Smita Lohia & Associates

15/06/2021

*Income Tax Updates:*

Relaxation in Last Date to File Form 15CA/15CB

Due to difficulties in filing Form 15CA/15CB on the portal for the purpose of Foreign Remittances,

The Forms can now be manually submitted to the Authorised Dealers till 30th June, 2021.

Source: CBDT Press Release dated 14th June, 2021

18/10/2020

Situation of every CA..

30/09/2020

CBIC extends the due date for furnishing Annual Return in GSTR-9 and GSTR 9C for F.Y 2018-19 from 30.09.2020 to 31.10.2020

As per the recent tweet of the Central Board of Indirect Taxes and Customs (CBIC), the After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government h…

29/09/2020

The Ministry of Corporate Affairs had introduced a new scheme known as the Companies Fresh Start Scheme, 2020, valid from 01.04.2020 to 30.09.2020 to enable companies to make good their previous defaults. This Scheme has now been extended till 31.12.2020.


The MCA had also introduced a new scheme known as the LLP Settlement Scheme, 2020 which was valid from 01.04.2020 to 13.06.2020 and was later extended till 30.09.2020. The Scheme has been further extended to 31.12.2020 to enable LLPs to make good their previous defaults.


The Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 and the time for conducting EGMs through Video Conference or Other Audio Visual Means also stand extended till 31.12.2020.

08/06/2020

Government rolls out facility to file NIL GSTR 3B through SMS

30/05/2020

Form 26AS in its new Avtar:

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 new version of Form 26AS shall contain the following information:
(I) TDS / TCS
(II) Specified Financial Transactions
(iii) payment of taxes
(Iv) demands and refund
(v) pending proceedings
(vi) completed proceedings
specified Financial Transactions are stated in section 285BA(3).
As a result details of financial transactions shall also be included in Form 26AS.

Rule 31AB has been omitted. New rule 114I has been inserted. Form 26AS name would remain same but will now be under rule 114I.

Scope of 26AS has also been widened which will help in e verification.

13/05/2020

.*Direct Tax Measures announced by FM today -*

• All pending refunds to charitable trusts and non- corporate businesses & professions including proprietorship, partnership, LLP and Co-operatives shall be issued immediately.

• Due date of all income-tax return for FY 2019-20 will be extended from 31st July, 2020 & 31st October, 2020 to 30th November, 2020 and Tax audit from 30th September, 2020 to 31st October,2020.

Other Direct Tax Measures

* Date of assessments getting barred as on 30th September,2020 extended to 31st December,2020 and those getting barred as well on 31st March,2021 will be extended to 30th September,2021.

* Period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020.

* TDS/ TCS rates reduced for non-salaried specified payments by 25% of the existing rates. This reduction will be applicable for the remaining party of the FY 2020-21,i.e. from tomorrow to 31st March, 2021.

30/04/2020

https://casmitalohia.blogspot.com/2020/04/company-law-fresh-start-scheme-2020.html

This scheme is applicable to all the defaulting companies to allow them to make a “Fresh Start”. This Scheme shall come into effect fr...

27/04/2020

CBDT has decided that the reporting requirement under Clause 30C & Clause 44 of the Form 3CD shall be kept in abeyance till 31st March, 2021

Circular No. 10/2020 : - 24 April 2020

09/04/2020

No Change in Financial Year 2019-20: 𝗠𝗔𝗥𝗖𝗛 vs 𝗝𝗨𝗡𝗘

This is the biggest confusion in the minds of most of us. Following points clarifies some of the issues:

1. FY 2019-20 is not extended upto 30th June, only the date is extended for some compliances.

2. Belated returns or Revised returns for the FY 2018-19 can be filed upto 30th June.

3. In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, i.e. for taxability of income, financial year is considered till 31st March only.

4. Deductions under 80C, 80D, etc. can be claimed by investing till 30th June.

5. New LIC, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.

6. Payment of Premium of old policies of LIC, mediclaim, PPF, NPS, etc. due upto 31st March can be claimed as deduction even if paid till 30th June.

7. Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However Installments due upto 31st March can be claimed as deduction ever if paid till 30th June.

06/03/2020

*LLP Settlement Scheme, 2020*

*Start Date* - 16th March, 2020

*End Date* 13th June, 2020

*Applicability* - Any defaulting LLP can file documents which were due for filing till 31st October, 2019

*Applicable Fees* - additional fee Rs 10/- per day, shall not exceed Rs. 5,000/- per document

Immunity from prosecution if filled within 13th June, 2020

Applicable to *Form – 3, Form – 4, Form – 8, Form – 11*

Scheme not applicable to LLPs applied for striking off