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Vishnu Daya & Co LLP > Newsletter (Page 18)
21 May
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MCA Issues Clarification on Offsetting Excess CSR spent to ‘PM CARES Fund’ for FY 2019-20

Posted by Vishnu Daya
in NewsletterAlerts

MCA clarifies that where a company has contributed any amount to ‘PM CARES Fund’ as on 31.03.2020, which is over and above the minimum amount as prescribed under section 135(5) of the Companies Act, 2013 (“Act”) for FY 2019-20, and such excess amount or part thereof is offset against the requirement to spend under section 135(5) for FY 2020-21, then the same shall not be viewed as a violation subject to the conditions that: i. the amount offset as such shall have factored the unspent CSR amount for previous financial years, if any; ii. the Chief Financial Officer shall certify that the contribution...

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19 May
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Submission of Statement of Financial Transactions (SFT) for dividend

Posted by Vishnu Daya
in NewsletterAlerts

Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction. CBDT has issued a Notification (Notification no. 16/2021, dated 12th March 2021) to include reporting of information relating to dividend income. The dividend information is to be reported by a Company who has distributed dividend during the FY 2020-2021. The statement of financial transactions shall be furnished on or before the 31st May 2021. CBDT has issued a Notification (Notification no. 1 of 2021, dated April 20, 2021) providing the guidelines for preparation, submission and validation of the SFT. Please take note...

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13 May
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CBDT extends compliance deadlines in wake of pandemic to May 31

Posted by Vishnu Daya
in NewsletterAlerts

CBDT issues a Circular for extension of various compliance deadlines due to the severity of COVID-19; Extension pertains to (i) filing of appeal before CIT(A), (ii) objections before DRP, (iii) ITR in response to notice u/s 148, (iv) belated/ revised filing of ITR, (v) TDS compliance u/s 194-IA, 194-IB and 194M, and (vi) filing of statement in Form No. 61; The deadline has been extended to May 31, 2021 (CBDT Circular No. 8/2021 dt. 30th April 2021)...

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06 May
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MCA clarifies that spending for COVID care infrastructure is an eligible CSR activity

Posted by Vishnu Daya
in NewsletterAlerts

MCA clarifies that spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible CSR activities;...

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Vishnu Daya & Co LLP

Chartered Accountants
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