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For the month of September 2020 the article describes the Yearly Compliance needs beneath the Companies Act, 2013 includes compiles Compliance Essentials below Companies Act, 2013. The clause defines the Expected date and context of the file of form AOC-4  and AOC-4 CFS (in case of consolidated Financial Statements), ADT-1, MGT-7, MGT-14, CRA-4,   INC-20A,  BEN-1, BEN-2, Active Form INC-22A, DIR 3 KYC (Annually web-based) , PAS-6, NFRA-2. Annual Compliance needed under the Companies Act, 2013 E-Form Purpose of E-form Due Date of Filing  ADT-1 Approval of Auditor 15 days from the conclusion of AGM AOC-4 and AOC-4 CFS (in case of consolidated financial statements) Filing of Annual Accounts 30 days as of the building of AGM(180 days from the close of the fiscal year in case of OPC) MGT- 7 Form Filing of yearly returns 60 days from the reporting of AGM MGT-14 Filing the resolution with MCA in the context of board results and yearly accounts 30 days from the date ...

The government has decided to stay with the current GST (Goods and Services Tax) return filing system for the present. Earlier the Government was planning to bring a new GST return filing system along with forms ANX-1, ANX-2, RET-1 and RET-2 but now it has been put on hold until the new update. Government chose to introduce advanced features to the old system instead of launching the new return filing system. Some Decisions That are Taken in 39th GST Council Meeting To prevent tax evasion, Govt. has decided to link the outward supply details in form GSTR 1 with liability in form GSTR 3B . The input tax credit in form GSTR 3B will then be linked to the details of supply shown in form GSTR 2A. There will also be initiatives to implement Aadhaar authentication and spike rules, to reduce evasion and prevent gaming of the system. A measure to deal with the issue related to ITC was also recommended to the Council of the introduction of Auto-Draft Input Tax Credit statement which wi...

In India, the commencement of GST started the search of businessmen for a well-grounded GST solution. The GST regime was started with an intent to ease the indirect tax mechanism and to bring uniformity in taxation by following "One Tax One Nation". Potent IT infrastructure, which includes innovative GST software, indeed helped and is helping taxpayers and professionals easily adhere to government rules & regulations and enabled them to file returns, complete registrations, and make tax payments with just a few clicks. SAG Infotech (CA software development company) capacities businessmen and accounting & taxation professionals with advanced Gen GST software that ensures on-time help via a squad of experts. Today, businesses, small-sized or big-sized, need innovations & ideas to move forward with the digital revolution and beat the ever-growing competition. Accounting & taxation software like Gen GST, Gen TDS, and Gen Income Tax allows taxpayers to ef...

Due to pandemic November 30, 2020, is the last date for filing the ITR for FY 2019-20 (AY2020-21) which is extended by the Central Board of Direct Tax (CBDT). From the laws of Income-tax, various forms are available for the taxpayers of various kinds for filing the income tax return forms for the financial year 2019-20 in the name of ITR1, ITR2, ITR3,  ITR 4, ITR 5, ITR 6 and ITR 7. The method of filing the IT return is called e-filing. For filing the income tax, the IT department has introduced the unconventional portal.  Step 1: Proceed into income-tax e-filing portal -- incometaxindiaefiling.gov.in Step 2: Download appropriate ITR utility under Downloads > IT Return Preparation Software. Step 3: Extract the downloaded utility ZIP file and open the utility from the extracted folder. Step 4: Choose the appropriate and necessary fields of the ITR form. Step 5: Verify all the tabs of the ITR form and calculate tax. Step 6: Generate and save the XML. Step 7: Now, logi...

  The Central Board of Direct Taxes (CBDT) has recently introduced some new changes in form 26AS . The move is said to bring more transparency between the assessments and the department. Form 26AS or the Annual Information Statement is a form showing all the high paying transactions. Now, the department will also get the information about the high-paying transactions from the financial institutions, apart from that filled by the assessee. New Form 26AS Form 26AS is a type of consolidated annual tax statement which includes information about tax deducted/collected at source, advance tax, self-assessment which is can be found with the income tax department against the PAN number of the assessee. During the declaration of Budget 2021, the government had introduced some changes to the form making it even more transparent. The new form will be applicable from 1st June 2020. Now the form will reflect the information about the high-paying transactions which were previously listed under S...

The Central Board of Direct Taxes (CBDT) had enabled the forms for all the assessees to file their Income Tax Returns (ITR) on 29th May 2020 for the previous year 2019-20. Now the assessees can file their returns through all the seven forms that are made available by the government. The seven forms, as issued by the department are:  ITR-1 (Sahaj) This form is to be used by all the assessees having an earning from salary, house property and/or income from other sources. Assessees earning up to Rs. 50 lakhs can file their ITR through Gen Income Tax Software on this form.  ITR-2 This form is to be used by all the assessees of Hindu Undivided Family who are not engaged in the business of proprietary or any profession. ITR-3 This form is to be used by all the assessees of Hindu Undivided Family who are engaged in the business of proprietary or any profession. ITR-4 (Sugam) This form is to be used by all the assessees getting their income from a business or profession.  ITR-5 ...

Taxpayers often make mistakes of paying extra Income tax against the applicable tax. In such mistakes, taxpayers are eligible to get a refund of the excess tax amount paid by him. Today in this article we are going to talk about all the provisions related to the claim of Income Tax refund of excess IT paid by the taxpayer. Basic Provisions If the taxpayer by mistake paid the excess tax amount than the applicable tax (whether it is advance, TCS/TDS, self-assessment, or regular assessment tax) then the taxpayer is eligible to get the refund of the excess tax paid by him/ her. In the matter of refund of tax provisions under Section 237 to 245 are applicable. When Does the Income Tax Refund Arise? Section 237 states that ‘ If a taxpayer can prove in front of the Assessing Officer (AO) that the tax paid by him or on his behalf or treated as paid by him or on his behalf for any previous year exceeds the applicable tax amount then he\ she is eligible for the refund of the excess amount. The ...