Latest Updates – 26th March 2021

Ø  BPCL disinvestment process moving on well, to conclude sale by Sept-end: DIPAM Secy
Ø  Reliance Retail tells govt e-commerce players bypassing foreign investment norms
Ø  Targetting investment from 1,000-odd cos including Tesla: Industry secy
Ø  Amazon calls on India not to alter e-commerce investment rules: Sources
Ø  Edelweiss Infrastructure Yield Plus acquires stake in Engie’s solar assets in India
Ø  Sebi to set up a fund to buy stressed corporate bonds: FM Sitharaman

Year End Tasks @ GST for FY 2020-21

Ø  Second Covid wave unlikely to derail India’s growth: RBI Governor
Ø  Govt launches auctions for the second tranche of commercial coal mining
Ø  Mukesh Ambani sees a ‘tsunami of opportunities for entrepreneurs
Ø  BSNL, MTNL to get spectrum for 5G services without participating in the auction
Ø  Sebi eases listing norms for startups; alters regulations on delisting

Ø  ONGC must scale up exploration activities: Ministry
Ø  Hitachi ABB Power upbeat on energy transition in India
Ø  Tata Cleantech secures up to 10 bn yen loan from JICA
Ø  NMDC plans ₹3,000 crore Capex, targets 42 mt iron ore output next fiscal
Ø  Droom aims to list on the NASDAQ in H2 of 2022

Companies Act (Schedule III) Changes from 1st Apr’21

Ø  Disclose all cryptocurrency dealings, MCA to India Inc
Ø  Sebi to relax rules for reclassification of promoter as a public shareholder
Ø  India going to be the epicentre of global growth, transformation: Mukesh Ambani
Ø  Laxmi Organic ends at 26% premium, Craftsman makes tepid debut
Ø  Barbeque Nation IPO subscribed 1.98 times on Day 2
Ø  Byju’s to raise $600-700 million at nearly $15 billion valuation


 
Ø  India poised to play “decisive role” in 5G era: TRAI Secretary
Ø  Normalcy restored for resolution of stress under IBC: Sahoo
Ø  Indian economy’s revival seen ‘unabated’ despite infection surge: RBI governor
Ø  Regulation should not constrain innovation in fintech space: RBI governor

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Companies Act (Schedule III) Changes from 1st Apr’21

Companies Act (Schedule III) Changes from 1st Apr’21

FOR DIVISION-1- AS- Complied Companies

1- Rounding off of the figures are now compulsory. Earlier it was optional

For PART-I Balance Sheet

2- Some changes in Balance Sheet items

3- In share capital schedule- Promotors holding is must be disclosed

4- Ageing of trade payable is must be disclosed

5- Ageing of trade receivable is must be disclosed

6- If the borrowed funds from banks and financial institution not utilised for a specific purpose, then disclose the details where the funds have been utilized.

7- If the title deed of property not in company name then additional disclosure to be given

8- Additional disclosure for the loans given to promoters, directors, KMP and related parties

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9- Additional disclosures for capital work in progress – ageing wise

10- Additional disclosure for intangible assets under development– ageing wise

11- Details of Benami properties held

12- Additional disclosure in case of bank borrowings on the basis of security of current assets. To give detail on whether the books are matched with the periodical details submitted to the bank.

13- Additional disclosures in case of wilful defaulter

14- Additional disclosure for a relationship with struck off companies

15- Additional disclosure for pending registration of charges and pending satisfaction of charges

16- Additional disclosure for non Compliance with the number of layers of companies

Ending Tasks for GST for FY 2020-21 

17- Various ratios- (total 10 ratios) to be disclosed along with numerator and denominator and reason for variation with the previous year

18- Various additional disclosures in case of utilization of borrowed funds and share premium etc.

For PART-II Profit & Loss Account

19- Additional disclosure for undisclosed income surrendered during any search or survey under the income tax act

20- Various detailed disclosures for CSR

21- Details of trade or investment in any cryptocurrency or virtual currency

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Due Dates for Company Registration – Income Tax Return

2018 Due Dates for Company – MCA and Income Tax Returns

All companies registered in India must submit MCA annual returns and income tax returns every year, regardless of business turnover or activity. In this article, we look at the important due dates for filing annual returns and submitting income tax returns.

Annual Returns Due Date

All companies registered in India such as Private Limited Companies, one corporate person, Limited Liability Companies, and section8 Companies must submit annual MCA returns every year. Before submitting an annual refund, all companies regardless of turnover or activity are also required to appoint an Auditor within 30 days of the merger.

Annual company returns must be submitted after agreeing to the company’s Annual General Meeting. A newly established company may conduct its first Annual General Meeting within 18 months from the date of establishment or 9 months from the closing date of the financial year, whichever is earlier. The next Annual General Meeting must be held within 6 months from the end of the financial year. So, the Company’s annual returns and other legal submissions as below will mature as follows:

Due Dates of ROC Return Filing (FY 2017-18)

Name of E-form Purpose of E-form Due Date Due Date for FY 2017-18
Form ADT-1 Appointment of Auditor 15 days from the conclusion of AGM 15th October 2018
Form AOC-4 Annual Accounts 30 days from the conclusion of the AGM (In case of OPC within 180 days from the close of the financial year) 30th October 2018
Form MGT-7 Annual Return 60 days from the conclusion of AGM 29th November 2018
Form CRA-4 Cost Audit Report 30 days from the receipt of Cost Audit Report 30 days from
the receipt of
Cost Audit
Report
Form MGT-14 Board Report and Annual Accounts 30 days from the date of Board Meeting 30 days from the date of Board Meeting

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