the valuation of the trust property. A trust needs a minimum of two trustees; there is no upper limit to the number of trustees. The Board of Management comprises the trustees. Application for Registration : The application for registration should be made to the official having jurisdiction over the region in which the trust is sought to be registered. After providing details (in the form) regarding designation by which the public trust shall be known, names of trustees, mode of succession, etc., the applicant has to affix a court fee stamp of Rs.2/- to the form and pay a very nominal registration fee which may range from Rs.3/- to Rs.25/-, depending on the value of the trust property. The application form should be signed by the applicant before the regional officer or superintendent of the regional office of the charity commissioner or a notary. The application form should be submitted, together with a copy of the trust deed. Two other documents which should be submitted at the time of making an application for registration are affidavit and consent letter.

R​EGISTRATION of trust as per incometax act

​​​​​​​Is registration of a trust mandatory?

It is mandatory for a trust to get the registration under Section 12AB of the Income-tax Act, 1961 so as to claim exemption under Section 11.

Form to be used to apply for registration?

A trust is required to apply for registration in Form No. 10A

Documents to be furnished along with application form?

The documents which are required to be furnished along with application Form No. 10A are as follows:

(a) where the trust is created, or the institution is established, under an instrument, self-certified copy of the instrument creating the trust or establishing the institution;

(b) where the trust is created, or the institution is established, otherwise than under an instrument, self-certified copy of the document evidencing the creation of the trust, or establishment of the institution;

(c) self-certified copy of registration with Registrar of Companies or Registrar of Firms and Societies or Registrar of Public Trusts, as the case may be;

(d) self-certified copy of the documents evidencing adoption or modification of the objects, if any;

(e) where the trust or institution has been in existence during any year or years prior to the financial year in which the application for registration is made, self certified copies of the annual accounts of the trust or institution relating to such prior year or years (not being more than three years immediately preceding the year in which the said application is made) for which such accounts have been made up; note on the activities of the trust or institution;

(f) self-certified copy of existing order granting registration under section 12A or Section 12AB, as the case may be; and

(g) self-certified copy of order of rejection of application for grant of registration under section 12A or Section 12AB, as the case may be, if any.

​​Exemptions to a trust –

Income of a charitable and religious trust is exempt from tax subject to certain conditions. The exemptions are provided to the trusts under various provisions, inter-alia, Section 10Section 11, etc. Some of the exemptions allowed to a trust are as under:

  • 1) Section 11provides exemption for income derived from property held under trust wholly for charitable or religious purposes to the extent such income is applied for charitable or religious purpose in India. However, this exemption shall be subject to certain conditions.
  • 2) In view of Section 12, income in the form of voluntary contributions received by a trust created wholly for charitable or religious purposes or by an institution established wholly for such purposes shall also be exempt from tax (subject to certain conditions).
  • 3) Any voluntary contributions received by an electoral trust shall not be included in its total income (subject to certain conditions).
  • 4) Income of an educational institute is subject to exemption under Sections 10(23C)(iiiab)/(iiiad)/(vi).
  • 5) Income of a hospital or other institution shall be eligible for exemption if it satisfies the conditions prescribed under Sections 10(23C)(iiiab)/(iiiad)/(vi).

2. Society

According to section 20 of the Societies Registration Act, 1860, the following societies can be registered under the Act: ‘charitable societies, military orphan funds or societies established at the several presidencies of India, societies established for the promotion of science, literature, or the fine arts, for instruction, the diffusion of useful knowledge, the diffusion of political education, the foundation or maintenance of libraries or reading rooms for general use among the members or open to the public, or public museums and galleries of paintings and other works of art, collection of natural history, mechanical and philosophical inventions, instruments or designs.’  Societies are registered under the Societies Registration Act, 1860, which is a federal act. In certain states, which have a charity commissioner, the society must not only be registered under the Societies Registration Act, but also, additionally, under the Bombay Public Trusts Act. The main instrument of any society is the memorandum of association and rules and regulations (no stamp paper required), wherein the aims and objects and mode of management (of the society) should be enshrined. A Society needs a minimum of seven managing committee members; there is no upper limit to the number managing committee members. The Board of Management is in the form of a governing body or council or a managing or executive committee Application for Registration : Registration can be done either at the state level (i.e., in the office of the Registrar of Societies) or at the district level (in the office of the District Magistrate or the local office of the Registrar of Societies).(2) The procedure varies from state to state. However generally the application should be submitted together with: (a) memorandum of association and rules and regulations; (b) consent letters of all the members of the managing committee; (c) authority letter duly signed by all the members of the managing committee; (d) an affidavit sworn by the president or secretary of the society on non-judicial stamp paper of Rs.20-/, together with a court fee stamp; and (e) a declaration by the members of the managing committee that the funds of the society will be used only for the purpose of furthering the aims and objects of the society. All the aforesaid documents which are required for the application for registration should be submitted in duplicate, together with the required registration fee. Unlike the trust deed, the memorandum of association and rules and regulations need not be executed on stamp paper

3.   Section- 8 Company  (As per Companies Act 2013)

(1) Where it is proved to the satisfaction of the Central Government that a person or an association of persons proposed to be registered under this Act as a limited company—(a) has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, protection of environment or any such other object; (b) intends to apply its profits, if any, or other income in promoting its objects ;and(c) intends to prohibit the payment of any dividend to its members ,the Central Government may, by licence issued in such manner as may be prescribed, and on such conditions as it deems fit, allow that person or association of persons to be registered as a limited company under this section without the addition to its name of the word “Limited” ,or as the case may be, the words “Private Limited” , and thereupon the Registrar shall, on application, in the prescribed form, register such person or association of persons as a company under this section.

(2) The company registered under this section shall enjoy all the privileges and be subject to all the obligations of limited companies.

(3) A firm may be a member of the company registered under this section.

(4)    (i) A company registered under this section shall not alter the provisions of its memorandum or articles except with the previous approval of the Central Government.(ii) A company registered under this section may convert itself into company of any other kind only after complying with such conditions as may be prescribed.

(5) Where it is proved to the satisfaction of the Central Government that a limited company registered under this Act or under any previous company law has been formed with any of the objects specified in clause (a) of sub-section (1) and with the restrictions and prohibitions as mentioned respectively in clauses (b) and (c) of that sub-section, it may, bylicence, allow the company to be registered under this section subject to such conditions a sthe Central Government deems fit and to change its name by omitting the word “Limited”, or as the case may be, the words “Private Limited” from its name and thereupon the Registrar shall, on application, in the prescribed form, register such company under this section and all the provisions of this section shall apply to that company.

(6) The Central Government may, by order, revoke the licence granted to a company registered under this section if the company contravenes any of the requirements of this section or any of the conditions subject to which a licence is issued or the affairs of the company are conducted fraudulently or in a manner violative of the objects of the company yor prejudicial to public interest, and without prejudice to any other action against the company under this Act, direct the company to convert its status and change its name to add the word“Limited” or the words “Private Limited”, as the case may be, to its name and thereupon the Registrar shall, without prejudice to any action that may be taken under sub-section (7), on

application, in the prescribed form, register the company accordingly: Provided that no such order shall be made unless the company is given a reasonable opportunity of being heard :Provided further that a copy of every such order shall be given to the Registrar.

(7) Where a licence is revoked under sub-section (6), the Central Government may, byorder, if it is satisfied that it is essential in the public interest, direct that the company be wound up under this Act or amalgamated with another company registered under this section: Provided that no such order shall be made unless the company is given a reasonable opportunity of being heard.

(8) Where a licence is revoked under sub-section (6) and where the Central Government is satisfied that it is essential in the public interest that the company registered under this section should be amalgamated with another company registered under this section and having similar objects, then, notwithstanding anything to the contrary contained in this Act, the Central Government may, by order, provide for such amalgamation to form a single company with such constitution, properties, powers, rights, interest, authorities and privileges and with such liabilities, duties and obligations as may be specified in the order.

(9) If on the winding up or dissolution of a company registered under this section, there remains, after the satisfaction of its debts and liabilities, any asset, they may be transferred to another company registered under this section and having similar objects, subject to such conditions as the Tribunal may impose, or may be sold and proceeds thereof credited to the Rehabilitation and Insolvency Fund formed under section 269.

(10) A company registered under this section shall amalgamate only with another company registered under this section and having similar objects.

(11) If a company makes any default in complying with any of the requirements laid down in this section, the company shall, without prejudice to any other action under the provisions of this section, be punishable with fine which shall not be less than ten lakh rupees but which may extend to one crore rupees and the directors and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which shall not be less than twenty-five thousand rupees but which may extend to twenty-five lakh rupees, or with both: Provided that when it is proved that the affairs of the company were conducted fraudulently, every officer in default shall be liable for action under section 447.

Exemption/Relaxation of  Section 8 Company Registration:

  • Exemption from Stamp Duty.
  • Tax deductions to the donors of the Company u/s. 80G of the Income Tax Act.
  • Section 8 Companies can be formed with or without share capital,
  • Section 8 Companies are not required to add the suffix Limited or Private Limited at the end of their name.
  • A Section 8 Company has more credibility as compared to any other Non-profit organization structure like Trust or Society.

 PROCESS TO REGITER SECTION-8 COMPANY WITH REGISTRAR OF COMPANIES –

 Name Availability Application –FORM RUN

Application for name availability must be made in “Reserve Unique Name” facility. The name of Section 8 Company shall include the words Foundation, Forum, Association, Federation, Chambers, Confederation, Council, Electoral Trust, and the like etc. You can propose maximum 2 names at a time and 1 resubmission is allowed in RUN facility.

  1. Preparation of Memorandum of Association (MOA) and Articles of Association(AOA)

Memorandum of association is the charter of the company and defines the scope of its activities. An article of association of the company is a document which regulates the internal management of the company.

Memorandum of Association of Section 8 Company must be in form INC-13 while there is no format prescribed for Articles of Association for Section 8 Company. One can adopt table F provisions.

Memorandum and articles of association of the company shall be signed by each subscriber to the memorandum who shall mention his name, address, description and occupation, if any, in the presence of at least one witness who shall attest the signature and shall likewise sign and add his name, address, description and occupation.

  1. Application in Form INC-12

After approval of name, one can make an application in Form INC-12 to the Registrar for a license under sub-section (1) of section 8.

Documents  of  INC-12

  1. MoA (Memorandum) in Form INC-13; . & AoA (Articles)
  2. Declaration in Form INC-14 by CS/CA/CWA in practice, that the draft memorandum and articles of association have been drawn up in conformity with the provisions of section 8 and rules made there under and that all the requirements of the Act and the rules made there under relating to registration of the company under section 8 and matters incidental or supplemental thereto have been complied with;
  3. Declaration by each of the persons making the application in Form INC-15;
  4. Projected future annual income and expenditure of the company for next three years with sources
  5. Name Approval Letter

Once the form INC-12 will be approved, License under section 8 will be issued in Form INC-16 which required to be attached in form SPICe.

  1. Filing of SPICe 32 Form

After receiving Central Government approval i.e approval of form INC-12, one may go ahead with filing of form SPICe 32.

Documents  of  INC-12

  1. Memorandum of Association in Form INC-13;
  2. Articles of Association;
  3. Consent and Declaration by first Directors in form DIR-2;
  4. Affidavit by first subscriber in form INC-9;
  5. PAN card of first directors and subscribers;
  6. Aaadhar card of first directors and subscribers;
  7. Proof of Registered office like Sale Deed/Lease Deed/Rent Agreement etc;
  8. Latest Utility Bill of Registered office like Electricity Bill; Lease Rent, Other
  9. NOC of owner/director if registered office is taken on rent/lease;
  10. License issued in form INC-16;

Sources :-

https://www.mca.gov.in/

https://www.incometaxindia.gov.in/

https://indiacode.nic.in/

https://www.mca.gov.in/Ministry/actsbills/pdf/Societies_Registration_Act_1860.pdf

    Key features of SPICe+ for Greater Ease of Doing Business
    As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of  Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’
    (pronounced ‘SPICe Plus’) replacing the existing SPICe form.

    SPICe+ would offer 10 services by 3 Central Govt Ministries & Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government(Maharashtra), thereby saving as many procedures, time and cost for Starting a Business in India and would be applicable for all new company incorporations w.e.f.23rd February 2020.

    Features:

    1. SPICe+ would be an integrated Web Form.
    2. SPICe+ would have two parts viz.: Part A-for Name reservation for new companies and
    Part B offering a bouquet of services viz.
    (i) Incorporation
    (ii) DIN allotment
    (iii) Mandatory issue of PAN
    (iv) Mandatory issue of TAN
    (v) Mandatory issue of EPFO registration
    (vi) Mandatory issue of ESIC registration
    (vii) Mandatory issue of Profession Tax registration(Maharashtra)
    (viii) Mandatory Opening of Bank Account for the Company and
    (ix) Allotment of GSTIN (if so applied for)
    3. Users may either choose to submit Part-A for reserving a name first and thereafter submit Part B for incorporation & other services or file Part A and B together at one go for incorporating a new company and availing the bouquet of services as above.
    4. A new and user friendly Dashboard on the Front Office is being created for company incorporation application (SPICe+ and linked forms as applicable). 
    5. Incorporation applications (Part B) after name reservation (In Part A) can be submitted as a seamless process in continuation of Part A of SPICe+. Stakeholders will not be required to even enter the SRN of the approved name as the approved Name will be prominently displayed on the Dashboard and a click on the same will take the user for continuation of the application through a hyperlink that will be available on the SRN/application number
    in the new dashboard.
    6. Resubmission of applications for company name reservation and/or incorporation shall also be handled through the application number/Name applied for link on the new dashboard. A hyperlink will be available for the SRN/application number, so as to enable easy resubmission, wherever required.

    Pages: 1 2

    Quick Steps to  register an Indian Company- 

    Incorporating a company through Simplified Proforma for Incorporating Company electronically (SPICe -INC-32), with eMoA (INC-33), eAOA (INC-34), is the default option and most companies are required to be incorporated through SPICe only.

    How can Foreign companies establish a place of business in India?

    Any foreign company can establish its place of business in India by filing eForm FC-1 (Information to be filed by foreign company).

    Note: The eForm needs to be digitally signed by authorized representative of the foreign company. There is no need to apply and obtain DIN for Directors of a foreign company. However, it is mandatory to register the DSC of the authorized representative of the foreign company via associate DSC service available at MCA portal.

    Detailed Steps :- 

    • Decide Company Structure :- Public /Private Limited /One Person Company(OPC) etc..

    • Procure Directors Digital Signature(DSC)  :- 

    Digital Signature Certificates (DSC) are the digital equivalent (that is electronic format) of physical or paper certificates. Few Examples of physical certificates are drivers’ licenses, passports or membership cards. Certificates serve as proof of identity of an individual for a certain purpose; for example, a driver’s license identifies someone who can legally drive in a particular country. Likewise, a digital certificate can be presented electronically to prove one’s identity, to access information or services on the Internet or to sign certain documents digitally.

    • Digital Signature Certificate (DSC) Applicants can directly approach Certifying Authorities (CAs) with original supporting documents, and self-attested copies will be sufficient in this case
    • DSCs can also be obtained, wherever offered by CA, using Aadhar eKYC based authentication, and supporting documents are not required in this case
    • A letter/certificate issued by a Bank containing the DSC applicant’s information as retained in the Bank database can be accepted. Such letter/certificate should be certified by the Bank Manager .

    http://www.mca.gov.in/MinistryV2/certifyingauthorities.html

    While SPICe is an eform, SPICe+ is an integrated Web form offering 10 services by 3 Central Govt Ministries & Departments. (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Government (Maharashtra), thereby saving as many procedures, time and cost for Starting a Business in India. SPICe+ is part of various initiatives and commitment of Government of India towards Ease of Doing Business (EODB).

    Difference between SPICe INC 32 and SPICe plus:

    SPICe or Form INC-32 can help incorporate a company with a single application for:

    • Reservation of name 

    • Incorporation of a new company and/or

    • Application for allotment of DIN.

    SPICe+ can help incorporate a company with a single application for:

    • Name reservation

    • Incorporation

    • DIN allotment

    • Mandatory issue of PAN

    • TAN

    • EPFO

    • ESIC

    • Profession Tax (Maharashtra)

    • Opening of Bank Account.

     

      PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS

      1) Issue description : Names reserved for 20 days for new
      company incorporation. SPICe+ Part B
      needs to be filed within 20 days of
      name reservation.  

      Period/Days of Extension

      Names expiring any day between 15th March
      2020 to 31st May would be extended by 20 days
      beyond 31st May 2020

       

      2) Names reserved for 60 days for change
      of name of company. INC-24 needs to
      be filed within 60 days of name
      reservation

      Names expiring any day between 15th March
      2020 to 31st May would be extended by 60 days
      beyond 31st May 2020

      3) Extension of RSUB validity for
      companies.

      SRNs where last date of Resubmission (RSUB)
      falls between 15th March 2020 to 31st May
      2020, additional 15 days beyond 31st May 2020
      would be allowed. However, for SRNs already
      marked under NTBR, extension would be
      provided on case to case basis.
      Note: Forms will not get marked to (Not to be
      taken on Record)’NTBR’ due to nonresubmission during this extended period as
      detailed above.
      It also includes IEPF Non-STP eForms ( IEPF3, IEPF-5 and IEPF-7)

      4) Names reserved for 90 days for new
      LLP incorporation/change of name.
      FiLLiP/Form 5 needs to be filed within
      90 days of name reservation.

      Names expiring any day between 15th March
      2020 to 31st
      May would be extended by 20 days
      beyond 31st
      May 2020.

      5) RSUB validity extension for LLPs.

      SRNs where last date of resubmission (RSUB)
      falls between 15th March 2020 to 31st May
      2020, additional 15 days would be allowed from
      31st May 2020 for resubmission. However, for
      SRNs already marked under NTBR, extension
      would be provided on case to case basis.
      Note: Forms will not get marked to (Not to be
      taken on Record)’NTBR’ due to nonresubmission during this extended period as
      detailed above.

      6) Extension for marking IEPF-5 SRNs to
      ‘Pending for Rejection u/r 7(3)’ and
      ‘Pending for Rejection u/r 7(7)

      SRNs where last date of filing eVerification
      Report (for both Normal as well as Resubmission filing) falls between 15th March
      2020 to 31st May 2020, would be allowed to file
      the form till 30th Sep 2020. However, for SRNs
      already marked under ‘Pending for Rejection u/r
      7(3)’ and ‘Pending for Rejection u/r 7(7)’,
      extension would be provided on case to case
      basis.
      Note: Status of IEPF-5 SRN will not change to
      ‘Pending for Rejection u/r 7(3)’ and ‘Pending for
      rejection u/r 7(7)’ till 30th Sep’20.

      The Companies (Appointment and Qualification of Directors) Rules, 2014
      Date of Notification : 29th April 2020
      Effective Date : 29th April 2020
      MCA Vide its notification dated 29th April 2020 notified the Companies (Appointment and Qualification of
      Directors ) second Amendment Rules, 2020.
      As per the rule 6 , in sub-rule (1) , in clause (a) of the Companies (Appointment and Qualification of
      Directors ) Rules, 2014 Compliances required by a person eligible and willing to be appointed as an
      independent director.
      (1) Every individual –
      (a) who has been appointed as an independent director in a company, on the date of commencement of the
      Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period
      of five months* from such commencement;
      * By above Amendment, the words ”five months” substituted by “Seven Months”. In other words, last date
      for registration of an individual in the data bank prescribed by MCA has been extended till June 30, 2020.

      Subject: Draft Procedure for Submission of Audit Files to NFRA.
      In pursuance of the duties cast upon it under the Companies Act, 2013, and NFRA Rules, 2018, NFRA proposes to prescribe the procedures to be followed by all entities regulated by NFRA for submission of Audit Files to NFRA. NFRA invites comments from regulated entities on the procedure described in this draft document in Annexure A. Your comments should be mailed to social@nfra.gov.in before 31st of May 2020.

      The email shall c ontain full contact details of the sender including name, mobile number, professional address and  membership number. Comments without
      these minimum identification  equirements will not be considered.

      READ MORE 

      http://www.mca.gov.in/Ministry/pdf/NFRA_30042020.pdf

      Ministry of Corporate Affairs has issued circular providing relaxation in filings of various Investor Education and Protection Fund (IEPF) E-forms u/s 124 and Section 125 of the Companies Act 2013 r/w IEPFA (Accounting, Audit, Transfer and Refund) Rules Pursuant to MCA s previous General Circular allowing filing in MCA-21 registry without additional fees till 30 September, 2020, Ministry is further extending the coverage of its said General Circular by allowing relaxation in filing of various other IEPF e-forms i.e. IEPF-1, IEPF-1A, IEPF-2, IEPF-3, IEPF-4, IEPF -7 and IEPF-5 (e-verification of claims).