S A G S & CO

Latest RBI circular on cryptocurrency:

1. RBI said in a circular (RBI/2021-22/45) that In view of the order of the Supreme Court, the circular banning the use of digital currencies by banks or facilitating customers to deal in digital currencies is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.

2. State Bank of India and HDFC Bank had earlier, cautioned their customers against dealing in virtual currencies such as Bitcoin citing the April 2018 order of the RBI.

3. The said April 2018 RBI Circular read as follows: It has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.

4. The Hon Supreme Court had set aside the above 2018 circular. (Civil No.528 of 2018 (Internet and Mobile Association of India vs Reserve Bank of India))

Cash receipt above Rs 2L allowed for hospitals:

Background:
Sec 269ST of the Income Tax Act provides that no person shall receive an amount of Rs 2 Lakhs or more in cash from a person in a day or in respect of a single transaction or in respect of transactions relating to one event/occasion.

CBDT has vide notification no 56/2021 dated 7/5/21, provided that:

1. Cash receipt over Rs 2 lakh would be allowed for hospitals, dispensaries, nursing homes, COVID care centres or similar other medical facilities providing COVID treatment to patients

2. The payment has to be made during the period 1/4/21 to 31/5/21.

3. Following details are required to be submitted:
· the PAN or Aadhaar of the patient
· the PAN or Aadhaar of the payee and
· the relationship between the patient and the payee

Two important observations:

1. It is imperative that the hospital shall provide COVID facilities but it is not necessary that the payment in cash is made only for COVID treatment.

2. Relationship between patient and the hospital has to be declared.

3 circulars issued by mca today:
1. Relaxation of time for filing certain forms having due date between 01st April to 31st May upto 31st July 21http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf

2.Relaxation of charges formshttp://www.mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf

3. Gap between two board meetingshttp://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf

www.mca.gov.in

S A G S & CO updated their website address.

Wishing you and your family a very happy Diwali💐🪔

Happy Dhanteras

*GST turnover now appearing in FORM 26AS from FY 2019-2020*

GSTR-3b return month wise details from FY 2019-2020 now appearing in FORM 26AS

*Following information are reflected in Form 26AS:-*

1. GST number
2. ARN Number
3. Date of filing of GST return
4. Return period
5. Taxable Turnover
6. Total Turnover

IMPORTANT
Council recommended / decided the following:
a. Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13th of the month succeeding the quarter w.e.f. 01.1.2021;
b. Roadmap for auto-generation of GSTR-3B from GSTR-1s by:
i. Auto-population of liability from own GSTR-1 w.e.f. 01.01.2021; and
ii. Auto-population of input tax credit from suppliers’ GSTR-1s through the newly developed facility in FORM GSTR-2B for monthly filers w.e.f. 01.01.2021 and for quarterly filers w.e.f. 01.04.2021;
c. In order to ensure auto population of ITC and liability in GSTR 3B as detailed above, FORM GSTR 1would be mandatorily required to be filed before FORM GSTR3Bw.e.f. 01.04.2021.
d. The present GSTR-1/3B return filing system to be extended till 31.03.2021 and the GST laws to be amended to make the GSTR-1/3B return filing system as the default return filing system.

IMPORTANT UPDATE

w.e.f. 01.04.2021
Revised Requirement of declaring HSN for goods and SAC for services in invoices and in FORM GSTR-1w.e.f. 01.04.2021 as under:
a. HSN/SAC at 6 digits for supplies of both goods and services for taxpayers with aggregate annual turnover above Rs. 5 crores;
b. HSN/SAC at 4 digits for B2B supplies of both goods and services for taxpayers with aggregate annual turnover upto Rs. 5 crores;
c. Government to have power to notify 8 digit HSN on notified class of supplies by all taxpayers

*The various Key Changes which are Noticed in ITR-6 for Assessment Year 2020-21 👇🏻👇🏻👇🏻®️.*

1. *Firstly,* a new option is added in the ‘Filing Status’ section with regard to exercising of option under section 115BAA/115BAB introduced by Option needs to be exercised in Form 10-IC/10-ID.

2. *Secondly,* from sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A’ is inserted and notified in this year’s ITR to report individual scrip wise details on long term shares which was earlier exempt from tax and eligible for grandfathering.

Earlier, this was introduced in the later version e-filing utility for AY 2019-20, but made optional.

3. *Thirdly,* for NON-RESIDENTS – From sale of equity share in a company or unit of equity oriented fund or unit of a business trust on which STT is paid under section 112A’ is inserted.

4. *Fourthly,* if the taxpayer has made any investment/ deposit/ payments between 01.04.2020 to 30.06.2020, then he has to fill Schedule DI.

5. *Fifthly,* in preceding AY 2019-20, only one bank account was allowed to be selected for refund credit.

In AY 2020-21, multiple bank accounts are allowed to be selected for getting the refund credit. In case multiple accounts are selected for refund credit, then refund will be credited to one of the accounts decided by CPC after processing the return.

Lately, a new ‘Schedule DI – Details of Investment’ is added to report investment/expenditure made between April 1, 2020 to June 30, 2020.

Belated/Revised ITR filing due date for FY 2018-19 further extended to 30/11/2020

Government has *extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020*.

*Three Important GST Notifications:*

1️⃣Time limit for issuing invoice if falls between 20 March, 2020 to 30 October, 2020 in respect of goods sent outside India on approval for sale or return basis, now extended to 31st October, 2020 NN. 66/2020-CT dt. 21.09.2020.

2️⃣Waiver of late fees for filing GSTR 4, having NIL tax Liability and Capping of Rs. 500/- for those who are having tax liability for quarters in July, 2017 to March, 2020, if furnishes the said return in a period 22nd Sept to 31st Oct, 2020 vide NN. 67/2020 dt. 21.09.2020.

3️⃣Waiver and Capping of late fees of Rs. 500/- for the registered persons who fail to furnish the return in FORM GSTR-10 (Final Return) by due date but furnishes the said return between the period from 22nd September, 2020 to 31st December, 2020 vide NN. 68/2020-CT dt. 21.09.2020.

*Late fee for GSTR-4 waived off / reduced from July 17 to March 20*

✅ *Condition:* GSTR-4 needs to be filed between 22 Sept to 31 Oct, 20

✅ *Waiver Type:*
1.) If Tax Payable is NIL - Late fee waived off fully

2.) If Tax Payable exists - Only Rs 250 late fee will be levied

Source : Notification No. 67/2020

Happy Chartered Accountant’s Day

CBDT has issued a notification today further extending few of the time limits of compliances under Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 as under:

👉 Due date for filing Income Tax Return for F.Y 2018-19 has been extended to 31st July, 2020

👉 Waiver of interest u/s 234A in cases where self assessment tax is upto Rs 1 lac

👉 Deductions under Ch-VIA like Sec 80C, 80D, 80G, etc can now be made upto 31st July, 2020.

👉The date for furnishing of TDS/TCS statements for the quarter ending on 31st March, 2020 has been extended to 31st July, 2020

FM Nirmala Sitharaman Announcements today on Compliances (24.03.2020):

*1. INCOME TAX*
- Last date of filing Income Tax Return FY 2018-19 increased to 30.06.2020
- Interest Rate delayed payment reduced from 12% to 9%
- Delayed deposit of TDS interest rate 9% till 30.06.2020

*2. Due date extended to 30.06.2020*
- Aadhar- Pan Linking
- Vivad se Vishwas Scheme
- Sanction/Appeal/ Certificate/ Order/ Application etc including Investment in Saving Scheme, Capital Gain, Prohibition of Benami, Benami Law where due dates between 20th March to 29th June : All extended to 30th June

*3. GST*
- Last date of March, April and May of GST Return filing extended to 30.06.2020
- Companies less than 5 Crore : No late fees, interest, penalty
- Companies more than 5 Crore : No late fees, penalty; Interest leviable at 9%
- Composition Scheme Option avail upto 30.06

*4. Customs and Central Excise*
- Sabka Vishwas extended to 30.06.2020

- Customs Clearance will work 24*7 upto 30.06.2020

*5. MCA*
- Board meeting holding relaxed for 60 days for next 2 Quarters
- CARO Applicability postponed to FY 2020-21
- No violation even if Independent Director held no meeting
- Newly incorporated company - Commencement of business certificate : additional 6 months
- Resident Director requirement not violation
- Deposits Repayment Reserve requirement and 15% Debenture repayment investment to be invested : till 30.4.2020 extended to 30.6.2020

*6. IBC*
- Default threshold increased from Rs. 1 lakh to Rs. 1 crore
- Section 7, 9, 10 may be suspended for 6 months

Comparison between Present and New Tax Slabs

Income tax extends due date for audit by 1 month

Snapshot of FM’s speech

1. GST returns to be further simplified
2. Monetary penalties will be on focus, no prosecution anymore. Not fulfilling CSR will be a civil offence, not criminal offence
3. all IT summons will be issued from a centralized system
4. Any notice without a Document Identification Number (DIN) will be treated as invalid. All old notices will be uploaded with DIN on or before 31st October 2019.
5. All notices on which responses have been received will be closed within 3 months from the date of response.
6. Enhanced surcharge on CGs in case of FPIs removed
7. Section 56(2B) of IT Act, 1961 shall be not applicable to a registered startups. A dedicated cell in CBDT will be available to resolve issues related to startup
8. Benefit of Interest Rate reduction will be passed on by the banks.
9. Banks to link Repo rates with Interest rates on loan : Working capital loan and Home loan interest rate change to be effected immediately once RBI repo rate changes
10. Bank Documentation after loan repayment to be completed within 15 days.
11. Online tracking of loan application will be available with status.
12. Banks for One-time settlement of loan by MSME will follow a check box approach
13. Banks to classify matters as Vigilance and Non-vigilance to improve decision making process
14. NBFC to be permitted to use Aadhar authenticated bank KYC to avoid repeated process.
15. All pending GST refund due till date to MSMEs shall be paid within 30 days.
16. All new GST refund due to MSMEs shall be paid within 60 days
17. MSME definition will soon have one single definition
18. Bond markets in India to be deepened.
19. Indian companies to access global markets – Depository Receipt Scheme to be operationalised
20. Aadhar based KYC for domestic retail investors
21. Measures to bring Offshore rupee market to domestic stock exchanges
22. Delayed Infra payment from Government / Central Public Sector Enterprises (CPSEs) will be dash boarded and monitored for early clearance.

Automobile sector:
23. BS-IV vehicles purchased till 31.3.2020 will remain operational for entire period of registration.
24. Revision of one-time registration fee is deferred till June 2020.
25. Additional 15% depreciation on all vehicles acquired from now till March 2020 is available (in essence 30%)
26. Both Electric Vehicles and Internal Combustion vehicle will continue to be registered.
27. Government departments to replace old vehicles with new ones

Will you able to file your Company ITR within time in view of New disclosure requirements in ITR -6 (Company) for A.Y 2019-20

All Companies to think twice even before filing ITR -6 for AY 2019-20, will company able to file ITR-6 in time is a BIG question due to a new requirement which is as under:-

1. Schedule SH-1 – As per this new table now all Unlisted Companies are required to give details of all shareholder. Following are the details which new ITR requires from companies:-

Details of shareholding at the end of the previous year

Name of each Shareholder
Residential Status in India
Type of Share
PAN of all shareholder
Date of allotment of each share
Number of Shares held
Face Value per share
Issue price per share
Amount Received

Details of equity Share application money pending allotment at the end of the previous year

Name of the applicant
Residential Status in India
Type of Share
PAN
Date of application
Number of shares applied for
Application money received
Face value per share
Proposed issue price

Details of shareholders who are not a shareholder at the end of the previous year but was a shareholder at any time during the previous year

Name of Shareholder
Residential Status in India
Type of Share
PAN
Number of Shares held
Face Value per share
Issue price per share
Amount Received
Date of allotment
Date on which cease to be a shareholder
Mode of cessation
In case of transfer, the PAN of the new shareholder

As per Instruction of ITR form details to be provided in able table Schedule SH-1 states that Shareholding of Unlisted Company (other than a start-up for which Schedule SH-2 is to be filled up) If you are an unlisted company, please furnish the following details in respective columns of this Schedule: (i) The details of shareholding as on 31st March, 2019; (ii) The details of share application money pending allotment as on 31st March, 2019; and (iii) The details of shareholder who did not have a shareholding as on 31st March, 2019 but had a shareholding during the financial year 2018-19. Please note that if you are a start-up which has filed a declaration in Form-2 with DPIIT, aforesaid details should be filled up as per Schedule SH-2 and not in this Schedule, otherwise fill this Schedule.

Schedule AL-1 – Assets and liabilities as at the end of the year (for the unlisted company other than start-up for which Schedule AL-2 is required to be filled up) If you are an unlisted company, please furnish the details of assets and liabilities of the company in the respective items of this Schedule. Please note that if you are a start-up which has filed a declaration in Form-2 with DPIIT, aforesaid details should be filled up as per Schedule AL-2 and not in this Schedule, otherwise, fill this Schedule

2. Schedule AL-1:- As per this new table now all Companies is required to give details of Assets and liabilities despite filling details of Balance sheet in ITR -6. Following are the details required for filing ITR-6.

A.Details of the building or land appurtenant thereto, or both, being a residential house

Address
Pin Code
Date of Acquisition
Cost of Acquisition
Purpose for which used

B.Details of land or building or both not being in the nature of the residential house

Address
Pin Code
Date of Acquisition
Cost of Acquisition
Purpose for which used

C.Details of listed equity shares

Opening balance

Number of Shares
Type of Share
Cost of Acquisition

Shares acquired during the year

Number of Shares
Type of Share
Cost of Acquisition

Shares transferred during the year

Number of Shares
Type of Share
Sale Consideration

Closing Balance

Number of Shares
Type of Share
Cost of Acquisition

D.Details of unlisted equity shares

Name of Company
PAN
Opening Balance

Number of Shares
Cost of acquisition

Shares acquired during the year

No. of shares
Date of subscription/purchase
Face value per share
Issue price per share (in case of fresh issue)
Purchase price per share (in case of purchase from existing shareholder)

Shares transferred during the year

No. of shares
Sale consideration

Closing Balance

No. of Shares
Cost of acquisition

E.Details of other securities

Type of securities
Whether listed or unlisted
Opening Balance

No. of securities
Cost of acquisition

Shares acquired during the year

No. of securities
Date of subscription/purchase
Face Value per share
Issue price per securities (in case of fresh issue)
Purchase price per securities (in case of purchase from existing shareholder)

Securities transferred during the year

No. of Securities
Sale consideration

Closing Balance

No. of securities
Cost of acquisition

F.Details of capital contribution to other entity

Name of entity
PAN
Opening Balance
Amount contributed during the year
Amount withdrawn during the year
Amount of profit/loss/dividend/interest debited or credited during the year
Closing Balance

G.Details of Loans & Advances to any other concern (If money lending is not assessee’s substantial business

Name of the person
PAN
Opening person
Amount received
Amount paid
Interest debited if any
Closing balance

H.Details of the motor vehicle, aircraft, yacht or other modes of transport

Particulars of assets
Registration number of vehicle
Cost of acquisition
Date of acquisition
Purpose for which used

I. Details of Jewellery, archaeological collections, drawings, paintings, sculptures, any work of art or bullion

Particulars of asset
Quantity
Cost of acquisition
Date of acquisition
Purpose of use

J.Details of liabilities
Details of loans, deposits, and advances taken from a person other than a financial institution:

Name of the person
PAN
Opening Balance
amount Received
Amount paid
Interest Credited if any
Closing Balance
Rate of Interest%

Companies have to prepare the above data before start filing ITR -6 for AY 2019-20. By going through the above requirement it will be very time consuming for all company to prepare and filing ITR in time. Specifically, the way details required for each shareholder like Name of Shareholder, PAN No. of each shareholder, share allotment date, Issue price etc. Even ITR form required details of all shareholder which are not shareholder as on 31.03.2019 but was a shareholder as on 01.04.2018.

Income Tax Searches in Tamil Nadu net more than Rs 700 crore

pib.nic.in The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one

Income Tax Searches in Tamil Nadu net more than Rs 700 crore

Income Tax Searches in Tamil Nadu net more than Rs 700 crore http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1581761&RegID=3&LID=1 #.XU78rDcVHpE.whatsapp

pib.nic.in The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one

Delayed filing of returns: Rs 4,172 crore late fee collected since GST launch

Delayed filing of returns: Rs 4,172 crore late fee collected since GST launch?utm_source=whatsapp&utm_medium=social&utm_campaign=WhatsappShare : https://indianexpress.com/article/business/economy/delayed-filing-of-returns-rs-4172-crore-late-fee-collected-since-gst-launch-5579019/

indianexpress.com Fee for late filing of returns is Rs 25 per day for CGST and an equal amount under State GST.

*વચગાળાના બજેટની મુખ્ય જાહેરાતો:*
- 11 વાગ્યે લોકસભામાં બજેટ ભાષણનો કાર્યકારી નાણાં મંત્રી પીયૂષ ગોયલે પ્રારંભ કર્યો
- મોદી સરકારની યોજનાઓ અને સિદ્ધીઓનો ઉલ્લેખ કર્યો
- સરકાર પ્રધાનમંત્રી સમ્માન નીધિ યોજના અંતર્ગત નાના ખેડૂતોને 6,000 રૂપિયાનો સીધો લાફ બેન્ક ખાતામાં ટ્રાન્સ્ફર કરાશે. આ રકમ (રૂ. 2,000 હજાર)ના ત્રણ ભાગમાં આપવામાં આવશે. ડિસેમ્બર 2018થી આ યોજના લાગુ કરાશે. અંદાજીત ખર્ચ 75000 કરોડ થશે જે સરકાર ભોગવશે.
- પ્રધાન મંત્રી સમ્માન નીધિ યોજનાનો લાભ દેશના 12 કરોડ ખેડૂતોને મળશે: ગોયલ
- કુદરતી સંકટમાં નાશ થયેલા પાક બદલ ક્રોપ લોનને રીશીડ્યૂલ કરવાને બદલે ખેડૂતને 2 ટકા વ્યાજ માફી અને સમયસર લોન ભરપાઈ કરે તો વધુ 3 ટકા વ્યાજ માફી આપવાની જાહેરાત
- ચાલુ ખાતાની ખાધ ચાલુ વર્ષે જીડીપીના 2.5 ટકા રહી શકે, ફિસ્કલ ડેફિસિટ જીડીપીના 3.4 ટકા રહેવાની વકી
- આ દેશના સંશાધનો પર ગરીબોનો સૌપ્રથમ હક રહેલો છે: FM
- MNREGA હેઠળ 2019-20માં 60,000 કરોડ ફાળવાશે: ગોયલ
- પ્રધાન મંત્રી શ્રમયોગી માનધન નામ હેઠળ પેન્શન સ્કીમની જાહેરાત જેમાં અસંગઠીત ક્ષેત્રના કર્મીઓને 60 વર્ષની ઉંમર બાદ મહિને 3,000 રૂપિયા મળશે. 100 રૂપિયા પ્રતિ માસનું યોગદાન આપવાનું રહેશે.
- ગરીબો, જમીન વિહોણા ખેડૂતોને યોગ્ય આવકની મદદની જરૂર છે: FM
- વિચરિત જાતિના લોકોના ઉત્થાન માટે સરકાર વિશેષ રણનીતિ અમલમાં લાવશે: ગોયલ
- 22 નક્કી કરાયેલા પાક ઉપર MSP ઉત્પાદન ખર્ચ કરતા 50 ટકા વધુ: FM
- જન ઔષધી સ્ટોર્સમાંથી દવાઓ સસ્તા દરે ઉપલબ્ધ કરાવાશે
- 21 AIIMS દેશમાં કાર્યરત છે જે પૈકી 2014થી અત્યાર સુધીમાં 14 AIIMSને મોદીસ રકારે મંજૂરી આપી. વધુ એક AIIMS હરિયાણામાં સ્થાપાશે
- 10 લાખ દર્દીઓને આયુષ્માન ભારત યોજના હેઠળ સારવાર મળી. દેશની સૌથી વિશાળ સ્વાસ્થ્ય યોજના છે: ગોયલ
- LED બલ્બના ઉપયોગથી 50,000 કરોડ સુધીની વીજ બિલમાં બચત થઈ: FM
- પ્રધાનમંત્રી આવાસ યોજના અંતર્ગત 2014-18માં 1.53 કરોડ મકાનોનું બાંધકામ કરાયું
- ગાયોના જતન માટે રાષ્ટ્રીય કામધેનુ આયોગની બજેટમાં જાહેરાત કરતા ગોયલ
- મધ્યમ અને ગરીબ ઘરોને 143 કરોડ એલઈડી બલ્બ પૂરા પાડવામાં આવ્યા
- 2014માં 2.5 કરોડ ઘરો વીજ જોડાણ વિહોણા હતા. અમે તમામ ઘરોને વીજ જોડાણ પૂરા પાડ્યા
- પ્રધાન મંત્રી ગ્રામ સડક યોજના હેઠળ રોડ નિર્માણમાં ત્રણ ગણો વધારો
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-42 અસંગઠીત ક્ષેત્ર માટે પેન્શન યોજનાની જાહેરાત જેમાં કર્મચારીને 60 વર્ષની ઉંમરે નિવૃત્તિ બાદ લઘુત્તમ રૂ. 3,000નું પેન્શન મળશે
સ્ટાન્ડર્ડ ડિડક્શનની મર્યાદા રૂ. 40,000થી વધારીને રૂ.50,000 કરાઈ
પ્રતિ વર્ષ 2.4 લાખના મકાન ભાડા પર કોઈ TDS લાગશે નહીં
પોસ્ટ અને બેન્ક ડિપોઝિટ પર TDS મર્યાદા રૂ.10,000થી વધારીને રૂ.40,000 કરાઈ
5 લાખ સુધીની વ્યક્તિગત આવક ધરાવતા પગારદાર પર કોઈ જ ટેક્સ નહીં
1.5 લાખ સુધીના રોકાણ પર 6.5 લાખ સુધીની આવક ધરાવતા પગારદારને કોઈ જ ટેક્સ ભરવો નહીં પડે
3 કરોડ લોકોને આનાથી લાભ થશે, 18,500 કરોડનું સરકારને નુકસાન થશે

CA Gopal Sonecha

Coming soon: Income-tax refunds in a day

https://www.thehindubusinessline.com/news/it-return-to-be-processed-in-one-day/article26004585.ece

The Union Cabinet, in its meeting held on Wednesday, approved a proposal for an Integrated E-filing & Centralized Processing Center 2.0 Project of the Income Tax Department. It would involve a cost of Rs 4,241 crore.

thehindubusinessline.com Infosys roped in to roll out ₹4,241-crore project to make filing of returns a breeze

*Good News for those who have delayed in filing their GST Return*

Decision by GST council - 22-12-2018

Late fee shall be completely waived for all taxpayers in case FORM GSTR-1, FORM GSTR-3B &FORM GSTR-4 for the months / quarters July, 2017 to September, 2018, are furnished after 22.12.2018 but on or before 31.03.2019.

So, if are yet to file your old GST returns, now you can file without late fees

GST Rates Of 33 Items Slashed From 18% To Lower Slabs

33 Items Moved From 18% GST Slab To 12%, 5% https://www.ndtv.com/business/goods-and-services-tax-gst-slab-rate-these-items-got-cheaper-after-council-cuts-gst-1966602

ndtv.com GST, the government's biggest tax reform, sets rates from 28 per cent to 5 per cent on most items, replacing an array of central and state duties.