Professional Updates

Relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL and Non-XBRL and MFT7 and 7A for year ended 31.03.2021 Vide General Circular No 17/2021 dated 29th October 2021, the Ministry of Corporate Affairs (MCA) has announced the relaxation in levy of 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 March 31, 2021 under the Companies Act, 2013. Keeping in view request from stakeholders, it has been decided no additional fees shall be levied up to 31st December 2021** for the filing of e-forms  in respect of the financial year ended on 31.03.2021. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms. ** Vide General Circular No 22/2021 dated 29th December 2021, no additional fees shall be levied up to 15th February 2022 for AOC-4 and up to 28th February 2022 for MGT-7/7A. *** Vide General Circular No 01/2022 dated 14

Extended due date for filing LLP Form 8 for the FY 2020-2021 is 30th December, 2021 MCA vide General Circular No.16/2021 dated 26th October 2021, extended due date for filing LLP form- 8 (the Statement of Account and Solvency) for the FY 2020-2021. Every LLP is required to file Form-8 on or before 30th October, however considering Covid-19 pandemic MCA has extended last date to file form 08 till 30th December 2021. Read here MCA General Circular 16/2021 dated 26/10/2021

Deductions and depreciation on an electric vehicles E-vehicles, green vehicles, EVs are the new buzzwords in the market. Driving an electric vehicle can help to reduce carbon footprint because there will be zero tailpipe emissions. E cars are good for environment and also there are certain benefits available under income tax act. Benefits for all class of Individual taxpayers: If you are planning to buy an e-car and wants to avail loan for buying an e-car then you can get a deduction up to Rs. 1,50,000 under section 80EEB of the Income tax act of the interest paid on loan taken to buy Electric vehicles rom your total income . Condition to avail deduction u/s 80EEB is that, the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2019 and ending on the 31st day of March, 2023 . Benefits for business taxpayers ( Individual taxpayers ) Along with deduction of Rs. 1,50,000 under section 80EEB, proprietary businesses firms can claim