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GST Update | Complex issues in filing GSTR-9 & 9C (GST Audit)

GST Update | Complex issues in filing GSTR-9 & 9C (GST Audit)

The CBIC in its official statement informed that, as on date 80% of Annual returns (GSTR-9) have not been filed and 95% of Reconciliations and certifications(GSTR-9C –Audit) not uploaded. This is with less than 10 days left!!! The main reasons as to why the annual returns for all and Certification for those above Rs. 2 Crores have not been filed are as under : 1. The Govt. has failed in creating awareness of GST and its benefits to all. 2.…

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MCA Updates – Latest Corporate Updates

Mentioned below latest Corporate Updates:  I) AMENDMENT TO SCHEDULE III OF THE COMPANIES ACT 2013: i)             The Central Government has made further amendments to Schedule III to the Companies Act, 2013 vide Notification dated 11th October 2018. As per the said notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015. ii)           The changes to AOC-4 Non-XBRL form (Form…

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MCA Update: Insolvency and Bankruptcy Code (Amendment) Act, 2019

MCA Update: Insolvency and Bankruptcy Code (Amendment) Act, 2019

In line with the Insolvency and Bankruptcy Code (Amendment)Act, 2019 issued on 5th August 2019 the Insolvency Board notifies that the provisions of this Act shall come into force with effect from 16th August 2019. Please refer the link for summary of Insolvency and Bankruptcy Code (Amendment) Act, 2019. Insolvency and Bankruptcy Code (Amendment) Act, 2019 Notification of commencement of this Act are attached herewith.

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IEPFA (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

IEPFA (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

Ministry has amended the rules, further to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019. Summary of major Amendments in Rules are mentioned below: i)Rule 5 is amended:wherein companies which have transferred any amount  to IEPF under the Companies Act, 1956 but have not filed the statement or have filed the statement…

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Companies (Share Capital and Debenture) Amendment Rules, 2019

Companies (Share Capital and Debenture) Amendment Rules, 2019

Ministry has amended Companies (Share Capital and Debenture) Rules, 2016. These rules may be called as Companies (Share Capital and Debenture) Amendment Rules, 2019. Amendments in rules are mentioned below:   Rules Particulars Amendment made in Rules Summary of Amendment Rules Rule 4 Equity shares with differential rights Substitution of clause (c) in sub rule (1)   Deletion of clause (d) (i) Rule 4(c) has been substituted which required the companies limited by shares not to issue equity shares with…

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CBDT makes it mandatory to quote DIN for all communication issued by the Department w.e.f 1.10.2019

CBDT makes it mandatory to quote Document Identification Number

The CBDT vide Circular No. 19/2019 dtd. 14th August 2019 issued a notification wherein, the CBDT has made mandatory that no communication shall be issued by any income – tax authority relating to assessments, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification, approval etc. to the assesse or any other person, on or after 1st October 2019 unless a computer – generated Document Identification Number (DIN) has been allotted and is duly quoted in the body…

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Circular on Insolvency and Bankruptcy Code, 2016

Circular on Insolvency and Bankruptcy Code, 2016

Summary of Circular in IBBI Code, 2016 issued on 13/8/2019 is listed below: Valuation under the Insolvency and Bankruptcy Code, 2016: Appointment of Registered Valuer: a. The Board has clarified that appointment of any person as a registered valuer other than a valuer registered under Companies (Registered Valuers and Valuation) Rules, 2017 to conduct any valuation under this code, is illegal and amounts to violation of this circular. b. The payment in the form of fees or otherwise paid to any person…

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Simplification of process of Incorporation of Section 8 Companies

Simplification of process of Incorporation of Section 8 Companies

With a view to simplify the process for incorporating Section 8 Companies, requirement of prior filing of INC-12 for new section-8 companies is being dispensed with vide the Companies(Incorporation) Sixth Amendment Rules, 2019 dated 7th June, 2019. Henceforth, Section 8 Companies can be incorporated by either reserving names through Run and filing SPICe thereafter or by directly filing SPICe. Licence No. for a section 8 company shall henceforth be allotted at the time of incorporation itself. In view of the above, all…

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CBDT simplifies tax assessment procedure for Startup's

CBDT simplifies tax assessment procedure for Startup’s

The CBDT vide notification dtd. 10th August 2019 has simplified the procedure of tax assessment for startup’s. Here’s a brief : 1. Incase of startup companies recognized by DPIIT which have filed Form No.2 and are selected for “limited scrutiny” for a single issue of applicability of s. 56(2)(viib), the contention of the taxpayer will be summarily accepted. 2. Incase of startup companies recognized by DPIIT which have filed Form No. 2 and are selected for a “complete scrutiny” i.e…

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Insolvency and Bankruptcy Code (Amendment) Act, 2019

MCA Update: Insolvency and Bankruptcy Code (Amendment) Act, 2019

Ministry has introduced Insolvency and Bankruptcy Code (Amendment) Act, 2019. Summary of Amendments are mentioned below: Amendments Description   Amendment of section 5 In section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the principal Act), in clause (26), the following Explanation shall he inserted, namely:- “Explanation.-For the removal of doubts, it is hereby clarified that a resolution plan may include provisions for the restructuring of the corporate debtor, including by way of merger, amalgamation…

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