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Catastrophic consequences of non extension of CFSS.

1 Large number of Companies and particularly in MSME Sector which is back bone of आत्म निर्भर भारत will collapse under the unbearable burden of compliance cost.

2 Directors, KMPs and Officers in default will be flooded with Show Cause Notices and will face prosecution as compliance cost will be very exorbitant and beyond paying capacity of Companies

3 Section 252 will remain on Statute Book only but will hardly be applied as companies will not afford to file back years forms due to high cost

4 Compliance of Directions given in Revival Orders already passed by NCLT Benches across country will become impossible to meet with leading to serous consequences

5 As Accounts for FY 2019-20 of large number of companies have not yet been finalised due to long spell of COVID Pendemic situation, there will be mulitiple violations of provisions of Companies Act unless the accounts are ante dated which will be unethical practice . However this too will be possible only for a limited period.

6 There will be acute mistrust between clients and practising company secretaries as revival applications were filed in anticipation of availing benefit of CFSS . It will have serous impact on their practice .

7 Formation of new Companies and LLPs will slow down as penalties for non compliances are very stiff which will deter them to opt for corporate structure. This will severally impact practice of PCS who are not doing specialised practice or do not have Listed Companies as their clients

Income Tax dates extension
1. Tax Audit Report furnishing date - 15th Jan 2021
2. ITR due dates of person on which audit is required - the 15th Feb 2021
3. ITR Due dates of other person - 10th Jan 2021
4. Vivad se Vishwas Scheme - 31st Jan 2021

Income tax date extension Income Tax dates extension 1. Tax Audit Report furnishing date - 15th Jan 2021 2. ITR due dates of person on which audit is required - the 15th Feb 2021 3. ITR Due dates of other person - 10th Jan 2021 4. Vivad se Vishwas Scheme - 31st Jan 2021

GST Annual Return for FY 19-20 extended to 28th February 2021.

Not yet extension for FY 2018-19

Vizttax Services Pvt Ltd updated their phone number.

As per list Forms eligible for additional fee waiver under companies Fresh Start Scheme,2020 and LLP Settlement Scheme,2020

Link:
http://www.mca.gov.in/Ministry/pdf/CFSS2020_02042020.pdf

Regards
Vizttax
https://wa.me/918506916831

www.mca.gov.in

*💡MCA update 29.09.2020*
*📑💡MCA uploaded Extension orders*

1. Extension of Companies Fresh Start Scheme, 2020http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.30_28092020.pdf

2. Extension of time- LLP Settlement Scheme, 2020http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.31_28092020.pdf

3. Extension of time - Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013-.http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.32_28092020.pdf

4. Extension of time for EGM through Video Conference (V)C or Other Audio Visual Means (OAVM) or passing of certain items only through postal ballot without convening general meeting -http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.33_28092020.pdf

*Regards*
*Vizttax*
https://wa.me/918506916831

www.mca.gov.in

-:ITR for FY 2018-19:-

Due date of belated & to revise the return for FY 2018-19 to 31st July, 2020.

So, Now who has not filed your Income Tax Return for FY 2018-19 still, they can file this latest by 31st July 2020. Or if any mistake and want to make correction, they can also avail this benefit.

-:MCA Update:-

The forms filing between the period of 1st April 2020 to 30th September 2020, will not get any late fees.

So stakeholders are requested to file all pending forms and make complainces for your company till 30th September 2020 to take the benefit of concessions of late fees.

GSTR3B
For the period of July 2017 to July 2020, no late fees if NIL return, else maximum ₹500 late fees if return filed till 30th September 2020.

*Union BUDGET 2020*

*MAJOR TAX PROPOSALS*
*TAXPAYERs' CHARTER* in various Acts like Companies Act, for removing *harassment* of and protecting Taxpayers.

*DIRECT TAX-*

1. *VIVAD SE VISHWAS SCHEME IN INCOME TAX* - No interest & penalty if tax paid by 31st March 2020. Some additional amt. By 30th June.

2. Option to Individual without around 70 exemptions/ Deductions (With 1.5L Ch VIA Deductions) -

Till 5L - No Tax
5L - 7.5L - 10%
7.5L - 10L - 15%
10L - 12.5L - 20%
12.5L - 15L - 25%
More than - 30%

3. Prefiled tax return for individuals in new regime

4. *Dividend Distribution Tax - scrapped for companies* . Dividends to be charged to recipients.

5. New Electricity Generating Companies Corp Tax Rate 15%

6. 100% Tax exemption to foreign investment in priority sector.

7. Start Ups - ESOPs to employees to be taxable after 5 years or sale or as per other conditions.

8. Turnover limit for exemption for Start Ups now 100 Cr.

9. Options for Co-operative Socities: Co-operatives can choose a 22 percent tax with 10 percent surcharge and 4 percent cess with no exemptions.

10. TAX AUDIT THRESHOLD LIMIT -

- Increased to 5 Cr. But with business with cash transaction of not more than 5%

11. Tax Holiday to developers of affordable housing extended by 1 year.

12. Section 50C and 45CA limit of difference with circle can be 10% now (up from 5%)

13. Faceless *Appeals* on lines of Faceless *Assessments*

*Mca Update*

Message
(i) Stakeholders may please note that as part of Government of India’s Ease of Doing Business(EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form.

(ii) SPICe+ would be an integrated Web form offering multiple services viz. name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account. It will also facilitate allotment of GSTIN wherever so applied for by the Stakeholders. After deployment of SPICe+ web form, RUN shall be applicable only for change of name of existing companies.

(iii) Upon notification & deployment, all new name reservations for new companies as well as new incorporations shall be applied through SPICe+ only

(iv) However, incorporation of companies for names reserved through the existing RUN service shall continue to be filed in the existing SPICe eform along with related linked forms as applicable and if marked under resubmission shall be resubmitted in SPICe eform.

(v) Resubmission of SPICe forms submitted prior to date of deployment of SPICe+ web form shall also be filed in the existing SPICe eform and related linked forms as applicable.

OCTOBER CALENDAR DUE DATE

1. 07 October: TDS/TCS LIABILITY DEPOSIT
Due date of depositing TDS/TCS liabilities for the previous month.



2. 07 October: EQUALISATION LEVY DEPOSIT
Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non-Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.

3. 10 October: GSTR-7 RETURN FILLING DUE DATE GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST.

4. 10 October: GSTR-8 RETURN FILLING DUE DATE GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.

5. 11 October: GSTR-1 RETURN FILLING DUE DATE GST Filing of returns by registered person with aggregate turnover more than 1.50 crores

6. 13 October: GSTR-6 RETURN FILLING DUE DATE Due Date for filing return by Input Service Distributors.

7. 14 October DIR - 3 KYC others For October time limit under various statutes.

8. 15 October :TCS Quarter Return Quarterly statement of TCS deposited for the quarter ending Sep 30, 2019.

9. 15 October: Provident Fund / ESI
Due date for payment of Provident fund and ESI contribution for the previous month.

10. 18 October :CMP-08 (Jul-Sep, 2019)
Statment-cum-challan to declare the details or summary by Composition dealer for tax payable for the previous quarter. Last date to file CMP-08 is also 18th of Oct 2019



11. 20 October; GSTR-5 GSTR 5 to be filed by Non-Resident Taxable Person for the previous month.



12. 20 October: GSTR-5A GSTR 5A to be filed by OIDAR Service Providers for the previous month.

13. 20 October: GSTR- 3B Due Date for filing GSTR 3B return for the previous month.


14. 29 October: AOC- 4 & AOC-4 XBRL



15. 30 October LLP- 8

16. 31 October : TDS Quarter Return Quarterly statement of TDS deposited for the previous quarter.

17. 31 October: GSTR - 1 (July-Sep, 2019) GST Filing of returns by the registered person with aggregate turnover up to 1.50 crores.

18. 31 October: ITR FY 2018-19Annual return of income for the assessment year 2019-20 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited).

19. 31 October : MSME 1 Form is half-yearly return with the Registrar of Companies (ROC) in context of the outstanding payments to Micro or Small Enterprises.

20. 31 October: ADT - 1 Information to the Registrar by Company for the appointment of Auditor. If the company’s AGM was held on 30th September, then Form ADT-1 has to be filed by 15th October.

21. 31 October Last date to file Tax Audit Report

Analysis of new GST rate applicable on accomodation w.e.f. 01.10.2019

DIR 3 KYC DUE DATE EXTENDED TO 14TH OCTOBER 2019

Order for Income Tax Return and Tax Audit Report due date extension

October 2019 in advance on due dates

10 Oct - GSTR1 (monthly)
15 Oct - Roc filing (ADT-1)
20 Oct - GSTR3-B (monthly)
30 Oct - GSTR-1 (quarterly)
30 Oct - Roc filing - AOC-4 (Company)
30 Oct - Roc filing - Form-8 (LLP)
31 Oct - Tax audit
31 Oct - Qtr 2 TDS return

Due date of filing of ITR and Tax Audit Report extended to 31st October 2019

*GST Council Meeting Outcome-*

1. Hotel Tariffs Rs. 7,500 and above GST at 18%.

2. Hotel Tariffs Rs. 1,000 upto 7,500 GST at 12%.

3. Hotel Tariffs below Rs. 1,000 GST at Nil rate.

4. Outside Catering GST rate reduced at 5%.

5. Diamond Job-work GST rate reduced at 1.5% and Other Job-work GST rate reduced to 12% from 18%.

6. Council amended rules regarding Refund by Appellate Authority.

7. Council amended rules regarding GST Practitioners and Consumer Welfare Fund.

8. Cups/Plates made from Flowers leaves GST rate Nil from 5%.

9. GST Annual Returns GSTR-9, 9A Optional for those with turnover upto 2cr for FY 17-18 & 18-19.

10. Those with turnover above 2cr to still file GSTR9.

11. No relief in case of GSTR-9C as it’s applicable only where turnover exceeds 2cr.

12. GSTR-9 also to be made “Saral”.

GST Council Important Decision (20.9.19)

1. GST Annual Returns GSTR-9, 9A Optional for those with turnover upto 2cr for FY 17-18 & 18-19.
2. Those with turnover above 2 cr to still file GSTR 9.
3. No relief in case of GSTR-9C as it’s applicable only where turnover exceeds 2cr.
4. GSTR-9 also to be made “Saral”.