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Updates

Due Date For ITR – FY 2018-19

  • The time for filing of original as well as revised income-tax returns for the FY 2018-19 (AY 2019-20) has been extended to 31st July, 2020.
  • Due date for income tax return for the FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Hence, the returns of income which are required to be filed by 31st July, 2020 and 31st October, 2020 can be filed upto 30th November, 2020. Consequently, the date for furnishing tax audit report has also been extended to 31st October, 2020.

Self Assessment Tax
  • In order to provide relief to small and middle class taxpayers, the date for payment of self-assessment tax in the case of a taxpayer whose self-assessment tax liability is upto ₹ 1 Lakh has also been extended to 30th November, 2020," the tax department said.
  • However, no such relief has been granted to taxpayers with self-assessment tax liability exceeding ₹ 1 Lakh.
  • Additionally, the CBDT noted that the reduced rate of interest of 9 percent for delayed payments of taxes and levies specified in the Ordinance, shall not be applicable for payments made after June 30, 2020.

Investment Date for deduction
The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. Hence the investment/ payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 2019-20.

Investment Date for deduction u/s 54-54GB
The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been further extended to 30th September, 2020. Therefore, the investment/ construction/ purchase made up to 30th September, 2020 shall be eligible for claiming deduction from capital gains.

TDS/TCS Return for Q4 FY 2019-20
The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.

Issuance of Notice by Department
The date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by 31st December, 2020 has been extended to 31st March, 2021. Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March, 2021.

Commencement of Operation for SEZ
The date for commencement of operation for the SEZ units for claiming deduction under section 10AA of the IT Act has also been further extended to 30th September, 2020 for the units which received necessary approval by 31st March, 2020.

Deferrement of Various Registration
Deferment of the implementation of new procedure for approval/ registration/ notification of certain entities u/s 10(23C), 12AA, 35 and 80G of the IT Act has already been announced vide Press Release dated 8th May, 2020 from 1st June, 2020 to 1st October, 2020. It is clarified that the old procedure i.e. pre-amended procedure shall continue to apply during the period from 1st June, 2020 to 30th September, 2020. Necessary legislative amendments in this regard shall be moved in due course of time.

Reduced Rate of TDS/TCD for FY 2019-20
  • The Central Board of Income Tax ordered a 25% reduction in the rate of income tax deducted at source (TDS) and tax collection at source (TCS) from 14 May to 31 March to provide more money in the hands of taxpayers.
  • This concession is applicable for 23 specified payments where TDS is levied at rates ranging between 20% and 1% and 11 payments where TCS is applicable.

Filing of NIL GSTR – 3B
NIL GSTR – 3B can be filed through SMS & it is effective from 8 June 2020

Returns filing through EVC
The registered person in accordance with the provisions of Companies Act, 2013 shall during the period from the 21st day of April, 2020 to the 30th day of September, 2020, also be allowed to furnish the FORM GSTR-3B verified through electronic verification code (EVC).
Also that a registered person registered under the provisions of the Companies Act, 2013 shall during the period from the 27th day of May, 2020 to the 30th day of September, 2020, also be allowed to furnish the details of outward supplies in FORM GSTR-1 verified through electronic verification code (EVC).

Annual Return (Form 9) & GST Audit (Form 9C) for FY 2018-19

Mandatory - If tax payer is having aggregate turnover more then ₹ 2 Crore
Optional - If tax payer is having aggregate turnover less then ₹ 2 Crore

All Taxpayer having aggregate turnover more than ₹ 5 Crore
Relaxation granted to Small Dealers having turnover less than ₹ 5 Crore

The Extended due date is 30.09.2020.

  • Who needs to file Form 9 (Annual Return)?
  • Who needs to file Reconciliation Statement in FORM GSTR-9C (Audit Report)?
  • Due Date for filing Annual Return and Audit Report:

Due date of GSTR-3B after extension
Taxpayers having aggregate turnover > ₹ 5 Crore in preceding FY
Tax Period Relief Date* Interest
February, 2020

24th June, 2020


NIL in case if return filled within 15 days after actual due date
@ 9% if filled before Relief Date, interest will be calculated after 15 days till the actual date of filing
March, 2020
April, 2020
May, 2020 27th June, 2020
June, 2020 20th July, 2020
July, 2020 20th August, 2020
August, 2020 20th September, 2020
Note:
1.Relief is available only for late fee and penelty till relief date
2.Reduced Interest applicable only those tax payers who will file the return on or before relief dates
If returns of above mention tax period not filled till relief date interest will be applicable at normal rate @ 18% and regular late fee shall also be leviable for such delay along with liability for penalty

Due date of GSTR-3B after relief
Taxpayers having aggregate turnover up to ₹ 5 Cr. in preceding FY (State Category I)
Tax Period Relief Date* Interest @9% with Late Fees
February, 2020 30th June, 2020 24th September, 2020
March, 2020 03rd July, 2020 30th September, 2020
April, 2020 06th July, 2020
May, 2020 12th September, 2020
June, 2020 23rd September, 2020
July, 2020 27th September, 2020
August, 2020 01st October, 2020 NA
Note:
In case the return for the said months are not furnished on or before the date mentioned in the notification then interest @ 18% per annum shall be charged from the due date of return, till the date on which the return is filed. In addition, regular late fee shall also be leviable for such delay along with liability for penalty.

Due date of GSTR-3B after relief
 
Tax Period Relief Date* Interest @9% with Late Fees
February, 2020 30th June, 2020 24th September, 2020
March, 2020 05th July, 2020 30th September, 2020
April, 2020 09th July, 2020
May, 2020 15th September, 2020
June, 2020 25th September, 2020
July, 2020 29th September, 2020
August, 2020 01st October, 2020 NA
Note:
Note: In case the return for the said months are not furnished on or before the date mentioned in the notification then interest @ 18% per annum shall be charged from the due date of return, till the date on which the return is filed. In addition, regular late fee shall also be leviable for such delay along with liability for penalty.

Due date of GSTR-1 after relief
 
Tax Period Relief Date*
March, 2020 10th July, 2020
April, 2020 24th July, 2020
May, 2020 28th July, 2020
June, 2020 05th August, 2020
Quarterly Taxpayers January, 2020 to March, 2020 17th July, 2020
Quarterly Taxpayers April, 2020 to June, 2020 03rd August, 2020
Note:
Note: Note: No Late fee u/s 47 due to delay in submission of GSTR – 1, if statement is filed as per above mentioned dates.

Compliance for composition taxpayers
 
Form Tax Period Extended Date
GST CMP-08 Jan to March, 2020 07.07.2020
GSTR-4 FY 2019-20 15.07.2020

Compliance for ISD, TDS & TCS taxpayers
 
S No. Return
Type Form
To be filled by Tax Period Due Date Extended Date
1 GSTR-5 Non Resident Taxpayers March, April & May, 2020 20th of Succeeding Month 30th June, 2020
2 GSTR-6 Input Service Distributors -do- 13th of Succeeding Month 30th June, 2020
3 GSTR-7 Tax Deductors at Source (TDS Deductors) -do- 10th of Succeeding Month 30th June, 2020
4 GSTR-8 Tax Collectors at Source (TDS Collectors) -do- 10th of Succeeding Month 30th June, 2020

E-way Bill validity extended
Where an e-way bill has been generated and its period of validity expires during the period after 20th day of March, 2020 that has been generated on or before 24th day of march,2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of June, 2020.

Extension of all Notice, Appeal, etc.
The Government has also decided that the due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 30th August 2020 will be extended to 31st August 2020.
Other relevant points
  • Late fees is waived off on GSTR – 3B for the month Feb’20, Mar’20 & Apr’20, if within the specified dates.
  • Late fees is waived off on GSTR – 3B for the month May’20, Jun’20 & Jul’20 for taxpayers having turnover up to 5 Cr, if within the specified dates.
  • Maximum late fees is capped to Rs. 500/- for the period of Jul’17 to Jan’20, if filed between 1st Jul’20 to 30th Sep’20. However, it is waived off if return filed is NIL.

List of state( Category Wise )
State Category I:
Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, UTs of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.
State Category II:
Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi.

Notice of Refund or rejection of ITC u/s 54
Where the notice has been issued for rejection of refund claim, in full or in part and where the time limit for issuance of order in terms of the provisions of sub-section (5), read with sub-section (7) of section 54 of the said Act falls during the period from the 20th day of March, 2020 to the 30th day of August, 2020, in such cases the time limit for issuance of the said order shall be extended to fifteen days after the receipt of reply to the notice from the registered person or the 31st day of August, 2020, whichever is later.

Extension for revocation of cancellation of registration
To facilitate Taxpayers who could not get their cancelled GST registration restored in time, an opportunity is being provided for filling of application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.

1. Raise the GST Rate on Mobile Phones from 12% to 18% w.e.f. 01.04.2020.
2. GST rate on all types of matches (Handmade and other than Handmade) has been rationalised to 12% (from 5% on Handmade matches and 18% on other matches) w.e.f. 01.04.2020.
3. Reduce GST rate on Maintenance, Repair and Overhaul (MRO) services in respect of aircraft from 18% to 5% with full ITC and to change the place of supply for B2B MRO services to the location of recipient w.e.f. 01.04.2020.
4. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).
5. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020.
6. Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30.06.2020.
7. Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than ₹ 2 crores.
8. Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C (Audit Report), for the financial year 2018-19, for taxpayers having aggregate turnover below ₹ 5 crores.
9. Extension of due dates for FORM GSTR-3B for month of February, 2019 to April, 2020. Similar extension is also recommended for FORM GSTR-1.
10. Bunching of refund claims allowed across financial years to facilitate exporters.
11. Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code.
12. The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.
13. E-way bill validity extended up to 30/04/20 Issuing between 20/03/20 to 15/04/20.
14. Time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 will be extended to 30th June 2020.
15. Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020. That’s means- New Returns System is deferred till September’2020.

1. VIVAD SE VISHWAS SCHEME IN INCOME TAX - No interest & penalty if tax paid by 31st March 2020. Some additional amt. By 30th June.
2. India is now Fifth largest economy in the world.
3. GDP nominal growth has been estimated at 10%.
4. A fiscal deficit of 3.8% has been estimated.
5. The goal is double farmers income by 2022. Finance Minister lists 16 point action plan to boost farmer’s income.
6. GST resulted in ₹ 1 Lakh crore gains to consumers, removed inspector raj and helped transport sector.
7. Comprehensive measures for 100 water-stressed districts being proposed.
8. Set up of Kisan rail so that perishable farm goods can be quickly transported across the country.
9. Pradhan Mantri Kisan Urja Suraksha Evem Utthan Mahabhiyan (PM KUSUM) to be expanded to provide 20 lakh farmers in setting up standalone solar pumps.
10. Agricultural credit target has been set at ₹ 15 lakh crore.
11. A very focused safe water 'Jal Jeevan Mission' and sanitation programme 'Swachh Bharat Yojna' have been launched to tackle health concerns.
12. The total allocation for Swachh Bharat Mission is ₹ 12,300 crore in 2020-21.
13. By 2030, India is set to have the largest working age population in the world.
14. Over 5 lakh MSMEs have benefited from debt restructuring.
15. A robust mechanism is in place to monitor the health of all scheduled commercial banks.
16. There will be degree-level full-fledged online education programme to be offered by the top 100 institutions in the country.
17. Introduction of 'Ind-SAT', an exam for Asian and African countries to help make India a higher education destination.
18. An investment clearance cell will be set up that will provide end to end facilitation and support including pre-investment advisory, info on land banks and facilitate clearance at state level.
19. 100 more airports to be developed by 2024.
20. Task force is to be set up to recommend marriageable age for women.
21. Insurance cover for a depositor will be raised to ₹ 5 lakh from ₹ 1 lakh.
22. To provide significant relief to taxpayers, IT rates will be decreased. Under the new regime, tax rates will be as follows:

  • Upto ₹ 2,50,000 - Nil
  • From ₹ 2,50,001 to ₹ 5,00,000 - 5% (Rebate can be claimed if Total Income is upto ₹ 5,00,000, hence, NIL tax)
  • From ₹ 5,00,001 to ₹ 7,50,000 - 10%
  • From ₹ 7,50,001 to ₹ 10,00,000 - 15%
  • From ₹ 10,00,001 to ₹ 12,50,000 - 20%
  • From ₹ 12,50,001 to ₹ 15,00,000 - 25%
  • Above ₹ 15,00,000 - 30%
 

The new tax rates will be optional. Option to Individual without around 70 exemptions/ Deductions (With 1.5L Chapter VIA Deductions)
23. Dividend Distribution Tax - scrapped for companies. Dividends to be charged to recipients.
24. Pre-filled tax return for individuals in new regime.
25. Turnover threshold for audit of MSME raised to ₹ 5 Crore from Rs. 1 Crore.
26. Options for Co-operative Societies: Co-operatives can choose a 22 percent tax with 10 percent surcharge and 4 percent cess with no exemptions. Date of approval of affordable housing projects for availing tax holiday on profit earned by developers extended by 1 year.
27. A scheme has been proposed to bring down litigation in direct taxation scheme.
28. Custom duty raised on footwear and furniture.
29. A health cess will be levied on import of medical equipment.
30. Income Tax Act to be amended to allow faceless appeals against tax orders on lines of faceless assessment.
31. To ease allotment of PAN, new process of instantly allotting PAN through Aadhaar will be brought.
32. New Electricity Generating Companies Corp Tax Rate 15%.
33. 100% Tax exemption to foreign investment in Priority Sector.
34. Start Ups - ESOPs to employees to be taxable after 5 years or sale or as per other conditions.
35. Turnover limit for exemption for Start Ups now 100 Cr.
36. TAX AUDIT THRESHOLD LIMIT - Increased to 5 Cr. But with business with cash transaction of not more than 5%.
37. Tax Holiday to developers of affordable housing extended by 1 year.
38. Limit of difference with circle can be 10% now (up from 5%)

GST is a single window to taxes on goods and services and will be with a regime to be charged on destination principal and credit of input will be availed once value addition is achieved.
GST, expected to be applicable w.e.f. 01st April, 2017, will change the existing model of business and reform it by giving an Organization single act to follow along with other state wise modules.
Important to understand difference between current tax structure and proposed GST operations
GST is defined as “any tax on supply of goods and services other than on alcohol for human consumption”.
Basically GST is a value added tax, which will be levied at all points in supply chain, where the deliverable changes hands, with a privilege to avail credit for any tax paid on input received for use in creating such supply.
GST Subsumes – VAT or sales tax, Central Sales tax, Entertainment tax (taxes on entertainment at panchayat, municipality or district level), Service Tax, Central Excise Duty, Purchase Tax, Octroi etc.
GST will work in 2 parts – Intra State and Inter State (IGST) and Intra State is further divided into two parts i.e. Central GST (CGST) and State GST (SGST) and the same will impact basis destination principal.

 

Input will be taken in following manner:

 
  • CGST-> CGST & IGST
  • SGST-> SGST & IGST
  • IGST-> IGST, CGST & SGST
 

Registration Requirement
North Eastern States

 

Pros of GST – Once Gained

 

Features of GST

 

Exceptions on Applicability of GST

 

GST Council will be a constitutional body established by president of India. It’s composition will be as follows:

 

Functions of GST Council
The functions of the GST council would be to make recommendation on:

  • Registration – Aggregate Turnover in a year > USD 6,060/-*
  • Tax Liability – Aggregate Turnover > USD 7,575/-* Other States
  • Registration – Aggregate Turnover in a year > USD 13,636/-*
  • Tax Liability – Aggregate Turnover > USD 15,152/-* *(1 USD = INR 66 approx)
    • Simplified tax structure and single act to follow;
    • Elimination of multiple taxes;
    • Improved regime in terms of Central and State applicability;
    • Increase in efficiency in terms of single line to follow;
    • Exports, still exempt;
    • Simplified compliance procedures;
    • No scope of cess, multiple levy of taxes, re-sale tax, additional tax, special tax etc. and so on.
    • Change from ORIGIN BASED TAXATION to DESTINATION BASED CONSUMPTION TAX
    • Apply at all stages – Primary and Secondary, including retail
    • Applied to Goods as well as Services
    • Common list of exempted goods and services under CGST and SGST
    • CGST will replace CENVAT and Service Tax whereas SGST will subsume VAT
    • IGST will be applicable on Imports
    • Model GST Law including Rules and Procedures to be recommended by GST Council
    • Alcohol for Human Consumption – State Excise
    • Electricity – Electricity Duty
    • Real Estate – Stamp Duty along with Property Tax
    • Petroleum Products (Some of them)
    • Tobacco Products – Undr GST as well as Central Excise
    • Composition of GST Council & Its Meetings
    • Chairman – Union Finance Minister
    • Minister of State (Finance)
    • Finance Minister as member from each state
    • The meetings of the GST Council can proceed with a quorum of 50 percent and decisions will be taken with at least three-fourth weighted majority voting for a resolution. All decisions of the GST Council will be made by three-fourth majority of the votes cast; the center shall have one-third of the votes cast, and the states together shall have two-third of the votes cast.
    • What taxes, cesses, and surcharges to be subsumed under the GST?
    • What goods and services are subject to, or exempted from GST?
    • The threshold limit of turnover for application of GST
    • Rates of GST
    • Model GST laws, principles of levy, apportionment of IGST and principles related to place of supply
    • Special provisions with respect to the eight north eastern states, Himachal Pradesh, Jammu and Kashmir, and Uttarakhand
    • Other related matters

Taxation Reforms
No changes in existing income tax slabs
Infrastructure and agriculture cess to be levied.
Excise duty raised from 10 to 15 per cent on tobacco products other than beedis
1 per cent Service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
SUVs, Luxury cars to be expensive. 4% high capacity tax for SUVs.
Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge
Limited Tax Compliances window from Jun 1 – Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties
10% Dividend Tax for the recipient over Rs. 10 Lakh per annum – in addition to Dividend Distribution Tax paid by the Company (Subject to reconfirmation)
Rebate under 87A increased from Rs. 2000 to Rs. 5000 (addition of Rs. 3000)for Individuals having income upto Rs. 5 Lakh
Government will pay interest of 9% instead of 6% in case there is a delay in appellate cases beyond 90 days. Officers to be held accountable.
Monetary limit for the cases to be decided by one member bench increased to Rs. 50 Lakh from Rs. 15 Lakh.
Surcharge on Income Tax increased from 12% to 15% for those having income exceeding Rs. 1 Crore per annum.
New dispute panel – Taxpayer can settle by paying disputed tax and interest upto the date of the assessment. No penalty where the disputed tax in Rs. 10 lakh. Penalty on the balance to be 25% of penalty.
100% deduction for the profits of undertakings from housing projects in cities during Jun’16 to Mar’19.
Deduction will be available for all assesses who are covered under Tax Audit for 30% of expenditure for additional employments. The number of days conditions have been reduced from 300 to 240.
Earlier this was for only manufacturing undertakings.
The ceiling U/s 44AD for presumptive basis income to 2 Crores for Businesses with presumptive income @ 8% as well as the benefit of this section extended to the Professionals having the Gross receipts upto 50 Lakhs with presumptive income @ 50%.
Penalty for concealment reduced to 50 – 200% as existing from 100 – 300%
MAT will be applicable for startups that qualify for 100 per cent tax exemption. Capital gain not taxed where investment made in notified funds or in startups where they hold majority.
Direct tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals result in gain of Rs.20,670 crore


Personal Finance

Rs 1,000 crore allocated for new EPF (Employees’ Provident Fund) scheme
Government will pay EPF contribution of 8.33% for all new employees for first three years
Withdrawal of PF Accumulation even after 5 years of service is taxable for contribution on or after 01.04.2016 on 60% due to amendment in Section 10(12) subject to certain condition.
Deduction for rent paid will be raised from Rs 24,000 to Rs 60,000 to benefit those living in rented houses.
Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.
Service tax exempted for housing construction of houses less than 60 sq. m
Social Reforms
Rs38,500 crore for Mahtma Gandhi MGNREGA for 2016-17
Swacch Bharat Abhiyan allocated Rs.9,500 crores.
Government is launching a new initiative to provide cooking gas to BPL families with state support. 2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%.
Health Sector
A new health protection scheme for health cover upto 1 lakh per family.
National Dialysis Service Prog with funds thru PPP mode to provide dialysis at all district hospitals.
Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme
Education Sector
Scheme to get Rs.500 cr for promoting entrepreneurship among SC/ST
10 public and 10 private educational institutions to be made world-class.
Rs. 1,700 crore for 1500 multi-skill development centers.
Digital literacy scheme to be launched to cover 6 crore additional rural households
Objective to skill 1 crore youth in the next 3 years under the PM Kaushal Vikas Yojna-FM Jaitley National Skill Development Mission has imparted training to 76 lakh youth. 1500 Multi-skill training institutes to be set up.
Energy Sector
Rs. 3000 crore earmarked for nuclear power generation
Government drawing comprehensive plan to be implemented in next 15-20 years for exploiting nuclear energy
Government to provide incentive for deepwater gas exploration
Investments and Infrastructure Sector
Rs. 27,000 crore to be spent on roadways
65 eligible habitats to be connected via 2.23 lakh kms of road. Current construction pace is 100 kms/day
Shops to be given option to remain open all seven days in a week across markets.
Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, – Rs 97,000 crore
New green field ports to be developed on east and west coasts
Revival of underserved airports. Centre to Partner with States to revive small airports for regional connectivity
100 per cent FDI in marketing of food products produced and marketed in India
Agriculture Sector
Total allocation for agriculture and farmer welfare at Rs 35984 crores
28.5 lakh heactares of land wil be brought under irrigation.
5 lakh acres to be brought under organic farming over a three year period
Rs 60,000 crore for recharging of ground water recharging as there is urgent need to focus on drought hit areas cluster development for water conservation.
Dedicated irrigation fund in NABARD of Rs.20.000 cr
Banking Sector
Banks get a big boost: Rs 25,000 crore towards recapitalization of public sector banks.
Target of disbursement under MUDRA increased to 1,80,000 crore
Process of transfer of government stake in IDBI Bank below 50% started
General Insurance companies will be listed in the stock exchange
Government to increase ATMs, micro-ATMs in post offices in next three years

Companies were earlier required to file form ADT-1 as an attachment with eForm GNL-2. Now, with effect from October 20, 2014, ADT-1 is available as an eForm and the same is required to be filed for appointment / re-appointment of Statutory Auditor.
The newly introduced eForm ADT-1 can be downloaded from the below mentioned link:

In view of response give by companies to file records and financials of previous years, Ministry of Corporate Affairs has extended the CLSS 2014 till December 31, 2014 to invite more of such companies to file their previous records and financials with 75% discount on the additional fees.
The circular with the reference can be downloaded by clicking the below link:

Employees Provident Fund Organization (“EPFO”) through their Notification dated August 29, 2014, increased the wage ceiling under EPS 1995 from Rs. 6500/-to Rs. 15000/- which has to be applied by September 01, 2014.
The detailed notification can be downloaded by clicking the below mentioned link:

Section 185 of the new Companies Act, 2013 is in discussion now a days. The Section restrains Companies with common management to share loans or guarantees to each other, which in implication, if done on or after September 12, 2013 can impose a fine which shall not be less than Rs. 5 Lacs and which may extend to Rs. 25 Lacs and the Director to whom such loan, advance or guarantee is given or provided in connection with any loan taken by him or any other person, shall be punishable with imprisonment which may extend to 6 months or with fine which shall not be less than Rs. 5 Lacs which may extend to Rs. 25

Ministry of Corporate Affairs has, through its General Circular No. 14/2013 dated November 01, 2013 relaxed the last date of filing e-Form 23AC for appointment of Cost Auditor of the Company as applicable to certain specified class of companies.
The additional fees applicable has been relaxed for the companies and they can file the e-form 23AC upto November 30, 2013 or within 30 days of commencement of company’s financial year, to which the appointment relates, whichever is later.

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