DCS - Thy Tax Partner

COMPANIES FRESH START SCHEME, 2020 (CFSS, 2020) The Ministry of Corporate Affairs vide General Circular No. 12/2020 dated 30/03/2020 has provided an opportunity to defaulting companies to make a fresh start on a clean slateby filing belated documents, statements, returns and forms including ANNUAL FILING FORMS (like AOC-4, MGT-7), DIR-3 KYC, INC-22A (ACTIVE) in the MCA-21 registry irrespective of its due date without any additional fees. THE DETAILS OF THE SCHEME ARE AS UNDER: • The companies which have failed to file Annual Returns and Financial Statement and various other documents, returns and forms filing fees of which are governed U/S 403 of the Actcan now be filed under this scheme at a nominal fees as prescribed under The Companies (Registration and Offices) Rules, 2014. Note: FORM MGT-14 is not covered U/S 403 of the Act and hence this Scheme is not applicable. • Only normal fees will be payable for filing the documents in the MCA 21 Registry. • Inac...

NOTE DEMONETISATION: A MOVE TOWARDS NATION BUILDING 1. Why is this scheme introduced? The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced. 2. What is this scheme? The legal tender character of the existing bank notes in denominations of ₹500 and ₹1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and...