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www.carajput.com; Companies Amendment Bill, 2020
On Saturday, Lok Sabha introduced the company law amendment bill, which introduced 72 amendments to the Companies Act, 2013 to decriminalize and modify or abolish fines for different offenses, directed at enhancing the ease of doing business.
Introduction of a new Chapter XXIA in the act related to Manufacturer Companies, which was originally part of the Companies Act of 1956;
For extended the applicability of section 446B, referring to lesser penalties for small businesses and one-person companies, to all provisions of the Act which attract financial penalties and also extend the same reward to Producer Companies and start-ups
Allowing provisions for the direct listing of Indian public entities’ shares in allowable foreign jurisdictions
Empowering the government to exclude private companies issuing specified classes of shares on exchanges from the concept of a listed company, in conjunction with the Securities and Exchange Board of India.
Furthermore, it is recommended that the exception given to main administrative roles from government-mandated pay limits in case a corporation faces liquidation be applied to cover independent directors as well.
It also allows for the creation of additional National Corporate Law Appeal Tribunal benches at locations designated by the Centre.
Bill provisions allowed undertakings to carry over excess corporate social responsibility ( CSR) spending on successive years and exempted undertakings with a CSR requirement below Rs 50 lakh from the need to constitute a CSR committee.
Direct Tax
Highlights of Redevelopment Assistance Capital
Program (RACP) Bill, 2020
1) New requirements for reregistration of charitable trusts etc. Approval under section 10(23)(C).
It is suggested that Re-registration u / s 12A/12AA and 80 G come into force from 1st April 2021 from the earlier extended date of 1st Oct 2020.
2) Extension of the time period to 31st march 2021 from 30th Nov for ITR Filing for the Assessment Year 2020-21.
3) Extension for furnishing a Certificate u / s 192 from 15 August to 31-3-2021.
4) As per section 54 to 54 GB
5) Chapter-VI A pursuant to heading B-
6) As per Vivad ke vishvas Act-20
7) Extension of the time period to 31st march 2021 from 30th Sept. For ITR filing for the Assessment Year 2019-20
8) No expansion of the tax payments.
9) Interest rate 3/4 percent pm or part thereof for late payment of taxes. (Only if the tax payable is over Rs.1 lac)
10) Extension of the time period to 31st march 2021 from 31st Oct for Filing of Audit Report under the Provision for Assessment Year 2020-21.
11) Return for TDS / TCS is to be extended to 31st March 2021 for Feb & March-20 and Q 4 for March 20 (as applicable) for all the Sub-sections.
12) No liability shall be imposed & No evaluation be disciplined for the delay in paying taxes.
Explanation-The delay period refers to the interval between the due date and the payment time.
Further improvements are also suggested in the Income Tax Act.
Read our articles :
Amendment in section-40A with retro-effect
The due date for filing the Annual return
Regards
Rajput Jain & Associates
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