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In India, any company registered under the Companies Act can be subject to compulsory winding up if it has engaged in unlawful or fraudulent activities. This process is initiated by the Tribunal upon receiving a petition, either from the company itself, its trade creditors, contributors, or even by the Central or State Government.

Key Steps in Compulsory Winding Up:

1. Filing the Petition:
   The petition can be filed by:
   • The company itself
   • Creditors of the company
   • Contributors (shareholders)
   • The Registrar of Companies
     The petition must be filed using Form WIN 1 or WIN 2, along with an affidavit in Form WIN 3. All documents must be submitted in triplicate.
2. Statement of Affairs:
   The company's financial documents should be audited by a practicing Chartered Accountant (CA). The Statement of Affairs, to be submitted in Form WIN 4, must include a clean opinion from the auditor. It must be verified with an affidavit in Form WIN 5.
3. Public Advertisement:
   An advertisement must be published in both a regional language and English for a minimum of 14 days, using Form WIN 6, to notify the public of the winding-up process.
4. Tribunal Proceedings:
   The Tribunal will review the petition and may appoint a provisional liquidator in Form WIN 8. After hearing objections, the Tribunal issues a winding-up order in Form WIN 11, outlining:
   • The company’s responsibility to provide the liquidator with all necessary assets and documents.
   • Appointment of a liquidator to take charge of the company's properties, claims, and records.
   • The liquidator submits a final report to the Tribunal within 60 days of the order.
5. Final Steps and Dissolution:
   Once the company’s affairs are fully wound up, the liquidator applies for dissolution. The Tribunal, upon ensuring all compliance is met, issues an order for dissolution within 60 days, which is also communicated to the Registrar of Companies.

Voluntary winding up allows a company to close down on its own accord, provided certain conditions are met. The process is initiated by passing a resolution in a general meeting, either upon the expiry of the company’s tenure or when at least 75% of the shareholders agree to dissolve the company.

Steps for Voluntary Winding Up:

1. Resolution for Winding Up:
   The company must pass a resolution in a general meeting with the agreement of the majority of directors. A liquidator is appointed to handle the winding-up process. The creditors must approve the decision as well.
2. Declaration of Solvency:
   A Declaration of Solvency, confirming the company's ability to repay its debts, must be filed and approved by the creditors.
3. Winding-Up Process:
   The appointed liquidator oversees the sale of assets, repayment of debts, and submission of final accounts to the general meeting for approval.
4. Tribunal Application for Dissolution:
   The liquidator submits an application to the Tribunal for final dissolution. Once satisfied, the Tribunal passes the dissolution order, which is then filed with the Registrar.
5. Final Compliance:
   Even after dissolution, the company's name cannot be reused for two years.

• For Accounts Subject to Audit: The deadline is October 31st of the assessment year.
• When Reporting with Form No. 3CEB: The due date is November 30th of the assessment year.
• For Non-Audited Accounts: The deadline is July 31st of the assessment year.

How to Complete the ITR 6 Form

To ensure a smooth and accurate filing process for the ITR-6 Form, follow these recommended steps provided by the Income Tax Department:

1. Part A
2. Schedules
3. Part B
4. Verification

Adhering to this sequence helps organize your information and simplifies the completion of your income tax return.

No Documents Required

When filing the ITR-6 form, you do not need to attach any documents, such as TDS certificates. However, it is important to reconcile the taxes deducted, collected, or paid on your behalf by comparing them with your Tax Credit Statement Form 26AS.