Showing posts from December, 2021

Due date for filing GSTR-9 and 9C extended FY 2020-21

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

Due date for filing AOC-4 & MGT-7A for FY 2020-2021 extended

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

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

Tax audit report can be revised !

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

Relief measures taken by MCA during the COVID-19 pandemic

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