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GST Deadlines that ends on 31st August 2020:

Pratibha Gupta
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GST Deadlines that ends on 31st August 2020

Many GST compliance deadlines ended to 31st August, 2020. To avoid late fees and penalties, these due dates need to be remembered and file the returns. Let’s see which deadline ends on 31st of August, 2020.
Deadlines that ends on 31st August 2020

  1. GSTR-4 (2019-20): GSTR-4 is an annually form to be filed by composition dealer. 31st August, 2020 is the last date for filing of GSTR-4 for financial year 2019-20. Notification No. 59/2020 dated 13.07.2020
  2. ITC 04: ITC-04 is related to job worker and submitted by the principal every quarter. It is furnished on or before 25th day of the month succeeding the quarter. Last date of ITC 04 of the 4th quarter of 2019-20 and first quarter of 2020-21 is 31st August, 2020. Notification No. 55/2020 dated 27.06.2020
    Details to be furnished in ITC-04

Goods sent to job worker

Goods received back from the job worker or sent out from business place of job-work.

  1. GSTR-5: GSTR-5 is submitted by Non- Resident taxable person. The due date of GSTR-5 is earlier of the followings:

Within 20 days after the end of a calendar month

Within 7 days after the last day of validity period of registration

As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR-5 for the month of March 2020 to July
2020 is extended to 31st August, 2020.

  1. GSTR-5A: GSTR-5A is submitted by the OIDAR service providers. GSTR-5A is furnished on or before within 20 days after the end of the month. As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR-5A for the month of March 2020 to July 2020 is extended to 31st August, 2020.
  2. GSTR-6: GSTR-6 is filed by input service distributors (ISD). It is filed within 13 days from the end of the month. As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR-6 for the month of March 2020 to July 2020 is extended to 31st August, 2020. The details of invoices on which credit has been received and details of tax invoices issued by ISD to be furnished in the GSTR-6.
  3. GSTR-7: GSTR-7 is to be filed by TDS deductor. It is furnished within 10 days after the end of the month in which tax has been deducted at source. As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR-7 for the month of March 2020 to July 2020 is extended to 31st August, 2020.
  4. GSTR-8: GSTR-8 is submitted by E-commerce operator who collects tax at source under the section 52. It is furnished within 10 days after the end of the month in which collection of tax at source is made. As per Notification No. 55/2020 dated 27.06.2020, due date for GSTR- 8 for the month of March 2020 to July 2020 is extended to 31st August, 2020.
  5. Letter of Undertaking (LUT): Due date for filing of LUT for the financial year 2020-21 is extended to 31st August, 2020 as per Notification No. 55/2020 dated 27.06.2020. Letter of Undertaking (LUT) is a document that exporters can file to export goods or services without having to pay taxes. Any registered person can furnish LUT in form GST RFD 11 and export goods without the payment of integrated tax.

Intellexconsulting.com, Startupstreets.com, Sudheendrakumar.com

CBDT DIRECTS INVESTIGATION DIRECTORATES TO DO E-COMMUNICATION WITH ASSESSEE:

Pratibha Gupta
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CBDT DIRECTS INVESTIGATION DIRECTORATES TO DO E-COMMUNICATION WITH ASSESSEE

F. No. 414/29/2020–IT(Inv. I)

Ref: F.No. 380/1/2020-IT(B) dated 08-05-2020 on the subject Central Action Plan for the first quarter (April 2020-June 2020) of the F. Y. 2020-21

In this regard, I am directed to state that the as per the above referred letter it was mentioned that no communication is to be made with the assessee having adverse effect on him/her during the period till fresh guidelines are issued by the Board. The issue with regard to making communication with the assessee by the officers of Investigation and Central charges of the Income Tax Department has been considered. Accordingly, it is to state that henceforth such communications may be made by the officers of Investigation and Central charges of the Income Tax Department. This would be applicable for proceedings under the Income Tax Act, 1961; Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; and Prohibition of Benami Property Transactions Act, 1988.

However, in view the hardships being faced by the taxpayers in coping with the challenges posed by COVID 19 pandemic, it is important that the concerned officers of the Income Tax Department recognize the same and are sensitive to it. Therefore, as far as possible, the communications should be made electronically and social distancing norms should be followed, without diluting the significance of the proceedings.

Intellexconsulting.com, Startupstreets.com, Intellexfinance.com

MARKETS REGULATOR AMENDS ELIGIBILITY CRITERIA FOR EXECUTIVE DIRECTOR’S POST:

Pratibha Gupta
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MARKETS REGULATOR AMENDS ELIGIBILITY CRITERIA FOR EXECUTIVE DIRECTOR’S POST

The Securities and Exchange Board of India (Sebi) has amended the eligibility criteria for the post of executive director (ED), by restricting the position to internal candidates working only as legal professionals.

This means that candidates with a legal background cannot apply for ED positions that are vacant in the general stream.

The move comes ahead of the interview of internal candidates for the post of two EDs in the general stream, scheduled for August 13.

At present, at ED level, Sebi’s regulations don’t formally recognise any particular stream or specialisation.

Amending the Employees Service Regulations, the government in a gazette notification dated August 5 said, “Internal candidates from grade F of all streams, except the legal stream, with minimum three years of service in the said grade will be promoted.”

Under new rules, the legal stream has been excluded from the general stream. Those applying for ED (law) position will require the minimum qualification of LLB from a recognised university with a minimum of 20 years of post-qualification experience in law, the gazette notification says.

The issue was recently brought up by Sebi’s employee association following an advertisement for ED’s post.

Sudheendrakumar.com , Intellexconsulting.com, Startupstreets.com

EXISTING MSME REGISTRATIONS VALID TILL MARCH 31, 2021 : MSME MINISTRY:

Pratibha Gupta
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0

EXISTING MSME REGISTRATIONS VALID TILL MARCH 31, 2021: MSME MINISTRY

MSME Ministry clarifies that all the existing Entrepreneurs Memorandum (‘EM’) Part-II and /or Udyog Aadhaar Memorandums (‘UAM’) obtained till June 30, 2020 shall remain valid till March 31, 2021; Strongly recommends that EM Part II and/or UAM holders to file fresh registration in the new Udyam Registration Portal, since the existing registrations will cease to be valid after March 31, 2021; Further specifies that the value of plant and machinery or equipments for all purposes of Notification dated June 26, 2020 and for all the enterprises shall mean the Written Down Value (WDV) as at the end of FY as defined in the Income Tax Act and not the cost of acquisition or original price, which was applicable in the context of the earlier classification criteria; Lastly reiterates that the entire registration process is free of cost and should be done only on and through the Government Portal as specified above: Ministry of MSMEs

Intellexconsulting.com, Startupstreets.com, Intellexfinance.com

“Income Tax Policy Changes” – Announced by CBDT:

Pratibha Gupta
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“Income Tax Policy Changes” – Announced by CBDT:

1. Income Tax New disclosures asked in the new ITR forms 1to7 are: 1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.

2. Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.

3. Cash deposit: For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.

4. Foreign travel: If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.

5. Electricity consumption: If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.

6. Investment details: Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.

7. For every assessment year, the last date for filing tax returns is July 31, However, this year ITR filing date has been extended till November 30, 2020 due to pandemic Covid-19.

8. Income Tax Exemptions and Deductions that you can claim under the New Tax Regime for FY 2020-21 (AY 2021-22): Withdrawal by an employee from the Employees’ Provident Fund (EPF) is not taxable after 5 years of continuous service.

9. Withdrawal from National Pension Scheme (NPS) on maturity or premature closure up to 40% of the amount received on such withdrawal remains tax free for all. In case of partial withdrawal from NPS, up to 25% of the contributions made by the individual will be tax free. Employer’s contribution to NPS up to 10% of their basic salary and dearness allowance also remains tax free.

10. Under Section 10 (10D) of the Income Tax Act, the sum assured and any bonus paid on maturity or surrender of the life insurance plan is tax free. Maturity proceeds continue to be exempt under Section 10(10D) even in the new regime. The maturity amount including interest received on the Sukanya Samriddhi Yojana will not attract any tax.

11. Conveyance Allowance granted to meet expenditure incurred on conveyance in performance of duties of an office and any allowance granted to an employee to meet the cost of travel on tour or on transfer (including relocation) are tax free.

Interest received from post office savings account balance up to ₹3,500 annually per individual will remain free from tax.

12. Any scholarship granted to meet education costs is tax exempt under Section 10 (16) of the Income Tax Act. Gratuity received from the employer up to ₹20 lakh after rendering 5 years of continuous service. Leave encashment received at the time of resignation or retirement up to ₹3 lakh.

13. Form 26AS will now be a complete profile of the taxpayer w.e.f. 01.06.2020, CBDT vide Notification dated May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. Key takeaways are:

14. New form 26AS will also provide information in respect of “Specified financial transactions” which include transactions of purchase/ sale of goods, property, services, works contract, investment, expenditure, taking or accepting any loan or deposits of such value as may be prescribed but not less than of Rs 50,000.

15. Information about income tax demand, refund, proceedings pending, and proceedings completed which may include assessment, reassessment under section 148,153A 153C, revision, appeal will also be shared in this form 26AS.

16. Information on this form 26AS will not be a one-time affair at year end. This will be a live 26AS, as this will be updated regularly within 3 months from the end of the month in which such information is received.

17. Form 26AS will now be a complete profile of the taxpayer for that particular year as against earlier form 26AS which just provided the information about taxes paid by way of TDS/TCS or self-assessing. This form will also have mobile no, email I’d and Aadhar no. of the taxpayer.

18. Further an enabling provision has been notified empowering the CBDT to authorise DG Systems or any other officer to upload in this form, information received from any other officer, authority under any law. Thus any adverse action initiated or taken or found or order passed under any other law such as custom , GST , Benami Law etc. including information about Turnover , import , export etc. will also be put in this form 26AS so that not only the concerned taxpayer but also all the Income Tax authorities will know and have access to such information.

19. This form 26AS will also provide information received by Tax Deptt from any other country under the treaty /exchange of information about income or assets of the taxpayer located outside India.

20. The implication of this new form 26AS will be that banks , financial institutions or any other authority or customer , buyer etc. while carrying out due diligence of the person/ corporate concerned will now ask for form 26AS so as to be sure that there are not any major issues about such person/corporates.

21. This will now make difficult for any taxpayer to hide information from any bank / financial institution/ authority about any proceedings against under any law or tax demand, tax disputes etc, So mandatorily passport no. is to be mentioned, applicable for all.

Intellexconsulting.com, Startupstreets.com, Sudheendrakumar.com

Key highlights of PM Modi’s speech today (13 August 2020) on Tax Reforms:

Pratibha Gupta
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Key highlights of PM Modi’s speech today (13 August 2020) on Tax Reforms:

  1. Faceless Income Tax Scrutiny – Now, Income tax assessment shall be done completely faceless. No local officer shall be involved in the process. Such process shall be secretive to tax payer as well as tax officers.
  2. Seamless, faceless and tireless process now.
  3. Faceless Income Tax Appeals
  4. No issue on transfer posting of Income tax officers
  5. Only 1.5 Crores Indian pays Income Tax out of 130 Crores. Hence should come forward to pay their taxes properly.
  6. In last 6 year, about 1500 law have been abolished by Modi’s Govt. for ease of business in India.
  7. Introduced TaxPayer’s Charter, wherein the commitment of Income tax department and expectations of the TaxPayers have been set.

Hope, this will improve the quality of assessments, evenif there would be more litigation at ITAT/HC/ SC level due to difference of opinion of Tax Payers and Income Tax Department.

Intellexconsulting.com, Startupstreets.com, Sudheendrakumar.com

Old Private Companies for Sale without any Assets or Liabilities of Business:

Pratibha Gupta
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Old Private Companies for Sale without any Assets or Liabilities or Business.

All Statutory compliances are up-to-date.

We regularly deal in Private Limited / Public Ltd / Listed companies etc. Direct Buyers and sellers are welcome to connect with us

We also do Registration of new Private Limited Company/ LLP/ OPC (One Person Company) etc and also filing of ROC Returns.

WhatsApp your details and loan requirements on 98200–88394

Intellex Strategic Consulting Private Limited (India)

Startupstreets.com , Intellexconsulting.com, Intellexfinance.com

How to close LLP?

Pratibha Gupta
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How to close LLP ?

Any LLP can close down its business by adopting any of the following two ways:

A) Declaring the LLP as Defunct In case the LLP wants to close down its business
or
where it is not carrying on any business operations for the period of one year or more, it can make an application to the Registrar for declaring the LLP as defunct and removing the name of the LLP from its register of LLP’s.

eForm 24 is required to be filed for striking off the name of LLP under clause (b) of sub rule 1 of Rule 37 of LLP Rules 2008. Similarly, Registrar also has the power to strike off any defunct LLP after satisfying himself of the need to strike off and has reasonable cause.

However, in this case, registrar has to send a notice to the LLP of his intention and request to send their representation within one month from the date of the notice. The Registrar shall publish such notice or content of the application made by the LLP on its website for a period of one month for the information of the general public. In case no reply is received within the mentioned period, registrar may strike off the name of LLP.B) Winding up of LLP Section 63, 64 and 65 of LLP Act 2008 governs the process for winding up of the LLP. It is the process where all the assets of the business are disposed off to meet the liabilities of the same and surplus any, is distributed among the owners. The LLP Act 2008 provides for

following two modes for winding up the LLP i.e.:
◦ Voluntary winding up
◦ Compulsory winding

upVoluntary Winding up : Under this, the partners may between themselves decide to stop and wound up the operations of the LLP.

Compulsory winding up – A limited liability partnership may be compulsorily wound up by the Tribunal,—
◦ if the limited liability partnership decides that limited liability partnership be wound up by the Tribunal;
◦ if, for a period of more than six months, the number of partners of the limited liability partnership is reduced below two;
◦ if the limited liability partnership is unable to pay its debts;
◦ if the limited liability partnership has acted against the interests of the sovereignty and integrity of India, the security of the State or public order;
◦ if the limited liability partnership has made a default in filing with the Registrar the Statement of Account and Solvency or annual return for any five consecutive financial years; or
◦ if the Tribunal is of the opinion that it is just and equitable that the limited liability partnership be wound up.For details, refer LLP Act, 2008 and “ Limited Liability Partnership (Winding up and Dissolution) Rules, 2010”

Startupstreets.com, Intellexconsulting.com, Economiclawpractice.com

New Education Policy 2020:

Pratibha Gupta
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New Education Policy 2020

  1. 10+2 board structure is dropped
  2. New school structure will be 5+3+3+4
  3. Upto 5 pre school, 6 to 8 Mid School, 8 to 11 High School , 12 onwards Graduation
  4. Any Degree will be 4 years
  5. 6th std onwards vocational courses available
  6. From 8th to 11 students can choose subjects
  7. All graduation course will have major and minor
    Example – science student can have Physics as Major and Music as minor also.
    Any combination he can choose
  8. All higher education will be governed by only one authority.
  9. UGC AICTE will be merged.
  10. All University government, private, Open, Deemed, Vocational etc will have same grading and other rules.
  11. New Teacher Training board will be setup for all kinds of teachers in country, no state can change
  12. Same level of Accreditation to any collage , based on its rating collage will get autonomous rights and funds.
  13. New Basic learning program will be created by government for parents to teach children upto 3 years in home and for pre school 3 to 6
  14. Multiple entry and exit from any course
  15. Credit system for graduation for each year student will get some credits which he can utilize if he takes break in course and come back again to complete course
  16. All schools exams will be semester wise twise a year
  17. The syllabus will be reduced to core knowledge of any subject only
  18. More focus on student’s practical and application knowledge
  19. For any graduation course if student completes only one year, he will get a basic certificate, if he complete two years then he will get Diploma certificate and if he complete full course then he will get degree certificate.
    So no year of any student will be vested, if he breaks the course in between.

20.All the graduation course feed of all Universities will be govern by single authority with capping on each course.

Now we can hope our education system will be at par with modern countries and future of our children will be bright.

Intellexconsulting.com, Startupstreets.com

BSE Listed Healthcare Company based in Mumbai looking for an Investor/ Co-Promoter:

Pratibha Gupta
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BSE Listed Healthcare Company based in Mumbai looking for an Investor / Co-Promoter

Our client is a Listed Healthcare company having an Annual turnover of approximately Rs.20 Crores last year. They are poised for faster growth and therefore looking for an Investor or Co-Promoter with an Investment capacity of Rs. 5-15 Crores.

Please connect on WhatsApp on 91-98200 88394 for further details and discussion.

Intellex Strategic Consulting Private Limited (India)

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