Biz Formation

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7 Day Course - 1 » Brahma Kumaris | Official This section has the posters (in Hindi) that can be part of exhibitions held by the Prajapita Brahma Kumaris Ishwariya Vishwa Vidyalaya. These are part of the

God Shiv baba has arrived on earth
Gives message that its a transformation period from Kalyug to Satyug.

The CBDT has notified additional conditions under the seventh proviso to section 139(1) whereby return filing is made mandatory in case turnover from business or gross receipt from profession exceeds Rs. 60 lakh or Rs. 10 lakh, respectively. Further, return filing shall be mandatory if the amount of tax deducted and collected in case of a person exceeds Rs. 25,000 or deposit in saving bank account(s) is Rs. 50 lakh or more.

Biz Formation updated their business hours.

Accountant

Accounts

Director Identification Number (DIN)

Director Identification Number (DIN)

Director Identification Number or is a registration required for any person who wishes to register a company or become a Director of an existing company in India.

> Procedure for Obtaining DIN

Obtain DIN for a person who wishes to become a Director by filing form DIN-1 on the website. Only a natural living person can act as the Director of a company. Hence, obtaining DIN is possible only for natural persons and cannot obtain it for any artificial legal entities like company, , , etc., The following documents need to be submitted for obtaining DIN:

1. Photograph of the Applicant
2. Proof of identity of the applicant
3. is mandatory in case of Nationals
4. is mandatory in case of Foreign Nationals
5. Proof of of the applicant

In addition to the above documents, in case of filing of form DIN-1 for obtaining Director Identification Number for a person, then the document must be signed with a Digital Signature of the applicant. Hence, the digital signature certificate is a requirement for obtaining Director Identification Number.

> Provisional DIN Number

DIN number is usually auto-generated on submission of the DIN application. However, in some cases, there is an allocation of provisional DIN in case of any defect in the application or as a part of the regular process. In case of a provisional DIN, it provides a letter to the applicant detailing the defect and re-submission of the DIN application. In such cases, the application can be re-filed with corrections or with a Chartered Accountant or Company Secretary signature within fifteen days from the time of notification for resubmission.

> Common Reasons for DIN Rejection

1. Applicant’s name and father’s name mentioned in abbreviated form. – Expand the Name even if the ID proof contains the name in abbreviated form.
2. Mismatch in the Name and Father’s Name in DIN form with the ID (Identity) proof enclosed. – Any mismatch in Name, including spelling mistake, may lead to rejection of the application. It accepts the minor spelling deviations in the father’s name if such deviations do not materially impact the name.
3. Prefixes like Mr. / Ms. / Kumari / Shri etc. used in the applicant’s name.
4. Residence proofs like Bank Statements, Electricity Bill, Telephone Bill, Utility bills etc. submitted are older than 2 months of submitting the application for verification OR such documents are in the name of some other person, for example, father or spouse.
4. The supporting documents are not duly attested i.e. Name, Designation, Membership/ Practicing certificate number etc. are not clearly indicated. – If the seal/ stamp does not contain membership/practising certificate number, the same may be recorded by hand.

Do not attach expired Passport / Driving License / Identity proofs etc. – Only attach documents which are currently valid.

> DIN Validity

DIN is valid for the lifetime of the applicant. Also, after obtaining DIN, an applicant should not reapply for DIN, i.e. not hold more than one DIN at any point in time.

Source:
The above article is shared from IndiaFilings.com

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For preparation of balance sheet and Tax Audit

For Preparation of Balance Sheet, Tax Audit

1. CBDT - Extension of Due Dates of Filing Returns and TDS/TCS for Tax Payers/Assesses: On Account of the surge in COVID cases, the following dates have been extended by the CBDT

2. Due date for filing return of income for AY 2021-22 extended to 30th September, 2021 from 31st July, 2021 – Regular Assesses

3. Due date of Filing Return of Income for Tax Audit Assesses – Extended to 30th November, 2021 from 31st October,2021

4. Due date of furnishing Tax Audit Report extended to 31st October, 2021 from 30th September, 2021

5. Due date of Filing Belated/Revised Return of income extended to 31st January, 2022 from 31st December, 2021

6. Due date of Transfer Pricing Study Report extended to 30th November, 2021

7. SFT Due date extended to 30th June, 2021 from 31st May, 2021

8. Statement of Reportable Account - extended to 30th June, 2021 from 31st May, 2021

9. TDS Statement for Q4 of FY 2020-21 extended to 30th June, 2021 from 31st May, 2021

10. Form 16 Issue Date – extended to 15th July, 2021 from 15th June, 2021

TDS on cash withdrawal will be applicable if The total cash withdrawal across all accounts under your PAN exceeds Rs.20 Lakh / Rs.1 Crore in a financial year.

3. TDS will be charged on the amount withdrawn above Rs.20 Lakh / Rs.1 Crore. The cash withdrawal limit for this financial year will be considered from April 1, 2021. Banks will consider all your cash withdrawals at the Primary CRN (Customer Relationship Number) level

4. Rate of TDS will be as under: Aggregate cash withdrawals in all accounts in a Financial Year and Income Tax Return copy submitted to bank:
Up to Rs.20 Lakh - Nil
Rs.20 Lakh to Rs.1 Crore - Nil
In excess of Rs.1 Crore - 2%

5. Aggregate cash withdrawals in all accounts in a Financial Year and Income Tax Return copy not submitted to bank:
Up to Rs.20 Lakh - Nil
Rs.20 Lakh to Rs.1 Crore - 2%
In excess of Rs.1 Crore - 5%

6. The following entities are exempted from TDS on cash withdrawal:
State and Central Government accounts
Banking company or co-operative society engaged in carrying on the business of banking or a post office.
Any white label automated teller machine operator of a banking company or co-operative society engaged in carrying on the business of banking, in accordance with the authorization issued by the Reserve Bank of India.
Business correspondent of a banking company or co-operative society engaged in carrying on the business of banking.
Such other person(s) as the Central Government may notify

7. Income Tax Act,1961 - section 194N: If PAN is not updated in the account then TDS deduction @ 20% as per section 206AA of the Income Tax Act will apply. For foreign companies, foreign partnership firms, Non-residents additional surcharge and health & education cess will be applicable as per Income Tax law.

8. Income Tax Section- 194N requires customer to submit Income Tax returns for any of the earlier 3 years. For example, For FY 21-22, customer will be required to submit ITR either of FY 2019-20, FY 2018-19 or FY 2017-18.

TDS on cash withdrawal will be applicable if The total cash withdrawal across all accounts under your PAN exceeds Rs.20 Lakh / Rs.1 Crore in a financial year.

Central Board of Direct Taxes issued notification and allowed hospitals to accept cash payment in excess of 2 lakh. Exemption, applicable for a period between April 1-May 31, 2021, would be subject to providing the permanent account number or Aadhar number of the patient or of any other person making the payment on behalf of the patient and his relationship with the patient.

Purchase or sale of immovable property The Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities. While buying or selling a property, one must make sure that cash transaction above Rs. 30 lakh is questionable as income tax department discourages cash transaction beyond this limit in a real estate deal.

Purchases of bank drafts, pay orders, purchase order’s or bankers cheque in cash for Rs 10 lakh or more in a year must be report. If assesses purchases bank draft, , pay orders, purchase order’s or bankers cheque of more than Rs.10 lakhs in a financial year than bank will report it to Income Tax authority.

Cash deposit in Savings account For an individual, the cash deposit limit in savings account exceeds Rs 10 lakh in a year, the Bank is required to report this to Income Tax department. In case assesses fails to report the income in the Income Tax Return than department may issue notice for Reassessment of income under the Income Tax Act, 1961.

Relevant amendment by Finance Act, 2021 for TDS on Goods

As per Finance Act, 2021, new TDS section 194Q has been introduced with effective from 1st July’2021. Under section 194Q of the Act, tax to be deducted on purchase of goods @ 0.1% if purchaser having total turnover more than Rs. 10 crores during immediately preceding Financial Year. TDS to be deducted on value of purchase of goods exceeding Rs. 50 lakhs