The Scheme shall come into force on 17.06.2020. Details of the Scheme are as follows:
|
Applicability |
Relaxation in time |
Applicable fees |
The date of creation/ modification of charge:
If the date is before 01.03.2020 and the 120 days timeline has not lapsed as on 01.03.2020
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The period between 01.03.2020 and 30.09.2020 shall not be included for calculation of 120 days
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The period for calculation of additional fee
The period beginning from 01.10.2020 + the period beginning from the date of creation/modification till 29.02.2020
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If the date is between 01.03.2020 and 30.09.2020
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The period between the creation/modification of charge and 30.09.2020 shall not be included for calculation of 120 days
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If the form is filed prior to 30.09.2020 normal fee shall be payable. If the form was filed thereafter the number of days for the purpose of calculating additional fee shall be number of days from 01.10.2020 till the date of filing.
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The scheme shall not cover filing of Form CHG-4 (Satisfaction of charge).
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For better understanding read the illustration based analysis of the Scheme.
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Open Circular No. 23/2020 dtd. 17.06.2020
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EGMs through VC or OAVM – Extended
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MCA vide Circular No.14/2020 dated 08.04.2020 had clarified that wherever holding of an Extra-ordinary General Meeting (EGMs) is unavoidable, the same can be held through Video conferencing (VC) or other audio visual means (OAVM) till 30.06.2020 to take approval of shareholders for important and urgent matters while adhering to certain requirements as mentioned in the Circular.
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Companies can now hold EGMs through VC or OAVM till 30.09.2020 subject to fulfilment of requirements as mentioned in Circular No.14/2020 dated 08.04.2020.
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Open Circular No.22/2020 dtd. 15.06.2020
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VC Board meetings can now be held for all agendas upto 30.09.2020
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The CA, 2013 lists few agendas which cannot be dealt with in VC meetings viz. approval of financial statements, approval of Board’s Report, approval of prospectus, Audit Committee meetings, approval of mergers, amalgamation, demerger, acquisition and takeover. MCA, vide Circular dated 19.03.2020 had notified that for April-June 2020 quarter all these agendas can be dealt with through VC board meetings. The period April-June 2020 now stands extended up to 30.09.2020, i.e. April-September.
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Open Notification No. G.S.R. 395(E) dtd. 23.06.2020
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Inclusion of name in data bank for Independent directors – extended
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MCA vide Circular dated 23.06.2020 notified that every individual is now required to apply for inclusion of his name in the data bank of Independent Directors within 10 months of appointment as an Independent director as against the earlier requirement of 7 months as notified vide Circular dated 29.04.2020.
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Open Notification No. G.S.R. 396(E).— dtd. 23.06.2020
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Extension of due date- creation of DRR and to invest / deposit amount debentures
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MCA vide Circular No. 11/2020 dated 24.03.2020 introduced a Companies Fresh Start Scheme (CFSS) aimed at reducing compliance burden on companies during the COVID-19 pandemic. Among others the Scheme also included extensions for creation of Debenture Redemption Reserve (DRR) and the requirement to deposit / invest 15% of the amount of debentures maturing.
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The due dates for the same have been further extended as:
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Particulars |
Due date notified under CFSS |
Extended due dates |
Creation of DRR of 20% of deposits maturing during FY 2019-20
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30.06.2020
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30.09.2020
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The requirement to invest / deposit at least 15% of the amount of debentures maturing
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30.06.2020
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30.09.2020
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Open Circular No.24/2020 dtd. 19.06.2020
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Extension of names reserved and resubmission of forms
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Vide announcement dated 22.04.2020 MCA had allowed further time for forms filed by LLPs and Companies for name reservation and name change between 15.03.2020 to 03.05.2020 – i.e. 20 days for name reservation and 60 days for name change. Now further extension of 20 days for Forms filed between 30.06.2020 has been provided.
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Time extension is also available for Resubmission of Forms and IEPF-5.
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Particulars |
Extended due dates |
New company incorporation – SPICe+ Part B needs to be filed within 20 days of name reservation.
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Names expiring any day between 15.03.2020 and 30.06.2020 would be extended by 20 days beyond 30.06.2020
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INC-24 (for change of name of Company) needs to be filed within 60 days of name reservation.
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Names expiring any day between 15.03.2020 and 30.06.2020 would be extended by 60 days beyond 30.06.2020.
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New LLP registration and change of name – FiLLiP / Form 5 needs to be filed within 90 days of name reservation.
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Names expiring any day between 15.03.2020 and 30.06.2020 would be extended by 20 days beyond 30.06.2020.
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Extension of RSUB validity for companies and LLPs.
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SRNs where last date of Resubmission (RSUB) falls between 15.03.2020 and 30.06.2020, additional 15 days beyond 30.06.2020 would be allowed. However, for SRNs already marked under NTBR, extension would be provided on case to case basis.
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Extension w.r.t Form IEPF-5 (Refund from IEPF authority)
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SRNs having last date of filing of eVerification Report (for both Normal as well as Re-submission filing) between 15.03.2020 and 30.06.2020, stands extended till 30.09.2020.For SRNs already marked under ‘Pending for Rejection’ extension would be provided on case to case basis.
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Open details
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Ministry of MSME updates :
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Amendments to MSMED Act
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The Ho’ble Finance Minister of India, Ms. Nirmala Sitharaman had announced certain measures to help the country cope during the COVID-19 pandemic. The announcements included various matters w.r.t. MSMEs like change in the criteria for classification of MSMEs, introduction of a composite investment and turnover criteria in the definition of MSMEs etc. The same has been notified in the official Gazette on 26.06.2020 vide Notification No. S.O. 2119(E).
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Following aspects are dealt with:
- Calculation of investment in plant and machinery or equipment and turnover criteria based on latest ITR filed, self-declaration basis in case of new enterprise
- The requirement to have PAN and GSTIN or not
- Single Udhyam Registration number for enterprise with multiple locations
- Consolidated investment and turnover to be considered against all GSTIN numbers linked to a single PAN
- The existing enterprises registered prior to 30.06.2020, will be valid only up to 31.03.2021
- Existing MSMEs to register again on the Udhyam Registration Portal on or after 01.07.2020
- All enterprises registered till 30.06.2020, will be re-classified in accordance with this notification
For a detailed analysis please read the note below.
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Open Notification No. S.O. 2119(E) dtd. 26.06.2020
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Open Article
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SEBI updates : |
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120 days gap between 2 Board/Audit Committee meetings – Relaxed
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SEBI, vide Circular dated 19.03.2020 relaxed the requirement of maximum 120 days gap between 2 meetings (Audit Committee & Board) for the meetings held during the period 01.12.2019 to 30.06.2020. The relaxation continues for meetings held up to 31.07.2020. However the listed entities are required to hold at least 4 Board meetings in the year.
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Open Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/110 dtd. 26.06.2020
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Extension of due date – filing of quarterly and half year financials
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Due to the continuing impact of the COVID-19 pandemic and the lockdown conditions, SEBI has further extended the timeline for submission of quarterly and half yearly financials for the year ended 31.03.2020 by another month i.e. 31.07.2020. The same relaxation has been granted for entities having listed NCDs, NCRPS’, CPs and MDS.
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Open Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/106 dtd. 24.06.2020
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Extension of due date – submission of Annual Secretarial Compliance Report
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SEBI, vide Circular dated 19.03.2020, had extended by 1 month (from May 31, 2020 to June 30, 2020), the timeline for submission of the Annual Secretarial Compliance Report for the year 2019-2020, for listed entities. The same has been further extended up to 31.07.2020.
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Open Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/109 dtd. 25.06.2020
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AGM through VC or OAVM for InvITs and REITs
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As per InvIT and REIT Regulations, InvIT unit holders and REIT unit holders are required to hold an annual meeting at least once a year. These annual meetings to be held in the calendar year 2020 can now be conducted through VC or OAVM subject to fulfilment of certain requirements detailed in Circular which are similar to those prescribed by MCA. For other meetings, VC or OAVM facility can be used for meetings upto 30.09.2020.
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Open Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/102 dtd. 22.06.2020
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IT updates : |
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Extension of due dates
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CBDT vide Notification dated 24.06.2020 has notified extension of due dates:
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Particulars |
Extended due date |
Time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20)
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31.07.2020
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Investment / payment for claiming deduction u/s 80C, 80D, 80G for FY 2019-20
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31.07.2020
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Date for furnishing of TDS / TCS statement and issuance of TDS / TCS certificate pertaining to the FY 2019-20
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31.07.2020 & 15.08.2020 respectively
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The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB
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30.09.2020
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Date for commencement of operation for the SEZ units for claiming deduction under section 10AA for the units which received necessary approval by 31.03.2020
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30.09.2020
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Date for furnishing tax audit report
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31.10.2020
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Date for payment of self-assessment tax, in case of a taxpayer whose self-assessment tax liability is up to Rs 1 Lakh
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30.11.2020
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Date for linking Aadhaar with PAN
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31.03.2021
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Open Notification No. S.O. 2033(E) dated 24.06.2020
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GST updates :
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Forms GSTR-3B & GSTR-1 can be filed through Electronic Verification Code
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CBIC, vide Notification dated 19.06.2020 has notified that GST registered companies are allowed to file
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- Form GSTR-3B- for the period from 21.04.2020-30.09.2020
- Form GSTR-1 – For the period 27.05.2020-30.09.2020
using Electronic Verification Code.
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Open Notification No. 48 /2020 dtd 19.06.2020
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Lowered interest rate for tax period February-July, 2020 for delayed filing of Form GSTR 3B
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CBIC, vide Notification dated 24.06.2020 has notified lowered interest rates for various classes of Registered Persons for the period February-July, 2020 for delayed filing of Form GSTR 3B. Please refer the table for details of the percentage applicable for each category of Registered person.
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Open Notification No: 51/2020 dated 24.06.2020
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Open table
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One time amnesty and conditional fee waiver- FORM GSTR-3B
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CBIC, vide dated 24.06.2020 has notified a onetime amnesty by lowering/waiving of late fees for non-furnishing of FORM GSTR-3B from July, 2017 to January, 2020 and also seeks to provide relief by conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February-July, 2020 for various classes of Registered Persons. Please refer the table for details regarding the same.
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Open Notification No: 52/2020 dated 24.06.2020
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Open table
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Late fees waived – delayed filing of Form GSTR-1
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Vide Notification dated 24.06.2020, CBIC has notified waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods for months from March to June, 2020 for monthly filers and for quarters from January to June, 2020 for quarterly filers if they are filed before the due dates indicated below:
|
Sl. No. |
Month/ Quarter |
Dates |
1.
|
March, 2020
|
10th day of July, 2020
|
2.
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April, 2020
|
24th day of July, 2020
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3.
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May, 2020
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28th day of July, 2020
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4.
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June, 2020
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05th day of August, 2020
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5.
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January to March, 2020
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17th day of July, 2020
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6.
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April to June, 2020
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03rd day of August, 2020
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Open Notification No: 53/2020 dated 24.06.2020
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