Payment by NEFT

MCA has introduced another method of making payment of fees - this time the NEFT method. Presently, there was only the credit card and the internet banking facility as the online facilities available for stakeholders and with the limit placed on fees upto Rs.50,000/- being only by online payments, this was causing considerable difficulty to upload forms, because the credit card facilities were getting used up pretty soon. Internet banking facility was available only from a few banks, not all the banks. So, now they have introduced NEFT method, which will surely alleviate the difficulties to some extent, though it is cumbersome to operate. How it operates is like this; While making payment, choose the NEFT challan, which is an offline challan and then log onto your internet banking of whatever banks,  make transfer to one of the MCA accounts and obtain an Unique Transaction Id. Thereafter, after 4 to 5 working hours, MCA 21 portal needs to be informed of the successful payment. Then MCA will link the challan to the unique transaction id and payee bank details such as bank a/c, IFSC code etc. Looks a bit cumbersome at the present moment, I hope they are able to smoothen it as they go along. But it is a getaway to using internet banking account of all banks in the system, other than those which are expressly authorised by MCA. Also with this method, practising professionals can generate NEFT challan and give it to the companies to make payment by internet banking method. The only concern will be there are many small and medium companies who still operate the cheque book facility.

Mandatory Cost Audits

MCA has vide its order no. F.No.52/26/CAB-2010 dated 30th June 2011 mandated cost audits for some more industries such as cement, glass, tyres & tubes, steel, paper, insecticides, paints & varnishes & aluminium in respect of its accounting year which commences on or after 1st April, 2011. Conditions being turnover should exceed Rs.100 crores or the company is a listed one or about to be listed.