Professional Updates

Due date for filing GST annual return in form GSTR-9 and 9C extended till February 28, 2022 The CBIC vide Notification No. 40/2021 – Central Tax dated December 29, 2021 extended the due date for furnishing GST annual return in form GSTR-9 and self-certified reconciliation statement in form GSTR-9C from December 31, 2021 to February 28, 2022 for the Financial year 2020-2021. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement GSTR-9/9C applicability for the Financial year 2020-2021 GSTR 9/9A for Financial Year 2020-2021 is optional for taxpayers having aggregate Annual Turnover up to Rs.2 Cr. vide Notification No. 31/2021-Central Tax Dated : 30th July, 2021 and self certified reconciliation statement in Form GSTR 9C is o

Relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL and Non-XBRL and MFT7 and 7A for year ended 31.03.2021 Vide General Circular No 22/2021 dated 29th December 2021, the Ministry of Corporate Affairs (MCA) has announced the relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL up to 15/02/2022 and for MGT-7/MGT-7A   up to 28/02/2022  for the financial year ended on March 31, 2021 under the Companies Act, 2013. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms. Earlier extension was up to 31/12/2021 vide  Vide General Circular No 17/2021 dated 29th October 2021 Latest update on 14/02/2022 ***Latest update:   General Circular No 01/2022 dated 14th February 2022, MCA has further provided the relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS),  AOC-4, AOC-4 XBRL AOC-4 Non-XBRL up to 15/03/2022  and for  MGT-7/MG

Format of List of Directors for MGT-7A One Person Company and Small Company shall file annual return from the financial year 2020-2021 onwards in Form No. MGT-7A , vide notification G.S.R. 159(E) dated 05/03/2021. MGT-7A ask for list of directors as an attachment. Here is the format of list of directors for easy reference. This list is prepared keeping in view information required to be reported in annual return.    LIST OF DIRECTORS a)    Details of directors and Key managerial personnel as on the closure of financial year ended on       March 31, 202X Sr Name DIN Date of appointment Designation Date of cessation (after closure of financial year:   If any) 01 XXXX XXXXX 08XXXXX XX/0X/20XX Director - 02 XXXX XXXXX 08XXXXX XX/0X/20XX Director -   b)    Particulars of change in director

All about revision of tax audit report Every stakeholder is aware of applicability of tax audit and provisions of Section 44AB. Now we will discuss in the form of FAQs about revision of tax audit and related provisions of Income tax act, ICAI, UDIN etc. Kindly note this FAQs are prepared based on practical experience by members, discussion with seniors and discussion in the webinars.  1. First and most important question is , can Tax Audit Report be revised?  Answer is YES!. You can revise tax audit report. 2. How many times tax audit can be revised? Straightforward answer to the question is there is no limit prescribed for revision ! However, do not take it liberally and wisely use opportunity. Don't file TAR in hurry thinking it can be revised later on! 3. Is there any reference in the Guidance Note on Tax Audit by ICAI w.r.t. revision of tax audit report? There is no direct reference in "Yes" or "No" format given w.r.t. revision of tax audit report in the gui

The Companies Fresh Start Scheme , 2020 was launched to make a fresh start for companies to be a fully compliant company by allowing them to file belated documents in MCA 21 registry without any additional fees from 1st April to 31st December 2020. The said scheme has also given immunity from prosecutions and proceedings for imposition of penalty which might arise on account of such delayed filing of documents.   The MCA introduced an LLP Settlement Scheme, 2020 to provide one-time relaxation in additional fees to the defaulting Limited Liability Partnerships (‘LLPs’) to make good their defaults by filing pending documents with the Registrar of Companies (‘ROC’ or ‘Registrar’) to ease the hassle of business enterprises.  The said scheme was initially rolled out from 16.03.2020 to 31.03.2020 for certain filings by LLPs. However, due to the COVID 19 pandemic the modified scheme to cover all e forms was rolled out from 01.04.2020 to 31.12.2020. Under the said scheme, the defaulting LLPs

Last date for payment of Contribution for the month of Oct-2021 has been extended from 15-11-2021 to 30-11-2021. Keeping in view problems being faced by stakeholders regarding performing online tasks through online portal due to IT system breakdown the Director General relaxed due date for ESIC contribution for the period of October 2021.   Now ESIC contribution for October 2021 can be remitted up to 30/11/2021 instead of 15/11/2021. And return of contribution for the period of Apr-21 to Sep-21 may be filed up to 15/12/2021. Read here extension order No No P-11/12/Misc./1/2019(M)-Rev.II dated 16/11/2021

Format of Auditor consent & eligibility certificate To, The Board of Directors XXXXX TECHNOLOGY PRIVATE LIMITED (Registered address) Sub: Consent & Eligibility Certificate Pursuant to the provisions of Section 139 of the Chapter X of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014. Ref: Your proposal letter for appointment as statutory auditor dated 01/XX/20XX Dear Sir/Mam, With reference to the your proposal letter and discussion we had w.r.t. appointment of statutory auditor of your company, we are pleased to convey our consent and eligibility to act as the Statutory Auditors of the Company if appointed. Further, we confirm that: We are eligible for appointment and are not disqualified for appointment under the Act, the Chartered Accountants Act, 1949 and the rules or regulations made thereunder; The proposed appointment is as per the term provided under the Act; The proposed appointment is within the limits laid down by or und

Relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL and Non-XBRL and MFT7 and 7A for year ended 31.03.2021 Vide General Circular No 17/2021 dated 29th October 2021, the Ministry of Corporate Affairs (MCA) has announced the relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on March 31, 2021 under the Companies Act, 2013. Keeping in view request from stakeholders, it has been decided no additional fees shall be levied up to 31st December 2021** for the filing of e-forms  in respect of the financial year ended on 31.03.2021. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms. ** Vide General Circular No 22/2021 dated 29th December 2021, no additional fees shall be levied up to 15th February 2022 for AOC-4 and up to 28th February 2022 for MGT-7/7A. *** Vide General Circular No 01/2022 dated 14

Extended due date for filing LLP Form 8 for the FY 2020-2021 is 30th December, 2021 MCA vide General Circular No.16/2021 dated 26th October 2021, extended due date for filing LLP form- 8 (the Statement of Account and Solvency) for the FY 2020-2021. Every LLP is required to file Form-8 on or before 30th October, however considering Covid-19 pandemic MCA has extended last date to file form 08 till 30th December 2021. Read here MCA General Circular 16/2021 dated 26/10/2021

Deductions and depreciation on an electric vehicles E-vehicles, green vehicles, EVs are the new buzzwords in the market. Driving an electric vehicle can help to reduce carbon footprint because there will be zero tailpipe emissions. E cars are good for environment and also there are certain benefits available under income tax act. Benefits for all class of Individual taxpayers: If you are planning to buy an e-car and wants to avail loan for buying an e-car then you can get a deduction up to Rs. 1,50,000 under section 80EEB of the Income tax act of the interest paid on loan taken to buy Electric vehicles rom your total income . Condition to avail deduction u/s 80EEB is that, the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2019 and ending on the 31st day of March, 2023 . Benefits for business taxpayers ( Individual taxpayers ) Along with deduction of Rs. 1,50,000 under section 80EEB, proprietary businesses firms can claim

Trust audit due date extended for the FY 2020-2021 Charity Commissioner of Maharashtra has further extended due date for submitting trust accounts for the FY 2020-21.  Extended due date vide Circular No 593 dated 31/01/2022 is 15th February 2022 . Earlier  vide Circular No 592 due date was extended till 31 January 2022.  Original due date was 30th October 2021 Trust Audit The trustee shall get the accounts audited within six months of the date of balancing the accounts (generally 31st March) under section 33 (1) of the Maharashtra Public Trusts Act 1950 , and the auditor shall forward a copy of the balance sheet and the income and expenditure account along with his audit report to the Deputy or Assistant Charity Commissioner within a fortnight of the audit online on the website of the Charity Commissioner. Take benefit of such extension and ensure timely compliance. Several thousand trusts and societies have been de-registered by  the charity commissioner on account of failure to submi

Extension for holding Annual General Meeting for the FY 2020-2021 MCA vide office Memorandum No CL-II-03/252/2021-O/o DGCoA-MCA dated September 23, 2021 extended time period for holding of Annual General Meeting (AGM) for the Financial year ended on March 31, 2021. In response to the various representation , MCA has decided to extend time limit for holding AGM for the financial year 2020-21 ended on 31/03/2021. Accordingly, :- Jurisdictional ROCs has extended the time to hold the AGM, other than the first AGM for the financial year ended on 31/03/2021, which are unable to hold their AGM for such period within the due date of holding the AGM by a period of Two Months from the due date by which the AGM ought to have been held in accordance with the provisions of sub-section (1) to section 96 of the Act, without requiring the companies to file applications for seeking such extension by filling FORM No. GNL-1. You can access  extension orders of all ROCs @ https://mca.gov.in/content/mca/

UDIN can be generated within 60days of signing Standard on Quality Control (SQC 1) on Retention Period for Engagement Documentation (Working Papers) requires firms to establish policies and procedures for the timely completion of the assembly of audit files. It further provides for an appropriate time limit within which the assembly of the final audit file is to be completed, ordinarily in not more than 60 days after the date of auditor’s report. Due attention is also drawn to Standard on Auditing (SA)- 230 on Audit Documentation, paragraphs A21 to A24 on assembly of the audit file. Time limit for UDIN generation extended to 60days from the date of signing. With an aim to align the time limit for generating UDIN with the Standards on Auditing and Standard on Quality Control, the Council at its 405th meeting held on September 17, 2021 has decided that the time limit of generating UDIN would be 60 days from the date of the signing of certificates/reports/document instead of 15 days hence

Important recommendations in 45th GST Council meeting relating to GST law and procedure 1) Relaxation in the requirement of filing FORM GST ITC-04: Change in periodicity for filing ITC-04 Revised periodicity for filing Form ITC-04*: a) Taxpayers whose annual aggregate turnover in preceding financial year is above Rs. 5 crores shall furnish ITC-04 once in six months ; b) Taxpayers whose annual aggregate turnover in preceding financial year is up to Rs. 5 crores shall furnish ITC-04 annually. *Notification No. 35/2021 – Central Tax Dated 24/09/2021 2) Interest on ineligible ITC availed and utilised will be levied @18% w.e.f. 01/07/2017. However no interest will be charged on ineligible ITC availed but not utilised.  3) Unutilized balance in CGST and IGST cash ledger may be allowed to be transferred between distinct persons (entities having same PAN but registered in different states), without going through the refund procedure, subject to certain safeguards. 4) W.e.f. 01.01.2021, the

Draft Format of Proxy form MGT-11 As per section 105 of the companies act 2013 any member who is entitled to attend and vote at a meeting of the company shall be entitled to appoint another person as a proxy to attend and vote at the meeting on his behalf. A person can act as proxy on behalf of members not exceeding fifty and holding in the aggregate not more than ten percent of the total share capital of the company carrying voting rights : A member holding more than ten percent of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as proxy for any other person or shareholder. A member of a section 8 company shall not be entitled to appoint any other person as his proxy unless such other person is also a member of such company. A proxy shall not have the right to speak at such meeting and shall not be entitled to vote except on a poll. A person can be appointed as proxy only in writing and should be sign

1. Non audit cases ITR : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021*; 2. Audit reports: The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022 * ; * Further extended to February 15, 2022; 3. Transfer pricing audit report : The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October, 2021, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further exte

Due date for filing application in form 10A & 10AB extended CBDT vide Circular No. 16 /2021 dated 29th August 2021 extended due dates for electronic filing of various forms, due to the difficulties faced by taxpayers in filing of such forms on new income tax portal. Extended due dates are as follows:  Sr Form Extended due date 1 The application for registration or approval under Section 10(23C), 12A or 80G of the Act in Form No.10AB 31st March, 2022 2 The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A 31st March, 2022 3 The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21 31st December, 2021 4 The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the