Blog

The Corporate Affairs Ministry (MCA) has come up with the ‘Companies Fresh Start Scheme 2020’ to enable companies make good of any filing-related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity. To provide a similar facility to Limited Liability Partnerships (LLPs), the MCA has also revised the ‘LLP Settlement Scheme, 2020’, which is in vogue today.The USP of both the schemes is a one-time waiver of additional filing fees for delayed…

The Government of India has set up the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) with the primary objective of dealing with any kind of emergency or distress situation such as that posed by COVID 19 pandemic. Item no. (viii) of the Schedule VII of the Companies Act, 2013, which enumerates activities that may be undertaken by companies in discharge of their CSR obligations, inter alia provides that contribution to any fund set…

PM Modi on Tuesday announced a nationwide lockdown until April 14, 2020 as a measure to combat the spread of COVID – 19. During the lockdown, the PM has urged the citizens to stay indoors and has assured that essential supplies shall be provided. In the first few days of the lockdown itself, the country is reeling under its impact that is to say – countless people have been left unemployed – especially the daily wage workers whose sustain…

” Living in extraordinary situation; war effort needs to be mounted against coronavirus using conventional, unconventional tools. The RBI is at work; calibrating action to meet any liquidity mode. The global slowdown can deepen with adverse implication for India; crude oil slump upside for India. Food prices may soften further on back of record food-grain production. Outlook highly uncertain and negative in view of outbreak of Covid-19″ says Das Measures • The monetary policy committee voted 4:2 majority to cut repo…

The world is at a crisis situation. We are going through a pandemic with far reaching effects not seen by anyone living today. There are thousands of people dying all over the world and the numbers may soon reach lakhs. The effect is not only on the lives and health of the people, but also on the economy since the Governments have declared lockdown and curfew in several cities and industries and offices have been shut down. With no…

Please find attached herewith announcement from ICAI on Impact of CORONA Virus on Financial Reporting and the Auditor’s Consideration for your ready reference.

The Finance Minister addressed the nation today and announced the Economic Package rolled by the Government to support the welfare of the poor. The frontline staff (paramedics, doctors, nurses, sanitary medical workers) who are risking their lives in continually attending to the corona virus patients will get an insurance cover of INR 50 lacs. A Budget of INR 170 crores has been announced for the poor. The benefits shall be allotted through – PM Garibkalyan Ann Yojna Scheme ;Under…

VARIOUS COMPLIANCE RELATED ANNOUNCEMENTS MADE BY FINANCE MINISTER IN PRESS CONFERENCE ON 24/03/2020 INCOME TAX RELATED FY 2018-2019 | AY 2019-2020 ITR last date extended to 30th June 2020 Tax payment made till 30Th June- Interest reduced from 12% to 9% Delayed deposit of TDS till 3oth June- Reduced interest 9% Extension of dates for various compliances Due date for all notices/orders/appeals/applications/reports/any other document/any compliance by taxpayers up-to 30th June, 2020 All investments/Saving instruments for rebates can be made…

Owing to the fact that the country is reeling under the impact of the sudden outburst of COVID – 19 and the Government has issued that the states should be shut down to prevent the further spread of the COVID – 19 Pandemic, our Finance Minister – Ms. Nirmala Sitharaman held a press conference on statutory and regulatory compliance matters. Addressing the media she said that the Central Government is preparing an economic package to help the country tide…

“MCA has introduced CAR 2020 (Company affirmation of readiness towards COVID-19)”. Companies Affirmation of Readiness towards COVID-19 Form is a simple web form with minimum fields and which can be filed from anywhere. There is no requirement of DSC and does not involve payment of any fee. Companies/LLPs are advised to use the service w.e.f 23rd March 2020 in a staggered manner to avoid the load on the system. CLICK HERE to get the form.