Professional Updates

CBIC vide Notification No. 69/2020 – Central Tax Dated 30th September, 2020 further extended the time limit for furnishing of the Annual Return i.e. Form GSTR-9, specified under section 44 of the CGST Act, 2017 read with rule 80 of the CGST Rules, 2017, electronically through the common portal, for the Financial Year 2018-2019 till 31st October , 2020. 

ITR Due date for AY 2019-20 extended   On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Year 2019-20 from 30th September, 2020 to 30th November, 2020 . Order u/s 119(2a) issued dated 30th September 2020.

The Ministry of Corporate Affairs has extended the duration of several schemes till 31.12.2020 in view of the continued disruption caused due to the COVID-19 pandemic in certain parts of the country and to provide greater Ease of Doing Business. 📝 Companies Fresh Start Scheme, 2020 The Ministry of Corporate Affairs had introduced a new scheme known as the Companies Fresh Start Scheme, 2020, valid from 01.04.2020 to 30.09.2020 to enable companies to make good their previous defaults. This Scheme has now been extended till 31.12.2020.   vide   General Circular NO 30/2020 dated 28/09/2020 📝 Revised LLP settlement Scheme, 2020 for defaulting LLPs The MCA had also introduced a new scheme known as the LLP Settlement Scheme, 2020 which was valid from 01.04.2020 to 13.06.2020 and was later extended till 30.09.2020. The Scheme has been further extended to 31.12.2020 to enable LLPs to make good their previous defaults. vide   General Circular NO 31/2020 dated 28/09/2020 📝 Creation or modific

No requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares in Income tax return. C BDT vide press release (PRID: 1659412) dated 26th September 2020 stated that there is no requirement in the return of income for scrip wise reporting in case of short-term/business income arising from share transactions . The scrip wise details in the return of income for AY 2020-21 is required to be filled up only for the reporting of the long-term capital gains for these shares/units which are eligible for the benefit of grandfathering. Full text of the press release: There was a report in certain section of media that stock traders/day traders are required to furnish scrip wise details in the return of income for AY 2020-21. The gain from share trading in case of stock traders or day traders is generally categorised as short-term capital gains or business income. This is because their holding period of shares/units in most of the cases is less than one year

Everyone is aware about applicability of GST audit as per Rule 80(3), every registered person whose aggregate turnover during a financial year exceeds 2   crores rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner. However, there seems to be a lot of confusion about the GST audit turnover limit for FY 2018-19. GST audit limit is Rs. 5 crores or Rs. 2 crores for FY 2018-19? GSTR-9 for taxpayers having turnover below 2 crores is optional or not ? GSTR-9 for taxpayers having turnover above 2 crore but less than 5 crores? Let's find out the answer to all these Qs. ✅GST audit limit is Rs. 5 Crore or Rs. 2 Crore for FY 2018-19? Rule 80(3) prescribed GST audit turnover limit of Rs. 2 Crore, but  Notification No. 16/2020

Compulsory filing of Income tax return (ITR) It was very much cleat until FY 2018-19 that, filing of income tax return is compulsory for only those whose total income exceeds above exemption threshold limit i.e. when the total annual income exceeds the maximum amount, which is not chargeable to income tax. Anybody who is less than 60 years of age and has an annual income of more than Rs. 2.5 lakhs has to file income tax returns. For senior citizens, the limit is Rs. 3 lakhs, and for those who are more than 80 years old, limit is Rs. 5 lakh. However, what is stated above is not the only criteria for compulsory filing of Income tax return ! Yes income threshold is no more the only criteria for compulsory filing of income tax return! Finance act 2019 inserted new proviso w.e.f. 1-4-2020 widening scope of compulsory filing of the Income tax return, even though the person is otherwise not required to file a return of income due to total income is below the basic exemption limit. As per ame

GST registration cancelled but final return in form GSTR-10 not filed yet? Here is good news for you!  What is GSTR-10 A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return under section 45 of CGST. If GSTR-10 not filed within time limit prescribed late filing fees of Rs. 200/- per day will be applicable. Read everything about GSTR-10 here .  In order to provide relief to persons who have cancelled GST registration but not filed final return GSTR-10, CBIC issued notification no 68/2020-Central Tax capping late fees for late filing of GSTR-10. Maximum late fees payable for GSTR-10 capped to Rs. 500/- CBIC vide notification no 68/2020- -Central Tax  dated 21st September 2020  capped late fees payable for delayed filing of Final Return (GSTR-10) to Rs. 500 if such GSTR-10 is furnished between  22th September, 2020 to 31st December, 2020.

Waiver/reduction of late fees for filing of GSTR-4 for the period of July 2017 to March 2019* CBIC vide notification no 67/2020 dated 21st September 2020,  has fully waived late fees payable in respect of filing of NIL GSTR-4 (Return by Composition dealer) for the period of July 2017 to March 2019* if such pending returns are filed between 22nd September 2020 to 31st October 2020 .  However, late fees for GSTR-4 with tax liability late fees restricted to Rs.500/- per return. The notification provides big relief to composition dealers who have not filed GSTR-4 returns since July-2017.  *Vide CORRIGENDUM No ( G.S.R. 577(E))  to notification 67/2020-CGST issued on 22nd September 2020  . Summary of the Notification 67/2020-CGST dated 22/09/2020 Form For any Tax period of the FY Late fees, if Tax liability is NIL Late fees, in case of any Tax Liability GSTR-4 (Quarterly Return) 2017-18 & 2018-19 No late Fee Rs 500 per return (Rs 250 for CGST & Rs 250 for SGST)

De-linking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund and  single credit note for multiple invoices Till date, it was mandatory to mention details of original invoice number, while reporting a Credit Note or Debit Note in GSTR-1 or GSTR-6 return. Now the taxpayers have been provided with a facility on the GST Portal to: Single credit note or debit note can be issued in respect of multiple invoices and can be reported in GSTR-1 or GSTR-6. Debit /Credit Notes can be issued with tax amount, but without any taxable value also i.e. if credit note or debit note is issued for difference in tax rate only, then note value can be reported as ‘Zero’. Only tax amount will have to be entered in such cases. Choose the note supply type as Regular, SEZ, DE, Export etc., to identify the table to which such credit note or debit note pertains. Indicate Place of Supply (POS) against each credit note or debit note, to identify the supply type i.e. In

Jurisdictional Registrar of Companies have granted extension for holding annual general meeting by three months from the due date by which AGM ought to have been held as per the applicable provisions of the Company Act 2013. The extension is granted to all the Companies which are unable to hold their AGM for the financial year ended on 31.03.2020 due to the difficulties faced in view of the Covid-19 Pandemic. Important point from the extension orders of respective ROCs: Extension is granted by three months from the due date of AGM Extension is not given for holding first AGM by the newly incorporated companies. There is no need to file any form (i.e. GNL-1) with ROC to  get extension  .  Extension is also given to the companies whose application for extension filed earlier rejected by concerned ROC or application is pending for processing with ROC. Due date for holding Annual General Meeting ? Annual General Meeting [Section 96(1)]: Every company, other than OPC is required to hold an

Hurry up!!! Last date for uploading all pending returns by PTRC holder, without any late fee, is extended up to 30th September, 2020.  PTRC return filing due date extended Maharashtra government has further extended due date for filing PTRC returns pending up to tax period June 2020. Government has extended the due date for pending PTRC returns, vide NO. PFT.1220/CR.21/Taxation-3 Dated. 02.09.2020 As per the notification , PTRC returns pending up to June 2020 can be filed by 30th September 2020 without late fees. Avail the benefit of this further extension an file your all pending PTRC returns without paying late fees.  Maharashtra Profession Tax return late fee waiver 2022 : Read here

HUF Formation declaration / Affidavit for PAN application   A Hindu undivided family or HUF is neither the creation of law nor of contract. The membership of a Hindu undivided family normally arises from birth. The only exceptions are in the case of an adoption or a marriage when a stranger may become a HUF member. There is nothing like HUF deed, as HUF is  comes into existence the moment you give birth to a child, In the eyes of Income tax law. ( However as per Hindu Laws HUF automatically comes into existence when a person gets married. )  A HUF is a separate entity for taxation under the provisions of the Income Tax Act, 1961 and HUF can have separate PAN (Permanent account number / Tax identification number). In order for an HUF to exist on Income tax records, HUF must have assets and have income from the assets. For taxation purpose new HUF must have two coparceners.  Who can be a Karta? Person who manages the affairs of the family is known as the Karta. Generally, the senior-most