22May 2021 by Asmeet No Comments

CSR: Excess CSR paid in ‘PM CARES Fund’ for FY 2019-20 can be offset as CSR spent in F.Y. 2020-21

Company Law
CSR: Excess CSR paid in ‘PM CARES Fund’ for FY 2019-20 can be offset as CSR spent in F.Y. 2020-21 E-FILE NO. CSR-01/4/2021-CSR-MCA, Dated a21 May 2021 Keeping in view the spread of COVID-19 in India, an appeal dated 30.03.2020 was made to MDs/CEOs of top 1000 companies in terms of market capitalization, to contribute generously to “Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund” (PM CARES Fund). In the appeal, it was mentioned that such contribution may, inter-alia, include the unspent CSR amount, if any, and an amount over and above the minimum prescribed CSR amount for FY 2019-20, which can later be offset against the CSR obligation arising in subsequent financial years. The said appeal was uploaded on the website of the Ministry and sent to e-mails…
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01May 2021 by Asmeet No Comments

Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021

Income Tax
Due dates for taxpayer’s compliance extended; belated/revised ITR for AY 2020-21 can be filed by 31-05-2021 Circular No. 08/2021, dated 30-04-2021The Central Board of Direct Taxes (CBDT) has granted relief to taxpayer by extending due dates of certain compliances under the Income-tax Act. In view of severe pandemic, the board has provided that due date for completion of following Income-tax compliances by the taxpayers shall be 31-05-2021:1) Filing of appeal to CIT(Appeals). However, if the last date allowed by section 249 for filing of appeal before CIT(A) falls beyond 31-05-2021 then such later date shall be taken into consideration.2) Filing of objections to Dispute Resolution Panel (DRP) under section 144C. However, if the last date allowed by section 144C for filing of objections falls beyond 31-05-2021 then such later date…
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18Apr 2021 by Asmeet No Comments

MCA registers 1.55 lakh company incorporations in FY 2020-21

Company Law
MCA registers 1.55 lakh company incorporations in FY 2020-21 During the Financial Year 2020-21, the Ministry of Corporate Affairs (MCA) has registered more than 1.55Lakh company incorporations as compared to 1.22 Lakh companies during FY 2019-20, an increase of about 27%. Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against 36,176 last year, an increase of about 17%. The increase is significant considering the unprecedented situation faced by the country due to COVID-19 pandemic
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14Apr 2021 by Asmeet No Comments

DGFT extends date of filing of MEIS application without any cut till Sep 30, 21 for FY 2019-20

Import Export
DGFT extends date of filing of MEIS application without any cut till Sep 30, 21 for FY 2019-20 Public Notice No. 53/2015-2020 Dated April 9th, 2021 Directorate General of Foreign Trade has provided relaxation in the late cut provisions for shipping bills of the period 01.04.2019 to 31.03.2020, if such shipping bills are submitted on or before 30.09.2021, for an MEIS claim.
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14Apr 2021 by Asmeet No Comments

Provisional Indirect Tax Collections for FY 20-21 show growth of more than 12% from FY 19-20: Press Release

GST
Provisional Indirect Tax Collections for FY 20-21 show growth of more than 12% from FY 19-20 Press Release dated April 13th, 2021 The provisional figures for indirect tax collections (GST & non-GST) for the Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to 9.54 lakh Crore for the Financial Year 2019-20, thereby registering a growth of 12.3%. As regards customs, net tax collections stood at Rs. 1.32 lakh crore during Financial Year 2020-21 as compared to Rs.1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21%.
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08Sep 2020 by Asmeet No Comments

FY1920 Companies AGM Due Date extended by 3 months to 31 Dec 2020

Company Law
It has been decided that RoCs should be directed to accord approval for extension of 3 months beyond the due date by which companies are required to conduct their Annual General Meetings for their financial year 2019-20 ending on 31st March 2020: Ministry of Corporate Affairs In Maharashtra, ROC Pune and ROC Maharashtra issue orders for due date extension. Pune and Mumbai ROC Orders
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