CA IP MUKESH MITTAL

Extension in various Due Dates of Income Tax and GST

2020-10-25T22:06:00.002+05:30

Extension in various Due Dates of Income Tax and GST

Extension of Due Date for Income Tax

Due date for furnishing of Tax Audit Report for the Assessment Year 2020-21 extended to 31st December 2020 from 31st October 2020

Due date for furnishing of Form 3CEB for the Assessment Year 2020-21 extended to 31st December 2020 from 31st October 2020

Due date for Submission of ITR for the Assessment Year 2020-21 extended to 31st December 2020, where tax audit is not applicable.

Due date for Submission of ITR for the Assessment Year 2020-21 extended to 31st January 2021, where tax audit is applicable.

Extension of Due Date for GST

GSTR Due dates for Annual Return and GST Audit - GSTR9/9A & GSTR9C for the financial year 2018-19 extended to 31st December 2020 from 31st October 2020.

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional advice. The readers are advised to refer the relevant bill, act, circular or notification before making any judgment.

TCS to be collected by seller from 1st October 2020, only if turnover in the previous year exceeds Rs 10 crore

2020-10-01T20:56:00.001+05:30

With effect from 01-10-2020, the Finance Act, 2020 inserted Sub-Section (1H) in Section 206C. This provision requires a seller to collect tax at source from the amount received as consideration for the sale of goods if it exceeds Rs. 50 lakhs in any previous year. To clarify certain doubts about the applicability of the provision and the computation of the threshold, the CBDT has issued Circular No. 17/2020, dated 29-09-2020.

Section 206C(1H) provides as follows:
“Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 per cent of the sale consideration exceeding fifty lakh rupees as income-tax”.

CBDT issues circular no 17/2020 dated 29-09-2020 clarifying TDS/TCS provisions which are applicable from 1st October,2020. TCS to be collected and paid on all payment received on or after 1st October ,2020 including amount of GST and also sales made prior to 1st October,2020. The threshold of Rs50 lakhs is year based and hence payment received before 1st October,2020 are to be considered. However applicability shall be on payment received on or after 1st October, 2020. Compliance of this new provision is going to be a big challenge for all taxpayers whose sales in previous year has exceeded RS 10 crores.

A seller would be required to collect tax at source (TCS) from 1st October 2020 only if his turnover exceeds Rs 10 crore in the last financial year.

The Finance Act, 2020 has amended the provisions relating to TCS with effect from October 1, 2020 to provide that a seller of goods shall collect tax at the rate of 0.1 per cent (0.075 per cent up to March 31, 2021) if the receipt of sale consideration from a buyer exceeds Rs 50 lakh in the financial year.

The TCS shall be applicable only on the amount received on or after 1st October, 2020 and the export of goods has been exempted from the applicability of the provisions of TCS.

Click Here to Download Press Release on Clarification of Doubts on TCS

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

ICAI Extended the Last Date for Payment of Membership /COP Fees for the year 2020-21 from 30-09-2020 to 30-11-2020

2020-09-30T21:11:00.001+05:30

ICAI Extended the Last Date for Payment of Membership /COP Fees for the year 2020-21 from 30-09-2020 to 30-11-2020

M&C-MSS Section

The Institute of Chartered Accountants of India

29th September, 2020

IMPORTANT ANNOUNCEMENT

The Council of ICAI considering the request from Members at large has decided to extend the last date for payment of Membership/ COP fee from 30th September, 2020 to 30th November, 2020.

Date: 29th September, 2020

Dr. Shivam Kumar

Additional Secretary

M&C-MSS Section

ICAI, Noida

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

MCA Uploaded Extension Orders for filing dates from 30-09-2020 to 31-12-2020

2020-09-30T17:47:00.001+05:30

MCA Uploaded Extension Orders for filing dates from 30-09-2020 to 31-12-2020

1. Time Limit of Company Fresh Start Scheme, 2020 has been extended till 31.12.2020 from 30.09.2020 earlier.

2. Time Limit of LLP Settlement Scheme, 2020 has been extended till 31.12.2020 from 30.09.2020 earlier.

3. The “deemed event date” of Charge creation and modification during the COVID period has been extended till 31.12.2020.

4. DPT-3, DIR-3KYC E-Form/Web form and INC-22A (Active) were originally part of the CFSS. So, as per our understanding due dates of these forms also extended.

Click Here to Download Extension order of Company Fresh Start Scheme, 2020

Click Here to Download Extension order of LLP Fresh Start Scheme, 2020

Click Here to Download Extension order of Filing of Charge Related Forms

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

CBDT Extended the deadline for filing of income tax return for the Financial Year 2018-2019 from 30-09-2020 to 30-11-2020

2020-09-30T17:27:00.005+05:30

CBDT HAS FURTHER EXTENDED THE DEADLINE FOR FURNISHING OF INCOME TAX RETURN FOR THE FINANCIAL YEAR 2018-2019 FROM 30TH SEPTEMBER 2020 TO 30TH NOVEMBER 2020.

On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued.

Click Here to Download Extension Order

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Extension in filing of GSTR-9 and GSTR-9C of Financial Year 2018-2019 from 30-09-2020 to 31-10-2020

2020-09-30T17:17:00.001+05:30

GOVERNMENT HAS EXTENDED THE DUE DATE FOR FURNISHING OF ANNUAL RETURN IN FORM GSTR-9 AND GSTR-9C FOR THE FINANCIAL YEAR 2018-2019 FROM 30TH SEPTEMBER 2020 TO 31ST OCTOBER 2020.

After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020.

REQUIREMENT OF FILING OF ANNUAL RETURN IN FORM GSTR-9 AND FORM GSTR-9C FOR THE FINANCIAL YEAR 2018-2019:

A. TURNOVER UPTO RS. 2 CRORE IN FINANCIAL YEAR 2018-2019:

FILING OF FORM GSTR-9 AND GSTR-9C ARE OPTIONAL.

B. TURNOVER EXCEEDING RS. 2 CRORE BUT UPTO RS. 5 CRORE IN FINANCIAL YEAR 2018-2019:

FILING OF FORM GSTR-9 IS MANDATORY BUT FILING OF FORM GSTR-9C IS OPTIONAL.

C. TURNOVER EXCEEDING RS. 5 CRORE IN FINANCIAL YEAR 2018-2019:

FILING OF FORM GSTR-9 AND GSTR-9C ARE MANDATORY.

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Lok Sabha passes The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020

2020-09-20T13:54:00.001+05:30

Lok Sabha passes The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020

The lower house of the Parliament, the Lok Sabha has passed Lok Sabha passes The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020.

As per bill there is no extension of due dates of income tax and audit reports. The dates stand at 30th September 2020 for AY 2019-20 , 30th November 2020 for AY 2020-21 and for Audit reports 31st October 2020.

NO EXTENSION

The amended taxation bill passed by loksabha. The ambiguity of language created an impression that dates for filing ITRs etc has been extended. However that is not true.

The bill starts from third proviso of section 3 which is as under:

“Provided also that where the specified Act is the Income-tax Act, 1961 and the compliance relates to—

(i) furnishing of return under section 139 thereof, for the assessment year commencing on the

(a) 1st day of April, 2019, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “30th day of September, 2020” had been substituted;

(b) 1st day of April, 2020, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “30th day of November, 2020” had been substituted;

(vii) furnishing of report of audit under any provision thereof for the assessment year commencing on the 1st day of April, 2020, the provision of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2021”, the figures, letters and words “31st day of October, 2020” had been substituted:“

Now after reading the above amendments many believed for once that due date have been extended to 31 March 2021 for all income tax returns and tax audit reports.

However, that’s not true. If one reads the above bill carefully the first sub section extends all the due date between 20 March 2020 to 31 December 2020 to 31 March 2021 whereas the next proviso clarifies that for various due dates shall not extend to 31 March 2021 where it will extend to some specific date. For eg:

1. Due date for return of A.Y. 2019-20 will be 30 September 2020 instead of 31 March 2021.

2. Due date for return of A.Y. 2020-21 u/s 139(1) will be 30 November 2020 instead of 31 March 2021.

3. Due date for tax audit report for A.Y. 2020-21 will be 31 October 2020 instead of 31 March 2021.

Thus there is no extension as on 19 September 2020 for ITR filing or Tax Audit Due date.

Click Here to Download RACP Bill, 2020

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Minimum recommended scale of Professional Fees by ICAI

2020-09-11T16:23:00.007+05:30

Minimum recommended scale of Professional Fees by ICAI

The Institute of Chartered Accountants of India, New Delhi has recommended the minimum scale of Professional Fees to be charged by the Chartered Accountants for various professional services. The list of provided on the basis of Category of Cities and Grouped by Nature of Professional Assignment.

Main features of Minimum Recommended scale of Professional Fees are us under:

1. Fees to be charged depending on the complexity and the time spent on the particular assignment.

2.The below recommended minimum scale of fees is as recommended by the Committee for Capacity Building of Members in Practice (CCBMP) of ICAI.

3. The below table states recommendatory minimum scale of fees works out by taking into account average time required to complete such assignments. However, members are free to charge varying rates depending upon the nature and complexity of assignment and time involved in completing the same.

4.Office time spent in travelling & out-of-pocket expenses would be chargeable. The Committee issues for general information the above recommended scale of fees which it considers reasonable under present conditions. It will be appreciated that the actual fees charged in individual cases will be matter of agreement between the member and the client.

5. GST should be collected separately wherever applicable

6. The Committee also recommends that the bill for each service should be raised separately and immediately after the services are rendered.

7. Class A Cities here includes Delhi, Mumbai, Calcutta, Chennai, Pune, Hyderabad, Bangalore and Ahmedabad. Class B Cities includes all other cities not included in “Class A”.

8.The amount charged will be based on the location of the service provider.

PARTICULARS			Rates
			For Class A Cities	For Class B Cities
			Revised Minimum Recommended scale of Fees	Revised Minimum Recommended scale of Fees
I)	ADVISING ON DRAFTING OF DEEDS/AGREEMENTS
	(a)	i) Partnership Deed	Rs 15,000/- & Above	Rs 10,000/- & Above
		ii) Partnership Deed (With consultation & Tax Advisory)	Rs 20,000/- & Above	Rs 15,000/-& Above
	(b)	Filing of Forms with Registrar of Firms	Rs 7,000/- & Above Per Form	Rs 5,000/- & Above Per Form
	(c)	Supplementary / Modification in Partnership Deed	Rs 12,000/- & Above	Rs 9,000/- & Above
	(d)	Joint Development Agreements/ Joint Venture Agreements	Rs 12000 & Above (See Note-1)	Rs 9000 & Above (See Note-1)
	(e)	Others Deeds such as Power of Attorney, Will, Gift Deed etc.	Rs 5000 & Above	Rs 3000 & Above
II)	INCOME TAX
	A.	Filing of Return of Income
	I)	For Individuals/ HUFs etc.
	(a)	Filing of Return of Income with Salary/Other Sources/Share of Profit	Rs 8,000/- & Above	Rs 6,000/- & Above
	(b)	Filing of Return of Income with detailed Capital Gain working
		i) Less than 10 Transactions (For Shares & Securities)	Rs 11,000/- & Above	Rs 8,000/- & Above
		ii) More than 10 Transactions (For Shares & Securities)	Rs 17,000/- & Above	Rs 12,000/- & Above
	(c)	Filing of Return of Income for Capital Gain on Immovable property	Rs 32,000/- & Above	Rs 22,000/- & Above
	(d)	Filing of Return of Income with Preparation of Bank Summary, Capital A/c & Balance Sheet.	Rs 12,000/- & Above	Rs 9,000/- & Above
	II)	(a) Partnership Firms/Sole Proprietor with Advisory Services	Rs 15,000/- & Above	Rs 11,000/- & Above
		(b) Minor's I.T. Statement	Rs 8,000/- & Above	Rs 8,000/- & Above
		(c) Private Ltd. Company :
		i) Active	Rs 25,000/- & Above	Rs 17,000/- & Above
		ii) Defunct	Rs 12,000/- & Above	Rs 9,000/- & Above
		(d) Public Ltd. Company
		i) Active	Rs 65,000/- & Above	Rs 45,000/- & Above
		ii) Defunct	Rs 25,000/- & Above	Rs 17,000/- & Above
	B.	Filing of Forms Etc.	(Quarterly Fees)	(Quarterly Fees)
	(a)	Filing of TDS/TCS Return (per Form)
		i) With 5 or less Entries	Rs 4,000/- & Above	Rs 3,000/- & Above
		ii) With more than 5 Entries	Rs 9,000/- & Above	Rs 7,000/- & Above
	(b)	Filing of Form No. 15-H/G ( per Set)	Rs 4,000/- & Above	Rs 3,000/- & Above
	(c)	Form No. 49-A/49-B	Rs 4,000/- & Above	Rs 3,000/- & Above
	(d)	Any other Forms filed under the Income Tax Act	Rs 4,000/- & Above	Rs 3,000/- & Above
	C.	Certificate
		Obtaining Certificate from Income Tax Department	Rs 14,000/- & Above	Rs 10,000/- & Above
	D.	Filing of Appeals Etc.
	(a)	First Appeal Preparation of Statement of Facts, Grounds of Appeal, Etc.	Rs 32,000/- & Above	Rs 22,000/- & Above
	(b)	Second Appeal (Tribunal)	Rs 65,000/- & Above	Rs 45,000/- & Above
	E.	Assessments Etc.
	(a)	Attending Scrutiny Assessment/Appeal
		(i) Corporate	See Note 1	See Note 1
		(ii) Non Corporate	Rs 32,000/- & Above	Rs 22,000/- & Above
	(b)	Attending before Authorities	Rs 10,000/- & Above Per Visit	Rs 7,000/- & Above Per Visit
	(c)	Attending for Rectifications/Refunds/Appeal effects Etc.	Rs 7,000/- & Above Per Visit	Rs 5,000/- & Above Per Visit
	(d)	Income Tax Survey	Rs 80,000/- & Above	Rs 55,000/- & Above
	(e)	T.D.S. Survey	Rs 50,000/- & Above	Rs 35,000/- & Above
	(f)	Income Tax Search and Seizure	See Note 1	See Note 1
	(g)	Any other Consultancy	See Note 1	See Note 1
III)	CHARITABLE TRUST
	(a)	(i) Registration Under Local Act	Rs 25,000/- & Above	Rs 17,000/- & Above
		(ii) Societies Registration Act	Rs 32,000/- & Above	Rs 22,000/- & Above
	(b)	Registration Under Income Tax Act	Rs 25,000/- & Above	Rs 18,000/- & Above
	(c)	Exemption Certificate U/s 80G of Income Tax Act	Rs 20,000/- & Above	Rs 14,000/- & Above
	(d)	Filing Objection Memo/other Replies	Rs 10,000/- & Above	Rs 7,000/- & Above
	(e)	Filing of Change Report	Rs 10,000/- & Above	Rs 7,000/- & Above
	(f)	Filing of Annual Budget	Rs 10,000/- & Above	Rs 7,000/- & Above
	(g)	Attending before Charity Commissioner including for Attending Objections	Rs 8,000/- & Above per visit	Rs 6,000/- & Above per visit
	(h)	(i) F.C.R.A. Registration	Rs 35,000/- & Above	Rs 25,000/- & Above
		(ii) F.C.R.A. Certification	Rs 8,000/- & Above	Rs 6,000/- & Above
IV)	COMPANY LAW AND LLP WORK
V)	(a)	Filing Application for Name Approval	Rs 8,000/-& Above	Rs 6,000/- & Above
	(b)	Incorporation of a Private Limited Company/LLP	Rs 35,000/- & Above	Rs 25,000/- & Above
	(c)	Incorporation of a Public Limited Company	Rs 65,000/- & Above	Rs 45,000/- & Above
	(d)	Advisory or consultation in drafting MOA, AOA	Rs 15,000/- & Above	Rs 12,000/- & Above
	(e)	(i) Company's/LLP ROC Work, Preparation of Minutes, Statutory Register & Other Secretarial Work	See Note 1	See Note 1
		(ii) Certification (Per Certificate)	Rs 15,000/- & Above	Rs 10,000/- & Above
	(f)	Filing Annual Return Etc.	Rs 10,000/- & Above per Form	Rs 8,000/- & Above per Form
	(g)	Filing Other Forms Like : F-32, 18, 2 etc.	Rs 5,000/- & Above per Form	Rs 4,000/- & Above per Form
	(h)	Increase in Authorised Capital Filing of F-5, F-23, preparation of Revised Memorandum of Association/Article of Association/LLP Agreement	Rs 25,000/- & Above	Rs 20,000/- & Above
	(i)	DPIN/DIN per Application	Rs 4,000/- & Above	Rs 3,000/- & Above
	(j)	Company Law Consultancy including Petition drafting	See Note 1	See Note 1
	(k)	Company Law representation including LLP before RD and NCLT	See Note 1	See Note 1
	(l)	ROC Representation	See Note 1	See Note 1
	AUDIT AND OTHER ASSIGNMENTS
		Rate per day would depend on the complexity of the work and the number of days spent by each person
		(i) Principal	Rs 18,000/- & Above per day	Rs 12,000/- & Above per day
		(ii) Qualified Assistants	Rs 10,000/- & Above per day	Rs 8,000/- & Above per day
		(iii) Semi Qualified Assistants	Rs 5,000/- & Above per day	Rs 4,000/- & Above per day
		(iv) Other Assistants	Rs 3,000/- & Above per day	Rs 2,000/- & Above per day
		Subject to minimum indicative Fees as under:
		(i) Tax Audit	Rs 40,000/- & Above	Rs 30,000/- & Above
		(ii) Company Audit
		(a) Small Pvt. Ltd. Co. (Turnover up to Rs. 2 Crore)	Rs 50,000/- & Above	Rs 35,000/- & Above
		(b) Medium Size Pvt. Ltd. Co./ Public Ltd. Co.	Rs 80,000/- & Above	Rs 55,000/- & Above
		(c) Large Size Pvt. Ltd. Co./ Public Ltd. Co.	See Note 1	See Note 1
		(iv) Review of TDS Compliance	Rs 25,000/- & Above	Rs 20,000/- & Above
		(v) Transfer Pricing Audit	See Note 1	See Note 1
VI)	INVESTIGATION, MANAGEMENT SERVICES OR SPECIAL ASSIGNMENTS
		Rate per day would depend on the complexity of the work and the number of days spent by each person
		(a) Principal	Rs 35,000/- & Above + per day charge	Rs 25,000/- & Above + per day charge
		(b) Qualified Assistant	Rs 18,000/- & Above + per day charge	Rs 12,000/- & Above + per day charge
		(c) Semi Qualified Assistant	Rs 10,000/- & Above + per day charge	Rs 7,000/- & Above + per day charge
VII)	CERIFICATION WORK
	(a)	Issuing Certificates under the Income Tax Act i.e. U/s 80IA / 80IB /10 A/10B & other Certificates	See Note 1	See Note 1
	(b)	Other Certificates For LIC/Passport/Credit Card/Etc.	Rs 10,000/- & Above	Rs 7,000/- & Above
	(c)	Other Attestation (True Copy)	Rs 3,000/- & Above per form	Rs 2,000/- & Above per Form
	(d)	Net worth Certificate for person going abroad	Rs 18,000/- & Above	Rs 12,000/- & Above
VIII)	RERA
	(a)	Audit of Accounts	Rs 10,000/- & Above	Rs 7,000/- & Above
	(b)	Appearance Before Appellate Tribunal or Regulatory Authority or Adjudicating Authority	Rs 50,000/- & Above	Rs 40,000/- & Above
	(c)	Advisory & Consultation	See Note 1	See Note 1
	(d)	Certification for withdrawal of amount	See Note 1	See Note 1
IX)	CONSULTATION & ARBITRATION
		Rate per hour would depend on the complexity of the work and the number of hours spends by each person.
	(a)	Principal	Rs 35,000/- & Above(initial fees) + additional fees @ Rs 8,000/- & Above per hour	Rs 25,000/- & Above(initial fees) + additional fees @ Rs 6,000/- & Above per hour
	(b)	Qualified Assistant	Rs 6,000/- & Above per hour	Rs 4,000/- & Above per hour
	(c)	Semi Qualified Assistant	Rs 3,000/- & Above per hour	Rs 2,000/- & Above per hour
X)	NBFC/RBI MATTERS
	(a)	NBFC Registration with RBI	See Note 1	See Note 1
	(b)	Other Returns	Rs 18,000/- & Above	Rs 12,000/- & Above
XI)	GST
	(a)	Registration	Rs 20,000/- & Above	Rs 15,000/- & Above
	(b)	Registration with Consultation	See Note 1	See Note 1
	(c)	Tax Advisory & Consultation i.e. about value, taxability, classification etc.	See Note 1	See Note 1
	(d)	Challan/Returns	Rs 15,000/- & Above + (Rs 4,000/- Per Month)	Rs 10,000/- & Above + (Rs 3,000/- Per Month)
	(e)	Adjudication/Show Cause notice reply	Rs 30,000/- & Above	Rs 20,000/- & Above
	(f)	Filing of Appeal / Appeals Drafting	Rs 30,000/- & Above	Rs 20,000/- & Above
	(g)	Furnish details of inward/outward supply	See Note 1	See Note 1
	(h)	Misc services i.e., refund, cancellation/revocation registration, maintain electronic cash ledger etc.	See Note 1	See Note 1
	(i)	Audit of accounts and reconciliation Statement	Rs 40,000/- & Above	Rs 20,000/- & Above
	(j)	Any Certification Work	Rs 10,000/- & Above	Rs 5,000/- & Above
XII)	FEMA MATTERS
	1	Filing Declaration with RBI in relation to transaction by NRIs/ OCBs	Rs 35,000/- & Above	Rs 25,000/- & Above
	2	Obtaining Prior Permissions from RBI for Transaction with NRIs/ OCBs	Rs 50,000/- & Above	Rs 35,000/- & Above
	3	Technical Collaboration: Advising, obtaining RBI permission, drafting and preparing technical collaboration agreement and incidental matters	See Note 1	See Note 1
	4	Foreign Collaboration: Advising, obtaining RBI permission, drafting and preparing technical collaboration agreement and incidental matters (incl. Shareholders Agreement)	See Note 1	See Note 1
	5	Advising on Non Resident Taxation Matters including Double Tax Avoidance Agreements including FEMA	See Note 1	See Note 1
XII)	PROJECT FINANCING
	(a)	Preparation of CMA Data	See Note 1	See Note 1
	(b)	Services relating to Financial sector	See Note 1	See Note 1
Notes:
1)	Fees to be charged depending on the complexity and the time spent on the particular assignment.
2)	The above recommended minimum scale of fees is as recommended by the Committee for Capacity Building of Members in Practice (CCBMP) of ICAI.
3)	The aforesaid table states recommendatory minimum scale of fees works out by taking into account average time required to complete such assignments. However, members are free to charge varying rates depending upon the nature and complexity of assignment and time involved in completing the same.
4)	Office time spent in travelling & out-of-pocket expenses would be chargeable. The Committee issues for general information the above recom- mended scale of fees which it considers reasonable under present conditions. It will be appreciated that the actual fees charged in individual cases will be matter of agreement between the member and the client.
5)	GST should be collected separately wherever applicable.
6)	The Committee also recommends that the bill for each service should be raised separately and immediately after the services are rendered.
7)	Class A Cities here includes Delhi, Mumbai, Calcutta, Chennai, Pune, Hyderabad, Bangalore and Ahmedabad. Class B Cities includes all other cities not included in “Class A”.
8)	The amount charged will be based on the location of the service provider.

Click Here to Download Minimum Recommended Scale of Professional Fees by ICAI

Compiled by :

FCA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for reference purpose only and should not be treated as a professional advice. The readers are advised to refer the icai website before making any judgment.

Supreme Court extends interim order on loan moratorium till 28th September 2020

2020-09-10T23:05:00.004+05:30

Supreme Court extends interim order on loan moratorium till 28th September 2020

The Supreme Court on 10th September 2020 ordered interim extension of loan moratorium till 28th September 2020. The Supreme Court directed the banks not to tag any loans as non-performing till further directions. The interim order was passed by the apex court while hearing a batch of petitions seeking waiver of interest, or waiver of interest on interest on the suspended EMIs during the extended moratorium period amid the nationwide lockdown due to the covid-19 outbreak.

In March, The Reserve Bank of India (RBI) had allowed a three-month moratorium from paying EMIs and other loans on payment of all term loans due between 1st March 2020 and 31st May 2020. The Reserve Bank of India (RBI) had on 22 May extended moratorium on term loans till 31st August 2020 amid the nationwide lockdown due to covid-19.

On 3rd September 2020, the court had passed an interim direction holding that the accounts not declared as non-performing asset (NPA) as on 31st August 2020 shall not be declared as NPAs till further orders by Apex Court.

The apex court adjourned the case for the last time, granting the Centre, Reserve Bank of India (RBI) and banks a time of two weeks to work together and file a concrete reply on their stand on waiving of interest charged during the moratorium period. The apex court will continue hearing in the case on 28th September 2020.

The court said in its order that:

“We are inclined to grant two weeks to file appropriate affidavit. We make it clear that we shall consider different prayers made by petitioners on the next date. All decisions taken by the RBI, GOI or the banks should be placed before the Court for consideration,".

The order also noted that an expert committee had been constituted to look into all the issues and action will be taken by the government.

Compiled by :

FCA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

ROC DUE DATES CALENDER SEPTEMBER 2020

2020-09-09T20:51:00.008+05:30

ROC DUE DATES CALENDER SEPTEMBER 2020

DIR-3 KYC 30th September 2020

DPT-3 30th September 2020

BEN-2 30th September 2020

INC-20A 30th September 2020

INC-22A 30th September 2020

MSME-1 30th September 2020

FORM-8 LLP 30th September 2020

FORM-11 LLP 30th September 2020

ANY OTHER FORM CAN ALSO BE FILED ON NORMAL FEES WHICH IS NOT STILL FILED BUT DUE FOR FILING, AS THE MCA HAS GIVEN US ONE TIME RELAXATION UNDER NEW COMPANIES FRESH START SCHEME, 2020 FOR FILING UPTO 30TH SEPTEMBER 2020.

Click Here for download of Companies Fresh Start Scheme, 2020

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Now no need to file Form GNL-1 for Extension of AGM for the financial year ending on 31.03.2020

2020-09-09T20:33:00.006+05:30

Now no need to file Form GNL-1 for Extension of AGM for the financial year ending on 31.03.2020

Three Months Extension of AGM for the financial year ending on 31st March 2020 except first AGM of the company. Now AGM of companies can be held upto 31st December 2020 without filing any form with ROC. Extension would be ROC Wise and the similar extension provided by other ROCs also.

ROC (Delhi & Haryana) extends due date of AGM by 3 months for other than 1st AGM. Pending applications in GNL-1 is also whether pending or rejected.

Click Here for download of Extension order

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

AGM Extension for FY ended as on 31.03.2020 via e-form GNL-1

2020-09-04T21:11:00.003+05:30

AGM Extension for FY ended as on 31.03.2020 via e-form GNL-1

Due to spread of novel corona virus pandemic and consequent nationwide lockdown announced by Government of India, several representations were made to Ministry of Corporate affairs (MCA) to allow companies to hold their annual general meeting (AGM) for the financial year ended on 31st March,2020 beyond the statutory period provided in the act.

MCA has examined the matter and vide General Circular No. 28/2020, dated 17/08/2020 has clarified that the companies which are unable to hold their AGM for the financial year ended on 31/03/2020 should file their applications in form no. GNL-1 for seeking extension of time for holding AGM for the financial year ended on 31/03/2020 with the concerned Registrar of Companies on or before 29/09/2020 but Companies need not wait for the last date of Sept. 29 stipulated by MCA to file the request as the approval if denied would culminate into a long-drawn process of compounding penalty for the companies.

Proviso to section 96(1) provides that the Registrar may, for any special reason, extend the time within which any annual general meeting, other than the first annual general meeting, shall be held, by a period not exceeding three months.

Click Here for Download of Circular.

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional advice. The readers are advised to refer the relevant circular or notification before making any judgment.

RBI Monetary Policy August 2020

2020-08-09T17:03:00.001+05:30

RBI Monetary Policy August 2020

No Change in Repo Rate

RBI Governor Shaktikanta Das announced that the repo rate will remain unchanged. RBI has taken an accommodative stand to balance growth and inflation.

No further increase in Moratorium

The five-month moratorium on loan payments ends on 31st August 2020. Since no extensions were announced by Governor, we can assume that loan payments need to restart from 1st September 2020. Availing the moratorium leads loan to become bigger due to unpaid interest.

Restructuring of stressed debts of MSME borrowers

RBI allowed stressed MSME borrowers to restructure debt if their loans were classified as ‘standard’ as on 1 March 2020. The MSME loan restructuring scheme was already in place, but, due to the coronavirus, the MSME pain has been aggravated, and this warrants additional support.

Additional liquidity of Rs 5,000 crores announced to be infused in NHB

The policy delivers support to a large range of sectors including NBFCs, HFCs, corporate debt market, debt MF, agriculture and backward districts (for priority sector loans). Increase in LTV for gold loans is another significant step.

Loan to Value (LTV) Ratio incrased for Gold Loans

In an effort to mitigate the impact of COVID-19 on households, the RBI has increased the permissible loan to value ratio (LTV) for loans sanctioned against pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent to 90 per cent till 31 March 2021.

Positive Pay System for Clearing of High Value Cheques

Introduction of Positive Pay on cheques of Rs. 50,000 and above means that an added layer of security has been provided to the instrument. When you issue a high-value cheque, you can upload its details (such as front and back images) to the bank. When the bank receives the cheque from your beneficiary, it will verify the details uploaded by you.

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional advice. The readers are advised to refer the relevant circular or notification before making any judgment.

Positive Pay System - New clearing process for high value cheques soon

2020-08-09T17:01:00.001+05:30

Positive Pay System - New clearing process for high value cheques soon

To increase customer safety in cheque payments and reduce instances of fraud occurring on account of tampering of cheque leaves, the RBI has decided to introduce a mechanism of Positive Pay for all cheques of value ₹50,000 and above.

Under the new mechanism, cheques will be processed for payment by the drawee bank based on information passed on by its customer at the time of issuance of cheque.

Under the Positive Pay system, an account holder shares the details of issued cheque to bank like Cheque Number, Cheque date, Payee name, Account number, Amount etc along with an image of the front and reverse side of the cheque, before handing it over to the beneficiary.

When the beneficiary submits the cheque for encashment, the cheque details are compared with the details provided to the bank through Positive Pay. If the details match, the cheque is honoured.

Under this mechanism, cheques will be processed for payment by the drawee bank based on information passed on by its customer at the time of issuance of cheque. This measure will cover approximately 20% and 80% of total cheques issued in the country by volume and value, respectively.

Operational guidelines for the purpose will be issued, the RBI said.

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional advice. The readers are advised to refer the Bare Acts, Related Material and Rules before making any judgment.

Change in Policy of Opening of Current Accounts by Bank

2020-08-09T16:55:00.002+05:30

Change in Policy of Opening of Current Accounts by Bank

Now banks can not open current accounts for borrowers who have a cash credit account with any other banks

If borrowers don’t have any cash-credit account with any bank, they fall under 3 categories:

Loans upto 5 crore from banks:

Those under-5crore loans from banks: for these companies banks can open current Accounts.

Loans above 5 crore but upto 50 crore from banks

For Borrowers with 5-50 crore loans from banking system, only lending banks may open current Account., non lending banks may only open collection accpunts i.e. these accounts can receive money which have to be paid into the cash-credit Account.

Loans above 50 crore from banks:

For borrowers over 50 crore loans, one lender bank has to open an escrow account & only this bank can open current Account. Other banks can open collection accounts , but no Non fund based facility can be given on balances in these accounts; non-lending banks can’t open Current Accounts.Small banks will be hit: For cash-credit &overdraft (CC/OD) facility, banks with over 10% exposure can open CC/OD accounts;

New RBI regimen on opening of current accounts & cash-credit accounts. New rules likely to benefit corporate lenders like SBI, BOB, PNB, will take away CA float from banks like HDFC, ICICI, Axis which have good cash Management products, but don’t lend to mid-corporates.

Other lenders can have collection accounts; but have to debit money only to CC/OD accounts of banks that have more than 10% exposure to borrower.

Intent of new current Account & CC/OD rules is to ensure banks who have lent, can monitor cash flows of borrower. But this makes it tough for smaller banks to garner fresh current accounts, as they are unlikely to have 10% exposure to a company.

Click Here to download New Current Account Opening Policy by RBI

Compiled by :

FCA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional advice. The readers are advised to refer the relevant circulars and notifications before making any judgment.

Extension in last date of filing of income tax return for the assessment year 2019-20

2020-08-02T13:15:00.002+05:30

Income Tax Return filing: The Central Board of Direct Taxes (CBDT) has extended the last date for filing ITR for AY 2019-20 (FY 2018-19). The date has been extended from July 31 , 2020 to September 30, 2020. In a tweet from its official handle, Income Tax department today said, “In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020, vide Notification in S.O. 2512(E) dt 29th July, 2020.”

Taxes paid before the new extension will be treated as advance tax. An official notification of CBDT said: “in case of an individual resident in India referred to the sub-section (2) of Section 207 of the Income Tax Act, 961 (43 of 19610, the tax paid by him under section 140A of that Act within the due date (before extension) provided in that Act, shall be deemed to the advance tax.”

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional advice. The readers are advised to refer the relevant circular or notification before making any judgment.

CA Day Celebration

2020-07-01T19:07:00.004+05:30

A VERY VERY HAPPY 72ND CHARTERED ACCOUNTATNS DAY ON 01ST JULY 2020

TODAY IS CA DAY, DOCTORS DAY AND GST DAY
A MANY MANY CELEBRATIONS ON THIS AUSPICIOUS DAY

1st CA Degree

SOME PERFORMANCE BY MY DAUGHTER MUSKAN ON THE OCCASSION OF CA DAY

MUSKAN DRAWING AND PAINTING

MUSKAN MEHANDI PERFORMANCE

Happy CA Day 2020

Regards
CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

GST IN CASE OF GTA

2020-06-11T23:24:00.012+05:30

GST in case of Goods Transport Agency (GTA)

It is a very complex situation to find out the applicability of GST in case of GTA. There is a huge confusion in understanding the GST in case of GTA. I have tried to make a diagram for applicability of GST in case of GTA.

GST in case of GTA

Please share your views on this diagram through comments on my Blog.

Prepared by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Disclaimer: This diagram is prepared by CA IP Mukesh Mittal and all the rights are reserved for this diagram with CA IP Mukesh Mittal. This is only for personal knowledge and can not be claimed as legal opinion or any type of consultancy in this regard.

Suspension of initiation of fresh CIRP for six months for defaults arising on or after 25th March 2020

2020-06-07T17:55:00.005+05:30

The nationwide lockdown due to Covid-19 has severely impacted the business, financial markets and economy all over the world, including India and created uncertainty and stress for business for reasons beyond their control. Due to Covid-19 Pandemic the nationwide lockdown has added to disruption of normal business operations and also disrupts the relationship between debtors and creditors.

The Government of India through an Ordinance named Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 dated 05th June 2020 inserted Section 10A and sub-section (3) to section 66 to the IBC, 2016.

Silent Features of Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 dated 05th June 2020

1. This Ordinance may be called the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020.
2. It shall comes into force at once.

The Ordinance covers two major aspects : default and wrongful trading.

Section 10A: Suspension of initiation of corporate insolvency resolution process.

[10A. Notwithstanding anything contained in Sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf:

Provided that no application shall ever be filed for initiation of corporate insolvency resolution process of a corporate debtor for the said default occurring during the said period.

Explanation.- For the removal of doubts, it is hereby clarified that the provisions of this section shall not apply to any default committed under the said sections before 25th March, 2020.]

Further, the Ordinance has inserted sub-section (3) to section 66 as under:

(3) Notwithstanding anything contained in this section, no application shall be filed by a resolution professional under sub- section (2), in respect of such default against which initiation of corporate insolvency resolution process is suspended as per section 10A.

To understand the relevance of Section 66(3), we have to know about section 66(2), for this purpose section 66 (1) and 66 (2) is also reproduced here below:

Section 66: Fraudulent trading or wrongful trading

66. (1) If during the corporate insolvency resolution process or a liquidation process, it is found that any business of the corporate debtor has been carried on with intent to defraud creditors of the corporate debtor or for any fraudulent purpose, the Adjudicating Authority may on the application of the resolution professional pass an order that any persons who were knowingly parties to the carrying on of the business in such manner shall be liable to make such contributions to the assets of the corporate debtor as it may deem fit.

(2) On an application made by a resolution professional during the corporate insolvency resolution process, the Adjudicating Authority may by an order direct that a director or partner of the corporate debtor, as the case may be, shall be liable to make such contribution to the assets of the corporate debtor as it may deem fit, if—

(a) before the insolvency commencement date, such director or partner knew or ought to have known that the there was no reasonable prospect of avoiding the commencement of a corporate insolvency resolution process in respect of such corporate debtor; and

(b) such director or partner did not exercise due diligence in minimising the potential loss to the creditors of the corporate debtor.

Conclusion: The ordinance clarifies that the suspension will not apply for defaults committed prior to 25th March 2020. The ordinance shall have no impact in case of CIRP has been initiated prior to 25th March 2020. Further The Ordinance barred the resolution professionals from initiating fraudulent trading or wrongful trading application against directors of companies where the IBC process is suspended due to Covid-19 Pandemic.

Note: The Central Government has amended the minimum amount of default from existing Rs. one lakh to Rs. one crore to be considered for section 4 of the Insolvency and Bankruptcy Code, 2016 w.e.f. 24th March 2020.

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Revision in definition of MSME w.e.f. 01-07-2020

2020-06-05T11:49:00.003+05:30

New Criteria for MSME Classification

Manufacturing and Service Enterprises

Micro: Investment < Rs. 1 Crore and Turnover < Rs. 5 Crore
Small: Investment < Rs. 10 Crore and Turnover < Rs. 50 Crore
Medium: Investment < Rs. 20 Crore and Turnover < Rs. 100 Crore

Change in Criteria for MSME Classification
Investment of Rs. 20 crore extended to Rs. 50 crore
Turnover of Rs. 100 crore extended to Rs. 250 crore
Only Domestic Turnover will be included

Export Turnover will be excluded

Ministry of Micro,Small & Medium Enterprises

Ministry of MSME gears up to implement the New Norms of classification of MSMEs

As stated earlier, the upper ceiling for classification of MSMEs now has been raised

New definition and criterion notified; will come into effect from 1st July, 2020.

As part of new definition, Exports will not be counted in turnover for any enterprises whether micro, small or medium.

Detailed guidelines along with other clarifications and regulations being issued separately

Handholding mechanism named "Champions" in place to assist MSMEs

Posted On: 03 JUN 2020 12:37PM by PIB Delhi

Union Ministry of Micro, Small and Medium Enterprises (M/o MSMEs) has issued Gazette notification to pave way for implementation of the upward revision in the definition and criteria of MSMEs in the country. The new definition and criterion will come into effect from 1st July, 2020.

After 14 years since the MSME Development Act came into existence in 2006, a revision in MSME definition was announced in the Atmnirbhar Bharat package on 13th May, 2020. As per this announcement, the definition of Micro manufacturing and services units was increased to Rs. 1 Crore of investment and Rs. 5 Crore of turnover. The limit of small unit was increased to Rs. 10 Crore of investment and Rs 50 Crore of turnover. Similarly, the limit of medium unit was increased to Rs. 20 Crore of investment and Rs. 100 Crore of turnover. The Government of India on 01.06.2020 decided for further upward revision of the MSME Definition. For medium Enterprises, now it will be Rs. 50 Crore of investment and Rs. 250 Crore of turnover.

The existing criterion of definition of MSMEs is based on the MSMED Act, 2006. It was different for manufacturing and services units. It was also very low in terms of financial limits. Since then, the economy has undergone significant changes. After the package announced on 13th May, 2020, there were several representations saying that the announced revision is still not in line with market and price conditions and hence it should be further revised upwardly. Keeping in mind these representations, Prime Minister decided to further increase the limit for medium Units. This has been done in order to be realistic with time and to establish an objective system of classification and to provide ease of doing business.

Also, a new composite formula of classification for manufacturing and service units has been notified. Now, there will be no difference between manufacturing and service sectors. Also, a new criterion of turnover is added.

Ministry officials said that the new definition will pave way for strengthening and growth of the MSMEs. Particularly, the provision of excluding the exports from counting of turnover will encourage the MSMEs to export more and more without fearing to loose the benefits of a MSME unit. This is expected to exponentially add to exports from the country leading to more growth and economic activity and creation of jobs.

Detailed Guidelines and Clarifications as regards the classification in pursuance of the changed definition are being issued separately by the MSME Ministry.

Ministry of MSME has reiterated that it has put in place a very strong handholding mechanism for MSMEs and new entrepreneurs in the name of Champions (www.champions.gov.in) which was recently launched by the Prime Minister. Interested Enterprises/People can take benefit of this mechanism and can also put their queries or complaints. The same will be attended to with utmost promptness.

*****

RCJ/SKP/IA

(Release ID: 1628925)

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author have taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional advice. The readers are advised to refer the Bare Acts and Rules before making any judgment.

TDS on Sale of Property

2020-06-04T22:47:00.004+05:30

TDS on Sale of Property

As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorised bank branches.

Detailed procedure, user friendly e-tutorial, list of Bank branches authorised to accept TDS and Frequently Asked Questions (FAQs) are available on this website for reference.

Points to be remembered by the Purchaser of the Property:

Deduct tax @ 1% from the sale consideration.
Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card.
PAN of seller as well as Purchaser should be mandatorily furnished in the online Form for furnishing information regarding the sale transaction.
Do not commit any error in quoting the PAN or other details in the online Form as there is no online mechanism for rectification of errors. For the purpose of rectification you are required to contact Income Tax Department.

Points to be remembered by the Seller of the Property:

Provide your PAN to the Purchaser for furnishing information regarding TDS to the Income Tax Department.
Verify deposit of taxes deducted by the Purchaser in your Form 26AS Annual Tax Statement.

Click here to e-pay online TDS on Sale of Property

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

New ITR-1 for A.Y. 2020-2021

2020-06-04T21:30:00.005+05:30

New Form ITR-1 for A.Y. 2020-2021

Now the Salaried Employees can file their income tax return for the Assessment Year 2020-2021.

Applicability of Form ITR-1

For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs.5 thousand(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

New Excel / Java Utility for Form ITR-1 for the Assessment Year 2020-2021 has been launched by the Income Tax Department.

Last Date to file Income Tax Return for the Assessment Year 2020-21 is 30th November 2020

Click Here to download ITR Forms for A.Y. 2020-2021

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Instant PAN

2020-06-04T21:12:00.008+05:30

Instant PAN apply

Get the Instant PAN through Aadhaar

Now no need to visit any NSDL TIN / PAN center for PAN application and even the fees for PAN application is NIL.

PAN allotment based on Aadhaar is free of cost.
PAN pdf will be generated and issued to applicant.

Features of Instant PAN

Easy and Paperless Process
PAN within 10 Minutes
E-PAN holds same value as Physical PAN Card

Requirements:

Aadhaar Card
Linked Mobile No.

Click here to apply for Instant PAN through Aadhar

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Form 26AS replaced by Annual Information Statement

2020-05-28T22:02:00.011+05:30

Amendment in Form 26AS

Sec 285BB was amended by the Finance Act 2020. By Income-tax (11th Amendment) Rules 2020 W.e.f. 01.06.2020 Rule 114-I has been inserted and Form 26AS shall now contain following information:

(i) TDS / TCS
(ii) Specified Financial Transactions

(iii) payment of taxes
(iv) demand and refund
(v) pending proceedings
(vi)completed proceedings

[Notification No. 30/2020/F. No. 370142/20/2020-TPL]

28th May, 2020

INCOME-TAX

G.S.R. 329(E).—In exercise of the powers conferred by section 285BB read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. Short title and commencement.-
(1) These rules may be called the Income-tax (11th Amendment) Rules, 2020.

(2) They shall come into force with effect from the 1^st day of June, 2020.

In the Income-tax Rules, 1962 –

(I)                 rule 31AB shall be omitted;

(II)              after rule 114H, the following rule shall be inserted, namely:- “Annual Information Statement

114-I. (1) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or any person authorised by him shall, under section 285BB of the Income-tax Act,1961, upload in the registered account of the assessee an annual information statement in Form No. 26AS containing the information specified in column (2) of the table below, which is in his possession within three months from the end of the month in which the information is received by him:─

TABLE

Sl. No

Nature of information

(1)

                 (2)

(i)

Information relating to tax deducted or collected at source

(ii)

Information relating to specified financial transaction

(iii)

Information relating to payment of taxes

(iv)

Information relating to demand and refund

(v)

Information relating to pending proceedings

(vi)

Information relating to completed proceedings

Form 26AS shall be substituted by the following Form, namely:-

Form 26AS

Annual Information Statement

**[See rule 114-I ]

Financial Year: XXXX-XX

Assessment Year: XXXX-XX**

Part-A

Permanent Account Number:

Aadhaar Number:

Name :

Date of Birth/Incorporation:

Mobile No. :

Email Address :

Address:

Part-B

Sl. No

Nature of information

1.

Information relating to tax deducted or collected at source

2.

Information relating to specified financial transaction

3.

Information relating to payment of taxes

4.

Information relating to demand and refund

5.

Information relating to pending proceedings

6.

Information relating to completed proceedings

7.

Any other information in relation to sub-rule (2) of rule 114-I

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA,

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

DISCLAIMER: The Author has taken utmost care while drafting the article but it may occur that certain error creeps in. This article is for academic purpose and should not be treated as a professional or legal advice. The author in no case is responsible for any type of loss or damages occurred to readers of this article.

Change in definition of MSME

2020-05-15T08:07:00.004+05:30

New Vs. Old definition of MSME

The govt. of India has changed the definition of MSME. The criteria for MSME has also been changed. Earlier the criteria was Investment in Plant and Machinery or Equipment and now the composite criteria is Investment and Annual Turnover. Earlier the criteria for manufacturing and service enterprises was different and now the criteria is same for manufacturing and service enterprises.

Below is the change in definition of MSME:

Existing MSME Classification
Manufacturing Enterprises
Micro: Investment in Plant and Machinery or Equipment < Rs. 25 Lac
Small: Investment in Plant and Machinery or Equipment < Rs. 5 Crore
Medium: Investment in Plant and Machinery or Equipment < Rs. 10 Crore

Service Enterprises
Micro: Investment in Plant and Machinery or Equipment < Rs. 10 Lac
Small: Investment in Plant and Machinery or Equipment < Rs. 2 Crore
Medium: Investment in Plant and Machinery or Equipment < Rs. 5 Crore

Revised MSME Classification
Manufacturing and Service Enterprises
Micro: Investment < Rs. 1 Crore and Turnover < Rs. 5 Crore
Small: Investment < Rs. 10 Crore and Turnover < Rs. 50 Crore
Medium: Investment < Rs. 20 Crore and Turnover < Rs. 100 Crore

Compiled by :

CA IP Mukesh Mittal

B.Com., FCA

Insolvency Professional

Independent Director

Certified Concurrent Auditor

9215536951, 9813340495

ca.mukeshmittal@gmail.com

https://camukeshmittal.blogspot.com

Sl. No	Nature of information
(1)	(2)
(i)	Information relating to tax deducted or collected at source
(ii)	Information relating to specified financial transaction
(iii)	Information relating to payment of taxes
(iv)	Information relating to demand and refund
(v)	Information relating to pending proceedings
(vi)	Information relating to completed proceedings

Form 26AS	Annual Information Statement *[See* rule 114-I ]**	Financial Year: XXXX-XX
		Assessment Year: XXXX-XX

Permanent Account Number:		Aadhaar Number:
Name :
Date of Birth/Incorporation:
Mobile No. :
Email Address :
Address:

Sl. No	Nature of information
1.	Information relating to tax deducted or collected at source
2.	Information relating to specified financial transaction
3.	Information relating to payment of taxes
4.	Information relating to demand and refund
5.	Information relating to pending proceedings
6.	Information relating to completed proceedings
7.	Any other information in relation to sub-rule (2) of rule 114-I

CA IP MUKESH MITTAL

Extension in various Due Dates of Income Tax and GST

Extension in various Due Dates of Income Tax and GST

Extension of Due Date for Income Tax

Extension of Due Date for GST

TCS to be collected by seller from 1st October 2020, only if turnover in the previous year exceeds Rs 10 crore

Click Here to Download Press Release on Clarification of Doubts on TCS

ICAI Extended the Last Date for Payment of Membership /COP Fees for the year 2020-21 from 30-09-2020 to 30-11-2020

ICAI Extended the Last Date for Payment of Membership /COP Fees for the year 2020-21 from 30-09-2020 to 30-11-2020

MCA Uploaded Extension Orders for filing dates from 30-09-2020 to 31-12-2020

MCA Uploaded Extension Orders for filing dates from 30-09-2020 to 31-12-2020

Click Here to Download Extension order of Company Fresh Start Scheme, 2020

Click Here to Download Extension order of LLP Fresh Start Scheme, 2020

Click Here to Download Extension order of Filing of Charge Related Forms

CBDT Extended the deadline for filing of income tax return for the Financial Year 2018-2019 from 30-09-2020 to 30-11-2020

CBDT HAS FURTHER EXTENDED THE DEADLINE FOR FURNISHING OF INCOME TAX RETURN FOR THE FINANCIAL YEAR 2018-2019 FROM 30TH SEPTEMBER 2020 TO 30TH NOVEMBER 2020.

Click Here to Download Extension Order

Extension in filing of GSTR-9 and GSTR-9C of Financial Year 2018-2019 from 30-09-2020 to 31-10-2020

GOVERNMENT HAS EXTENDED THE DUE DATE FOR FURNISHING OF ANNUAL RETURN IN FORM GSTR-9 AND GSTR-9C FOR THE FINANCIAL YEAR 2018-2019 FROM 30TH SEPTEMBER 2020 TO 31ST OCTOBER 2020.

A. TURNOVER UPTO RS. 2 CRORE IN FINANCIAL YEAR 2018-2019:

B. TURNOVER EXCEEDING RS. 2 CRORE BUT UPTO RS. 5 CRORE IN FINANCIAL YEAR 2018-2019:

C. TURNOVER EXCEEDING RS. 5 CRORE IN FINANCIAL YEAR 2018-2019:

Lok Sabha passes The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020

Lok Sabha passes The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020

NO EXTENSION

Minimum recommended scale of Professional Fees by ICAI

Minimum recommended scale of Professional Fees by ICAI

Supreme Court extends interim order on loan moratorium till 28th September 2020

Supreme Court extends interim order on loan moratorium till 28th September 2020

ROC DUE DATES CALENDER SEPTEMBER 2020

ROC DUE DATES CALENDER SEPTEMBER 2020

Now no need to file Form GNL-1 for Extension of AGM for the financial year ending on 31.03.2020

Now no need to file Form GNL-1 for Extension of AGM for the financial year ending on 31.03.2020

Click Here for download of Extension order

AGM Extension for FY ended as on 31.03.2020 via e-form GNL-1

AGM Extension for FY ended as on 31.03.2020 via e-form GNL-1

RBI Monetary Policy August 2020

RBI Monetary Policy August 2020

Positive Pay System - New clearing process for high value cheques soon

Positive Pay System - New clearing process for high value cheques soon

Change in Policy of Opening of Current Accounts by Bank

Change in Policy of Opening of Current Accounts by Bank

Loans upto 5 crore from banks:

Loans above 5 crore but upto 50 crore from banks

Loans above 50 crore from banks:

Click Here to download New Current Account Opening Policy by RBI

Extension in last date of filing of income tax return for the assessment year 2019-20

CA Day Celebration

GST IN CASE OF GTA

Suspension of initiation of fresh CIRP for six months for defaults arising on or after 25th March 2020

Revision in definition of MSME w.e.f. 01-07-2020

New Criteria for MSME Classification

TDS on Sale of Property

TDS on Sale of Property

Points to be remembered by the Purchaser of the Property:

Points to be remembered by the Seller of the Property:

New ITR-1 for A.Y. 2020-2021

Instant PAN

Instant PAN apply

Form 26AS replaced by Annual Information Statement

Permanent Account Number: Aadhaar Number: Name : Date of Birth/Incorporation: Mobile No. : Email Address : Address:

Change in definition of MSME

Permanent Account Number:

Aadhaar Number:

Name :

Date of Birth/Incorporation:

Mobile No. :

Email Address :

Address: