Compliances

Corporate Compliance Calendar For April 2020

This Article contains statutory compliance calendar 2020. This article is specific about various Compliance requirements that come under statutory laws. However, before heading forward it is must to know what “Compliance” actually means. It means a formal act of adhering to any rule or any other law or order. Corporate Compliance Requirement Under various statutes is as follows:

• Income Tax Act, 1961
• Goods & Services Tax Act, 2017 & 39th GST Council Meeting Updates
• And Other Statutory Laws
• Foreign Exchange Management Act, 1999 and Important Notifications
• SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
• SEBI Takeover Regulations 2011
• SEBI (Prohibition of Insider Trading) Regulations, 2015
• SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
• SEBI (Buyback of Securities) Regulations, 2018 and Circulars
• Companies Act, 2013 (MCA/ROC and LLP Compliance) and Notifications
• ICSI Updates on e-CSIN
• Ministry of Micro, Small and Medium Enterprises
• Insolvency and Bankruptcy Board of India Updates

Corporate Compliance Requirement Under Income Tax

Income Tax Act 1961	07 APR 2020	The due date for the deposition of Tax deducted by an office of the government for the March 2020. Although all sum deducted by an office of the government must be paid to credit of the Central Government on the same day when tax is paid without production of an Income tax Challan	Tax deducted by Govt. Office
Income Tax Act 1961	14 APR 2020	The due date for issuance of TDS Certificate for tax deducted under section 194-IA in the month of February, 2020	TDS Certificate under section 194-IA
Income Tax Act, 1961	14 APR 2020	The due date for issuance of TDS Certificate for tax deducted under section 194-IB in the month of February, 2020	TDS Certificate under section 194-IB
Income Tax Act, 1961	14 APR 2020	The due date for issuance of TDS Certificate for tax deducted under section 194M in the month of February, 2020	TDS Certificate under section 194M
Income Tax Act, 1961	15 APR 2020	The quarterly statement in regard of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2020	Form No. 15 CC
Income Tax Act, 1961	15 APR 2020	The due date to furnish statement in Form no. 3BB by a stock exchange in regard of transactions in which client codes been modified after registration in the system for month of March, 2020	Form No. 3 BB
Income Tax Act, 1961	30 APR 2020	The due date to furnish of Form 24G by an office of the Government when TDS for the March, 2020 has been paid without the production of a challan	Form No. 24 G
Income Tax Act, 1961	30 APR 2020	The due date for furnishing of challan-cum statement in respect of tax deducted under section 194-IA in the month of March, 2020	Tax Deducted under section 194-IA
Income Tax Act, 1961	30 APR 2020	The due date for furnishing of challan-cumstatement in respect of tax deducted under section 194-IB	Tax deducted under section 194 1B
Income Tax Act, 1961	30 APR 2020	Due date for furnishing of challan-cumstatement in respect of tax deducted under section 194M	Tax Deducted u/s 194M
Income Tax Act, 1961	30 APR 2020	A due date for depositing of tax deducted by an assessee other than an office of the Government for the March, 2020.	Tax deducted by Non- Govt.
Income Tax Act, 1961	30 APR 2020	A due date for e-filing of a declaration in Form No. 61 which contains particulars of Form No. 60 received during the month of October 1, 2019 to March 31, 2020.	Declaration in Form No. 61
Income Tax Act, 1961	30 APR 2020	The due date to upload declarations received from the recipients in Form. 15G/15H during the quarter ending of March, 2020.	Form. 15G/15H
Income Tax Act, 1961	30 APR 2020	The due date for depositing of TDS for the month of January 2020 to March 2020 when the Assessing officer, have permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H	Quarterly TDS

Corporate Compliance Requirement Under GST Act, 2017

GST, Act, 2017	June 2020	When Turnover less than Rs. 5 Crore then having aggregate annual turnover less than Rs. 5 Crore the last date of filing GSTR-3B due in March, April and May 2020 by the end of the June, 2020. The interest, late fee, and penalty will not be charged.	GSTR-3B
GST, Act, 2017	June 2020	When Turnover More than Rs. 5 Crore then can file returns due in March, April and May 2020 by end of the June 2020 but the same would be the reduced rate of interest rate 9% per annum from 15 days after the due date	GSTR-3B
GST, Act, 2017	June 2020	Return of outward supplies of taxable goods or services or both for the Month of March 2020 for the Assesses having turnover exceeding 1.5 Crore of Monthly Return.	GSTR-1
GST, Act, 2017	June 2020	The return of outward supplies of taxable goods and services for the  March 2020 for Assesses having turnover Less than 1.5 Crore of Monthly Return.	GSTR-1
G.S.T Act 2017	20th of the succeeding	The payment of self-assessed tax	PMT-08
G.S.T Act 2017	18 months after end of quarter for which the refund has to be claimed	Application for Refund	RFD-10
GST, Act, 2017	30 JUNE 2020	Annual Returns for the FY 2018-2019	GSTR-9, GSTR – 9A & GSTR-9C
G.S.T Act 2017	3 months from the registration cancellation date or the order cancellation date, whatever comes late	A taxable person who takes for cancellation of GST registration has to file the final return under GST law in Form GSTR-10 within the period of three months.	GSTR-10
GST, Act, 2017	28th of every month following the month in which an inward supply is received by the UIN holders	Statement of the inward supplies by persons having a Unique Identification Number (UIN)	GSTR-11
GST, Act, 2017	June 2020	Return filed by the composition dealer statement-cum-challan for declaring the details or summary of his/her self assessed tax payable for a given quarter	CMP-08

Corporate Compliance Under Other Statutory Laws

EPF	15 APR 2020	PF Payment for February, 2020	ECR
ESIC	15 APR 2020	ESIC Payment for February, 2020	ESI Challan
The Apprenticeship  Act, 1961	15 APR 2020	Half Yearly Return March Ending	Form App 2
The Employment Exchange (CNV) Act 1959 & Rules	30 APR 2020	Quarterly Return for Quarter ended 31st march	ER-1 RULE 6

Corporate Compliance Under FEMA/ RBI

FEMA ACT 1999	Monthly Basis	External Commercial Borrowings	ECB 2 Return
FEMA ACT 1999	Not more than the period of 30 days from the date of issue of shares	After the issuance of shares or other eligible securities, the Indian company has to file	Form FC-GPR
FEMA ACT 1999	Within the period of 60 days from the date of receipt of amount for consideration.	Reporting of transfer of the shares and other eligible securities between residents and nonresidents and viceversa has to be made in Form FC-TRS.	Form FC-TRS.
FEMA ACT 1999	Within Six (6) months	The Indian Party and a Resident Individual making an overseas investment is required to submit the Form ODI	Form ODI

SEBI Regulations 2011 

Regulation 30(1)	Every person, who along with with persons acting with him and holds shares or voting rights entitling him to exercise 25 percent or more of the voting rights in a target company. It has to disclose their aggregate shareholding and voting rights as on the 31st day of March, in such target company in prescribed form as may be given.	The report is required as per the 2020 corporate compliance calendar to be filed by April 15, 2020
Regulation 30(2)	The promoters of every target company must together with persons acting in concert with him, has to disclose their own aggregate shareholding and the voting rights as of the 31st day of March, in such target company in prescribed form as may be given	It has been declared by SEBI to extend the due date of filing disclosures, in terms of the Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for a financial year which closes on 31st March to June 01, 2020.
Regulation 31(1) has to read with Regulation 28(3) of Takeover Regulations August  7, 2019 CIRCULAR	The promoter of every the very listed company must specifically disclose described reasons for encumbrance if a combined encumbrance by the promoter along with the PACs with him equals or exceeds: a) 50% of the shareholding in a company; or b) 20% of the total share capital of a company	within 2 (two) working days
Regulation 7(2) “Continual Disclosures”	Every promoter, employee and director of the every company must disclose to a company the number of that securities acquired or disposed of within the period of two trading days of such transaction. If the value of the securities traded, in form of one transaction or a series of transactions over calendar quarter, aggregates to a traded value in excess of 10 lakh rupees (10,00,000) or such other value as may be mentioned	Every company has to notify within the period of two trading days of receipt of a disclosure or from becoming aware of particular information.

SEBI Regulations 2018

Schedule XIX – Para (2) of ICDR alongwith read Reg 108 of SEBI LODR	The issuer has to make an application for listing from the date of allotment, within the period as may be prescribed by the Board from time to time, to one or more recognized stock exchange. In respect to above, it is provided that Issuer can make an application to the exchange for listing in case of further issuance of equity shares from the date of allotment within the period of 20 days (unless otherwise specified).	Within the 20 days from the date of allotment
Regulation 162	The tenure of a convertible securities of the issuer must not exceed from 18 months from the date of their allotment.	Within 18 months from date of allotment
SEBI CIRCULAR Aug 19, 2019	The application for the trading approval to a stock exchange Listed entities must make an application for the trading approval to a stock exchange within the period of 7 days from a date of granting of listing approval by the stock exchange.	Within the 7 working days from grant of date of listing approval
Regulation 295(1)	Within the period of 15 days from the date of approval of the issuance by its board of directors – in cases where shareholders approval for capitalization of profits or reserves for making the bonus issue is not required. Within the period of 2 months from the date of the meeting of its board of directors where required the decision to announce bonus issue was taken subject to shareholders approval – in the cases when issuer is required to seek shareholders approval for capitalization of profits or reserves for making of the bonus issue	Within the period of 15 days from the Board Approval when shareholder approval is not required, Within the period of 2 months from Board Approval (when approval of shareholder is required)

SEBI Regulations, 2018

Regulation 11 and 24(iv)

The extinguishment of equity shares in connection with a Buy back The particulars of the security certificates extinguished and destroyed must be furnished by a company to the stock exchange when the shares or the other specified securities of a company are listed within 7 days of extinguishment and destruction of the certificates

7 working days of the extinguishment and destruction of certificates

Corporate Compliance Requirement Under Companies Act, 2013

Companies Act, 2013	Within period of 180 Days from a date of incorporation of the Company and also an additional time of 6 more months has to be allowed by the Ministry of Corporate Affairs.	According to Section 10 A the Commencement of Business of the Companies Act, 2013, inserted by bringing the Companies (Amendment) Ordinance, 2018 with effect from 2nd November, 2018, a Company Incorporated after the ordinance and having share capital must not commence its business or exercise any borrowing powers unless there is a declaration filed by the Director within the period of 180 days from a date of Incorporation of the Company with the Registrar of Companies
Companies Act, 2013	The first declaration within the period of 90 days from the date of notification Date 08 Feb 2019	A person having Significant beneficial owner must file a declaration to the reporting company i.e. within the period 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08 Feb 2019.
Companies Act, 2013	31.03.2020	Form BEN –2 (e-form deployed by Ministry (ROC)) on 01 JULY 2019
Companies Act, 2013	On or before 15 June 2019 (form can be filed after due date with a fees of Rs. 10000 which is one time fees	The filing of the particulars of a Company & its registered office by every company incorporated on or before the 31 Dec 2017
Companies Act, 2013	Annually it can be filed after the due date with a penalty of Rs. 5000/-)	*DIN KYC via DIR 3 KYC Form is the Annual Exercise. The last date for filing of DIR-3 KYC for a Financial year 2018-19 has been extended till 14th November 2019
Companies Act, 2013	Within the period of 60 days from the date of deployment of this form on the website of the Ministry	Reconciliation of Share Capital Audit Report (Half-yearly)
Companies Act, 2013	Within the period of 150 days from the date of deployment of this Form	Annual Return has to be Filed By the Auditor with The National Financial Reporting Authority

Corporate Compliance- ICSI

• ICSI has been extended the last date for generation of eCSIN from the 31st Dec 2019 to 31st March 2020, if it is not generated, kindly generate.
• ICSI Auditing Standards –Mandatory w.e.f 1st October, 2020 instead of 01st day of April, 2020.

Ministry Of Micro, Small And Medium Enterprises

Ministry of Micro, Small and Medium Enterprises vide press release dated 16 March 2020 has addressed certain issues related to delayed in the payments of Micro, Small and Medium Enterprises (MSMEs). Following corporate compliance steps has to be taken by a Ministry

1. Setting up of MSEFCs Micro and Small Enterprises Facilitation Councils (MSEFCs) in all the States and UTs to resolve a delayed payments cases by the way of conciliation and arbitration according to the provisions of the Micro, Small & Medium Enterprises Development Act, 2006.
2. MSME SAMADHAAN: Digital Portal Ministry of MSME has launched MSME SAMADHAAN portal to facilitate online MSME registration related to delayed payments.
3. MSME Returns: Companies which get supplies of goods or services from the MSEs and whose payments to micro and small enterprises has exceeded 45 days from a date of acceptance or a date of deemed acceptance of a goods or services required to submit a half yearly return to the MCA stating the amount of payments due and the reason of delay.
4. Trade Receivables Discounting System Platform (TReDS) Companies registered according to the Companies Act, 2013 with a turnover of more than of Rs. 500 Crore and all the Central Public Sector Enterprises required to get themselves on boarded on the Trade Receivables Discounting System Platform (TReDS).

IBBI Updates-Insolvency And Bankruptcy Board Of India

IBBI amends CIRP Regulations to provide certain kind of relief in corporate insolvency resolution process due to COVID-19^[1] grievous outbreak. The Insolvency and Bankruptcy Board of India has amended a CIRP Regulations which provides that a period of lockdown that is imposed by the Central Government in the wake of COVID-19 outbreak must not be counted for a purposes of the time-line for any activity that remained incomplete because of the lockdown, in relation to a corporate compliance and insolvency resolution process. However it would be subject to the overall time limit provided in the present Code.

The IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) on date 29th March 2020. It becomes difficult for the insolvency professionals for continuing to conduct the process, for members of committee of the creditors to attend those meetings, and for the prospective resolution applicants needs to prepare and submit resolution plans, during the period of lockdown due to outbreak of Covid-19. Therefore, it has become difficult to complete various activities during a corporate insolvency resolution process within the timelines specified in the CIRP Regulations.