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

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

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

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Income Tax Return Filing for AY 2019-20

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/ 

 

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Last Date for Filing Income Tax Return of Private Limited Company for Financial Year 2017-18 is 30th September, 2018

Last Date for Filing Income Tax Return of Private Limited Company for Financial Year 2017-18 is 30th September, 2018

All companies registered in India are required to file income tax return on or before the 30th of September. Companies Incorporated During the 1st of Jan 2018 to March 2018 is also required to file within 30th Sept 2018.

Private Limited Company Registration in Jaipur