All about updated income tax return "ITR U" u/s 139 (8A)  CBDT has notified form for updated return "ITR U" u/s 139 (8A). Updated return was proposed in Union Budget 2022. CBDT vide Notification No. 48/2022 dated 29/04/2022 make rule to implement provisions of updated return from the AY 2020-2021. Point wise summary of the provisions related to updated return: 1.  Provisions of Section 139 (8A) i.e. updated return ( ITR-U)  will be applicable from AY 2020-2021 2. ITR-U will be used for filing updated return. 3. Updated return is to be filed within twenty-four months from the end of the relevant assessment year. 4. Updated return can be filed irrespective whether return of income is filed or not  for the relevant year. 5. Additional income tax (i.e. over and above tax interest payable) payable along with updated return is 25% of aggregate of tax and interest payable if updated return is filed within 12 months from the end of the relevant assessment year. E.g. Sa

Update IEC code every year, else face de- activation i.e. Annual KYC of IEC Code Is it mandatory to update an Importer Exporter Code (IEC) annually? Yes, vide notification 58/2015-20 dated 12th February 2021, every IEC holder needs to update IEC code every year.  What if there are no changes in IEC particulars? Even though there are no change in IEC particulars same has to confirm annually online. I.e. the notification 58/2015-20 provide for annual KYC of IEC Code.  Is there any due date prescribed for an IEC code update and is there any fees for IEC Kyc? IEC holders has to update IEC code annually between the period of April-June. Accordingly due date for IEC update for the FY 2021-22 is 30th June 2022. Any IEC not updated before the due date will be de-activated. No fees will be charged for IEC updated before 30th June 2022.  What will happen if an IEC not updated within due time? An IEC code will be deactivated if not updated before prescribed time limit. However, IEC so de-activate

Latest format of share certificate SH-1 and share transfer deed SH-4 1.Every certificate of share or shares shall be in Form No. SH.1 or as near thereto as possible and shall specify the name(s) of the person(s) in whose favor the certificate is issued, the shares to which it relates and the amount paid-up thereon. 2.A certificate, issued under the common seal, if any, of the company or signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary, specifying the shares held by any person, shall be prima facie evidence of the title of the person to such shares. 3.Every certificate shall specify the shares to which it relates and the amount paid-up thereon and shall be signed by two directors or by a director and the company secretary, wherever the company has appointed company secretary: 4.In case the company has a common seal it shall be affixed in the presence of persons required to sign the certificate. 5.Time limit f

PF payment due dates for the FY 2021-22 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees

CPE Hours requirements for the block period of 3 Years (01/01/2020-31/12/2022) Summary  of Requirement of CPE hours:   In a calendar year Rolling period of 3 years Type Structured Unstructured Structured Unstructured Member with COP and Age <60 years (Except all those members who are residing abroad) Minimum 20 * Hours  Compulsory Minimum 20 Hours Can be structured or unstructured Minimum 60 * Hours  Compulsory Minimum 60 Hours Can be structured or unstructured Non-COP holder and Age <60 years (And all those members who are residing abroad) Min 15 Hours either structured  or unstructured Min 60 Hours either structured  or unstructured COP Holder and age 60 and above Min 20 Hours either structured or unstructured Min 90 Hours either structured or unstructured

ESIC Contribution due date extended for the month of March 2022 ESIC Department vide letter No. P-11/12/Misc./1/2019(M)-Rev.II dated 13/04/2022 has extended due date for payment of ESIC contribution for the month of March-2022 up to 30/04/2022 due to the problems being faced by the Employers in depositing ESI contribution for the contribution period March 2022, the Director General in exercise of powers vested under Regulation 100 has relaxed the provision as entered in Regulations 26 & 31 of the Employees' State Insurance (General) Regulations, 1950. As per the letter, employers are allowed to deposit contribution for the month of March 2022 up to 30.04.2022 instead of 15.04.2022. Accordingly,   the   employers   are   also  allowed to file the Return of contribution up to 26.05.2022 instead of 11.05.2022 for the contribution period from October, 2021 to March, 2022. Read here the letter No. P-11/12/Misc./1/2019(M)-Rev.II dated 13/04/2022 extending due date for ESI Contribut

Periodicity for filing Maharashtra PTRC returns for the F.Y. 2022-23 Every dealer registered under The Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 ("the Act") required to file monthly or annual (as applicable) returns declaring monthly number of employees on the basis of amount of salary. Periodicity for the filing of PTRC returns is determined based on Profession tax liability during the previous year. 

State wise updated list of notified districts under ESIC 2.0 as on 01.04.2023* ESIC department has issued Circular No. X-15015/1/2013-P&D dated 06/04/2023 [ Web File 12653/2023] wherein updated list of notified districts under ESIC scheme released.  Notified districts under ESIC The ESI Scheme is now notified 610 Districts in 35 States and Union Territories (except Lakshadweep Island), which include 492 fully notified districts and 118 partially notified districts where scheme is notified in Districts Headquarters Area & in Prominent Industrial Centers Under Section 1(3) of ESI Act, 1948. ESIC Applicability in the state of Maharashtra: The Government of Maharashtra vide notification No. ESIC 2015/C.R. 150/RAKAVI-2 has approved the notification dated 10th September 2020. As per the notification, the act shall extend to Shops, Hotels, Restaurants, Road Motor Transport Establishments, Cinema including preview theatres, Newspaper establishment as defined in Section 2 of the Working

The functionality for updating UDIN against the Audit reports submitted by CA users has been enabled at e-filing portal If you are saying work related to FY 2020-21 has been completed, wait important task is waiting for  you! Income tax department has roll out much awaited functionality to update UDIN on income tax portal for Audit Reports filed by CA users. Income tax also published guidelines on updating UDIN. Please note that this functionality may not be used for updating UDIN for Forms submitted prior to April 2021. In this functionality only those Forms will be shown which are accepted by the Assessee. If any form is uploaded but not accepted by your client will not be visible to update UDIN. ***Latest update Timeline to update UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs

Revised profession tax on salary and wage earners in the state of Gujarat Finance department of Gujarat vide notification no GHN-35-PFT-2022-S.3(2)(10)-TH dated 08th April 2022 revised profession tax slab for salary and wage earners. According to this notification there will no profession tax on salary & wages up to Rs. 12000/- per month . This notification will be effective from April 01, 2022. Sr No Class of Persons Rate of Tax per month 1 A)    Salary & wages earners of the state government, Central Government, Panchayats, Public Sector Undertakings of the State & Central Government and Grant-In-Aids institutions whose monthly salaries or wages are     i)                     Up to Rs 12,000/- Zero ii)                    More than 12,000/- Rs. 200/-   B)     Salary & wages earners other than those mentioned in sub-entry (A) abov

Latest format of Director resignation Letter A director may resign from the office of director by giving notice of resignation to the company. The resignation of a director shall take effect from the date on which the notice is received by the company or the date, if any, specified by the director in the notice , whichever is later. It is always advisable to give resignation letter by registered post with acknowledgement (RPAD), as it has been overserved companies are not filing dir-12 for resignation on time . So, to avoid future complications you must have acknowledgement of resignation. Also advisable to file DIR-11 with roc at your own, though filing DIR-11 is not mandatory. Here is the format of director resignation letter: From, Mr ABC (Name of director) ADDRESS: XXX XXXXXXXXXXXXXXXX, XXX XXX XXX To, The Board of Directors, XXX XXX PRIVATE LIMITED, (Address) Sub: Resignation from the from the office of Director of XXXX  PRIVATE LIMITED (“the Company”) Dear Sir/Madam, I would