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M A R C H
2 0 2 1
LUNAWAT
BULLETIN
LUNAWAT & CO
CHARTERED ACCOUNTANTS
WWW.LUNAWAT.COM
WHAT'S INSIDE?
Around the Globe 1
Compliance Due Dates 2
Income Tax 3
Corporate Laws 4
Goods & Services Tax 6
Lunawat Update 8LUNAWAT & CO
MARKET WATCH
Sensex : 28/02/2021 : 49099.99 Nifty :28/02/2021 :14529.51
31/01/2021 : 46285.77 31/01/2021 : 13634.60
AROUND THE GLOBE
CBIC ADDRESSES IGST REFUND ISSUES OF
EXPORTERS MANUFACTURING ACTIVITY EASES
CBIC has extended the time limit for MARGINALLY IN FEBRUARY, PMI AT 57.5
sanction of pending IGST refunds, in cases
Manufacturing activity in India eased
where records have not been transmitted
marginally in February and employment
on the portal due to mismatch in outward
decreased further amid the Covid-19
supplies returns and input tax credit. The
restrictions, a private survey showed
extension will overcome the problem of
Monday.The IHS Markit India
refund blockage by allowing refunds
Manufacturing Purchasing Managers’
subject to undertakings or submission of
Index was 57.5 in February compared
chartered accountants certificates by the
to 57.7 in January but remained above
exporters and post refund audit scrutiny.
its long-run average of 53.6.A reading
This facilitation would be applicable to all
above 50 indicates expansion while
shipping bills filed up to March 31, 2021.
below that signals contraction.
HOUSEHOLD INFLATION EXPECTATIONS RS 1.15 LAKH CR TRANSFERRED TO
ABOVE OFFICIAL NUMBERS UNDER 10.75CR FARMERS UNDER PM-KISAN
INFLATION TARGETING REGIME: RBI REPORT SHEME
Flexible inflation targeting has failed to
The Centre stated that it has transferred
anchor inflation expectations of the
over Rs 1.15 lakh crore directly to bank
Indian households. The current inflation
accounts of more than 10.75 crore
perception of households has
farmers under the PM-KISAN scheme and
persistently remained above all official
asked states to ensure that all eligible
measures of inflation since it adopted
beneficiaries are covered in this flagship
flexible inflation targeting as a formal
programme. Addressing a function on the
monetary policy objective since ,
occasion of the second anniversary of the
according to RBI's latest "Report on
PM-KISAN, Union Agriculture Minister
Currency and Finance."A study by RBI Narendra Singh Tomar said the
economists that inflation expectations government has enhanced the income of
stabilized around the range of 9-10 per farmers by providing Rs 6,000 annually to
cent for households and 4-5 per cent farmers under this scheme.The scheme
for professional forecasters. While was launched by PM Narendra Modi on
actual inflation has remained below 6 February 24, 2019, from Gorakhpur in
per cent- the upper band of the target. Uttar Pradesh.
MAR 2021
1LUNAWAT & CO
COMPLIANCE DUE DATES
2 MAR 2021MAY 2020
LUNAWAT & CO
LUNAWAT & CO
INCOME TAX
Extension for filing of Vivad se Vishwas Form:
CBDT vide notification dated 26.02.2021 for the fifth time extends due date for
filing of Vivad se Vishwas under DTVSV Act 2020 from 28th February 2021 to
31st March, 2021 and pay the settled tax amount by April 30, 2021 without any
interest.
CBDT amends Faceless Assessment Scheme:
CBDT amends Faceless Assessment Scheme, 2019 vide Faceless Assessment (1st
Amendment) Scheme, 2021 and specified the procedure for Assessment under
Faceless Assessment Scheme, 2019.
The CBDT notified that the National e-Assessment Centre shall serve a notice
on the assessee under sub-section (2) of section 143 of the Act, then the
assessee may, within fifteen days from the date of receipt of notice file his
response to the National e-Assessment Centre.
The National e-Assessment Centre shall assign the case selected for the
purposes of e-assessment under this Scheme to a specific assessment unit in
any one Regional e- Assessment Centre through an automated allocation
system.
As per the amendment if the assessee fails to comply with the notice or with a
direction issued under sub-section (2A), of section 142 of the Act, the National
e-Assessment Centre shall serve upon such assessee a notice under section 144
of the Act giving him an opportunity to show-cause, on a date and time to be
specified in the notice, why the assessment in his case should not be completed
to the best of its judgment.
CBDT Extends various limitation dates:
Date for passing of assessment or reassessment orders under the IT Act, that
are getting time barred on 31st March, 2021 due to extension of limitation date
by the notification dt 31st December, 2020 has been extended to 30th April,
2021.
Date for passing assessment or reassessment orders (not covered by (i) above),
that are getting time barred on 31st March, 2021, as per time limit specified in
section 153 / 153B of the Income-tax Act, has been extended by 6 months i.e. to
30th September, 2021.
Date for passing of penalty orders extended to 30th June, 2021. Date for issue
of notice & passing of orders by Adjudicating Authority under the Benami Act
extended to 30th September, 2021
3 MAR 2021L U LNUA
NAWAT & CO
WAT & CO
CORPORATE LAWS
MCA REVISES THRESHOLD FOR PAID UP CAPITAL AND TURNOVER FOR SMALL
COMPANIES:
In line with the vision of the Government of India, the definition under the Companies Act,
2013 for Small Companies has now been revised by increasing their thresholds for Paid up
capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” & Turnover from “not
exceeding Rs 2 crore” to “not exceeding Rs 20 crore”. This is expected to benefit more than
two lakh companies in terms of lesser compliances, lesser filing fees and lesser penalties (in
the event of any defaults).
MCA NOTIFIES COMPANIES (SHARE CAPITAL AND DEBENTURES) AMENDMENT
RULES, 2021 TO INSERT RULE 12A IN COMPANIES (SHARE CAPITAL AND
DEBENTURES) RULES, 2014
The Amendment inserts a new rule 12A which notifies the period for notice of issue of share
capital under section 62 in which the time period within which the offer shall be made for
acceptance shall be not less than seven days from the date of offer.
AMENDMENTS IN COMPANIES (INCORPORATION) RULES, 2014 VIDE
COMPANIES (INCORPORATION) SECOND AMENDMENT RULES, 2021
The no. of days to check residence criteria of directors stands reduced.
The limit of Turnover and paid up share capital for conversion of OPC into Private or
Public company or Private company into OPC has been omitted.
E- form No.6 for Conversion of OPC into Private or Public company has been amended:
For words, “and resident in India”, - “whether resident in India or otherwise” is
substituted.
For words, one hundred and eighty two days, words, One hundred and twenty days
is substituted.
OPC may convert into a Private or Public Company, other than Section 8 company
by fulfilling some requirements.
FAST TRACK MERGERS EXTENDED TO STARTS UPS AND OTHER SMALL
COMPANIES
MCA has allowed start-up companies to enter into merger and amalgamations with
another start-up company or one or more start up Cos can enter into merger and
amalgamations with small companies. Earlier, small companies or holding co. and wholly
owned Subsidiary or other class of companies were covered under the Scheme of
arrangement.
4 MAR 2021L U LNUA
NAWAT & CO
WAT & CO
CORPORATE LAWS
COMMENCEMENT NOTIFICATION DATED 11.02.2021
MCA notifies 11th February, 2021 as the date on which the provisions of section 52 and
section 66 of Companies (Amendment) Act, 2020 will come into force. Section 52 of
Companies (Amendment) Act, 2020 inserts Chapter XXIA in Companies Act, 2013
(after section 378) related to Producer Companies. Section 66 of Companies
(Amendment) Act, 2020 deals with amendment in Section 465 of Companies Act, 2013
related to Repeal of Certain Enactments and Savings.
MCA HAS INTRODUCED COMPANIES (CORPORATE SOCIAL RESPONSIBILITY
POLICY), AMENDMENT RULES, 2021. AND IMPORTANTLY CSR SPENDING MADE
MANDATORY FROM VOLUNTARY W.E.F. FINANCIAL YEAR 2020-21.
The amendment brings a new rule 2A which liberalize 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. The following classes of
companies shall not be considered as listed companies, namely:-
Public companies which have not listed their equity shares on a recognized stock
exchange but have listed their non-convertible debt securities issued on private
placement basis in terms of SEBI (Issue and Listing of Debt Securities) Regulations,
2008; or on non-convertible redeemable preference shares issued on private
placement
Private companies which have listed their non-convertible debt securities on
private placement basis on a recognized stock exchange in terms of SEBI (Issue
and Listing of Debt Securities) Regulations, 2008.
MCA NOTIFIES PRODUCER COMPANIES RULES, 2021:
A Producer Company shall make investments from and out of its general reserves in any
one or in combination. Firstly, in approved securities, fixed deposits, units, and bonds
issued by the Central Government or State Governments Secondly, in co-operative
societies or scheduled banks. Thirdly, with any other scheduled bank. Fourthly, in any of
the securities specified in section 20 of the Indian Trusts Act, 1882 (02 of 1882).Fifthly,
in the shares or securities of any other inter-State co-operative society or any co-
operative society. Lastly, in the shares, securities or assets of public financial institutions
specified under clause (72) of section 2 of the Act.
As regards to the Change of place of registered office from one State to another, the
MCA notified that the rules 27, 30 and 31 of the Companies (Incorporation) Rules, 2014,
including the forms stated therein shall be applied for the purpose of change of place
of registered office of a Producer Company from one State to another.
5 MAR 2021L UL U
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WAATT& &C OC O
GOODS & SERVICES TAX
EXEMPTION FROM AADHAR AUTHENTICATION FOR SPECIFIED PERSONS:
In pursuance of section 25(6D), the government exempted following person from the
provision of Aadhar authentication, other than existing registered person or person require
fresh registration., on the recommendation of GST Council by Notification no. 3/2021-
Central Tax:
Not a citizen of India; or
A Department or Establishment of the Central or State Government; orc)
A local authority; or
A statutory body; ore)
A Public Sector Undertakings; or
A person applying for registration as a UIN holder.
CBIC extend the due date for filing of GSTR-9 and GSTR-
9C from 28.02.2021 to 31.03.2021.
CBIC issued clarification in respect of applicability of Dynamic Quick Response (QR)
Code on B2C invoices and compliance of notification 14/2020- Central Tax i.e.
exempt certain class of registered persons capturing dynamic QR code and the date
for implementation of QR Code was extended to 31.03.2021.
“How many millionaires do you know who have become
wealthy by investing in savings accounts? I rest my case.”
– Robert G. Allen
6 MAR 2021LUNAWAT & CO
LUNAWAT UPDATE
LUNAWAT UPDATE
Presentations:
During Februrary 2021 , CA Pramod Jain gave following presentations: ·
PPT on Succession Planning through Private Trusts and OPC made during Webinar
organised by NIRC of ICAI.
PPT on Practical Aspects of Union Budget 2021 made during Webinar at Sub-Regional
Conference, organised by CIRC of ICAI, Bikaner and Regional Conference of CIRC of
ICAI at Udaipur, Rajasthan.
PPT on Union Budget 2021 made at DLF 5 Club organised by Gurugram Branch of NIRC
of ICAI
PPT on Union Budget 2021 made at Hotel Radison Blu, Jammu organised by Jammu,
Kashmir & Ladhakh Branch of NIRC of ICAI
PPT on Union Budget 2021 made during Webinar organised by KGCA, Mandi Govindgarh,
Ludhiana, Punjab.
PPT on Union Budget 2021 made at Celebrations Banquet, Wazirpur Indl. Area, Delhi
organised by North Campus CPE Study Circle of NIRC of ICAI
PPT on Union Budget 2021 made during Webinar organised by Telangana & AP Tax Bar
and Patel Nagar CPE Study Circle of NIRC of ICAI.
PPT on Union Budget 2021 made during Webinar organised by Noida Chapter of ICSI
OUR
SERVICES
· Audit and Assurance · International
During February 2021 , CA Rajesh Saluja gave following Taxation · Indian Direct Tax Laws · Goods
and Service tax (GST) · Corporate Laws
presentation:
· Limited Liability Partnership (LLP) · Insolvency
Finance for Non Finance for Jyoti Plastics at Vapi, Surat,
Professionals NGOs/Societies and Trusts
Gujrat.
· Compliance Audits· Investigations · Setting
4th Fintax at Escorts Faridabad up Business in India · Outsourcing
Services · Consulting Services
· Trainings · Valuations
· XBRL · Trade Marks
© 2021 Lunawat & Co. All Rights Reserved
Information in this document is intended to provide only a general outline of the subjects covered.
We recommend that you seek professional advice prior to initiating action on specific issues.
Lunawat & Co. does not take any responsibility for any loss arising from any action taken or not
taken by anyone using this material.
7
MAR 2021LUNAWAT & CO
CONTACT US
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Email: pvoffice@Lunawat.com
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Jambali Gali, Borivali (W) Mumbai - 400 092
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Email: mumbai@Lunawat.com
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54, Daryaganj, New Delhi – 110 002
Tel: +91 11 23270624 + 91 11 23279414
Email: dgoffice@Lunawat.com
We also have ASSOCIATES at :
Amritsar, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Cochin, Jaipur, Jodhpur,
Indore, Chandigarh, Panipat, Jalandhar, Allahabad, Lucknow, Pune, Bharatpur, Ranchi,
Ludhiana,Ambala, Lucknow, Agra, Baroda, and Ghaziabad
Editorial Team: CA Vikas Yadav, CS Divya Khurana, Mukul Gupta, Diksha,
Urvi Gupta, Dishant Arora, Monika
MAR 2021
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