Companies LawLegal Updates

Corporate Compliance Calendar for the month of September, 2019

Drafted by Lalit Rajput

ABOUT ARTICLE :

This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” 

Compliance Requirement Under 

  1.   Income Tax Act, 1961 
  2.   Goods & Services Tax Act, 2017 (GST)
  3.   Other Statutory Laws 

4    Foreign Exchange Management Act, 1999 (FEMA)

  1.   SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015
  2.   SEBI (Depositories and Participants) Regulations 2018)
  3.   SEBI Takeover Regulations 2011
  4.   SEBI (Prohibition of Insider Trading) Regulations, 2015
  5.   Companies Act, 2013 (MCA/ROC)

 

 

  • COMPLIANCE REQUIREMENT UNDER INCOME TAX ACT, 1961

 

Applicable Laws/Acts Due Dates Compliance Particulars Forms/

 (Filing mode)

Income Tax Act, 1961

07.09.2019

Due date for deposit of Tax deducted/collected for the month of August, 2019. 

However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.

TDS & TCS

Income Tax Act, 1961

14.09.2019

Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of July, 2019

194-IA

Income Tax Act, 1961 14.09.2019 Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of July, 2019

194-IB

Income Tax Act, 1961  

15.09.2019

 

Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of August, 2019 has been paid without the production of a challan​

Form 24G
Income Tax Act, 1961  

15.09.2019

 

Second instalment of advance tax for the assessment year 2020-21

 

Income Tax Act, 1961

 

 

15.09.2019

Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of August, 2019​

Form no. 3BB

Income Tax Act, 1961

 

 

30.09.2019

 

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of August, 2019

Statement for tax deducted u/s 194-IA
Income Tax Act, 1961  

30.09.2019

 

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of August, 2019

Statement for tax deducted u/s 194-IB

Income Tax Act, 1961

 

 

30.09.2019

Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F 

(if due date of submission of return of income is September 30, 2019)

Income Tax Act, 1961

 

 

30.09.2019

Annual return of income for the assessment year 2019-20 if the assessee (not having any international or specified domestic transaction) is:

(a) corporate-assessee or 

(b) non-corporate assessee (whose books of account are required to be audited) or 

(c) working partner of a firm whose accounts are required to be audited).​

Annual return of income

Income Tax Act, 1961

 

 

 

30.09.2019

Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future 

(if the assessee is required to submit return of income on September 30, 2019)

Form 9A

Income Tax Act, 1961

 

 

30.09.2019

Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(1) 

(if the assessee is required to submit return of income on September 30, 2019)

Form No. 10

Income Tax Act, 1961

 

 

 

30.09.2019

Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) 

[if company does not have any international/specified domestic transaction]

For deduction under section 35(2AB)

Income Tax Act, 1961

 

 

30.09.2019

Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2018-19 and of foreign tax deducted or paid on such income in Form no. 67. 

(if due date of submission of return of income is September 30, 2019).​

Form No. 67

 

 

  • COMPLIANCE  REQUIREMENT UNDER GOODS & SERVICES TAX ACT,  (GST) 2017

 

 

Applicable Laws/Acts Due Dates Compliance Particulars Forms/

 (Filing mode)

GST, Act, 2017 31.08.2019 Form GSTR-7 

(Period: From October 2018 to July 2019)  TDS Deductor) 

GSTR-7
GST, Act, 2017 10.09.2019 Form GSTR-8

TCS Collector (for the month of July, 2019)

(Summary of Tax Collected at Source (TCS) and deposited by E-commerce operators under GST laws)

GSTR – 8

GST, Act, 2017

11.09.2019

Return of outward supplies of taxable goods and/or services for the Month of July 2019 (for Assesses having turnover exceeding 1.5 Cr.) Monthly Return.

GSTR – 1

GST, Act, 2017 31.10.2019 Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores GSTR – 1
GST, Act, 2017 13.09.2019 Due date for Furnishing return of July 2019 by Input Service Distributors (ISD) GSTR – 6

GST, Act, 2017

Payment of tax shall be made by 20th of the month succeeding the month to which the liability pertains.

Payment of self-assessed tax 

PMT-08

GST, Act, 2017 18 months after end of the quarter for which refund is to be claimed Application for Refund RFD-10
GST, Act, 2017

20.09.2019

Summary of outward taxable supplies and tax payable by Non-Resident taxable person & OIDAR respectively.

(for the month of August, 2019)

GSTR-5 & 

GSTR – 5A

GST, Act, 2017 20.09.2019 Simple GSTR return for the month of August, 2019 GSTR – 3B
GST, Act, 2017 30.09.2019 Annual Returns for FY 2017-18 GSTR-9, 

GSTR-9A & GSTR-9C

GST, Act, 2017 31.08.2019 statement containing the details of payment of self-assessed tax for the quarter April, 2019 to June, 2019, or

part thereof

GST CMP-08

 

Key UPDATE

a) Due date for GSTR-9, GSTR-9C and GSTR-9A for FY 2017-18 is further extended till 30th November 2019.

b) Last date for filing of intimation, in FORM GST CMP-02, for availing the option of payment of tax under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 (by exclusive supplier of services), to be extended from 31.07.2019 to 30.09.2019.

c) The last date for furnishing statement containing the details of the self-assessed tax in FORM GST CMP-08 for the quarter April, 2019 to June, 2019 (by taxpayers under composition scheme), to be extended from 31.07.2019 to 31.08.2019.

d) 37th GST Council meeting is expected to happen in Goa on the 20th of September, 2019. Nirmala Sitharaman, the Finance Minister, will chair this Council meeting. Matters to be taken:

i) Council may look at the ITC treatment in the healthcare sector

ii) Council is likely to review the present revenue position

iii) Council may or may not focus on the GST rate cuts concerning the auto sector

GST  Updates dated 31.08.2019:

Sl. No. Notification(s) Notification No. Link(s)

1.

Seeks to waive the late fees in certain cases for the month of July, 2019 for FORM GSTR-1 and GSTR-6 provided the said returns are furnished by 20.09.2019.

41/2019-Central Tax ,dt. 31-08-2019

http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-41-central-tax-english-2019.pdf 
2. Seeks to extend the last date in certain cases for furnishing GSTR-7 for the month of July, 2019. 40/2019-Central Tax ,dt. 31-08-2019 http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-40-central-tax-english-2019.pdf 
3. Seeks to bring Section 103 of the Finance (No. 2) Act, 2019 in to force. 39/2019-Central Tax ,dt. 31-08-2019 http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-39-central-tax-english-2019.pdf 
4. Seeks to waive filing of FORM ITC-04 for F.Y. 2017-18 & 2018-19. 38/2019-Central Tax ,dt. 31-08-2019 http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-38-central-tax-english-2019.pdf 

 

 

  • COMPLIANCE UNDER OTHER STATUTORY LAWS

 

Applicable Laws/Acts Due Dates Compliance Particulars Forms / (Filing mode)
EPF  

(The  Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)

15.09.2019

PF Payment for August, 2019 ECR
ESIC 

(Employees’ State  Insurance Act, 1948)

15.09.2019

ESIC Payment for August, 2019 ESI CHALLAN

 

  1. COMPLIANCES UNDER FEMA / RBI

 

Applicable Laws/Acts Due Dates Compliance Particulars Forms / (Filing mode)

FEMA ACT 1999

on or before 31.07.2019

(due date extended from 15.07.2019 to 31.07.2019)

Can be filed after due date  with late fees charges

FLA Return is required to be submitted mandatorily by all the India resident companies which have received FDI and/ or made ODI in any of the previous year(s), including current year required to be filed by the companies, who holds foreign assets or liabilities in their financial statements as on 31 March. Annual Return on Foreign Liabilities and Assets

(FLA Return)

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 shares After issue of shares or other eligible securities, the Indian company has to file Form FC-GPR
 

 

 

FEMA ACT 1999

With in 60 days from the date of receipt of the amount of consideration. 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. Form FC-TRS.

 

  1. COMPLIANCE REQUIREMENT UNDER SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (LODR) REGULATIONS, 2015
FILING MODE(s) : 

    • For BSE : BSE LISTING CENTRE
  • For NSE : NEAPS Portal

Quarterly Compliances

Sl. No. Regulation No. Compliance Particular Compliance Period

(Due Date)

1 Regulation 13 (3) Statement of Investor complaints Within 21 days from the quarter end.
2 Regulation 27 (2) Corporate Governance Report Within 15 days from quarter end.
3 Regulation 31 Shareholding Pattern Within 21 days from quarter end

4

Regulation 32(1)

Statement of deviation(s) or variation(s).

( *for public issue, rights issue, preferential issue etc.) 

Quarterly Basis

5 Regulation 69 Indian Depository Receipt holding pattern & Shareholding details. within 15 days of end of the quarter 

 

 

  • Half Yearly Compliances

 

Sl. No. Regulation No. Compliance Particular Compliance Period

(Due Date)

1 Regulation 7(3) Compliance Certificate certifying maintaining physical and electronic transfer facility   Within one month of end of each half of the financial year 
2 Regulation  40(9) Certificate from Practicing Company Secretary (PCS)  Within one month of end of each half of the financial year
3 Regulation  40(10) Transfer or transmission or transposition of securities Within one month of end of each half of the financial year

 

 

  • Annual Compliances

 

Sl. No. Regulation No. Compliance Particular Compliance Period

(Due Date)

1 Regulation 14 Listing fees & other Charges   Payment manner as specified by the Board of by Recognised Stock Exchange.  
2 Regulation 34*

(shall be amended w.e.f. April 2019)

Annual Report

Within 21 working days from the AGM Date

 

 

  • Event based Compliances  

 

Sl. No. Regulation No. Compliance Particular Compliance Period

(Due Date)

1.

Regulation 7 (5) Intimation of

appointment  / Change of Share Transfer Agent.

Within 7 days of Agreement with

RTA. 

  2.

Regulation 17(2)

Meeting of Board of Directors The board of directors shall meet at least 4 times a year, with a maximum time gap of 120 days between any two meetings. 

3.

Regulation 18(2)

Meeting of the audit committee 

The audit committee shall meet at least 4 times in a year and not more than 120 days shall elapse between two meetings.

4.

Regulation 29

Notice for Board Meeting to consider the prescribed matters.

The Company shall give an advance notice of: 

a) at least 5 days for Financial Result as per Regulation 29 1 (a) 

b) in case matters as stated in regulation 29 1 (b) to (f) –

 2 Working days in advance(Excluding the date of the intimation and date of the meeting) to Stock Exchange.

c)  11 working days in case matter related to alteration in i) Securities ;ii) date of interest or redemption of Debenture / bond as per regulation 29(3) (a) ,(b).

5

Regulation 30 

Outcome of Board Meeting (Schedule III Part A- (4) within 30 minutes of the closure of the meeting

  6.

Regulation 31

Holding of specified securities and shareholding pattern

Reg. 31(1)(a):1 day prior to listing of its securities on the stock exchange(s);

Reg. 31(1)(c):within 10 days of any capital restructuring of the listed entity resulting in a change exceeding 2 % of the total paid-up share capital.

7.

Regulation 39

Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.

Reg. 39(2): The listed entity shall 

issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within 30 days from the date of such lodgement.

Reg. 39(2): The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within 2 days of its getting information.

8.

Regulation 40

Transfer or transmission or transposition of securities

After due verification of the documents, the Listed Company shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of 15 days from the date of such receipt of request for transfer: 

Transmission  requests are processed for securities held in dematerialized mode and physical mode within 7 days and 21 days respectively, after receipt of the specified documents

9.

Regulation 43

Declaration of Dividend

The company has to declare and disclose the dividend on per share basis only.

10

Regulation 46

Company Website:.

Listed entity shall disseminate the information as stated in Regulation 46 (2)

Shall update any change in the content of its website within 

2   working days from the date of such change in content.

11.

Regulation 50

Intimation to stock exchange(s).

Listed Company shall give prior intimation at least 11 working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable. 

12.

Regulation 57

Other submissions to stock exchange(s).

Listed Company shall submit a certificate to the stock exchange within 2 days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities. 

13.

Regulation 82

Intimation and filings with stock exchange(s).

Intention to issue new securitized debt instruments either through a public issue or on private placement basis :

Reg. 82(2) : Intimation of Meeting 

at least  2 working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered 

14.

SCHEDULE III

PART A: DISCLOSURES OF EVENTS OR INFORMATION: SPECIFIED SECURITIES

Events which shall be disclosed without any application of the guidelines for materiality as specified in sub-regulation (4) of regulation (30)  (7B) In case of resignation of an independent director of the listed entity, within 7 days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities as mentioned in 7B (i), 7B(ii) & 7B(iii).

15.

Regulation 106J

Period of subscription and issue of allotment letter.

A rights issue shall be open for subscription in India for a period as applicable under the laws of its home country but in no case less than 10 days.

16.

Regulation 108

Application for Listing.

The issuer / the issuing company, shall, make an application for listing, within 20 days from the date of allotment, to one or more recognized stock exchange(s) along with the documents specified by stock exchange(s) from time to time.

17.

Regulation 23

Corporate governance requirements with respect to subsidiary of listed entity

The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website

18.

Regulation 24A

Secretarial Audit

Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019.

 

  1. SEBI (Depositories and Participants) Regulations, 2018
Sl. No. Regulation No. Compliance Particular Compliance Period

(Due Date)

1

(SEBI  Regulation 76 of the SEBI (Depositories and Participants) Regulations, 1996.)

Reconciliation of Share Capital Audit. 

Within 30 days from quarter end.

 

 

  1. SEBI Takeover Regulations 2011
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. Disclosures shall be made within seven (7) working days from the end of each financial year to;

  • 1) every stock exchange where the shares of the target company are listed; and
  • 2) 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

Disclosures shall be made within seven (7) working days from the end of each financial year to;

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

 

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

 

Applicable Laws/Acts Due Dates Compliance Particulars Forms / Filing mode

Companies Act, 2013

Within 180 Days From The Date Of Incorporation Of The Company

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.

http://www.mca.gov.in/Ministry/pdf/CompaniesFourthAmendmentRules_19122018.pdf

MCA E- Form INC 20A

Companies Act, 2013 First declaration within 90 days from the date of notification Dt. 08.02.2019

( i.e.  On or before 8th of May, 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 thereina 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

https://enlightengovernance.blogspot.com/2019/07/draft-format-for-ben-1-sbo-rules-2018.html  

Companies Act, 2013 30.09.2019

(Due Date Extended From 31.07.2019 To 30.09.2019)

Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.

(Within 30 days from deployment of the E –form (earlier the date of receipt of declaration in BEN-1 )

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

No additional fee shall be levied if the same is filed within 30 days from the date of deployment of the said e-form.

Form BEN – 2

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

Companies Act, 2013 On or before 15.06.2019

(form can be filed after due date with a fee of Rs. 10000 (one time fee)

Filing of the particulars of the Company & its registered office.

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

Due date extended- Link : 

http://www.mca.gov.in/Ministry/pdf/CompaniesRegistrationOfficesFeesRule_25042019.pdf 

Active Form

INC -22A

Companies Act, 2013 30.09.2019 *DIN KYC through DIR 3 KYC Form is an Annual Exercise.

http://www.mca.gov.in/Ministry/pdf/DIR3KYCcompleteMessage_13042019.pdf 

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

E-Form DIR – 3 KYC

(Web Based)

Companies Act, 2013 within 60 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

Applicable w.e.f.  30.09.2019

http://www.mca.gov.in/Ministry/pdf/Rules_23052019.pdf 

E-Form PAS – 6

(E-Form, Not yet deployed)

Companies Act, 2013 With in 15 days from the date of publication of these rules

On or before 03.09.2019

IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

Statement of unclaimed or unpaid amounts and details of Nodal Officer

The details of the Nodal Officer and Deputy Nodal Officer duly indicating his or her designation, postal address, telephone and mobile number and company authorized e-mail ID shall be communicated to the Investor Education and Protection Fund Authority in Form No. IEPF – 2 within fifteen days from the date of publication of these rules and the company shall display the name of Nodal Officer and his e-mail ID on its website:

Provided that any change in the Nodal Officer or his details shall be communicated to the Authority through Form No. IEPF-2 within seven days of such change along with board resolution thereof.”;

E – Form IEPF-2

 

NOTE ON DIR-3 KYC

MCA (MINISTRY OF CORPORATE AFFAIRS) HAS RECENTLY ISSUED COMPANIES (APPOINTMENT AND QUALIFICATION OF DIRECTORS) THIRD AMENDMENT RULES, 2019 AND THE COMPANIES (REGISTRATION OFFICES AND FEES) FOURTH AMENDMENT RULES, 2019 ON 25TH JULY 2019 ON “DIR-3 KYC”.

As per the notification issued on 25th July 2019:

  1. E- Form DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the DIN holder who has already filed his KYC once in eform DIR-3 KYC but wants to update his details.
  2. Web service DIR-3-KYC-WEB is to be used by the DIN holder who has submitted DIR-3 KYC eform in the previous financial year and no update is required in his details.
  3. Due date for filing the KYC form is 30th September, 2019.
  4. Update on Filing the Form: Per day you can only do 10 Web- KYC from one login. Either wait for next day or use another Login.

 http://www.mca.gov.in/Ministry/pdf/ThirdAmendRules_25072019.pdf

 

  • Due dates of ROC Return Filings

 

 

Sl. No.  Particulars Due Date  E- Form
1 Appointment of Auditor With in 15 days from the conclusion of AGM ADT-1

2

Filing of financial statement and other documents with the ROC With in 30 days from the conclusion of the AGM, other than OPC 

(In case of OPC within 180 days from the close of the financial year)

AOC-4

3 Filing of annual return by a company. With in 60 days from the conclusion of AGM MGT-7
4 Filing of Cost Audit Report with the Central Government With in 30 days from the receipt of Cost Audit Report CRA-4
5 Filing of Resolutions and agreements to the Registrar With in 30 days from the date of Board Meeting. MGT-14

 

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This article is updated till 31st August, 2019 with all Laws / Regulations and their respective amendments.

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