Keeping in view the extension of due date for various audit reports vide Circular dated 30.09.2022, the CBDT vide its Circular No. 20/2022 dated 26.10.2022, has extended the due date of furnishing Income Tax Return by 7 days i.e., from 31st October, 2022 to 07th November, 2022 for the following: corporate-assesses or non-corporate assessee (whose books of account are required to be audit......

*FSSAIF. No. Std/SP-08/A-1-2020/N-01Dtd. 11th October, 2022   The draft of the Food Safety and Standards (Labelling and Display) Amendment Regulations, 2021, was published in the official gazette vide F. No. Std/SP-08/A-1-2020/N-01 dated 06th September, 2021, inviting objections and suggestions from the persons likely to be affected thereby, before the expiry of the peri......

RBI/2022-23/122 A.P. (DIR Series) Circular No. 16 Dtd. 30th September, 2022 Introduction: The Late Submission Fee (LSF) was introduced for reporting delays in Foreign Investment (FI), External Commercial Borrowings (ECBs) and Overseas Investment related transactions w.e.f. November 07, 2017, January 16, 2019 and August 22, 2022 respectively. It has now been decided to brin......

Keeping in view the difficulties faced by stakeholders in completing the annual KYC of DIN holders on the V3 portal, the MCA vide its Circular No. 09/2022 dated 28th September, 2022, has extended the due date for filing e-form DIR-3 KYC & DIR-3 KYC WEB by 15 days. Accordingly, the revised due date for complying with the annual KYC is 15th October, 2022 without any fees.......

*MHA Public Notice No. II/21022/23(22)/2020-FCRA-III  Dtd. 23rd September, 2022 In continuation to Ministry’s Public Notice No. II/21022/23(22)/2020-FCRA-III, dtd. 22nd June, 2022 the Central Government, in public interest, has decided that, -  the FCRA registration certificates whose validity was extended till 30th September, 2022 in terms of Public Notic......

The MCA vide its Notification No. G.S.R. 715(E) dtd. 20th September, 2022, has notified Companies (CSR Policy) Amendment Rules, 2022 to amend the provisions of Companies (CSR Policy) Rules, 2014. The amended provisions shall come into force on the date of its publication in the Official Gazette i.e., 21st September, 2022. Sr. No. Amendment Effect/ Comments 1 Inser......

*MCA Notification No. G.S.R. 700(E) Dated 15th September, 2022 The MCA vide its notification dated 15th September, 2022 has yet again revised the limits of paid-up capital and turnover for attaining the status of small company. The revised limits are as follows: Criteria Old New Paid-up share capital 2 crore 4 crore Turnover 20 crore ......

Additional Guidelines for removal of difficulties under Section 194R(2) of the Income-tax Act, 1961 Introduction: Section 194R was inserted in the Income Tax Act, 1961 vide the Finance Act, 2022 and was made applicable w.e.f. 1st July, 2022. There were a lot of practical difficulties which were faced by the stakeholders and to remove the same, the CBDT issued Circular No. 12/2022 on 16th June, ......

The MCA vide its Notification No. G.S.R. 658(E) dtd. 24th August, 2022, has notified Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2022 to amend the provisions of Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, to bring the same in line with the provisions of Section 12(9) of the Companies Act, 2013 and the ne......

*Ministry of Consumer Affairs, Food and Public Distribution Notification No. G.S.R. 648(E) Dtd. 22nd August, 2022   The Ministry of Consumer Affairs, Food and Public Distribution vide its Notification dated 22nd August, 2022 has notified Legal Metrology (Packaged Commodities) (Third Amendment) Rules, 2022 to insert a new clause in rule 26 of Legal Metrology (Packag......

The MCA vide its Notification dtd. 18th August, 2022, has notified Companies (Incorporation) Third Amendment Rules, 2022 to insert a new rule in Companies (Incorporation) Rules, 2014, which pertains to physical verification of the registered office address of the Companies. This rule is added to make sub-section (9) of section 12 fully functional and to provide the procedural aspect. Sub-section (......

Companies (Auditor's Report) Order, 2020 With the intent of replacing the existing Companies (Auditor's Report) Order, 2016 (CARO 2016), the MCA vide Order no. S.O. 849(E). dtd. 25th February, 2020, notified Companies (Auditor's Report) Order, 2020. The Order was made by the Central Government, after consultation with the National Financial Reporting Authority constituted under Section 132 of the......

The MCA vide its Notification No. G.S.R. 206(E), dtd. 24th March, 2021, notified a new set of Rules i.e., Companies (Audit and Auditors) Amendment Rules, 2021 to further amend the existing Companies (Audit and Auditors) Rules, 2014. The said notification came into force w.e.f. 1st April, 2021. 1. Insertion of clauses (e), (f) & (g) in Rule 11: “(e) (i) Whether the management has repre......

The MCA vide its Notification No. G.S.R. 107(E) dtd. 11th February, 2022, notified Companies (Accounts) Amendment Rules, 2022 and introduced the concept of Report on Corporate Social Responsibility (CSR) in form CSR-2. To build a better understanding and to have a clear picture, let’s have a look at the amendments: 1. Insertion of sub-rule (1B) in Rule 12: “(1B) Every company covere......

The MCA vide its Notification No. G.S.R. 205(E), dtd. 24th March, 2021, notified a new set of Rules i.e., Companies (Accounts) Amendment Rules, 2021 to further amend the existing Companies (Accounts) Rules, 2014. The said notification came into force w.e.f. 1st April, 2021. To build a better understanding and to have a clear picture, let’s have a look at the amendments: 1. Insertion of pro......

In the Union Budget 2021, Hon’ble FM Smt. Nirmala Sitharaman Ji proposed to revise the definition of small company under the Companies Act, 2013 (the Act), with a view to facilitate ease of doing business and reducing compliance burden thereof. Accordingly, the MCA notified a new set of Rules, Companies (Specification of Definitions Details) Amendment Rules, 2021 to amend the existing Compa......

Section 194S was inserted in the Income Tax Act, 1961 vide the Finance Act, 2022 Applicability: Any person responsible for paying To any resident Any sum By way of consideration For transfer of a virtual digital asset (VDA) Shall deduct TDS. Applicable w.e.f.: Section 194S is applicable w.e.f. 1st July, 2022. Rate of TDS: 1% of sum paid as consideration for tr......

Section 194R was inserted in the Income Tax Act, 1961 vide the Finance Act, 2022 Applicability: Any person responsible for providing to a resident any benefit or perquisite whether convertible into money or not arising from business or profession by such resident shall deduct TDS. Explanation:  Person responsible for providing means the person providing su......

*MCA Notification No. G.S.R. 436(E) Dtd. 09th June, 2022 The MCA vide its notification dated 09th June, 2022 has notified Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 which shall come into force on the date of its publication in the Official Gazette i.e., 09th June, 2022. In the Companies (Removal of Names of Companie......

*MCA Notification No. G.S.R. 439(E) Dtd. 10th June, 2022 The MCA vide its notification dated 10th June, 2022 has notified Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022 which shall come into force on the date of its publication in the Official Gazette i.e., 10th June, 2022. In the Companies (Appointment and Qualification of Directors) Rules, 2014,......