Finshop Private Limited

26/03/2021

Financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

21/07/2020

SECTION - 194N

TDS ON CASH WITHDRAWAL FROM BANK A/C

WEF 01-07-2020

TDS RATE 2% - RS. 20 LAKHS TO RS. 1 CRORE

TDS RATE 5% - EXCEEDS RS.1 CRORE

01/04/2020

Bank Mergers from today
01.04.2020:

1) Punjab National Bank +
Oriental Bank of Commerce +
United Bank of India = PNB ✓

2) Canara Bank + Syndicate
Bank = Canara Bank ✓

3) Union Bank of India
+Andhra Bank + Corporation
Bank = Union Bank of India ✓

4) Indian Bank + Allahabad
Bank = Indian Bank ✓

~~~~~~~~~~~~~~~~~~~

After Merger, 12 Banks viz.

1) State Bank of India
2) Punjab National Bank
3) Bank of Baroda
4) Canara Bank
5) Union Bank of India
6) Bank of India
7) Indian Bank
8) Indian Overseas Bank
9) Bank of Maharashtra
10)Central Bank of India
11) Punjab & Sind Bank
12) UCO Bank
will be functioning independently..

30/03/2020

Good News : Golden Opportunity for defaulting companies to complete their non compliance and get annual filling done in normal fees without any additional fees.

30/03/2020

For moratorium in business loans pls drop the following mail to all customer care ids of every bank /nbfc.

Draft Letter

Dear Sir/ Madam,

This is with the reference of the Business Loan Account Number-........................... against which the EMI is due on date ..............th of every month.

As we are all facing a lock down situation everywhere whether it is any Industry/ Warehouse/ Logistics due to Covid-19 and all the businesses and supply chain is affected very badly including the incoming payments or salaries or creditor's payments.

In lieu of the above fact and RBI Notification, we would like to sincerely request you to kindly defer the EMI payments (Principal amount & Interest applicable) due in next 3 months. Keeping rest of the terms and conditions same.

Looking forward to your support and co-operation.

29/03/2020

*इनकम टैक्स एक्ट में राहत*

*1. वित्तिय वर्ष 2018-19 की रिटर्न फ़ाइल करने की तारीख जो 31जुलाई होती है। उसमें किसी की चूक हुई है तो वे अब 30 जून तक फ़ाइल कर सकते हैं। लेकिन बकाया टैक्स, अगर कोई है तो ब्याज लगेगा 9% पुरानी रेट 12%*

_2. टीडीएस कोई जमा नहीं हो पाया तो 30 जून तक जमा करा सकते हैं 9%ब्याज के साथ। पुरानी रेट 18% थी। लेकिन अब डिफॉल्टर नहीं माने जाएंगे।_

3. आधार-पैन लिंकिंग की समय सीमा 30 जून कर दी है।

*4. विवाद से विश्वास स्कीम में 30 जून तक जाने पर एक्स्ट्रा 10% नहीं लगेगा। लेकिन डेट एस्टेण्ड नहीं की। पहले ही 30 जून थी।*

*5. आयकर विभाग द्वारा कोई नोटिस/ इंटिमेशन/नोटिफिकेशन/अप्परोवल/सैंक्शन सबकी तारीख 30 जून हो गई.*

_6. हर कंप्लायंस चाहे इन्वेस्टमेंट हो, कैपिटल गेन का इम्वेस्टमेंट हो, बेनामी, ब्लैक मनी, stt की कोई भी कार्यवाही जिसकी तारीख 20 मार्च के बाद थी, वे सब 30 जून हो गई

12/03/2020

*CARO reporting to be done by auditor* has been amended
Important changes are as follows:

1. Reporting on revaluation of Property, Plant and Equipments by company
2. Reporting of proceedings under the *Benami Transactions* (Prohibition) Act, 1988.
3. Reporting if the *stock statements filed with banks* are in line with books of accounts, if company was sanctioned working capital limits in excess of five crore rupees or more from banks or financial institutions.
4. Reporting of *investments* in or providing of any *guarantee or security* or granting any loans or advances.
5. Loans overdue for more than 90 days, *evergreening of loans, reporting on any *loan default*, etc.
6. Reporting of compliances with *RBI directives* and the provisions the Companies Act with respect to deemed deposits.
7. Reporting with respect to transactions not recorded in the books of account but now surrendered or disclosed as income in the income tax proceedings.
8. Reporting on treatment by auditor of *whistle-blower complaints* received during the year by the company
9. Reporting on internal audit system
10. Reporting on cash losses
11. Reporting on resignation of the statutory auditors
12. Reporting on *uncertainty of company capable of meeting its liabilities*
13. Reporting transfer of *unspent CSR* amount to Fund specified in Schedule VII

12/03/2020

This channel is created to give regular updates on GST, Income Tax, ROC, VAT, custom, RBI, NBFC etc. "Taxknowledge' provides news and latest updates related ...

17/02/2020

Residential Status as per budget 2020

14/02/2020

14/02/2020

Tax terrorism at its peak....

03/02/2020

Key features of ..SPICe+ Greater Ease of Doing Business🎯

As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form.
SPICe+ would offer 10 services by 3 Central Govt Ministries & Departments. (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Govt.(Maharashtra), thereby saving as many procedures, time and cost for Starting a Business in India and would be applicable for all new company incorporations w.e.f 15th February 2020.
Features:
1. SPICe+ would be an integrated Web Form.

2. SPICe+ would have two parts viz.: Part A-for Name reservation for new companies and Part B offering a bouquet of services viz.
(i) Incorporation
(ii) DIN allotment
(iii) Mandatory issue of PAN
(iv) Mandatory issue of TAN
(v) Mandatory issue of EPFO registration
(vi) Mandatory issue of ESIC registration
(vii) Mandatory issue of Profession Tax registration(Maharashtra)
(viii) Mandatory Opening of Bank Account for the Company and
(ix) Allotment of GSTIN (if so applied for)

3. Users may either choose to submit Part-A for reserving a name first and thereafter submit Part B for incorporation & other services or file Part A and B together at one go for incorporating a new company and availing the bouquet of services as above.

4. A new and user friendly Dashboard on the Front Office is being created for company incorporation application (SPICe+ and linked forms as applicable).

5. Incorporation applications (Part 😎 after name reservation (In Part A) can be submitted as a seamless process in continuation of Part A of SPICe+. Stakeholders will not be required to even enter the SRN of the approved name as the approved Name will be prominently displayed on the Dashboard and a click on the same will take the user for continuation of the application through a hyperlink that will be available on the SRN/application number in the new dashboard.

6. Resubmission of applications for company name reservation and/or incorporation shall also be handled through the application number/Name applied for link on the new dashboard. A hyperlink will be available for the SRN/application number, so as to enable easy resubmission, wherever required.
7. From 15th February 2020 onwards, RUN service would be applicable only for ‘change of name’ of an existing company.

8. The new web form would Facilitate On-screen filing and real time data validation for seamless incorporation of companies.

9. The approved name and related incorporation details as submitted in Part A, would be automatically Pre-filled in all linked forms also viz., AGILE-PRO, eMoA, eAoA, URC1, INC-9 (as applicable)

10. For ensuring ease while filing, SPICe+ will be structured into various sections.

11. Information once entered can be saved and modified.

12. All Check form and Pre-scrutiny validations (except DSC validation) will happen on webform itself.

13. Once the SPICe+ is filled completely with all relevant details, the same would then have to be converted into pdf format, with just a click of the mouse button, for affixing DSCs.

14. All digitally signed applications can then be uploaded along with the linked forms as per the existing process.

15. Changes/modifications to SPICe+ (even after generating pdf and affixing DSCs), can also be done by editing the same web form application which has been saved, generating the updated pdf affixing DSCs and uploading the same.

16. DSC validation and other validations will happen at Upload Level.

17. Registration for EPFO and ESIC shall be mandatory for all new companies incorporated w.e.f 15 February 2020 and no EPFO & ESIC registration nos. shall be separately issued by the respective agencies.

18. Registration for Profession Tax shall also be mandatory for all new companies incorporated in the State of Maharashtra w.e.f 15th February 2020.

19. All new companies incorporated through SPICe+ (w.e.f 15th February 2020) would also be mandatorily required to apply for opening the company’s Bank account through the AGILE-PRO linked web form.

20. Declaration by all Subscribers and first Directors in INC-9 shall be auto-generated in pdf format and would have to be submitted only in Electronic form in all cases, except where:

(i) Total number of subscribers and/or directors is greater than 20 and/or

(ii) Any such subscribers and/or directors has neither DIN nor PAN.