Professional Updates

Trust audit due date extended for the FY 2020-2021 Charity Commissioner of Maharashtra has further extended due date for submitting trust accounts for the FY 2020-21.  Extended due date vide Circular No 593 dated 31/01/2022 is 15th February 2022 . Earlier  vide Circular No 592 due date was extended till 31 January 2022.  Original due date was 30th October 2021 Trust Audit The trustee shall get the accounts audited within six months of the date of balancing the accounts (generally 31st March) under section 33 (1) of the Maharashtra Public Trusts Act 1950 , and the auditor shall forward a copy of the balance sheet and the income and expenditure account along with his audit report to the Deputy or Assistant Charity Commissioner within a fortnight of the audit online on the website of the Charity Commissioner. Take benefit of such extension and ensure timely compliance. Several thousand trusts and societies have been de-registered by  the charity commissioner on account of failure to submi

Extension for holding Annual General Meeting for the FY 2020-2021 MCA vide office Memorandum No CL-II-03/252/2021-O/o DGCoA-MCA dated September 23, 2021 extended time period for holding of Annual General Meeting (AGM) for the Financial year ended on March 31, 2021. In response to the various representation , MCA has decided to extend time limit for holding AGM for the financial year 2020-21 ended on 31/03/2021. Accordingly, :- Jurisdictional ROCs has extended the time to hold the AGM, other than the first AGM for the financial year ended on 31/03/2021, which are unable to hold their AGM for such period within the due date of holding the AGM by a period of Two Months from the due date by which the AGM ought to have been held in accordance with the provisions of sub-section (1) to section 96 of the Act, without requiring the companies to file applications for seeking such extension by filling FORM No. GNL-1. You can access  extension orders of all ROCs @ https://mca.gov.in/content/mca/

UDIN can be generated within 60days of signing Standard on Quality Control (SQC 1) on Retention Period for Engagement Documentation (Working Papers) requires firms to establish policies and procedures for the timely completion of the assembly of audit files. It further provides for an appropriate time limit within which the assembly of the final audit file is to be completed, ordinarily in not more than 60 days after the date of auditor’s report. Due attention is also drawn to Standard on Auditing (SA)- 230 on Audit Documentation, paragraphs A21 to A24 on assembly of the audit file. Time limit for UDIN generation extended to 60days from the date of signing. With an aim to align the time limit for generating UDIN with the Standards on Auditing and Standard on Quality Control, the Council at its 405th meeting held on September 17, 2021 has decided that the time limit of generating UDIN would be 60 days from the date of the signing of certificates/reports/document instead of 15 days hence

Important recommendations in 45th GST Council meeting relating to GST law and procedure 1) Relaxation in the requirement of filing FORM GST ITC-04: Change in periodicity for filing ITC-04 Revised periodicity for filing Form ITC-04*: a) Taxpayers whose annual aggregate turnover in preceding financial year is above Rs. 5 crores shall furnish ITC-04 once in six months ; b) Taxpayers whose annual aggregate turnover in preceding financial year is up to Rs. 5 crores shall furnish ITC-04 annually. *Notification No. 35/2021 – Central Tax Dated 24/09/2021 2) Interest on ineligible ITC availed and utilised will be levied @18% w.e.f. 01/07/2017. However no interest will be charged on ineligible ITC availed but not utilised.  3) Unutilized balance in CGST and IGST cash ledger may be allowed to be transferred between distinct persons (entities having same PAN but registered in different states), without going through the refund procedure, subject to certain safeguards. 4) W.e.f. 01.01.2021, the

Draft Format of Proxy form MGT-11 As per section 105 of the companies act 2013 any member who is entitled to attend and vote at a meeting of the company shall be entitled to appoint another person as a proxy to attend and vote at the meeting on his behalf. A person can act as proxy on behalf of members not exceeding fifty and holding in the aggregate not more than ten percent of the total share capital of the company carrying voting rights : A member holding more than ten percent of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as proxy for any other person or shareholder. A member of a section 8 company shall not be entitled to appoint any other person as his proxy unless such other person is also a member of such company. A proxy shall not have the right to speak at such meeting and shall not be entitled to vote except on a poll. A person can be appointed as proxy only in writing and should be sign

1. Non audit cases ITR : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021*; 2. Audit reports: The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022 * ; * Further extended to February 15, 2022; 3. Transfer pricing audit report : The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October, 2021, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further exte