J R Manuver & Company

Maintenance of books of accounts by Trusts: Rule 17AA:-

1. Finance Act 2022 and Rule 17AA of the Income Tax Rules inserted with effect from the assessment year 2022-23 specifies the requirements for maintaining books of accounts and other documents for trusts and institutions.

2. The notified Rule 17AA, which came into effect on 10th August 2022 outlines the form and manner in which books of account should be maintained, the place where such books should be kept, and the duration for which books of account and other documents should be preserved.

3. Section 2(12A) of the Income Tax Act defines “books of account” as including various types of books and records, whether kept in written form, electronic form, digital form, print-outs of electronically stored data, or other forms of electromagnetic data storage devices.

4. The amendment to Section 12A(1)(b) specifies that if the total income of a trust or institution, calculated without considering the exemptions under Section 10(23C) or sections 11 and 12 of the Income Tax Act, exceeds the maximum amount not chargeable to tax, that trust or institution is obligated to keep and maintain books of account and other documents.

5. Under Rule 17AA(1), organizations subject to the conditions mentioned in Section 10(23C) or Section 12A of the Income Tax Act are required to maintain specific books of account, which include: Cash book, Ledger, Journal Copies of bills and receipts, Original bills issued to individuals and receipts for payments made, Any other book required to provide an accurate view of the organization’s affairs and transactions.

Welcome move by the Ministry of Corporate Affairs for the benefit LLP's:

LLP Amensty scheme launched by MCA -

You can now file Form-3, Form-4 and Form-11 without any additional fee for events dated from 01.01.2021 onwards.

This scheme is available for filing from 01.09.2023 until 30.11.2023 (both dates inclusive).

Detailed circular added here for your reference.

For more details contact us...

Relaxation in paying additional fees in case of delay in filing DPT-3 for financial year ended on 31st March 2023 up to 31st July 2023

Important MCA Update (19.01.2023)

- PAS-3 form will be stopped for filing purposes in V2 on 20th January 00:00 Hrs.

- Company Incorporation forms (Spice + Part A, Part B & RUN) will be stopped for filing purposes on V2 from 21st January 00:00 Hrs.

- V3 portal will be shutdown for 2 days ( 21st & 22nd January ) for migration and code promotion activities.

- MCA Portal will be available only for the last lot of V2 Company forms ( 51 annual filing lot ) for 2 days ( 21st & 22nd January ).

- Back Office for CRC forms ( Both V2 Company & V3 LLP ) will be shutdown for 2 days ( 21st & 22nd January ).

- 56 Company forms will be available for filing purposes in V3 from 23rd January 00:00 Hrs.

- Back Office for 56 forms will be available for processing purposes in V3 from 23rd January 00:00 Hrs.

*MCA Update*

In our continuous endeavour to serve you better, the *Ministry of Corporate Affairs is launching Second set of Company Forms*

*covering 56 forms in two different lots on MCA21 V3 portal.*

*10 out of 56 forms will be launched on 09th January 2023 at 12:00 AM*
and the *remaining 46 forms on 23rd January 2023.*

*Following forms will be rolled-out on 09th January 2023*:

_SPICe+ PART A, SPICe+ PART B, RUN, AGILE PRO-S, INC-33, INC-34, INC-13, INC-31, INC-9 and URC-1._

Click here to view list of 46 forms which will be rolled-out on 23rd January 2023.

To facilitate implementation of these forms in V3 MCA21 portal, *stakeholders are advised to note the following points:*

*_(1) Company e-Filings on V2 portal will be disabled from 07th January 2023 12:00 AM to 08th January 2023 11:59 pm for 10 forms which are planned for roll-out on 09th January 2023._*

*(2) Company e-Filings on V2 portal will be disabled from 07th January 2023 12:00 AM to 22nd January 2023 11:59 pm for 46 forms which are planned for roll-out on 23rd January 2023.*

*(3) All stakeholders are advised to ensure that there are no SRNs in pending payment and Resubmission status.*

*(4) Offline payments for the above 56 forms in V2 using Pay later option would be stopped from 28th December 2022 12:00 AM.*

You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking).

*(5) In view of the upcoming launch of 56 Company forms, V3 portal will not be available from 07th January 2023 12:00 AM to 08th Jan 2023 11:59 pm due to 10 company forms roll-out and from 21st January 2023 to 22nd January 2023 for 46 company forms roll-out.*

*(6) V2 Portal for company filing will remain available for all the forms excluding above mentioned 56 forms.*

Stakeholders may plan accordingly.

*E-SAHAJ SEWA*

Security clearance is a pre-requisite for granting permission to individuals who are citizens of countries sharing land borders with India and intending to apply for issuance of Director Identification Number (DIN)/ appointment of Director in new/ existing Company.

eSahaj sewa offers online service for security clearance of applications seeking issuance of Director Identification Number (DIN)/ appointment of Director in new/ existing Company from MCA.

For any other services related to applications for grant of license/ permission/ approval of any type the user needs to visit Ministry of Corporate Affairs web portal accessible at:

https://mca.gov.in

Actual applications for license/ permit/ approvals- other than for security clearance, to be processed separately through proper channel.

eSahaj sewa is accessible at:
https://esahajmcaservices.nic.in

Home Link of application for MHA Security Clearance for Appointment as Director of a country sharing land border with India. || Stakeholders are informed that total LLP filings from 1st April 2022 to 23 Nov 2022 is 4.32 Lac as against 3.34 Lac from 1st April 2021 to 23 Nov 2021. Form-8 filings have excee...

Extention of due date for furnishing return of Income for AY 22-23 to 7-11-2022 for Audit cases.

Official notification link:
https://incometaxindia.gov.in/communications/circular/circular-20-2022.pdf

MCA planning to shift all Company forms to new portal by December, 2022.

Director DIN KYC date extended till 15th Oct, 2022.

SMALL COMPANY - NEW DEFINITION AS OF 15.09.2022

Small Company means a Company other than a public company which has:

1. Paid up Share Capital of not more than INR 4 Crore; and
2. Turnover as per the latest P & L does not exceed 40 Crore.

However, the concept of small companies does not apply to the following companies:

1. A holding or a subsidiary company;
2. A company registered under section 8;
3. A body corporate or company governed by any Special Act”.

𝘕𝘰𝘵𝘪𝘧𝘪𝘤𝘢𝘵𝘪𝘰𝘯 𝘕𝘰. 17/2022-𝘊𝘦𝘯𝘵𝘳𝘢𝘭 𝘛𝘢𝘹

𝘛𝘩𝘦 𝘊𝘉𝘐𝘊 𝘩𝘢𝘴 𝘯𝘰𝘵𝘪𝘧𝘪𝘦𝘥 𝘵𝘩𝘢𝘵 𝘸.𝘦.𝘧. 1𝘴𝘵 𝘖𝘤𝘵𝘰𝘣𝘦𝘳, 2022, 𝘵𝘩𝘦 𝘱𝘳𝘰𝘷𝘪𝘴𝘪𝘰𝘯𝘴 𝘰𝘧 𝘌-𝘐𝘯𝘷𝘰𝘪𝘤𝘪𝘯𝘨 𝘴𝘩𝘢𝘭𝘭 𝘣𝘦 𝘢𝘱𝘱𝘭𝘪𝘤𝘢𝘣𝘭𝘦 𝘰𝘯 𝘢𝘭𝘭 𝘵𝘩𝘦 𝘵𝘢𝘹𝘱𝘢𝘺𝘦𝘳𝘴 𝘩𝘢𝘷𝘪𝘯𝘨 𝘢𝘨𝘨𝘳𝘦𝘨𝘢𝘵𝘦 𝘵𝘶𝘳𝘯𝘰𝘷𝘦𝘳 𝘰𝘧 10 𝘊𝘳𝘰𝘳𝘦𝘴 𝘰𝘳 𝘮𝘰𝘳𝘦. 𝘛𝘩𝘪𝘴 𝘩𝘢𝘴 𝘣𝘦𝘦𝘯 𝘳𝘦𝘥𝘶𝘤𝘦𝘥 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘱𝘳𝘦𝘷𝘢𝘪𝘭𝘪𝘯𝘨 𝘭𝘪𝘮𝘪𝘵 𝘰𝘧 20 𝘊𝘳.

25th Aug, 2022 | Update on MCA21 Version -3

In view of the upcoming launch of 09 Company forms in version-3, LLP filings on MCA21 V-3 portal will not be available from 27th Aug (00:00AM) to 28th Aug (23:59hrs).

However, MCA21 V-2 Portal for company filings will remain available.

*MCA Update | 19/08/2022 |

MCA notifies Companies (Incorporation) Third Amendment Rules, 2022

Rule 25B to be read after 25A

*25B. PHYSICAL VERIFICATION OF THE REGISTERED OFFICE OF THE COMPANY - BY ROC*

ROC has to prepare Physical Verification Report of the Registered Office of the company in the given format.

Need to attach Photograph of the Registered Office of the company to his report

-Copy of Agreement /ownership / rent agreement /NOC of the Registered Office of the company from owner /tenant / lessor-Self attested ID-card of the person available, if any.

Independent witness of the locality. Assistance of the local police for such verification

Link: https://www.mca.gov.in/content/mca/global/en/home.html

The Ministry of Corporate Affairs is launching first set of Company Forms in MCA21 V3 portal.

These forms will be launched on 31st August, 2022.

Following forms will be rolled out in this phase:
1- Form DIR-3 KYC Web,
2- Form DIR-3 KYC
3- Form DPT-3 & DPT-4
4- Form CHG-1, CHG-4, CHG-6, CHG-8 & CHG-9.

To facilitate implementation of these forms in V3 portal, stakeholders are advised to note the following points:

1- Company e-filing on V2 portal will be disabled from 15th August, 2022 12:00 AM for the above 9 forms. All stakeholders are advised to ensure that there are no SRNs in pending payment and resubmission status.

2- Offline payments for the above forms in V2 using Pay Later option would be stopped from 07th August, 2022. You are requested to make payments for theses forms in V2 through online mode.

E-invoice limit reduced from Rs. 20 Crores to Rs. 10 Crores wef 01st October, 2022.

Any registered person having aggregate turnover exceeding Rs. 10 Crores in any FY 2017-18 onwards has to issue E-invoice from 01st October, 2022.

*Attention*

File a Income Tax Return now & avoid late fee upto Rs. 5000/-

Don't wait for the last date (31st July, 2022)

Not filling income tax return can result in higher TDS next year.

There is no chances of extension only 5 days left...

In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching first set of Company Forms on MCA21 V3 portal. These forms will be launched on 31st Aug 2022 at 12:00 AM. Following forms will be rolled-out in this phase: DIR3-KYC Web, DIR3-KYC Eform, DPT-3, DPT-4, CHG-1, CHG-4, CHG-6, CHG-8 & CHG-9. To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points:

(1). Company e-Filings on V2 portal will be disabled from 15th Aug 2022 12:00 AM for the above 9 forms. All stakeholders are advised to ensure that there are no SRNs in pending payment and Resubmission status.

(2). Offline payments for the above 9 forms in V2 using ? Pay later? option would be stopped from 07th Aug 2022 12:00 AM. You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking).

International trade settlement in Indian Rupees

*MCA UPDATE*

Relaxation of Additional fees on LLP - 11( Annual Return)

Last date to file LLP Form - 11 has been extended to *15.07.2022*

The RBI (Reserve Bank of India), extends the timeline for implementation of provision of the Credit Card & Debit Card Issuance And Conduct Directions, 2022

Relaxation in paying additional fees in case of delay in filing Form 11(Annual Return) by Limited Liability Partnerships up to 30th June, 2022.

Link:

https://www.mca.gov.in/bin/dms/getdocument?mds=bPU6zFGIKpt0gBxXLV99nw%253D%253D&type=open

🧾PAN linking updates

Time of Linking of PAN with Aadhar extended to *31.3.2023*.

However now for linking PAN with Aadhar after 31st March,2022 a fee is being levied .

This fee payable for linking PAN with Aadhar between 1st April,2022 and up to 30th June,2022 shall be Rs 500/-. This fee will get increased to Rs 1,000/- for linking PAN with Aadhar from 1st July,2022 to 31st March, 2023. After that from 1st April, 2023 the PAN will become inoperative if not linked with Aadhar number.

🧾 ITR Updates

✅The last date to file Income Tax Return for AY 2021-22 is 31st March, 2022.

✅After 31st March, 2022, Income Tax Return for AY 2021-22 cannot be filed. Further, not filing of ITR can result in higher TDS next year.

✅Further, updating of tax return as per the new provisions being introduced by Finance Bill, 2022 will attract additional liability of 25%.

✅So file your income tax return on or before 31st March, 2022 with late filing penalty.

THE THREE LAWS OF SUCCESSFULLY HANDLING WEALTH

✅ First learned to live upon less than you could earn.

✅ Next you learned to seek advice from those who were competent through their own experiences to give it. And,

✅ Lastly, you have learned to make gold work for you.

_GST UPDATE_

E-invoicing mandatory

CBIC has made the e-invoicing system mandatory for taxpayers with a *Turnover higher than Rs.20 crore from 1st April 2022.* Earlier it was 50 Crore.

Therefore the taxpayer’s whose turnover in the financial year 2021-22 (01.04.21 to 31.03.22) was Rs. 20 Crore and more have to generate e-invoice on all *B2B supplies* starting from 01.04.2022.

Notification No. 1/2022 - Central Tax, dated 24-02-2022

LLP filings not Available from 25th Feb to 05th Mar 2022

Keeping in view of proposed launch of LLP Modules in MCA21 V3, please
take note that LLP e-Filings will not be available from 25th Feb 2022, 12:00
AM till 05th Mar 2022, 11:59 PM

Regards

*MCA Site V3 for LLPs*

Many new changes are coming in Filing process and Payment methodology in V3.
FAQs issued by MCA for LLP V3.
https://www.mca.gov.in/content/dam/mca/pdf/v3FAQs_20022022.pdf

Regards

Vacancy for the position of Management Trainees at J R MANUVER AND COMPANY (Practising Company Secretary) located in Rajouri Garden New Delhi (walking distance from Rajouri Garden Metro Station).

Candidate will get exposure to compliance under the Companies Act, FEMA, GST, IPR, Income Tax, Drafting etc.

Mail your CV to : [email protected]