The due date for income tax return FY 2018-19 AY 2019-20 has been extended to SEPTEMBER 30, 2020
NATURE OF COMPLIANCE
ORIGINAL DUE DATE
FILING OF TDS/TCS STATEMENT
Form 24Q, 26Q, 27Q and 27EQ of Q4 of FY 2019-20
Form 24Q, 24Q, 26Q, 27Q and 27EQ of Q1 and Q2 of FY 2020-21
As per Rule 31A/31AA
Form 26QB, 26QC and 26QD of February, 2020
Form 26QB, 26QC and 26QD of March, 2020
Form 26QB, 26QC and 26QD of April to November, 2020
30 days from end of month in which tax is deducted
ISSUE OF TDS/TCS CERTIFICATE
Form 16 for TDS on salary during FY 2019-20
Form 16A for TDS on income other than salary for Q4 of FY 2019-20
TCS certificate for Q4 of FY 2019- 20
DIR-3 KYC FOR FY 2019-20
Due Date – 30th September, 2020
Late Fees – Rs.5 ,000/-
Who is required to file DIR-3 KYC?
Any Individual, who is Director/Partner in any Company/LLP is compulsorily required to File DIR-3 KYC.
Consequences on Non Filing of DIR-3 KYC :-
1)Late Fees – Rs.5000/-
2)Director will be disqualified and status will be changed from
“Approved” to “Deactivated due to non-filling of DIR-3 KYC“
1)DIN will be disabled and Deactivated and No return or form containing that DIN can be filed.
2)Until the KYC is completed, Individual cannot be appointed or resign in any company/LLP
DIR-3 KYC is to be signed using DSC
Feel free to contact, in case of any query.
Ministry of Micro, Small and Medium Enterprises vide notification dated 26th June, 2020 has issued new guidelines for existing MSMEs and the upcoming MSMEs.
Some highlights are as follows:-
- All existing enterprises registered under Udyog Aadhar Memorandum shall register again on or after 01.07.2020.
- Registration will be called Udyam Registration;
3.Classification of Enterprises;
- Turnover Calculation;
- Investment calculation;
- Registration Process for new enterprises;
- Registration for existing enterprises;
- Facilitation and Grievances redressal of Enterprises.
- Information of Turnover will be linked to IT Act or CGST Act and GSTIN;
- Effective date will be 01.07.2020
- The existing enterprises registered prior to 30th June, 2020, shall continue to be valid only for a period up to the 31stday of March, 2021.
- REPO rate has been reduced by 40 basis points.
– This will reduce the interest rates on all existing and new borrowings. Get in touch with your Banks and try and extract the Rate of Interest presently being charged by them. If the Rate of Interest is on a higher side you can negotiate with them or think of switching it over to other Bank.
- Reverse REPO rate has been reduced by 40 basis points.
– This will help to ensure that Banks do not park their money with RBI and instead increase the lending in the near future.
- Increase in Moratorium by further 3 months.
– In this current situation we propose that everyone should go ahead and opt for the Moratorium offered by RBI for further three months. Moreover in case of working Capital limits, RBI has also proposed of converting the interest charged during Moratorium period into Term Loan. Benefit of the same can also be availed.
We would be happy to Assist you in all your funding requirements.
On 13th May, 2020, Government of India has revised the definition of Micro Small and Medium Enterprises (MSME) to include turnover criteria along with long standing investment criteria as mentioned below:
Micro: Investment < Rs. 1 crore and Turnover < Rs. 5 crore;
Small: Investment < Rs. 10 crore and Turnover < Rs. 50 crore;
Medium: Investment < Rs. 20 crore and Turnover < Rs. 100 crore;
Should you fall in any of the above mentioned categories, get your firm registered at the earliest to avail the Govt. benefits worth Rs. 3 lakh crore as collateral free loans.
We facilitate the above Registration.
Brief highlights of the scheme are as follows
1.Scheme applicable for LLP who have defaulted in filling annual filling forms (Form 8 and Form 11) and LLP form 3 and form 4 (for change in LLP particulars in agreement).
2.Scheme Applicable from 16.03.2020 to 13.06.2020.
3.Late fee would be Rs 10 per day per form with maximum cap of Rs 5,000/-.Otherwise the penalty would be rs 100 per day per form with no maximum limit.
4.Scheme is already been effective.
5.Scheme not applicable to those LLP which has made an application for strike off.