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Vishnu Daya & Co LLP > NewsletterAlerts (Page 20)

MCA – Mandates companies to use accounting software with “audit trail” which cannot be disabled

Ministry 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....

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Year end requirements FY 2020-2021

As 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 ...

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Mandatory requirements in letterheads and websites of the Companies as per the Companies Act, 2013

As 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...

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CSR Amendments

The 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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Compliance for filing income tax return by foreign Companies

* Foreign Companies who have taxable income in India are supposed to file the return of Income in India. * The above requirement is applicable only if the tax is withheld at the rates prescribed as per DTAA and not applicable if the tax is withheld at the rates prescribed as per Indian Income Tax Act. * The due date for filing the return of income for the Financial Year 2019-20 is 15th February 2021....

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