Achal's Series & Vishal's Series

ICSI organizes Webinar on MSMEs: Role of CS on 8-5-23 3 PM-1 CPE-Unstructured. Click here to join https://tinyurl.com/42dh8r4k - ICSI

CA, CS, CMA who undertake activities mentioned in the notification are covered under Prevention of Money Laundering Act. So act carefully on behalf of client.

A listed company is looking for a male candidate who can travel for court matters.
Qualification - CS + LLB must
Experience - 3-4 years
Salary - As per mutual discussion
Job Location - Ahmedabad
Send CV via WhatsApp to 7874388922

*One time relaxation for Verification of Income Tax Return*

1) CBDT through circular no. 3/2020 dated 13th July 2020 given one time opportunity to taxpayers whose Income Tax Return’s was filed online but verification was pending.

2) Now any taxpayer whose ITR is pending for verification can verify their ITR on or before 30th September 2020.

3) ITR for FY 2014-15 to FY 2018-19 can be verified through this one time relaxation scheme

4) All such verified ITRs shall be processed on or before 31 December 2020.

5) ITRs can be verified through EVC or by sending duly signed hard copy to CPC Bangalore.

*Note: if any proceeding has been started against taxpayers considering that return for such year has not been filed by taxpayer then benefit of relaxation can not be availed*

ICSI webinar timing 4.00 PM, member not able to log in even 03.50 showing this message.

*RBI Governor Presser Highlights:*

1. Repo rate reduced by 75 basis points to 4.4%

2. Rev repo reduced by 90 basis points to 4%

3. GDP growth for Q4 19-20 and FY 20-21 to be affected

4. Aggregate demand may weaken

5. Future outlook uncertain and negative

6. CRR reduced by 100 basis points to 3% for 1 year to release 1.37 lakh crores

7. Min daily CRR balance reduced from 90% - 80% till 30/06/2020

8. 3.74 lakh crore liquidity injected

9. 3 month moratorium on payment of instalments of Term Loan outstanding

10. Interest on WC facilities to be deferred by 3 months

11. Such deferment not to be considered for NPA

12. Revised DP calculations by reassessing WC cycle

13. All measures not to effect credit history

14. Total liquidity injection 3.4% of GDP

In view of * 2019* following reliefs announced by Finance ministry

*Income Tax related reliefs:*

FY 18-19 last date extended to 30.06.2020

Delay payment interest reduced to 9% from 12%

Delayed deposit of TDS - No extension - reduced interest of 9% till 30.06.2020

All other compliances for filing returns, time to deposit in savings scheme, vivad see vishwas scheme, extended to 30.06.2020

PAN card linking : 30.06.2020

*GST related:*

March, Apr & May 2020 GST returns & composition: extended to 30.06.2020 (27th, 29th etc)

Companies less than 5cr turnover no interest, penalty

Companies abv 5 cr turnover: no late fee n penalty but interest @ 9%pa

*RoC related*

Monetorium from 01.04.2020 till 30.09.2020 there shall not be any additional fee for late filing.

All board meeting: relaxation for 60 days till next two quarters

Applicability of CARO 2020 differed to 2020-21 FY and there onwards

FY 2019-20: independent directors exempted from board meeting attendence.

*RECENT UPDATES 21.03.2020*:

✅ _*Note - Coronavirus:*_

# # *This Society is our Family*. Its the *time to stay safe*, stay *positive*, *do not panic* and *pray to almighty* for “Sabka Bhala”.

— _*Hum Sath Sath Hain*_ —

*A. MASTER UPDATES OF THE WEEK:*

_*1⃣ Income Tax:*_

# # *CBDT has notified* Direct Tax *“Vivad Se Vishwas Scheme Rule, 2020”* dated *18.03.2020* and in furtherance to that, *Form-1* (form for filing declaration) and *Form-2* (form for filing undertaking) has been deployed on *Income Tax Portal*.

*_2⃣ Goods & Services Tax:_*

# # *CBIC has issued a Notification* to exempt *Foreign Airline Companies* w.r.t. filing of *GSTR-9C* (Reconciliation Statement) if the Company is in compliance with *Foreign Company Compliances* under Companies Act and *they only need to file “Receipt and Payment Account”* for each *GSTIN till 30th September* every year.

_*3⃣ Corporate & Allied Laws:*_

# # *Relaxation to Listed Companies* for compliance *filings due to Coronavirus*:

✳️ _NEW DUE DATE - 15.05.2020_ -
(Quarterly Compliances)

*a. Furnishing Details of shareholding pattern* (Q4 19-20) under *Regulation 31* (Earlier Date - 21.04.2020).

*b. Furnishing Corporate Governance Report* (Q4 19-20) under *Regulation 27* (Earlier Date - 15.04.2020).

*c. Furnishing details of investor complaints* (Q4 19-20) *under Regulation 13(3)* (Earlier Date - 21.04.2020)

✳️ _NEW DUE DATE - 31.05.2020_ -
(Half- Yearly Compliances)

*a. Furnishing compliance certificate* on Share Transfer (HY2 19-20) *under Regulation 7* (Earlier Date - 30.04.2020).

✳️ _NEW DUE DATE - 30.06.2020_ -
(Yearly Compliances)

*a. Publishing financial results* under *Regulation 33 of LODR Guidelines* for publishing financial (Earlier Dates - 15.05.2020 (Q4 Results) and 30.05.2020 (Annual Results)).

*b. Secretarial Compliance Report* under Regulation 24A for *FY 2019-20* (Earlier Date - 30.05.2020.

# # *For ensuring Corona Preparations* of Companies/LLPs, *MCA will deploy a web-form named* CAR (Company Affirmation of Readiness towards COVID-19) on *23.03.2020 which needs* to be filed by all *Companies/LLPs INSTANT*.

# # *MCA has amended Board Meeting* Rules in order to *provide that Board Meeting* for approval of *financial results, Board Report* etc. to be *held till 30.06.2020* can be held through *”Video-Conferencing” facility*.

*B. KEY PRACTICAL TAKE-AWAYS:*

*_1⃣ Income Tax:_*

# # *Limitation date for Assessments* relating to *A.Y. 2018-19* for the *Assessing Officer is 30.09.2020* (instead 31.12.2020). So, *don't wait till August or September* to *compile your assessment* data and provide the *data well in advance*.

*_2⃣ Goods & Services Tax:_*

# # *In case you have received* notice from your *Jurisdictional Officer* for Interest in relation to *FY 2017-18 or afterwards*, ONLY *pay such Interest* which is related to *Cash Liability* and *do not pay Interest* in relation to liability *settled through ITC*.

*_3⃣ Corporate & Allied Laws:_*

# # *MCA has extended* due date for registering at *Independent Director Databank* by existing directors till 30.04.2020. So, *timely registration* of the same is *foremost important*. Note that *MCA is also charging* a nominal fees of *5,900 per director* for such registration.

*C. UPCOMING DUE DATES:*

_*1⃣ Income Tax:*_

# # *31.03.2020* is the due date *to pay Advance Tax* for the F.Y. 2019-20 to *save Interest* u/s *234B of the Income* tax law.

*Note - If you thing you* have paid approx. *90% of total tax payable* for the year, *no Interest u/s 234B* will be charged even *if balance tax* is not paid as *“Advance Tax” till 31.03.2020*.

# # *31.03.2020* is the due date to file *BELATED ITR* and *REVISED ITR* for F.Y. *2018-19*.

# # *31.03.2020* is the due date to *deduct TDS* for the month of *March, 2020* otherwise *1% per month* Interest will be *charged* and allowance of *expenses will not be available*.

*Note - 30% disallowance* for payments to *residents* and *100% disallowance* for payments *to non-residents*.

_*2⃣ Goods and Services Tax*_

# # *31.03.2020* is the *LAST DATE* to SHIFT to *Composition Scheme* by filing *FORM CMP-02* for F.Y. 2020-21.

# # *24.03.2020* is the *due date* to file *GSTR-3B* for the month of *Feb, 2020* in case of *following states*:

** Jammu and Kashmir, Ladakh, Himachal Pradesh, *Punjab, Chandigarh*, Uttarakhand, *Haryana, Delhi*, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha *having annual turnover* below *Rs 5 crores* in previous financial year.

_*3⃣ Corporate & Allied Laws:*_

# # *31.03.2020* is the *new due date* for *AOC-4, MGT-7 for F.Y. 2018-19* for companies *having jurisdiction* in UT of *J&K and Ladakh* and *NBFC (IND AS) Companies* XBRL *AOC-4 and MGT-7*.

Such a bad news for all CS members who are in employment it shall be opposed otherwise it will increase unemployment 😠😠😠😠

A. New Limit of mandatory requirement for appointment of Company Secretary:
1. Listed Company
2. Unlisted Public Company having paid up share capital of Rs. 10 Crore or more
3. Private Company having paid up share capital of Rs. 10 Crore or more

B. Secretarial Audit applicable on all companies including Private Companies borrowing limit exceed 100 Crores.

23-24 dec 2019 ka Exam postponed, Official Notification from ICSI will come shortly.
*Source: ICSI Council*

*All the best for exams *

Postponement of CS Exams scheduled on 20th and 21st December, 2019. New dates will release later on. Inform in your knowings students who are travelling from far distance.

Exam from Monday will take place in regular way as per schedule.