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FAQ on Companies Fresh Start Scheme and LLP Settlement Scheme 2020

Ministry of Corporate Affairs (MCA) has recently launched the Companies Fresh Start Scheme 2020 (CFSS 2020) and LLP Settlement Scheme 2020. Both the schemes will remain in force from 01.04.2020 to 30.09.2020. Now to address the concerns of the various stakeholders, MCA has issued 50 Frequently Asked Questions (FAQ) on both schemes.

Board resolution for change in name of company

Sample board resolution format for change in name of the company in word and pdf format. This board resolution authorised directors to change the name of the company.

Section 194N: TDS on cash withdrawal

In order to discourage cash transaction and a move towards less-cash economy, a new section 194N has been introduced for deduction of TDS on cash withdrawal from any account maintained with any bank or post office or co-operative society.

AGM Notice Format

Sample format of notice for the annual general meeting of the company. This notice is a draft notice for small and medium-sized companies.

Section 80D: deduction for health insurance premium and health check-up

Section 80D of Income Tax Act, 1961 provides for deduction in respect of payment made for the health insurance premium and preventive health check-ups. This deduction is allowed only to the individual or Hindu undivided family.

COVID-19: Special refund drive launched to help businesses

Ministry of Finance has launched a special refund drive, for issuance of Income Tax, GST and Customs refund to around 1 lakh business entities.

COVID-19: CBIC allowed submission of undertaking in lieu of bond for export and import

CBIC to facilitate trade during the lockdown period has allowed submission of undertaking instead of bond to a certain category of exporter and importer. This relaxation will be available up to 30.04.2020.

List of forms companies or LLPs can file without late fees

An illustrative list of forms that can be filed by companies and LLPs under Companies Fresh Start Scheme 2020 and LLP Settlement Scheme 2020 respectively.

Summary of relief provided under GST due to corona virus

Due to coronavirus outbreak and disruption in the normal routine of the entire nation, the Central Board of Indirect Taxes and Customs (CBIC) has provided various reliefs and various extensions under Goods and Services Tax (GST) compliance.

Existing certificates for lower deduction of TDS/TCS are valid till 30.06.2020

Central Board of Direct Taxes (CBDT) by issuing an order on dated 31.03.2020 under section 119 of the Income Tax Act, 1961, has clarified that, due to outbreak of COVID-19 pandemic, existing certificate issued for FY 2019-20 for lower or nil rate of deduction of TDS and lower or nil rate of collection of TCS, shall be valid till 30.06.2020.