TimeLine dates Extension for Key Compliance by CBIC, MCA, and ICAI
Ministry of Corporate Affairs extended the deadlines until 31 December 2020 with regard to the various compliances listed below in view of the continued disruption caused by COVID 19 and to provide greater ease of business:
1. Relief for filing forms relating to the formation or alteration of fees
Ministry of Corporate Affairs Circular dated 28 September 2020 told the Commission that the time-limit relaxation scheme for filing forms relating to the formation or alteration of fees under the Companies Act 2013 had been extended until 31 December 2020.
2. Fresh start Scheme of Companies, 2020.
Ministry of Corporate Affairs Vacuum Circular dated 28 September 2020 stated that the Fresh Start Scheme 2020 of Companies, which was valid from 01.04.2020 to 30.09.2020 to allow companies to meet their prior defaults, has now been expanded to 31 December 2020.
3. Amended LLP settlement scheme, 2020 for defaulted LLPs
Ministry of Corporate Affairs Vacuum Circular dated 28 September 2020 confirmed that the LLP Settlement Scheme 2020 was effective from 01.04.2020 to 13.06.2020 and was subsequently extended to 30.09.2020. The scheme was further extended to 31 December 2020 to allow Limited Liability Partnership to comply with their previous defaults.
Ministry of Corporate Affairs Vacuum Circular of 28 September 2020 announced that the period to conduct Extraordinary general meetings by Video Conference and other Audio Visual Means is also extended to 31 December 2020.
5. Time to register the independent director of the data bank with the IICA
The MCA has also expanded the period from 30 September 2020 to 31 December 2020 for independent directors of companies to register on the data bank established by the Indian Institute Of Corporate Affairs.
6. Delivery Date Annual Return in GSTR 9 and 9C for FY 2018-19 increased
Central Board of Indirect Taxes and Customs told on its Twitter that the Government had extended the deadline for furnishing the annual return in GSTR 9 and GSTR 9C for FY 2018-19 from 30 September 2020 to 31 October 2020.
7. the Last date of paying membership fees extended
Institute of Chartered Accountants of India empty statement dated 29 September 2020 informs the last payment date for membership fee / COP fee has been increased from 30 September 2020 to 30 November 2020.
8. Last date of filing And revising Income Tax return of AY 2019-20 further extended to 30th November 2020: CBDT, therefore, extends the deadline for the furnishing of late and updated ITRs for evaluation Yr 2019-20 from 30 September 2020 to 30 November 2020.:
9. CBDT Circular no 17 clarifying TDS / TCS provisions which come into force on 1 October 2020. : TCS to be collected and charged for all payments received on or after 1 October 2020, including GST and even sales made before 1 October 2020. The threshold of Rs50 lakhs is dependent on the year and hence the payment earned before 1 October 2020 is to be considered. However, the applicability shall be on payment received on or after 1 October 2020. Compliance with this new rule would be a major challenge for all taxpayers whose previous year's sales exceeded Rs 10 crores.
Latest Update on MCA - 03.05.2021
1. Relaxation of time for filing certain forms under the Companies Act, 2013.
3. Gap between 2 BOD meetings u/s 173 of the CA-13 – Clarification – reg.
4. The MCA has allowing stakeholders to file various forms due for filing from 01/4/2021 to 31/05/2021 under the LLP Act, 2008/Companies Act, 2013 by 31st July 2021 without payment of additional fees. The changes required in the MCA-21 System to implement this decision are being made and stakeholders would be informed in this regard in due course through a similar Notice. various stakeholders may plan as per their own scheme. (General Circular Number 06/2021 and Number 07/2021 on 3rd May 2021)
Regards
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