Quaserv Global Business Solution

Quaserv Global Business Solution A complete solution for Accounts, Tax, Cost, Legal and Finance related problem for any business. Quaserv Global Business Solution Pvt.

Limited is a Company incorporated with a vision to deliver comprehensive business solution under one roof with the integrity, commitment and dedication to exceed client’s expectation. Quaserv is driven by a team of professionals committed to deliver client focused solution in the field of Accountancy, Taxation, Corporate Laws, Labour Law, Personal and Project finance etc. with host of other financ

ial related service. Quaserv (‘Qua’ from Quality & ‘Serv’ from Service) is committed to stand by our name, to provide quality service to your professional needs and our zeal to perform gives us the edge to provide you the best of services.

31/08/2020

𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 (𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧) 𝐀𝐦𝐞𝐧𝐝𝐦𝐞𝐧𝐭 𝐑𝐮𝐥𝐞𝐬, 𝟐𝟎𝟐𝟎
The Ministry of Corporate Affairs (MCA) has notified the Companies (Management and Administration) Amendment Rules, 2020 which shall come into force on the date of their publication in the official gazette i.e. 28th August, 2020. Through this amendment, a new proviso has been added to Rule 12(1) as provided that a company shall not be required to attach the extract of the annual return with the Board’s report in Form No. MGT-9, in case the web link of such annual return has been disclosed in the Board’s report in accordance with sub-section (3) of section 92 of the Companies Act, 2013.

Accordingly, every company is required to place a copy of the annual return on their website, if any, and shall also put the weblink of the same in their Board's Report. Companies would not be required to attach the Extract of Annual Return in Form MGT-9 with its Board's Report, if the Annual Return is hosted on the website of the Company.

25/08/2020

𝐀𝐦𝐞𝐧𝐝𝐦𝐞𝐧𝐭 𝐢𝐧 𝐒𝐜𝐡𝐞𝐝𝐮𝐥𝐞 𝐕𝐈𝐈 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐀𝐜𝐭, 𝟐𝟎𝟏𝟑
The amendments are made in the item (ix) and the entries thereto, to substitute the same with the new clause. According to the amendments, contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government has been added in sub-clause (a) and new institutions have been to the list, which are engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).

25/08/2020

𝐀𝐦𝐞𝐧𝐝𝐦𝐞𝐧𝐭 𝐢𝐧 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 (𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐒𝐨𝐜𝐢𝐚𝐥 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐏𝐨𝐥𝐢𝐜𝐲) 𝐑𝐮𝐥𝐞𝐬, 𝟐𝟎𝟏𝟒
A new proviso has been added in Rule 2 (1)(e), to provided that any Company engaged in research and development activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID-19 for financial years 2020-21, 2021-22 and 2022-23 subject to the conditions that such research and development activities shall be carried out in collaboration with any of the institutes or organisations mentioned in item (ix) of Schedule VII to the Act and details of such activity shall be disclosed separately in the Annual Report on CSR included in the Board’s Report. Further, to pave way for the said proviso, in Rule 4(1) the words, excluding activities undertaken in pursuance of its normal course of business have been deleted.

07/08/2020

𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧 𝐮/𝐬 𝟏𝟎 (𝟐𝟑𝐂) (𝐯𝐢) - 𝐁𝐮𝐫𝐝𝐞𝐧 𝐥𝐢𝐞𝐬 𝐮𝐩𝐨𝐧 𝐭𝐡𝐞 𝐑𝐞𝐯𝐞𝐧𝐮𝐞
Hon'ble Madras High Court have held that the burden lies upon the Revenue to bring on record the evidence to rebut the claim of the Appellant Trust and to establish that the activities carried out and the expenditure incurred by the Assessee Trust could not be related to the educational activities of the Appellant Trust by any stretch of imagination. - mere reference to the expenditure incurred and the Head of expenditure in question while rejecting the Application u/s 10(23C)(vi) of the Act is not enough to reject the Application under the provisions of the Income Tax Act.

07/08/2020

𝐂𝐥𝐚𝐫𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐝𝐢𝐬𝐩𝐚𝐭𝐜𝐡 𝐨𝐟 𝐧𝐨𝐭𝐢𝐜𝐞 𝐮𝐧𝐝𝐞𝐫 𝐬𝐞𝐜𝐭𝐢𝐨𝐧 𝟔𝟐 (𝟐) 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐀𝐜𝐭, 𝟐𝟎𝟏𝟑 𝐛𝐲 𝐥𝐢𝐬𝐭𝐞𝐝 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐟𝐨𝐫 𝐫𝐢𝐠𝐡𝐭𝐬 𝐢𝐬𝐬𝐮𝐞𝐬 𝐨𝐩𝐞𝐧𝐢𝐧𝐠 𝐮𝐩 𝐭𝐨 𝟑𝟏𝐬𝐭 𝐃𝐞𝐜𝐞𝐦𝐛𝐞𝐫, 𝟐𝟎𝟐𝟎
The Ministry of Corporate Affairs has clarified that in case of listed companies, which comply with relevant circulars issued by SEBI, inability to dispatch the relevant notice to shareholders through registered post or speed post or courier would not be viewed as a violation of section 62(2) of the Act for rights issues opening up to 31st December, 2020.

30/07/2020

𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐨𝐧 𝐟𝐨𝐫 𝐟𝐢𝐥𝐢𝐧𝐠 𝐨𝐟 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐀𝐬𝐬𝐞𝐭𝐬 (𝐅𝐋𝐀)

The FLA Return needs to be submitted by all Indian companies which have received Foreign Direct Investments (FDI) or made any FDI abroad (overseas investment) in the previous year(s) including the current year i.e. who holds Foreign Assets or Liabilities in their Balance Sheets. The due date of filing the FLA Return for the financial year 2019-20 was 15th July, 2020 which was extended to 31st July, 2020, and now further extended up to 14th August, 2020.

30/07/2020

𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐭𝐢𝐦𝐞 𝐟𝐨𝐫 𝐬𝐮𝐛𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐨𝐟 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐫𝐞𝐬𝐮𝐥𝐭𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐪𝐮𝐚𝐫𝐭𝐞𝐫/𝐡𝐚𝐥𝐟 𝐲𝐞𝐚𝐫/ 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐲𝐞𝐚𝐫 𝐞𝐧𝐝𝐞𝐝 𝟑𝟎𝐭𝐡 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟎

Earlier, SEBI had extended the timeline for submission of financial results by listed entities for the quarter/half-year / financial year ended 31st March 2020 to July 31, 2020 due to the impact of the CoVID19 pandemic.

According to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which requires a listed entity to submit its quarterly/half-year/annual financial results within forty-five days or sixty days, as applicable, from the end of each quarter/half-year/financial year.

Accordingly, listed entities are required to submit the financial results for the quarter/half year ended June 30, 2020, on or before August 14, 2020.

After consideration, it has been decided to extend the timeline for submission of financial results under Regulation 33 of the LODR Regulations, for the quarter/half-year/financial year ended June 30, 2020, to September 15, 2020.

25/07/2020

𝐑𝐞𝐥𝐚𝐱𝐚𝐭𝐢𝐨𝐧𝐬 𝐫𝐞𝐥𝐚𝐭𝐢𝐧𝐠 𝐭𝐨 𝐩𝐫𝐨𝐜𝐞𝐝𝐮𝐫𝐚𝐥 𝐦𝐚𝐭𝐭𝐞𝐫𝐬 –𝐈𝐬𝐬𝐮𝐞𝐬 𝐚𝐧𝐝 𝐋𝐢𝐬𝐭𝐢𝐧𝐠

1. SEBI vide Circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020 granted one time relaxations from strict enforcement of certain regulations of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, pertaining to Rights Issue opening up to July 31, 2020.

2.Based on the representations received from the market participants, the validity of relaxations, as provided by Circular No. SEBI/HO/CFD/DIL2/CIR/P/2020/78 dated May 6, 2020 is further extended and shall be applicable for Rights Issues opening up to December 31, 2020.

25/07/2020

𝐌𝐞𝐦𝐨𝐫𝐚𝐧𝐝𝐮𝐦 𝐨𝐟 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 (𝐌𝐨𝐔) 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐌𝐢𝐧𝐢𝐬𝐭𝐫𝐲 𝐨𝐟 𝐌𝐢𝐜𝐫𝐨, 𝐒𝐦𝐚𝐥𝐥 𝐚𝐧𝐝 𝐌𝐞𝐝𝐢𝐮𝐦 𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞𝐬, 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚 (𝐌𝐨𝐌𝐒𝐌𝐄)

The Central Board of Direct Taxation (CBDT) has signed a MoU with MoMSME. The MoU will facilitate the seamless sharing of certain Income-tax Return (ITR) related information by the Income Tax Department to MoMSME. This data will enable MoMSME to check and classify enterprises in Micro, Small and Medium categories as per the criteria notified on 26/06/2020 of MoMSME. The MoU comes into force from the date it was signed i.e 20/07/2020.

30/06/2020

𝐍𝐄𝐖 𝐍𝐎𝐑𝐌𝐒 𝐎𝐅 𝐑𝐄𝐆𝐈𝐒𝐓𝐑𝐀𝐓𝐈𝐎𝐍 𝐔𝐍𝐃𝐄𝐑 𝐌𝐒𝐌𝐄
The Ministry of Micro, Small and Medium Enterprise has notified new norms to allow online registration of new enterprises based on self-declaration, doing away the requirement to upload documents and certificates, from July 1, 2020.

As per the notification, MSME Department came up with a new definition/classification of MSMEs, procedure of issuing certificate called as Udyam Registration, composite criteria of investment and turnover, the meaning of investment, calculation of turnover etc has been covered.

Udyam Registration will be available for registration from 1st July 2020.

All enterprises registered under EM Part II and UAM are also required to get new registration under Udyam Registration.

Enterprises are classified as Micro Enterprises, Small Enterprises and Medium Enterprises but there are upward changes made to cover more enterprises and to extend MSMEs benefit to larger numbers.

All existing enterprises registered on or before 30th June 2020 will remain valid till 31st March 2021.

Accordingly, Micro Enterprises means an enterprise having investment in plant and machinery or equipment up-to 1 Crore and turnover up-to 5 Crore, Small Enterprises means an enterprise having investment in plant and machinery or equipment up-to 10 Crore and turnover up-to 50 Crore and Medium Enterprises mean an enterprise having investment in plant and machinery or equipment up-to 50 Crore and turnover up-to 250 Crore.

30/06/2020

𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 (𝐑𝐞𝐦𝐨𝐯𝐚𝐥 𝐨𝐟 𝐍𝐚𝐦𝐞𝐬 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬) 𝐑𝐮𝐥𝐞𝐬, 𝟐𝟎𝟏𝟔
In terms of the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2020, along with E-Form STK 2 a duly notarised indemnity bond in Form STK-3A shall be given by an authorised representative, not below the rank of Under Secretary or its equivalent, in the administrative Ministry or Department of the Government of India or the State Government, as the case may be, on behalf of the company in case of:

(a) A Government company in which the entire paid up share capital is held by the Central Government, or by any State Government or Governments or by the Central Government and one or more State Governments; or

(b) A subsidiary of a Government company, in which the entire paid up share capital is held by that Government company,

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