Ministry of Corporate Affairs to launch 56 forms in V3 portal from Jan, 2023

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Source: MCA Circular

The Ministry of Corporate Affairs (MCA) is all set to launch the Second Set of Company Forms on the MCA21 V3 portal, in January 2023, comprising of total 56 forms.

The first lot will consist of 10 forms to be released on January 9, 2023, and the second lot will consist of 46 forms to be released on January 23, 2023.

In order to simplify the process of integrating these forms into ( web based filing)  the  MCA21 V3 portal, the Ministry of Corporate Affairs has requested stakeholders to take note of the following points:

(1) For 10 forms scheduled for rollout from January 7, 2023, at 12:00 a.m. to January 8, 2023, at 11:59 p.m., company e-Filings on the V2 portal will be disabled for the specified forms that are scheduled to be released on January 9, 2023.

(2) For 46 forms scheduled for rollout on January 23, 2023, company e-Filings on the V2 portal will be disabled from January 7, 2023, at 12:00 a.m. to January 22, 2023, at 11:59 p.m.

(3) All stakeholders are advised to ensure that there are no SRNs in “pending payment” or “resubmission” status.

(4) Offline payments in V2 for the above 56 forms using the “Pay Later” option would be discontinued on December 28, 2022, at 12:00 AM. The stakeholders are required to pay for these forms in V2 online (via credit/debit card or net banking).

(5) Due to the upcoming release of 56 company forms, the V3 portal will be unavailable from January 7 at 12:00 AM to January 8 at 11:59 PM for the roll-out of 10 company forms, and from January 21 to 22, 2023, for the roll-out of 46 company forms.

(6) The V2 Portal for company filing will continue to be available for all forms except the 56 mentioned above.

Source: MCA Circular

LIST OF 10 COMPANY FORMS TO BE ROLLED OUT ON 09 Jan 2023

Sl. No. Form Number Form Name
1 SPICe+ PART A Application for reservation of name for new company incorporation
2 RUN Application for change of name of existing company
3 SPIce+ PART B Integrated Company Incorporation Application
4 AGILE PRO S Application for Goods and services tax Identification number , employees state Insurance corporation registration pLus Employees provident fund organisation registration, Profession tax Registration, Opening of bank account and Shops and Establishment Registration
5 e-AOA[INC-34] Articles of Association
6 e-MOA[INC-13] Memorandum of Association
7 e-MOA[INC-31] Articles of Association
8 e-MOA[INC-33] Memorandum of Association
9 INC-9 Declaration by Subscribers and First Directors
10 URC-1 Application by a company for registration under section 366

LIST OF 46 COMPANY FORMS TO BE ROLLED OUT ON 23rd Jan 2023

Sl. No. Form Number Form Name
1 DIR-12 Particulars of appointment of directors and the key managerial personnel and the changes among them
2 DIR-11 Notice of resignation of a director to the Registrar
3 DIR-3 Application for allotment of Director Identification Number
4 DIR-3C Intimation of Director Identification Number by the company to the Registrar DIN services
5 DIR-5 Application for surrender of Director Identification Number
6 DIR-6 Intimation of change in particulars of Director to be given to the Central Government
7 INC-12 Application for grant of License to an existing company under section 8
8 INC-18 Application to Regional Director for conversion of section 8 company into any other kind of company
Sl. No. Form Number Form Name
9 INC-20 Intimation to Registrar of revocation of license issued under section 8
10 INC-20A Declaration for commencement of business
11 INC-22 Notice of situation or change of situation of registered office
12 INC-23 Application to the Regional Director for approval to shift the Registered Office from one State to another state or from jurisdiction of one Registrar to another Registrar within the State
13 INC-24 Application for approval of Central Government for change of name
14 INC-27 Conversion of public company into private company or private company into public company or Conversion of Unlimited Liability Company into Limited Liability Company
15 INC-28 Notice of Order of the Court or any other competent authority
16 INC-4 One Person Company – Change in Member/ Nominee
17 INC-6 One Person Company – Conversion form
18 MGT-14 Filing of Resolutions and agreements to the Registrar under section 117
19 MR-1 Return of appointment of managing director or whole time director or manager
20 MR-2 Form of application to the Central Government for approval of appointment or reappointment and remuneration or increase in remuneration or waiver for excess or over payment to managing director or whole time director or manager and commission or remuneration to directors
21 NDH-4 Form for filing application for declaration as Nidhi Company or updation of status by Nidhis.
22 PAS-3 Return of Allotment
Sl. No. Form Number Form Name
23 SH-7 Notice to Registrar of any alteration of share capital
24 SH-11 Return in respect of buy-back of securities
25 SH-8 Letter of Offer
26 SH-9 Declaration of Solvency
27 NDH-1 Return of Statutory Compliances
28 NDH-2 Application for extension of time
29 NDH-3 Return of Nidhi Company for the half year ended
30 GNL-3 Particulars of person(s) charged for the purpose of sub-clause (iii) or (iv) of clause 60 of section 2
31 PAS-6 Reconciliation of Share Capital Audit Report (Half-yearly)
32 MGT-3 Notice of situation or change of situation or discontinuation of situation, of place where foreign register shall be kept
33 PAS-2 Information Memorandum
34 DIR-9 Report by the company to Registrar for disqualification of Directors
35 DIR-10 Application for removal of Disqualification of Directors
36 AOC-5 Notice of address at which books of account are maintained
37 FC-1 Information to be filed by foreign company
38 FC-2 Return of alteration in the documents filed for registration by foreign company
39 FC-3 Annual accounts along with the list of all principal places of business in India established by foreign company
40 FC-4 Annual Return of a Foreign company
41 GNL-2 Form for submission of documents with the Registrar
42 GNL-4 Addendum to form
43 MSC-1 Application to ROC for obtaining the status of dormant company
44 MSC-3 Return of dormant companies
45 MSC-4 Application for seeking status of active company
46 RD-1 Form for filing application to Regional Director

Stakeholders are advised by MCA to plan accordingly.

CBDT reduces time limit for e-verification of ITR from 120 days to 30 days.

by | posted in: Corporate Updates, Economy, Business Updates, Corporate Affairs, Income Tax,e-Filing- Individuals, Firms, Companies | 0
Till now the time period to e-verify the ITR or send the ITR-V through post was 120 days from the date of the uploading of the ITR.

For the Financial Year ended March 31, 2022 (Asst Year 2022-23), even as 5.82 crore people filed their ITRs (Income Tax Returns), only around 4.02 crore of them were verified.

Thus, over 1.8 crore people did not verify their ITR filings as till July 31.

The Income Tax department had processed 3.01 crore verified ITRs till July 31, as per the website.

Status of Returns filed & e-verified

Verifying income tax returns are as important as filing them, since unverified ITRs are treated as invalid by the income tax department. Once the taxpayer verifies the ITR, the income tax department processes it, sends the income tax intimation and issues refunds, if applicable.

You need to verify your Income Tax Returns to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid. e-Verification is the most convenient and instant way to verify your ITR,” said the income tax department on the e-filing website.

e-Verification of ITR: Last Date

Now, taxpayers have to electronically verify or e-verify their income tax returns (ITR) within 30 days of filing the return of income. Earlier the time limit was 120 days. In a notification, the Central Board of Direct Taxes (CBDT) said it has reduced the time limit for verification of income tax to 30 days from the date of transmitting or uploading the data of return of income electronically. This new rule will into effect from August 1, 2022, the CBDT said.

“It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/ uploading the data of return of income electronically,” the notification said.

If you still have not e-verified your ITR, you need to do so within a month of filing the returns. This means that if you filed the income tax return on July 31, you need to e-verify ITR by August 31 to get it processed. Otherwise it will be rendered invalid.

There are several ways to e-verify your ITR. These include Aadhaar-based OTP, bank and demat account, net banking, ATM or digital signature certificate.

How to e-Verify Your ITR Through Aadhaar-Based OTP.

Aadhaar-based OTP is one of the easiest methods to e-verify ITR. In this scenario, your mobile number must be linked to Aadhaar. On the e-verify page of the income tax portal, select the option that prompts you to use Aadhaar-based OTP to e-verify ITR.

A pop up will appear asking you to validate Aadhaar information, check that box. Now, click on ‘Generate Aadhaar OTP’. You will receive a six-digit OTP on your registered mobile number. Enter the OTP and submit. This OTP is valid for 15 minutes.

Source:

CBDT Circular on e-Verification

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