Professional Updates

CBDT has extended due date for filing various forms for the FY 2021-22 Noting the hardships of taxpayers & IT glitches Income Tax department extends the due date for filing of various reports of audit for assessment year 2022-23 (FY2021-22) to October 7th 2022. Earlier the deadline was 30th September 2022. Ref: CBDT Circular No. 19/2022 in F.No.225/49/2022/ITA-II dated 30.09.2022 issued.

Trust audit submission due date extended for the FY 2021-22 Charity Commissioner of Maharashtra has extended due date for submitting trust accounts online for the FY 2021-22. Extended due date vide Circular No 596 dated 30/09/2022 is 15th October 2022. 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. 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 submit annual audited accounts. Trust Audit is an important compliance to keep your trust active with Charity Commissioner. Here is the circular no 596 of extension of due date for online submission of trust accounts for the FY 2021-22

Independent auditors report for the FY 2021-22 Everyone is talking about amendments in schedule III & CARO however most of those are not highlighting changes in Independent Auditors Report . Though changes are small but can result into significant risk of negligence. First I would like to request every one kindly read entire independent audit report for every auditee. At least read what you are signing and what would be the implications. I have seen audit reports for the FY 2021-22 which are not referring to the The Companies (Accounting Standards) Rules, 2021. MCA already prescribed accounting standards w.e.f. 01/04/2021. But as usual due to "Ctrl C+ Ctrl V" same is not reflecting in the independent auditors report and reference to old rule of 2006 is given. Also some of us not inserting new para under rule  Rule 11 of the Companies (Audit and Auditors) Rules, 2014. Kindly refer attached report of Small Company for ease reference only (please note this is just a draft

Revision in the definition of small company  The ministry of corporate affairs (MCA) has amended definition of "small company" wide notification no G.S.R. 700(E). dated 15th September 2022.  The revised paid-up capital and turnover thresholds for small companies that will be applicable w.e.f. 15th September 2022. Now onwards, companies having paid capital upto Rs 4 Cr & turnover upto Rs 40 Cr will be considered as Small Companies. Earlier limit was Rs 2Cr & 20Cr respectively. Small companies enjoy certain exemptions such as  -small companies not required to prepare cash flow statements, -small companies can prepare annual report in abridged form -only 2 board meetings needs to conduct in a calendar year  -various E-forms can be signed by the directors only -reduced penalties under the Company Act 2013 -Auditors not require to report on internal control over financial reporting etc.

ESIC Contribution due date extended for the month of August 2022 ESIC Department vide letter No. P-11/12/Misc./1/2019(M)-Rev.II dated 15/09/2022 has extended due date for payment of ESIC contribution for the month of August-2022 up to 15/09/2022 due to the problems being faced by the Employers in depositing ESI contribution for the contribution period August 2022, the Director General in exercise of powers vested under Regulation 100 has relaxed the provision as entered in Regulations 26 & 31 of the Employees' State Insurance (General) Regulations, 1950. As per the letter, employers are allowed to deposit contribution for the month of August 2022 up to 22/09/2022 instead of 15/09/2022 Read here the letter No. P-11/12/Misc./1/2019(M)-Rev.II dated 15/09/2022 extending due date for ESI Contribution for the month of August-2022.

All about Director KYC i.e. DIN KYC All directors and designated partners holding DIN (Director Identification Number) as on 31/03/2022 and the status of such DIN is ‘Approved’, needs to file form DIR-3 KYC to update KYC details on MCA portal. E-Form DIR-3 KYC is to be filed by a din holder for filing KYC details for the first time or by the DIN holder who has already filed KYC once in e-form DIR-3 KYC but wants to update KYC details. Web service DIR-3-KYC-WEB is to be used by the DIN holder who has submitted DIR-3 KYC e-form in the previous financial year and no update is required in his details like name, address, contact info etc. Fees:  There is no government fees for filing DIN KYC within due time. However late filing of above forms attracts fees of Rs. 5000/- (Penalty) Due date for filing DIN kyc for the year ended March 31, 2022 is 30th September 2022. Due date for filing DIN kyc is extended up to 15/10/2022 v ide General Circular 09/2022 . Personal mobile number and