Company Compliance Checklist during Coronavirus for Financial Year 2019-20

There are several Compliances that a Company is required to follow. These Compliances are set by various Statutes and other regulatory bodies in India. A Company ought to ensure that these requirements are complied with, lest it should run the risk of huge penalties and even suspension of licenses to carry out businesses. COVID-19 has affected the economy at the global level and this negative impact on financials and restrictions on the major chunk of Companies in India has been considered by the Government of India. The Government has brought about relaxations in various regimes governing the functioning of companies and compliances for the Financial Year 2019-2020. The Company compliance checklist has in a way been altered due to COVID-19 for the said Financial Year. Given below is the Company compliance checklist under Companies Act 2013, Income Tax Act 1961, and FEMA, for Private or Public Ltd. Companies, Foreign Companies, Project Office, Liaison or Branch Office, and Non-Banking Financial Companies.
 

A. PRIVATE / PUBLIC LIMITED COMPANIES

Given below are the Forms to be filed under specific authorities, along with due dates (after extension if any, due to COVID-19). These compliance requirements are under the Companies Act 2013.

1. Form ADT-1 for the first appointment to be filed to the Registrar of Companies within 15 days from the date of appointment(BM).

2. Form ADT-1 to regularise the auditor for another 4 years to be filed to the Registrar of Companies within 15 days from the date of AGM.

3. Form DPT-3 to be filed to the Registrar of Companies 30th June 2020- 30th September 2020 (with CFSS).

4. Form BEN-2 to be filed to the Registrar of Companies 30th June 2020- 30th September 2020 (with CFSS).

5. 1. Form MSME to be filed to the Registrar of Companies 31st March 2020 - 30th April 2020 (after CFSS).

6. 2. Form MSME to be filed to the Registrar of Companies 31st October 2020.

7. Form MGT-7 to be filed to the Registrar of Companies 29th November 2020 (expected to be extended).

8. Form AOC-4 to be filed to the Registrar of Companies 29th October (expected to be extended).

9. Statutory Audit of Accounts by a Chartered Accountant 30th September 2020.

10. Income Tax Returns (ITS-6) under the Income Tax Act 1961 30th November 2020.

11. Director's KYC (Form DIR-3) to be filed to the Registrar of Companies 30th September 2020.

12. Director's Disclosure - Form MBP-1 Company's Documents 30th June 2020.

13. Director's Disclosure - Form MBP-1 MGT-14 (Public Company) to be filed within 30 days of 1st BM held.

14. Adoption of Annual Accounts MG - 14 (Public Company) Within 30 days of the adoption of Accounts.
     

B. FOREIGN COMPANIES (with FTC in their CIN)

The Companies Act and Income Tax Act compliances stated above are applicable to these companies as well. Given below are the Forms to be filed under specific authorities, along with due dates (after extension if any, due to COVID-19).

1. 1 FLA Return (if received FDI in that particular FY) to be filed with the Reserve Bank of India 15th July 2020.

2. 2 FLA Return (if received FDI in that particular FY) to be filed with the Reserve Bank of India 15th October 2020.

3. FC - GPR (receiving of fresh FDI) to be filed with the Reserve Bank of India within 30 days.

4. FC - TRS (transfer of foreign shares) to be filed with the Reserve Bank of India within 60 days.

C. PROJECT OFFICE

Given below are the compliances to be filed followed under specific authorities, along with due dates (after extension if any, due to COVID-19). These compliance requirements are under the Companies Act 2013 and Income Tax Act 1961.

1. FC-3 (Financial Statement) to be filed with the Registrar of Companies 31st December 2020.

2. FC-4 (Annual Return) to be filed with the Registrar of Companies 31st May 2020.

3. FC-2 (Change in any information about the Project Office) to be filed with the Registrar of Companies within 30 days of the happening of the event.

4. FC-1 (Registering the Company with ROC after RBI) to be filed with the Registrar of Companies within 30 days after getting a registration certificate from the Reserve Bank of India.

5. Income Tax Return (ITR) under the Income Tax Act 1961 by 30th November 2020.

6. Financials to be audited if gross receipts are 2 crores or above by 30th November 2020.
    

D. LAISON OFFICE / BRANCH OFFICE

1. Annual Activity Certificate (AAC) - Annexure 4 Certificate from PCA that the Company is engaged in the activity for which it was permitted to carry out by the Reserve Bank of India 30th September 2020 (no extension till now).

2. 1. FLA Return (if received FDI in that particular FY) to be filed with the Reserve Bank of India 15th July 2020 (unaudited).

3. 2. FLA Return (if received FDI in that particular year) to be filed with the Reserve Bank of India 15th October 2020 (audited).

E. NBFCs

Given below are the Forms to be filed under specific authorities, along with due dates (after extension if any, due to COVID-19). These compliance requirements are under the Companies Act 2013 and the Income Tax Act, 1961.

1. Non-Deposit taking NBFCs with asset size of Rs.50 & shy - 100 Cr to file quarterly return to the Reserve Bank of India by 30/06/2020-30/09/2020-31/12/2020-31/03/2020 (Within 30 days from the end of these quarters).

2. Annual Return on Non-Deposit taking NBFCs with asset size from Rs.100 Cr. to 500 Cr to file form NBS-8 to the Reserve Bank of India 30th May 2020.

3. Annual Return on NBFC& shy -ND& shy -SI with asset size below Rs.100 Cr to file NBS-9 to the Reserve Bank of India 30th May 2020.

4. Monthly Return with asset size of Rs.100 Cr. & above to file monthly returns to the Reserve Bank of India.

5. Statement of Short term dynamic liquidity NBS-AML-1 to be filed with the Reserve Bank of India within 10 days of the end of every month.

6. Statutory Auditor Certificate SAC to be filed to the Reserve Bank of India by 30th October 2020.

7. Special Return General information and Net Owned Funds to be filed to the Reserve Bank of India annually.

8. Branch Information Branch Details are to be filed with the Reserve Bank of India annually.

9. Annual Compliances- FPC, KYC, CERSAI, SAC, Audited Financials, PO details, Nodal Officer Details, or any other information asked by the Reserve Bank of India (on a Sos basis via mail) to be submitted in hard copy to the Reserve Bank of India annually.

10. Statutory Audit of Accounts as under the Companies Act 2013 by a Chartered Accountant 30th September 2020.

11. Income Tax Return under form ITR-6 to be filed to the Income Tax authority 30th November 2020.
     

The above measures are an attempt by the government, to ease the hardships faced by businesses across the nation in these unprecedented times. The various statutes governing the above regime have set in place a system of penalties to enforce their mandates, which need to be adhered to despite the acute financial stress on various businesses even during COVID-19. Even though the entire nation is still battling the constant growing cases of Coronavirus, a bona fide plan of action from the government and its various agencies (including the extended timelines for compliances) provides a fleeting glimpse at normalcy and a safety net from financial ruin.

Advocate Chikirsha Mohanty

4.0 | 2+ user ratings Greater Kailash - 1, Delhi
5 years

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