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E- filing made mandatory for companies
September, 18th 2006
India Inc has to go paper-less in its interactions with the government and the registrar of companies (RoCs) from Saturday onwards . The company affairs ministry said on Friday that electronic filing of statutory documents including annual returns, balance sheets and profit and loss accounts would be mandatory from September 16. Corporates have to log on to the ministry's e-governance website and file the documents attested with the digital signature of the designated company official. For filing the e-forms, all directors on the company's board will need the mandatory director identification number (DIN) being issued by the ministry. DIN, which also can be obtained on-line, is mandatory for all existing directors and those intending to be directors. Companies have to log on to www.mca.gov.in, the government's e-governance web site to avail of the services. Checking the name availability for a new company, name registration and company incorporation can be done by an entrepreneur at the comfort of his office anytime. Payment for the service can also be made electronically and its status can be tracked on-line. All communication with the ministry would be through e-mail. The website also provides for search of comprehensive company databases. One can view the public documents on-line by paying the necessary fees electronically. The ministry said this initiative would strengthen the regulatory framework and facilitate compliance of rules at maximum convenience and at the least cost. The ministry has also clarified that it is illegal to use the digital signature certificate (DSC) of any other person for filing the documents. Certifying Authorities (CA) have been granted license to issue DSC with a validity of one or two years under Section 24 of the Indian IT-Act 2000.
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