CAclubindia Articles

All about Micro, Small & Medium Enterprises (MSME)

Manju Laur 28 July 2021 at 09:35

The MSMEs are a crucial part of the economy and plays a vital role in the supply chain. MSME Sector generates employment and foster the entrepreneurship thereby, contributes to the develop of economy.

How can an Auditor report a disqualification of a director in the Audit Report?

CS Divesh Goyal 28 July 2021 at 09:35

It shall be the duty of the statutory auditor of the appointing company as well as the disqualifying company to report to the members of the company whether any director is disqualified from being appointed as a director.

Criticalities in the annual filing for FY ended 31st March 2021

CS Divesh Goyal 28 July 2021 at 09:35

There are several criticalities in the Annual Filing for the FY ended 31st March 2021. Discussing the same from the point of view of Financial statements via 20 FAQs.

Income Tax Return by Legal Representative

CA Satish Badve 27 July 2021 at 14:08

The legal representative can file the return for one AY only after the death of the person. They can register themselves on the Income Tax Site on behalf of the dead person and file the ITR.

Interest levy under three sections 234A, 234B and 234C

MOHAN ARYA 27 July 2021 at 12:30

In case a taxpayer does not file their ITR by the due date specified by the department, they will be required to pay interest on the outstanding tax, under sections 234A, 234B and 234C of the Income Tax Act 1961.

Financial Assistance Towards MSMEs

CS Lalit Rajput 27 July 2021 at 10:08

In view of the challenges faced by taxpayers due to the outbreak of the Novel Corona Virus (COVID-19), the Government of India has taken several taxation related measures for the industries, including MSMEs.

FAQs on Corporate Social Responsibility (CSR)

CS Divesh Goyal 27 July 2021 at 09:40

MCA has introduced the Companies (Corporate Social Responsibility Policy), Amendment Rules, 2021 that are applicable to FY 2020-21. CSR Spending has been made mandatory w.e.f FY 2020-21.

Latest Amendment in LLP Act

CS Divesh Goyal 27 July 2021 at 09:40

In Budget 2021, FM announced an Amendment in the LLP Act. In continuation of the same, MCA has issued a press release on 3rd February 2021. A new concept of Small LLP has been introduced.

Key Relaxation to small companies

CS Divesh Goyal 27 July 2021 at 09:40

The status of a company as a “Small Company” may change from year to year. Thus the benefits which are available during a particular year may stand withdrawn in the next year and become available again in the subsequent year.

Process of Conversion of OPC Into Private / Public Company

CS Divesh Goyal 27 July 2021 at 09:40

MCA has introduced the Companies (Incorporation), Second Amendment Rules, 2021 on 1st February 2021. An amendment in the Process of Conversion of One Person Company to Private/Public Company has been made.