MASTER UPDATE

MASTER UPDATE

MASTER UPDATE

1️⃣ *Income Tax:*
*ITR-1 and ITR-4 for FY 2019-20* can be filed through *direct mode* after *logging* on Income Tax Efiling site.
2️⃣ Goods and Services Tax:*
 CBIC has *notified* that *a Company* shall also be *allowed to file GSTR 3B* Return during the period *from 21.04.2020 to 30.09.2020* and *GSTR 1* Return during the period from *27.05.2020 to 30.09.2020* verified through *Electronic Verification Code (EVC)*. Now, GST Return of a Company can be filed *without DSC*
 GST Tech has *clarified* that some users are facing *intermittent issue in login*, It will be *resolved shortly* as *tech team is working* on it.
3️⃣ Corporate & Allied Laws:*
 MCA has *extended* the date for companies passing *ordinary and special resolution* through *postal ballot/e-voting* through *registered emails* requiring the *approval of members*, *without holding physical general meeting* from *30.06.2020 to 30.09.2020*.
MCA has *clarified* that where the *date of creation/modification* of charge is *before 01.03.2020* and the *timeline for filing* such form had *not expired* or the *date* of filing *falls* on any *date between 01.03.2020 to 30.09.2020* (both dates inclusive). In that case, the *said period shall not be counted* as *delay in filing*. The Scheme is *not applicable* on Satisfaction of Charge (CHG-4).
*B. KEY PRACTICAL TAKE-AWAYS:*
1️⃣ Income Tax:*
 *Before filing* Income Tax Return for *FY 2019-20*, ensure that *TDS deducted* from your income is *showing in your TDS Statement (26AS)*. If you *file* the return *without claiming* of all TDS, it will be *cause of receiving notice* from the department *due to difference in TDS amount* as well as *financial loss*. So *wait* till the updation of 26AS.
If you have *paid the challan of TDS* under the *wrong Section*, Don’t worry TDS challans *deposited* under the *one section* can be *adjusted* with the *another section* (e.g: TDS Challans of Section 194J can be *adjusted* with the Section 194I).
TDS Returns can also be *filed through online mode (without the “fvu” submission to TIN-FC)* at *efiling portal* only. Register as *“Tax Deductor”* at *efiling portal* and *upload “fvu” file* in zip format by *signing with DSC signature* facility.
2️⃣ *Goods & Services Tax:*
 Although *ITC* in respect of *Capital Goods* is *allowed 100%* in very *1st year* in GST, yet in case of sale of *capital goods earlier than 5 years’* use, the GST to be payable *HIGHER* of Applicable GST on selling price *OR* *ITC allowed (-) 5%* for every quarter used or part thereof.
3️⃣ *Corporate & Allied Laws:*
 *Secretarial Audit* is *applicable* to every *listed company* or every *public company* having *paid-up share capital => Rs. 50 Crores* or having *turnover => Rs. 250 Crores* or *EVERY COMPANY* having outstanding *loans or borrowings => Rs. 100 Crores*. The *figure* of share capital, turnover and loans shall be taken from *latest audited* financial statement.
# *CARO, 2020 is not applicable* for *FY 2019-20* so *reporting* shall be done as per *CARO, 2016*.
 *C. UPCOMING DUE DATES:*
1️⃣ *Income Tax:*
 *30.06.2020* is the due date *to file Form 61A (SFT Compliance)* in case you have such *Significant Financial Transactions* such as *issuance of equity shares for more than INR 10 lakhs*.
*Note -* In case of *no such SFT transaction*, *Tax Audit assessees* are at a mandate *to file “Preliminary SFT Reponse” at e-filing portal* by said due date.
*30.06.2020* is the due date *to file TDS/TCS Returns for Q4 (F.Y. 2019-20)*.
*Note-* In case of *delayed payment* of TDS, interest rate is *0.75% for the month* and part of)
 *30.06.2020* is the due date *to file Belated ITR/ Revised ITR for FY 2018-19*.
*Note -* *ITR for FY 2017-18 cannot be filed* now as the due date to file lapsed.
2️⃣ *Goods and Services Tax:*
 *GSTR-3B Due Date:*
*29.06.2020* for *Feb and March* and *30.06.2020* for *April* month for the taxpayers having *turnover more than 1.5 crores* and *upto Rs. 5 Crores*.
️ *30.06.2020/03.07.2020/06.07.2020* for *Feb, March and April month* for the taxpayers having *turnover upto Rs. 1.5 crores*.
*30.06.2020* is last date for the month of *Feb, March and April 20 to file GSTR-1 for all taxpayers*.
3️⃣ *Corporate & Allied Laws:*
 MCA has announced a *“Moratorium Period” from 01.04.2020 to 30.09.2020* for filing of *ROC Forms and no additional fees* will be *charged for such period* due to late filing of any form due within this period
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