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or AY 2020-21 following changes has been made in ITR 1 & 4. Please keep ready while filing income tax return for AY 2020-21. 🏻If having Passport, its number is to be given* 🏻If incurred aggregate expenses exceeding Rs. 2 lakh on foreign Travel for self or for others, then amount to be specified* 🏻If deposited aggregate amount exceeding Rs. 1 crore in one or more current accounts then aggregate of amount deposited in all such accounts to be specified*.…

Private Companies with debts have to undergo mandatory secretarial Audit Now private Co.s indebted with Rs. 100 crores to come under ambit of Secretarial Audit The ministry of corporate affairs (MCA) has made it mandatory for unlisted companies, or private firms, with outstanding loans of Rs 100 crore or more to file their financial audit reports for financial year 2020-21 onwards. Such private companies will have to conduct a secretarial audit and submit the findings with the government. Brief provision…

MCA vide notification dated 3rd January 2020 has made few important amendments in the provisions of Companies Act, 2013. These are as follows: Requirement of whole-time company secretary – The limit of paid up capital has been increased from Rs. 5 Crore to Rs. 10 Crore. There is no need to appoint a whole time company secretary in any company until the paid up capital reaches Rs. 10 Crore or more. Secretarial audit applicable to private companies – Now, every company having outstanding…

Ministry of Corporate Affairs (MCA) has issued circular for relaxation of additional fees and extension of last date of filing Form BEN-2 & BEN-1 under Companies Act, 2013. As per the said circular, last date of filing of BEN-2 (Reporting of Beneficial Ownership of the company) has been extended up to 31.03.2020 without payment of additional fees. Thereafter fee and additional fee shall be payable.   Click here to read the circular.

Ministry of Corporate Affairs (MCA) has issued circular for Relaxation of additional fees and extension of due date of filing CRA-4 (Cost Audit report) for financial year 2018-19 under Companies Act, 2013. As per the said circular, last date of filing of CRA-4 (cost audit report) for all eligible companies for the Financial Year 2018-19, without payment of additional fee, has been further extended till 29.O2.2O2O. Click here to read the circular.

The Central Board of Direct Taxes (CBDT) has extended the last date for linking of Aadhaar with PAN from December 31, 2019 to March 31, 2020. Detailed notification is attached for reference.

  UDIN will be applicable both for manually as well as digitally signed Certificates / uploaded online such as Form 15 CB, MCA Forms etc. In case of digitally signed / online certificates, UDIN has to be generated and communicated to “Management” or “Those Charged with Governance” for disseminating it to the stakeholders from their end. UDIN will be applicable. In the case where there is no field for mentioning UDIN on digitally signed online reports, UDIN has to be generated…

  MCA changes approval limits for related party transactions MCA vide Notification dated 18th November, 2019 has amended the Companies (Meetings of Board and its Powers) Rules, 2014 to provide new threshold limit for contracts or arrangements entered into with related party under section 188 with the prior approval of the members of company by an ordinary resolution. S. No. Transactions Old threshold limit New threshold limit 1. Sale, purchase or supply of any goods or materials directly or through…

Section 194M provides for levy of TDS at the rate of sum paid or credited to a resident in a year on account of contractual work, commission, brokerage, professional fees by an individual or an HUF if the aggregate of such payments exceed INR 50 lacs. The CBDT has notified Form 26QD (challan cum statement) for deposit of TDS under s. 194M.   https://www.incometaxindia.gov.in/communications/notification/notification_98_2019.pdf

The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income – Tax Act 1961 (‘the Act’) and the Finance Act 2019.  In her speech, introducing the amendment, the Finance Minister – Ms. Nirmala Sitharaman stated that this initiative was brought about with an objective to promote growth and investment and also to attract fresh investments in manufacturing and thereby provide a boost to the ‘Make – in – India’ initiative of the…