Progress Partners Business Advisory LLP

Feels like my private gym!
I am the only one here today

Mostly people go to office by now (corporate complex) and today being a Saturday fewer people are around

This concept of Black on Black is very irritating. For the sixth time in a row, i left the mobile in the car since the black phone was setting in a black tray and i didn’t see it

😡

word of warning to everyone
From jan 2021, Digital Signatures issued will only be Class 3 and not class 2.

The fees for a 3 year class 2 certificate is 1600 and for a class 3 it is 4000.

So better get your new dsc done by dec 31 or pay a much higher price

QRMP : Quarterly Return Monthly Payment Scheme under GST :

GST moves to quarterly returns for small tax payer. You file both GSTR 1 and 3B quarterly. They will make an automatic challan for the invoices raised in month 1 and 2 which you pay and in 3rd month, it takes all ITC and gives the credit so you pay the balances.

You can pay lower challan in first 2 months also if you know your ITC. But no returns, just pay the amount...

Any company who has not submitted POSH annual report for the year can do so by email as per the circular of Maharashtra Government Below. (This is for Mumbai District)

Government of Maharashtra vide circular no. DWCDOMC/POSH Act 2013/2020-21/ has mandated employers who have not submitted the annual report under The Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013 for the year 2019 may submit to the District Officer, Mumbai City on or before the evening of 14th August 2020. Therefore, the Annual Report shall be submitted online via [email protected] in the format as provided.

2 important changes in Bihar Labour Laws.

Definition of Factory changed, now, only establishments with 20 or more workers working with power will be a factory (earlier 10 workers)

Restriction on Layoff, retrenchment and closure of factories apply only to those with more than 300 workers (earlier applicable to all factories with more than 200 workers)

The law on compensation for layoff or retrenchment remains the same.

It seems, that the long overdue correction to labour laws is happening in bits and pieces throughout the country

LLPs are required to file Form 11 by 30th June of each year.

This year the dates have been extended

However, this is a very simple form that has no connection with accounting, closing of books or any other process. Therefore it makes no sense to delay filing it.

Its a very simple form, may as well get it filed.

We can help you if you do not know what to do. Get in touch with us through WhatsApp, Messenger or email

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Unlock 1.0 for Maharashtra has been modified, allowing offices to open in mumbai.

- Offices can have 10% of 10 employees, whichever higher
- No restriction on inter-district movement within MMR (Mumbai, Navi Mumbai, Thane, Bhivandi, Kalyan, Vasai-Virar

Unsure of what you should do ? Talk to us.

For Mumbai Metropolitan Region and Pune, Private offices will be allowed to function from June 8, 2020 with 10% staff in office and the rest must be allowed to work from home.

Please note that in these areas, use of auto rickshaw and taxi is prohibited for non-essential travel (meaning they can't be used for coming to office)

Two Wheelers can only have 1 person except for emergencies

Details of the final scheme of MSME emergency credit scheme (₹ 3 lakh cr scheme) is likely to come by Monday. The scheme is being finalised by RBI in consultation with industry associations.

1. It is an emergency credit scheme, not a free money scheme, so all those waiting for a quick credit unregulated scenario, are likely to be unhappy

2. its for those who are existing borrowers, not for those who are thinking of taking money now.

3. This is available to those who are not registered in MSME act, and also for Traders (who are not covered by by MSME definition), but interest rate is lower by 1% for MSME registered borrowers and lower margins.

4. No guarantee, no guarantee fee and no collateral required. The government guarantees (provided to the bank for these loans) are also available for NBFCs, not just banks.

5. Banks will ask to ensure basic viability, profitability, credit cycles and other things they normally check to ensure the money will come back (so this is not like the loan mela of congress times)

6. Interest capped - 9.25% for banks and 14% for NBFC