TECH TORCH- Compliance portals related issues like MCA / SEBI / Tax / RBI / RERA / FSSAI etc. First Editions

Dear Readers! Hope you and your family are safe! The effects of the Covid pandemic is fading, but uncertainty may continue for some time. 2022 is being termed as the year we learn to live with Covid-19. Staying optimistic and having a positive attitude will help us in the challenging times ahead. As we have moved into the third month of 2022, we are faced with new geopolitical concerns and ever changing environmental and climatic threats. We, individually can do our bit to stay safe, and do our share to protect the environment. While we are busy with our daily lives, we also must take care, despite our patronage and inclinations, we must stay wary of fake news emanating all over the media.

The Tech Torch © newsletter serves to address various issues arising out of daily work as we interact with several software applications, mobile applications and websites on a daily or occasional basis. Apart from that, it contains news related to the tech world, as our real world is now amalgamated the virtual world. No longer, we can ignore technology. We can use technology for being a better person and a better professional.

This newsletter will also contain solutions, and tips to make your life more comfortable with the computers. Apart from this, we shall make you abreast with the latest developments in the tech world, to stay informed and updated.

This newsletter was born out of constant brainstorming of four professionals, their learnings, experiences and interactions – CS Abha Tyagi, CS Dilip Kumar Choudhary, CS Lalit Rajput and CS Rajat Agrawal. Our ideas were cultivated into a concept, which we hope can serve the purpose of our fellow professionals to make workplace, and working a better tomorrow than yesterday.

To make your reading a fulfilling and satisfying experience, we have enclosed below a hyperlink, wherein you can tap / click on it which will lead you to a feedback form. Your feedback is absolutely essential, to improve this newsletter which will provide us an opportunity to serve the entire family in a better way.
We wish you a happy reading!

 An Overview:

Presently, technology and internet have become an important and essential part of daily life style, personal and professional both. The lockdown situation due to Covid-19, has resulted in most people taking to the internet and internet-based services to communicate, interact, and continue with their job responsibilities from home. It seems the due to Covid-19 pandemic, now the global business environment reshaping with the help of technology, technology driven tools & software.
In recent years, we have seen entailed a rise, across the globe, in the use of Digital devices, information systems, tools, networks and Artificial intelligence (AI) based tools and software. This “Digital / Technology” mandate isn’t new; it’s simply been brought into sharp focus now.
Organizations / Corporates that embrace digital solutions and AI based tools, have greater resiliency in the face of adversity—and a leg up on the competition that will enable them to recover faster and pivot from playing defence to chasing growth.
Statutory Authorities like Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), The Food Safety and Standards Authority of India (FSSAI), Income Tax, Goods and Services Tax (GST), Ministry of Micro, Small and Medium Enterprises (MSME), Securities and Exchange Board of India (SEBI), ESI & EPF, all are working through technology driven web based portals and software. The Govt. is continuously working on a project which uses next-generation technology to improve the delivery of technology based services. The Ministry of Electronics and Information Technology is utilising advanced technologies such as artificial intelligence and machine learning etc.
We, professionals, are the torch bearers of corporate governance and compliance management in any organisation and our role goes beyond corporate law. Modern and industrialized era has transformed the corporate world to the core. The growing importance placed on corporate governance has enhanced the role of the Professionals.
“The world is progressing in the field of science and technology. AI is being used in every field. Indian Govt. is working towards using Artificial Intelligence (AI) in a safe and effective way. There is a digital government plan that is being architected and designed. It will become the next generation of e-governance.”
“Tech- Torch” – will help our professionals / readers to get equipped with updated IT & AI
– technology based updates and solutions. We will help them to tackle with filing / software related technical issue.

 Brief List of Statutory Portals for Compliance Filings:

Sl. List of Statutory Authoriies Relevant Portal Links 
1 Ministry of Corporate Affairs (MCA) Click Here 
2 Reserve Bank of India (RBI) Click Here 
3 Foreign Investment   Reporting   and   Management   System (FIRMS) Click Here 
4 Foreign Investment Facilitation Portal (FIFP) Click Here 
5 Income Tax India Click Here 
6 Goods and Services Tax Click Here 
7 The Food Safety and Standards Authority of India (FSSAI) Click Here 
8 Government e Marketplace (GeM) Click Here 
9 The Food Safety Compliance System (FoSCoS) Click Here 
10 The Securities and Exchange Board of India (SEBI) Click Here 
11 BSE Listing Centre Click Here 
12 NSE Electronic Application Processing System – (NEAPS) Click Here 
13 Employees’ State Insurance (ESIC) Click Here 
14 Employees’ Provident Fund Organisation Click Here 
15 Investor Education and Protection Fund Authority (IEPFA) Click Here 

We have tried to cover certain important Compliance Portals and their relevant links for easy reference. Compliance portal is the dedicated portal operationalized to do compliance filings and also enable e- verification (including capture of response on specific compliance related issues in a structured manner) for effective compliance monitoring and evaluation

MCA21 Version 3.0 to be launched in Fiscal 2021-22 

MCA21 V3 Project is a technology-driven forward looking project, envisioned to strengthen enforcement, promote Ease of Doing Business, enhance user experience, and facilitate seamless integration and data exchange among Regulators. The project will have Micro- services architecture with high scalability and capabilities for advanced analytics. Aligned with global best practices and aided by emerging technologies such as AI and ML, MCA21 V3 is envisioned to transform the corporate regulatory environment in India. This Version will have additional modules for e-Adjudication, e-Consultation and Compliance Management. 

  • Key Features: 
  1. e-Scrutiny: MCA is in process of setting up a Central Scrutiny Cell which will scrutinise certain Straight Through Process (STP) Forms filed by the corporates on the MCA21 registry and flag the companies for more in depth scrutiny. 
  1. e-adjudication: E-adjudication module, has been conceptualised to manage the increased volume of adjudication proceedings by Registrar of Companies (RoC) and Regional Directors (RD) and will facilitate end to end digitisation of the process of adjudication, for the ease of users. It will provide a platform for conducting online hearings with stakeholders and end to end adjudication electronically. 
  1. e-Consultation: To automate and enhance the current process of public consultation on proposed amendments and draft rules etc., e-consultation module of MCA21 v3 will provide an online platform wherein, proposed amendments/draft legislations will be posted on MCA’s website for external users/ comments and suggestions pertaining to the same in a structured digital format. Further, the system will also facilitate AI driven sentiment analysis, consolidation and categorization of stakeholders’ inputs and creation of reports on the basis thereof, for reference of MCA. 
  1. Compliance Management System (CMS): CMS will assist MCA in identifying non-compliant companies/LLPs, issuing e-notices to the said defaulting companies/LLPs, generating alerts for internal users of MCA. CMS will serve as a technology platform/solution for conducting rule based compliance checks and undertaking enforcement drives of MCA wherein e-notices will be issued by MCA for effective administration of corporates. 
  1. MCA Lab: As part of MCA21 V3, a MCA LAB is being set up, which will consist of corporate law experts. The primary function of MCA Lab will be to evaluate the effectiveness of Compliance Management System, e-consultation module, enforcement module, etc. and suggest enhancements to the same on an on-going basis. The Lab will help MCA in ensuring the correctness of results produced by these key modules in view of the dynamic corporate ecosystem. 
  1. Chat bot enabled helpdesk: MCA21 V3 will have a cognitive chat bot enabled helpdesk, mobile apps, interactive user dashboards, enhanced user experience using UI/UX technologies, and seamless data dissemination through APIs. 

MCA21 is the online portal of the Ministry of Corporate Affairs (MCA) that has made all company related information accessible to various stakeholders and the general public. It was launched in 2006. MCA Version 3.0 – AI based, will give new meaning to corporate compliance culture and will further enhance the trust and confidence in the Corporate regulatory and governance system. This will help the business community to meet their statutory obligations. 

MCA contact details with respect to Incorporation and Filing Related Matters : 

1. For any query related to Company Name Availability and Company Incorporation, contact: CRC Helpdesk : 0120-4832500 Email: CRC.Escalation@mca.gov.in 
2. For any query related to Company or LLP e-Filings, Payments or View Public Document (VPD), contact: Corporate Seva Kendra : 0120-4832500 Email: appl.helpdesk@mca.gov.in 
Kindly note that: 
If service complaints related to Name Reservation or Company Incorporation are not resolved within 2 working days after a service ticket is raised, Stakeholders may escalate the matter by sending an email to CRC.Escalation@mca.gov.in only in the event of tickets not being resolved within 2 working days. 
Stakeholders are advised to normally wait for resolution of tickets within the stipulated time and not send e-mails as soon as tickets are raised. 
Action on e-mails will be taken only in respect of cases where tickets have not been resolved within 2 working days. 
Stakeholders should clearly mention the Helpdesk ticket SR number & date on which ticket was raised in the subject line along with specific problem details. 
 
Some tips while facing technical issues with MCA 
 
Download fresh forms 
Update Java and Browser 
Change browser 
Preferably use internet explorer 
Allow pop-ups 
Clear cookies and temp. files 
Use Pay- Later Option 
Do not refresh while making payment 
Check for updates, if any available 
Restart the system after changing settings 
 
You may please get in touch with us, if issue still persists and you are unable to resolve. We will help you out and resolve the issue with the best possible solution. 
 

INCOME TAX SEGMENT: 

The Income Tax Department, comes under the Ministry of Finance (MoF), Govt. of India, had launched its new e-filing portal http://www.incometax.gov.in on 7th June, 2021. The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers and also to make it taxpayer-friendly.
But since its launch users have been complaining of technical issues. Below is the list of some key problems which we are facing:
 Technical error while filing income tax returns on the new portal.
 Users are unable to download ITRs for different financial years in PDF format.
 Post Filing of ITR, receipts are not being downloaded.
 Old Outstanding Demand is also not showing
 Refund requests are not being made
 There is a problem in viewing the 26AS form, which is very important.

The income tax department is continuously working and progressively addressed on number of technical issues on the new ITR portal and some others matters as well.
 Those who are facing issues while accessing income Tax website for uploading TAR and ITR can mail the issues along with screenshot on following Email IDs:
a) TAR.helpdesk@incometax.gov.in and b) ITR.helpdesk@incometax.gov.in

 E-PAYMENT OF DIRECT TAXES
There are two modes of payment of direct taxes (i) physical mode i.e. payment by furnishing the hard copy of the challan at the designated bank; and (ii) e-payment mode i.e. making payment by using the electronic mode.
Mandatory or compulsory e –payment: It is compulsory for the following taxpayers to pay tax using the e-payment mode only (i.e., using internet banking facility). In other words, following persons cannot use the physical mode of payment of tax and have to pay the tax electronically using the e-payment facility.
 All companies
 All taxpayers other than company who are liable to get their accounts audited as per section 44AB.

  • Goods and Services Tax (GST) Segment: 

On July 1st, 2017, India as a nation had taken a giant leap towards a new order in its taxation History and GST came into effect after the Goods and Service Tax Act passed in the Parliament. GSTN i.e. Goods and Service Tax Network is one of the most significant achievements of Indian tech brains in history of Indian Indirect taxation. But still there are many issues and scope of improvement in functioning and technical performance of GSTN. 

You are required to obtain GST registration once your turnover exceeds the specified threshold limits. Goods and Services Tax is an indirect tax which introduced to replacing a host of other Indirect taxes and is used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax. GST stands for Goods and Services Tax. 

  • System Requirements for Accessing the GST Common Portal 

Desktop Browser: Internet Explorer 10+/ Chrome 49+ or Firefox 45+ 

Besides the above on browser compatibility following should not be disabled: 

  • Cascading Style Sheet (CSS) – used to render User Interface look and feel of the portal. Disabling this will not provide appropriate user experience 
  • JavaScript – used to provide enhanced user experience in using User Interface controls. Disabling this will not allow user to perform any transaction in the portal. 
  • Cookie – used to store personalized information of user. Disabling this will not allow user to login and perform any transaction in the portal. 

Unzip tool to extract the certificates from a zipped single file – Example: WinZip 7+ / WinRAR 5+. 

  • Setup of ‘GST Refund Help Desk’ in the office of Pr. CCA, CBIC: 
  • For payment/disbursement related issues in their refund application, the taxpayers are informed to contact this GST Refund helpdesk. 
  • The office of Pr. CCA, CBIC has setup a ‘GST Refund Help Desk’ for addressing payment related problems faced by the taxpayers. Contact details of the Help Desk is as under: 
  1. Name of Nodal Officer : Ms Anita Rawat, Accounts Officer 
  1. Toll Free Helpline Number : 1800-11-1424 
  1. Mail ID : gstrefunds-helpdesk@gov.in 
  • Risk Management Segment: 

Risk management, in general, refers as the process of identifying, assessing and controlling threats to an organization’s capital and earnings. Effective risk management means attempting to control, as much as possible, future outcomes by acting proactively rather than reactively. 

Risk management is too-often treated as a compliance issue that can be solved by drawing up lots of rules and making sure that all employees follow them. Risk events from any category can be fatal to a company’s strategy and even to its survival. 

“IT or Information Technology Risk is the risk of a threat which might disrupt business processes, critical systems and business operations. With increasing number of business houses going global and becoming a part of the network, the threat of IT risk has become more severe than ever before. It is the risk associated with the use, ownership, operation, involvement, influence and adoption of IT within an organisation. 

For businesses that rely on technology, events or incidents that compromise IT can cause many problems. For example, a security breach can lead to identity theft, financial fraud, data loss, and damage to reputation. A critical risk management assessment is quintessential to identify and quantify risks, and then take action to mitigate, transfer or eliminate risks.” 

  • Corporate News – “Trendy Tech” Segment:  
  1. India among top 10 global AI Adopters: The Scope, Infrastructure & Status! 

“Technology moves fast and evolves exponentially. We need to ensure that we stay at the forefront in terms of acquiring the knowledge and applying them at the right moment. Especially, as we use and employ Artificial Intelligence (AI) and Machine Learning (ML) for more use cases. With the fourth industrial revolution on the horizon, India is prepared to leverage the opportunities. This comes through the right adoption of AI technologies and by preparing our future generation,” 

The study highlights that India is ‘well-positioned from the funding standpoint’ apart from increasing the adoption of new generation technologies. Through funding, India can quickly achieve faster innovations in AI technologies and overtake other nations that are leading AI right now. It is pertinent to note that India is ahead in AI from countries like Canada, South Korea and Italy but lags behind countries like the US, China, the UK, France, Japan and Germany. 

Another study published by McKinsey Analytics in December 2021 highlighted that India was the leading adopter of AI among emerging economies from a commercial, business standpoint. 

  1. Vietnam Jumps 14 Places in Government AI Readiness Index 2021 

Vietnam has ranked 62nd in the 2021 Government Artificial Intelligence (AI) Readiness Index, jumping 14 places since the year before. The index is an annual report released by a UK-based research group in collaboration with Canada’s International Development Research Centre (IDRC). With an overall score of 51.82 out of 100, Vietnam ranked 6th in the Association of Southeast Asia Nations (ASEAN). This is the first year its score has surpassed the global average of 47.42. 

Vietnam and Indonesia released national AI strategies in the time since the 2020 index was compiled, meaning that they both scored the maximum in the Vision dimension this year. Vietnam’s AI strategy sets out its ambitions to be amongst the top countries in the region for AI research, development, and application. Meanwhile, Indonesia’s AI strategy focuses on 

health services, bureaucracy reform, education and research, food security, mobility, and smart cities. 

  1. Transport Minister mulls use of AI to improve road safety 

The Union transport minister Nitin Gadkari suggested the use of artificial intelligence for enforcement of traffic rules and managing traffic congestion. Sh. Nitin Gadkari believes that AI – driven technology can soon be used to improve road safety and reduce traffic congestion. 

  • Lane discipline, overspeeding, seatbelt usage, and more, can be monitored using AI 
  • As a pilot project, Nagpur buses have been equipped with AI-powered tech 
  • Experiments with AI could be extended to other parts of India 

“AI can be used to combine data from all these sources, which can be utilised for making suitable changes at the policy level. The private sector can extend its cooperation and provide technological assistance to engineering students and third-party agencies to study and submit an Accident Analysis report using AI-based technologies.” 

  1. Express Basics: How to block unwanted notifications on Android 

If you pull down the notification panel on your Android phone to see an endless list of spammed notifications, you can do a few things about it and avoid the need to clear unnecessary notifications every time. Irrelevant notifications are not only bad for aesthetics but also increase the chances of you missing out on actually important notifications, thus affecting your productivity. 

How to block notifications from an app completely: 

  • Step 1: To completely block all notifications from an app, simply long press on the notification and you should see details on the app sending it out as well as a small gear-shaped settings icon on the top left. Click on it. 
  • Step 2: This will take you to the notification settings page for that particular app. Here, the very first toggle will say “All ‘your app name’ notifications”. If you turn off the toggle on the right of this option. You will block out all notifications from the app. Check out the image below. 

How to block notifications from an app selectively 

  • Step 1: Long press on a notification from the app that you want to selectively block out. You will see the small gear-shaped settings icon on the top left. Click on it. 
  • Step 2: This will take you to the notification settings page for that particular app. Below the ‘All notifications’ toggle you will see a range of categories that the app sends you notifications for. This will differ from app to app. 
  • Disclaimer:  

The content of this newsletter is intended to provide a general guide to the subject matter. Every effort has been made to keep the information cited in this newsletter error-free. Suggestions and feedback to improve are welcome. The article and opinions therein are based on our understanding of the news, updates, law and provisions prevailing as on date. 

The contents of this newsletter are for information purposes only and does not constitute an advice or a legal opinion and are personal views of the authors. The opinion may vary according to one’s interpretation of the law. It should not be relied upon as the sole basis for any decision which may affect you or your business. 

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