Central Board of Direct Taxes (CBIC), Ministry of Finance, (Department of Revenue), vide Gazette ID CG-DL-E-27022021-225559 and Notification No. 10/2021/F. No. 370142/35/2020-TPLdated 27thFebruary, 2021has come up with the notification in partial modification of the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No.93/2020 dated the 31st December, 2020,......

Central Board of Indirect Taxes and Customs (CBIC), GST Policy Wing vide Circular no. 146/02/2021-GST and F.No.CBEC-20/16/38/2020-GST dated 23rd February, 2021 has issued Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020 - Reg. The Circular was issued to: The Principal Chie......

What is GST Audit? Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST. Key Objective: 1. To ensure and promote the correctness of turnover declared, tax......

FSSAI notifies Alcoholic Beverage Standards’ amendment Regulations The Food Safety and Standards (Alcoholic Beverages) First Amendment Regulations, 2020 MINISTRY OF HEALTH AND FAMILY WELFARE, Food Safety and Standards Authority of India (FSSAI) vide Gazette ID CG-DL-E-19122020-223813 dated 18th December, 2020 has come up with the Food Safety and Standards (Alcoholic Beverages) First Amendm......

Q1: What is QRMP scheme and what are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made in the first two months by a simple challan in FORM GST PMT-06. For th......

Ministry of Corporate Affairs (MCA) vide Gazette ID No.  CG-DL-E-11022021-225116 and F. No. 5 /1 /2020-CL.I  dated 11th day of February, 2021 has released the the Producer Companies Rules, 2021 in section 378H (4) and section 378ZL (1) read with section 469 (1) & (2) of the Companies Act, 2013, and in supersession of the Producer Companies (General Reserve) Rules, 2003, exc......

MCA21 Version 3.0 to be launched in Fiscal 2021-22 Ministry of Corporate Affairs vide Press Release no. 1695473, dated 05th February, 2021 has come out with MCA Version 3.0 outline and key features. This Version will have additional modules for e-Adjudication, e-Consultation and Compliance Management. MCA Version 3.0 MCA21 V3 Project is a technology-driven forward looking project, envisioned to......

About Article : This article contains various Compliance requirements for the Month of February, 2021 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non-comp......

One Person Company: Sec 2(62) "One Person Company" means a company which has only one person as a member. For OPC: Return Filing Provisions & AGMSection 137 of the Companies Act, 2013 One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundre......

For those opting for Aadhaar authentication, new GST registration will be issued within three working days and would not need to wait for physical verification. However, those not opting for Aadhaar authentication for GST registration would be granted it only after physical verification of the place of business or documentary verification which may take up to 21 working days or more if notice is i......

About Article : This article contains various Compliance requirements for the Month of December, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non? com......

NEFT - National Electronic Funds Transfer What is NEFT? NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country. 24X7 Availability: NEFT allows individuals, firms, corporate to transfer money from......

About Article This article contains various Compliance requirements for the Month of December, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.If you think compliance is expensive, try non? complia......

Listed Companies – Be Alert !!!!! NSE and BSE both vied Circular Ref No: NSE/CML/2020/53 and notice no. 20201106-39 dated 06.11.2020, respectively has issued circular stating Action(s) to be initiated against listed companies for non-payment of outstanding Annual Listing Fees (“ALF”) for Financial Year 2020-21. This Circular has been issued to: The Company Secretary / Complian......

Introduction: GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from 01.01.2021. Eligibility for the QRMP Scheme: In terms of notification No. 84/2020- Central Tax, dated 10.11.2020, a registered person......

“Discontinuation of Returns Reports under FEMA, 1999” Overview Reserve Bank of India (RBI) vide notification / Circular No. RBI/2020-21/66 A.P. (DIR Series) Circular No. 05 dated 13th November, 2020, has published Discontinuation of Returns/ Reports under Foreign Exchange Management Act, 1999 ” in exercise of the powers conferred under sections Section 10(4) and 11(2) of the Fo......

OverviewSecurities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/231 issued and publishes dated 13th November, 2020, has published Non-compliance with provisions related to continuous disclosures” in exercise of the powers conferred under sections 11(1) and 11A(2) of the SEBI Act, 1992 read with Section 9 and 21 of Securities Contracts (Regu......

About Article : This article contains various Compliance requirements for the Month of November, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. Compliance Requirement Under Income Tax Act, 196......

The National Medical Commission (NMC),  with an of aim affordable medical education has notified its first major regulation titled as 'Minimum Requirements for Annual MBBS Admissions Regulations 2020 to replace the Minimum Standard Requirements for Medical Colleges, 1999 of the erstwhile Medical Council of India (MCI). Applicability: applicable to all new medical colleges proposing to be es......

Key highlights: MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal ‘Champions’ to assist MSMEs of the country. Ministry implements AI & ML tools to get insights into MSME related issues and grievances for their quick and effective resolution. AI & ML analytics can be seen at the “AI ......

This article contains various Compliance requirements for the Month of October, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.If you think compliance is expensive, try non? compliance” Comp......

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 05th day of October, 2020 via video conferencing in New Delhi. Union minister of state (MoS) for finance Anurag Thakur and finance ministers of states and Union territories (UTs) are also attending the virtual meeting, which is being held to f......

Government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019. Following measures has been measures taken by Ministry of Finance: reduction in the corporate tax rate from 30% to 22% provided the company did not avail any exemption or incentive. an option......

Overview Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/ISD/ISD/CIR/P/2020/168 issued and publish dated 09th September, 2020, has published - Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 - System driven disclosures.” in exercise of the powers conferred under Section 11(1) of the S......

Dear Readers,   This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.   Compliance Requirement Under Income Tax Act, 1961 Goods &......

The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders / members of the Company to discuss the future of the Company and also company’s overall performance is analyzed.   Provisions of Section 96 of Companies Act, 2013 – AGM Related   In ......

The 41st GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 27th day of August, 2020. Shri Anurag Thakur and Finance Ministers of States & UTs and Senior officers from Union Government & States are present. EXPECTATIONS: Issues such as compensation to states and GST rates revision. Is......

(Subletting, Leasing Services)*(AAR - Authority for Advance Ruling - Karnataka) Advance Ruling No. KAR ADRG 17/2020, Dated 23rd March, 2020 Clarification required to be sought: Whether exemption prescribed under entry number 13 of notification no. 9/2017- integrated tax (rate) dated. 28thJune, 2017 can be sought and the lessors (here Ambrish Vasudeva and 4 others) need not charge GST while is......

MCA vide General Circular no. 28/ 2020 dated 17th August 2020 has issued Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Companies Act, 2013.   Key Highlights:   1. MCA has received several representations to allow companies to hold their annual general meeting (AGM) for the financial year ended on 31st March, 2020 beyond the ......

The Reserve Bank of India (RBI) has released Statement on Developmental and Regulatory Policies dated 06th August, 2020 on account of various developmental and regulatory policy measures to enhance liquidity support for financial markets and other stakeholders; further easing of financial stress caused by COVID-19 disruptions.   Payment and Settlement Systems   1. Scheme of Offline ......

This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non-compliance” Compliance Requirement Under ......

Securities Exchange Board of India (SEBI) vide Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/147 dated 03rd August, 2020 issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992 has come out with Procedural Guidelines for Proxy Advisors  to protect the interests of investors in securities and to promote the development of, and to regulate the s......

Securities Exchange Board of India (SEBI) vide Public notice dated 27th July, 2020 has  issued Public notice in respect of SEBI-Settlement Scheme 2020 to provide one time settlement opportunity to the entities that have executed trade reversals in the stock options segment of BSE during the period from April 1, 2014 to September 30, 2015 against whom any proceedings are pending. Reason behin......

SEBI – Further Relaxations Relating To Procedural Matters – Takeovers And Buy-Back Upto 31.12.2020 Securities Exchange Board of India (SEBI) vide Circular No. SEBI/HO/CFD/DCR2/CIR/P/2020/139 dated 27th July, 2020 issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992has come out with Relaxations relating to procedural matters ......

The Reserve Bank of India (RBI) has released 21st Issue of the Financial Stability Report (FSR), on 24th July 2020 which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the ......

The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders / members of the Company to discuss the future of the Company and also company’s overall performance is analyzed.   MCA CLARIFICATION ON HOLDING OF DIGITAL AGM THROUGH VC OR OAVM – NOT PHYSICAL  ......

Faceless hand-holding of the Taxpayers Government of India, Department of Revenue, Ministry of Finance and Central Board of Direct Taxes has came out with a New Form 26AS which is the Faceless hand-holding of the Taxpayers to provide full details of their financial transactions. Aim is to prevent suppression of information by taxpayers. The taxpayers tax passbook or the form 26AS contains detai......

Reconciliation of Share Capital Audit Report on half yearly basis. Introduction:   MCA vide General Circular G.S.R. 376(E). dated 22nd May, 2019 has came up with Reconciliation of Share Capital Audit Report (Half-yearly) pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014 and has issued Companies (Prospectus and Allotment of Securities) Third ......

Dubai, a major business center in the Middle East has been treated as a tax haven for the Investors / Businessmen. The Taxation system is very satisfactory for the Businessmen and Investors. The corporate tax is set at a maximum rate in the oil and bank sectors in the Emirates. Taxation aspects for Companies in Dubai Corporate Tax Corporate taxation in Dubai is limited only to banks and oil c......

As on 12th July 2020 Ministry of Finance, vide press release id 1638112 dated 12th day of July, 2020 has issued a “Progress Report of Aatma Nirbhar Bharat Package” and Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs. Announcement made by Prime Minister Shri Narendra Modi: Anno......

Key Highlight: Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Laws and Regulations: Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961), the Central Government makes NPS TIER II TAX SAVER SCHEME 2020. Ministry of Finance (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) vide Gazette ID CG-DL-E-07072020-220404 ......

The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders / members of the Company to discuss the future of the Company and also company’s overall performance is analyzed.   Provisions of Section 96 of Companies Act, 2013 – AGM Related   In c......

ESI Return due date Extended for October – 2019 to March 2020 Period In continuation to the Employees State Insurance Corporation, Circular no. P-11/12/Misc./1/2019(M)-Rev.II dated 18th March, 2020 ESIC departmenthas further extended the due date and provide “Relaxation of time limit for filing and depositing ESI Contribution for the month of February, 2020 and March 2020. Fu......

Securities Exchange Board of India (SEBI) vide Press Release No. PR No.37/2020 dated 03rd July, 2020 has come out with Amendments to SEBI (Investment Advisers) Regulations, 2013 with an aim to strengthen the regulatory framework for investment advisers.   In January, 2020, SEBI had issued a Consultation Paper, on Review of Regulatory Framework for Investment Advisers and sought comments fr......

Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs had announced and launched a Special Liquidity Scheme of Rs. 30,000 crore on 13th March, 2020 with a view to improving the liquidity position of NBFCs as well as HFCs. Key Highlights: RBI will provide funds for the Scheme by subscribing to government guaranteed special securities issued by the Trust. The total amount ......

About Article: This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.   If you think compliance is expensive, try non-compliance”Compliance R......

Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2020. MINISTRY OF CORPORATE AFFAIRS (MCA) vide Gazette ID CG-DL-E-29062020-220254 and G.S.R. 420(E) dated 29th June, 2020 has issued and published the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2020  further to amend the Companies (Removal of Names of Compa......

Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Instructions for transfer online EPF during this Pandemic situation (COVID-19)" In case of change of Job, it is important to switch EPF account from previous employer to the new employer.   Prerequisites:   must have active UAN (Universal Account Number) If U......

Securities Exchange Board of India (SEBI) vide Notification No. SEBI/HO/CFD/CMD1/CIR/P/2020/110 dated 26th June, 2020 has come out with Relaxation of time gap between two board / Audit Committee meetings of listed entities owing to the CoVID-19 pandemic in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the LO......

MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMED) vide Gazette Id no. CG-DL-E-26062020-220191 and S.O. 2119(E). dated 26th June 2020 has officially notified criteria for CALCULATION OF INVESTMENT AND TURNOVER UNDER MSME.   I. Composite criteria of investment and turnover for classification 1. A composite criterion of investment and turnover shall apply for classification of an enter......

Securities Exchange Board of India (SEBI) vide Notification No. SEBI/HO/CFD/CMD1/CIR/P/2020/109 dated 25th June, 2020 has come out with Further extension of time for submission of Annual Secretarial Compliance Report by listed entities due to the continuing impact of the CoVID-19 pandemic in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 199......

Key Highlights: Ministry of Micro, Small and Medium Enterprises (MSMEs) launches another funding scheme to help the distressed MSME sector The Scheme will provide Rs. 20,000 crore of guarantee cover to two lakh MSMEs. This is a sub-debt facility to the promoters of those operational MSMEs which are distressed or NPA Shri Nitin Gadkari, MSME Minister, has launched the Credit Gua......

Securities Exchange Board of India (SEBI) vide Notification No. SEBI/HO/CFD/CMD1/CIR/P/2020/106 dated 24th June, 2020 has come out with Further extension of time for submission of financial results for the quarter/half year/ financial year ending 31st March 2020 due to the continuing impact of the CoVID-19 pandemic   The Circular was issued to:   All listed entities All Recogniz......

Securities Exchange Board of India (SEBI) vide Press Release no. PR No.35/2020 dated 23rd June, 2020 has come out with Relaxations for Listed Companies having stressed assets aimed at helping stressed companies raise capital through timely financial intervention, at the same time protecting the interest of shareholders.   Relaxations are divided into two main parts:   Relaxations......

Securities Exchange Board of India (SEBI) vide Circular no. SEBI/HO/DDHS/CIR/P/103/2020 dated 23rd June, 2020 has came out with Operational framework for transactions in defaulted debt securities post maturity date/ redemption date under provisions of SEBI (Issue and Listing of Debt Securities) Regulations, 2008.   The Circular was issued to:   All Issuers who have listed their d......

Overview In view of the situation arising due to COVID-19 pandemic and extended lockdown period, Ministry of Corporate Affairs vide notification / circular  dated 22nd day of June, 2020 has issued Circular with respect to PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS BEYOND 30th JUNE 2020. Several representations have been received from stakeholders with regard to di......

(Annual Return to Be Filed By Auditor With The National Financial Reporting Authority) Key Highlights: NFRA-2 e-Form live since 9th December 2019. Due date of Filing form NFRA -2 : within 210 days from the deployment of this form. Applicable Law(s) Section 132 of the Companies Act, 2013 and Rule 5 of the National Financial Reporting Authority Rules, 2018 “aud......

EGM refers to Extra – Ordinary General Meetings, called by a company other than scheduled annual meeting (AGM) to deal with urgent matters (Special Businesses). As per Clause 2.2. of Revised SS-2, Items of business other than Ordinary Business may be considered at an Extra-Ordinary General Meeting or by means of a postal ballot, if thought fit by the Board. Procedure to conduct the extra......

MCA vide General Circular no. 23/ 2020 dated 17th June, 2020 has issued Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 for all Companies Registered with ROC.   Provisions Related to Filings Section – 77 of the Companies Act 2013 - creation or modification of charges Timeline: with a period of 12......

Director’s / Board Report As a move towards greater corporate transparency, a Directors / Board’ report is a financial document that is required to file at end of the financial year by the Companies. Section 134 of the Companies Act, 2013 has laid down provisions related to Financial statement, Board’s report, etc. I. Contents of Board / Director’s Report 2020: ......

CBIC Begins Using e-Office in all CGST and Customs offices   “The e-Office is a Mission Mode Project (MMP) under the National e-Governance of India.” Chairman of Central Board of Indirect Taxes and Customs (CBIC) has launched remotely the e-Office application today i.e. 15th day of June, 2020 in over 500 CGST and Customs offices across India in the presence of over 800 senior o......

Key highlights: A taxpayer may now file NIL Form GSTR-3B, through an SMS, apart from filing it through online mode, on GST Portal. Filing of Form GSTR-3B is mandatory for all normal and casual taxpayers, even if there is no business activity in any particular tax period. Following Conditions must fulfilled to file NIL Form GSTR-3B through SMS,   Must be registered as Normal......

“Recommendations of GST council related to Law & Procedure” Finance Minister, Smt. Nirmala Sitharaman chaired the 40th GST Council meeting via video conferencing today i.e. 12th day of June 2020. GST Council is meeting today for the first time after the nationwide lockdown. Key Highlights: Reduction in Late Fee for past Returns: Late fee for non-furnishing FORM GSTR-3B......

RBI has released a discussion paper today i.e. 12th June 2020, on ‘Governance in Commercial Banks in India’ for public comments. Objective: To align the current regulatory framework with global best practices while being mindful of the context of domestic financial system. Last date to forward suggestions: Suggestions and comments on the discussion paper may be sent by email latest......

(Circular No. 140/10/2020-GST dated 10th June, 2020) Overview: CBIC (Central Board of Indirect Taxes and Customs), Government of India, Ministry of Finance, Department of Revenue, GST Policy Wing vide Circular No: 140/10/2020 – GST, File No. CBEC-20/10/05/2020 -GST dated 10th June, 2020 has finally came out with Clarification in respect of levy of GST on Director’s remuneration. Nee......

Relaxations from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Further Public Offer (FPO’s) Overview Securities and Exchange Board of India (SEBI) in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, vide notification / Circular No. SEBI/HO/CFD/CIR/CFD/DIL/85/2020 iss......

While Addressing the FICCI National Executive Committee members, Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman stated that COVID Emergency Credit Facility covers all companies and not just MSMEs. Finance Minister assured the industry of all possible Government support with the intent of supporting Indian business and reviving the economy.   » Liquidity Suppor......

During a meeting of Shri Nitin Gadkari, Union Minister for MSME and Road Transport and Highways with the representatives of Council of Leather Export, FICCI-‘NBFC Program’ and IMC Chamber of Commerce and Industry on impact of COVID-19 on MSMEs.Some of the questions asked and the suggestions given included Major Points discussed : Including traders as MSMEs, Inclusion of Medium ......

Key Highlights: Ministry of MSME gears up to implement the New Norms of classification of MSMEs the upper ceiling for classification of MSMEs now has been raised New definition and criterion notified; & will come into effect from 1st July, 2020 Exports will not be counted in turnover for any enterprises whether micro, small or medium Detailed guidelines along with othe......

MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMED) vide Gazette Id no. CG-DL-E-01062020-219680 and S.O. 1702(E) dated 01st June, 2020 has officially notified criteria for classification of micro, small and medium enterprises, —In exercise of the powers conferred by sub-section (1) read with sub-section (9) of section 7 of the ‘Micro, Small and Medium Enterprises Development Act, 2......

About Article: This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance Requirement Under Tax Calendar: GST Compliance Due Date Calendar Income Tax Due Date Calendar MCA - ROC  Calendar: MCA / ROC Due Date Calendar MCA – ROC Relaxation due to COVID-19 Outbreak ......

Key Highlights: - Overview - Latest Update on Due Date - Requirement of Auditor Certificate - Drafts Formats Introduction: Ministry of Corporate Affairs (MCA) vide its notification dated 22.01.2019 has notified amendment in the Companies (Acceptance of Deposits) Rules 2014  and a new sub – rule 16A(3) was inserted which read as follows: “Every company other......

Key highlight: FM launches facility of Instant PAN through Aadhaar based e-KYC Decoding the Circular:   Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs has launched the facility for instant allotment of PAN (on near to real time basis).   About the facility availability:   Facility is available for those PAN applicants who: possess a ......

Key highlight: Notification for extension of validity of fee payment and extension of time period for paying fees as mandated under rule 32 and 81 of Central Motor Vehicle Rules 1989 Details from the Circular:   Due to this COVID-19 outbreak, whole country is lockdown except for few establishment working under essential services / goods and other private organizations with strict ......

Overview Bombay Stock Exchange (BSE) vide notice no. 20200522-21 dated 22nd May, 2020 has issued Notification related to “Relaxation in Eligibility Criteria for SMEs in view of Covid-19 Pandemic Situation”. This circular has been issued to amend BSE circular dated 19th April 2012 related to eligibility criteria for companies seeking listing on BSE SME Platform as well as the guidelin......

RBI Governor Shaktikanta Das addressed the media at 10 am today post  Finance Minister gave details of the Rs 20 lakh crore economic relief package to help the economy recover from the coronavirus pandemic. Key Highlights: Repo rate reduced by 40 bps to 4% Private consumption impacted most by COVID-19 Food inflation increased to 8.6% in April 2020 MPC says inflation to fa......

OVERVIEW In view of the situation arising due to COVID-19 pandemic and extended lockdown period, Ministry of Corporate Affairs vide notification / circular  dated 20th day of May, 2020 has issued Circular with respect to:PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS. Several representations have been received from stakeholders with regard to difficulty in incorporati......

Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Circular dated 20th May 2020 providing:FAQ’S ON  REDUCTION IN STATUTORY RATE OF EPF CONTRIBUTION FROM 12% TO 10%.   As part of the government's Rs 20 lakh crore stimulus package, EPF contribution of both employer and employee has been reduced to 10 percent of b......

CBDT HAS NOTIFIED PROVISONS U/S TRANSITIONAL ARRANGEMENTS FOR ITC Transitional credit for un-availed CENVAT-Amended provisions effective from 18.05.2020 Central Board of Indirect Taxes and Customs, Ministry of Finance, (Department of Revenue) vide Notification No. 43/2020 – Central Tax dated 16th May, 2020 has issued  notification which Seeks to bring into force Section 128 of......

Key Highlights of FM Speech 17.05.2020 on major LAw Reforms, EODB, HEalth, Public Sectors (Self-Reliant India Movement -V) Overview of PAST THREE Tranches: The first tranche included measures for small businesses, the second aimed at helping migrant workers and the third aimed at Agriculture, Farmers and Workers and the Fourth aimed at Structural Reforms. Key Highlights: Today's steps will fo......

Key Highlights of FM Speech 16.05.2020 on Structural reforms (Self-Reliant India Movement -IV) Overview of PAST THREE Tranches: The first tranche included measures for small businesses, the second aimed at helping migrant workers and the third aimed at Agriculture, Farmers and Workers. Key Highlights: Structural reforms are the focus of today's announcements which are new horizons of growth,......

FM announced Special relief and credit support to Agriculture, hospitality, tourism dt. 15.05.2020 (Self-Reliant India Movement -III) Overview of First Two Tranches: The first tranche included measures for small businesses, the second aimed at helping migrant workers. Key Highlights: 1. Today's initiatives 11 measures today includes: 11 booster shots for India's farmers 8 relating to st......

SEBI vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/18 dated May 14 May, 2020 states:   1.SEBI circular No. CFD/CMD/CIR/P/2017/115 dated October 10, 2017  lays down the procedure to be followed by the recognized stock exchanges/depositories with respect to MPS non-compliant listed entities, their promoters and directors, including levy offences, freeze of promoter holding etc.   ......

Key Highlights: Today's initiatives include a total of 9 measures: •    3 related to Migrant workers •    1 related to Street vendors •    Small traders •    Self- employed people •    2 on Small farmers •    1 on housing 1. Interest subvention for loans to farmers, ......

Employees' Provident Fund Organization, India Ministry of Labour & Employment, Government of India has issued 17 FREQUENTLY ASKED QUESTIONST related to Transfer of EPF accounts on its Twitter handle. Q1. How do I know if I require a PF transfer? Answers: If the member has more than one EPF member ID i.e. EPF account and the EPF account of these accounts have not been transferred to the lates......

Hon’ble Prime Minister Shri Narendra Modi yesterday announced a Special economic and comprehensive package of Rs 20 lakh crores - equivalent to 10% of India’s GDP. Key Highlights: •    Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs •    Rs 20,000 crore Subordinate Debt for Stressed MSMEs •  ......

Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Instructions for filing online claims for the purpose - "Outbreak of Pandemic (COVID-19)" Prerequisites: UAN Should be activated Verified Aadhaar should be linked with UAN Bank Account with IFSC code should be seeded with UAN Mobile number should be seeded with UAN ......

Overview Securities and Exchange Board of India (SEBI) vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79  dated 12th May, 2020 has issued Notification related to “Additional relaxation in relation to compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Covid-19 pandemic” in exercise of the powers conferred under &nbs......

MCA vide General Circular no. 21/ 2020 dated 11th May, 2020 has issued CLARIFICATION ON DISPATCH OF NOTICE UNDER SECTION 62(2) OF COMPANIES ACT, 2013 BY LISTED COMPANIES FOR RIGHTS ISSUE OPENING UPTO 31ST JULY, 2020. Key Highlights: MCA has received several representation for seeking clarification on the mode of issue of notice as per Section 62 (1) (a) (i) of the Companies Act, 2013 read with......

Key highlights ADDITIONAL GRACE PERIOD FOR LIFE INSURANCE POLICIES IRDAI extended grace period up to 31st May 2020 for all policies where premium was due in the month of March 2020. Overview:   The Insurance Regulatory and Development Authority of India (IRDAI) vide Circular Ref: IRDAI/Life/Grace Period dated 09.05.2020 has ADDITIONAL GRACE PERIOD FOR LIFE INSURANCE POLICIES in t......

EPFO allows employers to register digital signatures via e-mail EPFO introduces email mechanism to obtain e-Sign for easing the Process of EPF Compliance by Employers during Lockdown Period as employers were finding difficult to use digital or Aadhaar based e-Sign Employees' Provident Fund Organization, India Ministry of Labour & Employment, Government of India vide press release dated 06th ......

RESERVE BANK OF INDIA, vide notification dated 05th May, 2020 has issued 10 important FAQ’s on Cash Withdrawal Facility at Point of Sale (PoS) Terminals. Which types of cards are allowed for withdrawing cash at PoS terminals? Ans. Under the facility of cash withdrawal at PoS terminals, cardholders can withdraw cash using their debit cards and open system prepaid cards issued by b......

“SEBI  relaxations relating to procedural matters – issues and listing” use of Technology/ App by the registered intermediary Overview Securities and Exchange Board of India (SEBI) vide Circular SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated 06th May, 2020 has issued Notification related to “Relaxations relating to procedural matters – Issues and Listing” i......

Employees' Provident Fund Organization, India Ministry of Labour & Employment, Government of India has issued FREQUENTLY ASKED QUESTIONS: ECR FILING AND PAYMENT OF CONTRIBUTIONS dated 03rd May, 2020. Q1: What is an Electronic Return cum- challan (ECR)? Ans: Every establishment covered under the EPF & MP Act, 1952 has to electronically file information after close of every wage regarding ......

Ministry of Corporate Affairs (MCA) vide General Circular No. 20 / 2020 dated 05th May, 2020 has issued  Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)   Key Highlights: MCA has received representation to allow companies to hold annual general meeting (AGM) in a manner similar to the one provided in Gener......

GSTN has issued an alert notification dated 03rd May. 2020 to Taxpayers on fake messages on GST Refund and to Safeguard Taxpayers from fake messages on GST Refunds   BEWARE of FRAUD website https://onlinefilingindia.in . It is trying to BAIT taxpayers to reveal personal and bank details. DO NOT respond to messages, mails and lookalike websites which ask for your personal details. Need ......

Submission of regulatory returns - Extension of timelines RESERVE BANK OF INDIA vide RBI/2019-20/228 and DOR.BP.BC.No .68/21.04.018/2019-20 dated 29th April, 2020 has extended the timelines for Submission of regulatory returns. In order to mitigate the difficulties in timely submission of various regulatory returns, in view of disruptions on account of COVID-19 pandemic. The circular was iss......

FROM 30TH APRIL 2020 TO 30TH JUNE 2020 Overview National Stock Exchange  of India Limited  (NSE) vide Ref No: NSE/CML/44288 & Circular No. 09/2020 has issued Notification related to “Extension in Timeline Towards Payment of FY 21 Annual Listing Fees in wake of COVID 19 Pandemic”. Issued To: All Listed Companies Extension granted Exchange has de......

About Article This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” If you think compliance is expensive, try non? compliance” Compliance Requirement Under Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA......

The Institute of Company Secretaries of India (ICSI) on 30th April, 2020 has made a Request to Shri Injeti Srinivas, IAS Secretary Ministry of Corporate Affairs, for relaxations in the provisions of the Companies Act, 2013 due to COVID-19 Due to COVID-19 outbreak and lockdown situation prevailing in the Country, various provisions of the Companies Act, 2013 and rules made there under ......

Ministry of Corporate Affairs (MCA)  has made amendments under Schedule III of the Companies Act, 2013 and read with notification S.O. 368(E) dated 22nd January, 2019 and introduced Companies (Furnishing of information about payment to micro and small enterprise suppliers) Order 2019 thereby notified filing of Form MSME-1. Under Form MSME -1 The companies are required to make certain disclos......

“SEBI relaxed compliance norms related to investment limits in unlisted NCDS” By CS Lalit RajputExisting grandfathered unlisted NCDsOverview Securities and Exchange Board of India (SEBI) vide Circular No. SEBI/HO/IMD/DF2/CIR/P/2020/75 has issued Notification related to Existing grandfathered unlisted NCDs” dated 28th April, 2020 in exercise of powers conferred under Section 11 (......

Employees’ Provident Fund Organization, India, Ministry of Labour & Employment, Government of India has issued FREQUENTLY ASKED QUESTIONS ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC Dated 26/04/2020. FAQ’s ON EPF ADVANCE TO FIGHT COVID-19 PANDEMIC Q1: What is the process for change in name on marriage of a woman member against UAN when changes are made in Aadhaar? Ans.......

UIDAI allows Aadhaar updation facility through CSCs CSC’s – Common Service Centre Ministry of Electronics & IT, vide press release 1618913 dated 28th April, 2020 has Announced major relief to Aadhaar holders, UIDAI allows Aadhaar updation facility through and 20,000 CSCs to offer this service to citizens.   In view of the situation arising due to COVID-19 pande......

Overview Securities and Exchange Board of India (SEBI) vide Press Release No. PR No.: 24/2020  issued and publish dated 27th April, 2020, has published SEBI reduces Broker turnover fees and filing fees for issuers” Key Highlights In its continuing efforts to help market participants to tide over challenges due to COVID 19, Securities and Exchange Board of India (SEBI) ha......

RBI Announces Rs. 50,000 crore Special Liquidity Facility for RESERVE BANK OF INDIA, vide press release 2019-2020/2276  dated 27th April, 2020 has Announces Rs. 50,000 crore Special Liquidity Facility for Mutual Funds (SLF-MF) In view of the situation arising due to COVID-19 pandemic and extended lockdown period. Why RBI Announces such Measure: Heightened volatility in capital markets l......

Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes vide Circular No. 9/2020, F. No. IT(A)/1/2020-TPL, dated 22nd April, 2020 has issued Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 and FAQ’s on Scope / Eligibility of Direct Tax Vivad Se Vishwas Act, 2020. This act was announced to provide for dispute resolution in resp......

Overview Securities and Exchange Board of India (SEBI) has prescribed SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (“SEBI ILDS Regulations") to govern public issue of debt securities and listing of debt securities issued through public issue or on private placement basis. Further SEBI has issued Circular no. CIR/IMD/DF/51/2017 for public issue and listing of Green Debt Sec......

Relaxation in timelines for compliance with regulatory requirements by Depository and depository participants. Overview Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/72  issued and publish dated 24th  April, 2020, has published Relaxation in timelines for compliance with regulatory requirements by Depository and depository p......

Relaxation in Regulation 24(i)(f) of the SEBI (Buy-back of Securities) Regulations, 2018 due to the COVID 19 pandemic   Overview Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR2/CIR/P/2020/69 issued and publish dated 23rd  April, 2020, has published Relaxation in Regulation 24(i)(f) of the SEBI (Buy-back of Securities) Regulations, 2018 d......

OverviewIn view of the situation arising due to COVID-19 pandemic and extended lockdown period, Ministry of Corporate Affairs vide notification / circular  dated 22nd day of April, 2020 has issued Circular with respect to PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS. Several representations have been received from stakeholders with regard to difficulty in incorporati......

Key Highlights: The funds availed under TLTRO 2.0 can be deployed within 45 days of availment, against 30 days for TLTRO 1.0 The TLTRO 2.0 scheme announced by RBI offers an initial sum of Rs 50,000 crores Reverse Repo rate reduced from 4.0% to 3.75% India is projected to turn around and grow at 7.4% in 2021-22 Overview RBI announces second set of measures on 17th April, 2020 to preserve ......

Holding of annual general meetings by companies whose financial year has ended on 31st December, 2019. Overview Ministry of Corporate Affairs vide General Circular No. 18/2020, F. No.2/4/2020-CL-V dated 21st day of April, 2020 has issued Clarification on Holding of annual general meetings by companies whose financial year has ended on 31st December, 2019. Key Highlights: Several ......

Key Highlights:   from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Rights Issue These temporary relaxations are applicable for Right Issues that open on or before March 31, 2021 The relaxations mentioned in this circular are not applicable for issuance of warrants come into force with immediate ......

Overview Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/CIR/DIL/CIR/P/2020/66 issued and publish dated 21st April, 2020, has published One-time relaxation with respect to validity of SEBI Observations” The Circular is issued to : All Registered Merchant Bankers All Recognized Stock Exchanges All entities who propose to list specified secu......

Overview Securities and Exchange Board of India (SEBI) vide Press Release No. PR No.: 22/2020  issued and publish dated 20th April, 2020, has published Regulatory measures introduced by SEBI to continue in view of ongoing uncertainty due to the COVID – 19 pandemic” In view of the situation arising due to COVID-19 pandemic and extended lockdown period, it has been decided to gra......

Micro, Small and Medium Enterprises (MSME) sector – Restructuring of AdvancesReserve Bank of India vide circular no. RBI/2019-20/160, DOR.No.BP.BC.34/21.04.048/2019-20 dated 11.02.2020 has decided to extend the one-time restructuring of MSME advances permitted.According to above mentioned circular, a one-time restructuring of existing loans to MSMEs classified as 'standard' without a downgra......

CBDT revising return forms to enable taxpayers avail benefits of timeline extension due to Covid-19 shall be notified by the end of this month Overview Ministry of Finance vide Press Release No. 1616035 issued and publish dated 19th April, 2020, has published notification regarding CBDT revising return forms to enable taxpayers avail benefits of timeline extension  due to Covid......

“Early Clearance Of Msme’s’ Bills” Overview: Ministry of Micro, Small and Medium Enterprises (MSME) vide press release dated 16.03.2020 and Release ID: 1606525 addressed issues related to delayed payments of Micro, Small and Medium Enterprises (MSMEs). Following steps has been taken by the Ministry: Setting up of MSEFCs Micro and Small Enterprises F......

Upcoming NSE Compliance Calendar with COVID 19 Relaxations Compliance Calendar for relaxations in relation to compliance with various provisions due to COVID-19 pandemic National Stock Exchange (NSE) vide Circular NSE/CML/2020/12  dated 17th April, 2020 has issued and published Compliance Calendar for relaxations in relation to compliance with various provisions due to COVID-19 pand......

Overview Central Government has recently amended the provisions related to NIDHI under the Companies Act and the Rules (effective from 15.08.2019).Why amended: to make regulatory regime for Nidhi Companies more effective and also to accomplish the objectives of transparency & investor friendliness in corporate environment of the country. Define Nidhi: (Under Nidhi Rules) ......

Overview RBI governor vide Press Conference dated 27.03.2020 has discussed about various relaxation due to COVID 19. Reserve Bank will conduct auctions of targeted term repos of up to three years tenor of appropriate sizes for a total amount of up to ? 1,00,000 crore at a floating rate linked to the policy repo rate. Q1: Will banks be required to maintain specified securities for the amount rec......

Relaxation given under: Regulation 29 (2) of LODR Regulations Regulation 39 (3) of LODR Regulations Regulation 47 of LODR Regulations. Regulation 52(8) of LODR Regulations Clarification regarding the use of digital signatures Overview Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/63 issued and publish dated 17th April, 2020......

RBI governor vide Press Conference dated 17.04.2020  thanked Corona Warriors, forefront of the battle against COVID-19 and discussed about various relaxation due to COVID19. launch of TLTRO 2.0 worth Rs 50,000 crore. India expected to post a sharp turnaround in FY22 with 7.4% growth, as per IMF announced a rate cut of 75 basis points. Reverse repo rate is being reduced by 25 bps from 4%......

Overview MINISTRY OF FINANCE (Department of Revenue) vide notification / Gazette id No. CG-DL-E-16042020-219065 and G.S.R. 254(E) issued and publish dated 16th April, 2020, has published the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2020 in  exercise of the powers conferred by section 73 read with section 11A and section 12AA of the Prevention of ......

Advised by MinistryMHA issues Advisory on Secure use of ZOOM Meeting Platform Overview: Ministry of Home Affairs vide Press Release Id No: 1615008 dated 16.04.2020 has issued Advisory on Secure use of ZOOM Meeting Platform. Key Highlights: The Cyber Coordination Centre (CyCord) has issued an advisory on secure use of ZOOM Meeting Platform by private individuals. the platform......

Overview Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/62  issued and publish dated 16th April, 2020, has published Relaxation in time period for certain activities carried out by depository participants, RTAs / issuers, KRAs, stock brokers” in exercise of powers conferred under Section 11(1) of the Securities and Ex......

IRDAI has released guidelines for prudent management of financial resources of insurers in the context of Covid-19 pandemic. This includes critically examining their capital availability and solvency margin as required, and devise strategies to ensure that they have adequate capital. Overview: The Insurance Regulatory and Development Authority of India (IRDAI) vide Circular No: IRDA......

 Overview: Companies Fresh Start Scheme, 2020 (CFSS-2020) Modified LLP Settlement Scheme, 2020 The Ministry of Corporate Affairs (MCA) vide its General Circular No. 12/2020 dated 30.03.2020 has came up with the Companies Fresh Start Scheme, 2020 for one-time application of condonation of delay of filling the various documents, forms, returns etc. with the Registrar. ......

Due Date extended to 15.05.2020 Grace Period Allowed for 30 days (From 16.04.2020 to 15.05.2020) About this Circular: Employees' Provident Fund Organization, India, Ministry of Labour & Employment, Government of India has extended Due date for Filing return vide Circular No.C-I/Misc./2019-20/Vol.II./Part./9 dated 15.04.2020. Extension of due date for payment of contributions an......

Overview: The Institute of Company Secretaries of India (ICSI) on 15th April, 2020 has issued Clarification/Guidance on applicability of Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) Due to COVID-19 outbreak and lockdown situation prevailing in the Country, various provisions of the Companies Act, 2013 and rules made there under have alrea......

Regulation 45 of SEBI (LODR) Regulations, 2015:  Change in name of the listed entity.Conditions to be Followed: a time period of at least one year has elapsed from the last name change; at least fifty percent. of the total revenue in the preceding one year period has been accounted for by the new activity suggested by the new name; or the amount invested in the new activity/project is a......

Prime Minister, Sh. Narender Modi in his address to the nation on 14.04.2020 declared extension of the lockdown till 03rd May, 2020 and relaxations could be given to certain areas with proper guidelines till April 20, every block, district, and state will be analysed closely about the enforcement of the lockdown and how much ever area is being saved from spread of coronavirus. Government has issu......

Prime Minister, Sh. Narender Modi in his address to the nation on 14.04.2020 declared extension of the lockdown till 03rd May, 2020 and relaxations could be given to certain areas with proper guidelines till April 20, every block, district, and state will be analysed closely about the enforcement of the lockdown and how much ever area is being saved from spread of coronavirus.   Key Highlig......

Employees' Provident Fund Organization, India, Ministry of Labour & Employment, Government of India has issued FREQUENTLY ASKED QUESTIONS on UAN AND KYC Dated 13/04/2020. Q.1 What is Universal Account Number (UAN)? UAN is 12-digit number provided to each member of EPFO. The UAN acts as an umbrella for the multiple Member IDs allotted to an individual. This number acts as a pivot to link mul......

Extension of Submission Date of Share Capital Audit Report for the quarter ended March 31, 2020 till 31st May, 2020 Securities Exchange Board of India (SEBI) vide Circular no. LIST/COMP/1/2020-21 dated 14.04.2020 has issued Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19. SEBI is in receipt of representation inter aliarequesting for relaxation i......

Clarification in respect of certain challenges faced by the registered persons in implementation of provisions of GST Laws-reg. certain challenges are being faced by taxpayers in adhering to the compliance requirements under various other provisions of the CGST Act which also need to be clarified. Overview Central Board of Indirect Taxes and Customs (CBIC), MINISTRY OF CORPORATE......

Overview: The Central Govt. has launched the Pradhan Mantri Garib Kalyan Yojana (PMGKY) on 26.03.2020 to help poor fight the battle against Corona Virus and to protect such people from the impact of the lockdown.Key Highlights of this Scheme More than 32 crore poor people received financial assistance of Rs29,352 crore under this Scheme. 29 Crore beneficiaries distributed free ration ......

Further Extension of ESI Contribution due date for the Month of February 2020 till 15th May, 2020 Overview: Employees State Insurance Corporation (ESIC), Regional Office North East Region, Assam, vide Console Sl. No 5014/2020 letter no. P-11/14/Misc./1/2019-Rev. dated 13.04.2020 has Further extended for the month of February 2020 upto 15th May, 2020. Earlier Provision : Due date on which ESI......

Overview: The Govt. of India on 26.03.2020 relief package under Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the Central Govt. proposes to pay 24 % of the monthly wages into EPF accounts for next three months of Wage-earners below Rupees 15,000/- per month, who are employed in establishments having up to one hundred employees, with 90% or more of such employees earning monthly wages les......

Major relaxation is given under: Certificate Received from Registrar under Regulation 74(5) of the SEBI (D & P) Regulations, 2018 Reconciliation of Shares and Capital Audit : under Regulation 76 of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 Securities Exchange Board of India (SEBI) vide Circular no. SEBI/HO/MIRSD/RTAMB/CIR/P/202......

Overview: RBI Governor vide Press Conference dated 27.03.2020 has discussed about various relaxation due to COVID19 Pandemic. Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The RBI announced a 3 month moratorium on all term loans outstanding as on March 1, 2020, as we......

Pradhan Mantri Garib Kalyan Yojana: A Scheme to implement the PMGKY package for credit of employee’s & employer’s share of EPF & EPS contributions (24% of wages) for three months by Govt. of India. Overview: The Govt. of India on 26.03.2020 relief package under Pradhan Mantri Garib Kalyan Yojana (PMGKY) and the Central Govt. proposes to pay 24 % of the monthly wages into ......

Ministry of Labour & Employment, Government of India, Employees' Provident Fund Organization, India has issued FAQ’s on Pradhan Mantri Garib Kayan Yojana Package. Frequently Asked Questions On Central Govt. Relief For Employees’ And Employers’ Contribution For Three Months To Low Wage Earning Epf Members Employed In Establishments With Employment Strength Upto One Hundred ......

The Ministry of Corporate Affairs vide General Circular No. 15 /2020, F. No. CSR-01/4/2020-CSR-MCA dated 10th April 2020 has issued and published COVID-19 related Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR). Major Update: “‘Chief Minister’s Relief Fund’ or ‘State Relief Fund for COVID-19’ is not included in Schedule VII of the Co......

“Independent Director –  KMP to Corporate Governance” can't remain in 'cosy club': stated by Sh. Injeti Srinivas The corporate affairs ministry, known as Corporate Governance Agency, is implementing the companies law, has taken various measures, in order to have high-quality people fit to act as Independent Director. MCA has developed a strong cadre of independent......

One time Relaxation to those Employers who did not file ESI Contribution for the Contribution period April 2019 to September 2019 within 42 days Overview: Employees State Insurance Corporation (ESIC), Regional Office North East Region, Assam, vide Console Sl. No. 245 / 2020 letter no. P-11/12/Misc./SST Misuse/2019-Rev.II dated 18.03.2020 has published Relaxation of Employer regarding contri......

Key Highlights: IT Department to release all pending income tax refunds up to Rs 5 lakhs immediately ; Around 14 lakh taxpayers to benefit All GST & CUSTOM refunds also to be released ; to provide benefit to around 1 lakh business entities including MSMEs Rs 18,000 crore of total refund granted immediately Overview: Ministry Of Finance  vide Press Release id No. 16122......

*(AAR - Authority for Advance Ruling) Overview: Clay Craft India Pvt Ltd has filed an application before the Rajasthan bench of the AAR to sought clarification on whether salaries paid to directors would attract Goods and Services Tax. Company’s key points: The company said its directors are working as employees for which they are being compensated by way of a regular salary and other......

Ministry of Labour & Employment, Government of India, Employees' Provident Fund Organisation, India has issued FAQ’s on EPF ADVANCE to fight against COVID-19 Pandemic.                      Q1: Who is eligible for the advance from EPF to fight COVID-19 Pandemic?   Ans. Any member of EPF Sch......

GST Returns Due date Extended Due To COVID19 Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the due date for Filing GST Returns These rules may be called the Central Goods and Services......

FREQUENTLY ASKED QUESTIONS RBI Allowed Banks to Declare Moratorium on Term Loans Overview MINISTRY OF FINANCE (MOF) vide Press Release id No. 1609820 dated 01st April, 2020 has published FAQ’s  on RBI Allowed Banks to Declare Moratorium on Term Loans. Overview: Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on ......

About ArticleThis article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) & 39th GST Council Meeting Updates Other Statutory Laws Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications SEBI (Listing Obligatio......

Overview MINISTRY OF CORPORATE AFFAIRS (MCA) vide General Circular No. 13/2020 and File No. F. No. 17/61.2016-CL-V-Pt-I issued dated 30th March, 2020, has modified the provisions related to LLP SETTLEMENT SCHEME, 2020. Revised Timeline : Applicable w.e.f. 01.04.2020 And shall remain into Force upto 30.09.2020. Previous Scheme: LLP SETTLEMENT SCHEME , 2020 vide General Circular No. 6......