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NEWS UPDATE

DIN and Incorporation Process

A new web service "RUN" (Reserve Unique Name)

Enforcement of Section 1 and 4 of Companies (Amendment) Act, 2017

CBIC has detected Rs. 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance and recovered Rs. 10,000 crore till now.

Ministry of Corporate Affairs has released the Companies (Prospectus and Allotment of Securities) Third Amendment Rules 2018 on 10th September 2018. Accordingly on or after 2nd October 2018 any issue/allotment/transfer of securities by an unlisted public company must be in dematerialised form.

President gave assent to changes in the Indian Stamp Act, 1899, which will rationalise and harmonise stamp duty and help curb tax evasion. The Amendments to the Indian Stamp Act, 1899, were introduced as part of the Finance Act 2019, and was approved by Parliament.

Every Company incorporated on or before 31st December 2017 has to file e –form active 22A. This return called Active Company Tagging Identities and Verification. Due date - On or before 25-04-2019 late fee - After due date Rs. 10,000.

33rd meeting the GST Council: GST on Affordable Housing cut to 1%. A Big move of GST Council. For affordable housing GST rate reduced from 8% to 1% and for other housing from 12% to 5%. Input Tax Credit not available.

GST ITC on vehicles - as per new amendments in CGST Act, Now business can get GST ITC on vehicles which used for transportation of Goods, passenger vehicle seating capacity more than 13.

Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers from March 1, 2019. Link your PAN with your bank account to get your refund directly, swiftly and securely, the department said.

Supreme Court's ruling on Provident Fund states that employers can't segregate special allowances from basic salary. It has to be included for PF deductions under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952.

Andhra Bank invites applications from practicing Firms of Chartered Accountants, for Concurrent Audit from April 2019 to March 2020 and the last date for submission of application online is 10.03.2019 .

Assessment u/s 153C of the Income Tax Act on non-recording of reasons & unsigned order sheet invalid. Sri Sesha Sai Township P. Ltd. Vs ACIT (ITAT Visakhapatnam).

SEBI reduces minimum net worth requirements for clearing corp in IFSC should have at least Rs 100 crore net worth from three years of commencing operations, It has been brought down from the earlier Rs 300 crore.

eForm MSME (Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises) will be available on MCA21 Company Forms Download page w.e.f 1st May 2019.

CBDT vide order dated 30th April 2019 stated that Income Tax dept to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR.

EPFO plans to move the Supreme Court to review a high court order that allowed workers to draw pension on a wage above the current salary ceiling of Rs.15,000 per month. The current monthly contribution toward EPS is limited and is not adequate to pay a higher pension.

Income tax department has released the software utility in excel format for filing ITR2 for FY2018-19. It is to be used by individuals having capital gains or more than one house property but not by those individuals having income from business and profession.

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST.

CBIC has informed that the IEC holders can register with the Goods and Services Tax Identification Number (GSTIN). It was said that no Digital Signature is required for the same. The facility is now available on www.icegate.gov.in.

ICAI to support qualified students who not able to take membership due to not completion of GMCS, have now been offered to do “virtual GMCS” where they can do GMCS online sitting at office.

IEC holders (Importer/Exporter) can now register at ICEGATE without Digital Signature as Simplified Auto Registration for IEC holders is live on www.icegate.gov.in.

Supreme Court has held that a person has no "right" to be represented by a lawyer in "in-house" proceedings initiated by banks or financial institutions to declare him willful defaulters for non-payment of dues.

Various clauses have been amended and a few new clauses have been inserted in the new Form 3CD. However, the reporting under clause 30C (pertaining to GAAR) & clause 44 (pertaining to GST) was kept in abeyance till March 31, 2019 vide Circular No. 6/2018 dated 17-08-2018.

The new option has been introduced wherein the consignment of one e-way bill has to be moved in multiple vehicles, after moving to transhipment place.

Ministry of Statistics and Programme Implementation (MoSPI) plans to compile a national business register of all business enterprises in the country that can be periodically updated

CBDTs Notification 36/2019”, dated 12th April, 2019 the format of TDS Statement in Form No. 24Q, Annexure-II has been revised. The Notification shall come into force w.e.f. 12th May’ 2019. The Form 16 and 24Q have been amended to make them more elaborative.

RBI said all non-deposit-taking NBFCs with an asset size of Rs 5,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size, have to maintain a liquidity buffer in terms of a Liquidity Coverage Ratio (LCR).

MCA clarifies that last date for filing ACTIVE (INC-22A) expires on 15th June 2019 and no further extension would be provided. In case ACTIVE is not filed on or before the said date, the compliance status for such companies shall be marked as ‘ACTIVE Non-compliant’ and Directors of such ‘ACTIVE non-compliant’ companies shall be marked as ‘Director of ACTIVE non-compliant company’.

GSTN allowed small businesses, with a turnover of 1.5 crore or lower, to download a software that would help create invoices and account statements, manage inventory and prepare GST returns. Six firms are listed on the GSTN website which will offer software free of cost to the targeted 8 million small businesses, or nearly a seventh of India's estimated 55 million SME base.

Corporation Bank invites applications for selection of Concurrent Auditors for audit of the Branches / Offices of the Bank. The Bank intends to appoint Concurrent Auditors by engaging Audit Firms by calling for application online. Last Date - 20.06.2019.

In the absence of clarification from the Government, and to avoid any omission due to aggressive interpretation, it is prudent to understand that the turnover limits prescribed for audit i.e., Rs. 2 crores one should consider aggregate turnover for the whole of the financial year which would also include the first quarter of the financial year 2017-18.

If your landlord happens to be an NRI, make sure you deduct TDS each month from the rental payment. TDS needs to be 31.2% of the rent, unless the NRI landlord furnishes a certificate stating that his total income in India is estimated to fall below the tax exemption limit.

Online applications for Concurrent Auditors in Indian Overseas Bank. The firm which conducted Statutory Audit of Indian Overseas Bank as on 31.03.2018 and 31.03.2019 shall not be considered for appointment as Concurrent Auditor; Last Date of submission - 25/06/2019.

CBDT has issued Circular in which it has provided important clarification regarding the non-allowability of set-off of losses against the deemed income under Section 115BBE of the Income-tax Act, 1961 prior to assessment-year 2017-18.

CBDT circular said the tax exemption for disability pension will be “available only to armed forces personnel who have been invalidated from service on account of bodily disability attributable to or aggravated by such service and not to personnel who have been retired on superannuation or otherwise.

Finance Ministry said the additional discount given by a company to a dealer in certain cases will be liable to GST. Where the discount is linked to specific activities to be done by the dealer such as advertisement, exhibition, etc, it would qualify as a supply by the dealer to the company and the dealer would have to pay GST.

The taxman will 'suo motu' allot a fresh PAN to a person who files tax returns with only Aadhaar as part of a new arrangement to link the two databases, the CBDT chief said after the Budget proposed that only the biometric ID is enough for tax purposes.

Ministry of Corporate Affair MCA Form BEN-2 date extended till 30.09.2019.

PM launches National Pension Scheme for Traders and Self Employed Persons is a government scheme meant for old age protection and social security of Small Scale Traders and Retailers.

Mat will not be allowed to be carried forward if domestic companies opt for 22% option. However that company can switch over to 22% options after utilising the complete MAT.

GST entire ITC for all the invoices pertaining to FY 2018-19 by the GST return filed till 30/9/19. No ITC pertaining to FY 2018-19 is allowed to be taken by the assessee after the return for the month of September is filed.

Selling land does not attract the Goods and Services Tax, but if some one develops and sells a parcel, then it comes under the GST ambit, according to the Authority of Advance Ruling (AAR) in Karnataka. Bengaluru-based Maarq Spaces Private Ltd.

CBEC is considering amending its rules to completely remove the provision under which citizens can receive duty-free ‘gifts and samples’ valued at under Rs 5,000 from overseas, after finding its rampant misuse by Chinese ecommerce vendors.

MCA has given a breather for statutory auditors who were earlier required to file the NFRA-2 form with the National Financial Reporting Authority (NFRA) by November 30. It has now allowed the form — which specified the format of the Annual return — to be filed with the new independent audit regulator NFRA within 90 days from the day on which it was published on the website of the Authority.

National Company Law Appellate Tribunal (NCLAT) has dismissed the petition of the income tax department raising objection over the approval granted by the Ahmadabad bench of the National Company Law Tribunal to Reliance Jio to hive off its fiber and tower business into two separate units.

MCA increases Threshold Limit for requirement to appoint of CS in Pvt. Ltd. From Rs. 5 Cr. to Rs. 10 Cr. MCA notification dated. 3rd January, 2020.

Income tax department has given the facility to download “CPC Intimation Orders” at e-filing portal. Now, there will be no requirement to raise a request to receive the same on e-mail.

Ministry of Corporate Affairs is set to notify new rules for the treatment of third party assets of a stressed financial company under the Insolvency and Bankruptcy Code.

Delhi High Court has held that applications filed for seeking permission to sell a vehicle seized by the bank in cases of default cannot be kept pending for long and should be disposed of within 60 days.

Supreme Court has set aside the order of National Consumer Dispute Redressal Commission which directed them to jointly pay punitive damages of Rs One Crore for alleged unfair trade practice in relation to the quiz show 'Kaun Banega Crorepati (KBC).

Calcutta High Court has asked the Reserve Bank of India (RBI) to consider “appropriate steps" against Bank of Baroda (BoB), including cancelling its banking license, for delaying to honour a bank guarantee.

WHAT WE DO

Audit and Assurance

While you take care of your business operations, we do the audit and review.

Management and Business Support Services

We help you manage the resources better through our management and support services.

Advisory and Consultancy Services

Tell us your requirements and we are happy to help because you are important to us and so is your business.

Taxation and Transaction Advisory

We’ll assist you to do the national and international transactions with absolute ease.

Corporate Laws

We guide you through the legalities and the compliance needs all throughout your operations.

Business Process Outsourcing

We also extend our services in the area of business process outsourcing.

TESTIMONIALS

“JMMK & Co has been extremely efficient with their services. They have an excellent team to support & service round the clock. With their ethical and fair practices, they are here for the long run.”

DIRECTOR – Spearhead Group

“JMMK & Co has provided us services and does so even today. Team is excellent. Our relationship is extremely cordial and I hope it continue to do good work and grow phenomenally.”

PARTNER – Bright Commodities

“JMMK & Co has been providing financial audits and tax consulting services and other management reports for Group MRP now for over three years. Over that time, JMMK & Co has been a very valuable resource for questions that arise from a financial, regulatory or business perspective. We look forward to working with the entire team of JMMK & Co”

DIRECTOR – Group MRP

“They are a perfect bunch for a growth riding organisation. Deep knowledge, fair practice & compassionate approach make them any client’s dream team. We are happy to be working with them & definitely recommend.”

Director – Digital Media Co.

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Head Office: B 10, Western edge II, off Western Express Highway behind Metro cash & carry, Borivali East, Mumbai 400066

Branch Office: 126, 1st Floor, Furniture Market, Kota - 324007, Rajasthan.

Branch Office: 101 A, First Floor, 7 Kwality Parikarma Press Complex, Opposite Danik Bhaskar Press zone - 1, M.P. Nagar, Bhopal - 462011

+91-22-40 101 784

info@jmkco.in

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