Professional Updates

MCA E-Forms which are required to be filed between 1st April to 31st July, 2021, can be filed till 31st August, 2021 without levy of additional late fees In view of the difficulties which have arisen due to resurgence of COVID-19 pandemic, MCA had decided to grant additional time up to 31st July, 2021 for companies/LLPs to file such forms (other than a CHG-1 Form, CHG-4 Form and CHG-9 Form) without any additional fees. Now in continuation to the General Circular 06/2021 dated 03/05/2021 MCA again decided to grant further time up to 31st August 2021 to file such e-forms vide General Circular No 11/2021 dated 30/06/2021 . Accordingly, no additional fees shall be levied up to 31st August, 2021 for the delayed filing of E-forms (other than charge related forms referred above) which were/would be due for filing during 1st April, 2021 to 31st May, 2021. For such delayed filings up to 31st August, 2021 only normal fees shall be payable. Accordingly due date for filing DPT-3 return for the FY

Ministry of Micro, Small and Medium Enterprises Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st March, 2022 Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021 [F. No. PY-10024/6/2021-P and G-DCMSME] , extending the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021 .* This would facilitate the holders of EM Part-II and UAMs to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME. *Ministry has further extended validity of existing MSME registration up to 31/03/2022 wide S.O. 278(E) dated 19/01/2022 Considering the hardships faced by MSMEs during the prevailing COVID-19 situation and the representations received from the various MSME associations, financial institutions and Government departments dealing with the interest of MSME Sector, the said amendment h

Due date for filing PTRC Returns is extended till 30th June, 2021. Now PTRC Taxpayers can file monthly Returns for the month of March, April & May 2021 and Yearly Return for 2020-21 on or before 30th June, 2021 without late fees. Maharashtra Government vide Notification No PFT 1221/C.R. 16/Taxation-3 dated 17th June 2021, extended due date for filing monthly PTRC returns for the period of March, April & May 2021 till June 30th 2021. Due date for the yearly return for FY 2020-21 also extended till 30th June 2021. Maharashtra Profession Tax return late fee waiver 2022 : Read here

Only PAN and Aadhaar will be required for registration of MSMEs Minister for Road Transport & Highways and Micro, Small and Medium Enterprises, Shri Nitin Gadkari announced simplification of process for registration of Micro, Small and Medium Enterprises. Addressing a webinar of SMEStreet GameChangers Forum this evening, Shri Gadkari said that now only PAN and Aadhaar will be required for registration of MSMEs. The Minister added that after getting registered, the MSME unit will be getting priority and finance. He said that there is a need to impart training to small units in fields of entrepreneurship and other related aspects. He assured full support of the MSME Ministry, and also expressed hope that banks and NBFCs will also provide full support to small businesses. Emphasizing the importance of MSMEs, the Minister said that the MSMEs contribute significantly in the economic and social development of the country by fostering entrepreneurship and generating large employment oppo

  CBDT notified cost inflation index (CCI) for the FY 2021-22 vide notification no 73/2021 dated 15th June 2021.  Cost inflation index for the FY 2021-22 is 317,  which is applicable from 01st April 2021. Here is the complete list of CCI since FY 2001-02.  #Cost inflation index chart Sr. No. Financial Year Cost Inflation Index 1 2001-02 100 2 2002-03 105 3 2003-04 109 4 2004-05 113 5 2005-06 117 6 2006-07 122 7 2007-08 129 8 2008-09 137 9 2009-10 148 10 2010-11 167 11 2011-12 184 12 2012-13 200 13 2013-14 220 14 2014-15 240 15 2015-16 254 16 2016-17 264 17 2017-18 272 18 2018-19 280 19 2019-20 289 20 2020-21 301 21 2021-22 317 Cost inflation index (CII) is useful to calculate the inflation-adjusted cost of asset acquisition/ improvement for computation of long term capital gain (LTCG) of assets, this indexation can help to reduce tax liabilities on long term capital gain.

Relaxation in electronic filing of Income Tax Forms 15CA/15CB As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance. In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in , it has been decided that taxpayers can submit the aforesaid Forms in manual format to the authorized dealers till June 30th, 2021 . * *It has now been decided to further extend the aforesaid date to 15th July, 2021 . In view thereof, taxpayers can now submit Form 15CA/CB in manual format to the authorized dealers till 15th July, 2021 Authorized dealers are advised to accept such Forms till July 15th, 2021 for the purpose of foreign remittances. A facility will be pro

Change in GST Rates on goods being used in Covid-19 relief and management The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today.  The Council in its meeting has decided to reduce the GST rates on the specified items being used in Covid-19 relief and management till 30 th  September, 2021. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs. The details of recommendations are given below : S. No. Description Present GST Rate GST Rate recommended by GST Council Medicines 1. Tocilizumab# 5% Nil 2. Amphotericin B # 5% Nil 3. Anti-Coagulants like Heparin# 12% 5% 4. Remdesivir# 12% 5% 5. Any other drug recommended by Ministry of Health and Family Welfare (MoHFW) and Dept. of Pharma (DoP) for Covid treatment Applicable R

Declaration format under section 206AB DECLARATION ** FOR NOT-DEDUCTING (COLLECTING) TAX AT SOURCE AS PER SECTION 206AB OF  THE INCOME TAX ACT, 1961 To, ABC Private Limited, [Address] Newly inserted section 206AB [206CCA] * of the Income tax act provides for deduction of tax (TDS) [or collection of tax] at the higher rate as prescribed u/s 206AB [206CCA]* in case of payments to “Specified Person”. As per section 206AB/206CCA  specified person is person who satisfies all of the following conditions: # a. A person who has not furnished the return of income for the assessment year relevant to the previous year immediately preceding the financial year in which tax is required to be deducted, for which the time limit for furnishing the return of income under sub-section (1) of section 139 has expired  for the said previous year ; and b. The total TDS and TCS is Rs 50,000 or more in the said previous year. I/We undersigned, Proprietor/Partner/Director* of M/s_______________

Get Shop & Establishment license along with incorporation of a company through Spice+ form MCA vide notification G.S.R. 392(E) dated 07th June 2021 amended the Companies (Incorporation) Rules, 2014. Amended rules called  Companies (Incorporation) Fourth Amendment Rules, 2021. Vide this amendment In the Companies (Incorporation) Rules, 2014 (hereinafter referred to as the said rules), in rule 38A,-, (i) in the marginal heading, for the words, “and Opening of Bank Account”, the words, “,Opening of Bank Account and Shops and Establishment Registration ”, shall be substituted ; (ii) in the opening portion, for the letters “ AGILE-PRO”, the letters “AGILE-PRO-S ” shall be substituted (iii) for clauses “(c) and (d)” relating to “Profession Tax Registration and Opening of Bank Account”, the following clauses shall be substituted, namely:- (d) Profession Tax Registration with effect from the 23rd February, 2020; (e) Opening Bank Account with effect from the 23rd February, 2020; (f) Shops

All about fresh new section 206AB & 206CCA of the Income Tax Act applicable from 01.07.2021  The Finance Bill 2021, inserted two new section 206AB & 206CCA. The said section provide for higher rate of TDS/TCS against normal rate while deducting tax or collecting tax at source to be applied for the deductee who is non-filers of income tax return. Please note higher rate of TDS/TCS u/s 206AA & 206CC was already there in the act for non furnishing of PAN. 206AB: TDS for Non-filers of Income Tax Return After Section 206AA of the Income-tax Act 1961, the following section shall be inserted with effect from the 1st day of July, 2021, namely- 206AB. (1) Notwithstanding anything contained in any other provisions of this Act, where tax is required to be deducted at source under the provisions of Chapter XVIIB, other than section 192, 192A, 194B, 194BB, 194LBC or 194N on any sum or income or amount paid, or payable or credited , by a person (hereafter referred to as deductee) to a s