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
- What Is Inheritance TaxWhat Is Inheritance Tax An inheritance tax is levied on the assets received by heirs after someone’s death, calculated based on the net value of the deceased’s estate (assets minus debts). An inheritance tax is levied on the assets received by heirs after someone’s death, calculated based on the net value […]
- Deadline for PAN-Aadhaar Linking – May 31, 2024Deadline for PAN-Aadhaar Linking – May 31, 2024 Important Update for Those Who Haven’t Linked Their PAN with Aadhaar Card Yet. Failure to Link PAN with Aadhaar by May 31st Could Result in Doubled TDS Deductions. The Income Tax Department has announced that linking PAN with Aadhaar by this deadline will prevent […]
- Understanding Form 10F: Purpose, Scope, and Mandatory ConditionsUnderstanding Form 10F: Purpose, Scope, and Mandatory Conditions Form 10F is a self-declaration tax form for non-resident (NR) taxpayers to claim DTAA benefits when their Tax Residency Certificate (TRC) is incomplete. Earn income from India while living abroad? You might qualify for lower tax rates through a Double Taxation Avoidance Agreement […]
- What is a mutual fund? Why invest in mutual funds?What is a mutual fund? Why invest in mutual funds? Mutual Fund Mutual funds allow you to combine your funds with other investors to collectively invest in stocks, bonds, and other assets. Professional fund managers oversee the investment decisions, determining which securities (such as stocks and bonds) to purchase and when […]
- Best Performing Mid-Cap Mutual Funds in India: Top 10 Schemes with Strong Five-Year ReturnsBest Performing Mid-Cap Mutual Funds in India: Top 10 Schemes with Strong Five-Year Returns Leading Mutual Funds for Investment in India Over the last five years, several prominent mutual funds across diverse market segments have demonstrated impressive performance. According to data from the AMFI website, Quant Mid Cap Fund tops the […]
- 5 Heads Of Income Tax5 Heads Of Income Tax As per the Income Tax Act, individuals’ incomes are categorized into five heads for tax purposes. Properly classifying your earnings under these heads at the end of each financial year is crucial for accurate tax assessment. Understanding which earnings belong to each category is important for […]
- Benefits Of Filing Your Income Tax ReturnBenefits Of Filing Your Income Tax Return Filing income tax returns goes beyond fulfilling a legal requirement; it represents a civic duty that underscores your dedication to the development and welfare of your nation. By contributing your fair share towards national growth, you actively support the functioning of the government and […]
- Tips for Stock Market Investors to Reduce Income Tax Liability through ITR FilingTips for Stock Market Investors to Reduce Income Tax Liability through ITR Filing When preparing your income tax return (ITR), selecting an investment strategy that offers tax savings is essential. While focusing on investment returns, it’s vital to consider potential tax benefits. Having a grasp of the tax consequences of stock market investments […]
- Choosing Between ITR 1 and ITR 4 Forms for Income Tax Return Filing: Get Your Doubts ClearedChoosing Between ITR 1 and ITR 4 Forms for Income Tax Return Filing: Get Your Doubts Cleared Filing Income Tax Returns for Assessment Year 2024-25: Choosing the appropriate income tax return (ITR) form is crucial for individuals and businesses as it ensures compliance with tax regulations, reducing the risk of penalties or legal […]
- Why It’s Beneficial to Delay Filing Your Income Tax ReturnWhy It’s Beneficial to Delay Filing Your Income Tax Return About 23,000 taxpayers filed their income tax returns (ITRs) for AY 2024-25 (FY 2023-24) within the initial three days. This followed the Income-tax Department’s new initiative of opening return filing utilities on its portal from April 1, 2024, the first day […]
