Master Update

Master Update

Master Update

1️⃣ Income Tax:*
 A functionality of *determine TDS rate u/s 194N* has been enabled in *e-filing portal* for Banks, co-operative society and post office
*Note:* *Deduction of TDS u/s 194N @2%* shall be made if *cash withdrawal* exceeding *Rs. 1 crore* during the previous year. if an assessee has *not filed the return for last 3 Years* in that case *deduction @2% on cash withdrawal* exceeding *Rs. 20 lakhs but does not exceed Rs. 1 crore* and *@5%* on cash withdrawal *exceeding Rs. 1 crore*.
2️⃣ */Goods and Services Tax:*
 Now *NIL return of GSTR-1* can be file through *SMS facility* from *1st week of July 2020*.
 *Maximum late fee* has been capped at *Rs. 500* for tax *period July 2017 to July 2020* if taxpayers have *any tax liability*. If Taxpayers does *not* have any *tax liability* in that case *no late fees* to be paid *subject to* returns of *GSTR-3B* being filed *before 30.09.2020*.
3️⃣ *Corporate & Allied Laws:*
 MCA has clarified w.r.t. *timelines and tenure* of name reservation, name change and resubmissions as under:
❇️ *Approved* NEW Names *expiring* between *15.03.2020 to 31.07.2020* will be *reserved till 20.08.2020*.
❇️ *Approved* CHANGE in Names *expiring* between *15.03.2020 to 31.07.2020* will be *reserved till 29.09.2020*.
❇️ *Resubmission* of any MCA form for which the *last date* for resubmission is *expiring* between *15.03.2020 to 31.07.2020* has been *extended till 15.08.2020*.
*B. KEY PRACTICAL TAKE-AWAYS:*
1️⃣ *Income Tax:*
*TDS Return format* has been *changed to give effect* of Section 194N. *three columns* pertaining to this section has been *inserted* from now onwards.
2️⃣ */Goods & Services Tax:*
## If you are *filing* your *GSTR-1 through SMS facility*, the taxpayer must *fulfil certain conditions*:
❇️ *No data* should be *saved or submitted* stage on the *GST Portal*, related to that *particular month*.
❇️ Taxpayer should have *opted for the filing frequency* as either monthly or quarterly (e.g: if you are *filing the return* for the month of *April-20*, you must *check on portal* for *frequency* of return filing as this is *1st month of FY 20-21*)
## *GST Tech* has been *clarified* that if you have *paid late fee* on GSTR-3B *in excess than prescribed in the notification* shall be *re-credited* in due course.
3️⃣ *Corporate & Allied Laws:*
 *Revised MSME classification* has been *effected* from 01.07.2020, *check* your *investment and Turnover* as per new classification and take *registration* under MSME *to take benefit of MSME*.
 *Listed Companies always* and *Private Companies never* require *Audit Committee*, *Nomination & Remuneration Committee* and *Independent Directors*. *Other Public Companies* require the same in case *Paid up capital exceeds INR 10 crores* OR *Borrowings exceeds INR 50 crores* OR *Turnover exceeds INR 100 crores*.
*C. UPCOMING DUE DATES:*
1️⃣ *Income Tax:*
## *belated/revised* Income tax return for *FY 2018-19* can be filed *till 31.07.2020*.
## *payment* for *deduction* u/c *Chapter -VIA* u/s 80C, 80D, 80G and etc. can be made for *FY 19-20 till 31.07.2020*.
## *TDS/TCS Return* filing for *Q-4 of FY 19-20* has been extended till *31.07.2020*.
2️⃣ *Goods and Services Tax:*
## *GSTR-3B Due Date:*
❇️ *06.07.2020/12.09.2020/23.09.2020/27.09.2020/01.10.2020* for *April, May, June, July and August* month for the taxpayers having *turnover upto Rs. 5 Crores* and the *principal place* of business situated in *west and south india*.
❇️ *05.07.2020/09.07.2020/15.09.2020/25.09.2020/29.09.2020/03.10.2020* for *March, April, May, June, July and August* month for the *taxpayers having turnover upto Rs. 5 Crores* and the *principal place* of business situated in *East and North india*.
## *10.07.2020/24.07.2020/28.07.2020/05.08.2020* is last date for the month of *March, April, May and June* month to file GSTR-1 for taxpayers is having *turnover exceeding Rs. 1.5 Crores*.
## *17.07.2020/03.08.2020* is last date for the Quarter of *March and June 20* to file GSTR-1 for taxpayers is having turnover *upto Rs. 1.5 Crores*.
*Note- Interest @ 9% shall be applied after passing above-mentioned due date till 30.09.2020*.
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
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