Independant Directors New Rules

Under new Independent Directors rules the two things have to be done by every directors (Existing or New):

1. They have to register themselves in the Databank of Indian Institute of Corporate Affairs (IICA), Manesar Haryana:

• Every Directors means who are already appointed as Independant Directors before the commencement of these rules i.e. 1st Dec 2019 and 
• Who willing to get appointed as Directors after the commencement of these rules i.e. 1st Dec 2019
•  Individual who already appointed as Director of the company shall register themselves within 3 months from the commencement of these rules i.e. 1st March 2020
• Every New directors shall register themselves before they get appointed in the company. 
• Individual Directors can made application for registration for a period of 1 years or 5 years or lifetime.

 2. They have to clear Common Proficiency Test conducted by Indian Institute of Corporate Affairs (IICA), Manesar Haryana:

• IICA has been authorised to maintain a data bank of Eligible and Experience independent directors. 
• They have to pass Common Proficiency Test within one year of inclusion of their name into IICA Data Bank.
•  If the test not taken within one year than their name stand removed from databank.
• Passing Marks will be 60 %.
• There is no limit for CPT attempts.

Source:http://mca.gov.in/

GST Annual Return and Reconciliation Statement date Extended

This is to inform you that GST Annual Return in the form of GST 9 & GSTR 9A and Reconciliation statement in the form of GSTR 9C for the financial year 2017-18 is Extended from 31st August 2019 to 30th November 2019.

The following order published on 26th August 2019 on official Gazette:

GST New Return Prototype

New GST Form is issued by the Government which is applicable from 1st Oct 2019:

SAHAJ

Sahaj return may be selected if

• Aggregate turnover during the preceding financial year upto Rs. 5.00 Cr AND
• Make supplies only to consumers, registered persons and unregistered persons (B2C) OR
• Have inward supplies on which tax is payable on reverse charge basis (RCM)

You will be required to:

• Pay tax liabilities on Monthly basis in form GST PMT-08.
• Furnish outward supplies details on continuous basis and cannot claim provisional ITC on Missing invoices.
• File Return on Quarterly basis in GST RET-2.

SUGAM

Sugam return may be selected if

• Aggregate turnover during the preceding financial year upto Rs. 5.00 Cr.
• Make additional outward supplies apart to consumers, unregistered persons and registered persons.
• Have additional inward supplies apart form registered and unregistered persons (including reverse charge).

You will be required to:

• Pay tax liabilities on Monthly basis in form GST PMT-08.
• Furnish outward supplies details on continuous basis and cannot claim provisional ITC on Missing invoices.
• File Return on Quarterly basis in GST RET-3.

QUARTERLY

Quarterly return may be selected if

• Aggregate turnover during the preceding financial year upto Rs. 5.00 Cr.
• Make additional outward supplies apart to consumers, unregistered persons and registered persons.
• Have additional inward supplies apart form registered and unregistered persons (including reverse charge).

You will be required to:

• Pay tax liabilities on Monthly basis in form GST PMT-08.
• Furnish outward supplies details on continuous basis and cannot claim provisional ITC on Missing invoices.
• File Return on Quarterly basis in GST RET-1.

DIR-3 KYC And DIR-3-KYC-WEB

The Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019.

As per the said notification:
i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the DIN holder who has already filed his KYC once in eform DIR-3 KYC but wants to update his details.

ii) Web service DIR-3-KYC-WEB is to be used by the DIN holder who has submitted DIR-3 KYC eform in the previous financial year and no update is required in his details.

source: http://www.mca.gov.in/MinistryV2/companiesact2013.html

Income Tax Return Due Date Extended to 31st-Aug-2019

CBDT on Tuesday 23rd July 2019 Extends the Due date to 31st August 2019 of filing of Income Tax Return for those which are liable to file on or before 31st July 2019

CBIC extends due date for furnishing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C

CBIC  extends due date for furnishing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C for the period from the 1st July, 2017 to the 31st March, 2018  to 31st August, 2019 vide removal of difficulty  Order No. 6/2019-Central Tax dated 28th June, 2019.

Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Indirect Taxes and Customs

Order No. 6/2019-Central Tax

New Delhi, the 28th June, 2019

S.O.(E).––WHEREAS, sub-section (1) of section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this Order referred to as the said Act) provides that every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in such form and manner as may be prescribed on or before the thirty-first day of December following the end of such financial year;

AND WHEREAS, for the purpose of furnishing of the annual return electronically for every financial year as referred to in sub-section (1) of section 44 of the said Act, certain technical problems are being faced by the taxpayers as a result whereof, the said annual return for the period from the 1st July, 2017 to the 31st March, 2018 could not be furnished by the registered persons, as referred to in the said sub-section (1) and because of that, certain difficulties have arisen in giving effect to the provisions of the said section.

NOW, THEREFORE, in exercise of the powers conferred by section 172 of the Central Goods and Services Tax Act, 2017, the Central Government, on recommendations of the Council, hereby makes the following Order, to remove the difficulties, namely:––

1. Short title.––This Order may be called the Central Goods and Services Tax (Sixth Removal of Difficulties) Order, 2019.

2. In section 44 of the Central Goods and Services Tax Act, 2017, in the Explanation, for the figures, letters and word “30th June, 2019”, the figures, letters and word “31st August, 2019” shall be substituted.

[F.No.20/06/17/2018-GST]

(Ruchi Bisht)
Under Secretary to the Government of India

GST Annual Return Date Extended by Two Months

GST Council has extended the due date of filing of GST Annual return by two months.

35th GST Council meeting held on 21st June 2019 at New Delhi.

The due date for filling of GSTR9, GSTR9A and GSTR9C for the FY 2017-18 has been extended by two months, i.e. till 31st August 2019 earlier it was 30th June 2019. 

INC-22A ACTIVE - Due date Extended to 15-06-2019

As per Ministry of Corporate Affairs notification of 25th April 2019 the Fee payable for E Form Active is Nil till 15th June 2019. Following Notification is your information downloaded from MCA site.:

 

The CBI has arrested an Income Tax Officer(ITO)

The Central Bureau of Investigation has arrested an Income Tax Officer(ITO), Income Tax Department, Fatehabad (Haryana) and two private persons in a bribery case of Rs.50,000/-.

A case was registered against the Income Tax Officer and a CA(Private person) on a complaint alleging that the ITO, Income Tax Department, Fatehabad has demanded bribe of Rs.75,000/- from the complainant in a matter of non filing of Income Tax Return for the money deposited in his HDFC Bank account during the financial year 2010-11. It was also alleged that the demand was to be fulfilled through a CA(Private person).

During investigation, CBI laid a trap and caught the accused while accepting the bribe of Rs.50,000/- from the complainant. Thereafter, all the accused were arrested.

Searches were conducted at the residential & office premises of the accused. Documents of properties worth Rs.2 crore (approx) belonging to the Income Tax Officer, and incriminating files were recovered.

The arrested accused will be produced today before the Competent Court at Panchkula (Haryana).

CBI Press Release- New Delhi, 03.01.2019

source:  https://taxguru.in/income-tax/cbi-arrests-income-tax-officer-two-others-bribery-case.html