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Mandatory Filings for Private Limited Companies in Current Financial Year 2019-20- ROC and Income Tax

Posted on by CS Sushil Choudhary

IMPORTANT FORMS TO BE FILED

E-form Purpose of the Form When to File
DIR-3 KYC  Any person who has been allotted “Director Identification Number(DIN/DPIN) needs to file DIR-3-KYC to update KYC details On or before 30th June of every financial Year
Form DPT-3

 

 Return of Deposits

One time return of outstanding receipt of money or loan by a company which is not considered as deposits as per rule 2 (1) (c)

 

Filling is required to be done for both secured & unsecured outstanding money/loan not considered as deposits.

 

Period of outstanding loan/money shall be from April 01, 2014 till March 31st, 2019.

 On or before 29th June, 2019
MSME 1 Details of all outstanding dues to Micro or small enterprises suppliers –          within 30 days from the deployment of form on MCA i.e. 30th May, 2019 after that half yearly

–          For the period of April to September-by 31st October

–          For the period of October to March-by 30th April.
ADT-1 For appointment of Auditor Within 15 days of the AGM
Form INC 22A Active Active Form – for Verification of Office and Compliance 15th June

https://fastlegal.in/blog/company-law/active-form-inc-22a-date-extended-15th-june/
AOC-4 Financial Statement Within 30 days of the AGM
MGT-7 Annual Return Within 60 days of the AGM
DIR-12 Addition, cessation, or change in designation of directors Within 30 days of the Event
Income Tax Return Income Tax Return for Private Limited Company On or before 30th September, 2019
TDS Return Tax Deduction To be filed quarterly within 30 days of end of quarter, except in case of Quarter ending on March, in which return to be filed within 90days from the end of quarter?

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Last Date For Filing ITR F.Y. 2018-19 and Penalty On Late Filing of ITR

Posted on by Manoj Gurjar

Due Dates for Filing Income Tax Return

As per the provisions contained in section 139 of Income Tax Act, 1961 every person whose income during the financial year exceeds two lakh fifty thousand rupees (Financial Year 2018-19) is required to file Income Tax Return on or before due date . Due Dates for filing Income Tax Return for the FY 2018-19 is as follows:

Type  of Assesses Due Date
Individual or HUF whose accounts are not liable for tax audit 31st July,2019
Partnership Firm/LLP whose accounts are not liable for tax audit 31st July,2019
Company 30th September,2019
Individual or HUF whose accounts are  liable for tax audit 30th September,2019
Partnership Firm/LLP whose accounts are not liable for tax audit 30th September,2019
Working partner of a firm whose accounts are liable for tax audit 30th September,2019
Assesses involved in foreign transaction u/s 92E 30th November,2019

 

Penalty on Late Filing of Income Tax Return-FY2018-19

As per the provisions of Section 234F of Income Tax Act, late filing of ITR would attract penalty as follows:

  • Five thousand rupees, if the return is filed on or before the 31st December, 2019.
  • Ten thousand rupees, if the return is filed after 31st December, 2019.

If the total income of the person does not exceed five lakh rupees, the amount of penalty shall not exceed one thousand rupees.

Important Points to Note-FY 2018-19

  • A person who fails to file his Income Tax Return on or before above mentioned due dates can file his return after due dates by paying the penalty & interest 31st March,2020, i.e. Last Date for filing Income Tax with penalty Return for FY 2018-19 is 31st March,2020.
  • Return filed after due date would be considered as belated return and such belated return cannot be revised.
  • Interest would also be levied on late filing of Income Tax Return.
  • No penalty would be levied on a person filing Income Tax Return after due dates whose total income during the FY 2018-19 do not exceed two lakh fifty thousand rupees.

Click here to File your Income Tax Return

Please call at +91-9782280098 to connect with Fastlegal team members.

 

 

 

 

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Active Form INC 22A date extended to 15th June, 2019

Posted on by CS Sushil Choudhary

Ministry of Corporate Affairs extended date of filing form active INC 22A to 15th June 2019 for the companies which are registered on or before 31st December 2017

Official Notification form MCA 

http://www.mca.gov.in/Ministry/pdf/CompaniesRegistrationOfficesFeesRule_25042019.pdf

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How to Apply for 12A and 80G Registration of NGO under Income Tax Act

Posted on by CS Sushil Choudhary

An NGO ( Society/Section 8 Company/ Trust ) can obtain registration under 12A so that no tax is levied on the Surplus Income of NGO and 80G registration can be obtained so that Donner can claim tax exemption up to 50% of amount donated subject to maximum 10% of Gross Total Income of Donner. 

What is 12A Registration of NGO 

Once NGO has obtained 12A registration, NGO gets Tax Benefits that the Surplus Income of NGO becomes non taxable. 

What is 80G Registration of NGO

An Institution having 80G Registration provides tax benefits to donor up to 50% of donation made to such institution, subject to maximum 10% of Gross Total Income of Donor    

Procedure for Registration under Section 12AA and 80G: 

  • The Application is required to be made in form 10A and 80G
  • The Application is required to filed with Correct Information as regard to Institution , Such as Name , Address and KMP, Date of Incorporation 
  • Details of Author(s)/Founder(s), like PAN , Name , Address 
  • Details of Trustees/Office Bearers/Directors as on the date of filing of application
  • Objects of Institution such as Relief to poor , Medical , Education etc  
  • The Application should be accompanied with
    • Annual Accounts of Last Three Year or Accounts from the Date of Incorporation or Formation Certificate of Incorporation, Registration or Trust Deed Note on Activities of Institution  

Once the Application is Submitted, the Income Tax Department Exemption ward will issue questionnaire asking for some more documents and 
Information: 

Sample Questionnaire : 

1 A declaration that no part of the income of the Trust/ Society/ Non Profit Company enures, directly or indirectly for the benefit of any person specified in section 13(1)(c) of the Income Tax Act, 1961 and that no part of the income or property of the Trust/ Society/Company was ever used or applied for the benefit of any person specified in section 13(1)(c) of the Income Tax Act, 1961, duly signed by the Authorized Signatory.

2 A note specifying the main area of your charitable/ religious activities and a projection/ plan for the main charitable/ religious activities to be undertaken in the next two years.

3 Please attach a ‘No Objection Certificate’ from the owner of the premises from which you are operating along with proof of his ownership.

4 Please attach a certified copy of annual accounts since inception/ during last three years.

5 Please attach a certified copy of the Trust Deed/ Memorandum of Assosiation and produce original copy for verification.

6 Please attach a copy of the proof of identity of the main Trustee/ President or Secretary of the Trust/ Society/ Non Profit Company.

7 Please attach a note on activities conducted since inception/ during last three years.

8 Please attach details of donations made since inception/ during last three years.

9 Please attach details of donations received, including corpus donation, received since inception/ during last three years.

10 Please attach details of your bank accounts including name of the bank, branch, type of account and number of account

11 Please file an undertaking that there will be no infringement to the 1st proviso to section 2(15) of the Income Tax Act, 1961.

12 Please specify the category of charitable purposes provided in section 2(15) of theIncome-Tax Act, 1961 in which your case falls, i.e., whether your objective is relief ofthe poor/ education/ yoga/ medical relief/ preservation of environment (includingwatersheds, forests and wildlife)/ preservation of monuments or places of artistic/historic interest/ advancement of any other object of general public utility/ religiousactivities.

13 Your Trust Deed/ Memorandum of Association does not have Irrevocability Clause.Please include this clause in your Trust Deed/ Memorandum of Association and file acertified copy of the amended Trust Deed/ Memorandum of Association.

14 Your Trust Deed/ Memorandum of Association does not have a clause that thebeneficiaries are a section of the public and not specific individuals. Please includethis clause in your Trust Deed/ Memorandum of Association and file a certified copyof the amended Trust Deed/ Memorandum of Association.

15 Your Trust Deed/ Memorandum of Association does not have any clause providingthat in the event of dissolution of Trust/ Society/ Non Profit Company,the funds/assets of the Trust/ Society/ Non Profit Company will be transferred only to someother Trust/ Society/ Non Profit Company having similar objectives. Please includethis clause in your Trust Deed/ Memorandum of Association and file a certified copyof the amended Trust Deed/ Memorandum of Association.

16 Your Trust Deed/ Memorandum of Association does not have any clause providingthat the funds/ property of the trust will be used only for the objectives of theTrust/Society/ Non Profit Company. Please include this clause in your TrustDeed/Memorandum of Assosiation and file a certified copy of the amended TrustDeed/Memorandum of Assosiation.

17. If the Trust Deed/ MOA etc. are in vernacular language, please furnish certified translatedcopy of entire Trust Deed/ MOA in English/ Hindi.

18. Photocopy of PAN card(s) of the organisation along with the original PAN card forverification.

19. Copies of Income Tax Returns filed for last three years along with computation and AuditReport in Form No. 10B.

20. If represented through authorized representative, duly discharged letter of authorityalongwith name, address, mobile no. and e-mail address may be furnished.

21. Details of charitable or religious activities actually carried out by the organisation since its inception. In case no such activities have been carried out in any of earlier financial years, please furnish such details for the current financial year till date along with the documentary evidence

22. In case of schools/ hospitals, whether necessary the permission from the State Govt./ Local bodies has been obtained? File a copy of same.

23. In the case of any change in trustee/ member/ principal officer/ address of the organisation, copy of relevant change report from Charity Commissioner/ Registrar of Companies may be filed.

24. If any donation from foreign country is received then submit the details of registration under FCRA alongwith donation received and purpose thereof.

25. Please furnish online Acknowledgement receipt of Form No. 10G/ If applied

A hearing is required to be attended for submitting the documents and information as per questionnaire.

Once the CIT, Exemption is satisfied about the Grant of Registration under Section 12A and 80G , he may grant the Registration or call for more such information to the satisfaction of CIT. 

Fastlegal Provides 12A and 80G Registration Services in Rajasthan , Please call 9782280098 or email at [email protected]

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DIR-3KYC – Update from MCA for Filing DIR-3KYC on Annual Basis

Posted on by CS Sushil Choudhary

  

As per rule 12A of the Companies (Appointment and Qualification of Directors) Rules 2014, “every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rules shall, submit e-form DIR-3-KYC to the Central Government on or before 30th April of immediate next financial year. Provided that every individual who has already been allotted a Director Identification Number (DIN) as at 31st March, 2018, shall submit e-form DIR-3 KYC on or before 5th October,2018.”

However, the DIR-3 KYC e-form presently available on the portal does not cater for the following: (i) Filing on annual basis, and (ii) Filing in respect of DINs allotted post 31 March 2018. It presently caters only to those individuals who were allotted DINs as on 31st March 2018 and whose DINs have been marked as ‘Deactivated due to non-filing of DIR-3 KYC’. Stakeholders may please note that DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in the MCA21 system.

With the objective of making the form more user friendly, the form is presently being modified to enable pre-filling of data & information so that annual filings can be done by DIN holders in a simple and user friendly manner.

The revised form, which will be shortly deployed, can be filed without any fee within a period of 30 days from the date of deployment. Accordingly, DIN holders who had filed DIR-3 KYC form earlier and complied with the said provisions may kindly await the deployment of the modified form for fulfilling their compliance requirements.

How to Register Private Limited Company ( Pvt Ltd) in India
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How to get Warehouse Subsidy under NABARD in Rajasthan

Posted on by CS Sushil Choudhary

Any Person who has vacant or un utilized land may choose to setup warehosue in Rajasthan and get rental Income through renting of warehouse. Further Central Government provides subsidy on Project cost for setting up warehouse in Rajasthan. Subsidy are provided through NABARD ( National Bank for Agriculture and Rural Development). 

Following are details of Subsidy provided by NABARD: 

How Much Subsidy is Provided by NABARD for setting up warehouse

If the Applicants applying for Subsidy are : 

  • Women/Farmer/SC/ST Category  : 33.33% of Project Cost 
  • Others : 25% of Project Cost 

Minimum Owner Contribution of Project Cost Required 

The Applicant or Owner who is applying for subsidy for setting up warehouse must contribute minimum 20% of Project Cost of warehouse.

What is Project Cost 

Project Cost means Cost Involved in Construction of warehouse and also Includes :

  • Cost of Boundry Walls
  • Cost of Internal Roads 
  • Cost of Internal Drainage System
  • Cost of Weighing Kanta
  •  Cost of Fire Fighting Equipments Etc. 
  • Cost of Land (Maximum 10% )

How Much Loan is required from Banks

Applicants Getting benefits of Subsidy under this scheme, must require to obtain minimum 50% Loan from Banks of Project Cost. 

Documents Required for getting subsidy/Loan 

  • Detailed Project Report ( Fastlegal Provides Project Report Preparation Services , Please Call 9782280098, or email : [email protected] ) 
  • Income Tax Returns of Applicants 
  • Land Documents – Land Must be owned by Applicants and it must be out of Municipal Corporation Limits as Directed by NABARD
  • ID & Address Proof of Applicants

Fastlegal Provides Warehouse Project Loan and Subsidy Consultancy Services

Call: 9782280098

Email : [email protected] 

[happyforms id=”1213″ /]

 

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Last date for filing ACTIVE Form INC 22A is 25th April 2019

Posted on by CS Sushil Choudhary

Last date for filing ACTIVE Form INC 22A is 25th April 2019

Request you to kindly update photographs of registered office along with one Director with longitude and latitude of exact address.

Penalty after 25th April – 10000/-

File ACTIVE Form INC 22A with Fastlegal -call 9782280098, email- [email protected]

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Annual Filing of Limited Liability Partnership (LLP) for 2019 Year

Posted on by CS Sushil Choudhary


Every LLP (Limited Liability Partnership) is required to file its Annual Accounts (Statement of Accounts and Solvency ) , Annual Return and Income tax Return every year within the stipulated time, even LLP having nil turnover or LLP has not carried out any business operation during the reporting period.

Annual Filing requirements with Registrar of Companies for Financial Year 2019 :

Filing of Annual Return in Form 11 for Financial Year 2018-19:

Every LLP is required to File its Annual Return to ROC by 30th May of Every Year, failure to file Annual Return will attract Additional Fee of Rs. 100 per day with no upper limit. ( Delay of 30 days will cost you Rs. 100*30= 3000)

Filing of Annual Accounts and Solvency in Form 8 for FY 2018-19:

Every LLP is required to file its Annual Accounts with ROC by 30th Oct of every year, failure to file Annual Accounts will attract Additional Fee of Rs. 100 per day with no upper limit. ( Delay of 50 days will cost you Rs. 100*50= 5000) this is in addition to Additional fee to be paid for Form 11 , if not filed.

READ  How to Register LLP with New LLP Incorporation Procedure

LLP Income Tax Filing Requirement for FY 2018-19 :

The due date for filing income tax return in case of a LLP for A Y 2019-20 is 31st July, 2019 . It is applicable for income earned from April 1st, 2018 to March 31st, 2019. For LLP due date is September 30th (where audit is required), November 30th(where there are foreign transaction or specified domestic transactions). 

Note : In case of LLP is registered on or after 01st of Oct than LLP may end Financial Year in next March. Like if LLP is registered on  05th of Oct, 2018 than First Financial Year of LLP may end on 31st March, 2020. This Limit is only for ROC Filing Purpose and LLP is required to file Income Tax Return Mandatory if Incorporated before 31st March of the Year. 

Fastlegal provides LLP Annual Filing Services all over India Online , to avail Fastlegal Services Please Call/Whatsapp at +919782280098, Email at [email protected] 

Income Tax Return Filing for AY 2019-20
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Income Tax Return Filing for AY 2019-20

Posted on by Fastlegal Team

What is Income Tax and How it is Charged 

Income Tax is a Tax that is imposed on Individual or entities (Tax-Payer) on their income or profits earned during a particular tax period. Income Tax is charged as a percentage of taxable income that varies on the basis income of the tax-payer. The Financial year (April to March in India) in which the income is earned by the tax-payer is known as previous year and the next financial year in which such income is taxed or assessed is known as assessment year. For the financial or previous year 2018-19 the assessment year is 2019-20.

Every individual tax payer & HUF whose income during a previous year exceeds the basic exemption limit (currently Rs.250000/-) is required to file Income Tax Return, in case of other tax payers filing of return is mandatory irrespective of their income.

Type of Taxpayers:

For the classification purpose,Tax payers are divided into following categories under income tax: –

  • Individual
  • Hindu Undivided Family
  • Company
  • Firm
  • An Association of persons or a body of individuals
  • A Local Authority

Mode of Filing of Return

Every person is required to file his Income Tax Return electronically except following:

Individuals of the age of 80 years or more whose income does not exceed 5 lakh rupees and who does not claim any refund in his return may file return in paper form, if he is filing his return in Form ITR-1 & Form ITR-4. Everyone else is required to file his return electronically.

Heads of Income

Income earned by a tax payer  is divided into following five categories or heads under income tax:-

  • Salary: – Existence of relationship of employer and employee is must between the payer and payee to tax the income under this head. Income under the head salaries includes the following;
  • Wages
  • Annuity
  • Pension
  • Gratuity
  • Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages
  • Advance of Salary
  • Leave Encashment
  • Annual accretion to the balance of Recognized Provident Fund
  • Transferred balance in Recognized Provident Fund
  • Contribution by Central Government or any other employer to Employees Pension Account
  • House Property: The Income is taxable under this head if the tax-payer ownsa house property consisting of any building or land appurtenant thereto and the house property is not being used for the purpose of business or profession carried on by the tax-payer.
  • Capital Gains: The Income is taxable under this head if the tax-payer earns any profit or gains by the transfer of a Capital Asset during the previous year. Capital Asset includes the following:
  • Any kind of property held by tax-payer, whether or not connected with business or profession of the tax-payer.
  • Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992.
  • Income from Business or Profession:The Income is taxable under this head if it is earned by the tax-payer as a result of his Business (trading, manufacturing etc.) or profession (Doctor, Engineer, Advocate, Company Secretary etc.).
  • Income from other sources: Any income which cannot be charged under any of above heads will be charged under this head. Dividend Income, Interest on securities,Composite rental income from letting of plant, machinery or furniture with buildings if such income is not chargeable under the head business or profession are some example of such income. 

Slab of Income:

For individual tax-payers tax is levied on the basis of slab system where different rates have been provided for different slabs and such tax slabs may change during every union budget. Income tax slab for all the tax-payers for the assessment year 2019-20 are summarized in below table: –

Income tax slab for Financial Year 2018-19

Type of Taxpayer

Income Slab

Tax Rate

Health & Education Cess

Individual & HUF below 60 years of Age

Upto Rs.2.5 Lakh

Nil

 

Rs.250000 to 500000

5%

4% of tax

Rs. 500000 to 1000000

20%

4% of tax

Above 1000000

30%

4% of tax

 

 

 

 

Individual & HUF of age above 60 Years but Less than 80 Years.

Up to Rs 300000

Nil

 

Rs.300000 to 500000

5%

4% of tax

Rs. 500000 to 1000000

20%

4% of tax

Above 1000000

30 %

 

 

 

 

 

Individual & HUF of age above 80 Years.

Up to Rs 5,00,000

Nil

 

500000 to 1000000

20%

4% of tax

Above 1000000

30%

4% of tax

 

 

 

 

Domestic Companies

Gross Turnover Upto Rs. 250 Cr.

25%

4% of tax

 

Gross Turnover exceeding 250 Cr.

30%

4 % of tax

 

 

Due Dates for Filing Return of Income for AY 2018-19

Due dates for filing Income tax return are as follows:

S.No.Type of TaxpayerDue Date
1Individuals, HUF, BOI, AOP. (Taxpayers with no audit requirement.)   31st July of relevant Assessment Year
2Company, Taxpayers whose accounts need to be Audited, working partner (whose firm’s books need to be Audited)30th September of the relevant Assessment Year
3Individuals, HUF, BOI, AOP (Taxpayers with audit requirement)           30th September of the relevant Assessment Year

https://fastlegal.in/blog/income-tax/last-date-for-filing-income-tax-return-of-private-limited-company-for-financial-year-2017-18-is-30th-september-2018/