Professional Updates

CBDT has notified new Income Tax Returns forms [Forms 1 to 7] for AY 2020-21. In the month of January 2020, CBDT  had notified two ITR forms (ITR-1 and ITR-4). Now as promised by Income tax department all forms has been notified before end of the month May-2020. In the new ITR forms, a new Schedule DI has been inserted to seek details any investment/ deposit/ payments made between 01.04.2020 to 30.06.2020 for the purpose of claiming any deduction under Part B of Chapter VIA and claiming exemption under section 54 to section 54GB of the act.   In order to curb revenue leakage and to trace high value transactions new itr forms requires assesses to provide following details : Amount or aggregate of amount deposited exceeding Rs. 1 Crore in one or more current account during the previous year. Expenditure of an amount or aggregate of an amount exceeding Rs. 2 lakhs for travel to a foreign country for yourself or for any other person Expenditure of an amount or aggregate of amount exceedin

Know about Form GST ITC-02A prescribed under rule 41A  Know about Form GST ITC-02A prescribed under rule 41A [ Transfer of credit on obtaining separate registration for multiple places of business within a State or Union territory] 1. What is Form GST ITC-02A? As per section 25(2) of the CGST act, a zperson having multiple places of business in a State or Union territory may be granted separate registration for each place of business. Though it is not mandatory to obtain separate registration for each place of business.  Form ITC-02A is declaration for transfer of ITC pursuant to registration under sub-section (2) of section 25 i.e registration of multiple places of business in a state/ union territory.  2. When filing of Form GST ITC-02A is needed for a taxpayer? As per section 25(2) if any registered person has obtained separate registration for multiple places of business in a State/UT and has matched unutilised input tax credit (ITC) lying in electronic credit ledger of existing bu

List of goods and services falling under RCM under GST U/s 9(3) List of Goods & Services specified under section 9(3) of the CGST Act & 5(3) of the IGST Act 2017 along with corresponding notification number. I.e. List of goods and services liable to GST under reverse charge mechanism. Entry No Particulars ( Services ) Effective Date Notification / Circular No 1 Supply of service by GTA 01/07/2017 13/2017- Central Tax (Rate) dt 28/6/2017 & Entry 21 of 12/2017- Central Tax (Rate) Notification No.05/2022-CentralTax (Rate) dated 13th July, 2022 2 Advocacy Services 01/07/2017 13/2017- Central Tax (Rate) dt 28/6/2017 CORRIGENDUM 25/09/2017 3 Service by Arbitral Tribunal to business entity 01/07/2017 13/2017- Central Tax (Rate) dt 28/6/2017 4 Sponsorship Services

Section 269SU was inserted by finance act 2019 w.e.f. 01/11/2019 . This section is about maintaining specified electronic system to accept payments. E.g Qr Code, BHIM, UPI etc. This section was mandatory for persons having total sales, turnover or gross receipts, as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year. Read here more about Section 269SU

EPF Contribution rate reduced to 10% for next three months MINISTRY OF LABOUR AND EMPLOYMENT  NOTIFICATION  New Delhi,  the 18th May, 2020 S.O. 1513(E).—Whereas due to Covid-19 pandemic, lockdown Is in force across the country and the Central Government after making necessary inquiry is satisfied that to provide liquidity in the hands of employers and employees, there arises a need to amend the notification of the Government of India in the Ministry of Labour published in the Gazette of India, Extraordinary, Part II, section 3, sub-section(ii) vide number S.O. 320(E), dated 9th April, 1997; Therefore, in exercise of powers conferred by first proviso to section 6 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), the Central Government, after making aforesaid inquiry, hereby makes the following amendments in the said notification number S.O. 320 (E) dated the 9th April, 1997, namely:- In the said notification, in SCHEDULE II, after clause (iv), the fo

Declaration for authorised signatory under GST While applying for new GST registration the applicant needs to provide the details of the authorized signatory along with declaration for authorised signatory. For each Authorised Signatory mentioned in the GST registration application form, separate Authorisation letter is require to be attached. here is the draft declaration format for easy reference. DECLARATION FOR AN AUTHORISED SIGNATORY We, Mr. XYX & Mr. ABC being partners/directors* of M/S RAMESH ENTERPRISES , hereby solemnly affirm and declare that, Mr XYZ is hereby authorised to act as an authorized signatory for the business of M/S RAMESH ENTERPRISES for which application for registration is being filed under the act. All the actions of the authorised signatory will be binding on the firm. He shall henceforth, act as an authorised signatory of the Firm, under the Act. Signatures of the persons who are Partners/directors* [ who are giving authorisation ]:

Relief to the establishment and factories covered under EPF & MP Act 1952 from levy of penal damages for delay in deposit of dues during lockdown to prevent Covid-19. As most of the establishments are distressed and not able to function normally. No proceeding will be initiated for levy of penal damages.  

In order to provide more funds in the hands of the taxpayers the MoF has reduced the rates of the tax deduction/collection at source by 25% of the existing rate. The government has provided relief in the TDS rates for the period 14.05.2020 to 31.03.2021 , due to the pandemic and resultant lockdown affecting all sectors of the economy. From the 01st April 2021, regular rate will be applicable, unless notified separately. Here is the chart of revised rates:

What to do if physical DSC dongle is not available with authorized signatory? S uch establishments who have registered and approved Digital Signature Certificate of authorized signatory on Unified Portal ( https://unifiedportal-emp.epfindia.gov.in/epfo/ ) but not have possession of the physical dongle can login to the employer portal and register their e-sigh through the link for registration of already registered authorized signatories . 

MCA Guidelines for holding AGM through video conferencing and other audio visual means. MCA General Circular 20/2020 dated 05/05/2020: Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio-visual means (OAVM) Para: 3 .  The matter has been further examined and it is stated that in view of the continuing restrictions on the movement of persons at several places in the country, it has been decided that the companies be allowed to conduct their AGM through video conferencing (VC) or other audio-visual means (OAVM), during the calendar year 2020, subject to the fulfilment of the following requirements: A. For companies which are required to provide the facility of e-voting under the Act, or any other company which has opted for such facility - i. The framework provided in para 3 -A of EGM Circular — I and the manner and mode of issuing notices provided in sub-para (i)-A of EGM Circular — Il shall be applicable mutatis mutandis for co

In the current scenario of lockdown announced by the Govt. to control the  spread of COVID-19 pandemic and other disruptions, the businesses and  enterprises are not able to function normally and are facing liquidity / cash  crunch to pay their statutory dues even though they are retaining the employees  on their rolls. Keeping in view the above situation and to further ease the compliance procedure under EPF & MP Act, 1952, the filing of monthly Electronic-Challan cum Return (ECR) is separated from Payment of the statutory contributions reported in the ECR.

C BIC vide Notification No. 41/2020 – Central Tax Dated May 05, 2020 further extended the time limit for furnishing of the Annual Return i.e. Form GSTR-9, specified under section 44 of the CGST Act, 2017 read with rule 80 of the CGST Rules, 2017, electronically through the common portal, for the Financial Year 2018-2019 till September 30, 2020*. Earlier due date was extended up to 30/06/2020. *CBIC vide Notification no 80/2020 dated October 28th, 2020 further extended the due date for filing annual return form GSTR-9 for FY 2018-19 till December 31st, 2020.  [ This was final extension for filing GST annual returns FY 2018-19 ]

S ummary of period of holding of various class of capital assets as per section 2(42A) of the Income tax act,1961. Meaning of abbreviation used: STCA: Short term capital asset LTCA: Long term capital asset

In the current scenario of lockdown announced by the Govt. to control the  spread of COVID-19 pandemic and other disruptions, the businesses and  enterprises are not able to function normally and are facing liquidity / cash  crunch to pay their statutory dues even though they are retaining the employees  on their rolls. Keeping in view the above situation and to further ease the compliance  procedure under EPF & MP Act, 1952, the filing of monthly Electronic-Challan  cum Return (ECR) is separated from Payment of the statutory contributions  reported in the ECR. The ECR can now onwards be filed by an employer without the need of  simultaneous payment of contributions and contributions may be paid later by  the employer after filing the ECR. The above change will entail convenience to the employers as well as the  employees covered under the Act and Schemes. Filing of ECR by the employer in time is indicative of employer’s intent to  comply will not therefore attract p

E xemption from payment of late fee u/s. 6(3) of the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 The whole of the late fee payable by the registered employer in respect of monthly or annual Maharashtra PTRC returns pertaining to any periods up to March 2020 and monthly period of April 2020, is exempted subject to fulfillment of eligibility conditions mentioned below: