S. Jaykishan

Chartered Accountants

Recent News

MCA issues clarification regarding DIR-3 KYC

MCA issues clarification regarding DIR-3 KYC

(Date: 16/04/2019)

The Ministry of Corporate Affairs (MCA) has issued clarification with regard to Director’s KYC whereby It has clarified that the DIN holders are required to file the DIR-3KYC form every year, so that they are aware of and confirm the data and information as available in the MCA21 system.

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MCA extends due date of filling e-form CRA-2

MCA extends due date of filling e-form CRA-2 

(Date: 6/04/2019)

The Ministry of Corporate Affairs has received several representations about the extension of last date for filing e-form CRA-2 without additional fees where the company has been mandated to get its cost records audited for the first time under the Companies Act, 2013 on account of Companies (Cost Records and Audit) Amendment Rules, 2018.

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MCA introduces e-form AGILE

MCA introduces e-form AGILE

(Date: 1/04/2019)

MCA has notified amendment to the Companies (Incorporation) Rules, 2014. New rule 38A has been added to the incorporation rules providing that application for incorporation of Company shall be accompanied by e-form AGILE containing application for GSTIN w.e.f March 31, 2019, EFPO w.e.f April 08, 2019 and ESIC w.e.f April 15, 2019.

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New Ind AS on Leases notified

New Ind AS on Leases notified

(Date: 1/04/2019)

The Ministry of Corporate Affairs has notified the new Ind AS 116, Leases. It shall replace existing Ind AS 17 and shall be effective from financial year beginning on or after April 1, 2019. The new Standard will impact accounting of leases in the books of lessees.

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RBI defers implementation of Ind AS by banks

RBI defers implementation of Ind AS by banks

(Date: 23/03/2019)

The commercial banks were required to implement Ind AS for preparation and presentation of their financial statements w.e.f. April 01, 2019. Now, RBI has deferred the implementation for an unlimited period of time pending necessary legislative amendments to the Banking Regulations Act, 1949. The amendments are under consideration of the Government of India.

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CBDT increases tax free gratuity limit to Rs. 20 lakh

CBDT increases tax free gratuity limit to Rs. 20 lakh

(Date: 11/3/2019)

The CBDT has increased the maximum amount of gratuity exempt under section 10(10)(iii) from existing Rs. 10 Lakh to Rs. 20 Lakh. Earlier, the Govt. vide notification S.O. 1420 (E) dated 29.03.2018 has increased the limit of amount of gratuity payable to an employee under section 4(3) of the Payment of Gratuity Act, 1972 from Rs. 10 Lakh to Rs. 20 Lakh.

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