Arun Aggarwal and co . , chartered accountant

11/01/2022

09/09/2021

Income Tax Due dates extended again

Following due dates have been extended which I believe in wake of the challenges put forward by the new Income Tax portal.

a. Non-Audit tax returns - Extended to *December 31, 2021*
b. Tax Audit reports - Extended to *January 15, 2022*
c. TP Report - Extended to *January 31, 2022*
d. Audit tax returns - Extended to *February 15, 2022*
e. TP tax returns - Extended to *February 28, 2022*
f. Belated tax returns - Extended to *March 31, 2022* from December 31, 2021.

However, no extension has been announced under Companies Act, 2021 for holding AGM. Hence, Companies will still be required to compile their financial statements and present to their shareholders by Sept 30th, 2021.

13/05/2020

> **Collateral free loans worth Rs 3 lakh crores for MSMEs, It will be available till 31st October, 2020**
> ** MSME Classification has been revised. Manufacturing and Service units shall be treated as same.An additional criteria of turnover is also being introduced.**
> **Global tenders up to Rs 200 crores has been disallowed for Govt orders.**
> **Within the next 45 days, Govt & CPSEs will clear MSME receivables**
> **It has been decided to reduce statutory PF contribution of both employer and employee to 10% each from existing 12% each for next 3 months for all establishments covered by EPFO**
> **E-market linkage for MSMEs to be promoted to act as a replacement for trade fairs and exhibitions.**
> **Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFCs/MFIs. Govt shall be guarantor for it.**
> **Rs 45,000 crore liquidity infusion through a Partial Credit Guarantee Scheme 2.0 for NBFCs.**
> **Rs 90,000 crore Liquidity Injection for DISCOMS**
> **All central agencies like Railways, Ministry of Road Transport and Highways and CPWD will give extension of up to 6 months for completion of contractual obligations**
> **Regulatory Authorities to extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications**
> **TDS Rate shall be reduced by 25% (except salaries) for F.Y 2020-21**
> **The due date of all Income Tax Returns for Assessment Year 2020-21 will be extended to 30 November, 2020. Similarly, tax audit due date will be extended to 31 October 2020:**
> **Dates of assessments getting barred as on 30th Sept are extended to 31st Dec 2020.**

07/01/2020

Following are some changes in new ITR 4Sugam AY 2020-21 :-

*[ ] If having Passport, its number is to be given*

*[ ] If incurred aggregate expenses exceeding Rs. 2 lakh on foreign Travel for self or for others, then amount to be specified*


*[ ] If deposited aggregate amount exceeding Rs. 1 crore in one or more current accounts then aggregate of amount deposited in all such accounts to be specified*.

*[ ] If spent amount exceeding Rs. 1 lakh on electricity consumption then specify such aggregate amount*.

*[ ] If any assessee owns property in coownership then he will not be eligible to file ITR 1 Sahaj or 4 Sugam.*

*[ ] In case of 44AD or 44ADA or 44AE now the assessee will be required to give opening balance of cash in hand and opening balance of bank accounts and also will be required to give total amount received in cash during the year total Amount deposited in bank during the year, total amount of cash outflow out of cash balance during the year, total amount of withdrawal from Bank during the year and closing balance of cash in hand and closing balance of banks.*

*[ ] Now there will be no need to provide figures of unsecured loans, sundry debtors, sundry creditors, amount of closing stock, etc. as was required in earlier years*