Chartered Accountants
– Team S. Jaykishan
The below article is a compilation of the disclosures made in the audit report and financial statements by some of the listed Companies in their Annual Report of Financial Year 19-20 in relation to the COVID – 19 outbreak. The document is updated last on 11th of June, 2020.
(Date: 23/04/2020)
In view of the situation arising due to COVID-19 pandemic , the Ministry of Corporate Affairs (MCA) has extended timeline for Name Reservation and Re-submission for Companies & LLP’s by 20 days. As per norms, INC-24 –Application for Name Change (to be filed within 60 days) now, names expiring any day between 15.03.2020 to 03.05.2020 would be extended by 20 days beyond 03.05.2020.
(Date: 23/04/2020)
Regulation 24(i)(f) of Buy-back Regulations restricts Cos. from raising further capital for a period of one year from the expiry of buyback period. Considering the recent developments relating to the COVID 19 pandemic, the SEBI received a number of suggestions for relaxation of conditions with respect to raising of funds from the securities market. Accordingly, SEBI has decided to reduce time period for further issue of capital raising […] Read More >>
– By CA Nidhi Agrawal
This Article draws reference to Section 2(1) of the CGST Act, 2017 which defines actionable claim as:
“actionable claim shall have the same meaning as assigned to it in section 3 of the Transfer of Property Act, 1882”
Section 3 of the Transfer of Property Act (TPA) provides that:
“actionable claim means a claim to any debt, other than a debt secured by mortgage of immovable property or by hypothecation or […] Read More >>
(Date: 1/10/2019)
In order to provide extra time to the DIN holder for their KYC, the Ministry of Corporate Affairs has extended the due date of filing DIR-3KYC for the financial year ending on March 31, 2019 up to October 14, 2019.
(Date: 30/9/2019)
The Central Board of Direct Taxes (CBDT) has extended the last date for linking of Aadhaar with PAN from September 30, 2019 to December 31, 2019.
(Date: 28/9/2019)
The CBDT issues order under Section 119 to extend the due date in case of all categories of taxpayers, who are required to file Income-tax return and audit report, from 30-09-2019 to 31-10-2019.
(Date: 21/9/2019)
GST Council in its 37th Meeting on September 20, 2019 effected a relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 as under:
a. waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods; and
b. filing of FORM GSTR-9 for those taxpayers who (are required to file the said return but) have aggregate turnover up to Rs. 2 crores made optional for […] Read More >>
(Date: 13/09/2019)
In order to ensure that only deserving cases get prosecuted, the CBDT has relaxed criteria for launching prosecution in respect of certain offences. For example – In case of non-payment of TDS/TCS is Rs. 25 lakhs or below and delay in deposit is less than 60 days, cases shall not be processed for prosecution. Further, in case of failure to furnish ITR, prior approval of collegium of two CCIT/DGIT rank officer […] Read More >>
(Date: 13/09/2019)
The CBDT has notified an ‘E-Assessment Scheme, 2019’ vide Notification no. 61/2019 & 62/2019, dated 12-09-2019 for the purpose of conducting e-assessments. The scheme shall be come into force with effect from September 12, 2019. Thus, any scrutiny assessment carried out on or after 12-09-2019 shall be governed by this ‘E-assessment Scheme, 2019’.