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  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…

The Ministry of Finance has issued a press release to extend the due date of FORM GSTR – 9 (Annual Return) and GSTR – 9C (GST Reconciliation Statement and GST Audit Report) as follows- Financial Year Earlier Due date Extended Due Date 2017-18 (July to March) 30th November, 2019 31st December, 2019 2018-19 31st December, 2019 31st March, 2020 Also, there are following changes proposed in the Annual return (GSTR-9) & GSTR-9C to simplify the same- HSN level details of…

  Processed fruits & juices exports in FY18 reached US$ 646 million, followed by miscellaneous processed items at US$ 574 million and processed vegetable exports at US$ 283 million.  Exports of ready to eat items from India reached US$ 689.80 million in FY18. Main export destinations for processed food products from India in FY18 were USA, EU and Middle East. India’s export of processed food stood at Rs 31,111.90 crores (US$ 4.45 billion) in 2018-19. The Indus Food – an…

The CBDT has amended the income tax forms to include furnishing Aadhaar instead of PAN. The forms were amended to give effect to s. 139A which was amended by Finance Act 2019 to provide for interchangeability of PAN and Aadhaar number.   Link to Notification herebelow – https://www.incometaxindia.gov.in/communications/notification/notification_95_2019.pdf

  India is the world’s second largest producer of textiles and garments Rising per capita income, favorable demographics and a shift in preference to branded products to boost demand. The domestic textile industry in India is projected to reach US$ 223 billion by 2021F from US$ 150 billion in November 2017. Favorable trade policies and superior quality to drive textile exports. India’s textile and apparel export stood at US$ 39.20 billion in FY18 and is expected to increase to US$…

Keeping in view the requests received from various stakeholders seeking extension of time for filing of financial statements for the financial year ended 31.03’2019 on . account of various factors , it has been decided to extend the due date for filing of e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and e-form MGT-7 upto 31.12.2019, by companies without levy of additional fee.

Registrar of Companies (ROC) are in process of identification and flagging of Directors disqualified under Section 164(2) of Companies Act, 2013 for their default of non-filing of financial statement or annual return for continuous period of 3 financial years from FY 2015-16 to FY 2017-18. In this regard, all defaulting directors are required to complete pending statutory returns & all necessary compliances as per the provisions of Companies Act, 2013. Otherwise, Ministry may initiate action under Section 164 of Companies…