ICSI requests for extension of time for Annual filing of One Person Companies due to Covid 19

ICSI requests for extension of time for Annual filing of One Person Companies due to Covid-19

ICSI has requested the Ministry of Corporate Affairs (MCA) for extension of time for Annual filing of One Person Companies  (OPC) due to Covid-19 upto 31st December 2020 to ease the difficulties faced by the OPCs in the time of crisis

In its representation the ICSI has stated that the corporate specially the One Person Companies (OPCs) and Small Companies are facing huge challenges to meet the ends and function smoothly.

In terms of the third proviso to Section 137(1) of Companies Act, 2013. OPCs shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty days from the closure of the financial year i.e. by 27th September each year.

First proviso to Section 92 (1) of Companies Act, 2013 provides that an OPC and Small Company the annual return shall be signed by the Company Secretary, or where there is no Company Secretary, by the Director of the Company.

• Related party transaction u/s 40A(2) shall be treated as bona fide, unless evading tax
• ‘Transfer of property’ not include ‘acquiring’ of property or ‘purchasing’ of property – ITAT
• AO was not justified in questioning cash withdrawals from bank account – ITAT
• Return/Balance sheet filed within limitation extended by SC to be considered within time
• Satisfaction Note u/s 153C – term immediate cannot be extended to unreasonable delay