Author: admin

Annual Filing Requirements

Posted on by admin
  • Form AOC-4: Companies must file their financial statements within 30 days of the Annual General Meeting (AGM). For the financial year 2023-24, if the AGM was held on September 30, 2024, the due date for filing Form AOC-4 was October 30, 2024
  • Form MGT-7/MGT-7A: The annual return should be filed within 60 days of the AGM. For the financial year 2023-24, this means a due date of November 29, 2024

    2. Director’s KYC

    Form DIR-3 KYC: Directors are required to complete their KYC annually by September 30. For the year 2024, the due date was September 30, 2024. Non-compliance can lead to deactivation of the Director Identification Number (DIN).

      3. Reconciliation of Share Capital Audit Report

      • Form PAS-6: Unlisted public companies must file this half-yearly report to reconcile their share capital. The deadlines are:
        • For the half-year ending March 31, 2024: May 30, 2024
        • For the half-year ending September 30, 2024: November 29, 2024

      4. Return of Deposits

      Form DPT-3: Companies must file this return for transactions not considered as deposits by June 30, 2024.

        5. Filing Fees and Penalties

        The fees for filing forms like AOC-4 and MGT-7 vary based on the company’s authorized share capital:

        • Up to ₹1,00,000: ₹200 per document.
        • ₹1,00,000 to ₹4,99,999: ₹300 per document.
        • ₹5,00,000 to ₹24,99,999: ₹400 per document.
        • ₹25,00,000 to ₹99,99,999: ₹500 per document.
        • 1,00,00,000 or more: ₹600 per document.

        Delays in filing can result in additional fees and penalties. It’s crucial for companies to adhere to these deadlines to maintain compliance and avoid legal complications.

        For the most accurate and up-to-date information, always refer to the official Ministry of Corporate Affairs (MCA) website or consult with a professional familiar with the latest ROC compliance requirements.

        Compliance Calendar for the month of Dec-24

        Posted on by admin

        GST Returns in December 2024

        Due DatePeriodForm to be Filed
        11.12.2024Nov – 2024GSTR 1
        13.12.2024Nov – 2024GSTR 1 (IFF)
        20.12.2024Nov – 2024GSTR 3B
        25.12.2024Nov – 2024GST Challan Payment(Input Tax Credit (ITC) for November 2024)
        31.12.2024FY 2023-24GSTR 9 & 9C

        Income Tax Compliance / PF / ESI in the Month of Mar – 24

        Due DatePeriodForm to be Filed
        07.12.2024November 2024
        		Challan No. ITNS-281(Payment of TDS/TCS was deducted /collected Nov-24)
        15.12.2024November 2024Professional Tax on salaries for November 2024
        15.12.2024October 2024TDS Certificate for tax deducted under Section 194IA
        15.12.2024October 2024TDS Certificate for tax deducted under Section 194IB
        15.12.2024October 2024TDS Certificate for tax deducted under Section 194M
        15.12.2024FY 2024-25Advance Tax Installment (Third installment of advance tax for FY 2024-25)
        15.12.2024November 2024Form 24G for TDS/TCS paid without a challan in government offices
        15.12.2024November 2024Payment of Provident Fund & ESI contributions for November 2024
        15.12.2024November 2024Form No. 3BB
        30.12.2024November 2024TDS Payment
        30.12.2024November 2024TDS Certificate (Section 194S)
        31.12.2024FY 2023-24Return of Income (Filing of revised or belated income tax return for FY 2023-24)

        COMPLIANCE CALENDAR FOR THE COMPANY ANNUAL FILING AND LLP ANNUAL FILING IN THE MONTH OF NOVEMBER 2024

        Posted on by admin
        Due datePeriodForm to be filed
        28.11.2024FY 2023-24MGT 7A (One Person Company does not require to hold AGM, yet the due date for filing Form MGT 7A shall be 60 days from the completion of the 6 Months from the end of financial year )
        28.11.2024FY 2023-24MGT 7 (Form MGT-7 must be filed with the Registrar of Companies (ROC) by all the Private Limited Companies and Public Limited Companies)

        GST COMPLIANCE CALENDAR FOR THE MONTH OF NOVEMBER-2024

        Posted on by admin

        The GST Returns in the Month of Nov- 2024

        Due datePeriodForm to be filed
        10.11.2024Oct- 2024GSTR 8
        10.11.2024Oct- 2024GSTR 7
        11.11.2024Oct- 2024GSTR 1
        13.11.2024Oct- 2024GSTR 6 (Input Service Distributors)
        13.11.2024Oct- 2024GSTR 1 (QRMP)
        20.11.2024Oct- 2024GSTR 3B
        20.11.2024Oct- 2024GSTR 5 & 5A
        25.11.2024Oct- 2024GST Challan Payment

        Income Tax Compliance: PF / ESI in the Month of Nov- 2024

        Due datePeriodForm to be filed
        07.11.2024Oct- 2024Challan No. ITNS-281
        14.11.2024Sep- 2024TDS Certificate (Section 194IB in the month of Sep-2024)
        14.11.2024Sep- 2024TDS Certificate (Section 194S in the month of Sep- 2024)
        14.11.2024Sep- 2024TDS Certificate ( Section 194M in the month of Sep- 2024)
        14.11.2024Sep- 2024TDS Certificate (Section 194IA in the month of Sep-2024)
        15.11.2024Oct- 2024TDS Certificate( Quarterly TDS Certificate for the quarter ending Sep- 30, 2024)
        15.11.2024Oct- 2024ESI Challan
        15.11.2024Oct- 2024Electronic Challan cum Return (ECR) (PF)
        30.11.2024FY 2023-24Form ITR-7
        30.11.2024FY 2023-24Form No. 64D
        30.11.2024FY 2023-24Return of Income
        30.11.2024FY 2023-24Form No. 64A
        30.11.2024FY 2023-24Form No. 3CEAA
        30.11.2024FY 2023-24Form No. 64
        30.11.2024Oct- 2024TDS Certificate (section 194S in the month of Oct- 2024)

        Section 10AA Deduction

        Posted on by admin

        Section 10AA of the Income Tax Act, 1961, provides a tax deduction for businesses operating in Special Economic Zones (SEZs) in India. This incentive aims to encourage exports and boost foreign exchange earnings by offering a phased tax deduction based on the profits derived from export activities. Here’s a breakdown of how the deduction works:

        Eligibility for Section 10AA Deduction

        To qualify for the Section 10AA deduction, a business must:

        1. Operate in a Special Economic Zone (SEZ) and engage in the manufacture, production, or provision of services.
        2. Commence operations after April 1, 2006.
        3. Ensure the income is derived from export activities of goods or services.
        4. Maintain separate books of accounts for the SEZ unit to calculate the profit attributable to exports.

        Deduction Phases

        The deduction is available for a total of 15 consecutive years, divided into three phases:

        • First 5 years: 100% deduction on the profits derived from exports.
        • Next 5 years: 50% deduction on export profits.
        • Last 5 years: 50% deduction is allowed, provided the business transfers an equivalent amount to the Special Economic Zone Re-investment Reserve Account and reinvests it in assets within the specified timeframe.

        Conditions and Limitations

        • Transfer of Goods to DTA: Profits from sales in the Domestic Tariff Area (DTA) are not eligible.
        • SEZ Re-investment Reserve Account: For the third phase (last 5 years), reinvested funds must remain in the account for three years and be used to acquire plant or machinery for business use.
        • Losses and Unabsorbed Depreciation: Losses can be carried forward, but the deduction is available only for the eligible SEZ profits.

        Points to Note

        • MAT and AMT Applicability: SEZ units are subject to Minimum Alternate Tax (MAT) under Section 115JB and Alternate Minimum Tax (AMT) under Section 115JC.
        • Sunset Clause: Section 10AA benefits are gradually being phased out, and new SEZ units may have restricted eligibility based on recent tax amendments and government policies.

        This deduction under Section 10AA is beneficial for businesses looking to reduce taxable income by leveraging their export profits, as long as they meet the eligibility and operational requirements.

        Happy Gandhi Jayanti

        Posted on by admin

        Gandhi Jayanti, celebrated on October 2nd, marks the birth anniversary of Mahatma Gandhi, a pivotal leader in India’s struggle for independence and a proponent of non-violence and civil disobedience. It’s a day to honor his principles and contributions to peace and social justice. The day is observed as a national holiday in India and is also recognized as the International Day of Non-Violence. Many people commemorate the occasion by participating in prayer services, discussions, and community service activities.

        COMPLIANCE CALENDAR FOR THE MONTH OF AUGUST

        Posted on by admin

        Due Dates for GST Returns in the Month of August-24

        Forms to be filledPeriodDue Date
        GSTR-08July 202410-08-2024
        GSTR-07July 202410-08-2024
        GSTR-01July 202411-08-2024
        GSTR-06July 202413-08-2024
        GSTR-05July 202413-08-2024
        GST-CMP-08July 202418-08-2024
        GSTR-3BJuly 202420-08-2024
        GSTR-5AJuly 202420-08-2024

        Due Dates for Income Tax Compliance/PF/ESI in the Month of August-24

        Forms to be filledPeriodDue Date
        TDS and TCS(deduct tax at the source before making certain payments, such as salaries, interest, rent, commission, etc.)July 202407.08.2024
        TDS Certificate (Form 16D)July 202415.08.2024
        PF/ESIJuly 202415.08.2024
        TDS Certificate (Form 16C)July 202415.08.2024
        Challan cum TDS statement
        [Tax deducted under 194IA,194IB and 194M]        		July 202430.08.2024
        Statement in Form no. 10July 202431.08.2024
        Application in Form 9AsJuly 202431.08.2024

        What is Form DPT-3? Filing process and Document Requires for Form DPT-3

        Posted on by admin

        The DPT-3 form is a mandatory compliance form for companies in India under the Companies Act, 2013. It is used for filing returns of deposits or particulars of transactions not considered deposits or both, by companies. Here’s a detailed look at the form, filing process, and documents required

        FORM DPT-3

        Purpose:

        To provide information regarding the loans, deposits, and outstanding receipts of money that are not considered deposits as per the Companies Act, 2013.

        Filing Process for DPT-3

        a. Gather Required Documents and Information:

        • Financial statements for the relevant financial year.
        • Details of loans, advances, or any amount received that is not considered a deposit.
        • Auditor’s certificate, if required.

        b. Preparation:

        • Prepare the necessary data and ensure all details are accurate. This includes details of deposits, amounts not considered deposits, and particulars of receipts.

        c. Form Filling:

        • Access the Ministry of Corporate Affairs (MCA) portal.
        • Download the DPT-3 form.
        • Fill in the required information, such as company details, net worth, total outstanding money or loan received, and the amount not considered as deposits.

        d. Attachment of Documents:

        Attach all necessary documents such as:

        • Audited financial statements.
        • Auditor’s certificate.
        • Copy of the board resolution authorizing the filing.
        • Other relevant documents, if any.

        e. Verification and Certification:

        • Ensure that the form is properly verified and certified by the authorized signatory.
        • The form may need to be digitally signed by the director or the company secretary.

        f. Upload and Payment:

        • Upload the filled and signed form on the MCA portal.
        • Pay the requisite fee for filing the form.

        g. Submission:

        • After successful payment, submit the form.
        • Ensure to receive an acknowledgment for the filing.

        Documents Required for Form DPT-3 Filing

        a. Financial Statement:

        Audited financial statements for the relevant financial year.

        b. Auditor’s Certificate:

        A certificate from the auditor of the company certifying the particulars provided in the form.

        c. Board Resolution:

        A copy of the board resolution authorizing the filing of the form.

        d. Details of Outstanding Receipts:

        Detailed information about the amounts received by the company that are not considered deposits.

        e. Other Relevant Documents:

        Any other documents that support the information provided in the DPT-3 form.

        NOTE:

        • Due Date: The DPT-3 form must be filed annually and within the prescribed time limit as per the MCA guidelines.
        • Penalties: Failure to file the DPT-3 form within the stipulated time may result in penalties and fines as per the Companies Act, 2013.
        • Applicability: This form is applicable to all companies except Government companies.

        COMPLIANCE CALENDAR FOR THE MONTH OF JULY, 2024

        Posted on by admin

        GST Returns in the Month of July, 2024

        Form to be FiledDue DatePeriod
        GSTR-3B20-07-2024June 2024
        GSTR 5A20-07-2024June 2024
        GSTR-3B (QRMP)22-07-2024June 2024

        Income Tax Compliance/ESI/PF in the month of July, 2024

        Form to be FiledDue DatePeriod
        Challan cum TDS statement
        [Tax deducted under 194IA (Form 26 QB), 194IB (Form 26 QC), and 194M(Form 26 QD)]        		30-07-2024June 2024
        Quarterly TCS Certificate30-07-2024April-June 2024