Administrator

FDI in defence raised

FDI in defence limit raised to 74%

In the fourth tranche that FM outlined, the focus was on defence production, aerospace including MRO, space, atomic energy, coal and minerals. So far only 49% of FDI was allowed through the automatic way. 100% FDI is allowed after due government approvals. In a big push for “Make in India” FM announced raising the FDI limit in the defence sector under the automatic route from 49% to 74%. “Make-in India and Self-reliance have become a partner”. https://www.financialexpress.com/defence/new-defence-reforms-to-help-make-the-indian-defence-sector-atmanirbhar/1962484/

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Relaxations due to covid 19

Relaxations due to COVID-19

COVID-19 is interfering with the normal function of businesses around the world, including in the form of travel restrictions, quarantines, office closures, etc. With recent surge in the number of cases of COVID-19 across the globe, it would not be practical for companies to mandate physical presence of board members. In order to cope with difficulties due to COVID-19 Special Measures under Companies Act 2013 had been taken by MCA which gives relaxation w.r.t Time gap between 2 Board…

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CBDT relaxes residency provisions

CBDT relaxes residency provisions for individuals unable to leave India due to COVID – 19

Section 6 of the Income Tax Act 1961 governs the provisions relating to residential status of a person in India. Due to the lockdown and suspension of international flights to contain the spread of COVID – 19, a number of individuals who had come to visit India during PY 2019 – 2020 are required to extend their stay in India by virtue of which, they become resident in India. In order to avoid genuine hardship to such individuals, the…

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Circulars issued by MCA during recent times

Circulars issued by MCA during recent times in order to provide resolution to difficulties faced by stakeholders due to COVID -19 under Companies Act 2013 and LLP Act 2008.

Circulars issued by MCA during recent times in order to provide resolution to difficulties faced by stakeholders due to COVID -19 under Companies Act 2013 and LLP Act 2008. Sl No Date & circular Number Heading Contents in brief Circular 1 Notification 19th March 2020 Companies (Meetings of Board and its Powers) Amendment Rules, 2020. Matters for which BM can be held through VC Rules-19032020.pdf 2 General Circular No. 10/2020 dated 23.03.2020 Clarification on spending of CSR funds for…

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seeding the need

Are you able to manage your working capital during the COVID-19 lockdown?

It is an extraordinary situation and nobody has a model to turn to. There is uncertainty in the market and nobody is sure what is the new normal. It is at times like these that businesses need to calibrate their working capital requirements so that there is liquidity to sustain smooth operations. There is a need to assess the short term business outlook with your key clients and work out an operating financial plan to determine the profitability, working…

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Employer to deduct TDS after receiving intimation from employee

Employer to deduct TDS as per new concessional scheme

The Finance Act 2020 has introduced s. 115BAC in the Income Tax Act 1961 w.e.f AY 2021 – 2022. As per the said section, an individual or a HUF having income other than business or profession may exercise the option in respect of a PY to be taxed at concessional rates provided in the said section along with filing of Return of Income. The concessional rates provided in s. 115BAC is subject to the condition that total income shall…

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electronic signature to sign documents

Use of Electronic Signature for Signing Audit Reports and Certificates

Auditing and Assurance Standards Board of ICAI has made announcement to its members regarding Use of Electronic Signature for Signing Audit Reports and Certificates. In brief following are contents of announcements: Information Technology Act, 2000 (“IT Act 2000”) contains provisions regarding the use of electronic signature for the authentication of electronic records Members of ICAI may use electronic signature for signing audit reports, all reports issued pursuant to any attestation engagement and certificates. However, the members need to ensure compliance with…

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