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Compliance Calender – March 2020

Calendar Date / Due Date Compliance Activity Brief Description of Compliance Act/Rules Frequency Regulatory Authority 7th March External Commercial Borrowing Entity who has taken External Commercial Borrowing are require to report actual ECB transactions through an AD Category – I Bank FEMA,1999 Monthly Department of RBI TDS Payment Salary Income Tax Act,1961 Monthly Income Tax...
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Free Allotment of Instant PAN through Aadhaar Based e-KYC

The Income Tax Department is providing the facility for allotment of Instant PAN (“Permanent Account number”) (on a real-time basis) for resident applicants who are desirous of getting PAN and are in possession of a valid Aadhaar number. E-Permanent Account Number (“e-PAN”) PAN is a 10-character alphanumeric code issued by the Income Tax department to...
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LINKING OF PAN WITH AADHAAR

LINKING OF PAN WITH AADHAAR The Central Board of Direct Taxes (“CBDT”) has extended the due date of linking of Permanent Account Number (“PAN”) with Aadhaar from 31st December, 2019 to 31st March, 2020. This is the third time the due date has been extended. The Supreme Court had in September 2018 declared Aadhaar as...
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Empanelment of Independent Directors- A Welcome Step or An Another Nightmare for ‘Independent Directors’

Independent directors have a crucial role to play for keeping good governance practices. Ministry of Corporate Affairs (“MCA”) along with Indian Institute of Corporate Affairs (IICA) has developed a databank of Independent Directors in accordance with the provisions of Section 150 of the Companies Act, 2013. APPLICABILITY: Individual already acting or aspiring to become Independent...
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PROPOSED IMPACT ON SALARIES AS PER UNION BUDGET 2020

New Tax regime for Individuals and HUFs. The new optional tax regime has been provided to Individuals and HUFs by insertion of new section 115BAC in the Income Tax Act, which provides the following: – On satisfaction of certain conditions, an individual or an HUF has the option to pay tax in respect of its total income at the following rates: S...
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KEY HIGHLIGHTS OF UNION BUDGET 2020-21

Presented On: 01 February 2020 Finance Minister Nirmala Sitharaman presented the Union Budget 2020-21 in the Lok Sabha. This is the second budget after Narendra Modi led National Democratic Alliance returned to power for a second term. The key highlights are as under: Sr.No. Areas Key Highlights 1 Taxation Optional tax regime (devoid of deductions) for...
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Compliance Calender – February 2020

Calendar Date / Due Date Compliance Activity Brief Description of Compliance Act/Rules Frequency Regulatory Authority 1st Feb Annual Return V Rule 18 ( related Mines Rules) VII, VIII Rule 16 related Air Transport The Payment of Wages Act 1936 & Related Mines Rules Annually Concerned Labour Commissioner Annual Return Every Employer shall file annual return...
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Labour Reform-An Era of Substantial Change

Labour Reform- An Era of Substantial Change Ministry of Labour and Employment, Government of India has conveyed its firm intent that forty four central legislations pertaining to labour, industrial and environment related will be merged and subsumed into four codes. The first code (i.e. Code on wages, 2019) has already become a law on August...
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