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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.

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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.

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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.

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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.

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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

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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

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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.

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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

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Extension of Due Dates (Part 2)

In order to give effect to the announcements made by the Union Finance Minister 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 the Taxation and Benami Acts.

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Covid 19: FM Announces relief in regulatory filings

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 (GST) for March, April and May this year has also been extended till June 30. The government has also extended the last date for linking PAN card with Aadhaar from March 31 to June 30.

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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.

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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.

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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.

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Dividend Distribution Tax Change Analysis

Under the current tax regime (until March 31, 2020), companies distributing dividends are liable to pay tax at an effective rate of 20.56 percent directly to the government from their surpluses. Effectively, out of every Rs 100 in distributable profits, companies had to cough up Rs 20.56 as tax, with only Rs 79.44 left for distribution to shareholders.

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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

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