MCA extends due date of filing of CRA-4 (Cost Audit Report) till Dec. 31, 2019

Company & SEBI Laws Alert!

MCA extends due date of filing of CRA-4 (Cost Audit Report) till Dec. 31, 2019

MCA has extended the last date of filing of form IEFP 1A upto 31.12.2019 and form IEPF-2 (for purpose of filing statement of unclaimed and unpaid amounts) upto 30.11.2019. 

Compulsory e-payment facility from 1st Nov for business with more than 50 cr turnover

         FTS- 1275045/2019 
         Government of India 
         Ministry of Finance 
         Department of Revenue 
         Central Board of Direct Taxes 
        *************************** 
      New Delhi, dated 18th October 2019 

                     NOTICE 
Prescribing of certain electronic modes of payment under Section 269SU of the Income-. tax Act, 1961-Invitation for application 

In furtherance to the declared policy objective of the Government to encourage digital economy and move towards a less-cash economy, a new provision namely Section 269SU was inserted in the Income-tax Act 1961, vide the Finance (No. 2) Act 2019, which provides that every person having a business turnover of more than Rs 50 Crore shall mandatorily provide facilities for accepting payments through prescribed electronic modes. 

2. Further, a new provision namely Section 10A was also inserted in the Payment and Settlement Systems Act 2007, which provides that no Bank or system provider shall impose any charge on a payer making payment, or a beneficiary receiving payment, through electronic modes prescribed under Section 269SU of the Income-tax Act 1961. 

3. These provisions shall come into force with effect from 1st November, 2019. The Central Government proposes to prescribe certain electronic modes of payment for the purposes of Section 269SU. 

4. Accordingly, applications are hereby invited from the Banks and Payment System Providers, operating an authorised payment system under the Payment and Settlement Systems Act 2007, who are willing that their payment system may be taken into consideration for being prescribed as an eligible electronic payment mode under Section 269SU of the Income-tax Act 1961. 

5. The application shall be made in the format given below, and shall be duly signed by the authorised signatory. 

• Name of the Bank/payment system provider
• Complete address
• PAN
• Details of license/ registration number to operate the payment system
• Brief note/description on the payment system proposed to be prescribed uls 269SU 

The expression of intent may be sent by e-mail at dirtp14@nic.in by 28th October 2019. Any query or clarification in this regard may be made at 011-2309 2964. 

Ankur Goyal
Under Secretary(TPL-IV)

#CMP08 for Q2/2019-20 due date Extended by 4 days to 22.10.2019.Real Reason : Technical GlitchesOfficial Reason : Unknown

इनकम टैक्स रिटर्न दाखिल करने के बाद बैंक खाते का विवरण, ईमेल आईडी मोबाइल नंबर और पता विवरण कैसे बदलें?

How to change bank account details ,email ID Mobile Number and Address details after filing of Income Tax Return ?

There are times when taxpayers enter wrong or incorrect bank details at the time of ITR filing.Taxpayers can change their ITR form particulars, such as bank details, email ID, contact number, address, etc

Now taxpayers have already filed their income tax return (ITR) for the financial year 2018-19. The last date to file ITR was August 31, 2019. All those taxpayers who wish to update or change contact or banking details.

As per the income tax department's website, "After the upload of the ITR, if any change occurs in taxpayers Bank Account, Address, mobile number and e-mail id, then the taxpayer can update these changes through 'Change ITR Form Particulars'. Any update can be made only prior to processing of the return." Usually, from the date of filing, it takes a month for the tax department to process the tax returns.

Following are the step of bank account details ,email ID Mobile Number and Address details in ITR form

Step 1: Login to the 'e-Filing' Portal www.incometaxindiaefiling.gov.in

Step 2: Go to the 'My Account' menu located at upper-left side of the page

Then click on 'Service Request'. Here you will have to select the 'Request Type' as 'New Request' and select the 'Request Category' as 'Change ITR Form Particulars'. Then click 'Submit'.

Step 3: Enter 'Acknowledgement number' of ITR and provide the necessary details. Then click 'Submit'.

 

Step 4.User can change Bank Account Details; change Address Details, Email-ID, Mobile Number

 

Step 5: Click on the 'Transaction ID'

8545873214

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*Key Highlights of GST Notifications applicable form 01-Oct-2019*

*Key Highlights of GST Notifications applicable form 01-Oct-2019*


*1. Reverse charge*

a. *Renting of Motor vehicle* Services provided by way of renting of a motor vehicle provided to a body corporate by any person other than a body corporate, paying central tax at the rate of 2.5% on renting of motor vehicles with input tax credit only of input service in the same line of business.

b. *In case of Builder* Now, reverse charge will be applicable on the goods Cement supplied by unregistered supplier to promoter without any condition or limit. Government has widened the applicability of reverse charge on cement supplied by unregistered supplier to promoters.

2. Government has notified that special procedure prescribed for payment of taxes in case of supply of development right services shall not be applicable and will be rescinded for development right services supplied on or after April 1, 2019 –

3. Manufacturers of aerated water would not be able to opt for composition scheme

4. *List of New Exemptions*
A. Supplies of Silver and Platinum by nominated agencies to registered persons under the Scheme for “Export against Supply by Nominated Agency”
B. All goods supplied to Food & Agricultural Organization of the United Nations (FAO) for execution of specified projects
C. Services provided by and to Fédération Internationale de Football Association (FIFA)
D. Services by way of storage or warehousing of cereals, pulses, fruits, nuts and                 vegetables, spices, copra, sugarcane, jaggery, raw vegetable fibres such as cotton, flax, jute etc., indigo, unmanufactured tobacco, betel leaves, tendu leaves, coffee and tea

*5. Major change in rates*
*Goods*
Marine Fuel 0.5% will be at *5%*
Wet grinder consisting of stone as a grinder will be at *5%*
Woven and Non- Woven Bags and sacks of Polyethylene Polypropylene strips,whether laminated or not will be at *12%*
Parts of railway or tramway locomotives, wagons, coaches, etc., classified under tariff heading 8601 to 8608 will be at *12%*
Caffeinated Beverages will be at *28%*

6.  *New Rates for accommodation, restaurant and other services*
A. ‘Hotel accommodation’ having value of supply of a unit of accommodation above Rs. 1,000 but less than or equal to Rs.7,500 per unit per day or equivalent will be at *12%*
B. Restaurant services other than at ‘Specified premises’, will be at *5% ITC charged on goods and services used in supplying the service has not been taken*
C. Outdoor Catering or Composite supply of ‘outdoor catering’ together with renting of premises or supply of ‘outdoor catering’, at premises other than ‘specified premises’ provided by any person except-
(a) suppliers providing ‘hotel accommodation’ at ‘specified premises’, or
(b) suppliers located inv‘specified premises’ will be at *5%*
*ITC charged on goods and services used in supplying the service has not been taken*

D. Other professional, technical and business services relating to exploration, mining or drilling of petroleum crude or natural gas or both will be at *12%*

E. Services by way of job work in relation to   diamonds falling under chapter 71 in the First Schedule to the Customs Tariff Act, 1975 (51of 1975) will be at *1.5%*

F. Services by way of job work in relation to bus body building will be at *18%*

G. Services by way of job work other than mentioned in the E and F will be at *12%*