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Violation of Bank Account Rules by Real Estate Projects

Regulator Finds Real Estate Projects in Violation of Bank/c Rules

An investigation undertaken by some people and regulator has found that many projects have violated the rules by linking their bank accounts to more than one project. The Real Estate (Regulation & Development) Act, 2016, makes it mandatory to have a single bank account for the project under one registration number. This is aimed at the proper completion of the registered housing projects without any diversion of funds.

As per the Real Estate Act, the developer is required to maintain only one bank account with one RERA registration number. The funds received in the respective project need to be maintained in this account and used for the work of that project only. It is not allowed to be used for any other project or purpose as such a diversion may have an adverse effect on the project. The developer is also required to maintain 70% of the money received from the registration of that project in this account. The developer cannot withdraw money from this account in an arbitrary manner.

While working on the project, withdrawal from this account at each stage is not allowed without certification with regard to construction updates and required funds.

The Real Estate (Regulation & Development) Act was introduced by the Government of India in the year 2016 to safeguard the interest of the investors and buyers as the cases such as non-delivery of possession in a timely manner, not developing the project in accordance with the original plan, construction not in accordance with the bylaws of the local body. As the land is a state subject under the state list hence every state started adopting and implementing the relevant act in their states. In Delhi, Delhi RERA Act and Authority got established under which one cannot withdraw money from the money received until and unless it obtains a certificate in the form of R1 from Architect, R2 from Engineer and R3 from a Practicing Chartered Accountant. In Delhi, not only big CA in Delhi or Top CA in Delhi but young practicing CA in Delhi having expertise of the RERA Law and basic understanding about the project life cycle are also helping the projects as well as RERA authorities to comply with the provisions of the act leading to safeguard of the interests of the homebuyers/ investors as well.

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Top Chartered Accountant in Delhi | B K Goyal & Co LLP

One of the top chartered accountants in Delhi is B K Goyal & Co LLP, a new-age practicing Chartered Accountancy Firm helping India become a nation of a new age. We have experience of more than 12 years in this profession and started our journey in 2009 and offer a range of services, including tax planning, auditing, accounting, and more. For more details, call us now at 9971782649 and can visit our website.

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Best Chartered Accountant in Delhi | B K Goyal & Co LLP

Are you finding the best-chartered accountant in Delhi to your handle your business taxes, bank account management, accounting, compliance, etc? So B K Goyal & Co LLP Chartered Accountants is a new age practicing Chartered Accountancy Firm helping India become a nation of a new age and started my journey in 2009 and have gained experience of more than 12 years cumulatively in the area of his expertise. For more details, call us now at 9971782649 and can visit our website.

Visit us: https://www.cabkgoyal.com/delhi/

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Hire the best Chartered Accountant in Delhi

Hire the best Chartered Accountant in Delhi for all your accounting needs. We have extensive experience in this field and can provide you with the best advice and personalized solutions according to your specific needs. We established our company in 2009 in the areas of income tax, GST, audit, business license approval, tax litigation, etc. For more information about us, please call 9971782649 today and visit our website.

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File income tax return online | B K Goyal & Co LLP

Want to file an income tax return online and are confused about how to apply? But don't worry, B K Goyal & Co. LLP is the popular platform for your need that allows individuals to file their Income Tax Returns easily from home and offers the right guide to help individuals file their returns accurately. We started his journey in 2009 and has gained experience of more than 12 years cumulatively in the area of his expertise. For more details, call us now at 9971782649, and visit our website.

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Company Registration online in Delhi

What is a Company? In general understanding, a company is an organisation selling goods or services in order to make profits. So, what does an organisation mean then? An organisation is basically a group of people who joins together to work towards a goal. Now a Company is a general term but different countries and different laws defines them for some specific purpose. In India, Companies Act, 2013 defines a Company as follows:

As per section 2 subsection 20 of Companies Act 2013, company means a company incorporated under this Act or under any previous company law (i.e Companies Act, 1956). Meaning thereby that an organisation (i.e a group of people) registered under Companies Act 2013 is known as Company.               

Advantages of a Company Registered under Companies Act: 1. Startup India Recognition: A Company registered in India can apply for startup India recognition from Government of India 2. Issue Shares: It can issue shares to raise money to fund its business and expand 3. Separate legal entity: It acts as a separate legal entity meaning thereby the directors and company are two separate people and personal liability of shareholders or directors doesn’t come into picture for the operations of the company. 4. Unique Name: A Company registered under Companies Act, 2013 enjoys a unique name and no other company can be registered with the same name unlike in case of Proprietorship firm. 5. Perpetuality: The existence of a company doesn’t come to an end on the death of a director unlike in case of a proprietorship firm or a partnership firm Documents required for Company Registration online in Delhi: 1. PAN Card Copy, Aadhar Card Copy, Photo, Mobile Number & Email ID of all Directors 2. Voter ID or Driving License or Passport Copy of Directors 3. Electricity/Utility Bill for the registered place of business of Delhi 4. NOC From the owner of such property (to be prepared by a professional) 5. Proposed name, objectives and nature of business of the company 6. Education Qualification & Place of birth of the Directors 7. Engagement letter with professional (to be prepared by a professional)

Process of Company Registration online in Delhi: Following are the steps for Company Registration online in Delhi: Step 1: Submission of the above documents through email to the engaged professional : A Company can only be registered by a professional who is either a Chartered Accountant or a Company Secretory or an Advocate in Practice Step 2: Verification of documents and ekyc by the professional for certifications Step 3: Application for Name reservation of the company by depositing INR 1000 Fee in form Spice+ Part A by professional. Although It is not a mandatory step, one can also proceed without reserving the name perse Step 4: Application for Digital Signatures of both the directors. In this step, otp’s are sent to the mobile number and email id of directors. Further, a video is required to be uploaded for video kyc Step 5: Preparation of Memorandum and objectives by the professional is the next step in accordance with the objectives of the company and provisions of the Companies Act 2013. Step 6: The professional then logs in to his account over MCA portal and fill the required forms which includes Spice+ Part B, Agile (otp will be required from directors), INC 33, INC 34 and INC 9. It is pertinent to note that V2 version has now been scraped by MCA and V3 version has been launched with effect from Feb 2023. Step 7: Once the forms are filled, the professional downloads the form and sends them to the directors to affix their digital signatures. Step 8: Professional affix his own digital signatures for his certifications towards the company registration Step 9: Uploading the forms: All the above forms then are required to be uploaded by the professional along with depositing the fee. The Government fee depends on the state to state but it usually varies from INR 1000 to INR 1500 for an authorised capital of INR 100000. Step 10: Approval of application and Issuance of PAN Card, TAN Card, DIN Number and Certificate of Incorporation. All the files/details/documents are then verified by the Registrar of Company and either approved or sent back with query for resubmission. In case of sent back for resubmission with a query, the same needs to be corrected and then the forms need to be uploaded again, Once approved, the documents are issued.

Some general queries: 1. Minimum number of People required: For a Private Limited two Directors and For a Limited three Directors (and four other shareholders) 2. Minimum Paid-up Capital: For a Private Limited no minimum capital is required 3. Best form of company for a startup: Private Limited 4. Time it takes for a Company Registration: 5 Working Days 5. Cost of Incorporating a Company: Digital Signatures cost around INR 700, Government Fee cost around INR 1100, Name Reservation (if opted) costs INR 1000, Professional Fee Costs somewhere around INR 5000 to INR 20000 depending on the expertise, demand and knowledge of the professional in drafting Memorandum and quality of service with confidentiality of documents & information as per the ethical code of conduct. ICAI recommends minimum fee of INR 18000 for Chartered Accountants in Practice for Private Limited Company Registration for Tier 3 (Class C) Cities.

Regards, CA Bhuvnesh Goyal

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File the Income Tax Return B K Goyal & Co LLP

When you want to file income tax returns, then you need to have a trusted Chartered Accountant (CA) by your side who can help you navigate the complex tax laws and ensure that your returns are filed accurately and on time In Delhi. Then you must find BK Goyal & Co. LLP, the best CA for your need. We started my journey in 2009 into the domain of Income Tax, GST, Auditing, Tax Litigations, Business Consultancy, etc. For more information about us call now at 9971782649 and visit our website - https://www.cabkgoyal.com/income-tax-efiling/

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Hire the Best CA in Delhi - Cabkgoyal

​Are you looking to hire the best Chartered Accountant in Delhi? Now your search is over. B K Goyal & Co. LLP is the perfect CA for all your accounting needs. We have extensive industry knowledge, and we can provide you with the best advice and solutions personalized to your specific needs. We started our journey in 2009 in the field of Income Tax, GST, Auditing, Tax Litigation, Business License Approval etc. For more information about us call now on 9971782649 and visit our website​.

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Best CA firm in Delhi

B K Goyal & Company LLP is a renowned best CA Firm based in Delhi, India. The firm provides a wide range of services including tax, taxation, audit, tax litigation, business advisory, business registration, business registration, business start-up advice, and business license approval. If you want to consult us, call us now at 9971782649 or visit our website.

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Best CA in Delhi

Are you looking for the best CA (Chartered Accountant) in Delhi that matters to your business? Then you should head to BK Goyal & Co. LLP set up by CA Bhunvesh Goyal in Delhi. CA Bhuvnesh Goel started his journey in 2009 in the fields of Income Tax, GST, Audit, Tax Law, Business Consulting, Business Registration, Company Registration, Startup Consulting, and Business License agreements. For more details, you can call us on 9971782649 and visit our website - https://www.cabkgoyal.com/delhi/