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ACCOUNTINGBUZZ Monthly Newsletter Tax and Compliance Updates | January 2020
ACCOUNTINGBUZZ
Monthly Newsletter Tax and Compliance Updates | January 2020
ACCOUNTINGBUZZ
Tax and compliance Newsletter
Sr. no Content Page
1 CBDT releases Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21 1
2 CBDT grants relaxation in eligibility conditions for filing of Income-tax Return Form-1 (Sahaj) and Form-4 (Sugam) for Assessment Year 2020-21
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3 Functionality has been enabled in the e-filing login of the taxpayers whose business turnover exceeds Rs.50
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4 Insertion of Rule 6ABBA to Income Tax Rules, 1962 specifying other modes 3
5 Amendment of rule 10DA and rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group
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6 New GSTIN reallocated to taxpayers of Union Territory of Ladakh 5
7 CBIC amends transition plan for UTs of J&K and Ladakh 5
8 CBIC prescribes schema for e-invoices under GST-2 6
9 CBIC Introduces Document Identification number (DIN) 7
10 CBIC notifies Sections of CGST Act 2017 Applicable from 01st January, 2020 7
11 Section 17A of IGST Act 2017 Applicable from 01st January, 2020 7
12 Seeks to appoint Revisional Authority under CGST Act, 2017 8
13 New due dates for GSTR 3 8
14 Standard Operating Procedure (SOP) to be followed by exporters 9
15 Relaxation of additional fees and extension of last date of filing of Form No.BEN-2 and BEN-1 under the Companies Act 2013
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16 Amendments in the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
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17 A new Web Form christened ‘SPICe+’ replacing the existing SPICe form 13
18 Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules 2016
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19 Section 460 of the Companies Act shall apply to Limited liability partnership as well 14
20 Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT of Ladakh
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21 Relaxation of additional fees and extension of last date in filing of forms AoC-4 NBFC (Ind AS) and AoC-4 CFS NBFC (Ind AS) for FY 2018-19 under the Companies Act, 2013
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22 Calendar February 2020 16
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The entire content of this newsletter is solely for the purpose of information and have been prepared on the basis of relevant provisions as per the information existing at the time of preparation. It doesn’t constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn’t accept liability for any error or omissions. You are kindly requested to verify and confirm the updates before acting on any information provided herein above.
CBDT releases Form Sahaj (ITR-1) and Sugam (ITR-4) for A.Y. 2020-21
Restriction to file ITR 1
1. If the person owns more than one house property or the only house property owned is a jointly owned property then the assesse is not allowed to file ITR 1
2. Uptill now ITR 1 was the simplest of all but now even a salaried person will have to check the receipt as well as expenditure incurred in a year. This is because ITR 1 can be filed if a. more than INR 1 lakh is paid for electricity in the previous year b. more than INR 2 lakh is incurred towards foreign travel either for self or other
3. If more than INR 1 Crore is deposited in the current account then the assessee is ineligible to file ITR 1
Additional Disclosure in ITR 4
1. If more than INR 1 Crore is deposited in one or more account then the amount has to be disclosed. (The disclosure is only related to deposits made in current account and not in saving account)
2. IF more than INR 1 Lakh is spent as electricity expense then the amount of expense to be reported here
3. If more than INR 2 Lakh is incurred towards foreign travel either for self or others then the amount of expenditure has to be declared
4. Person filing ITR is a partner in a firm then the details of the partnership firm shall be declared.
5. If ITR 4 is filed by the partnership firm then details of all the partners including their share in profit, remuneration payable and interest on capital shall be disclosed.
6. Further checks are introduced by asking for a reconciliation of opening and closing cash and bank balances. A reconciliation statement is to be reported for cash and all the bank transactions in the manner specified below: Opening balance Add: Receipts Less: Payments Closing Balance
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Monthly Newsletter Tax and Compliance Updates | January 2020
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The entire content of this newsletter is solely for the purpose of information and have been prepared on the basis of relevant provisions as per the information existing at the time of preparation. It doesn’t constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn’t accept liability for any error or omissions. You are kindly requested to verify and confirm the updates before acting on any information provided herein above.
Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules 2016
Whereas, as per proviso of Rule 7(3) of Investor Education and Protection Fund Authority (Accounting,
Audit, Transfer and Refund) Rules, 2016 “Provided that in case of non-receipt of the documents by the
Authority after expiry of 90 days from the date of filing Form IEPF-5, the Authority may reject the Form
IEPF-5, after giving an opportunity to the claimants to furnish response within a period of thirty days”.
Accordingly, notice is hereby given to all the Claimants who have filed claims with IEPF Authority on or
before 31.07.2019 for claiming amount/shares transferred by concerned companies to IEPF and where
documents/Verification report required for processing the claim have not been received by the
Authority for more than 90 days of filing of such claims;
It is further informed that the Company wise list of claims where documents/Verification reports are
pending for more than 90 days is displayed on the website of the Authority https://www.iepf.gov.in. All
such Claimants and Companies are requested to submit the required documents/reports to the
Authority within 30 days of this notice, failing which all such claims may be rejected by the Authority
without any further notice.
Please Note: Not applicable for Individuals and Companies who have already received this notice
through E-mail. Those claimants and Companies which have already replied to the above Notices may
kindly ignore this Public Notice.
Section 460 of the Companies Act shall apply to Limited liability partnership as
well
In exercised of the powers conferred by sub-section (1) of section 67 of the limited liability partnership
Act, 2008 (6 of 2009), the central Government hereby directs that the provisions of section 460 of the
companies act 2013 shall apply to a Limited Partnership from the date of publication of this notification
in the official Gazette
Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT of Ladakh In continuation to General Circular No.15/2019 dated 28-11-2019 and keeping in view of the requests
received from various stakeholders stating that due to disturbances in internet services and the normal
work was affected in the UT of J &K and UT of Ladakh and sought extension of time for filing of financial
statements for the financial year ended 31.03.2019. Therefore, it has been decided to further extend the
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The entire content of this newsletter is solely for the purpose of information and have been prepared on the basis of relevant provisions as per the information existing at the time of preparation. It doesn’t constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn’t accept liability for any error or omissions. You are kindly requested to verify and confirm the updates before acting on any information provided herein above.
due date for filing of e-forms AOC-4, AOC-4 (CFS) AOC- 4 XBRL and e-form MGT-7 upto 31.03.2020, for
companies having jurisdiction in the UT of J&K and UT of Ladakh without levy of additional fee.
Relaxation of additional fees and extension of last date in filing of forms AoC-4 NBFC (Ind AS) and AoC-4 CFS NBFC (Ind AS) for FY 2018-19 under the Companies Act, 2013 1. It is hereby inform that two new eforms namely AoC-4 NBFC (Ind AS) and AoC-4 CFS NBFC (Ind AS)
are likely to be deployed on 31st January, 2020 and 17th Feb, 2020 respectively. 2. In view of above, it has been decided to extend the last date for filing AoC-4 NBFC (Ind AS) and AoC-
4 CFS NBFC (Ind AS) for all eligible companies for FY 2018-19, without payment of additional fees till
31st March, 2020.
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The entire content of this newsletter is solely for the purpose of information and have been prepared on the basis of relevant provisions as per the information existing at the time of preparation. It doesn’t constitute professional advice or a formal recommendation. The author has undertook utmost care to disseminate the true and correct view and doesn’t accept liability for any error or omissions. You are kindly requested to verify and confirm the updates before acting on any information provided herein above.
