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The Companies Act talks about the age limits of only MD/WTD/Manager, on the other hand, LODR Regulations talk about the minimum age of IDs and maximum age of NEDs (which includes ID).
Section 194P of the Income Tax Act was introduced in Union Budget 2021 to provide conditional relief to senior citizens above the age of 75 years from filing an ITR.
FLA Return is an Annual Return that is required to be submitted by those entities which have received FDI and/or made overseas investments in any of the PYs including the Current Year.
Every company shall file its annual return in Form No. MGT-7 except for a One Person Company and Small Company. OPC and Small Company shall file the annual return from the FY 2020-2021 onwards in Form No. MGT-7A.'
There's confusion amongst Professionals regarding the requirement of preparing form MGT-9 for F.Y. 2020-21. For that matter, let's take into consideration the developments made by the Ministry from time to time.
IBBI has notified a new set of regulations to amend the existing IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 which shall come into force as on the date of its publication in the Official Gazette.
SEBI has issued a Circular to bring into action Standard Operating Procedures for listed subsidiary companies desirous of getting delisted, through a Scheme of Arrangement.
As a good Corporate Governance practice, it is always advisable to file form ADT-1 upon the appointment of the first auditor. This is beneficial from each and every stakeholder's point of view.
The MCA has released a list of forms for which relaxation is provided vide General Circular No. 11/2021 & 12/2021. For the purpose of General Circular No. 06/2021 & 07/2021, a list of 53 forms was already in existence. In addition to that the MCA has added 4 more forms.
The CBDT on 30th June, 2021, has issued a set of guidelines in regards to the application of Section 194Q w.e.f. 1st July, 2021 vide Circular No. 12/2021.
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