The Companies (Amendment) Act, 2020 (No. 29 of 2020) has received the assent of the President on the 28th September, 2020 and has been notified.
One of the important amendment is insertion of new section 129A under which the Central Government may, require prescribed class(es) of unlisted companies to prepare the financial results on periodical basis and complete audit or limited review of such periodical financial results and also to file copy of report with the Registrar.
The Act also provides for setting off of excess payment incurred on Corporate Social Responsibility (CSR) u/s 135 in succeeding years.
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- Full year depreciation on vehicle can not be denied based on registration date
- No remission/cessation of liability if trading liability is declared in books of account
- Approval u/s 80G for new cases to be effective from year in which application is made
- Penalty u/s 271B deleted as assessee was unaware of Tax Audit Provision
- Provisional empanelment status of CA firms/LLPs with CAG for 2023-24