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Sunday, 12 September 2021

NO ITR for 75+ years old Taxpayers w.e.f. A.Y. 2022-23

NO ITR for 75+ years old Taxpayers w.e.f. A.Y. 2022-23

In order to provide big relief, to the senior citizens aged 75 or above from IT filing, Ministry has introduced Section 194P in the Income-Tax Act, 1961 via the Finance Act 2021. New Section 194P is applicable from 1st day of April 2021. They can give a simple declaration to his/her bank to get exemption from filing the Income Tax Return (ITR) for AY 2022-23.

q  Section 196P of the Income Tax Act, 1961:

Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above.

q  Conditions for exemption:

1)       Senior Citizen should be of age 75 years or above

2)       Senior Citizen should be ‘Resident’ in the previous year

3)       Senior Citizen has pension income and interest income only & interest income accrued / earned from the same specified bank in which he is receiving his pension

q  ITR Filing related points – what we must know:

1.      The rule prescribes a new physical form, 12BBA, that needs to be furnished to banks by the eligible senior citizen.

2.      Department has also notified a separate Annexure-II in Form 16 with the details of incomes and deductions available only to the eligible senior citizens.

3.      “For computation of the taxable income, the bank will consider the declaration submitted by the senior citizen, the pension and interest income received as also the applicable deductions and rebate.

4.      After this exercise (mentioned in point 3), the bank will deduct TDS and issue Form 16 to the senior citizen.

5.      No exemption from ITR Filing if, Senior citizen 75 years or more with multiple bank accounts will not get any exemption from filing ITR.

6.      The provisions pertaining to submission of return of income under section 139 of the Income Tax Act 1961, shall not apply to the specified senior citizen for the assessment year relevant to the previous year in which tax is deducted under section 194P.

7.      Once the specified bank deducts tax under section 197P, the specified senior citizens are not required to file ITR since section 139 will not apply to them.

8.      CBDT has notified a new rule 26D, under which senior citizens are required to submit form 12BBA with the specified bank to claim the benefit of section 194P.

9.      Necessary amendment have been made in various provisions and returns including, form 16, form 24Q, form 26QC and form 26QD to incorporate necessary changes related to provisions of section 194P.  

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Thursday, 9 September 2021

ITR and Audit Reports Due Date Further Extended on 09.09.2021 by CBDT

 ITR and Audit Reports Due Date Further Extended on 09.09.2021 by CBDT

The Central Board of Direct Taxes (Income Tax Department) vide Press Release ID: 1753603 dated 09.09.2021 {CBDT Circular No.17/2021 in F.No.225/49/2021/ITA-II dated 09.09.2021} has decided to further extend the due dates for filing of Income Tax Returns (ITR) and various reports of audit for the Assessment Year 2021-22.

CBDT has considered representation w.r.t. difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”).

CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22

Extension Table for AY 2021-22 by CS Lalit Rajput


·         Clarification:  It is also clarified that the extension of the dates as referred to in clauses (9), (12) and (13) of Circular No.9/2021 dated 20.05.2021 and in clauses (1), (4) and (5) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds rupees one lakh. Further, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021 dated 20.05.2021 and as above) provided in that Act, shall be deemed to be the advance tax.

 

 r  Source: Press Release and Notification – Click Here

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Wednesday, 8 September 2021

OPC Annual Filings – Due Dates and Key points


 
OPC Annual Filings – Timeline and Key points:

Define OPC: Sec 2(62) ‘One Person Company’ means a company which has only one person as a member.


ü  One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year.  (Section 137 of the CA 2013).

ü  AGM not Applicable for OPC: (Section 96.)

ü  A person can be member in only one OPC.

ü  The following 2 E - forms to be filed for Annual ROC filing is:

       MGT-7 - Annual return

       AOC- 4 - Financial Statements, Balance Sheet & P&L Account

ü  Due date for Annual Financial Statements (AOC-4): The due date for Annual Filing is 27.09.2021 (if FY ended on 31.03.2021)

ü  Due date for Annual Return (MGT-7: OPC does not require to hold AGM, yet the due date for filing Form MGT 7 shall be 60 days from the completion of the 6 months from the end of financial year, that means due date will be 60th day from 27.09.2021.

ü  Penalty for non - submission with in due timeline: In case a return has not been filed, a Penalty (additional fees) will be levied from the due date (27.09.2021) of INR 100/- per day for each day for which default continue.   

For further query, please connect at 9625483520 / cslalitrajput@gmail.com


Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers (ET, BS & HT etc.)

Monday, 9 August 2021

IEC DUE DATE IS EXTENDED UPTO 31.08.2021

IEC Due Date is extended upto 31.08.2021

Ministry of Commerce and Industry, Department of Commerce, Directorate General of Foreign Trade (DGFT) vide Notification no. 16/2015-2020 dated 09th August 2021 w.r.t. Extension in period of modification of IEC till 31.08.2021 and waiver of fees for IEC updation done during August, 2021.


In exercise of powers conferred by Section 3 read with Section 5 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as amended from time to time, the Central Government hereby amends the provision in Para 2.05(d) of Chapter-2 of Foreign Trade Policy, 2015-2020 as under:


q  Effect of this Notification:

Period of modification of IEC is extended for the year 2021-22 only till 31.08.2021, and no fee shall be charged on modifications carried out in IEC during the period upto 31st August, 2021.

Source: Click Here

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

 

Friday, 23 July 2021

AGM EXTENSION BY TOP 100 LISTED ENTITIES BY MARKET CAPITALIZATION - SEBI

AGM Extension by top 100 listed entities by market capitalization

Securities and Exchange Board of India (SEBI) vide notification / Circular SEBI/HO/CFD/CMD1/P/CIR/2021/602 dated 23rd July, 2021, has introduced and published Extension of time for holding the Annual General Meeting (AGM) by top 100 listed entities by market capitalization in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 101 and 102 of the LODR and the relaxations contained herein are subject to the provisions of the Companies Act, 2013 and rules made thereunder

q  Circular issued to:

1.      All listed entities that have listed their specified securities

2.      All Recognized Stock Exchanges

q  Requirements:

Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBI LODR’/ ‘LODR’) requires top 100 listed entities by market capitalization to hold their AGM within a period of five months from the date of closing of the financial year.


q  Representation made: 

SEBI is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI) requesting extension of time to the top 100 listed entities for holding their AGM inter-alia due to the CoVID-19 pandemic.

q Extension granted:

After consideration, it has been decided to extend the timeline for conduct of AGM by top100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-21.

Link:  Click Here

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Thursday, 1 July 2021

IEC Due Date is extended upto 31.07.2021

IEC Due Date is extended upto 31.07.2021.

Notification: In continuation to the DGFT notification No. 58, dated 12.02.2021, it is to inform that last date for modification/ updation of IEC has been extended up to 31.07.2021.



Disclaimer:

Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.



Friday, 25 June 2021

Income Tax Due Date Extended beyond June, 2021

Income Tax (CBDT) Due Date Extended beyond June, 2021


The Board of Direct Taxes (Income Tax Department) vide circular & Press Release No. 1730346 dated 25.06.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases and also announces tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19:

Extension Table - Due Dates

Sl.

Nature of Extension

Provisions of IT Act 1961

Original Due Date

Extended Due Date

1

Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961

Section 144C

 

01.06.2021

 

31.08.2021

2

The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21

Rule 31A of the Income-tax Rules, 1962

 

31.05.2021

 

15.07.2021

3

The Certificate of Tax Deducted at Source in Form No.16

Rule 31 of the Income-tax Rules, 1962

 

15.06.2021

 

31.07.2021

4

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21

Rule 12CB of the Income-tax Rules, 1962

 

15.06.2021

 

15.07.2021

5

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C

for the Previous Year 2020-21

Rule 12CB of the Income-tax Rules, 1962

 

30.06.2021

 

31.07.2021

6

The application in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc.,

Under Section 10 (23C), 12AB, 35 (1) (ii) /(iia) / (iii) and 80G of the Act

 

 

30.06.2021

 

 

31.07.2021

7

The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption  under  the  provisions  contained  in  Section  54  to  54GB  of the Act

 

 

Section  54  to  54GB  of the Act

 

 

Between 01.04.2021 to 29.09.2021

 

 

30.09.2021

8

The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021

Rule 37 BB of the Income-tax Rules, 1962

 

 

30.06.2021

 

 

31.07.2021

9

The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21

 

 

30.06.2021

 

31.07.2021

10

The Annual Statement required to be furnished by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21

 

Section 9A (5) of the Act

 

29.06.2021

 

31.07.2021

11

Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021

 

Form No. 15G/15H

 

15.07.2021

 

31.08.2021

12

Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) in Form No. 34BB, w

under Section 245M (1) of the Act

 

27.06.2021

 

31.07.2021

13

Last date of linkage of Aadhaar with PAN

Section 139AA of the Act

 

30.06.2021

 

30.09.2021

14

Last date of payment of amount under Vivad se Vishwas (without additional amount)

 

 

30.06.2021

 

31.08.2021

15

Last date of payment of amount under Vivad se Vishwas (with additional amount)

 

 

 

31.08.2021

16

Time Limit for passing assessment order

 

 

30.06.2021

 

30.09.2021

17

Time Limit for passing penalty order

 

 

30.06.2021

 

30.09.2021

18

Time Limit for processing Equalisation Levy returns

 

 

30.06.2021

 

30.09.2021

·        Clarifications by CBDT:

In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease the compliance burden of taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021.

r  Source: Press Release and Notification

Disclaimer:  Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

NO ITR for 75+ years old Taxpayers w.e.f. A.Y. 2022-23

NO ITR for 75+ years old Taxpayers w.e.f. A.Y. 2022-23 In order to provide big relief, to the senior citizens aged 75 or above from IT fil...