The Ministry of Corporate Affairs (MCA) has amended Schedule III of Companies Act 2013 (Act) on 24 March 2021 with an objective to increase transparency and provide additional disclosures to users of financial statements. These amendments are effective from 1 April 2021. We have prepared a presentation to highlight key consideration which companies should be aware of while implementing these changes.
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As per #Section 285 BA read with Rule 114E of Income Tax Rules 1962, a company is required to furnish a statement in Form 61A i.e. Report on #SFT (Specified Financial Transaction) before 30/06/2021 in case such financial transactions are carried out by it during the financial year 01.04.2020-31.03.2021.
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The faceless #assessment scheme of the Income Tax Department has completed scrutiny assessments for AY 2018-19 which was the first year of operation of the faceless scheme
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The Finance Act, 2020 has introduced the new section 206C(1H) of the Income Tax Act, 1961 for Tax Collected at Source on sale of goods.
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Faceless Assessment Scheme, 2020 was notified on 13.08.2020 wherein the Scheme was made applicable with immediate effect. Henceforth, all assessment orders w.e.f. 13.08.2020 (Subject to a few exceptions) shall be passed by National E Assessment Centre through Faceless Assessment Scheme, 2020.
A brief Presentation on the same containing its Features, Benefits, Complexities, Procedure etc. is given below.
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“To provide further relief to the taxpayers, the #Government has issued Notification No. 35/2020 dated June,24 2020 amending The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, #2020, thereby extending due dates under various provisions of Income Tax Act. Details are given below for your reference. We hope you will find the same useful and comply accordingly.”
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All listed entities are required to disclose the impact of #Covid-19 on their financial statements in their results. Detailed disclosures are also required in notes. The auditor is also required to comment on the same in his audit report. In the attached file, we have compiled disclosures made by various companies in this regard. Hope you will find it useful.
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