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:-
(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 remains 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 of after payment
(7) The scheme does not apply to those companies against whom a 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 months from the date of expiry of the scheme.
(11)Scheme grants immunity against the 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. For example immunity in delaying in filing return of allotment but not against any illegality committed in allotment of shares.
This is a golden opportunity to file all pending Returns Annual Accounts, Statements including all pending Annual Returns pending for any number of years.
Latest Updates
- Have You Reported Your Foreign Assets in Your Income Tax Return?Have You Reported Your Foreign Assets in Your Income Tax Return? In an increasingly globalized world, it’s common for Indian residents to hold assets or earn income abroad. However, what many fail to realize is that the Indian Income Tax Act mandates disclosure of foreign assets and overseas income in the Income […]
- A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25A Beginner’s Guide to E-Filing Income Tax Return for FY 2024-25 Filing your Income Tax Return (ITR) is not just about fulfilling a legal formality—it’s a vital part of your financial discipline. Every individual earning income in India is required to declare their income, deductions, and taxes paid during the financial […]
- Faking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax RulesFaking Tax Deductions? You Could Be Penalised Up To 200% Under Income Tax Rules New ITR-1 and ITR-4 Mandate Detailed Proof for Claims to Curb False Deductions Paying taxes accurately and on time isn’t just a legal obligation—it fuels public welfare and national development. To ensure compliance, the Income Tax Act prescribes […]
- Aadhaar OTP a Must for PAN Registration: New Income Tax Portal RuleNew PAN Registration Rule: Aadhaar OTP Verification Made Mandatory In a significant update, the Income Tax Department has introduced a mandatory Aadhaar-based OTP verification step for individuals registering their Permanent Account Number (PAN) on the official e-filing portal — www.incometax.gov.in. This change is designed to enhance security and ensure that only genuine users […]
- Income Tax Benefits for Senior Citizens: What You Can Claim in AY 2025-26Income Tax Benefits for Senior Citizens: What You Can Claim in AY 2025-26 As the Income Tax Return (ITR) filing season for Assessment Year 2025-26 begins, many taxpayers—especially senior citizens—are evaluating the deductions and exemptions they are entitled to. The Income Tax Act provides several tax concessions for senior and super senior citizens […]
- Claiming Input Tax Credit (ITC) under GST: Essential Documents and Compliance ChecklistClaiming Input Tax Credit (ITC) under GST: Essential Documents and Compliance Checklist Input Tax Credit (ITC) is a cornerstone of India’s Goods and Services Tax (GST) regime. It enables registered businesses to offset the tax paid on purchases and business-related expenses against their GST liability on outward supplies. However, ITC is […]
- Monthly GST Filing Mastery: Streamlining Compliance for Bangalore BusinessesMonthly GST Filing Mastery: Streamlining Compliance for Bangalore Businesses Comprehensive Framework for Retailers, Restaurants, and IT Companies Executive Summary Monthly GST filing represents the most frequent compliance touchpoint for businesses across Bangalore’s commercial hubs, yet it remains one of the most challenging aspects of GST management. The complexity has increased significantly […]
- Claiming DTAA Benefits in India? Form 10F is Now MandatoryClaiming DTAA Benefits in India? Form 10F is Now Mandatory Non-resident taxpayers seeking relief under the Double Taxation Avoidance Agreement (DTAA) must ensure proper documentation and compliance with Indian tax regulations. One critical requirement is Form 10F, which must be submitted along with a Tax Residency Certificate (TRC) to claim DTAA […]
- Avoid a Tax Notice: 10 Key Areas to Focus on When Filing Your ITR for 2024-25Avoid a Tax Notice: 10 Key Areas to Focus on When Filing Your ITR for 2024-25 Filing your Income Tax Return (ITR) is a crucial annual task — but a small oversight can have big consequences. Whether you’re a salaried employee, a freelancer, or a business owner, even minor mistakes in […]
- The Taxation of Virtual Currencies: What You Need to KnowThe Taxation of Virtual Currencies: What You Need to Know Cryptocurrency has transformed how we view money and digital assets. From Bitcoin to Ethereum and beyond, these digital currencies operate on decentralized blockchain networks, providing secure, transparent, and peer-to-peer financial transactions. However, as crypto adoption grows in India, so does the […]