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Archive: August, 2020

Posts in August, 2020

Startup Recognition & Tax Exemption

August 30, 2020 3312 Views 0 comment Print

Startup Recognition & Tax Exemption Under the Startup India Action Plan, startups that meet the definition as prescribed under vide G.S.R. 127(E) dated 19th February, 2019 are eligible to apply for recognition under the program. The Startups have to provide supporting documents, at the time of application. Eligibility Criteria for Startup Recognition: 1. The Startup […]

How Is MoneyTap Driving the Fintech Revolution in the Indian Lending Space

August 30, 2020 1104 Views 0 comment Print

In 2015, entrepreneurs Kunal Varma, Bala Parthasarathy, and Anuj Kacker founded MoneyTap to address the loopholes in the traditional lending space. They introduced India’s first app-based credit line that isn’t tied to any collateral.

Allow Filing of financial statement within sixty days of AGM

August 30, 2020 1023 Views 0 comment Print

We wish to submit that the provision of Section 137(1) of the Companies Act, 2013 requiring filing of financial statement within thirty days of the date of annual general meeting may be considered for amendment by prescribing a period of sixty days for such filing, aligning it with the date of filing of annual return.

Request for extension for holding Annual General Meeting due to COVID-19

August 30, 2020 7983 Views 0 comment Print

It is once again requested that a general extension for the date of conducting AGMs may be allowed so as to provide relief to all the companies and stakeholders The MCA may also consider filing of e-Form GNL -1 for seeking extension of time in holding of AGM through STP mode, so as to speed up the approvals.

CSI UDIN and eCSIN Guidelines

August 30, 2020 1284 Views 0 comment Print

THE INSTITUTE OF company Secretaries of India MCA: August Shri Rajesh Verma. IAS Secretary Ministry of Corporate Affairs Government of India Dr. Rajendra Prasad Road, Shastri Bhawan. New Delhi – 110 001 Subject: ICSI UDIN and eCSIN Guidelines – Reg. Respected Sir, Kindly refer to ICSI letter dated 19th December. 2019 and 3rd July, 2019 […]

Introduce CSR Compliance Certificate: ICSI requests MCA

August 30, 2020 834 Views 0 comment Print

It is proposed that CSR Compliance Certificate, by an independent professional, should be introduced, which should cover all the aspects of CSR provisions as provided ,under the Act and the Rules. A draft Compliance Certificate covering each and every aspect is given at ‘Annexure B.

Amend Rule 8A of Whole-Time Company Secretary Appointment: ICSI

August 30, 2020 1041 Views 1 comment Print

Institute of Company Secretary of India  PD: MCA/August Shri Rajesh Verma, IAS Ministry of’ Corporate Affairs Government or India Dr. Rajendra Prasad Road Shastri Bhawan. New Delhi 110 001 Subject: Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 notified on 3rd Jaunuary, 2020 Respected Sir. This has reference to our letters dated 21st […]

Secretarial Audit for Bigger Companies under Companies Act, 2013

August 30, 2020 4494 Views 1 comment Print

It is submitted to include Secretarial Audit for bigger private companies in the purview of secretarial audit. The suggested amendment in Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as under:

E- Assessment / Faceless Assessment

August 30, 2020 8619 Views 4 comments Print

E-ASSESSMENT SCHEME, 2019 NOTIFICATION NO. 61, DATED 12.9.2019 NOTIFICATION NO. 62/2019, DATED 12.9.2019 (Directions for giving effect to Income Tax E-assessment Scheme, 2019 by sub-section (3B) of section 143 of the Income-tax Act, 1961) In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 Govt. INTRODUCED a scheme […]

Issues in Tax Audit – Difference in ITC in GSTR 2A & GSTR 3B

August 30, 2020 42658 Views 8 comments Print

Certain persons are required to get his books of account audited as per Section 44AB of the Income Tax Act, 1961. The applicability of this audit is mentioned in this section. While conducting audit under section 44AB of the said Act, Auditor has to report certain facts which are required by said Act in Form […]

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