Showing posts from January, 2020

State-wise due date for GSTR-3B

State-wise due date for GSTR-3B Considering the difficulties faced by trade and industry in filing of returns, the Government has decided to introduce filing of their GSTR-3B returns in a staggered manner. Presently the last date of filing GSTR-3B returns for every taxpayer is 20 th  of every month. From April 2020 onward , the last date for filing of GSTR-3B for the taxpayers having annual turnover of Rs 5 crore and above in the previous financial year would be 20 th  of the month. And for the taxpayers  having annual turnover below Rs 5 crore in the previous financial year would be 22 nd and 24 th of the next month as explained in the below table: Turnover of Taxpayer States Due Date Above 5 Crore All states 20 th of the next month Below 5 Crore 1. Chhattisgarh 2. Madhya Pradesh 3. Gujarat 4. Daman and Diu 5. Dadra and Nagar Haveli 6. Maharashtra 7. K

New GST Return types and applicability

New GST Return types and its applicability  Return Type When is it Selected? What are you supposed to do? Return Frequency Return Forms SAHAJ ·        Aggregate turnover during preceding financial year is up to Rs. 5.00 Cr AND ·          Taxpayer is making supplies only to consumers, (B2C) or/and ·          Have inward supplies on which tax is payable on reverse charge basis (RCM) ·          Pay tax liabilities on Monthly basis for first two months of each quarter through Form GST PMT-08, and in the third month, the taxpayer can pay tax and file RET-2 ·          Furnish outward supplies details on continuous basis ·          File return on quarterly basis in Form GST RET-2 Note : You cannot claim provisional ITC on missing invoices Quarterly Form GST RET-2 SUGAM ·          Aggregate turnover during the preceding financial year is up to Rs. 5.00 Cr and ·          Ta

MCA- Company Incorporation update Jan-2020

MCA- Company Incorporation update Jan-2020 (i) As a part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form . (ii) SPICe+  would be an integrated Web form offering multiple services viz. name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account* . It will also facilitate allotment of GSTIN wherever so applied for by the Stakeholders. After deployment of SPICe+ web form, RUN shall be applicable only for change of name of existing companies. (iii) Upon notification & deployment, all new name reservations  for new companies as well as new incorporations shall be applied through SPICe+ only (iv) However, incorporation of companies for names reserved through the existing RUN service shall conti

Format of DIR-2 ( Consent to act as director of the Company) and INC-9 Declaration

Draft format of Dir-2 (Consent) and INC-9 (Declaration) to be attached to form Spice 32 of Incorporation of new company. Form DIR-2 CONSENT TO ACT AS A DIRECTOR OF A COMPANY [Pursuant to section 152(5) and rule 8 of Companies (Appointment and Qualification of Directors) Rules, 2014]   To  ABCD SERVICES PRIVATE LIMITED Address of the proposed company SUBJECT: CONSENT TO ACT AS A DIRECTOR.  I PRASHANT XXXXXXXXXXX hereby give my consent to act as director of ABCD SERVICES PRIVATE LIMITED , pursuant to sub-section (5) of section 152 of the Companies Act, 2013 and certify that I am not disqualified to become a director under the Companies Act, 2013. 1 Director Identification Number (DIN): 2 Name (in full): 3 Father’s Name (in full): 4 Address: 5 E-mail id 6 Mobile no 7 Income-tax PAN 8 Occupation BUSINESS 9 Date of birth 10 Nationality INDIAN 11 No. of companies in which I am already a Director and out of such compani

Secretarial Audit under Company Act 2013

Applicability of Secretarial Audit under Company Act 2013 Basic introduction to secretarial audit Secretarial audit is compliance audit independent to financial audit/ statutory audit.To check compliance with the provisions of various laws and rules/ regulations/procedures, maintenance of books, records etc., A practicing Company Secretary has been recognized to conduct a secretarial audit. Applicability The mandatory provisions relating to applicability of secretarial audit are as explained below: Every Listed Company. Every public company having – Paid up share capital > Rs. 50 crore or Turnover > Rs. 250 crore or Every company (Public / Private) having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more .* Explanation :- For the purposes of above criteria, the paid up share capital, turnover, or outstanding loans or borrowings as the case may be, existing on the last date of latest audited fin

All about the new section 269SU of the Income Tax Act 1961

All about the new section 269SU of the Income Tax Act, 1961.  (Inserted by Finance act 23 of 2019, w.e.f. 1-11- 2019) Finance Act 2019 inserted new  Section 269SU  after section 269ST of the Income-tax Act, with effect from the 1st day of November, 2019, — Acceptance of payment through prescribed   electronic  modes: Every person, carrying on business, shall provide facility for accepting payment  through prescribed  electronic modes , in addition to the facility for other  electronic  modes , of payment, if any, being provided by such person, if his total sales, turnover or gross receipts , as the case may be, in business exceeds fifty crore rupees during the immediately preceding previous year." Summary  of  the  section  along  with  notification  and  clarification  w.r.t. the  Section 269SU is given in the form of FAQs for better  understanding of  this new section. Who is required to provide electronic modes for accepting payments? Every person carrying