Compliance India
Schedule III Amendments under Companies Act, 2013 by MCA

Schedule III under Companies Act, 2013 has been amended by Ministry of Corporate Affairs (MCA) resulting in increased detailed disclosure requirements in the Financial Statements vide notification dated 24th March, 2021, which shall be effective from 1st April, 2021, which means these amendments shall effect the financial statements ended as on 31st March, 2022 i.e. FY 2021-22. Schedule III under …  [Read More]

Recent Amendment in Companies Act, 2013

Finance Minister Nirmala Sitharaman had presented Union Budget 2021-22 on 1st February, 2021. The Budget focuses on ease of doing business by making change in Small Company Definition, OPC framework, Fast Track Merger scheme, etc. and bringing various amendment in Companies Act, 2013 to that extent which are discussed as below: – Change in Small Company Definition: The Companies (Specification …  [Read More]

Compliance India
Companies (CSR Policy) Amendment Rules, 2021

The Ministry of Corporate Affairs vide Notification No. G.S.R. 40(E) dated 22nd January, 2021 issued the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. The same has been made effective from the date of their publication in the Official Gazette i.e. 22nd January, 2021. Key Indicators introrduced by CSR Amendment Rules, 2021 are as follows: – Requirement for registration with …  [Read More]

Compliance India
Spending CSR funds for awareness/ public outreach on COVID-19 is vaild CSR Activity

In India as per section 135 of the Companies Act, 2013, every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit (as calculated under Section 198 of the Act with other adjustments as referred in Rule 2(h) of CSR Rules.) of rupees five crore or …  [Read More]

Compliance India
Impact of COVID-19 on environment and nature around us

The Outbreak of COVID-19 has been spreading rapidly worldwide and has affected many lives till date. The COVID-19 pandemic has been proven as one of the worst nightmares for the human kind on the Mother Earth. But it can’t be denied that it has some positive impact on the nature and environment around us. As World Environment Day 2020 is …  [Read More]

Compliance India
COVID-19: Relaxation on Residential Status under Income Tax Act, 1961

The Central Government vide Circular dated May 8, 2020 has provided relaxation on the residential status of the individuals u/s 6 of the Income-tax Act, 1961 Section 6 of the Act deals with the provisions determining the residential status of a person based on his/her stay in India. Any Individual who stays for a period of 182/ 60 days (Subject …  [Read More]

Compliance India
Relaxations introduced by the Ministry of Corporate Affairs (MCA) during COVID-19 pandemic

The Government of India (GOI), in order to control the spread of COVID-19, has announced complete lockdown in entire nation since March 24, 2020. Mostly Companies has provided ‘Work from Home’ facility. But due to difficulties faced in co-ordination and lack of office facilities, timely statutory compliance has been hindered. Keeping in mind current situation, various relaxations are introduced by …  [Read More]

Compliance India
Relaxations given by the Government for GST return filing during COVID-19 pandemic

Due to COVID-19 pandemic and difficulties faced by the taxpayers in meeting their regular compliance, the Government of India (GOI) has introduced several relief measures to lower the compliance burden on the taxpayers. In the context of the same, Finance Ministry has introduced following relaxations in relation to GST return filing, due dates, wavier of late filing fees and penalty, …  [Read More]

Compliance India
COVID-19: Relaxations introduced by Government relating to the Income Tax

The spread of COVID-19 is increasing daily severely affecting the economy and lives of the people worldwide. The Government of India is working on relief measures and benefit packages to overcome the impact of the COVID-19 on the economy. Some of the regulatory relaxations introduced by Government relating to both Direct and Indirect taxation are stated as below: 1. Deadline …  [Read More]

Compliance India
LLP Settlement Scheme 2020 Introduced for Defaulting LLP’s

The Ministry of Corporate Affairs on March 4, 2020, announced a remission scheme called LLP Settlement Scheme, 2020 for Limited Liability Partnerships (LLPs). This scheme will offer a one-time settlement scheme for non-compliant LLPs by giving them a chance to submit their pending documents and to get immunity from prosecution for defaults. In basic terms, it means that the scheme …  [Read More]

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