Statutory Boost

The Ministry of Corporate Affairs on 14th October 2021 has revised e-form MGT-7A and revised e-form MGT-7 in line with the Companies (Management and Administration) Amendment Rules, 2021 . The forms shall be available for filing under MCA-21 Company forms w.e.f. 14th October, 2021 . Stakeholders are advised to check the latest version before filing. Earlier all the companies (public/ private/ OPC) were required to file annual return in Form No. MGT-7. However, Ministry of Corporate Affairs (MCA) on 5th March 2021 amended Companies (Management and Administration) Rules, 2014 and issued Companies (Management and Administration) Amendment Rules, 2021. According to the amended rules, every company shall file its annual return in Form No. MGT-7 except one person Company (OPC) and small company. A new Form No. MGT-7A has been prescribed in respect of annual return of OPC and small companies. Feel free  to contact in case of any query or consultation.         ...

Finance Act 2021 inserted a new section 194P which provided conditions for exempting senior citizens from filing Income Tax returns aged 75 years and above. CBDT via  Notification No. 99/2021 dated 2nd September 2021 has notified Income Tax (26th Amendment) Rules, 2021  which states the manner of availing exemption u/s 194P. The amendment rules have inserted a new Rule 26D which can be summarised as under : Furnishing of declaration by Senior Citizen in  Form 12BBA.  The form shall be submitted to specified bank in paper form duly verified. Specified bank shall, on receipt of Form,  compute Total income of senior citizen and deduct applicable taxes on it. While computing Total income, deductions under chapter VI-A shall be allowed on furnishing of evidences . Specified bank shall furnish such Form along with the evidences of deductions under Chapter VI-A to Principal Chief commissioner or Chief Commissioner of Income Tax. For Specimen of   Form 12BBA...

The Central Board of Direct Taxes (CBDT) via Notification dt. 27th July, 2021 has issued the Income tax (20th Amendment) Rules, 2021 .  The amendment has been brought pursuant to amendment in Section 148 of Income Tax Act, 1961 by Finance Act, 2021. The amendment provides that where a return of income relates to the assessment year commencing on the 1st day of April, 2020 or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year.  Previously this provision was applicable only for returns for Assessment Years till 2019.  This amendment shall come into effect immediately. The Amended Rule 12(1) read as under 12(1) “The return of income required to be furnished under sub-section (1) or sub-section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) or sub-section (4E) or sub-section (4F) of section 139 or clause (i) of sub-section (1) of section 142 or  sub-section (1) of section ...

Companies (Accounting Standards) Rules, 2021 The Ministry of Corporate Affairs through notification dated 23rd June, 2021 has notified the Companies (Accounting Standards) Rules, 2021 . It provides  Accounting Standards 1 to 5, 7 and 9 to 29  as recommended by the Institute of Chartered Accountants of India (As per Annexure to the said notification). The Accounting Standards shall come into effect in respect of accounting periods commencing on or after the 1st day of April, 2021 . It also provides revised criteria to qualify as “Small and Medium Sized Company” (SMC). As per revised definition, Small and Medium Sized Company (SMC)  means a company – Whose equity or debt securities are not listed or are not in the process of listing on any stock exchange, whether in India or outside India; Which is not a bank, financial institution or an insurance company ; Whose turnover (excluding other income) does not exceed two hundred and fifty crore rupees in the immediately pre...