Professional Updates

GSTR-4 for the FY 2021-22 can be filed up to 28th July 2022 CBIC vide Notification No: 07/2022- CT dated  26th May, 2022 waived late fees for filing GSTR-4 for FY 2021-22. GSTR-4 can be filed on or before 30th June 2022 without late fees ** . GSTR-4 is return to be filed by the composition dealers annually on or before 30th April 2022.  **As per 47th GST council meeting GSTR-4 can be filed up to 28th July 2022 without late fees! CBIC also issued Notification No 12/2022  to that effect on 05th July 2022 Due date has been extended 26days after the original due date. During these 26days many have filed GSTR-4 with late fees. But nothing mentioned in the notification about refund of already paid late fees.

LLP annual return Form 11 due date for the FY 2021-2022 extended LLP Form 11 is an annual return which is to be filled mandatorily by every LLPs irrespective of the turnover during the financial year. It is immaterial to check whether LLP does carry out any operations or business during the financial year or not. Every LLP is required to file Annual Return in Form 11 with the Registrar within 60 days of closer of the financial year i.e. has to be filed on or before 30th May every year. Accordingly due date for filing LLP annual return in Form 11 for the FY 2021-22 is 30th May 2022 . Which is extended till 15th July 2022. Considering the technical difficulties faced by the stakeholders in filing form on MCA V3 portal, government extended due date for filing LLP form 11 for the FY 2021-22 up to 30th June 2022 . Now LLPs can file form 11 without additional fees up to 30th June 2022 vide General Circular 04/2022  dated 27/05/2022** MCA vide General Circular 07/2022 dated 29/06/2022 furt

Cost inflation index (CII) is required to calculate the inflation-adjusted cost of asset acquisition/ improvement for computation of long term capital gain (LTCG) of assets, this indexation can help to reduce tax liabilities on long term capital gain. CBDT usually notifies cost inflation index for the financial year on or before 15th June of the financial year, so as to enable taxpayers to calculate advance tax as per latest cost inflation index. CBDT has  notified cost inflation index for the FY 2022-23 on 14th June 2022 vide notification no 62/2022 Here is the list of cost inflation index chart since FY 2001-02 Sr. No. Financial Year Cost Inflation Index 1 2001-02 100 2 2002-03 105 3 2003-04 109 4 2004-05 113 5 2005-06 117 6 2006-07 122 7 2007

The CBIC vide Notification No. 05/2022- Central Tax dated 17th May, 2022 extended the due date for filing GST return in form GSTR-3B for the month of April-2022 till  24th May, 2022 due to technical glitches.  The CBIC vide Notification No. 06/2022- Central Tax dated 17th May, 2022 extended the due date for payment of tax (for taxpayers under QRMP Scheme) for the month of April-2022 till 27th May, 2022. ITC in form GSTR-2B was not generated for the month of April-2022 on 14th May 2022 due to technical issue, hence CBIC extended due date for monthly GSTR 3B and monthly QRMP scheme payment. GSTR-2B for April-2022 generated on 18th May 2022 instead of 14th May 2022. Class of taxpayers Original due date Extended due date QRMP Scheme Taxpayers (only payment) 25/05/2022 27/05/2022 Monthly GSTR-3B filers (Non-QRMP) 20/05/2022 24/05/2022

Format of attendance register for Board Meetings Every company should maintain attendance register for for the meetings of board and its committee. Signed attendance register is the important document which will be helpful incase of conflicts between managements. It may also be asked by the various authorities.  As per SS - 1 – "Secretarial Standard on Meetings Of The Board of Directors", attendance register shall contain following particulars: Serial number and date of the Meeting; Name of the Committee for Committee Meetings ; Venue of the Meeting; Time of the Meeting (Start and conclusion); Names & sign of the Directors present; Name and sign of the CS who is in attendance, if any and also of persons attending the Meeting by invitation. You can add mode of the meeting (Physical or virtual), remark whether director was present throughout the meeting etc. in the register. Entries in the attendance register shall be authenticated by the CS or where there is no CS, by th

Reporting of cash deposit-withdrawals to the Income Tax Department Following Transactions along with your PAN and/or Aadhar will be reported by Banks /Post Office Bank to Income tax Department vide Notification No. 53/2022 dated 10/05/2022 • Cash deposit or deposits aggregating to twenty lakh rupees or more in a financial year, in one or more   bank or a co-operative bank or post office account. • Cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more  bank or a co-operative bank or post office  account • Opening of a current account or cash credit account by a person with bank or a co-operative bank or post office. Kindly note limit of Rs. 20 Lakhs is to be counted in a financial year considering cumulative transactions.  Notification No. 53/2022 dated 10/05/2022

Holding AGM due in FY 2022 through video conference or other audio visual means Ministry of Corporate Affairs (MCA) vide General Circular No 02/2022 dated 05/05/2022 has clarified on holding of Annual General Meeting (AGM) through video conference or other audio visual means. As per the General Circular No 02/2022 dated 05/05/2022 MCA clarified that Companies whose AGMs are due in FY 2022 can conduct their AGMs on through Video Conference or other audio visual means on or before 31/12/2022. Virtual AGMs should be conducted in accordance with requirements of Para 3 & 4 of General Circular 20/2020 dated 05/05/2020. The circular also clarified that, allowing holding AGM up to 31/12/2022 should not be construed as extension of time for holding AGM and AGMs should be hold within relevant timelines. Read here MCA General Circular 20/2020 dated 05/05/2020 & 5/2022 dated 05/05/2022

All pending Maharashtra PTRC returns for period up to March 2022 can be filed without late fee up to 31st May 2022 In exercise of the powers conferred by proviso to sub-section (3) of section 6 of the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (Mah. XVI of 1975), the Government of Maharashtra, amended the Government Notification, Finance Department No. PFT 2014/CR38/Taxation-3, dated the 21st August 2014 by issuing notification No. PFT-1222/C.R.8/Taxation-3. dated 27/04/2022 and  waived late fees for filing PTRC returns. Maharashtra PTRC late fee waiver notification summary: 1.Vide notification No. PFT-1222/C.R.8/Taxation-3. dated 27/04/2022 Government of Maharashtra has waived late fees payable on late filing of PTRC returns. 2. All pending PTRC returns up to March 2022 can be filed on or before 31st May 2022 without paying late fees. 3.Condition for availing waiver of late fees is that , tax payable along with interest should be paid before fil