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FAQs on Corporate Social Responsibility (CSR)
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.
Financial Assistance Towards MSMEs
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.
Interest levy under three sections 234A, 234B and 234C
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.
Income Tax Return by Legal Representative
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.
CSR under Companies Act - Major Amendments
The Ministry of Corporate Affairs, Government of India has notified new amendments to the Companies (Corporate Social Responsibility) Rules, 2014.
10 Companies Act Amendments effective from 1st April 2021 for FY 2021-22
Many amendments have been made by MCA and GoI in the last Financial Year i.e. 2020-21. Let us discuss 10 of those amendments that are effective from 1st April 2021.
Recent Amendments in CSR due to COVID-19
Discussing the provisions of Corporate Social Responsibility concerning COVID-19 (Corona). We have accumulated all the circulars of MCA and have offered the same in this article.
Merged Definition of a Listed Company in Section 2(52) of the Companies Act, 2013
MCA has liberalized the definition of listed companies under the Companies Act to give compliance relief to public limited companies and private limited companies having listed debt securities.
GST Registration
Section 22 of the CGST Act, 2017 provides that any person, engaged in making a taxable supply, whose aggregate turnover in a FY exceeds 20 lakh rupees is liable to be registered under GST.
Compliance Check Functionality for Section 206AB & 206CCA
A new tax rule relating to TDS and TCS has come into force from 01.07.2021 under which, taxpayers who have not filed their ITRs for the past two FYs shall have to pay a higher tax.
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