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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. […]

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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 […]

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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) […]

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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, […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Dividend Distribution Tax Change Analysis

A summary of the changes to DDT ( Dividend Distribution Tax) in Budget 2020 Current Status: Under the current tax regime (until March 31, 2020), companies distributing dividends are liable to pay tax at an effective rate of 20.56 per cent directly to the government from their surpluses. Effectively, out of every Rs 100 in […]

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Budget 2020 Summary

Budget 2020 Summary

We have given below a summary of the key changes in the Budget 2020 below PROPOSALS REGARDING CHANGES IN DIRECT TAXES Corporate Tax Dividend Distribution Tax of 15% payable by companies will not be payable for dividends declared after 31st March 2020 Reduced tax rate of 15% provided earlier for new manufacturing companies will now […]

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A lesser-known Tool to Save on Tax

We were quoted in business line on 11th Nov 2019. Here is the link Investing in a business can help save on long-term capital gains tax on property Sold a house recently for a profit? After some joy and relief, you would be worried about paying taxes. If the gains are long-term — property was […]

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MCA to issue e-show cause notices

MCA to issue e-show cause notices

MCA introduces online Compliance Monitoring System (CMS): In relation to the below offences the Ministry of Corporate affairs has introduced an online Compliance Monitoring System ( https://mcacms.gov.in/ ) for issuing show cause notices and submitting replies from companies / directors for non-compliance under the Act. The show-cause notice will mention the CMS reference number, details […]

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New Input Tax Credit Rules for GST

The Central Board of Indirect Taxes and Customs issued a notification on Wednesday amending the rules for claiming Input Tax Credit (ITC) under the Goods and Services Tax (GST). In a move that will likely cause cashflow problems for businesses, the government has capped the ITC that a registered person can claim, unless the entire […]

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