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Finance Minister Nirmala Sitharaman is set to introduce the Corporate Laws (Amendment) Bill, 2026, aiming to reform India’s corporate laws. The bill proposes changes to the Companies Act, 2013, and LLP Act, 2008, focusing on ease of doing business and addressing gaps highlighted by the Company Law Committee

S.O. 1466(E).—In exercise of the powers conferred by sub-sections (1) and (2) of section 151Aof the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme,namely:- Short title and commencement.—(1) This Scheme may be called the e-Assessment of Income EscapingAssessment Scheme, 2022.(2) It shall come into force with effect from the… Continue reading CBDT notifies E-Assessment of Income Escaping Assessment Scheme, 2022

Implementation of Audit Trail feature for Accounting Software to be deferred till 01st April 2023. The last date for filing Form CSR-2 has been extended to 31st May 2022.

Now, as part of the MCA V3 initiative, LLP related compliances will have below major changes: There can be 5 Desiganted partners (without having DIN) at the time of Incorporation. (Earlier 2 was allowed) LLP Formation Process became web based Just like the SPICE Forms for Company formation. Further, now Latitude and longitude is compulsory… Continue reading Limited Liability Partnership (Second Amendment) Rules, 2022

MCA vide Notification No. G.S.R. 110(E) dated 11th February 2022 has notified the following provisions of the Companies Act, 2013 is now applicable on LLPs:1) Section 90(1) to (11): Declaration of SBO;2) Section 164(1) & (2): Disqualifications for appointment as a designated partner;3) Section 165(1) & (3) to (6): Number of LLPs in which designated… Continue reading Certain provisions of the Companies Act, 2013 is now applicable on LLPs

Relaxation on levy of additional fees in the filing of E-Form AOC-4, AOC-4(CFS), AOC-4-XBRL, AOC-4 Non-XBRL, and MGT-7/MGT-7A for the financial year ended on 31.03.2021; AOC-4, AOC-4(CFS), AOC-4-XBRL, AOC-4 Non-XBRL: 15th March 2022.MGT-7/MGT-7A: 31st March 2022 MCA has extended annual form filing dates as per their General Circular No. 01/2022

MCA Notification dated 11.02.2022Every company covered under the provisions of sub-section (1) of section 135 shall furnish a report on Corporate Social Responsibility in Form CSR-2 to the Registrar for the preceding financial year (2020-2021) and onwards as an addendum to Form AOC-4 or AOC-4 XBRL or AOC-4 NBFC (Ind AS).

The Reserve Bank of India (RBI) through its press release dated 03.02.2022 has given Cautions against unauthorized forex trading platforms. It stated that misleading advertisements of unauthorized Electronic Trading Platforms (ETPs) offering forex trading facilities to Indian residents, including on social media platforms, search engines, Over The Top (OTT) platforms, gaming apps, and the like.… Continue reading Unauthorized Forex Trading Platforms

“Provided also that the said restriction shall not apply during the period from the 1st day of May, 2021 till the 18th dayof August, 2021, in case where the return in FORM GSTR-3B or the statement of outward supplies in FORMGSTR-1 or the statement in FORM GST CMP-08, as the case may be, has not… Continue reading GST Amnesty Scheme also extended upto 31. 10.2021

General Circular No.11/2021 Dated: 30.06.2021 Relaxation of time for filing forms related to creation or modification of charges under the Companies Act. 2013

General Circular No.11/2021 Dated: 30.06.2021

AS PER THE NEW RULE, 👉Circular from RBI, fixed deposits will not be automatically renewed and such matured deposits will get savings bank interest rate. Hence all are requested to note due dates and get the receipt renewed on due date to avoid loss of interest. RBI in its circular said that the new rule… Continue reading The Reserve Bank of India (RBI) has changed the rules for Fixed Deposits/ Term Deposits.

✒️⚖️📑Independent Directors – Attention ⏳SEBI has revised guidelines for the appointment and removal of independent directors and strengthened their position in the remuneration and audit committees. ⏳SEBI Board has also agreed to make a reference to the Ministry of Corporate Affairs (MCA) for amendment in the Companies Act, 2013 which may allow independent directors to… Continue reading 💡📍Explained | Impact of SEBI amendments on norms for Independent Directors