As a precautionary measure our office in Coimbatore, Tamilnadu and Ottapalam, Kerala, will remain closed till 31st March, 2020. We regret for the inconvenience caused to any of our clients, associates etc. in this regard.

In case of emergency, our partners will be available at the following numbers:

CA.Sunil E – Coimbatore – +91 9444998044

CA. Karthik Narayanan S – Ottapalam – +91 9447392654

You can also email us @ karthikandsunil@gmail.com.

Thank you for the understanding.

CBIC by way of press release dated 23rd March, 2020 extended the due date for filing following returns:

GSTR-3B of February, 2020 extended to 07th April, 2020 for all registered persons.

Opting for Composition Scheme : Extended till 07th April, 2020 from 31st March, 2020.

GSTR – 9 & GSTR – 9C: The due date is extended to 30th June, 2020 from 31st March, 2020.

Ministry of Corporate Affairs had issued General Circular No./2020 dated 04th March, 2020, introducing a new scheme, which provide relief to LLP’s which had defaulted in filing various forms/documents on the due dates mentioned in LLP Act, 2008 and the Rules made there under.

Period of the Scheme: This scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020.

Applicability: LLP” is permitted to file belated documents, which were due for filing till 31st October, 2019 in accordance with the provisions of this Scheme

Fees & Additional Fees: payment of additional fee Rs 10/- per day for delay in addition to any fee as is payable for filing of such document or return, provided that such payment of additional fee shall not exceed Rs. 5,000/- per document.

Applicable Documents/Forms

(i.) Form-3 – Information with regard to limited liability partnership agreement and changes, if any, made therein;
(ii.) Form-4 – Notice of appointment, cessation, change in name/address/ designation of a designated partner or partner and consent to become a partner/ designated partner;
(iii.) Form-8 – Statement of Account & Solvency (Annual or Interim);
(iv.) Form-11– Annual Return of Limited Liability Partnership (LLP).

Immunity from prosecution in respect of document(s) filed under the
scheme: The defaulting LLPs, which have filed their pending documents till
13th June 2020 and made good the default, shall not be subjected to prosecution by Registrar for such defaults.

Ministry of Corporate Affairs (MCA) had issued a notification on 06th February, 2020 amending Companies (Incorporation) Rules [Companies (Incorporation) Amendment Rule, 2020)]. The major changes as per the new rule which will be effective from 15th February, 2020 are as follows:

a) Reservation of Name/Change in name: Application for Reservation of name shall be made through the web service available at http://www.mca.gov.in by using web service SPICe+ (Simplified Proforma for Incorporating Company Electronically Plus: INC-32). The existing e-form “RUN” in http://www.mca.gov.in web service can be used for change of name by existing companies. Now for the new company incorporation, reservation of name prior to incorporation of the company is not possible. In the new form, the proposed company can apply for two proposed names at the time of filing Incorporation form in Form SPICe+. The format of the new form is also given in the notification. Follow the link to see the notification http://www.mca.gov.in/Ministry/pdf/Rules4_07022020.pdf

b) Change in Form AGILE: The Form AGILE has been changed to Form AGILE-PRO. In the new form the facility for Professional Tax Registration and Opening of Bank account is also added. The facility for GST Registration, EPFO and ESIC will continue. The facility for opening bank account at the time of incorporation will be a great help for those incorporating Company as they will be relieved from the process of opening bank account and they’ll be able to file Form INC-20A for Commencement of Business in time.

As per the format of new form given in the notification, the proposed company can select the Bank for opening the bank account. The banks which will be available is not available at the moment.

Disclaimer: Users are requested to verify the validity of content before taking informed decisions.

As per the Finance bill, 2020 presented in the Parliament today by the Honorable Finance Minister Mrs.Niramala Sitaraman, there is proposed amendment in Section 6 relating to residential status.

1. Change in No. of days

As per the existing provisions, Citizen of India or a POI, who is outside India, comes to a visit in India, one of the condition is that out of the four years preceding the previous year, he/she is been in India for 365 days or more and is in India for a period or periods amounting in all to 182 days or more in that year.

The 182 days was now substituted with 120 days in the Finance Bill, 2020.

Non-residents should plan accordingly, otherwise your global income will be taxable in India.

2. Citizen of India having residence/domicile in a country where his income is not liable to tax

The following amendment was proposed in the Finance Bill, 2020:

“(1A) Notwithstanding anything contained in clause (1), an individual, being a citizen of India, shall be deemed to be resident in India in any previous year, if he is not liable to tax in any other country or territory by reason of his domicile or residence or any other criteria of similar nature.”

The crux of the amendment is if you are working and residing in a country where there is no Income Tax payable, then you are liable to pay tax on your global income.

At a press conference after the budget was presented, revenue secretary Ajay Bhushan clarified that only those NRIs will be taxed in India who are not residents of any country.

India have Double Taxation Avoidance Agreement with most of the countries where there is no personal taxation. The legal position is not clear in cases where the country of residence is in a country where there is no DTAA between India and such country.

3. Resident but not ordinarily resident

As per the current provisions, an Individual or Karta/Manager of HUF , has been a non-resident in India in 9 out of 10 previous years preceding that year or has or had during the seven previous years preceding that year been in India for a period of, or periods amounting in all to, seven hundred and twenty-nine days or less.

As per the proposed amendment an Individual or Karta/Manager of HUF has been a non-resident in India in seven out of the ten previous years preceding that year.

Disclaimer: Users are requested to verify the validity of content before taking informed decisions.