Professional Updates

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 contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2021-22 for quick reference. PF payment due dates for the FY 2021-22 Period Due date Day

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