Auditing And Assurance Services, Taxation And Accounting Services In India
“Accounting is the language of business” – Warren Buffet Accounting constitutes an integral part of any business as it helps in: Ensuring statutory compliance Creating a budget and future projections for your business Evaluating the performance of your business Filling your financial statements Its evident that getting timely financial advice, understanding your cash flow, discovering […]
Videoconferencing is an option for E-Assessments
Our Hon’ble PM Shri Narendra Modi has embarked on a mission of a corruption-free India taking the help of Information and Technology and conceived the idea of Digital India. In a national Conclave of Tax officials, he desired to introduce a faceless assessment scheme with a view to help honest taxpayers and impart greater efficiency, […]
Indian MSME’s – A NEW HORIZON!
Until a few days back, MSMEs were characterized under the Micro, Small and Medium Enterprises Development Act, 2006. The definition depended on (i) interest in plants and machinery for manufacturing and service industries. The Cabinet has just approved the upward revision of the MSME definition, as well as the yearly capital and turnover slabs within […]
New Form 26 AS gives more powers to IT Department
The new form 26AS has come into effect from 1st June 2020 by insertion of new section285BB in the Finance Act, 2020. The new form 26AS provides the assesse with the personal details of mobile number, email id and date of birth. The earlier form had only the details of PAN, Name and address. […]
Due Dates For Filing ROC Forms
DUE DATES FOR FILING ROC FORMS FORM PARTICULARS DUE DATE DIR-3KYC KYC OF Directors 30.09.2020 DIR-3 Return of Deposits 30.09.2020 MSME-1 Half yearly Return – Outstanding payments to MSME for more than 45 days 30.10.2020(for period Apr 2020 to Sept 2020) BEN-2 Declaration u/s.90, w.r.t Significant Beneficial Ownership 30.09.2020 Form ADT-1 Appointment of Auditor 14.10.202015 […]
DIR3 KYC Due Date Sept 30, 2020
Director identification number (DIN) refers to a unique identification number of 8 digits allotted to an individual who is willing to become a director or is an existing director of a company. MCA vide amendment of Companies Rules, 2014 came with a new initiative of updation of KYC of directors in order to have transparency. […]
All Compliance Due Date Changes in One Place
Extension of due dates relating to Income-tax returns and Audit reports Section Nature of compliance Original Due Date Due date extended by the Ordinance 2020 New due dates notified on 24-Jun-20 Section 139(1) Filing of original return for the Assessment Year 2019-20 – – 31-07-2020 Section 139(4) Filing of belated return for the Assessment Year […]
FLA Returns Due by July 15, 2020
Annual Return on Foreign Liabilities and Assets (FLA) under FEMA Act Which companies are required to submit the FLA Return? The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and/or made FDI abroad (i.e. overseas investment) […]
Companies Fresh Start Scheme 2020
Frequently Asked Questions on Company Fresh Start Scheme, 2020 issued by the Ministry of Corporate Affairs, Government of India on 30th March, 2020 The Ministry of Corporate Affairs has issued a Circular 12/2020 dated 30th March, 2020, in order to facilitate the companies registered in India to make a fresh start on a clean slate, […]
Extension of Due Dates (Part 1)
The following due dates have been extended as a result of the Covid 19 virus S.No. Act / Law Particulars/Return Actual Due Date Extended due date Remarks 1 ESI Contribution Feb Month 15th Mar 2020 15th Apr 2020 2 ESI Contribution March Month 15th Apr 2020 15th May 2020 3 PF Contribution Mar, Apr, May […]
Extension of Due Dates (Part 2)
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the govt has brought in an Ordinance on 31.03.2020 which provides for extension of various time limits under […]
Covid 19: FM Announces relief in regulatory filings
COVID 19 meeting: Key Highlights from Finance Minister’s announcements related to Companies Act , IBC and Banking law Tax Related Announcements The last date for filing belated income tax return (ITR) for the FY 2018-19 has been extended from March 31 to June 30, 2020. The deadline for filing returns of goods and services tax […]
Big Changes in Charitable Trust and Exempt Institution Taxation
Union Budget- 2020: New Compliances for the Charitable Trust & Institutions One of the sectors where substantial changes are proposed by the Finance Bill, 2020 is with regard to recognition of charitable trust, NGO & other institutions claiming tax exemptions. For tax exemption, charitable trusts & other institutions are required to get income tax registration […]
NRI’s New Residency Rules in India
Budget 2020 changed the rules that determine how a person’s income is taxed. Once these rules are implemented, NRI’s who visit India will need to keep track of the number of days they spend in the country and remember to file their tax returns depending on their status. 182 day limit reduced : As per […]
CARO 2020 Changes
In a press statement issued on Wednesday, the corporate affairs ministry said it had notified the Companies (Auditor’s Report) Order, 2020, (CARO) on Tuesday to enhance due diligence and disclosures by auditors and bring greater transparency into the financial affairs of companies. The rules will apply to audit reports for the financial years commencing on […]
