Compliance Reporting and Sailing through the Covid-19 pandemic
Governments across the globe are focussed on fighting a common enemy, the novel coronavirus that has caused a pandemic. With several countries in lockdown, and businesses unable to operate as usual there’s wave of uncertainty causing worry to people regarding the future of their businesses and compliances.
To help companies in difficult times as these, governments and regulatory bodies have announced several compliance extensions and relaxations.
In India, the Ministry of Corporate Affairs (MCA) has released updates and filing extensions enabling companies to adhere to compliance requirements without the need to pay penalty for delays.
Here is a list summarising the various notifications from MCA outlining the relaxations and extensions announced.
- Companies (Auditor’s Report) Order 2020 (CARO, 2020) will be made applicable from the financial year 2020-21 instead of the financial year 2019-20, benefiting companies and its statutory auditors.
- The filing of financial statements (form AOC-4 XBRL) for companies registered under union territories Jammu & Kashmir and Ladakh have been extended up to 30 June 2020
- Newly incorporated companies will get an additional 6 months for filing the declaration form for “commencement of business”.
- The conduct of board meetings by companies within an interval of 120 days is now extended by a further period of 60 days until 30 September 2020.
- The due dates for taxpayers with an annual aggregate turnover of up to Rs 5 crores for their GST filing have been extended up to the last week of June 2020 for which no late fee, interest or penalty shall be levied.
It is no doubt that these are unprecedented and challenging times for businesses. But ensuring that your company’s compliance requirements are handled diligently can remove a major concern off your mind and let you focus on bringing your business back on track. It is hence important to choose the right service provider based on your compliance needs, especially if you outsource your work.
DataTracks, with strong business continuity plans in place, our operations remain uninterrupted with all our employees safely working from their homes. We have got you covered if you have any XBRL compliance requirements.
If you have any queries or would like to talk to a member of our team, please write to us on firstname.lastname@example.org or contact us on +91 44 4208 1719