ArticlesLegal Updates

Corporate Compliance Calendar for the M/o July, 2021

Drafted by CS Lalit Rajput

This article contains various Compliance requirements for the Month of July, 2021 under various Statutory Laws.

Compliance Requirement Under 

  1. Income Tax Act, 1961 
  2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
  3. Other Statutory Laws and Updates

4 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications

  1. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
  2. SEBI Takeover Regulations 2011
  3. SEBI (Prohibition of Insider Trading) Regulations, 2015
  4. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
  5. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
  6. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
  7. Import – Export Code Timeline 

 

  • COMPLIANCE REQUIREMENT UNDER INCOME TAX ACT, 1961

 

Sl. Compliance Particulars Due Dates
1 Due date of depositing TDS/TCS liabilities for previous month. 07-07-2021
2 Due date of depositing TDS/TCS liabilities for the period April to June for quarterly deposit of TDS under section 192, 194A, 194D or 194H 07-07-2021
3 TDS certificate to employees in respect of salary paid (extended date vide Circular no. 9/2021, dated 20-05-2021) 15-07-2021
4 Extended Due date of filing of TDS return for TDS deducted during Q4 of FY 2020-21. The due date for furnishing of quarterly statement of TDS has been extended from May 31, 2021 to June 30, 2021 (vide Circular no. 9/2021, dated 20-05-2021), now it is again changed to July 15, 2021

15-07-2021

5 Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of April, 2021 15-07-2021
6 Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2021 15-07-2021
7 Quarterly statement of TCS deposited for the 1st Quarter 15-07-2021
8 Due date for issuance of TCS Certificate for Q1 of FY 2020-21 30-07-2021
9 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194M for the month of June, 2021 30-07-2021
10 Quarterly statement of TDS deposited 30-07-2021
11 Certificate of TDS in respect of tax deducted for payments other than salary (Further extentioin of due date from July 15, 2021 to July 31, 2021) 30-07-2021

 

 

  • IMPORTANT UPDATES – JUNE, 2021:

 

  1. Key Highlights – Due Returns 
  • The deadline for receiving Form 16 has been extended to July 31, 2021.
  • The deadline for linking PAN with Aadhaar has been extended to September 30, 2021.
  • The ITR filing deadline for FY 2020-21 has been extended to September 30, 2021 from usual deadline of July 31, 2021.
  1. National Faceless Assessment Centre, Delhi, directed to designate the web portal www.incometax.gov.in as the “designated portal” for the purpose of Faceless Assessment in terms of Explanation (i) to section144B(I) of the Income-tax Act. 

 

 

  1. “Compliance Check for Section 206AB &; 206CCA”.

The Central Board of Direct Taxes (‘CBDT’), in exercise of powers conferred under section 138 (1) (a) (i) of Income-tax Act, 1961, hereby directs that Director General of Income-tax (Systems), New Delhi shall be the specified income-tax authority for furnishing information to the ‘Tax Deductor / Tax Collector’, having registered in the reporting portal of the Project Insight through valid TAN, to identify the ‘Specified Persons’ for the purposes of section 206AB and 206CCA of the Act through the functionality “Compliance Check for Section 206AB &; 206CCA”.

 

 

 

  • IMPORTANT NOTIFICATIONS – For the month of June – 2021:

 

Sl.  Particulars of the Notification(s) File No. / Circular No. Link(s)
1. Guidelines under section 1940 of the Income-tax Act, 1961 – reg. Notification No. 40/2021][F.No. 370142/8/2021-TPL LINK
2. The Central Government specifies the Nodal officers F. No. 225/53/2020-ITA.II/Notification No.69 /2021 LINK
3. The Central Government hereby approves M/s Indian Institute of Technology, Bhilai (PAN: AABAI0415K) under the category of ‘University, College or other institution’ Notification No. 70 /2021) F.No.203/ 06/ 2020/ ITA-II

LINK

4. The Income-tax (17th Amendment) Rules, 2021 Notification No. 71/2021/F. No. 370142/19/2021-TPL LINK
5. Amendments in the notification of the Government of India, published in the Gazette of India, Extraordinary, vide number S.O. 1790(E), dt. 05.06.2017 Notification No. 73/ 2021 LINK
6. Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961 Circular No. 11 of 2021 LINK
7 Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic. Circular No. 12/2021

LINK

8 Partial modification – Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 Notification No. 74/2021/ F. No. 370142/35/2020-TPL LINK
9 Amendments – Direct Tax Vivad se Vishwas Act, 2020 Notification No. 75/2021 LINK

 

  1. COMPLIANCE REQUIREMENT UNDER GST, 2017

Filing of GSTR –3B

  1. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

 

Tax period Due Date No interest payable till Particulars
June, 2021 20th July,

2021

Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year

 

  1. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

 

Tax period Due Date No interest payable till Particulars
June, 2021 22nd July,

2021

Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep

 

  1. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period Due Date No interest payable till Particulars
June, 2021 24th July,

2021

Group B States:  Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi

 

  1. Filing Form GSTR-1:
Tax period Due Date Remarks
Monthly return

(June, 2021)

11.07.2021 1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores.

2. Registered person, with aggregate turnover of less then INR 5 Crores, opted for monthly filing of return under QRMP

 

  1. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Form No. Compliance Particulars Timeline   Due Date 
GSTR-5 & 5A Non-resident ODIAR services provider file Monthly GST Return 20th of succeeding month 20.07.2021
GSTR -6 Every Input Service Distributor (ISD) 13th of succeeding month 13.07.2021
GSTR -7 Return for Tax Deducted at source to be filed by Tax Deductor 10th of succeeding month 10.07.2021
GSTR -8 E-Commerce operator registered under GST liable to TCS 10th of succeeding month 10.07.2021

 

  1. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Form No. Compliance Particulars Timeline   Due Date 
Details of outward supply-IFF  Invoice furnishing facility is available for registered person with turnover less than INR 5 Crores and opted for quarterly filing of return.

13th of succeeding month

13.07.2021

 

  1. GST Refund:

 

Form No. Compliance Particulars Due Date 
RFD -10 Refund of Tax to Certain Persons 18 Months after the end of quarter for which refund is to be claimed

 

 

  • Other Returns:

 

Form No. Compliance Particulars Timeline   Due Date
GST CMP-08 Due date of filing of GST CMP-08 for dealers opted for composition scheme. 

Quarterly – April to June 2021

Date was extended from 15.07.2021

18.07.2021

GSTR-4 Annual return for dealers opted for Composition Scheme For 2020-21 31.07.2021
GST return for pending Period-Amnesty Scheme Filing of Pending GST return with reduced penalty under Amnesty Scheme July, 2017 to April, 2021 From 01.6.2021 to 31.08.2021

 

 

  • KEY UPDATE(s):

 

  1. GSTN enables functionality to lodge complaint of PAN misuse for GST registration

“To check the misuses of PAN in GST Registration, a functionality has been provided at GST Portal to register the complaint. GSTN, which handles the technology backbone of the Goods and Services Tax, has enabled an utility to lodge complaints relating to misuse of PAN for obtaining GST registration, a move aimed at curbing creation of bogus entities for the purpose of tax evasion. Any person whose PAN has been misused can lodge such a complaint. Following that, it would be sent to the concerned tax officer under whose jurisdiction the registration has taken place fraudulently for further action.

 

 

  1. Petrol, diesel under GST: HC asks Centre to decide

The Kerala high court has asked the central government to decide on a representation seeking to bring petroleum products under goods and services tax (GST) regime.

A division bench comprising chief justice S Manikumar and justice Shaji P Chaly asked the government to take a decision on the representation raising the demand within six weeks after considering a petition (WP-C No. 12481/2021) filed by Kerala Pradesh Gandhi Darshanvedi through advocate Arun B Varghese. It was alleged by the petitioner that petrol and diesel rates differ in various states as the tax levied by each state is different.

 

  • KEY GST UPDATES FROM 01.06.2021 TO 30.06.2021:

 

Sl. Notification Particulars Notification No. Link(s)
1. Extension of the due date of filing Application for Revocation of Cancellation of Registration GSTN Circular 474 Click Here
2. Extension in dates of various GST Compliances for GST Taxpayers GSTN Circular 475 Click Here
3. Waiver of interest and late fee for normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers (Part1) GSTN Circular

478

Click Here
4. Waiver of interest and late fee for normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers (Part2) GSTN Circular 477 Click Here
5. Upcoming functionalities to be deployed on GST Portal for the Taxpayers GSTN Circular 481 Click Here
6 Webinars on recent functionalities related to Refunds deployed on GST Portal. GSTN Circular 483 Click Here
7 Module wise new functionalities deployed on the GST Portal for taxpayers GSTN Circular 482 Click Here
8 Seeks to appoint 01.06.2021 as the day from which the provisions of section 112 of Finance Act, 2021, relating to amendment of section 50 of the CGST Act, 2017 shall come into force. 16/2021-Central Tax dated 01.06.2021 LINK
9 Seeks to extend the due date for FORM GSTR-1 for May, 2021 by 15 days. 17/2021-Central Tax dated 01.06.2021 LINK
10 Seeks to provide relief by lowering of interest rate for a specified time for tax periods March, 2021to May, 2021. 18/2021-Central Tax dated 01.06.2021 LINK
11 Seeks to rationalize late fee for delay in filing of return in FORM GSTR-3B ; and to provide conditional waiver of late fee for delay in filing FORM GSTR-3B from July, 2017 to April, 2021; and to provide waiver of late fees for late filing of return in FORM GSTR-3B for specified taxpayers and specified tax periods. 19/2021-Central Tax dated 01.06.2021

LINK

12 Seeks to rationalize late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1. 20/2021-Central Tax dated 01.06.2021 LINK
13 Seeks to rationalize late fee for delay in filing of return in FORM GSTR-4. 21/2021-Central Tax dated 01.06.2021 LINK
14 Seeks to rationalize late fee for delay in filing of return in FORM GSTR-7. 22/2021-Central Tax dated 01.06.2021 LINK
15 Seeks to amend Notification no. 13/2020-Central Tax to exclude government departments and local authorities from the requirement of issuance of e-invoice. 23/2021-Central Tax dated 01.06.2021 LINK
16 Seeks to amend notification no. 14/2021-Central Tax in order to extend due date of compliances which fall during the period from “15.04.2021 to 29.06.2021” till 30.06.2021. 24/2021-Central Tax dated 01.06.2021 LINK
17 Seeks to extend the due date for filing FORM GSTR-4 for financial year 2020-21 to 31.07.2021. 25/2021-Central Tax dated 01.06.2021 LINK
18 Seeks to extend the due date for furnishing of FORM ITC-04 for QE March, 2021 to 30.06.2021. 26/2021-Central Tax dated 01.06.2021 LINK
19 Seeks to make amendments (Fifth Amendment, 2021) to the CGST Rules, 2017. 27/2021-Central Tax dated 01.06.2021 LINK
20 Seeks to amend notification No. 1/2017-Central Tax (Rate) to prescribe change in CGST rate of goods. 01/2021-Central Tax (Rate) ,dt.

02-06-2021

LINK
21 Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 43rd meeting held on 28.05.2021. 02/2021-Central Tax (Rate) ,dt. 02-06-2021 LINK
22 Seeks to amend notification No. 06/2019- Central Tax (Rate) so as to give effect to the recommendations made by GST Council in its 43rd meeting held on 28.05.2021. 03/2021-Central Tax (Rate) ,dt. 02-06-2021 LINK
23 Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify GST rates of various services as recommended by GST Council in its 44th meeting held on 12.06.2021. 04/2021-Central Tax (Rate) ,dt. 14-06-2021 LINK
24 Seeks to provide the concessional rate of CGST on Covid-19 relief supplies, up to and inclusive of 30th September 2021 05/2021-Central Tax (Rate) ,dt. 14-06-2021 LINK
25 Clarification regarding applicability of GST on supply of food in Anganwadis and Schools. 149/05/2021-GST LINK
26 Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020  156/12/2021-GST Click Here
27 Webinars on New Functionalities related to Registration and Returns deployed on GST Portal GSTN Circular 484 Click Here

 

  1. COMPLIANCE UNDER OTHER STATUTORY LAWS
Applicable Laws/Acts Timeline / Due Dates Compliance Particulars Forms / (Filing mode)
EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952) 15.07.2021 PF Payment  ECR
ESIC (Employees’ State Insurance Act, 1948) 15.07.2021 ESIC Payment  ESI CHALLAN
Contract Labour (Regulation & Abolition) Act, 1970 Within 15 Days of commencement/ completion of contract work Return/Notice within 15 days of commencement/ completion of each contract by the Principal employer Form VI-B
Contract Labour (Regulation & Abolition) Act, 1970 Within 15 Days of commencement/ completion of contract work Notice of commencement/ completion of contract work by the Contractor within 15 days Form VI-A
Payment of Gratuity Rule Within 30 Days of applicability of the Act & any change Notice of applicability of the Act & any change Form A or B

 

 

  • Key Updates – June, 2021: 

 

  1. “Interest for the year 2019-20 has been credited at 8.5%. Kindly seed UAN accounts with KYC, if not already done, to view credit of interest and updated PF accounts.”
  2. Mumbai barge disaster may be outside labour law purview

 

“The employers disbursing the wages for March 2020 not only get relief of extension of due date for payment of EPF dues for March, 2020 but also avoid liability of interest and penalty, if they remit on or before May 15, 2020,”.

Labour ministry is of the view that the above decision will support and provide relief to employers of establishments which have disbursed wages for March, 2020 to its employees and an incentive to employers for wage payment during the COVID-19 pandemic.

  1. Govt to provide pension to families who lost earning member due to Covid

The Centre announced welfare measures, including a pension to those families who have lost their earning members due to the Covid-19.

In addition to the measures announced under PM CARES for Children- Empowerment of Covid affected children, the government has announced further measures to help families who have lost the earning member due to Covid. To help families live a life of dignity and maintain a good standard of living, the government has extended the benefit of Employees State Insurance Corporation (ESIC) pension scheme for employment related death cases is being extended to even those who have died due to Covid.

The insurance benefits under the Employees Provident Fund Organization- Employees’ Deposit Linked Insurance (EDLI) scheme have been enhanced and liberalized.

The provision of minimum insurance benefit of Rs 2.5 lakh has been restored and will apply retrospectively from February 15, 2020 for the next three years.

 

  • UPDATES TRACKER UNDER LABOUR LAWS – JUNE, 2021:

 

Sl. Particulars Link
1 EPFO allows its members to avail second COVID-19  advance Click here
2 Family Pension Rules simplified in view of the COVID pandemic: Dr Jitendra Singh Click here
3 Centre Issues Advisory to State Governments/UTs to Encourage Work-from-Home for Nursing Mothers Click here
4 Government constitute Expert Group on Fixation of Minimum Wages and National Floor Wages Click here
5 Gangwar reiterates India’s committment towards countering the impact of Covid-19 pandemic; addresses the 109th Session of ILC Click here
6 ESI coverage for casual and contractual employees of Municipal bodies in the States/UTs​ Click Here
7 Draft Rules relating to Employee’s Compensation under the Code on Social Security, 2020 notified Click Here
8 Minister of Labour and Employment Shri Santosh Gangwar releases pamphlets elaborating a slew of measures for welfare of workers and their family members during the pandemic Click Here
9 Expert Group on fixation of Minimum Wages and National Floor Wages to give early report Click here
10 EPFO payroll data: 12.76 lakh net subscribers added during April, 2021 Click here

 

  1. COMPLIANCES UNDER FEMA / RBI
Applicable Laws/Acts Due Dates Compliance Particulars Forms / (Filing mode)

FEMA ACT 1999

15 July every year

Annual Return on Foreign liabilities and assets.  

The FLA return is required to be submitted by the companies who have received Foreign direct investment (FDI) and/or made Foreign direct investment abroad in the previous year(s) including the current year

FLA Return through Flair Portal: Click here

FEMA ACT 1999 Monthly Basis  External Commercial Borrowings

Borrowers are required to report all ECB transactions to the RBI on a monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’.

ECB 2 Return

FEMA ACT 1999

Not later than 30 days from the date of issue of Capital instrument  FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.

Form FC-GPR

FEMA ACT 1999

With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier. Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS.

The onus of reporting shall be on the resident transferor/ transferee.

Form FC-TRS.

FEMA ACT 1999

within 30 days from the date of receipt of the amount of consideration. A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1

Form FDI LLP-I 

FEMA ACT 1999

within 60 days from the date of receipt of funds in A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa) Form FDI LLP-II 
FEMA ACT 1999 within 30 days from the date of allotment of capital instruments The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts Downstream statement -Form DI & reporting at FIFP too

 

All applicants before raising any queries to RBI, may contact the respective AD bank as per the contact details provided under Contact Us. It may be noted that all Business user registrations as well as forms in SMF are processed at AD level. AD shall always be the first point of contact. All AD banks shall ensure that the queries from the applicants are answered correctly and in the timely manner.

 

  • IMPORTANT UPDATES, JUNE-2021:

 

  1. Entities which are filing FLA return for the first time/ with revised UIN (Unique identification number) are required to register themselves first for generating login credentials and afterwards they can file FLA return. However, the entities which have already registered earlier may submit FLA-2021 using their earlier login credentials.

 

  1. Mahesh Jain Re-appointed as RBI Deputy Governor

 

The Central Government has re-appointed Shri Mahesh Kumar Jain as Deputy Governor, Reserve Bank of India for a period of two years with effect from June 22, 2021, or until further orders, whichever is earlier, upon completion of his existing term on June 21, 2021,” the central bank said in a statement.

 

  1. RBI rings warning bell on rising bad loans, stress among MSMEs

Within the bank groups, NPAs of public sector banks are expected to rise to 9.54 per cent in March 2021 and edge up to 12.52 per cent by March 2022 under the baseline scenario. However, this is an improvement over earlier expectations and indicative of pandemic proofing by regulatory support, it said.

The Reserve Bank of India (RBI) has cautioned that bad loans of the banking system are expected to hit 11.22 per cent of the advances under a severe stress scenario. The central bank also warned about the incipient signs of stress among medium and small units.

According to the RBI, only 0.9 per cent of the total loans were restructured. The micro, medium and small enterprises (MSME) sector saw the maximum debt recast at 1.7 per cent followed by the corporate loans, which saw 0.9 per cent of the sector loan being restructured. Retail segment saw only 0.7 per cent loans restructured.

 

  • RBI CIRCULARS / NOTIFICATIONS: JUNE, 2021

 

Sl. Particulars of the Circulars Link
1 RBI Monetary Policy Committee keeps Repo rate unchanged at 4% Click here
2 Transactions in Government securities by Foreign Portfolio Investors: Reporting Click here
3 Preservation of CCTV recordings Click here
4 Usage of Automated Teller Machines / Cash Recycler Machines – Review of Interchange Fee and Customer Charges Click here
5 Risk Based Internal Audit (RBIA) Click here
6 Investment in Entities from FATF Non-compliant Jurisdictions Click here
7 Liberalised Remittance Scheme for Resident Individuals – Reporting Click here
8 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract Click here
9 RBI Bulletin – June 2021 Click here
10.  Overseas Direct Investment for May 2021 Click here
11.  RBI releases Consultative Document on Regulation of Microfinance Click here
12 Extension of time to give feedback and Suggestions to the Group of Advisors to Regulations Review Authority 2.0 Click here
13 Reserve Bank of India – Bulletin Weekly Statistical Supplement  Click here
14 RBI-Occasional Papers-Vol. 41, No.2, 2020 Click here
15 Minutes of the Monetary Policy Committee Meeting, June 2 to 4, 2021 Click here
16 Declaration of dividends by NBFCs Click here
17 New Definition of Micro, Small and Medium Enterprises Click here
18 Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021 Click here
19 Guidelines for Managing Risk in Outsourcing of Financial Services by Co-operative Banks Click here
20 Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension Click here

 

  1. SEBI – SECURITIES EXCHANGE BOARD OF INDIA

COMPLIANCE REQUIREMENT UNDER SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (LODR) REGULATIONS, 2015

  1. Quarterly Compliances: 
Sl. No. Regulation reference

(Reg.)

Compliance Particulars Timeline / Due Dates

Quarter 1

(For the Quarter Ended June)

Due Dates
1 Schedule B Intimation of Trading Window Closure From the end of closure of quarter 30.06.2021
2 27(2) Corporate Governance Report 21 days from end of quarter 21.07.2021
3 13(3) Statement of Investor Complaints 21 days from end of quarter 21.07.2021
4 31 (1) (b) Shareholding Pattern 21 days from end of quarter 21.07.2021
5 32 & 33 Financial Results & Statement of deviation 45 days/60 days from end of quarter 14.08.2021

 

  1. Half Yearly Compliances: 
Sl. No. Regulation reference

(Reg.)

Compliance Particulars Timeline / Due Dates

Quarter 1

(For the Quarter Ended June)

Due Dates
1 23(9) Disclosures of related party transactions 30 days from the date of publication of its standalone and consolidated financial results

 

  1. Annual Compliances: 
Sl. No. Regulation reference

(Reg.)

Compliance Particulars Timeline / Due Dates

Quarter 1

(For the Quarter Ended June)

1 7(3) Share Transfer Agent Within 30 days from the end of the financial year
2 34(1) Annual Report Not later than the day of commencement of dispatch to its shareholders.
3 40(10) Transfer or transmission or transposition of securities Within 30 days from the end of the financial year
4 40(9) PCS Certificate on Share Transfer One month from end of FY

 

  1. Event Based Compliance:
REGULATION REFERENCE WHEN TO COMPLY
Regulation 7(5) – Intimation of appointment of Share Transfer Agent Within 7 days of Agreement with RTA
 
Regulation 28 (1) – In-principle approval of recognized stock exchange(s) Before issuing securities
 
Regulation 29 (2) (a) – Prior intimation of Board meeting for Financial Results At least five days in advance (excluding the date of the intimation and date of the meeting)
Regulation 30 (6) – Disclosure of events or information Disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information
Regulation 30 (6) – Disclosure of events or information Disclosure with respect to events specified in sub-para 4 of Para A of Part A of Schedule III shall be made within thirty minutes of the conclusion of the board meeting
Regulation 45(3) – Change in name Prior approval from Stock Exchange before filing application with Registrar of Companies
Regulation 46 – Website The listed entity shall maintain a functional website containing the basic information about the listed entity

 

  1. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

 

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic.”.

 

Sl. No. Regulation No. Compliance Particular Compliance Period

(Due Date)

1 Regulation 30(1) Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.

The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to;

  • every stock exchange where the shares of the target company are listed; and
  • the target company at its registered office

2

Regulation 30(2)

The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may

3.

Regulation 31(1) read with Regulation 28(3) of Takeover Regulations

AUGUST 7, 2019 CIRCULAR

https://www.sebi.gov.in/legal/circulars/aug-2019/disclosure-of-reasons-for-encumbrance-by-promoter-of-listed-companies_43837.html 

The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company, within 2 (two) working days

4. 

Regulation 31(4)

Disclosure of encumbered shares

Promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified 

 

  1. SEBI (Prohibition of Insider Trading) Regulations, 2015

 

Sl. No. Regulation No. Compliance Particular Compliance Period

(Due Date)

1

Regulation 7(2)

“Continual Disclosures” 

Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified; Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information

 

  1. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 

 

Sl. No. Regulation No. Compliance Particular Compliance Period

(Due Date)

1

Schedule XIX – Para (2) of ICDR

Read with Reg 108 of SEBI LODR

“The issuer shall make an application for listing from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)”.

In regard to above, it is specified that Issuer shall make an application to the exchange/s for listing in case of further issue of equity shares from the date of allotment within 20 days (unless otherwise specified).

Within 20 days from the date of allotment
2 Regulation 162 The tenure of the convertible securities of the issuer shall not exceed eighteen months from the date of their allotment. Within 18 months from date of allotment
3 SEBI CIRCULAR

Aug 19, 2019

https://www.sebi.gov.in/legal/circulars/aug-2019/non-compliance-with-certain-provisions-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018-icdr-regulations-_43941.html 

Application for trading approval to the stock exchange Listed entities shall make an application for trading approval to the stock exchange/s within 7 working days from the date of grant of listing approval by the stock exchange/s. Within 7 working days from grant of date of listing approval
4 Regulation 76

Application for rights issue

The issuer along with lead managers and other parties related to the issue shall constitute an optional mechanism (non-cash mode only) to accept the applications of the shareholders to apply to rights issue subject to ensuring that no third-party payments shall be allowed in respect of any application.
5.  Regulation 77

Service of Documents

In case if the company fails to adhere to modes of dispatch through registered post or speed post or courier services due to Covid-19 conditions it will not be treated as non-compliance during the said period. The issuers shall publish required & necessary documents on the websites of the company, registrar, stock exchanges and the lead managers to the rights issue.
6 Regulation 84

Advertisement

Issuer has the flexibility to publish the advertisement in additional newspapers above those required in Regulation 84. The advertisement should also be made available on:  

A. Website of the Issuer, Registrar, Lead Managers, and Stock Exchanges. 

B. Television channels, radio, the internet, etc. to spread information related to the process.

 

  1. SEBI (Depositories and Participants) Regulations 2018)
Sl. No. Compliance Particulars Due Date
1. Regulation 76  (Quarter, January – March 2021)

Reconciliation of Shares and Capital Audit

31.07.2021
2.  Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar 31.07.2021

 

 

  • SEBI Circulars Tracker: 01.06.2021 to 30.06.2021

 

Sl. Particulars Link
1 Circular on Relaxation in compliance with requirements pertaining to AIFs and VCFs. Click here
2 DSP Nifty 50 Equal weight ETF Click here
3 ‘Off-market’ transfer of securities by FPI Click Here
4 Streamlining the process of IPOs with UPI in ASBA and redressal of investors grievances Click Here
5 Notice of the meeting of the equity shareholders of Hindustan Foods Limited Click Here
6. SEBI signs MoU with CSSF, Luxembourg Click Here
7. Circular on Enhancement of Overseas Investment Limits Click Here
8. Centralized Database for Corporate Bonds/ Debentures Click Here
9.  Circular on Potential Risk Class Matrix for debt schemes based on Interest Rate Risk and Credit Risk Click Here
10.  Notice of the meeting of the equity shareholders, Secured Creditors and Unsecured Creditors of Srikalahasthi Pipes Limited Click Here
11.  Public Issues – Sansera Engineering Limited Click Here
12.  SEBI (Delisting of Equity Shares) Regulations, 2021 Click Here
13. Revised Framework for Regulatory Sandbox Click Here
14.  BSE Administration & Supervision Limited granted recognition for administration and supervision of Investment Advisers Click Here
15.  Relaxation from the requirement of minimum vesting period in case of death of employee(s) under SEBI (Share Based Employee Benefit) Reg., 2014 Click Here
16.  Takeovers – Intellivate Capital Advisors Limited Click Here
17 Settlement of Running Account of Client’s Funds lying with Trading Member (TM) Click Here
18 Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 – System Driven Disclosures for inclusion of listed Debt Securities Click Here
19 Framework for administration and supervision of Investment Advisers under the SEBI (Investment Advisers) Regulations, 2013 Click Here
20 Extension of Timeline for submission of public comments on the Report of the Technical Group on Social Stock Exchange Click Here
21 Norms for investment and diclosure by Mutual Funds in Derivatives Click Here
22 Exemption Order under Regulation 11 of SEBI (SAST) Regulations, 2011 in the matter of United Breweries Ltd Click here
23 Kotak Nifty Alpha 50 ETF Fund of Fund Click here
24 Quick Heal Technologies Limited – Post Buyback Public Announcement Click Here
25 Buybacks – Infosys Limited – Public Announcement Click Here
26 Settlement Order in respect of M3M India Private Limited in the matter of non-filing / delayed filing of financial results Click Here
27 Discussion Paper on Review of delisting framework pursuant to open offer Click Here
28 Circular on Prudential norms for liquidity risk management for open ended debt schemes Click Here
29 Alignment of interest of Key Employees of Asset Management Companies (AMCs) with the Unit holders of the Mutual Fund Schemes

Click Here

30 Circular on Amendment to SEBI (Alternative Investment Funds) Regulations, 2012 Click Here
31 Relaxation in timelines for compliance with regulatory requirements Click Here

 

  1. COMPLIANCE REQUIREMENT UNDER COMPANIES ACT, 2013 AND RULES MADE THEREUNDER;

 

 

  • For all forms except, Charge related: If due date of any form given below falling between 1st April, 2021 to 31st July, 2021 then those forms can be file without additional fees till 31st August, 2021.

 

 

 

  • For Charges related forms – In line with the extension provided in General Circular 12/2021 issued by the Ministry of Corporate Affairs, Additional Fee/Ad valorem fee in respect of Charge documents viz. CHG-1 and CHG-9 shall be calculated after excluding No. of days between 01st April 2021 to 31st July 2021 based on the event date entered in the form.

 

 

Applicable Laws/Acts Due Dates Compliance Particulars Forms / Filing mode
Companies Act, 2013 Within 180 Days From The Date Of Incorporation Of The Company 

(one time compliance only)

 

As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC. MCA E- Form INC 20A

(one time compliance)

Companies Act, 2013 First declaration within 90 days from the date of notification Dt. 08.02.2019 A person having Significant beneficial owner shall file a declaration to the reporting company

http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf 

i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019

In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.

Form BEN-1

Draft Format available at

LINK

Companies Act, 2013 within 30 days of acquiring beneficial interest Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.

 (the date of receipt of declaration in BEN-1 )

CLICK HERE

Form BEN – 2

(e-form deployed by Ministry (ROC)) on 01.07.2019

Companies Act, 2013 One time Compliance  Filing of the particulars of the Company & its registered office.

(by every company incorporated on or before the 31.12.2017.)

Active Form

INC -22A

Companies Act, 2013 Annual Compliance

(30.09.2021)

*DIN KYC through DIR 3 KYC Form is an Annual Exercise.

Last date for filing DIR-3 KYC for Financial year 2020-21 is 30th September, 2021

Annual Exercise: CLICK HERE

Penalty after due date is Rs. 5000/-(one time)

E-Form DIR – 3 KYC

(Web Based and E-form)

Companies Act, 2013 Within 270 days from the date of deployment of this Form Annual Return To Be Filed By Auditor With The National Financial Reporting Authority

CLICK HERE

CLICK HERE

Click Here

Note on NFRA -2 Click Here

NFRA-2

(NFRA-2 e-Form live since 9th December 2019.)

Companies Act, 2013 Within 15 days of appointment of an auditor. The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act. E – Form 

NFRA -1 

Companies Act, 2013 Within 30 days of the board meeting Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed. MGT-14

 (Filing of resolution with MCA)

Companies Act, 2013

Within 60 (sixty) days from the conclusion of each half year.  Reconciliation of Share Capital Audit Report (Half-yearly)

Pursuant to sub-rule Rule 9A (8) of  Companies (Prospectus and Allotment of Securities) Rules, 2014

To be filed all unlisted companies, deemed public companies

Till further clarification to be filled in GNL-2

E-Form PAS – 6 
Companies Act, 2013 30th June, 2021 Every company must file DPT 3 for outstanding loans annually.

The Companies (Acceptance of Deposits) Amendment Rules, 2019,

E-Form DPT – 3 

 

 

  • LLP Compliance: 

 

 

Applicable Laws/Acts Due Dates Compliance Particulars Forms / Filing mode
LLP Act, 2008 within 60 days from the closure of the financial year

(date extended till 31.07.2021) 

LLP Annual Filing- An annual statement for submitting details of the business of the LLP and its partners for the FY 2020-21 Form LLP-11

 

 

  • KEY UPDATES – May, 2021: 

 

 

  1. Relaxation in Maximum Gap between Two Board Meetings:

MCA extended gap between two board meetings by 60 days for first two quarters of financial year 2021-22. According to this, the gap between two consecutive Board Meetings may extend to 180 days during the quarters, April to June and July to August.

  1. MCA expands small firm definition, raises turnover and borrowing limits

The ministry of corporate affairs has expanded the definition of small and medium companies (SMC), raising their turnover and borrowing limits. This would enable a wider set of companies to avail of greater flexibility in the accounting standards.

The 388-page notification has defined small and medium companies as unlisted entities which are not banks, financial institutions or insurance firms and have a turnover of up to Rs 250 crore and borrowings up to Rs 50 crore in the immediately preceding accounting year. The threshold has been Rs 50 crore and Rs 10 crore for turnover and borrowings under the general accounting standards.

“SMC which is a holding company or subsidiary company of a non-SMC will not qualify as a small and medium company.” The notification also says that an existing company which was not a small and medium company previously but became so subsequently would not be able to avail of any exemptions in accounting standards. It can avail of these exemptions if it continues as a small and medium company for two consecutive accounting periods.

 

  • Important Updates

 

 

 

  • MCA MONTHLY UPDATE CALENDAR: JUNE, 2021

 

 

Sl. Particulars of the Circulars Link
1 MCA New V3 Website Overview  Click Here
2 Companies (Incorporation) 4th Amendment Rules 2021 Click Here
3 Companies (Meetings of Board and its Powers) Amendment Rules 2021 Click Here
4 Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly  Click Here
5.  Publication of notice u/s 75 of the LLP Act, 2008 read with Rule 37 (2) of Limited Liability Partnership Rules, 2009 Click Here
6.  Union Minister of State for Finance and Corporate Affairs Shri Anurag Singh Thakur launches IEPFA’s 6 modules of short films titled “Hisab Ki Kitaab” Click Here
7 National Financial Reporting Authority seeks comments/suggestions from public and stakeholders on consultation paper on NFRA’s engagement with its stakeholders Click Here
8 Companies (Indian Accounting Standards) Amendment Rules, 2021 Click Here
9 Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 Click Here
10 The Companies (Accounting Standards) Rules, 2021. Click Here
11 clarification on passing of ordinary and special resolutions Click Here
12 Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act 2008 – Extension of time Click Here
13 Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013-Extension of time – reg. Click Here
14 Refer the attached file for the list of forms for which additional fee waiver shall be made available/ extended in line with the General Circulars 11/2021 and 12/2021. Stakeholders may please take note and plan accordingly. CFSS Due Date Extended

Click Here

15.

In line with the extension provided in General Circular 11/2021 issued by the Ministry of Corporate Affairs, stakeholders shall be allowed to file various forms due for filing between 1st April 2021 to 31st July 2021 under the Companies Act 2013 or LLP Act, 2008 without payment of additional fees up to 31st August 2021. Please refer the list of forms under Latest News Section.

Click Here

16.

In line with the extension provided in General Circular 12/2021 issued by the Ministry of Corporate Affairs, Additional Fee/Ad valorem fee in respect of Charge documents viz. CHG-1 and CHG-9 shall be calculated after excluding No. of days between 01st April 2021 to 31st July 2021 based on the event date entered in the form

Click Here

17. eform CFSS-2020 may be filed till 31st August 2021. Stakeholders may please note and plan accordingly. Click Here

 

  1. Import – Export Code:

IEC details need to be confirmed every year to keep it remain active. DGFT, vide Notification No. 28/2015-2020 dated 12th February 2021, make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. In case where there are no changes in IEC details same are also needs to be confirmed online. (Click here

FURTHER MINISTRY HAS PROVIDED EXTENSION 

IEC Updation Due Date Extended:  In continuation to the DGFT notification No. 58, dated 12.02.2021, it is to inform that last date for modification/ updation of IEC has been extended up to 31.07.2021. For Notification: Click Here

 

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This article is updated till 30th June, 2021 with all Laws / Regulations and their respective amendments.

———————————————-THE END—————————————————-

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

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