The Govt. has deferred the implementation of Dynamic QR Code on the B2C invoices to 01.07.2021 from 01.04.2021-Notification No. 06/2021 – Central Tax dated 30th March 2021....
Continue readingThe following to be completed during April 2021: The Directors to complete their DIN KYC through web DIR 3 KYC or in case DIN is allotted during FY 2020-21 then e-form DIR 3 KYC to be filed. Outstanding dues exceeding 45 days to MSME Vendors from companies as on March 31, 2021 to be reported in form MSME with the details of amount due, PAN of the vendors and reasons for delay within 30th April 2021. Directors to disclose in the first board meeting of the FY their interest in other entities u/s 184 of the Companies Act in form MBP 1 to...
Continue readingWith effect from April 1, 2021, no company shall donate/conduct/implement their CSR activities though any Public Trust/Section 8 Companies/ Registered Society which does not have CSR Registration Number and which are not registered under Section 12A and 80G of the Income Tax Act Every Public Trust/Section 8 Company/ Registered Society covered under the CSR Rules who intend to undertake CSR activities shall File form CSR 1 with Registrar of Companies on MCA portal to Register itself with the Central Government - The said form is effective from April 1, 2021. - The form shall be digitally signed by Director in case of...
Continue readingMinistry of Corporate Affairs (MCA) amended the Companies (Accounts) Rules, 2014, and provides that for the financial year commencing on or after the April 1, 2021, every company which uses accounting software for maintaining its books of accounts, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and the software shall ensure that the audit trail cannot be disabled....
Continue readingAs the financial year 2020-2021 is coming to an end, there are certain statutory requirements which need to be addressed within 31.03.2021. Among them the following points which should be focused on priority basis: 1. Stock verification 2. Income tax related compliance 3. Tax deducted at source 4. Company law related compliance 5. Micro, Small and Medium Enterprises (MSME) related compliance 6. GST Compliances 7. Others ...
Continue readingThe extended due date for filing 1st and 2nd quarter TDS returns of FY 2020-21, is 31st March 2021. Kindly take care and file the TDS returns before 31st March 2021, if not filed till now. ...
Continue readingAs per the notification No. 78/2020 C.T. various GST registered persons have to mention HSN of the products/services in the Tax invoices issued by him. It is highlighted that even in respect of the services, mentioning of the 6 digit HSN is mandatory. These changes are effective from 01 April 2021. ...
Continue readingThe Government has amended the requirement for the issuance of E Invoice. As per Notification No. 05/2021 – Central Tax 8th March 2021, the tax payers with turnover exceeding INR 50 crores in any financial year from 2017-18 are required to issue E Invoice in respect of the B2B supplies and export transactions....
Continue readingAs observed, many companies have not maintained letter heads and website as per Section 12 of the Companies Act, 2013, there are instances where Registrar of Companies has issued notice for not complying with the same and the penalty could be Rs. 1 lakh for company and for each director. Kindly ensure to maintain the letter heads of the Company and website, if any, as below: It is mandatory for all the companies to mention the following on the letterheads: - Name, registered office address, Corporate Identity Number (CIN) along with telephone number, fax number, if any, e-mail and website addresses, if any If...
Continue readingThe Ministry of Corporate Affairs introduced various amendments to CSR provisions through the Companies (Corporate Social Responsibility) Rules, 2021 which was notified on January 22, 2021. The amendment provides more transparency on CSR spending and provides rules on monitoring and implementing CSR activities. In this regard we enclose a detailed note covering the actions required by the Companies for FY 2020-2021....
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