Skip to main content

Company Compliance Checklist during Coronavirus for Financial Year 2019-20

 There are several Compliances that a Company is required to follow. These Compliances are set by various Statutes and other regulatory bodies in India. A Company ought to ensure that these requirements are complied with, lest it should run the risk of huge penalties and even suspension of licenses to carry out businesses. 


COVID-19 has affected the economy at the global level and this negative impact on financials and restrictions on the major chunk of Companies in India has been considered by the Government of India. The Government has brought about relaxations in various regimes governing functioning of companies and compliances for the Financial Year of 2019-2020. The Company compliance checklist has in a way been altered due to COVID-19 for the said Financial Year. 


Given below is the Company compliance checklist under Companies Act 2013, Income Tax Act 1961 and FEMA, for Private or Public Ltd. Companies, Foriegn Companies, Project Office, Liaison or Branch Office and Non Banking Financial Companies. 


Connect with an expert lawyer for your legal issue

 


A. PRIVATE / PUBLIC LIMITED COMPANIES

Given below are the Forms to be filed under specific authorities, along with due dates (after extension if any, due to COVID-19). These compliance requirements are under the Companies Act 2013. 


 


Form ADT-1 for the first appointment to be filed to the Registrar of Companies within 15 days from date of appointment(BM). 


Form ADT-1 to regularise the auditor for another 4 years to be filed to the Registrar of Companies within 15 days from date of AGM. 


Form DPT-3 to be filed to the Registrar of Companies; 30th June 2020- 30th September 2020 (with CFSS). 


Form BEN-2 to be filed to the Registrar of Companies; 30th June 2020- 30th September 2020 (with CFSS).


1.Form MSME to be filed to the Registrar of Companies; 31st March 2020 - 30th April 2020 (after CFSS).


2.Form MSME to be filed to the Registrar of Companies; 31st October 2020.


Form MGT-7 to be filed to the Registrar of Companies; 29th November 2020 (expected to be extended). 


Form AOC-4 to be filed to the Registrar of Companies; 29th October (expected to be extended). 


Statutory Audit of Accounts by a Chartered Accountant; 30th September 2020. 


Income Tax Returns (ITS-6) under the Income Tax Act 1961; 30th November 2020. 


Director’s KYC (Form DIR-3) to be filed to the Registrar of Companies; 30th September 2020. 


Director’s Disclosure - Form MBP-1; Company’s Documents; 30th June, 2020. 


Director’s Disclosure - Form MBP-1; MGT-14 (Public Company); to be filed within 30 days of 1st BM held. 


Adoption of Annual Accounts; MG - 14 (Public Company); Within 30 days of adoption of Accounts. 


Consult: Top Corporate Lawyers in India

 


B. FOREIGN COMPANIES (with FTC in their CIN) 

The Companies Act and Income Tax Act compliances stated above are applicable to these companies as well. Given below are the Forms to be filed under specific authorities, along with due dates (after extension if any, due to COVID-19). 


1 FLA Return (if received FDI in that particular FY) to be filed with the Reserve Bank of India; 15th July 2020. 


2 FLA Return (if received FDI in that particular FY) to be filed with the Reserve Bank of India; 15th October 2020. 


FC - GPR (receiving of fresh FDI) to be filed with the Reserve Bank of India within 30 days. 


FC - TRS (transfer of foreign shares) to be filed with the Reserve Bank of India within 60 days. 

 


C. PROJECT OFFICE 

Given below are the compliances to be filed followed under specific authorities, along with due dates (after extension if any, due to COVID-19). These compliance requirements are under the Companies Act 2013 and Income Tax Act 1961. 


FC-3 (Financial Statement)  to be filed with the Registrar of Companies; 31st December 2020.


FC-4 (Annual Return) to be filed with the Registrar of Companies; 31st May 2020.


FC-2 (Change in any information about the Project Office) to be filed with the Registrar of Companies; within 30 days of the happening of the event.


FC-1 (Registering the Company with ROC after RBI) to be filed with the Registrar of Companies within 30 days after getting a registration certificate from Reserve Bank of India. 


Income Tax Return (ITR) under the Income Tax Act 1961 by 30th November 2020. 


Financials to be audited if gross receipts are 2 crores or above by 30th November 2020. 


Connect with an expert lawyer for your legal issue

 


D. LAISON OFFICE / BRANCH OFFICE 

Annual Activity Certificate (AAC) - Annexure 4; Certificate from PCA that the Company is engaged in the activity for which it was permitted to carry out by the Reserve Bank of India; 30th September, 2020 (no extension till now).


1. FLA Return (if received FDI in that particular FY); to be filed with the Reserve Bank of India; 15th July 2020 (unaudited).


2. FLA Return (if received FDI in that particular year); to be filed with the Reserve Bank of India; 15th October 2020 (audited). 

 


E. NBFCs

Given below are the Forms to be filed under specific authorities, along with due dates (after extension if any, due to COVID-19). These compliance requirements are under the Companies Act 2013 and the Income Tax Act, 1961.


Non-Deposit taking NBFC’s with asset size of Rs.50 ­- 100 Cr to file quarterly return to the Reserve Bank of India by 30/06/2020-30/09/2020-31/12/2020-31/03/2020 (Within 30 days from end of these quarters).


Annual Return on Non-Deposit taking NBFC’s with asset size from Rs.100 Cr. to 500 Cr to file form NBS-8 to the Reserve Bank of India; 30th May 2020.


Annual Return on NBFC­-ND­-SI with asset size below Rs.100 Cr to file NBS-9 to the Reserve Bank of India; 30th May 2020.


Monthly Return with asset size of Rs.100 Cr. & above to file monthly return to the Reserve Bank of India.


Statement of Short term dynamic liquidity; NBS-AML-1 to be filed with the Reserve Bank of India within 10 days of the end of every month.


Statutory Auditor Certificate; SAC to be filed to the Reserve Bank of India by 30th October 2020.


Special Return; General information and Net Owned Funds to be filed to the Reserve Bank of India annually.


Branch Information; Branch Details to be filed with the Reserve Bank of India annually.


Annual Compliances- FPC, KYC, CERSAI, SAC, Audited Financials, PO details, Nodal Officer Details or any other information asked by the Reserve Bank of India (on Sos basis via mail) to be submitted in hard copy to the Reserve Bank of India annually.


Statutory Audit of Accounts as under the Companies Act 2013 by a Chartered Accountant; 30th September 2020.


Income Tax Return under form ITR-6 to be filed to the Income Tax authority; 30th November 2020.


Consult: Top Corporate Lawyers in India


The above measures are an attempt by the government, to ease the hardships faced by businesses across the nation in these unprecedented times. The various statutes governing the above regime have set in place a system of penalties to enforce their mandates, which need to be adhered to despite the acute financial stress on various businesses even during COVID-19. 


Even though the entire nation is still battling the constant growing cases of Coronavirus, a bona fide plan of action from the government and its various agencies (including the extended timelines for compliances) provides a fleeting glimpse at normalcy and a safety net from financial ruin.



Comments

Popular posts from this blog

INCOME TAX SECTION 32AD - Investment in new plant or machinery in notified backward areas in certain States

 Description (1) Where an assessee, sets up an undertaking or enterprise for manufacture or production of any article or thing, on or after the 1st day of April, 2015 in any backward area notified by the Central Government in this behalf, in the State of Andhra Pradesh or in the State of Bihar or in the State of Telangana or in the State of West Bengal, and acquires and installs any new asset for the purposes of the said undertaking or enterprise during the period beginning on the 1st day of April, 2015 and ending before the 1st day of April, 2020 in the said backward area, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new asset for the assessment year relevant to the previous year in which such new asset is installed. (2) If any new asset acquired and installed by the assessee is sold or otherwise transferred, except in connection with the amalgamation or demerger or re-organisation of business referred to in clause (xiii)or cla

60 Minute Marriage Counselling Session On Phone

Description A 60 minute phone call with an expert Marriage\Relationship Counselor to discuss your marriage\relationship related issues. Counselling aims to resolve issues and improve communication in a relationship. Couples’ counselling works with both people in the relationship, however sessions can start with one individual, working towards the involvement of the other partner. What's Included a) 60 minute phone call with the counselor where you can discuss all your issues and seek guidance. What's Not Included a) Counselling session via meeting

Send Legal Notice for Divorce

 India being a secular country derives a large part of its laws from various religious practices. One such area of law is Divorce law of India. A divorce case in India can be initiated by either party based on the procedure relevant as per the law applicable to the parties. However, the procedure for divorce always starts with sending a legal notice.   Either party can send a legal notice to the other spouse intimating his/her intent to initiate legal proceedings for divorce. Sending a legal notice acts as a formal way of communication by one party to the other acting as a warning and at the same time creating chances for a last attempt for conciliation, if possible. Connect with an expert lawyer for your legal issue   What is a legal notice for divorce? A legal notice refers to a formal communication to a person or the opposite party in a case, informing him/her about one’s intention to undertake legal proceedings against him/her. Therefore, a legal notice for divorce is a formal inti