"30 March 2020" Archive

No Extension of FY- Notification relates to Indian Stamp Act, 1899

Notification No. S.O. 1226(E). 30/03/2020

Recently a message is circulating on Social Media which claims that Financial Year 2019-20 ending on 31.03.2020 is been extended to end on 30.06.2020. With this message a Government notification issued by Ministry of Finance is also been circulated. Here we would like to clarify that this notification is not fake but someone either delibe...

Section 194N TDS on Cash Withdrawal of more than 1 Crore

In order to discourage cash transactions and move towards less cash economy, With effect from 01/09/2019 a new Section 194N is inserted to levy for TDS at the rate of 2% on cash payment in excess of Rs. 1 crore in aggregate made during a financial Year. The Scope of TDS on cash withdrawal has […]...

Posted Under: Corporate Law |

RBI Governor’s address on Indian response to world economic crisis

RBI Governor’s address on Indian response to world economic crisis, delivered on 27th March 2020 on account of COVID virus My sister Smt. Uma Srinivasan, a globe trotting expert on Indian banking asked me to write an article on banking in response to emerging economic crisis. The following article is being written based on RBI […...

Posted Under: Corporate Law |

Independent Financial Advisor- Strategy To Survive

The covid 19 has changed the dynamics of business and among all the sectors the Independent Financial Advisor segment is very much impacted. The industry of Financial Distributors has been battling with falling margins revenue and now the sudden impact of Covid 19 is a major setback. I find that in the coming days the […]...

Posted Under: Corporate Law |

CSR under Companies Act 2013- Overview and Recent Updates

Corporate Social Responsibility (CSR) under Companies Act 2013- Concept, Applicability, Provisions, Penalty Corporate social responsibility (CSR) is how companies manage their business processes to produce an overall positive impact on society. It covers sustainability, social impact and ethics, and done correctly should be about core bus...

Posted Under: Corporate Law |

Penal Provisions For Implementing Pandemic Convention (COVID-19)

EPIDEMIC DISEASES ACT 1897-One of India's essential weapons against the Covid-19 pandemic is a 123-year-old frontier enactment when used to detain political dissidents....

Posted Under: Corporate Law |

Extension of Financial Year-Do We Really Need ?

The recent worldwide crisis on account of outbreak of Novel Corona virus (COVID-19) and resultant 21 days lock down declared by Govt. of India has put everything standstill in our Country. Prior to complete lock down announced by the Central Govt., many State Govts. has also declared complete lock down in their respective States. As [&hel...

MCA modifies LLP Settlement Scheme 2020

General Circular No. 13/2020 30/03/2020

in order to support and enable Limited Liability Partnerships (LLPs) registered in India to focus on taking necessary measures to address the COVID-I9 threat and to reduce their compliance burden, certain modifications to the LLP Settlement Scheme, 2020 have been decided to be implemented with effect from 01.04.2020 vide General Circular ...

TCS on sale of ALL Goods – Section 206C(1H)

1. Introduction: Amidst various changes brought about in the Finance Bill, 2020, introduction of Section 206C(1H) is a welcome step to curb and track usage of unaccounted money. The Section requires the seller to collect tax at source on sale of certain goods, details of which shall act as data centres for the Government to […]...

Posted Under: Corporate Law |

Companies Fresh Start Scheme, 2020

General Circular No. 12/2020 30/03/2020

Central Government introduce a Scheme namely Companies Fresh Start Scheme, 2020 (CFSS-2020) condoning the delay in filing the specified documents with the Registrar, insofar as it relates to charging of additional fees, and granting of immunity from launching of prosecution or proceedings for imposing penalty on account of delay associate...

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