30 March

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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....

26 March

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Year end requirements FY 2020-2021

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in NewsletterAlerts

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 ...

22 March

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Due date for 1st and 2nd quarter ETDS return for FY 2020-21 is 31st March 2021

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in NewsletterAlerts

The 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. ...

16 March

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HSN to be mentioned on Tax invoices from 1st April 2021

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in NewsletterAlerts

As 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. ...

16 March

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Update on E Invoicing requirement

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in NewsletterAlerts

The 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....

12 March

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

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in NewsletterAlerts

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...

08 March

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CSR Amendments

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in NewsletterAlerts

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....

05 March

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Due Date for payment of fourth instalment of advance tax is 15th March, 2021

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in NewsletterAlerts

This is to bring to your kind attention that the due date for payment of fourth instalment of advance tax (100%) for the financial year 2020-21 is 15.03.2021. Kindly take necessary actions to make the payment within the due date....

20 February

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Union Budget 2021- Proposed Amendments to the Companies Act, 2013

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in NewsletterAlerts

MCA notifies certain amendments to provisions relating to Small Companies and One Person Companies with effect from April 1, 2021...

06 February

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Compliance for filing income tax return by foreign Companies

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in NewsletterAlerts

* 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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