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Date Extension- RoC Forms

Important Update about Filing of AOC-4 and MGT-7 Relaxation on levy of additional fees is given till 15.03.2022 for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and 31.03.2022 for MGT-7/MGT-7A for the Financial Year 2020-21.

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Updated Return Proposed in Finance Bill, 2022

Updated Return Proposed in Finance Bill, 2022

Introduction It is proposed to introduce a new provision in section 139 of the Act for filing an updated return of income by any person, whether he has filed a return previously for the relevant assessment year or not, and Section 140B for payment of tax. Proposed Subsection (8A) of Section 139 A new subsection (8A) in section 139 is proposed to be introduced. The details are as follows: Any…

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Budget 2022: Direct Tax Proposals

Budget 2022: Direct Tax Proposals

1. New updated Return will be implemented – Updated return can be filed within 2 years from the end of the Assessment year 2. Reduced MAT/AMT for Co-operatives – Reduce rate of Co-op Societies to 15% – The surcharge is reduced from 15% to 12% for those having income between Rs.1 Crore to Rs.10 Crore 3. The payment of annuity and lumpsum amount for Parents/Guardian is made availalble. 4. NPS…

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Budget Updates: MSME Related Announcements

Budget Updates: MSME Related Announcements

MSMEs such as Udyam, e-shram, NCS & Aseem portals will be inter-linked, their scope will be widened. A fund with blended capital raised under co-investment model facilitated through NABARD to finance startups in agriculture & rural enterprises for farm produce value chain ECLGS to be extended upto March 2023, guaranteed cover extended by another Rs 50,000 crore.

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Budget 2022 Updates

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Happy New Year

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GST: Clarification on GST Refunds - Circular 166/2021

GST: Clarification on GST Refunds – Circular 166/2021

CBIC had issued circular 166/2021 dated 17.11.2021, covering the following various issues in  Refunds related to Electronic Cash Ledger and Deemed Exports: 1. Refund of excess balance in Electronic Cash Ledger – Time Period mentioned in sub section 1 of Section 54 is not applicable for refund of excess balance in Electronic Cash Ledger. As per Section 54(1) the time limit for application of…

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GST: Dynamic QR Code - Recepient Located outside India - Circular 165

GST: Dynamic QR Code – Recepient Located outside India – Circular 165

CBIC had issued Circular No. 165/21/2021 dated 17th November, 2021, clarifying about the applicability of Dynamic QR Code on service invoices where recepient is located outside India and place of supply is in India. Dynamic QR Code is not required in case invoice is issued to a recipient located outside India, for supply of services, for which the place of supply is in India, as per the…

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Happy Diwali to all...

Happy Diwali to all…

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Company Annual Returns: Relaxation in Additional Fees in filing Company Annual Return Forms

Company Annual Returns: Relaxation in Additional Fees in filing Company Annual Return Forms

Ministry of Corporate affairs vide General Circular No.17/2021 dated 29.10.2021, provided relaxation in paying additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL, AOC-4 Non-XBRL and MGT -7 / MGT -7A for the financial year ended on 31.03.2021 under fhe Companies Act, 2013. The due date is 30 days from the date of Annual General Meeting. Now Company’s can file these forms…

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LLP: Form 8: Relaxation in Paying Additional Fees

LLP: Form 8: Relaxation in Paying Additional Fees

Ministry of Corporate affairs vide General Circular No.16/2021 dated 26.10.2021, provided relaxation in paying additional fees for filing Statement of Solvency in Form 8 for  Limited Liability Partnerships. The due date is on 31st October, 2021. Now LLP’s can file Form 8 without late fees till 31st December, 2021. The text of the circular is given below: Relaxations in paying additional fees in…

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Income Tax: Central Government Exempts Certain Persons from Filing Returns from Assessment Year 2021-22

Income Tax: Central Government Exempts Certain Persons from Filing Returns from Assessment Year 2021-22

 Central Government vide notification 119/2021 dated 11th October, 2021 Exempts Certain Persons from Filing Returns from Assessment Year 2021-22 subject to certain conditions. The text of the notification is given below: MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 11th October, 2021 S.O. 4207(E).—In exercise of the powers…

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GST: Circular 164/20/2021 - Clarifications regarding applicable GST rates & exemptions on certain services

GST: Circular 164/20/2021 – Clarifications regarding applicable GST rates & exemptions on certain services

The summary of the clarifications is given below: Sl No.ServiceClarification related toGST Rate/Exemption1Cloud kitchens/central kitchensCovered under restaurant service or notYes. GST Rate – 5% (without ITC)2Supply of ice cream by ice cream parlorsCovered under restaurant service or notNo. GST at the rate of 18%3Coaching services to students provided by coaching institutions and NGOs under the…

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GST: Circular 163/19/2021 GST - Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 45th meeting

GST: Circular 163/19/2021 GST – Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 45th meeting

The summary of clarifications issued is given below: 1. Fruits & Nuts – distinction between fresh and dried fruits and nuts and applicable GST rates: Exemption from GST to fresh fruits and nuts covers only such products which are not frozen or dried in any manner or otherwise processed. Supply of dried fruits and nuts, falling under heading 0801 and 0802 attract GST at the rate of 5%/12% as…

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GST: Changes in GST Rate of goods w.e.f. 01-10-2021

GST: Changes in GST Rate of goods w.e.f. 01-10-2021

Notification No. 08/2021 Central Tax (Rate) dated September 30, 2021 S. No.DescriptionFromToGST rate changes1.Retro fitment kits for vehicles used by the disabledAppl. rate5%2.Tamarind seeds meant for any use other than…

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GST: Additions to Exemptions in Services Category

GST: Additions to Exemptions in Services Category

 [Notification No. 07/2021- CTR dated 30.09.2021] · Services by an entity registered under section 12AB of the Income-tax Act, 1961 by way of charitable activities, Entry 12AA is already covered,12 AB is now added.  · Services provided by and to FIFA and its subsidiaries directly or indirectly related to any of the events under FIFA U-17 Women’s World Cup 2020 to be hosted in India or wherever…

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GST: Changes in GST Rates for Services with effect from 01st October 2021

GST: Changes in GST Rates for Services with effect from 01st October 2021

[Notification No. 06/2021- CTR dated 30.09.2021] ParticularsHeadingOld RateNew RateTemporary or permanent transfer or permitting the use or enjoyment of Intellectual Property (IP) right in respect of goods other than Information Technology software.997312% 18%Services by way of job work in relation to manufacture of alcoholic liquor for human consumption998812%18%Services by way of printing of…