Certicom Updates

1. Income Tax: Infosys recognizes the ongoing challenges faced by some users and has engaged with more than 1,200 taxpayers directly to better understand their concerns. The company is focused on rapidly resolving these challenges while working closely with the Chartered Accountant community.

2. ITAT Mumbai has held that minimizing tax liabilities through lawful means is not illegal. The Assessing Officer cannot disregard a transaction just because it results in a tax advantage to the assessee. In the matter of Michael E Desa. Minimizations of the tax liability, as long as it is through legitimate tax planning and without using colourable devices, is not illegal at all,

3. CBDT releases ITR 6 Schema Changes for AY 2021-22

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4. CBIC has asked field offices to draw up an action plan so that no case of GST evasion is pending investigation beyond one year. In instruction to field formations, the CBIC has also asked GST officers to speed up investigation and issue show-cause notices in evasion cases, so that enough time is left with adjudicating authority to pass orders.

5. FSSAI: Wef 1.10.21, mentioning of FSSAI Registration no. on bills, cash memos etc. is mandatory in the case of food businesses.

6. ICAI Members who are entitled to vote at a Polling Booth in India but have gone abroad before 31st August 2021 and are unable to return to India may now exercise their vote (to be held on 3rd & 4th December 2021) by applying for Postal Voting Facility.

One Person Company Annual Filing- Due Dates!

E-Form AOC-4: Within 180 Days of the close of Financial Year. [Reference: Section 137(1) of Companies Act, 2013]

  • Eg. F.Y. 2020-21: The due date for Form AOC-4 shall be 27th September 2021. If we count 180 days from 1st April 2021.

Are you a freelancer? Key points to know about GST payment

E-Form MGT-7: Within 60 days from the date of AGM. [Reference: Section 92(4) of Companies Act, 2013]

  • Eg.: F.Y. 2020-21, If AGM is on 30/09/2021 then the due date of Form MGT-7 would be 28th November 2021. As we know, OPC does not require to hold AGM, yet the due date for filing shall be 60 days from the completion of 6 months from the end of the Financial Year, which means the due date shall be 28th November 2021.