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Archive: 07 May 2020

Posts in 07 May 2020

Penalty u/s. 271FA for non-filing of Annual Information Return (AIR)

May 7, 2020 26253 Views 2 comments Print

Avoid penalty u/s. 271FA for non-filing of Annual Information Return (AIR). Learn about the due date and consequences of non-compliance.

GSTN introduces 3 New GST Return & Payment related Functionality

May 7, 2020 12798 Views 1 comment Print

New Functionality Return- Filing Form GSTR-3B, through EVC ♣ The taxpayers who are required to mandatorily use DSC to file Form GSTR-3B, now have an option to file it using EVC. ♣ This is applicable to for all categories of Companies (including Limited Liability Partnerships and PSUs), registered under Companies Act, 2013. ♣ This option […]

Provident Fund – A summary Note

May 7, 2020 43929 Views 0 comment Print

All employees are eligible for becoming the member of PF who is employed in an establishment (includes employees employed through contractors, daily rated, piece rated, temporary, casual etc.).

Assessments of Charitable Trusts- Excess Application of Income

May 7, 2020 20439 Views 0 comment Print

The assessment of charitable trusts until Finance Act 2008, was an easy task, with most of the litigative issues being settled. However, due to the amendment carried out in the term ‘charitable purpose’ under Sec 2(15) in the said Act, the Department started out with a vengeance, in cancelling registrations and rejecting applications for most of the cases, which fell under the residual head of ‘any other activity of public charitable nature’.

SEBI Advises Franklin Templeton Mutual Fund To Focus on Returning Money To Investors

May 7, 2020 468 Views 0 comment Print

Securities and Exchange Board of India Press Releases No. 26/2020 Dated: May 7, 2020 SEBI has advised Franklin Templeton mutual fund (FT) to focus on returning money to investors, in the context of their winding up six of their debt schemes. SEBI has also noted that a section of the media has reported quoting FT […]

Conducting Board Meetings Through Video Conferencing

May 7, 2020 22842 Views 0 comment Print

In wake of COVID-19 pandemic, Ministry of Corporate Affairs, Government of India, with a view to provide relief to Companies has introduced various relaxations for conducting Board Meetings. Same are listed below for your ready reference: 1. Relaxations provided vide general circular no. 11/ 2020 dated March 24, 2020 i. The mandatory requirement of holding […]

Pradhan Mantri Garib Kalyan Package : Progress so far

May 7, 2020 582 Views 0 comment Print

Using the digital payment infrastructure, around 39 crore poor people received financial assistance of Rs 34,800 crore under the Pradhan Mantri Garib Kalyan Package (PMGKP) as on 5th May,2020, announced by Union Finance Minister Smt Nirmala Sitharaman on 26th March,2020 to protect them from the impact of the lockdown due to COVID 19.

Draft Guidance Note on Accounting for Share-based Payments

May 7, 2020 4734 Views 0 comment Print

Exposure Draft Guidance Note on Accounting for Share-based Payments (Last date of comments: June 4, 2020) Research Committee of the Institute of Chartered Accountants of India invites comments on any aspect of this Exposure Draft of the ‘Guidance Note on Accounting for Share-based Payments’. Comments are most helpful if they indicate the specific paragraph or […]

Advisory for Statutory Bank Branch Auditors

May 7, 2020 4770 Views 0 comment Print

Specific Considerations while conducting Distance Audit / Remote Audit / Online Audit of Bank Branch under current Covid-19 situation Dear Professional Colleagues, We hope this communique will find you safe and healthy. We are sure that by now most of us must have received appointment letters for statutory bank branch audits indicating branches to be […]

SEBI relaxes procedure related to Right issue and Listing

May 7, 2020 885 Views 0 comment Print

SEBI vide Circular No. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated 06th May, 2020 has issued Circular titled  ‘Relaxations relating to procedural matters – Issues and Listing’  by which SEBI has granted the following one time relaxations from strict enforcement of certain regulations of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations), pertaining to Rights Issue opening […]

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