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.

ITR filing deadline for FY 2020-21 extended to December 31, 2021

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• This is the second time this financial year the government has extended the deadline of filing ITR for individuals whose accounts are not required to be audited. • The ITR filing deadline has been extended due to the many technical issues related to the government's newly launched tax filing portal. • The deadline of filing belated/revised ITR has been extended by two months to March 31, 2022.
• This is the second time this financial year the government has extended the deadline of filing ITR for individuals whose accounts are not required to be audited. • The ITR filing deadline has been extended due to the many technical issues related to the government’s newly launched tax filing portal. • The deadline of filing belated/revised ITR has been extended by two months to March 31, 2022.

The government on Thursday extended the deadline to file income tax return (ITR) for FY 2020-21 by 3 months to December 31, 2021 from September 30, 2021. The extension of the deadline is for those individuals whose accounts are not required to be audited and who usually file their income tax return using ITR-1 or ITR-4 forms, as applicable.

In a statement, the Finance Ministry said that the decision has been on consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income Tax Act, 1961.

The income tax return (ITR) filing deadline for FY 2020-21 for individuals has already been extended, from the normal deadline of July 31, 2021. However, the new income tax e-filing portal has been marred by glitches and other problems from inception. Finance minister Nirmala Sitharaman has given Infosys, the company which set up the new income tax portal, time till September 15, 2021 to fix all the problems.

Last year too, the government has extended the due date of filing ITR for individuals four times – first from July 31 to November 30, 2020, then to December 31, 2020, and finally to January 10, 2021.

“On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued,” I-T Department tweeted on Thursday.

The due date of furnishing of report of audit under any provision of the Act for the previous year 2020-21, has been extended to January 15, 2022.

The due date of furnishing 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, is now January 31, 2022.

Again, the IT Department has decided to extend the due date of furnishing of Return of Income for the AY 2021-22, to February 15, 2022, among several other extensions.

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was December 31, 2021 has also been extended to February 28, 2022.

The due date of furnishing of belated or revised return of Income for the AY 2021-22 has been further extended to March 31, 2022.

Missing the ITR filing deadline would have had penal consequences. A late filing fee of Rs 5,000 would be levied if the ITR is filed by an individual after the expiry of the deadline.

Do keep in mind that government has also extended the deadline of filing belated ITR by one month from new deadline of December 31, 2021, to January 31, 2022. If the ITR is not filed by January 31, 2022, then the individual will not be able to file ITR for FY 2020-21, unless a notice is issued by the income tax department.

A late filing fee of Rs 5,000 along with penal interest at the rate of 1 per cent per month will be levied on the non-payment of tax dues in this case.

CBDT Circular dated 09 September 2021

GSTN issues advisory for taxpayers regarding Blocking of E-Way bills.

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GST Council, has recommended to reduce / waive the interest/ late fee for delayed filing of GSTR 3B by small taxpayers (having turnover upto Rs. 5 crores) for the tax period from July 2017 to July 2020
Taxpayers who have not filed GST returns for two months or quarters up to June 2021 will not be able to generate e-way bills from August 15.

The Goods and Service Tax network on 4th August 2021 has decided to resume the blocking of e-way bill generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, from 15th August onwards.

Advisory for Taxpayers regarding Blocking of E-Way Bill (EWB) generation facility resume after 15th August, 2021.

1. As you might be aware that the facility of blocking E way bill generation had been temporarily suspended due to pandemic, in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their return in Form GSTR-3B / statement in CMP-08, for a consecutive period of two months / Quarters or more.

2. The government has now decided to resume the blocking of EWB generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, from 15th August onwards.

3. Thus, after 15th August 2021, the System will check the status of returns filed in Form GSTR-3B or the statements filed in Form GST CMP-08, and restrict the generation of EWB in case of: Non filing of two or more returns in Form GSTR-3B for the months up to June, 2021 and Non filing of 02 or more statements in Form GST CMP-08 for the quarters up to April to June, 2021

4. To avail continuous EWB generation facility on EWB Portal, you are therefore advised to file your pending GSTR 3B returns/ CMP-08 Statement immediately.

5. For details of blocking and unblocking EWB click on below links :

https://tutorial.gst.gov.in/userguide/returns/index.htm#t=FAQs_unblockingewaybill.htm

Note: Please ignore this update if you are not registered on the EWB portal. Regards,
Team GSTN

CBDT extends Due Date for filing various Income Tax Forms

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The tax filing due dates were extended by the CBDT in view of the difficulties being faced by taxpayers and other stakeholders in the electronic filing of these forms.
The Central Board of Direct Taxes (CBDT) has extended the due dates for electronic filing of various Forms under the Income-tax Act, 1961. Considering the difficulties reported by the taxpayers and other stakeholders in the electronic filing of certain Forms, CBDT has taken this step.
 
The Central Board of Direct Taxes (CBDT) has issued an order extending due dates for various compliance forms including the Quarterly statement in Form No. 15CC, Equalization Levy Statement in Form No.1, the Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D and the Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C.
 
(i) The Quarterly statement in Form No. 15CC to be furnished by an authorized dealer in respect of remittances made for the quarter ending on 30th June 2021 required to be furnished on or before 15th July 2021 under Rule 37BB of the Rules. as extended to 31° July 2021 vide Circular No 12 of 2021 dated 25.06.2021, may be filed on or before 31st August 2021.
 
(ii) The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 30. June 2021. as extended to 31s1July, 2021 vide Circular No 12 of 2021 dated 25 06.2021. maybe filed on or before 310 August 2021;
 
(iii) The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15. June 2021 under Rule 12CB of the Rules, as extended to 151″ July 2021 vide Circular No.12 of 2021 dated 25.06 2021, maybe furnished on or before 15. September,2021;
 
(iv) The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30. June 2021 under Rule 12CB of the Rules, as extended to 3f” July 2021 vide Circular No.12 of 2021 dated 25.06.2021, maybe furnished on or before 30. September 2021.
 
Further, considering the non-availability of the utility for e-filing of certain Forms, the Board has extended the due dates for electronic filing of such Forms as (i) Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 300 June 2021, required to be furnished on or before 311July,2021 under Rule 2DB of the Rules, may be furnished on or before 30° September 2021, and (ii) Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30° June 2021, required to be furnished on or before 31st July 2021 as per Circular No 15 of 2020 dated 22.07.2020 may be furnished on or before 30° September 2021.

 

The Board has clarified that “the above said forms, e-filed, after the expiry of time limits provided as per Circular No. 2 of 2021 dated 25.06.2021 or as per the relevant provisions, till date will stand regularized accordingly.”

 

Source: CBDT Circular

Launch of new Income Tax Return Filing Portal 2.0: What’s New

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From pre-filled income tax return forms to quick refunds — the new portal has a tons of features to make your tax filing journey easy and convenient.
From pre-filled income tax return forms to quick refunds — the new portal has a tons of features to make tax filing journey easy and convenient.

The tax department has launched the much-awaited new portal of filing income tax return (ITR) — www.incometax.gov.in — on Monday night.

The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers;

New taxpayer friendly portal integrated with immediate processing of Income Tax Returns(ITRs) to issue quick refunds to taxpayers;

All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer;

Free of cost ITR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with pre-filling, for minimizing data entry effort;

New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chatbot/live agent;

All key portal functions on desktop will be available on Mobile App which will be enabled subsequently for full anytime access on mobile network;

New online tax payment system on new portal will be enabled subsequently with multiple new payment options using net-banking, UPI, Credit Card and RTGS/NEFT from any account of taxpayer in any bank, for easy payment of taxes.

From pre-filled income tax return forms to quick refunds — the new portal has a tons of features to make your tax filing journey easy and convenient. The aim is to provide a “modern and seamless experience to taxpayers”.

The initiative of the Income Tax department to make the tax portal tax payer friendly and more easy to navigate is applaudable. The videos, FAQ and various tutorials and the ITR preparation software to ease the discomfort of new tax payers who may not be computer savvy is a good start. While its early to comment on the ease of use for which one needs to access the portal, the portal does indicate issuance of quicker tax return processing and faster refunds, which is a welcome step.

The latest features of the new income tax filing portal www.incometax.gov.in are listed below:

1) The new portal will process the the income tax returns immediately, said the Central Board of Direct Taxes. This will help the taxpayers to get the quick refunds of their income tax returns.

2) There will be a single dashboard for all the interactions and pending return. The taxpayers can easily see all their interactions together in a place. This will make following up of pending notices easier and convenient.

3) The taxpayers will get a free interactive software which will guide them to file ITR forms. Now, ITRs 1, 4 (online and offline) and ITR 2 (offline) will be available. “Facility for preparation of ITRs 3, 5, 6, 7 will be made available shortly,” CBDT said.

4) The option of pre-filled ITR forms will be available on the new website. “Taxpayers will be able to proactively update their profile to provide certain details of income including salary, house property, business or profession which will be used in pre-filling their ITR,” the Ministry of Finance said.

5) To answer all your queries while filing ITR forms, there will be call centre for prompt assistance. A chatbot will also be available to help the taxpayer filing their returns along with detailed manual, videos and FAQs.

6) The other functionalities for filing income tax forms, adding tax professionals, submitting responses to notices in faceless scrutiny or appeals will be available on the new e-filing portal.

7) It must be noted that the new tax payment system will be launched on June 18 after the advance tax instalment date, the ministry of finance said.

8) Given the new portal launching and advance tax payment due date falling on June 15, to avoid any inconvenience in the tax payment process to the taxpayer, this will be launched on June 18 2021. However, for all other features/functionalities, the website can be used as soon as launched. Users can still make payment through existing process and file their tax returns on the new portal.

9)  “The mobile app will also be released subsequent to the initial launch of the portal, to enable taxpayers to get familiar with the various features,” it further added.

10) Taxpayers and other stakeholders will take some time to familiarize with the various features of new portal. The tax department urged all to remain patient for the initial period after the launch as it will be a major transition in the tax filing system.

Source: www.incometax.gov.in

MCA gives compliance relief to businesses due to second wave of COVID-19

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The Ministry of Corporate Affairs (MCA), considering requests to waive additional fee for late filing of statutory forms which fall due between 1 April and end of May owing to the COVID-19 restrictions and disruption, has granted extra time without additional fee for filing statutory forms till the end of July, 2021

 

The ministry of corporate affairs (MCA) has offered relaxation in certain compliance requirements for businesses, including a longer interval between two board meetings in view of the hardships during the second wave of the pandemic.

Companies are normally required to hold a minimum of four board meetings in a year with the interval between them not exceeding 120 days. This has now been relaxed by 60 days so that the interval could go up to 180 days, the ministry said in a notification issued on Monday.

The ministry also said in a separate notification that it has received several requests to waive the additional fee for late filing of statutory forms which fall due between 1 April and end of May in view of the covid-19 restrictions and disruption.

The ministry said these requests have been examined and taking into account the difficulties due to resurgence of coronavirus infections, extra time without additional fee has been granted till the end of July for filing statutory forms. In the case of filing forms to report creation or modification of a charge (lien or claim) on the assets of a company under various circumstances, the ministry has issued another notification granting relief. Accordingly, in cases where due date had expired before 1 April, extra time has been granted till end of May.

The finance ministry has already given relief for various compliance requirements related to income tax and goods and services tax (GST), besides exempting basic customs duty and agriculture cess on various medical supplies used in the prevention and treatment of coronavirus disease. The pandemic has taken a heavy toll on lives with over 222,000 deaths.

The central government has not favoured a lockdown of the country during the second wave, but several states had to impose curbs on movement and assembly of people to break the chain of infections. India has so far vaccinated over 15 crore people, or roughly 12% of the population. The second wave is expected to slow India’s economic recovery from an expected 7.7% contraction in FY21.

Source: Ministry of Corporate Affairs

Belated and Revised ITR Filing Date extended for AY 2020-21 to 31st May 2021 due to COVID-19

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COVID -19 relief for taxpayers.
Last chance to revise ITR for financial year 2019-20

In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines on Saturday.

In the light of multiple representations received (supra) and to mitigate the difficulties being faced by various stakeholders, the Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided the following relaxation in respect of compliances by the taxpayers:

a) Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

b) Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

c) Income-tax return in response to notice under Section 148 of the Act, for which the last date of filing of return of income under the said notice is 1st April, 2021 or thereafter, may be filed within the time allowed under that notice or by 31st May, 2021, whichever is later;

d) Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before 31st March, 2021, may be filed on or before 31st May, 2021;

e) Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Act, and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 30th April, 2021(respectively) under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31st May, 2021;

f) Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 30th April, 2021, may be furnished on or before 31st May, 2021.

The above relaxations are the latest among the recent initiatives taken by the Government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times.

Read CBDT Circular dated 30 April, 2021