Chartered Accountants in Practice/Firms of Chartered Accountants to register themselves on GeM (Government e- marketplace) Portal
The Institute of Chartered Accountants of India ( ICAI ) has permitted the Chartered Accountants ( CA ) in Practice, Firms of Chartered Accountants are permitted to register on GeM Portal for rendering professional services.
The ICAI has said that, The Institute has been receiving queries as to whether Chartered Accountants in Practice/Firms of Chartered Accountants can register themselves on GeM Portal as registration on the Portal is a pre-requirement for providing professional services to the Government departments/ organisations.
The ICAI has clarified that, the Chartered Accountants in Practice / Firms of Chartered Accountants are permitted to register on GeM Portal for rendering professional services.
The information being published on the portal should be in compliance with the provisions of Code of Ethics.
The ICAI also said that, the Guidelines on Tenders dt. 7th April, 2016 issued by the Institute will be applicable to tender floated through GeM Portal also without any change.
The Guidelines are appearing as Appendix -J of Volume-II of Code of Ethics, and may be accessed on the website of the Institute at the link below:
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:
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
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;
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;
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;
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;
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.
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.
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.
GST collection in October crosses ₹1.3 lakh crore, second highest ever
The gross GST revenue collected in the month of October 2021 exceeded ₹1.3 lakh crore. The GST revenues for October is the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues. The revenues for the month of October 2021 are 24% higher than the GST revenues in the same month last year.
The gross GST revenue collected in the month of October 2021 exceeded ₹1.3 lakh crore. The GST revenues for October is the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end revenues. The revenues for the month of October 2021 are 24% higher than the GST revenues in the same month last year.
“This is very much in line with the trend in economic recovery. This is also evident from the trend in the e-way bills generated every month since the second wave. The revenues would have still been higher if the sales of cars and other products had not been affected on account of disruption in supply of semi-conductors,” the government said in a statement.
The government settled ₹27,310 crore to CGST and ₹22,394 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of October 2021 is ₹51,171 crore for CGST and ₹52,815 crore for the SGST.
During the month, revenues from import of goods was 39% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year.
Indian stock market benchmark Sensex was up over 600 points in noon trade. A private survey released earlier in the day showed India’s manufacturing sector activities gained further strength in October as companies scaled up production and stepped up input purchasing in anticipation of further improvements in demand.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) rose from 53.7 in September to 55.9 in October, pointing to the strongest improvement in overall operating conditions since February.
Robust gains in new work aided production growth in October as output and new orders expanded at fastest rates in seven months, while business optimism hit a six-month high, the survey said.
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.
