The GST Council’s 45th meeting held on 17th September 2021 has recommended GST rate changes which will be effective from 01st October 2021.  For the New Rates applicable w.e.f October 2021, Click here: http://sonycl.com/blog/2021/10/04/gst-rate-changes-w-e-f-01st-october-2021/    

With a view to ensure smooth transition to the amended legal regime the Central Government has decided that FCRA Registration Certificates which are expired during the period between 29th September 2021 to 31st December 2021 and which await renewal shall remain valid upto31st December 2021. Therefore FCRA certificates or registration expiring between 29thSeptember 29, 2020, to December 31, 2021, could apply for renewal till December 31, 2021.(Earlier 30th September 2021) For the Public Notice, Click here: https://fcraonline.nic.in/home/PDF_Doc/fc_notice_30092021.pdf  

The DGFT vide Notification No. 33/2015-2020 dated 28th September, 2021 has further extended the duration of Foreign Trade Policy 2015-2020 (FTP) from 30th September 2021 to 31st March 2022. The following are the major highlights The existing Foreign Trade Policy 2015-20 is extended up to 31st March 2022 (Earlier 30th September 2021) Imports against Advance Authorisations are exempted from Integrated Tax and Compensation Cess up to 31st March 2022 (Earlier 30th September 2021) Capital goods imported under EPCG Authorisation for physical exports are exempt from IGST and Compensation Cess up to 31st March 2022 (Earlier 30th September 2021) The imports and/ or procurement from bonded warehouse in DTA or from international exhibition held in India by an EOU/EHTP/STP/BTP would also remain exempted from IGST and Compensation Cess till 31st March 2022. (Earlier 30th September 2021)  

Introduction of Section 206AB of Income tax Act 1961 effected Deduction of Tax at source at higher percentage from specified persons. Some of the highlights of the Provisions are summarised below. Effective Date: with effect from 1st July 2021. Applicability to Specified Persons: Specified Person – with respect to tax deductions Chapter XVIIB? Not filed Income Tax returns for the last two years; and? Aggregate TDS/TCS credit of Rs. 50,000 or more in each of the two years Rate of Deduction: Higher of the following rates, namely:—(i) at twice the rate specified in the relevant provision of the Act; or(ii) at twice the rate or rates in force; or(iii) at the rate of five per cent. Where section 206AA is applicable to a specified person (where no PAN ), Tax shall be deducted at higher of the two rates provided in this section 206AB and in section 206AA . Exclusion: Non-resident who does not have a permanent establishment in India Sec 206 AB not applicable to the following Sections:1. Section 192 : TDS on Salary2. Section 192A: TDS on withdrawal from EPF;3. Section 194B: TDS on winning from lotteries, crossword puzzles etc.4. Section 194BB: TDS on winning from horse races;5. Section 194LBC: TDS on income in respect of investment in Securitization Trust;6. Section 194N: TDS on cash withdrawal

  The Kerala Government has announced that the flood cess would be applicable till 31st July 2021.   Government has directed the businesses to make necessary changes in their billing software accordingly.   For the press release, Click here: Flood Cess press release

As you are aware the last date for filing form DIR-3 KYC without fee has expired on 15th September 2018. The process of deactivating the non-compliant DINs has since been completed and their status has been updated as ‘Deactivated due to non-filing of DIR-3 KYC’. However, the non-compliant DIN holders may file DIR-3 KYC with a fee of Rs.500 (Rupees Five Hundred Only) from 21st September till 5th October 2018(both days inclusive) to get their DINs reactivated. From 6th October 2018 onwards, a fee of Rs.5000 (Rupees Five Thousand Only) becomes payable for reactivation. Source: Companies (Appointment and Qualification of Directors) Sixth Amendment Rules, 2018.Dated 20.09.2018

  The Finance Act, 2017 had inserted a new Section 139AA under the Income-tax Act, 1961 requiring every person to quote Aadhaar number in the return of income with effect from 1st day of July, 2017. If any person does not possess the Aadhaar Number but he had applied for the Aadhaar card then he can quote Enrolment ID of Aadhaar application Form in the ITR. It may be noted that firms are also required to Quote Aadhaar number of their Partner/members in new ITR 5. Further, in case of trust Aadhaar number of Author(s) / Founder(s) / Trustee(s) / Manager(s), etc., are required to be specified in new ITR 7. However, the Central Government has issued a Notification No. 37, Dated 11/5/2017 whereby it has been notified that the provisions of section 139AA shall not apply to an individual who does not possess the Aadhaar number or the Enrolment ID and is:- (i) residing in the States of Assam, Jammu and Kashmir and Meghalaya; (ii) a non-resident as per the Income-tax Act, 1961; (iii) of the age of 80 years or more at any time during the previous year, i.e., super senior citizen; (iv) not a citizen of India. Hence, it will not be mandatory for an individual (as notified above) to quote his/her Aadhaar Number in return of income.

CBDT has extended the last date for filing declaration under Direct Tax Dispute Resolution Scheme, 2016 to 31-01-2017. The Scheme provides an opportunity for taxpayers who are under litigation before the Commissioner of Income Tax (Appeals) and other judicial fora to come forward and settle their disputes in accordance with the provisions of the Scheme.   ENFORCEMENT OF SCHEME Declaration can be filed under the scheme on or after 01-06-2016 before the designated authority, who has been defined to be an officer not below the rank of Commissioner of Income Tax. The last date for filing the declaration has now been extended to 31-01-2017.   APPLICABILITY OF THE SCHEME The Scheme is applicable to all who has any arrears in respect of Tax, Interest or Penalty determined under the Income-tax Act, 1961 or the Wealth-tax Act, 1957, in respect of which, any appeal is pending before the Commissioner of Income-tax (Appeals) or the Commissioner of Wealth-tax (Appeals) as on the 29th February 2016.   CRUX OF THE SCHEME Under the Scheme, if the amount of disputed tax is: Up to Rs. 10 lakh, complete waiver from levy of penalty and initiation of prosecution provided on payment of assessed tax along with the interest. More than Rs. 10 lakh, the declarant is required to pay only 25% of the minimum penalty leviable along with the due tax and interest   FORM FOR DECLARATION A declaration is to be filed before the Designated Authority in Form I and Form 2 (where applicable).  The Designated Authority shall within a period of 60 days from the date of receipt of the declaration determine the amount payable by the declarant in accordance with the provisions of this Scheme.certificate in Form 3 to the declarant setting forth therein the particulars of tax arrear or the specified tax as the case may be, and the sum payable after such determination.  A Certificate in Form 3 shall be granted to the declarant setting forth therein the particulars of tax arrear or the specified tax as the case may be, and the sum payable after such determination. The declarant shall pay the sum determined by the designated Authority as per the certificate within 30 days of the date of the receipt of the certificate and shall intimate the fact of making the payment along with proof thereof to the Designated Authority.  On receipt of such intimation the Designated Authority shall pass an order stating that the declarant has paid the sum as per the Scheme.  Order passed by the Designated Authority shall be conclusive as regards the settlement of dispute relating to disputed income covered by the order and such dispute shall not be reopened in any proceeding under the Income-tax Act or Wealth-tax Act or under any law for the time being in force.   WITHDRAWAL OF LITIGATION In accordance with Section 203(2) where a declaration has been filed in respect of tax arrears, appeal pending before CIT(A) or CWT(A), as the case may be, relating to disputed income or disputed wealth shall be deemed to have been withdrawn.   IMMUNITY Immunity from initiation of proceeding in respect of offence and imposition of penalty in certain cases has been provided.   For more details regarding the Dispute Resolution Scheme, follow the link: http://www.incometaxindia.gov.in/Pages/dispute-resolution-scheme.aspx

  Extension of last date of in filing AOC­4, AOC­4 (XBRL) AOC­4 (CFS) and MGT­7 e­forms under the Companies Act, 2013 In continuance of this  Ministry’s  General Circular No. 08/2016 dated 29.07.2016, keeping in view the requests received from various stakeholders, it has been decided to further extend the last date for filing of financial statements  and annual returns  e­forms AOC­4, AOC­4 (XBRL) AOC­4 (CFS) and MGT­7 as  the case may be, without payment of additional fee, wherever applicable till 29th November, 2016.

  Income Tax Rates for A.Y. 2016-17 and A.Y. 2017-18   Tax Rates   1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person   Assessment Year 2016-17 Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 10% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]   Assessment Year 2017-18 Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 10% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]   2. In case of a resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year)   Assessment Year 2016-17 Taxable income Tax Rate Up to Rs. 3,00,000 Nil Rs. 3,00,000 – Rs. 5,00,000 10% Rs. 5,00,000 – Rs. 10,00,000 20% Above Rs. 10,00,000 30% Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]   Assessment Year 2017-18   Taxable income Tax Rate Up to Rs. 3,00,000 Nil Rs. 3,00,000 – Rs. 5,00,000 10% Rs. 5,00,000 – Rs. 10,00,000 20% Above Rs. 10,00,000 30% Less: Rebate under Section 87A [see Note] Add: Surcharge and Education Cess [see Note]   3. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year)   Assessment Year 2016-17 Taxable income Tax Rate Up to Rs. 5,00,000 Nil Rs. 5,00,000 – Rs. 10,00,000 20% Above Rs. 10,00,000 30% Add: Surcharge and Education Cess [see Note]   Assessment Year 2017-18 Taxable income Tax Rate Up to Rs. 5,00,000 Nil Rs. 5,00,000 – Rs. 10,00,000 20% Above Rs. 10,00,000 30% Add: Surcharge and Education Cess [see Note] Note:   Assessment Year 2016-17   a) Surcharge:The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees). b) Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge. c) Secondary and Higher Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge. d) Rebate under Section 87A:The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less. Assessment Year 2017-18   a) Surcharge:The amount of income-tax shall be increased by a surcharge at the rate of 15% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees). b) Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge. c) Secondary and Higher Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge. d) Rebate under Section 87A:The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 5,000, whichever is less.   4. Partnership Firm   For the Assessment Year 2016-17 and 2017-18, a partnership firm (including LLP) is taxable at 30%. Add: a) Surcharge:The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees). b) Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge. c) Secondary and Higher Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.   5. Local Authority   For the Assessment Year 2016-17 and 2017-18, a local authority is taxable at 30%. Add: d) Surcharge:The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees). e) Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge. f) Secondary and Higher Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.   6. Domestic Company For the Assessment Year 2016-17 and 2017-18, a domestic company is taxable at 30%. However, for Assessment year 2017-18, tax rate is 29% if turnover or gross receipt of the company does not exceed Rs. 5 crore. Add: a) Surcharge:The amount of income-tax shall be increased by a surcharge at the rate of 7% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 12% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under: (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees. (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. b) Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge. c) Secondary and Higher Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.   7. Foreign Company Assessment Year 2016-17 and Assessment Year 2017-18 Nature of Income Tax Rate Royalty received from Government or an Indian concern in pursuance of an agreement made with the Indian concern after March 31, 1961, but before April 1, 1976, or fees for rendering technical services in pursuance of an agreement made after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government 50% Any other income 40%   Add: a) Surcharge:The amount of income-tax shall be increased by a surcharge at the rate of 2% of such tax, where total income exceeds one crore rupees but not exceeding ten crore rupees and at the rate of 5% of such tax, where total income exceeds ten crore rupees. However, the surcharge shall be subject to marginal relief, which shall be as under: (i) Where income exceeds one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees. (ii) Where income exceeds ten crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. b) Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge. c) Secondary and Higher Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.     8. Co-operative Society Assessment Year 2016-17 and Assessment Year 2017-18 Taxable income Tax Rate Up to Rs. 10,000 10% Rs. 10,000 to Rs. 20,000 20% Above Rs. 20,000 30% Add: a) Surcharge:The amount of income-tax shall be increased by a surcharge at the rate of 12% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (where income exceeds one crore rupees, the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees). b) Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by education cess calculated at the rate of two per cent of such income-tax and surcharge. c) Secondary and Higher Education Cess:The amount of income-tax and the applicable surcharge, shall be further increased by secondary and higher education cess calculated at the rate of one per cent of such income-tax and surcharge.  

The Ministry of Finance has introduced a new mode of verification of electronic filing of Income Tax returns, known as Electronic Verification Code (EVC) with effect from AY 2015-16 onwards. The EVC will be an alternative for the traditional mode of verification by sending the ITR Acknowledgement to CPC, Bengaluru.

The Secretarial Standards as published in the Gazette of India Extraordinary Part III on 23rd April, 2015 has come into force with effect from 01st July 2015. The standards were earlier approved by the Ministry of Corporate affairs u/s 118 (10) of 

NSDL e-Gov has released the latest version of the TDS/TCS – Return Preparation Utility (RPU) and File Validation Utility (FVU) on 24-06-2015. TDS/TCS Return preparers are advised to use the latest versions of utilities.