YTM Consultants

24/03/2020

*LIST OF COMPLIANCE AND STATUTORY REGULATIONS – 24/03/2020 – ANNOUNCEMENT MADE AS PER FM SPEECH @ 2 PM*

*Income Tax related matters:*

*FY 18-19* – the last date for Income tax returns extended 30/06/2020, for delayed payment interest rate reduced from 12% to 9%

*TDS* - No extension, but on delayed deposit of TDS only reduced interest of 9% charged on the delayed deposit till 30/06/2020

*Various dates* - Due dates for issuance of notice, intimation, notification, approval orders, sanction orders, furnishing of returns, returns statement, application, reports any other documents and any compliance by the tax payer including investment in saving instruments (80C) or roll over of capital gains (54 to 54F), prohibition of benami transaction act, black money act, STT law, CTT law, equalization levy law, VseV law – all extended to 30/06/2020

*Aadhar PAN linking date* extended to 30/06/2020

*VseV scheme* has also been extended to 30/06/2020 and from now to 30/06/2020 no additional 10% charge

*GST related matters:*

*March, April, May 2020 Returns and composition returns* – all are extended to 30/06/2020 – specific dates such 25, 27 or 30th

*Companies which have less than 5 crores* – no interest, no late fees, no penalties

*Companies bigger than 5 cores* – nothing for first 15 days, thereafter interest @ 9%, no late fees, no penalties

*Composition date* – extended to 30/06/2020

*Customs and Excise related matters*

*Sabka Vishwas* – now we are extending Sabka vishwas to 30/06/2020 – no interest levied

Custom clearance will do its duties 24*7

*MCA related matters*

*MCA 21 Registry* - moratorium being issued 1st April onwatds till 30/09/2020 – their will be no additional fees for late filling

Also for *holding board meetings*, relaxing period of 60 days for next two quarters

Applicability of the company’s Auditor’s report order 2020 *(CARO)* shall be applicable from 2020-21 instead of 2019-20

2019-20 – if *independent directors* have not hold one meet shall not be seen as violation

*For newly incorporated companies* – to file declaration of commencement of business within 6 months – now additional time of 6 months

If there is a *company’s director*, who does not comply with minimum residence of 182 days or more u/s 149 of Co Act, this was treate as violation, now it will not be treated as violation

Requirement to *deposit reserve of 20%* for 20-21 before 30/04/2020, now extended to 30/06/2020

*Invest 15% of debentures* maturing during relevant year in specific instruments before 30/40/202, now extended to 30/06/2020

*IBC related matters*

1 lakh of rupees – *threshold* is being raised for default to 1 crores for MSME, if it continuous like, then section 7, 9 and 10 of IBC will be suspended for six months.

*Fishery compliances*

All *sanitary import permits* – which were expired 1/3/2020 and 15/4/2020, extended for 3 more months

The *delay for the month* of 1 month will be condoned.

*Rebooking for quarantine cubicles* for the cancelled assignments – no booking charge

*Verification of documents* and grants of NOC for quarantine will be related from 7 days to 3 days

*Bank related matters*

*Debit card holders* – who withdraw cash from any bank ATM can do it free of charge for next three months

*No balance requirement fees* – complete waiver

*Reduced bank charges* for digital trade transaction for all

*Commerce related matters*

*Extension for time limit* to procedural and eligibility time point of view

*Regards*

23/02/2019

Brief Write Up about e-form ACTIVE

“Get Active, Stay Active”

The Ministry of Corporate Affairs definitely had this quote in focus when notification of Companies (Incorporation) Amendment Rules, 2019 was placed on mca.gov.in with applicability from 25th February 2019.

The Notification marked introduction of much anticipated form linked to KYC of Companies in the form of ‘ACTIVE’ e- form (INC-22A) with extensive Coverage of every Company incorporated on or before the 31st December 2017; the form is required to be filed before 25th April 2019(Only Two Month Time).

The form puts up certain conditions which set the backdrop of its introduction. First being filing of MGT 7 and AOC 4 (Sec 92 & 137 respectively); Second being on director's front i.e. DIR 3 KYC and disqualified directors{u/s164(2)} need to get the disqualification resolved before filing the form. The form, actually emerge as a Compliance marker as you need to be a “good company” if you want to be get a compliant mark in the 'ACTIVE' e-form(Active Company Tagging Identities and Verification e-form).

If one looks at the form, apart from asking Basic Details{No. Of Directors and Email Address (with OTP Verification)} and details of Auditors, Cost Auditors, KMPs, CS and CFO details it requires “Photograph of the registered office address showing the Inside and Outside Building with the Photo of Director/ KMP who is affixing the Signature on the Form”; with the Geo Location of the same,which is actually a well planned move by MCA to locate Shell/Dummy Companies and to clean up the system.The form will definitely make MCA's Database more robust and lead to Golden era of Corporate Governance.

If any Company defaults in filing of the form, following event based forms will not be allowed to be filed unless the Company gets “ACTIVE Compliant” status on payment of a fee of TEN THOUSAND RUPEES and filing the form after 25th April 2019.

SH-07 (Change in Authorized Share Capital)
PAS-03 (Change in Paid-up Capital)
DIR- 12 (Changes in Director except cessation)
INC-22 (Change in Registered Office)
INC-28 (Amalgamation de-merger)

Only Companies whose name has been struck off or in the process of striking off or the Company had been Amalgamated or dissolved after the said date or is under liquidation are exempted from this Compliance.

With Only about 1.60 million of the 3.30 million directors who have Director Identification Numbers (DIN) have so far completed the KYC process. The MCA will look at the KYC process of Companies via this e form as a way to identify shell companies, with those that do not submit their details coming under closer scrutiny.

07/10/2017

1) Exporters from 10th and 18th of October for July and aug respective refunds to be given.
2) E wallet for all exporter and notional refund will be given as credit and tax can be paid from it and will start from April 2018 onwards
3) Merchant Exporters will pay at 0.1 percent
4) All prevailing benefit before GST to continue till 31/03/2018
5) Composition Scheme limit extends to 1 cr from 75 lakhs
6) Turnover less then 1.5 crores to file quarterly returns but pay monthly
7) 4 points committee setup to report in 15 days
😎 E way Bill to defer it till 1st Jan 2018 on test basis and fully from 1st April 2018
9) RCM deferred till 31st March 2018 as of now.
10) Service Provider now not applicable for INter State
11) TDS TCS from 1/4/2018
12) Advance recvd for turnover up till 1.5 cr turnover not liable to be paid for
13) Items where reduction
Mango 12 to 5
Khakhra 12 to 5
ITC food packets 5
Unbranded namkeen 5
Unbranded Ayurvedic Medicine. 5
Rubber plastic and paper waste now 5 from 12
Man made yarn now 12 from 18
Stones other then marble now at 12
Stationery major changes
Diesel engine part 18
Pump Parts 18
E waste 5

Services :
Job work Food items Printing Items will now be reduced to 5 percent
Govt Contracts and irrigation project with high labour @5
Leasing abetted by 35 percent so only 65 to be charged if before 1/7

30/09/2017

The government has decided to exempt the small exporters from furnishing bank guarantee for shipping goods and services.

26/09/2017

25/09/2017

Return Filing on GST Portal till date!

22/09/2017

The hourly trend for for the period 12th Aug to 20th Sept shows that about 94% taxpayers filed the return between 10 am and 10 pm.

22/09/2017

👉🏻Please note following changes in your Income Tax Profile from today. You may be required to update your Mobile Number and Email Address in your Income Tax Profile upon Login:

1. Now you need to provide your own email address + your own mobile number.

2. One Mobile Number & One Email Address can be used or attached with Maximum 3 Tax Profiles as against the earlier limit of 10 Tax Profiles;

3. The Taxpayer is also required to declare whose email & mobile number he/she is providing e.g. Mobile Number & Email Address of his/her - Self/ Spouse/ Parent/Sibling/ Chartered Accountant;

4. The Taxpayer can also link his/her Bank Account Number in his Tax Profile permanently for the records of the Tax Department and/or for all Tax Refund disposals etc.

21/09/2017

1 Nation..1 Tax

13/09/2017