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  Please find attached circular issued by RBI. The brief summary of the circular is mentioned below: 1 Circular date  13/11/2020 2 Subject Discontinuation of Returns/Reports under Foreign Exchange Management Act, 1999. 3 Effective date 13/11/2020 4 Applicability  As per circular attached 5 Brief description   With a view to improve the ease of doing business and reduce the cost of compliance, the existing forms and reports prescribed under FEMA, 1999, were reviewed by the Reserve Bank. Accordingly, it has…

  The brief summary of the notification is mentioned below: 1 Notification date  09/11/2020 2 Subject  Extension of LLP Settlement Scheme, 2020. 3 Effective date   09/11/2020 4 Applicability  All LLP having belated documents due for filing till 30th November 2020.   5 Brief description  In continuation to this Ministry’s General Circular No. 13/2020 dated 30.03.2020 and in the General Circular No. 31/2020 dated 28.09.2020 the scheme was extended till 31st December 2020, it has been decided to extend the date…

  In the press release of CBDT made on 24th October, 2020, the due dates of filing Income tax returns and various audit reports stand extended as follows: Sr. No Nature of compliance Assessment year New Due date A Furnishing of Income Tax Returns [for the taxpayers (including their partners) who are required to get their accounts audited] 2020-21 31st January, 2021 B Furnishing of Income Tax Returns [for the taxpayers who are required to furnish report in respect of international/specified domestic…

  Industrial relations Code, Social security Code and, Occupational safety, health and working conditions Code are effective from 28th September 2020. Following is date wise approval history of the same: Lok sabha : 22nd September 2020 Rajya sabha : 23rd September 2020 Effective date: 28th September 2020(after president approval) The three codes on – industrial relations, social security and, occupational safety, health and working conditions will subsume 25 labour laws. The fourth one, code on wages, which combined four labour laws became a law in August 2019. However, the government…

  The new section 206C (1H) which is applicable with effect from 1st October, 2020, prescribes that if a seller (being a person, whose turnover in the previous financial year exceeds 10 crores rupees) makes sale of “goods” whose value, either individually or in aggregate exceeds 50 lakhs, then the seller shall collect tax at source at 0.1% on the value of sale consideration exceeding 50 lakh rupees from the buyer. Click here to read more.

There has been a nation-wide uproar ever since the Parliament has passed the three farm bills in September. The three farm bills were earlier introduced as ordinances by the government in June. The Union Cabinet announced that the ordinances were promulgated to ease farmers’ access to markets across the country, help them enter contracts for assured returns and exempt more farm products from the Essential Commodities Act respectively. PM Narendra Modi said that agricultural reforms were undertaken by the Government…

  MCA has extended all the timelines to 30.12.2020 which were expiring on 30.09.2020 w.r.t matters mentioned in below table: Sr No. Particulars Brief Description Notification/Circular date Date Impact of Circulars 1 Companies Fresh Start Scheme, 2020 extended till 31.12.2020 The Ministry of Corporate Affairs earlier introduced scheme known as the Companies Fresh Start Scheme, 2020, valid from 01.04.2020 to 30.09.2020 to enable companies to make good their previous defaults. This Scheme has now been extended till 31.12.2020. General Circular…

  On consideration of genuine difficulties being faced by tax payers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated and revised ITRs for Assessment Year 2019-20 from 30th September, 2020 to 30th November, 2020 via Order u/s 119(2a). For your reference the copy of the Order is attached herewith.

  Relaxation of Additional fees and extension of last date of filing CRA-4 for financial Year 2019-20. Please find the attached Circular the brief summary of the notification is mentioned below: 1 Notification/ Circular  date  10/09/2020 2 Subject Relaxation of Additional fees and extension of last date of filing CRA-4 for financial Year 2019-20. 3 Effective date   10/09/2020 4 Applicability Companies to which Cost Audit Applicable (Kindly refer this http://ebook.mca.gov.in/Default.aspx?page=main ) 5 Brief description Law requirement- •cost auditor shall forward his duly…

  Please find the attached order  issued by the Office of the Registrar of Companies, Pune ,Mumbai & Bangalore  for  other Registrar of Companies order  you can check the same with the office of the Registrar of Companies in which Jurisdiction your company falls. The brief summary of the notification is mentioned below: 1 Notification date  08/09/2020 2 Subject Annual General Meeting due date extended by 3 Months for all companies 3 Effective date   08/09/2020 4 Applicability  All Companies. 5…