This Bill is called as the Companies (Amendment) Act, 2019 (“Act’) and we made an insight into the Bill as below:

1. Now the requirement of registration of Prospectus as prescribed in Section 26 of Companies Act, 2013 (“CA2013”) replaced with filing of prospectus with the Registrar.

2. For the purpose of Section 29 regarding dematerialisation of securities for public issue, privates companies now brought under the ambit of Section 29.

3. For mis-statement in prospectus, an expert will not be liable for any misleading statement if he withdraw such consent under Section 26(5) of CA2013 before filing of a copy of the prospectus with the Registrar. Earlier such consent withdrawal is before delivery of a copy of the prospectus for registration.

4. Sub-rule 4A inserted in Section 90 of CA2013 whereby every company has to take necessary steps to identify an individual who is a significant beneficial owner in relation to the company and requires him to comply with the provisions of Section 90.

5. Under Section 135 of CA2013 regarding Corporate Social Responsibility any unspent amount under sub-section (5) of 135 shall be transferred by the company within a period of thirty days from the end of the financial year to a special account to be opened by the company in that behalf for that financial year in any scheduled bank to be called the Unspent Corporate Social Responsibility Account. Such transferred amount shall be spent by the company in pursuance of its obligation towards the Corporate Social Responsibility Policy within a period of three financial years from the date of such transfer, failing which, the company shall transfer the same to a Fund specified in Schedule VII within a period of thirty days from the date of completion of the third financial year. Further, penal provisions for contravention of sub-section (5) or sub-section (6) of Section 135 be introduced whereby the company shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to twenty-five lakh rupees and every officer of such company who is in default shall be punishable with imprisonment for a term which may extend to three years or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both.

6. Under Section 212 of CA2013, sub-section 14A inserted which states that where the report under sub-section (11) or sub-section (12) states that fraud has taken place in a company and due to such fraud any director, key managerial personnel, other officer of the company or any other person or entity, has taken undue advantage or benefit, whether in the form of any asset, property or cash or in any other manner, the Central Government may file an application before the Tribunal for appropriate orders with regard to disgorgement of such asset, property or cash and also for holding such director, key managerial personnel, other officer or any other person liable personally without any limitation of liability.

7. Now the Central Government can initiate a case of oppression and mismanagement against such person and refer the same to the Tribunal with a request that the Tribunal may inquire into the case and record a decision as to whether or not such person is a fit and proper person to hold the office of director or any other office connected with the conduct and management of any company.

The post Companies (Amendment) Ordinance, 2019, as introduced in Lok Sabha on July 25, 2019 first appeared on StartCompanyIndia.Com.

To arrive at Schedule CG, details of long term capital gain as per section 112A in Schedule 112A and 115AD(1)(iii) in Schedule 115AD(1)(iii) proviso needs to be provided. Based on the feedback of inconveniences faced by the taxpayers; the Government has issued a clarification for Taxpayers to give details of LTCG is either of the manners.

Either enter the scrip-wise details of long term capital gains in Schedule 112A and 115AD(1)(iii) so that the correct values are populated in the CG Schedule
Or enter the self-calculated aggregate value of long term capital gains directly under respective items in schedule CG in terms with Sec 112A or 115AD(1)(iii) without entering script-wise details.
Conclusion

CBDT has relaxed the requirement aaaa given an option to the taxpayers to exercise either of the options as per their convenience. This will help taxpayers to reduce the burden and help in quick filing of return

Source:

The post No need to enter Script wise details in ITR for LTCG- Clarifies IT Department first appeared on StartCompanyIndia.Com.

If any one  missed  file Tax return on 31st july then don’t worry about it,this blog helps them and  relief after reading this.
Hope you will like this my blog .
Unlike life, the tax department is willing to give you a second chance. Even if you forget or are unable to file your return of income for a year, the department allows you to file a ‘belated return’ under Section 139(4) of Income tax Act,1961.But there’s a cost attached to this.
A belated return can be filed within a period of one year from the end of the assessment year in which the original return is due for filing.

For ex. Due Date for filling return is 31st july 2013(A.Y 2013-14).
End of A.Y=31.03.2014
Belated return can be filled upto 31.03.2015

The option of belated filing is given to provide another window of opportunity to those who have not been able to file the return of income on time for any reason. However, a voluntary filing of return of income, even belated, would help you ward off penal consequences that may apply to non-disclosure of income. The interest and penal consequences for late filing would still apply, though.

Cost of filing late?
A delayed tax filing would cost you interest at the rate of 1% per month on the outstanding tax liability for each month of delay in filing.If there is no tax on your income than no need to pay any extra cost for filling return. Apart from the interest levied, a return delayed beyond the assessment year also attracts a penalty of Rs 5,000 in both cases without tax return or with tax return.

For ex:-After 31st Mar,2014 there is penalty of Rs 5,000 and after 31st july/30th Sep,2013 1% per month would be leived on the outstanding tax liabilty upto date of Actual filling of return .

Here it is to notice that interest liability would not be attracted if TDS is deducted from your income or you pay all the taxes before the due date.

But one problem would incured

A belated return does not entitle you to carry forward your Business and Cap Gain losses to be set off in a subsequent year.

So, if you are a businessman ,all your business or speculative losses have well and truly gone down the drain and there is not even a set-off salvage available in a later year. Same for capital losses. Not all losses are really lost though; a belated filing does not impact the carrying forward of house property losses and depreciation allowances.

Finally, if you are filing a belated return, you’d better get it right. This is the message from a decision of the Supreme Court, which ruled that late filers don’t have the option of revising their return to amend any mistakes.

The post Late filing of Income tax return first appeared on StartCompanyIndia.Com.