"15 January 2021" Archive

New MCA Scheme for condonation of delay for certain companies

General Circular No. 03/2021 (15/01/2021)

Scheme for condonation of delay for companies restored on the Register of Companies between 01 December 2020 and 31 December 2020,  under section 252 of the Companies Act, 2013 ...

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ICAI mulls to use AI to identify Non-compliances in Financial Statements

The Institute of Chartered Accountants of India through its Financial Review Reporting Board (ICAI-FRRB) is gearing up for another milestone towards technological advancement by way of utilising Artificial Intelligence (AI) to systematically identify the non-compliances in financial statements to make the review process more robust....

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Posted Under: Company Law |

India’s Foreign Trade Data: December 2020

India’s overall exports (Merchandise and Services combined) in April-December2020-21* are estimated to be USD 348.49Billion, exhibiting a negative growth of (-)12.65per cent over the same period last year. Overall imports in April-December 2020-21* are estimated to be USD 343.27Billion, exhibiting a negative growth of (-) 25.86per cent ...

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Posted Under: Company Law |

CFSS-2020 Form available for filing

Availability of Companies Fresh Start Scheme-2020 Form as e-form w.e.f. 16th January, 2021 Companies Fresh Start Scheme, 2020 was a scheme which given a chance to enable companies to make good of any filing-related defaults, irrespective of the duration of default, and make a fresh start as a fully compliant entity. Companies Fresh Start ...

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Posted Under: Company Law |

DGFT Introduces online e-PRC System

Trade Notice No. 38/2020-21  (15/01/2021)

As a part of IT Revamp of the organisation, this Directorate has decided to introduce a new module (online e-PRC System) for seeking policy/procedure relaxation in terms of Para 2.58 of FTP. Therefore, from 25.01.2021 onwards, all applications seeking policy/procedure relaxation are mandatorily required to be submitted online through the ...

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Relaxation from compliance of SEBI (LODR) Regulations

Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 (15/01/2021)

MCA vide Circular dated December 31, 2020 has further extended relaxations to companies to conduct their Extraordinary General Meeting (EGM) through Video Conferencing (VC) or through other audio-visual means (OAVM) (hereinafter referred to in this circular as ‘electronic mode’) upto June 30, 2021....

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Norms for investment & disclosure by Mutual Funds in ETCDs

Notification No. SEBI/HO/IMD/DF2/CIR/P/2021/10 (15/01/2021)

a. Short position in Exchange Traded Commodity Derivatives (ETCDs) not exceeding the holding of the underlying goods received in physical settlement of ETCD contracts. b. Short position in ETCDs not exceeding the long position in ETCDs on the same goods....

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Tariff Notification No. 04/2021-Customs (N.T.) dated 15.01.2021

Notification No. 04/2021-CUSTOMS (N.T.) [S.O. 204(E).] (15/01/2021)

Tariff Notification No. 04/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 04/2021-CUSTOMS (N.T.) New Delhi, 15th January, 2021 25 Pa...

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Contraindications and Factsheet for COVID-19 Vaccines

A comparative fact-sheet for both the vaccines that will be used during the introduction have been prepared which contains information on vaccine platform, physical specifications, dosage, cold chain storage requirements, contraindications and minor AEFIs. A detailed note on contradistinctions and special precautions has also been prepare...

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Posted Under: Company Law |

Gujarat HC rejects TAR/ITR due date date extension writ applications

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court)

At this stage, we may only observe that the CBDT may consider issuing an appropriate circular taking a lenient view as regards the consequences of late filing of the Tax Audit Reports as provided under Section 271B of the Act. We leave it to the better discretion of the CBDT in this regard....

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February 2021