CBDT notifies New Income Tax Return Forms 1 to 5 for Assessment Year 2022-23

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The Finance Ministry has recently notified the new Income Tax Return (ITR) forms for the assessment year (AY) 2022-23 to file a return of income earned in the financial year (FY) 2021-22.

So far, the Central Board of Direct Taxes (CBDT) notified the new ITR forms, from ITR Form 1 to ITR Form 7, which are available on the Income Tax website.

This year, almost all the ITR forms have been kept unchanged from the last year, except few small changes.

Remember, an assessment year (AY) is the year that immediately follows the financial year (FY) in which the income was earned.

Income of FY 2021-22 will be accessed in AY 2022-23.

All ITR forms will seek additional information with regard to overseas retirement benefits and interest accrual on provident fund deposits exceeding Rs 2.5 lakh a year.

Check out which ITR form is applicable to you and changes to consider.

ITR 1 form

It is for salaried individuals having a total income of up to Rs 50 lakh for the financial year 2021-22.

You can also file a return in ITR 1 if you earn income from other sources such as interest from bank deposits, house property and agriculture income up to Rs 5,000.

This time, the assessee will have to provide information about income from overseas retirement funds while calculating their net salary.

ITR 2 Form

If your salary income exceeds Rs 50 lakh, then use ITR-2.

Also, if you have income in the form of capital gains from more than one house property, or if you earn a foreign income, or own a foreign asset.

ITR 3 form

This form is for businessmen and professionals who do not earn a salaried income. If you are a partner of a firm, you should use ITR-3.

ITR 4 Form

ITR-4 can be used by both resident individuals, firms and HUFs (Hindu Undivided Family) who had income either from profession or business.

ITR  5 Form and ITR 6 Form

These two forms are for corporates and trusts. ITR-5 is for partnership firms, business trusts, investment funds and so on.

Whereas ITR-6 is for companies registered other than Section 11, respectively.

ITR 7 form

This form is for persons including companies that are required to furnish returns under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

Source: CBDT notification of Income-tax Returns for AY 22-23

MCA further extends due date of filing Annual Return and Financial Statement till March 15.

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The Ministry of Corporate Affairs (MCA) has again extended the due date of filing Annual Return and Financial Statement.

The MCA has again relaxed the levy of additional fees for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL till 15.03.2022 and for filing of  e-forms MGT-7/MGT-7A for the financial year ended on 31.03.2021 till 31.03.2022.

MGT-7 is an electronic form provided by the Ministry of Corporate affairs to all the corporates in order to fill their annual return details. This e-form is maintained by the Registrar of Companies via electronic mode and on the basis of the statement of correctness given by the company.

Form AOC 4 is used to file the financial statements for each financial year with the Registrar of Companies (ROC). In the case of consolidated financial statements, the company shall file the AOC 4.

Keeping in view the extension of timelines for audit/ tax audit and finalization of accounts under the Income Tax Act, 1961, this extension was very much required to synchronize with the inter-connected chain of events.

Accordingly, the ROC annual return due date for FY 2020-21 stands extended for companies, without payment of additional fee, as under:

i) AOC-4, AOC-4 CFS, AOC-4 XBRL, AOC-4 Non-XBRL: upto 15/03/2022

ii) MGT-7 and MGT-7A: upto 31/03/2022

MCA Extends Due Dates for e-forms AOC-4/ 4(CFS)/ 4(XBRL), 4(Non-XBRL), MGT-7/ 7A

CBDT extends the timeline for filing Income Tax Returns and various Tax Audit Reports for Asst Year 2021-22

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CBDT has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.
The Central Board of Direct Taxes, via Circular No. 01/2022 issued on 11th January 2021, has extended the timeline for filing of Income Tax Returns and various Reports of Audit for the Assessment Year 2021-22.
 
This has been done following the adverse impact of the 3rd wave of the COVID-19 pandemic and difficulties faced by taxpayers and professionals.
 

Announcement from CBDT earlier today on extension of timelines for filing of tax returns and certain audit reports to 15 March and 15 February is a major relief considering the challenges faced by both the taxpayers and their advisors due to newer variant of virus and the glitches in the online portal. Timing of the announcement in particular avoids anxiety for all concerned.

Here is the list of  various ITR deadline for AY 2021-22 that have been extended

  1. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 30thSeptember 2021, in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, as extended to 31st October 2021 and 15th January 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th February, 2022;
  2. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which was 31stOctober, 2021, in the case of assessees referred in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, is hereby extended to 15th February, 2022;
  3. The due date of furnishing of Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which was 31stOctober 2021, as extended to 30th November 2021 and 31st January 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th February, 2022;
  4. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31stOctober 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November 2021 and 15th February 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th March, 2022;
  5. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 30thNovember 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December 2021 and 28th February 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is hereby further extended to 15th March, 2022.

Clarification 1: It is clarified that this extension shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.

Clarification 2: For the purpose of Clarification 1, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021, Circular No.17/2021 and this Circular) provided in that Act, shall be deemed to be the advance tax.

Source: CBDT Circular

MCA grants extension of time for filing Financial Statements & Annual Return for 2020-21

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MCA grants extension of time for filing Annual Financial Statements (AOC-4) and Annual Returns (MGT-7) without additional fees.

The Ministry of Corporate Affairs has recently granted the much-needed relief by extending the dates for filing of the 5 important e-forms with the removal of additional fees on the e-forms, namely Forms Annual Financial Statements -AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL, and Annual Returns -MGT -7 / MGT -7A, filing to the Financial Year ended 31st March 2021 under the Companies Act 2013.

 

The extended due dates for filing of e-forms such as AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL are 15th February 2022 and for filing of e-forms such as MGT-7, and MGT-7A are 28th February 2022, for all stakeholders, without any additional fees.

The extension of due dates has been done as per the demand of the stakeholders for the filing of financial statements for the financial year ended 31.03.2021.

Source: MCA General Circular No 22/2021

I-T department rolls out new Annual Information Statement – How AIS will be helpful in filing your tax returns

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The AIS captures information on almost all financial transactions done in the previous financial year. The idea is to give taxpayers a comprehensive statement on their transactions that they can refer to while filing their income tax returns

The income tax department (I-T dept) on Monday rolled out the new annual information statement (AIS) on the compliance portal. This annual statement provides a comprehensive view of information to a taxpayer and the facility to submit online feedback.

The new annual information statement (AIS) includes additional information linked to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information and other such transactions.

The income tax department has clarified that till the new annual information statement is validated and is completely operational, Form 26AS will continue to be available on the TRACES portal. The tax department also added that the reported information has been processed to remove duplicate information.

If the taxpayer feels that the information is incorrect, relates to another person/year, duplicate or such other a facility has been provided to submit online feedback. “The taxpayers are requested to view the information shown in annual information statement (AIS) and provide feedback if the information needs modification,” the Central Board of Direct Taxes (CBDT) said.

The new AIS can be accessed by clicking on the link ‘Annual Information Statement (AIS)’ under the ‘Services’ tab on the new Income tax e-filing portal (https://www.incometax.gov.in).

How AIS will be helpful?

AIS provides for a simplified taxpayer information summary (TIS) which shows the aggregated value for the taxpayer for the ease of filing returns.

If the taxpayer submits feedback on the annual information statement (AIS), the derived information in TIS will be automatically updated in real-time.

This derived information in taxpayer information summary (TIS) will be used for pre-filling of return which shall be implemented in a phased manner.

If the ITR has been filed but some information has not been included, the return may be revised to reflect the correct information as shown in TIS.

In case there is a variation, the taxpayer may rely on the information displayed on the TRACES portal for the purpose of filing of ITR.

In comparison to Form 26AS, AIS is a more comprehensive single reference document and can be modified by taxpayers if the information is incorrect.

Annual Information Statement (AIS) provides complete and detailed information related to interest, dividend, securities/ mutual funds transactions.

Source: Press Release dated 01-11-21

MCA relaxes additional fees in filing of Annual Financial Statement under the Companies Act, 20l3

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Extension of last date to file e-forms AOC-4, AOC-4 CFS, AOC-4 XBRL, AOC-4 Non-XBRL and MGT-7/7A for the FY 2020-21 to 31.12.2021
On October 29, 2021, the Ministry of Corporate Affairs (MCA) has announced the relaxation in levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7 / MGT-7A for the financial year ended on March 31, 2021 under the Companies Act, 2013.
 
It has been decided no additional fees shall be levied upto 31st December 2021 for the filing of e-forms  in respect of the financial year ended on 31.03.2021.

 

During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.

Keeping in view of various requests received from stakeholders regarding relaxation on levy of additional fees for annual financial statement filings required to be done for the financial year ended on 31.03.2021, it has been decided that no additional fees shall be levied upto 31.12.2021 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and MGT-7/MGT-7A in respect of the financial year ended on 31.03.2021. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.

Further to the extension of time for holding of Annual General Meeting (AGM) for the financial year ended on 31/03/2021, granted by MCA on 23 rd September, 2021 by two months, this relaxation is now announced by MCA to facilitate the filing of Annual Financial Statements by the stake holders.

Source: General Circular No 17_29102021

MCA Extends Due Date for holding AGM

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MCA has extended the Due Date for Holding of AGMs by the companies, by 2 months from the original due date in respect of the financial year 2020-21 ended on 31/03/2021. Accordingly, respective ROCs have issued extension Orders, which are available at the link below:

https://mca.gov.in/content/mca/global/en/data-and-reports/rd-roc-info/extension-agm.html

MCA Office Memorandum dt. 23/09/2021: Extension of time for holding of Annual General Meeting (AGM) for the Financial year ended on 31/03/2021

1. The Central Government has received representations seeking extension of time for holding Annual General Meeting (AGM) for the financial year 2020-21 ending on 31/03/2021 citing many difficulties faced due to second wave of Covid-19 and consequent lockdowns etc.

2. Accordingly, it has been decided to advise the Registrar of Companies (RoCs) to accord approval for extension of time for a period of two Months beyond the due date by which companies are required to conduct their AGMs for the financial year 2020-21 ended on 31/03/2021.

3. Kindly find enclosed a copy of the standard template for the order to be issued by RoCs under third proviso to sub-section (1) of section 96 of the Companies Act, 2013 ( the Act) for granting extension of time for conducting of AGM for the Financial Year 2020-21 ended on 31/03/2021.

4. Please take this action with utmost urgency and issue order before the close of the office today and forward the copy of the order to this office before for consolidation and uploading it on the MCA21 website. Also display this order on the Notice Board of your respective offices.

5. This issues with approval of the Competent Authority.

The extension of time by two months issued by ROC, Chennai is as below. The respective ROCs in the country have issued orders under third proviso to sub-section (1) of section 96 of the Companies Act, 2013 granting extension of time by 2 months for conducting of AGM for the Financial Year 2020-21 ended on 31/03/2021.

The extension of time by two months issued by ROC, Chennai is as below. The respective ROCs in the country have issued orders under third proviso to sub-section (1) of section 96 of the Companies Act, 2013 granting extension of time by 2 months for conducting of AGM for the Financial Year 2020-21 ended on 31/03/2021.