Professional Updates

Late fees for non linking of PAN with Aadhar As per the statutory provisions every person having PAN (Permanent Account Number) should link it with Aadhar on or before 31/03/2022. On failure to link PAN and Aadhar , PAN will be inoperative.  his PAN shall become inoperative and all procedures in which PAN is required shall be halted. The PAN can be made operative again upon linking of Aadhaar to PAN & after payment of a prescribed fee. In order to mitigate the inconvenience to the taxpayers, as per Notification No.17/2022 dated 29th March, 2022 , a window of opportunity has been provided to the taxpayers up to 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. I.e. Non linking of PAN & Aadhar will not make PAN inoperative up to 31/03/2023, however after 01/04/2022 late fees will be levied for linking PAN & Aadhar. Quantum of late fees u/s 234H of Income Tax Act:  1. PAN-Aadhar linked between 01/04/

Format of Letter of Authority to appear before the Registrar of Firms LETTER OF AUTHORITY We ________________  Partners of M/s  [Name & address of firm] ,   do hereby authorize Adv/ CA [Name of representative]   to appear,  submit, collect, to apply for copies and represent on our behalf before the Registrar of Firms, Mumbai/Pune  in connection with registration of our Partnership Firm & completion of related formalities under the Indian Partnership Act, 1932. We agrees to ratify all acts done by the  [Name of representative]  in   pursuance of this authorization .   Their explanations and statements will be binding on us. This authority shall remain in force till it is duly cancelled by us in writing and intimated to the concerned authorities. Solemnly affirmed at  XXXX(Place)  on this  XXth day of March 20XX ________________                                                                                                                   Date: xxx Name: XXX X XX               

Condonation of delay in filing of Form 10-IC for A.Y. 2020-21 Domestic companies has option to income @ 22% subject to certain conditions of section 115BAA. In order to avail benefit of reduced rate companies have to file e form 10-IC on or before the due date for filing of return u/s 139(1). Section 115BAA was applicable for assessment year beginning on or after April 01, 2020. Failure to furnish such option in the form 10-IC on or before the due date specified u/s 139(1) of the Act results in denial of concessional rate of tax of twenty-two per cent. Representations have been received by the Board stating that Form 10-IC could not be filed along with the return of income for AY 2020-21, which was the first year of filing of this form. It has been requested that the delay in filing of Form 10-IC may be condoned. On consideration of the matter, with a view to avoid genuine hardship to the domestic companies in exercising the option u/s 115BAA of the Act, the CBDT, in exercise of the po

Maharashtra Budget 2022 proposes Amnesty Scheme   Maharashtra Dy CM (Finance) Shri Ajit Pawar during his budget speech proposes Amnesty Scheme on various taxes levied by Sales Tax Department before introduction of GST Act.  To provide relief to the common citizen, the industry and business, he propose to introduce amnesty scheme. This Scheme is applicable regarding concessions on various taxes levied by Sales Tax Department before introduction of GST Act. Highlights of The Budget Speech dated 11th March, 2022 1. This Amnesty Scheme will be called as “Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Scheme -2022”.  2. This Scheme is applicable on various taxes levied by Sales Tax Department before introduction of GST Act and duration of this Amnesty Scheme will be from April 1, 2022 to September 30, 2022. 3. Complete waiver of the arrears in cases where arrears are of Rs. 10,000 or less per year. As a result small dealers will be benefited in almost one lakh cases

Profession tax returns (PTRC) amnesty scheme  Update as on 02/05/2022: **  File all your pending  Profession Tax returns for periods up to March 2022  without late fee before 31st May 2022 ::   Read here latest PTRC amnesty scheme Enjoy benefit of late fee waiver. File all your pending  Profession Tax returns for periods up to December 2021**  without late fee by 31st March 2022 only by paying Tax and Interest. Maharashtra Government vide Notification No. No. PFT.1222/CR-3/Taxation-3 dated 25th February 2022 amended the Government Notification, Finance Department, No. PFT.2014/CR-38/Taxation-3, dated the 21st August 2014 and has waived late fees for filing PTRC return for PTRC taxpayers who could not upload PTRC returns due to Covid-19. Summary of the notification for  Profession Tax returns late fee waiver:    1. Late fee waiver is for any tax period up to December 2021 .  2. Taxpayer must file pending PTRC returns on or before 31st March 2022 to avail benefit of PTRC amnesty. 3. Only

Maharashtra minimum wages effective from January 2022 Maharashtra government increased Variable Dearness Allowance (VDA) w.e.f. January 2022, for scheduled employment. Maharashtra Minimum wages 2022 Here is the official notification no 15070 for latest minimum wages payable in the state of Maharashtra. Notification contains total wages (Basic+VDA) for all scheduled employment. I.e. Minimum wages. #Minimum wages for the period July 2022 to December 2022 : Click here