In India, the Import-Export Code (IEC) registration process is governed by the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry. IEC is a 10-digit code that is required by businesses for any import or export transactions.
Here are the steps to register for an IEC code in India:
Fill out the IEC application form (Aayaat Niryaat Form ANF 2A) online.
Upload the required documents, including PAN card, GST registration certificate, bank account details, and a cancelled cheque or bank certificate as proof of bank account.
Pay the application fee of Rs. 500 through online payment modes.
Submit the application form online.
After submission of the application, the DGFT will review the application and documents. Once the application is approved, the IEC code will be generated and sent to the applicant via email.
The process of IEC registration in India typically takes 1-2 weeks. It’s important to note that the IEC code does not have an expiry date and is valid for the lifetime of the business.
If You have any doubt or query regarding the Import Export Code (IEC) Registration , feel free to contact the us
There are many Taxpayers who has escaped the income intentionally or unintentionally by not declaring the Saving Interest, Fixed Deposit Interest, Capital gain transactions, Purchase or sale of immovable properties and other as specified by the department under high value transactions. Taxpayers are getting the email/sms alert from the department about these high transactions value.
However, since the date of revision of income tax returns i.e. 31st march 2022 is over so taxpayers was in dilemma that how to revise or deposit the tax amount.
Now the government has come with a solution to file the Updated Tax Return in Form ITR-U along with applicable ITR Forms (I.e. ITR-1,2,3,4,5,6,7 as applicable)
Income Tax department has notified a new form for filing updated I-T returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals.
Updated Income Tax Return can be filed from the AY 2020-21-ITR-U along with applicable ITR-1 to ITR-7 on account of Below
Return not filed
Income not reported correctly
wrong heads of income
Reduction of c/f Loss
Reduction of Unabsorbed Dep.
Reduction of Tax Credit
Wrong tax
People can now deposit the tax can relax by reducing the chances of any further notices.
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22. The details are as under:
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;
The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30th September, 2021, as extended to 31st October, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th January, 2022;
The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21, which is 31st October, 2021, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st January, 2022;
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st October, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th November, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 15th February, 2022;
The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 28th February, 2022;
The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31st December, 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, as extended to 31st January, 2022, vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st March, 2022;
It is also clarified that the extension of the dates as referred to in clauses (9), (12) and (13) of Circular No.9/2021 dated 20.05.2021 and in clauses (1), (4) and (5) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds rupees one lakh. Further, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under Circular No.9/2021 dated 20.05.2021 and as above) provided in that Act, shall be deemed to be the advance tax.
CBDT Circular No.17/2021 in F.No.225/49/2021/ITA-II dated 09.09.2021 issued. The said Circular is available on www.incometaxindia.gov.in
Applicability & Analysis Section 206AB and 206CCA of Income Tax Act, 1961
The Finance Bill 2021, has inserted two new sections in Income Tax Act 1961, which are related to TDS which are Section 206AB and Section 206 CCA which are applicable from 1st July 2021.
Brief about Section 206AB
According to these provisions of the income tax act, TDS will be required to be deducted at higher of the following: –
At Twice rate of the TDS as specified in the relevant provision of the act; or
Twice the rate in force; or
At the rate of 5%
Applicability of the Section 206AB
This provision applicable on “Specified Persons”. Specified Persons means: –
Person who has not filed the Income Tax Return (ITR) for 2 previous years immediately before the previous year in which tax is required to be deducted;
The time limit of ITR filing under sub-section (1) of Section 139 is expired; and
The aggregate tax deducted at source (TDS) or tax collected at source (TCS), is Rs. 50,000 or more in each of the 2 previous years.
What is the person does not have PAN not filed Income Tax Return
Sub-section (2) of Section 206AB states that if both Section 206AA and 206AB are applicable i.e. the “specified person” has not submitted the PAN and not filed the return; TDS is deducted at the higher rates amongst Section 206AA and 206AB.
Non-Applicability of 206AB of the TDS: –
The section 206AB is not applicable in case of TDS on Salary (192), TDS on Premature withdrawal from EPF (192A), TDS on Lottery(194B), TDS on cash withdrawal in excess of 1 crore (194N), TDS on Income in respect of investment in securitization trust (194LBC), TDS on Horse Riding (194BB)
Both Section 206AB/206CCA are not applicable to a non-resident who does not have a permanent establishment in India.
Example: –
M/s GEM Delhi LTD made a contract payment of Rs.80 lakhs to Mr. Akhsay Sinha for 3 consecutive years i.e. FY 2018-19, FY 2019-20 and FY 2020-21 and tax under Section 194C was deducted (Rs.90,000 every year) and remitted by GEM Delhi Ltd. Mr. Akshay Sinha however, did not file his Income Tax Return (ITR) for any of the years. Then, in the financial year 2021-22, From July Onwards GEM Delhi LTD, (the payer) must deduct tax at source (TDS) at the higher rates given above.
How can Tax Deductor/ Collector can identify such persons: –
Since tax deductor/collector is responsible for deducting/collecting TDS/TCS, it becomes their responsibility to identify the specified person of whom TDS at the higher rate is required to be deducted. In the absence of proper mechanism, CBDT has issued Circular No. 11 of 2021 F. No. 370133172021-TPL dated 21st June 2021 Wherein a new functionality “Compliance Check for Section 206AB and 206CCA” is made available through reporting portal of Income Tax department.
Additionally, Deductee/Collectee can give self-declaration to their respective tax deductor/collector about the non-applicability of Section 206AB/206CCA upon them. Format of the same is given below: –
Undertaking pursuant to Section 206AB and Section 206CCA of the Income Tax Act, 1961
TO WHOMSOEVER IT MAY CONCERN
Dear Sir/Madam,
Subject: Declaration confirming filing of the Income Tax Return for immediate two preceding years.
I, (Authorized person name)in capacity of
Authorized Signatory of (Company Name) having PAN
And turnover or Rs.10 cr. or more _______________________(YES/NO)
Registered office at _ do
hereby declare, we have filed Income Tax Returns for Two previous years immediately prior to the previous year in which tax is required to be deducted for which due date filing of return of income under sub section(1) of section 139 of the Income Tax Act, 1961 has expired, the details of which are givenunder:
Financial for which Income Tax Returnwas due u/s 139(1)
Date of Filing
ITR Acknowledgement No.
TDS + TCS is greater than Rs. 50000/-(Yes/No)
F.Y.2020-21 (If applicable on this date of declaration)
F.Y. 2019-20
F.Y. 2018-19
I hereby undertake to indemnify the entity for any loss/liability fully including any Tax, interest, penalty, etc. that may arise due to incorrect reporting of above information.
In the event that you are anticipating start a NGO in India, at that point the time thing that you would require is NGO registartion. Additionally, you would likewise require information about the various NGOs in India. In this blog, we will discuss about the various kinds of NGOs, their registration and what are their advantage
There are various representation has been received by the
ministry and Registrar of companies regarding the waiver of late fee for filing
the various E forms of the Companies incorporated under the Companies Act
2013/1956 so that they can file the pending E Forms.
The Government has launched a new scheme know as “Companies Fresh Start Scheme, 2020 (CFSS 2020)”
condoning the delaying filing the various E-Forms (Except Few) with Registrar,
it relates to waiver of additional fees and granting of immunity from launching
of prosecution or proceedings for imposing penalty on account of delay
associated with certain flings.
The Companies Fresh Start Scheme (CFSS) 2020 is applicable from
1st of April, 2020 to 30th of September, 2020 on the various E-Form filed.
1. For the Defaulting Companies:
Shall
pay only the normal fees as prescribed by the Companies Rules, 2014 for
all filings with the MCA 21 registry. No additional fees to be paid,
whatsoever.
Immunity
against prosecution and proceedings for imposing penalty only where:-
– The prosecution and proceedings arose due to the delay in filing of
belated documents.
– No other cases covered.
In
case there is an existing appeal filed by the company against any notice,
complaint or order issued with regard to prosecution and proceedings
related to the delay in statutory filing, the following steps are to be
followed:-
– Before registering under the CFSS 2020, the appeal filed by the company
should be withdrawn.
– At the time of making the application for the scheme, the company must
furnish a copy of such withdrawal along with the application as proof.
Where
the order has been passed by the court and the company has not filed an
appeal against the same as on the commencement of the scheme:-
– The company is allowed 120 days to file an appeal before the Regional
Director.
– During this period of 120 days, for the non – compliance of the order
passed by the court with regard to the delay in filing of any documents
for the same shall be condoned and no further action shall be initiated
against the company.
Form
CFSS – 2020 may be filed by the companies under the scheme.
– The Form provides the companies with immunity for a period of 6 months
after the date of closure of the CFSS 2020.
– No fees to be paid on this particular form.
– Immunity Certificate shall be granted by the designated authority.
Immunity
is not granted where:-
– An appeal is pending in court against the company.
– In case of management disputes pending before any court of law.
– Where an order is passed by the court and no appeal has been made before
the scheme came into force.
Extension
granted to file DIR-3/DIR-3KYC: Extended timelines between 1st April 2020
and 30th September 2020 is provided by MCA for the directors’ whose DIN is
deactivated to come forward and file DIR-3KYC/DIR-3 KYC-Web. The filing
fee of Rs 5,000 will not apply.
2. For the Inactive Companies:
The defaulting inactive companies may apply for the CFSS 2020 so
as to file the due documents. Additionally, they may also do the following: –
Submit
an application for Dormant Status under Section 455 of the Companies Act,
2013 by way of filing of e-Form MSC – 1 along with the prescribed fees.
Submit
an application for striking off the name of the company from the Register
of Companies.
Extension
granted to file e-Form ACTIVE: An extended timeline between 1st April 2020
and 30th September 2020 is provided by MCA for the ‘ACTIVE non-compliant’
companies to come forward and file e-Form ACTIVE. The filing fee of Rs
10,000 will not apply.
2. CFSS
2020 SCHEME IS NOT APPLICABLE-
The company made an application for striking off the name of the company from ROCs;
to companies against which action for final notice for striking off the name of the company under section 248 of the companies act, 2013 already issued by the Designated Authority;
where any application has already been filed by the companies for striking off the name of the company from ROC;
to Companies which have amalgamated under the scheme of compromise & arrangement under the Act;
where application have already been filed for obtaining Dormant Status under section 455 of the Act before this scheme;
Vanishing Companies;
where any Increase in authorised share capital (Form SH-7);
Charge related documents (CHG-1, CHG-4, CHG-8 and CHG-9);
AS we know that government is in continuous process of simplifying the process of registration and ease of doing business in india. Keeping a move further ahead, mca has issued below mentioned news on mca.gov.in which facilitate the account opening at the time of incorporation.
(i) Stakeholders may please note that as part of Government of India’s Ease of Doing Business(EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form.
(ii) SPICe+ would be an integrated Web form offering multiple services viz. name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account. It will also facilitate allotment of GSTIN wherever so applied for by the Stakeholders. After deployment of SPICe+ web form, RUN shall be applicable only for change of name of existing companies.
(iii) Upon notification & deployment, all new name reservations for new companies as well as new incorporations shall be applied through SPICe+ only
(iv) However, incorporation of companies for names reserved through the existing RUN service shall continue to be filed in the existing SPICe eform along with related linked forms as applicable and if marked under resubmission shall be resubmitted in SPICe eform.
Ex-DEA secretary S C Garg has said that the high-value notes can be demonetised without causing any disruption. He claimed that the Rs 2,000 notes may not have been in circulation much now as they have been hoarded by people.
As per Garg Estimate, there are about one-third of 2,000 currency notes in circulation in value terms .
New Rs 2,000 currency was come into force when the demonitisation was took place in November 2016. It is now 3 year has been completed.
“A good chunk of Rs 2,000 notes are actually not in circulation, having been hoarded. Rs 2,000 note, therefore, is not presently working as a currency of transaction,” he said advocating that they may be demonetised or withdrawn from circulation.
“It can be demonetised, without causing any disruption. A simple method, depositing these notes in the bank accounts (no counter replacement), can be used to manage the process,” he said.
The MCA has asked disqualified directors to file their pending statutory returns as required under the companies act 2013 and ensure compliance of companies or else face regulatory action. As part of larger crackdown on companies suspected to be shell entities, the ministry had disqualified many individuals from holding directorship till compliance with regulatory requirements is fulfilled.
