Companies Act (Relaxations)-CRUX

1. No Additional Fees for late filing (April 1, 2020 – Sep 30, 2020)

2. Holding Board Meeting – Relaxation by 60 days till next 2 quarters

3. CARO 2020 – Applicable from FY 2020-21 not from 2019-2020 (as earlier decided)

4. ID Meeting not held in 2019-20 – No non-compliance

5. Newly Incorporated Companies – For filing commencement of business – extended by 6 months

6. If any director does not satisfy the minimum residency requirement – No violation now

7. Deposit Redemption Reserve – Extended till June 30, 2020

8. Debentures Redemption Reserve – Extended till June 30, 2020 (Investment of 15% Amount).

9. Suspension of section 7/9/10 of IBC may be considered if the current situation continues till 30th April so that co may be stopped from being forced into insolvency proceedings.

10. IBC: Threshold for default raised from 1 Lac to 1 crore.

Latest Updates

  • Review of TDS/TCS Amendments in Budget 2025
    Review of TDS/TCS Amendments in Budget 2025 Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions are integral to the tax system, ensuring tax collection at the source of income. However, the complexity of multiple sections, varying threshold limits, and diverse tax rates often leads to compliance challenges for both […]
  • Income Tax Update: ITR-U Filing Deadline Extended to 48 Months
    Income Tax Update: ITR-U Filing Deadline Extended to 48 Months The Indian government has extended the deadline for filing updated income tax returns (ITR-U) from 24 months to 48 months. This change, proposed in Budget 2025 by Finance Minister Nirmala Sitharaman, allows taxpayers more time to rectify errors, disclose omitted income, and comply with tax […]
  • Union Budget 2025: Key Tax, GST & MSME Updates Explained
    Union Budget 2025: Key Tax, GST & MSME Updates Explained The Union Budget 2025 introduces significant updates impacting income tax, GST, and MSMEs, aiming to simplify compliance, boost economic activity, and ease the financial burden on taxpayers. Below are the major highlights: Income Tax Reforms 1. Revised Tax Slabs (New Regime for FY […]
  • Key Highlights of Indirect Taxes in Budget 2025
    Key Highlights of Indirect Taxes in Budget 2025 The Budget 2025 session commenced on January 31, 2025, with the President of India’s address and the presentation of the Economic Survey 2024-25. The survey forecasts India’s GDP growth for FY 2026 to be between 6.3% and 6.8%, citing strong economic fundamentals. With […]
  • Key Highlights of Union Budget 2025 – 2026
    Key Highlights of Union Budget 2025 – 2026 Union Finance Minister Nirmala Sitharaman presented her eighth budget on February 1, 2025, introducing major reforms aimed at benefiting the middle class, MSMEs, startups, and various industries. Key measures include tax exemptions, credit availability expansion, and sector-specific initiatives. Tax Reforms and Relief New […]