Corporate Compliance Calendar 2021

 

ROC Compliance

Compliance Form/Filing	Particulars	Due Date
Annual Compliance
Annual Filing for LLPs Form 11	Every LLP registered in India is required to file its annual return in LLP form 11 within 60 days from the closure of the FY. The due date for FY 20-21 has been extended due to the COVID 19 situation.	31st July, 2021
Return of Deposits Received Form DPT 3	Information about the loan or money received by the Company up to 31st March of that financial year are to be reported the ROC in Form DPT-3 annually. The form was due to be filed by 31st August, 2021 with normal fee, after which additional fee for delayed filing is applicable.	31st August, 2021
Annual Filing for LLPs Form 8	LLP Form 8 (Statement of Accounts of LLP) for FY 20-21.	30th October, 2021 (Now extended to 30th December, 2021)
Vendor Classification of MSME Form MSME 1	MSME classification of the vendors into Micro, Small or Medium in your accounts database as per the new definitions of MSME to be obtained and amounts outstanding to such vendors beyond 45 days as on 30th Sep will have to be reported with reason for such delay in the Form MSME-1	31st October, 2021
Holding of AGM for laying down annual audited financial statements	The due date for holding the AGM by the corporate entities and laying down their annual audited financial statements for the FY 2020-21 which was 30th September, 2021 has been extended by 2 months.	30th November, 2021; But gap between two AGMs should not exceed 15 months.
Annual Filling for Companies Form AOC 4	Form for filing financial statement as on 31st March, 2021 and other documents with the Registrar has to be filed.	Within 30 days of AGM; But latest by 30th December, 2021
Annual Filling for Companies Form MGT 7 or 7A	Form for filing Annual Return of FY 2020-21 by a company.	Within 60 days of AGM; But latest by 29th January, 2022
Other Compliances
For Newly Incorporated Companies Form INC 20A	Declaration for commencement of business is to be filed through this form.	Within 180 days from the date of incorporation
Change in directors and the key managerial personnel Form DIR 12	In case of changes in Directors or Key Managerial Personnel of companies, form DIR-12 is to be filed with the ROC	Within 30 days from the date of appointment, resignation etc.
Appointment of auditor Form ADT 1	The company shall inform the ROC regarding the appointment of the auditor for FY 2020-21.	Within 15 days of the AGM/EGM
Compliance for undertaking CSR Activities Form CSR 1	Every Section 8 Company, Public Trust, or Society registered under Section 12A of the Income Tax Act which intends to undertake any CSR activity shall register itself with the Central Government by filing Form CSR-1. This requirement has come into force with effect from 1st April, 2021.	None specified, but compliance is mandatory

Income Tax Compliance

Compliance Form/Filing	Particulars	Due Date
Linking of Aadhaar number and PAN	Compliance required under Section 139AA	30th September, 2021
Contribution towards PF and ESI	The liability for Depositing contribution towards PF/ESI of September month	15th October, 2021
TCS Return – Q2 FY21-22	The Statement of Tax Collection at Source under Income Tax Laws for the quarter ended Jul-Sep 2021 of FY 2021-22	15th October, 2021
TDS Return – Q2 FY21-22	The Statement of Deduction of Tax for the quarter ended Jul-Sep 2021 of FY 2021-22	31st October, 2021
Advance Tax Deposit – Third Installment	The third instalment for Advance Tax for AY 2021-22 (FY 2020-21). At least 75% of the estimated tax liability for the year must be paid by such date to avoid interest.	15th December, 2021.
Equalisation Levy Statement Form 1	Compliance procedure for the Equalisation Levy is the responsibility of the service recipient. Due date of furnishing Equalisation Levy Statement is on or before 30th June of FY ended, which has been extended by 6 months for FY20-21.	31st December, 2021
ITR Filing for AY 2021-22	ITR for non tax audit cases	31st December, 2021
Furnishing Audit Report for AY 2021-22	Submission of Audit Report (Section 44AB) for taxpayers liable for audit under the Income Tax Act	15th January, 2022
Furnishing Audit Report for AY 2021-22	The Audit Report under Transfer pricing	31st January, 2022
ITR Filing for AY 2021-22	ITR for tax audit cases	28th February, 2022
Revise or Belated Return	The due date for furnishing the revised or belated return	31st March, 2022

GST Compliance

Compliance Form/Filing	Particulars	Due Date
GST Rectifications for FY 2020-21	GST Return for September 2021 is the last opportunity to pass rectification entries relating to the FY 20-21 in the returns as amendment. Reconcile and match all your sales for FY 2020-21 with sales reported in GSTR-3B and GSTR-1 and reconcile GSTR-2A with Input Credit Register on the basis of which ITC has been claimed in each month's GSTR-3B. Any adjustments are allowed up to the date of filing GST returns for September only.
- Monthly Filing GSTR 1	September, 2021	11th October, 2021
- Quarterly Filing GSTR 1	July – September, 2021	13th October, 2021
- Monthly Filing GSTR 3B	September, 2021	20th October, 2021
- Quarterly Filing GSTR 3B	July – September, 2021	22nd or 24th October based on State
GSTR 9 for FY 20-21 (Reconciliation Statement; Also known as GST Audit)	For businesses having aggregate turnover exceeding Rs. 2 Crores	31st December, 2021
GSTR 9C for FY 20-21	GSTR-9C is due to be filed by taxpayers or businesses having an aggregate turnover exceeding Rs. 5 Crores. Earlier requirement of certification by CA for GSTR-9C has been done away with. Now the taxpayers have to submit a self-certified form and complete reconciliation statement without audit.	31st December, 2021

 

Small Company - Amended Widened Criteria Under Companies Act 2013

The definition under section 2(85) of Small Company under the Act has not been amended, however, clause (t) of Rule 2 (1) of Companies (Specification of Definitions Details) Amendment Rules, 2021  vide Notification No. G.S.R. 92(E). dated, 1^st February, 2021 wef 01^st April 2021 reads as follows:

“(t) For section 2 (85) (i)and (ii) of the Act, paid up capital and turnover of the small company shall not exceed rupees two crores and rupees twenty crores respectively.”

Therefore, the meaning of Small Company has revised been as follows:

Criteria for Small Company	Old (Maximum i.e not to exceed)	New (Maximum i.e not to exceed)
Applicability	F.Y. 2020-21	F.Y.2021-22 onwards
Paid-up share capital	Rs. 50 lacs	Rs. 2 crore
Turnover (as per profit and loss account for the immediately preceding FY)	Rs. 2 crores	Rs. 20 crores
Provided that nothing in this clause shall apply to— (A) a holding company or a subsidiary company; (B) a company registered under section 8; or (C) a company or body corporate governed by any special Act;

Procedure for Issue of Employee Stock Option Plan (ESOP)

ESOP (Employees’ Stock Option) is the option given to the directors, officers or employees of a company, its holding or subsidiary which gives such directors, officers or employees, the benefit or right to purchase, or to subscribe for, the shares of the company at a future date at a pre-determined price.

It is a right and not an obligation, therefore, if the shares of the company are valued at less than the exercise price of the option, then the employee need not exercise its right to buy the company’s shares.

Prerequisite for issue of ESOP:

i.            MOA to have adequate authorised share capital, if not, alter MOA accordingly by convening General Meeting

ii.          AOA to authorise issue of ESOP, if not, alter AOA accordingly by convening General Meeting

Process for issue of ESOP in an Unlisted Company:

i.                     Draft ESOP scheme

ii.                   Draft and send Notice for Board Meeting (min. 7 days’ notice)

iii.                 Convene Board Meeting to authorise via Board Resolution:

a.       Issue of shares under ESOP scheme

b.       Calling of General Meeting for approval of shareholder

c.       Issue of Notice of General Meeting

iv.       Call a General Meeting by sending Notice (min. 21 days’ notice) along with Explanatory Statement annexed therewith with the following disclosures:

a.       Total number of stock options to be granted;

b.       Classes of employees entitled to participate in the scheme;

c.       Requirements of vesting and period of vesting;

d.       Maximum period within which the options can be vested;

e.       Exercise price, exercise period and process of exercise;

f.        Lock-in period, if any;

g.       Maximum number of options to be granted per employee and in aggregate;

h.       Methods used for valuing its options;

i.         Conditions under which option vested may lapse;

j.         Statement that the company shall comply with the applicable accounting standards.

v.             Convene General Meeting and approve the scheme by passing Special Resolution (Ordinary Resolution for private company)

vi.          Separate Resolution is to be approved by the shareholders in case options are being granted to:

a.       Employees of subsidiary or holding company; or

b.   Identified employees, during any one year, equal to or exceeding one percent of the issued capital (excluding outstanding warrants and conversions) of the company

vii.            Grant options to the eligible employees

viii.           File Form MGT-14 with ROC within 30 days of passing the resolution

At the time of exercise of options:

i.                  Convene a Board Meeting to allot the shares under ESOP

ii.                Issue share certificates

iii.              Authorise stamping of shares

iv.            After allotment of shares, file Form PAS-3 (Return of Allotment) with ROC within 30 days of allotment

Disclose details of ESOP Scheme in the Director’s Report for the year:

i.                  Options granted/vested/exercised/lapsed;

ii.                Total number of shares arising as a result of exercise of options;

iii.              Exercise Price;

iv.               Variation of terms of options;

v.                 Money realized by exercise of options;

vi.              Total number of options in force;

vii.            Employee wise details of options granted

Maintain a Register of ESOPs:

To be maintained in Form SH-6 at the registered office of the company or such other place as decided by the Board.

 

The Compilation of statement required for Form 10BD for Donation received by Charitable Organisation

 

Filing of Statement of donations in Form 10BD is now mandatory for Charitable Organisations for allowing deduction for donations under sec 80G to the donors.

As per Notification No. 19/2021 [F. No. 370142/4/2021-TPL] / GSR 212(E) dated 26 March 2021, the entities having approval u/s 80G (5) and u/s 35(1) of the Income Tax Act,1961 requires to furnish a statement of Donations received by them wef  1^st April, 2021.

Filing of Statement of donations (in Form 10BD) is mandatory for donations received during financial year 2021-22 is to be filed once for the whole year by 31st of May 2022.

Form 10BD shall be e filed by organizations using the digital signature of a person authorized to sign the return of income or through e-verification code (EVC)

The following information is required for filing the statement in prescribed format:

Therefore the done entity should maintain the following details of Donors

1.	Name of the Donor as per PAN card and PAN No. (Mandatory)
2.	Latest address of Donor as per ID proof Aadhar or Income tax records
3.	Amount, Section code, Type and mode of Donation received

 

Instructions to fill Section Code

 

After filing  Form 10BD, the reporting entity should download and issue Certificate of Donations in Form 10BE containing the details of reporting entity like PAN , Name of the entity, address of entity receiving the donation, approval numbers u/s 80G & 35(1) and amount  to be issued by 31st May 2022.

Therefore for donor it is not just sufficient to have a donation receipt, but to obtain a certificate of donation in Form 10BE after the end of the financial year for his claim of deduction.

Corrections in Form 10BD

In case of any errors or mistakes in Form 10BE, it may be rectified and hence additions, deletions, or modifications are possible.

Consequences for  Non Compliance for defaults

a)       The  delay to File 10 BD in time will attract a fee of Rs.200/- per day of delay as per newly inserted section 234G.

b)      The failure to file such statement will also attract penalty u/s 271K of not be less than Rs.10,000/- and which may extend up to Rs.1,00,000/-

B