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Additional Fees for Annual Return Filing at MCA will be Rs.100/day…

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ANNUAL-RETURNS-FILING-AT-THE-CORPORATE-AFFAIRS-COMMISSION-CAC_1

The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May 2018. Accordingly, in case the due date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 expires after 30/06/2018, the additional fee @Rs.100 per day shall become payable in respect of
MGT-7, AoC-4, AoC-4 XBRL and AoC-4 CFS.
In all other cases where the belated annual returns or balance sheet/financial statement which were due to be filed whether under the Companies Act,1956 (23AC,23ACA,23AC XBRL,23ACA XBRL,20B,21A) or the Companies Act, 2013 (MGT-7, AoC-4, AoC-4 XBRL and AoC-4 CFS)additional fee as per the applicable slab for the period of delay up to 30th June 2018 plus @Rs.100 per day w.e.f 1st July 2018 shall become payable. Stakeholders are advised to take note and plan accordingly.

The Current Additional Fees Structure is as follows:

Additional fee rules
Period of delays All forms  Additional Fees
Up to 30 days 2 times of normal fees
More than 30 days and up to 60 days 4 times of normal fees
More than 60 days and up to 90 days 6 times of normal fees
More than 90 days and up to 180 days 10 times of normal fees
More than 180 days 12 times of normal fees
Additional Fees for Annual Return Filing at MCA will be Rs.100/day…

Know your due dates for Statutory Compliance – May 2018

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due date bann

KNOW YOUR DUE DATES
May-18
DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
01/05/2018 COMPANIES ACT: Last date for filing application under Condonation Delay Scheme for companies who had defaulted in filing Annual returns and whose Directors are disqualified e-CODS
07/05/2018 INCOME TAX: Deposit of TDS/TCS collected during April, 2018 281
10/05/2018 GST: Last date for submission of details of outwards supply for the month April, 2018 for those having turnover more than Rs.1.50 crore and those opted for monthly returns GSTR-1
15/05/2018 INCOME TAX: Due date for issue of TDS Certificate for Tax Deducted Under Section 194-IA in the month of February, 2018 26QB
INCOME TAX: Due date for issue of TDS Certificate for Tax Deducted Under Section 194-IB in the month of February, 2018 26QC
INCOME TAX: Due date for furnishing of Form  by an office of the Government where TDS for the month of April, 2018 has been paid without the production of a challan 24G
INCOME TAX: Quarterly Statement of TCS Deposited for the Quarter Ended 3IST March, 2018 27Q
EPF: Payment of EPF Contribution for April, 2018
EPF: Consolidated Statements of  dues and remittances under EPF AND EDLI for April, 2018 12A
EPF: Monthly returns of employees who Joined/left the organisation in April, 2018 5/10
COMPANY LAW: File Unaudited Limited Reviewed Quarterly Results for Quarter Ended 31st March, 2018 as per Clause 41 of SLA
20/05/2018 GST: Details of Invoices and Payment pertaining to April, 2018 GSTR-3B
GST: Return by a person supplying Online Information and Database Acess of Retrieval Services from a place outside India to an Non-Taxable online recepient referred to in Section 14 of the IGST Act, 2017 and Rule 64 of the CGST Rules, 2017 for the month of April, 2018 GSTR-5A
GST: Return for the month of April, 2018 by Non-Resident Taxable Person GSTR-5
21/05/2018 ESI: Deposit of  ESI Contributions and Collection for April, 2018
30/05/2018 INCOME TAX: Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of April, 2018 26QB
INCOME TAX: Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of April, 2018 26QC
INCOME TAX: Submission of a statementby non-resident having a liaison office in India for the financial year 2017-18 49C
LLP: Due date for filing Annual Returns 11
COMPANIES ACT: File audited financial statements for Quarter/Year Ended 31st March, 2018 as per Clause 41 of SLA
31/05/2018 INCOME TAX: Quarterly statement of TDS deposited for the quarter ending March 31, 2018 24Q/26Q
INCOME TAX: Return of tax deduction from contributions paid by the trustees of an approved superannuation fund
INCOME TAX: Due date for furnishing of statement of financial transactionas required to be furnished under sub-section (1) of section 285BA of the Act respect of a financial year 2017-18. 61A
INCOME TAX: Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2017 by reporting financial institutions. 61B
GST: Return byan input Service Distributor for the Period July, 2017 to April, 2018 GSTR-6
COMPANIES ACT: Filing by eligible Companies who are required to prepare or voluntary prepare their Financial Statements in accordance with Companies (Indian Accounting Standards) Rules, 2015, for financial year 2016-17 AOC-4 XBRL

 

Know your due dates for Statutory Compliance – May 2018

Know your due dates for Statutory Compliance – April, 2018

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due date bann

 

KNOW YOUR DUE DATES

Apr-18
DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
01/04/2018 GST: Introduction of E-way bill for interstate movement of goods  for consignment value exceeding Rs.50000/- where E-way bill rules were passed GST EWB-01
07/04/2018 INCOME TAX: Deposit of Tax Deducted by a office of Government  during March, 2018 281
GST: Application for cancellation of  Compounding Scheme CMP-04
10/04/2018 GST: Last date for submission of details of outwards supply for the month February, 2018 for those having turnover more than Rs.1.50 crore and those opted for monthly returns GSTR-1
14/04/2018 INCOME TAX: Due date for issue of TDS Certificate for Tax Deducted Under Section 194-IA in the month of February, 2018 26QB
INCOME TAX: Due date for issue of TDS Certificate for Tax Deducted Under Section 194-IB in the month of February, 2018 26QC
15/04/2018 INCOME TAX: Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers)for quarter ending March, 2018 15CC
RERA: Quarterly update of Project Progress
EPF: Payment of EPF Contribution for March, 2018
EPF: Consolidated Statements of  dues and remittances under EPF AND EDLI for March, 2018 12A
EPF: Monthly returns of employees who Joined/left the organisation in March, 2018 5/10
18/04/2018 GST: Returns , under Composition Scheme for the Quarter ended 31st March, 2018 GSTR-4
20/04/2018 GST: Details of Invoices and Payment pertaining to March, 2018 GSTR-3B
GST: Return by a person supplying Online Information and Database Acess of Retrieval Services from a place outside India to an Non-Taxable online recepient referred to in Section 14 of the IGST Act, 2017 and Rule 64 of the CGST Rules, 2017 for the month of March, 2018 GSTR-5A
GST: Return for the month of March, 2018 by Non-Resident Taxable Person GSTR-5
21/04/2018 ESI: Deposit of  ESI Contributions and Collection for March, 2018
25/04/2018 GST: Details of Goods/Capital Goods sent to Job-worker and received back for Quarter Jan-Mar 2018 GST-ITC-4
30/04/2018 INCOME TAX: Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of March, 2018 26QB
INCOME TAX: Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of March, 2018 26QC
INCOME TAX: Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2018. 281
INCOME TAX: Due date for e-filing of a declaration  containing particulars of Form No. 60 received during the period October 1, 2017 to March 31, 2018. 61
INCOME TAX: Due date for furnishing of return by an office of the Government where TDS for the month of March, 2018 has been paid without the production of a challan 24G
INCOME TAX: Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2018.
INCOME TAX: Due date for deposit of TDS for the period January 2018 to March 2018 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H. 281
GST: Return byan input Service Distributor for the Period July, 2017 to February, 2018 GSTR-6
GST: Last date for submission of details of outward supply (Sales) for the Quarter ended 31st  March, 2018 for those having turnover less than Rs.1.50 crores GSTR-1
COMPANIES ACT: Last date for filing application under Condonation Delay Scheme for companies who had defaulted in filing Annual returns and whose Directors are disqualified e-CODS
COMPANIES ACT: Filing by eligible Companies who are required to prepare or voluntary prepare their Financial Statements in accordance with Companies (Indian Accounting Standards) Rules, 2015, for financial year 2016-17 AOC-4 XBRL
COMPANIES ACT: Half yearly return for Nidhi Companies NDH-3

 

Know your due dates for Statutory Compliance – April, 2018

GST: Effective date of E-Way bill & GSTR-3B due dates.

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moving-truck-5819445

CBEC vide notification no.15/2018 (Central Tax) dated 23rd March, 2018, notified 01st April, 2018 as the date from which the E-way bill will come into force. The text of notification is given below:

Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
Notification No. 15/2018 – Central Tax

New Delhi, the 23rd March 2018

G.S.R. …..(E).— In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government hereby appoints the 1st day of April, 2018, as the date from which the provisions of sub-rules (ii) [other than clause (7)], (iii), (iv), (v), (vi) and (vii) of rule 2 of notification No. 12/2018 – Central Tax, dated the 7th March, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R 204 (E), dated the 7th March, 2018, shall come into force.

[F. No.349/58/2017-GST(Pt)]

GSTR-3B Due  Dates for the period April, 2018 to June 2018

Adobe Spark

CBEC vide notification no.16/2018 (Central Tax) dated 23rd March, 2018, notified the due date for filing GSTR-3B returns and payment of Tax. The due date for payment and filing of GSTR-3B will be 20th the of the succeeding month; i.e, for the month April, 2018, 20th May, 2018 will be the due date for filing GSTR-3B and payment of tax. The text of the notification is given below:

Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Excise and Customs
Notification No. 16 /2018 – Central Tax

New Delhi, the 23rd March, 2018

G.S.R……(E). – In exercise of the powers conferred by section 168 of the Central Goods and
Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the Act) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B for the month as specified in column (2) of the Table below shall be furnished electronically through the common portal, on or before the last date as specified in the corresponding entry in column (3) of the said Table, namely:-

Table

Sl. No Month Last date for filing of return in FORM GSTR-3B
(1) (2) (3)
1. April, 2018 20th May, 2018
2. May, 2018 20th June, 2018
3. June, 2018 20th July, 2018

2. Payment of taxes for discharge of tax liability as per FORM GSTR-3B: Every registered person furnishing the return in FORM GSTR-3B shall, subject to the provisions of section 49 of the Act, discharge his liability towards tax, interest, penalty, fees or any other amount payable under the Act by debiting the electronic cash ledger or electronic credit ledger, as the case may be, not later than the last date, as mentioned in column (3) of the said Table, on which he is required to furnish the said return.

[F. No. 349/58/2017-GST (Pt.)]

(Dr. Sreeparvathy S.L.)
Under Secretary to the Government of India

GST: Effective date of E-Way bill & GSTR-3B due dates.

GST: GSTR – 3B and GSTR -1 to continue till June 2018…

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India-how-beneficial-is-it-with-goods-and-service-taxGST

The major recommendation made by GST Council in it’s 26th meeting are as follows:

  1. GSTR-3B and GSTR-1 extended to three months i.e., April, 2018 to June, 2018;
  2. Reverse Charge on inward supplies from unregistered persons covered U/s 9(4) of CGST Act, had been deferred till 30th June, 2018;
  3. Recommended to introduce E-way bill from 01-04-2018 for interstate movement of goods. For intrastate, the same will be decided later, but not later than 01-06-2018. Kerala Finance Minister announced that the same will be applicable in Kerala from 01-04-2018. Council had recommended few improvements in the E-way bill; and
  4. TDS/TCS provisions will remain suspended till 30-06-2018.
GST: GSTR – 3B and GSTR -1 to continue till June 2018…

Know your due dates for statutory compliance – March 2018

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due date bann

KNOW YOUR DUE DATES

MARCH 2018
DATE COMPLIANCE REQUIRED FORM NO. / CHALLAN NO.
01/03/2018 INCOME TAX: Intimation by a designated constituent entity, resident in India, of an international group for the accounting year 2016-17 3CEAB
02/03/2018 INCOME TAX: Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of January, 2018 26QB
INCOME TAX: Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of January, 2018 26QC
07/03/2018 INCOME TAX: Deposit of TDS/TCS collected during February, 2018 281
10/03/2018 GST: Last date for submission of details of outwards supply for the month January, 2018 for those having turnover more than Rs.1.50 crore and those opted for monthly returns GSTR-1
15/03/2018 INCOME TAX: Due date for furnishing of Form  by an office of the Government where TDS for the month of February, 2018 has been paid without the production of a challan 24G
INCOME TAX: Fourth instalment of advance tax for the assessment year 2018-19. 280
INCOME TAX: Due date for payment of whole amount of advance tax in respect of assessment year 2018-19 for assessee covered under presumptive scheme of section 44AD/ 44ADA. 280
INCOME TAX: Due date for issue of TDS Certificate for Tax Deducted Under Section 194-IA in the month of January, 2018 26QB
INCOME TAX: Due date for issue of TDS Certificate for Tax Deducted Under Section 194-IB in the month of January, 2018 26QC
EPF: Payment of EPF Contribution for February, 2018  
EPF: Consolidated Statements of  dues and remittances under EPF AND EDLI for February, 2018 12A
EPF: Monthly returns of employees who Joined/left the organisation in February, 2018 5/10
20/03/2018 GST: Details of Invoices and Payment pertaining to February, 2018 GSTR-3B
GST: Return by a person supplying Online Information and Database Acess of Retrieval Services from a place outside India to an Non-Taxable online recepient referred to in Section 14 of the IGST Act, 2017 and Rule 64 of the CGST Rules, 2017 for the month of February, 2018 GSTR-5A
GST: Return for the month of February, 2018 by Non-Resident Taxable Person GSTR-5
21/03/2018 ESI: Deposit of  ESI Contributions and Collection for February, 2018  
30/03/2018 INCOME TAX: Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of February, 2018 26QB
INCOME TAX: Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of February, 2018 26QC
31/03/2018 INCOME TAX: Due date for linking of Aadhaar number with PAN.  
INCOME TAX: Report in  by a constituent entity of an international group for the accounting year 2016-17 3CEAA
INCOME TAX: Country-By-Country Report in  by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the accounting year 2016-17. 3CEAD
INCOME TAX: Last day for filing belated Income Tax returns for the Assessment Years 2016-17 and 2017-18 ITR 1,2,3,4,5
GST: Return byan input Service Distributor for the Period July, 2017 to February, 2018 GSTR-6

 

Know your due dates for statutory compliance – March 2018

E- Way bill: The date E-way bill will be compulsory will be notified later

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CBEC tweeted that E-way bill will be on trial phase until the same is announced compulsory for both inter State and intra State movement. It’ll be compulsory from the date that will be announced later.

E- Way bill: The date E-way bill will be compulsory will be notified later

Union Budget 2018: Major Income Tax Proposals (Including the proposals annexed to budget speech)

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b2018 3

Tax Incentive to Farmer Producer Companies: Farmer Producer Companies and having annual turnover up to `100 crores in respect of their profit derived from such activities for a period of five years from financial year 2018-19.

Employment Generation – Deduction U/s. 80JJA: minimum period of employment is relaxed to 150 days in the case of apparel industry extended to footwear and leather industry. To rationalise this deduction of 30% by allowing the benefit for a new employee who is employed for less than the minimum period during the first year but continues to remain employed for the minimum period in subsequent year.

Real Estate: No adjustment shall be made in a case where the circle rate value does not exceed 5% of the consideration.

MSME: 25% corporate tax rate for Companies having less than Rs.250 crore for Financial Year 2016-17

Personal Income Tax: No change in personal income tax.

Salary Tax Payers: A standard deduction of Rs.40000/- in lieu of transportation and miscellaneous medical allowance. Benefit for pensioners also. The transport allowance at enhanced rate shall continue to be available to differently abled persons. Also other medical reimbursement benefits in case of hospitalization etc., for all employees shall continue.

Senior Citizens: Interest income on Fixsed Deposit and Post Office deposits exempted up-to Rs.50000/-. Relief from  TDS on deposits

Senior Citizens – Medical Insurance – 80D: icreased to Rs.50000/- for Senior Citizens

Senior Citizens – Deduction for medical expenses for critical ailments increased to Rs,100000/-

Long Term Capital Gains: Proposed to tax LTCG from listed securities exceeding Rs.100000/- without indexation. However, all gains up to 31st January, 2018 will be grandfathered. For example, if an equity share is purchased six months before 31st January, 2018 at `100/- and the highest price quoted on 31st January, 2018 in respect of this share is `120/-, there will be no tax on the gain of `20/- if this share is sold after one year from the date of purchase. However, any gain in excess of `20 earned after 31st January, 2018 will be taxed at 10% if this share is sold after 31st July, 2018.

Mutual Funds: Tax on distributed Income of equity oriented Mututal Funds @ 10%.

Restriction on trust and other institutions whose income is exempt: Payments exceeding 10,000/- in cash made by such entities shall be disallowed and the same shall be subject to tax. Payments exceeding `10,000/- in cash made by such entities shall be disallowed and the same shall be subject to tax.

Health & Education Cess:  The existing 3% education cess will be replaced by4% Health and Education Cess.

E-assesment: Income-tax Act to be amended to notify a new scheme for assessment where the assessment will be done in electronic mode.

 

Conversion of stock-in-trade is converted into capital asset:  The fair market value of the same on the date of conversion shall be taken into account for computing business income

Capital Gain Bonds: Exemption shall be available only in respect of long-term capital gains arising out of sale of immoveable property and investment in the bond shall be for a minimum period of 5 year from the existing 3 years.

Compensation Taxability: Compensation received in connection with termination or modification of business contract and employment contract shall be taxable.

Presumptive Taxation – Section 44AE: Heavy goods vehicles (more than 12 tonnes), the presumptive income under section 44AE of the Act shall be computed at the rate of `1000 per tonne per month.

Statutory backing to ICDS: To amend the provisions of Chapter IV-D of the Act relating to computation of business income and Chapter XIV of the Act.

TDS: Applicable on newly  introduced 7.75% GOI Savings (Taxable) Bonds, 2018.

DDT on deemed dividend: Deemed dividend under section 2(22)(e) [a company in which public are NOT substantially interested) of the Act shall be subject to dividend distribution tax at the rate of 30% without grossing up.

Undisclosed Income: No expenditure or allowance or set off of any loss shall be allowed in respect of undisclosed income determined by the Assessing Officer under section 115BBE of the Act.

Union Budget 2018: Major Income Tax Proposals (Including the proposals annexed to budget speech)