Orporate Legal

Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) for FY 2019-20 under the Companies Act, 2013 MCA Circular no 29/2020 In view of the extraordinary disruption caused due to the pandemic, it has been decided that if cost audit report for the financial year 2019-20 by the cost auditor to the Board of Directors of the companies is submitted by 30th November, 2020 then the same would not be viewed as violation of rule 6(5) of Companies (cost records and audit) Rules, 2014.  Rule 6(5) of Companies (cost records and audit) Rules, 2014  Every cost auditor shall forward his duly signed Cost Audit Report to the Board of Directors of the company within a period of one hundred and eighty days from the closure of the financial year i.e 30th September 2020 to which the report relates and the Board of Directors shall consider and examine such report, particularly any reservation or qualification contained the...

Gold's Gym filed for Chapter 11 bankruptcy on Monday, the latest business to pursue restructuring amid coronavirus-related business disruptions. "We want to be 100 percent clear that Gold's Gym is not going out of business," president and CEO Adam Zeitsiff said in a press release. "The brand is strong, and we'll continue to innovate and grow our digital business, our licensing program and our global footprint as we focus on serving our millions of members across the world." The company referenced difficulties brought on by the coronavirus pandemic and said it hoped to reemerge from bankruptcy proceedings by August 1.  It said the bankruptcy filing would affect only company-owned locations, which represent about 10% of the company's roughly 700 locations around the world. The gym chain was forced to temporarily close locations across the US in March in response to states' restrictions on businesses. In April, it announced it would clos...

MCA Circular on holding the Annual General Meeting by Companies whose F.Y has ended on 31st December 2019. As per the provisions of Section 96 of Companies Act, 2013 Every company  other than a One Person Company shall in each year hold in addition to any other meetings,  a general meeting as its annual general meeting (AGM)  and shall specify the meeting as such in the notices calling it, and  not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next: Provided that in case of the  first annual general meeting , it shall be held within a period of nine months  from the date of closing of the first financial year of the company and in any other case, within a period of six months , from the date of closing of the financial year. Crux of the matter is Every company other than a One Person Company has to hold its 1st AGM within a period of nine months...

Keeping in mind the COVID-19 Crisis FM Nirmala Sitharaman made a press conference on Compliances today:  *1. INCOME TAX* - Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020 - Interest Rate delayed payment reduced from 12% to 9% - Delayed deposit of TDS interest rate 9% till 30.06.2020 *2. Due date extended to 30.06.2020* - Aadhar- Pan Linking - Vivad se Vishwas Scheme - Sanction/Appeal/ Certificate/ Order/ Application etc including Investment in Saving Scheme, Capital Gain, Prohibition of Benami, Benami Law where due dates between 20th March to 29th June : All extended to 30th June *3. GST* - Last date of March, April and May of GST Return filing extended to 30.06.2020 - Companies less than 5 Crore : No late fees, interest, penalty - Companies more than 5 Crore : No late fees, penalty; Interest leviable at 9%  - Composition Scheme Option avail upto 30.06 *4. Customs and Central Excise* - Sabka Vishwas extended to 30.06.2020 - Customs Clearance will work ...

India  and  Myanmar  exchanged  10 Memorandums of Understanding  (MoUs) in different various fields including energy, infrastructure, health, transport and communication and conservation of Tigers and other Wildlife. The MoUs were exchanged following detailed talks between  Prime Minister Narendra Modi  and visiting  Myanmar President U Win Myint  in New Delhi Following is the list of 10 MoUs exchanged between the two nations: S.No MoU/Agreement Indian Signatory Myanmar Signatory 1 MoU on Cooperation for Prevention of Trafficking in Persons, Rescue, Recovery, Repatriation and Re-Integration of Victims of Trafficking Saurabh Kumar, Ambassador of India to Myanmar Moe Kyaw Aung, Ambassador of Myanmar to India 2 Agreement regarding Indian Grant Assistance for implementation of Quick Impact Projects (QIP) Saurabh Kumar; Ambass...

Budget 2020 Highlights Regarding Direct Taxes  1-Tax Payer Charter will announce soon 2-Tax Payer Statute coming Soon  3-Deposit Insurance raised up to Rs.500000/ 4- government stake in IDBI Bank will be sold  5- Government to sell part of his stake in LIC 6- Significant Tax Reforms undertaken 7-Removed 70 deduction around in new Tax resume 8-removed Dividend Distribution Tax , receiver will pay tax on such income . Now Dividend income will be taxable  9-New Manufacturing company tax rate will 15%  10- Start up exempt from tax turnover  upto 25 crore for 3 year  11- 44AB limit 5 crore for MSME 12-Circle rate and Actual Sale price difference increase to 10%  13-Faceless Appeal introduced  14-Sabka Vishwas scheme , pay tax and no penalty and interest upto June 2020. #Orporate

Budget 2020  Highlights Part 1 Finance Minister delivered major relief or salaried tax payer in her Budget Speech of 2020 today. FM Nirmala Sitharaman announced tax rate cuts and presented restructured tax-slabs for the FY 21. The 2 nd  Budget of Modi Government 2.0 slashed income tax rates by 10% for middle income group from Rs 5 to Rs 10 lakhs. Earlier in her speech, FM announced several new policy measures and new scheme starting from Kisan Rail, Krishi Udaan targeted at Agriculture sector.  She also announced an outlay of Rs 1 lakh crore for education sector along with announcement for development of 100 new airports and development of more Tejas-like trains. Addressing the menace of air pollution, she also earmarked RS 4,400 crores for the same. New Income Tax Rates - Old Regime vs New Revised Income Tax Slabs and Income Tax Rates Income Tax Slab Old Regime Income Tax Rate Revised Income Tax Rate Upto Rs 5 lakhs NA NA From Rs 5 to Rs 7.5 l...