32 FAQs on Companies Fresh Start Scheme, 2020
Ministry has received representations from various stakeholders requesting for grant of one time opportunity, so as to enable them to complete their pending compliances by filing necessary documents in the MCA-21 registry including annual filing...
COMPANIES FRESH START SCHEME (CFSS) 2020
Introduction Presently Government of India is providing different kind of amenity schemes under different laws like Vivad se Vishwas Scheme, 2020 related to Income Tax, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 related to Service Tax and ...
Dear Readers,
You might have heard/read about the Vivad Se Vishwas Scheme in the Budget 2020 which is intended to reduce or simplify the litigations under which an assessee is not required to pay heavy penalties and interests in case of any pending dispute with the department. Only pending tax amou...
COMPANIES FRESH START SCHEME (CFSS), 2020- OVERVIEW AND FAQS
The MCA vide its circular dated 30th March 2020 has issued Companies Fresh Start Scheme, 2020 to promote defaulting companies to make a fresh start on a clean slate and waive the additional fee as charged ...
LIST OF IMPORTANT CIRCULARS FOR BRANCH STATUTORY AUDIT 2020
Financial Inclusion and Development
Master Direction – Reserve Bank of India (Relief Measures by banks in areas affected by Natural Calamities) Directions 2018 RBI/FIDD/2018-19/64 Master Direction FIDD.CO.FSD.BC No.9/05.10.001/2018-...
Compliances for newly incorporated Private Company
First Compliance
Conduct Board meeting within 30 days from the date of Incorporation.
Penalty for non-compliance: Every officer of the company whose duty is to give notice under this section and who fails to do so sh...
Presumptive taxation scheme for shipping business
1) " Presumptive" means to presume the income...
it means even if the actual income earned is differ , in that case also the income shall be calculated on the presumptive basis provided the conditions specified therein are satisfied..
...
What Is Intellectual Property?
Intellectual property is a general term for the set of intangible assets owned and legally protected by a company from outside use or implementation without consent. Stemming from its ability to provide a firm with competitive advantages, defining IP as an asset aims ...
Companies (Incorporation) Amendment Rules, 2020
MINISTRY OF CORPORATE AFFAIRS vide notification / Gazette id No. CG-DL-E-22022020-216319 issued and published dated 22nd February 2020, has published Companies (Incorporation) Amendment Rules, 2020 in exercise of the powers conferred by sub-se...
INTRODUCTION The government imposed a tax collection at source akin to TDS on remittances — after an internal survey by the income tax department, showed that a large number of those sending out money had not filed income tax returns. The finance bill 2020 has proposed an amendment to ...
1) Visit the income tax department's e-filing portal and click on "Instant PAN through Aadhaar" section under "Quick Links" on the left side.
2) Click on "Get New PAN" on the new page.
3) Enter your Aadhaar number for allotment of new PAN card and the Captcha ...
Meaning under GST ACT
‘Search’ involves an attempt to find something. Search, in tax/legal parlance, is an action of a government official (a tax officer or a police officer, depending on the case) to go and look through or examine carefully a place, person, object etc. in order t...
ITC on Corporate Social Responsibility Some Important Definitions:
Goods means every kind of movable property other than money and securities but includes actionable claim, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before s...
Dear Readers,
Here I am presenting the simplified and summarized version of Direct Tax Proposals in Union Budget 2020 presented by Honorable Finance Minister of India on Feb 1, 2020. This article will help you to grasp the new insertions/amendments without going into the depth of each and every se...
Goods and Service Tax is the best step in India’s indirect tax reforms. GST is a path breaking indirect tax regime which creates a national common market. GST was implemented not only to get rid of fallacies of the then indirect tax models but also to improve tax compliances and check black ma...
Section - 270AA, Income-tax Act, 1961 Immunity from imposition of penalty, etc. 270AA.
(1) An assessee may make an application to the Assessing Officer to grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C&n...
A. Empanelment of CA firms/LLPs
Chartered Accountant firms (firms) and Limited Liability Partnerships (LLPs) in India with at least one full time [1] FCA (Partner/Sole Proprietor) can apply for empanelment with this office for the pur...
Taxation of land or building or both under income tax act, 1961 certain issues..
1) Normally, there are two types of transaction that prevailed in the transfer of land or building or both. One is transfer made for some consideration and other is without consideration which is generally term...
General notes on Return of losses us 139(3) followed by chapter VI consisting of section 70 to 80.
1) if the assessee consisting of any losses , the loss return shall be filled us 139(3).
2) for company and firm it is mandatory to filled their return even in the cases of losses.
...
Overseas Direct Investment (ODI)
Overseas investment in Joint Venture (JV) and wholly-owned subsidiaries (WOS) have been recognized as important avenues for promoting global business by Indian entrepreneurs in terms of Foreign exchange earnings like dividend, royalty, technical know-how and other ...
For issuing Show Cause Notice and receive replies in respect of non-compliance of provisions of Companies Act 2013, MINISTRY OF CORPORATE AFFAIRS has implemented online web portal - Compliance Monitoring System (https://mcacms.gov.in).
MCACMS (MINISTRY OF CORPORATE AFFAIRS COMPLAINCE MONITO...
Niti Aayog Registration The government of India has started automation in nearly all fields and now wants to maintain an online database of all Registration Process. With this aim, now the Government of India has made it mandatory for all NGO/ Society/ Trust, who wants to avail any Government grant...
Introduction
Limited Review can be defined as the audit of financial statements on quarterly basis.
Listed companies are required to conduct limited review through statutory auditors
Every listed co. under clause 41 of the listing agreement is required to furnish the unaud...
A COMPARISON OF TWO CO-OP. BANK FAILURES – MADHAVPURA BANK & PMC BANK Since 23rd Sept, 2019, there is lot of stress in the Co-op. Banking Sector in the Indian Economy. On 24th September, the Reserve Bank of India, keeping aside the normal procedure of issuing a notice for irregulari...
What is Form BEN – 2??
According to Section 90 of Companies Act, 2013; every company is required to file the declaration to the concerned RoC i.r.o. Significant Beneficial Owners of the company,
Disclosing their interest in the company by way of : -
shareholding or
&nbs...
HOW TO INCREASE SHARE CAPITAL OF LIMITED COMPANY
When a company wants to Increase its share capital, then it has to follow a specified procedure as laid down by Companies Act, 2013. Section 61 of Companies Act, 2013 describes about power of Limited Company to alter its share capital. According to t...
“Six things must To Do” in Sept-19 for every GST registered person!! 20th October, 2019 is approaching soon & every person registered under GST must be aware that 20th October, 2019 is the due date for availing ITC for FY 2018-19. The extract of the section 16(4) of CGST Act, 2017 i...
Introduction According to Regulation 55A (1) of SEBI (Depositories and Participants) Regulations, 1996, every issuer company who has issued its any security whether shares, debentures etc. on a recognized stock exchange is mandatorily requires to submit the concerned Stock Exchanges where the issu...
CORPORATE Compliance CALENDAR
For the month of September, 2019
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About Arti...
DIR-3 KYC: Mandatory Compliance for DIN Holders
(An Analysis Of MCA Circulars, Notification, Laws And Regulation, E-Forms Etc.)
Attention:
MCA (Ministry of Corporate Affairs) has recently issued Companies (Appointment and Qualification of Directors) Third Amendment Rules,...
