Corporate Snippets on March 31
Ø S&P further slashes India's growth forecast to 3.5%
Ø Govt. relaxes compliance norms for SEZs
Ø Govt. may consider cash transfer to workers: Niti VC
Ø Lockdown to impact power demand: ICRA
Ø RBI changes SLBC convenors in view of bank mergers
Ø Economic outlook for India is turning grim day by day
Ø SBI-led lenders okay Suzlon loan recast
Ø Indian economy can contract 2.6%; US over 11% in worst case in 2020: Nomura
Ø SEBI asks exchanges to review expiry of agro derivative contracts
Ø Continue second phase of UPI for retail investors till further notice: SEBI
Ø Govt may slash borrowing from market in April amid lockdown: Report
Ø Govt. extends crop loan interest benefits for farmers till May 31
Ø Existing foreign trade policy likely to be extended
Ø Implementation of Stamp Act changes deferred by 3 months till July 1
Ø Covid-19: ONGC contributes ₹300 crore from CSR to PM CARES fund
Ø RIL pledges ₹500 crore to PM CARES Fund
Ø Govt releases ₹10,000 crore for VRS payments of BSNL, MTNL
Ø GMR Airports’ international partner Groupe ADP raises €2.5 billion in bonds
Ø Infosys Foundation commits ₹100 crore towards Covid-19 relief efforts
Ø Bombay HC gives relief to Future group against pledge invocation amidst Covid-19
Ø CAMS data shows arbitrage and debt fund exodus, steady equity flows
Ø India may slash borrowing from market in April amid lockdown: Report
Ø HPCL invokes force majeure on Iraqi oil: Report
Ø Sun Pharma’s ex-India biz at record low valuations, amid FDA troubles
Ø Finance Ministry asks banks to ensure adequate cash to meet cash demand post salary transfers
Ø Fitch Solutions cuts India GDP growth forecast to 4.6% for FY21
Ø ADB to invest $100 million in Indian infrastructure sector via NIIF
Ø Sensex plummets 1,375 pts; Nifty ends below 8,300
Ø Rupee settles 70 paise lower at 75.59 against US dollar
Ø COVID 19 effect: Surge in health insurance policies
Ø China slashes rate, adds $7 bn to banking system to counter virus
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MCA- Much awaited Scheme for filing of annual returns
MCA scheme giving one time opportunity to complete pending compliances ( including Annual complainces ) without additional fees and penalty.
1. Period : 1.04. 2020 to 30.09.2020.
2. After compliance, Roc will issue immunity certificate.
3. Withdrawal all penal cases.
4.MCA has waived off late fees on form and come up with a Companies Fresh Start Scheme 2020
5. Scheme shall Not applicable on capital increase form, charge form, applied for strking of name of company, amalgamated company, vanishing company, applied for dormant company etc.
No Change in FY- 𝗠𝗔𝗥𝗖𝗛 𝗩𝗦 𝗝𝗨𝗡𝗘
This is the biggest confusion in the minds of the taxpayers. Following points clarifies some of the issues:
1) FY 2019-20 is not at all extended till 30th June, only the date is extended for some compliances.
2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.
3) In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, i.e. for taxability of income financial year is considered till 31st March only.
4) Deductions under 80C, 80D, etc. can be claimed by investing till 30th June.
5) New LIC, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.
6) Payment of Premium of old policies of LIC, mediclaim, PPF, NPS, etc. due upto 31st March can be claimed as deduction even if paid till 30th June.
7) Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However Installments due upto 31st March can be claimed as deduction ever if paid till 30th June.
Received the forwarded Message
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👉🏻Income Tax dept asks officers working from home to chase large taxpayers for dues
(Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections)
👇🏻 👇🏻 👇🏻
https://bit.ly/2xEbaVS
👉🏻Punjab National Bank unveils new logo ahead of merger
(PNB unveiled a new logo which bears the signage's of all the three PSU banks, from the next FY, PNB will become the second largest lender in India)
👇🏻 👇🏻 👇🏻
https://bit.ly/39x2g9A
👉🏻MCA introduces Companies Fresh Start Scheme 2020 and Revises LLP Settlement Scheme 2020
(MCA offers ‘fresh start’ to companies, LLPs to lower compliance burden)
👇🏻 👇🏻 👇🏻
https://bit.ly/3av7R1L
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The Ministry of Corporate Affairs issued Companies Fresh Start Scheme 2020 vide Circular 12/2020 dt 30.3.2020 which applies both public and private companies incorporated under Co Act 1956/2013.
The salient features are as follows:-
(1) Permits filing all pending Returns, Statements, Documents for any number of years.
(2) It shall come into operation on 1.4.2020 and remain effective up to 30th Sep 2020.
(3) It applies to all companies both public or private who failed to file all returns statements or Documents including Annual Return remain for any number of years as on date of filing.
(4) Only normal fees as prevailing on the date of filing shall be payable.
(5)No late fee no penalty no prosecution only normal fees payable.
(6) Prosecution if any pending shall be disposed off after payment
(7) Scheme not apply to those companies against whom final notice under Section 248 has been given by ROC for striking off or who applied for striking off or applied for being declared dormant co; vanishing company or dormant company or companies under CIRP
(8) Companies who name struck off cannot avail this scheme and have to get their name restored;
(9) Companies can avail this scheme for the purpose of (i) getting themselves dormant under Section 455 and also (ii) getting their name struck off
(10) After payment of normal fees and documents return statement is taken on record, an application shall be filed electronically (without any fees) for obtaining Immunity Certificate but it shall not be filed beyond six month from the date of expiry of scheme.
(11)Scheme grants immunity against filing of forms returns and documents but not against any punitive action being done by the company for which suitable can be taken by ROC.
This is golden opportunity to file all pending Returns Annual Accounts, Statements including all pending Annual Returns pending for any number of years.
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ICAI For the year 2020-21, invite expression of interest for empanelment as Resource Persons (at https://forms.gle/CbjSJ84xCDf8kArh7) from members of ICAI having knowledge and flair of capital market and public speaking skills to conduct Investor Awareness Programs. The Institute reimburses upto Rs. 5,000/- per IAP inclusive of TA/DA, honorarium and other costs incurred conducted across the country except for IAPs conducted in North East States where the reimbursement is upto Rs. 7,000/- per program. last date for filling up the aforesaid form is 30thApril, 2020.
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MCA Update
DIN holders of DINs marked as ‘Deactivated’ due to non-filing of DIR-3KYC/DIR-3 KYC-Web and those Companies whose compliance status has been marked as “ACTIVE non-compliant” due to non-filing of Active Company Tagging Identities and Verification(ACTIVE) eform are encouraged to become compliant once again in pursuance of the General Circular No. 11 dated 24th March, 2020 & General Circular No.12 dated 30th March 2020 and file DIR-3KYC/DIR-3KYC-Web/ACTIVE as the case may be between 1st April, 2020 to 30th September, 2020 without any filing fee of INR 5000/INR 10000 respectively.
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👉 The National Company Law Appellate Tribunal (NCLAT) directed that the lockdown period, as announced by the government, would be excluded for the purpose of counting of days for all ongoing insolvency matters, which are time bound.
Passing a suo motu order, a three-member NCLAT bench headed by Acting Chairperson Justice B L Bhat said that it would applicable in all the corporate insolvency resolution process, which has been initiated or pending, or pending in Appel before the benches of NCLTs or before the appellate tribunal.
Besides, any interim order passed by the NCLAT or National Company Law Tribunal (NCLT) would continue till the next date of hearing, which would be notified once the tribunal and the appellate tribunal starts functioning.
The NCLT and the NCLAT have closed their hearing amidst the three weeks lockdown imposed by the government to contain the spread of pandemic of Covid-19.
"The period of lockdown ordered by the central government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the corporate debtor may be located, shall be excluded for the purpose of counting of the period for 'Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016, in all cases where ‘Corporate Insolvency Resolution Process' has been initiated and pending before any Bench of the NCLT or in Appeal before this Appellate Tribunal,” it said.
👉 The National Company Law Appellate Tribunal (NCLAT) is the Apex Tribunal in the country dealing with all aspects of corporate law. The judgments pronounced by the Appellate Tribunal in the areas of Insolvency, Competition and Company law regulate all elements of a company’s functioning in India; from its registration to its functioning, and operation to its interaction with the market and various stakeholders, to its insolvency and potential resuscitation.
This monthly column seeks to cover the landmark judgments delivered by the National Company Law Appellate Tribunal and to offer a brief summary of the same in a capsule-form for the benefit of the reader.
The judgments of the National Company Appellate Tribunal (NCLAT) have been demarcated into those dealing with the provisions of the Insolvency and Bankruptcy Code, 2016 (Code), the Competition Act, 2002 and that of the Companies Act, 2013. The judgments dealing with the Code have been further categorized and dealt with in the following three stages i.e. Pre-admission stage, Corporate Insolvency Resolution Process (CIRP) stage and the Liquidation stage.
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