MCA extends efiling date from 14th April to 28th April 2014

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Ministry of Corporate Affairs (MCA) has issued Public Notice No. MCA21/28/2014-eGov dated 11th April, 2014 informing stakeholders that the all E-Forms will be available for upload with effect from 28th April, 2014 instead of 14th April, 2014 as notified earlier on 28th March, 2014.

Tax return e-filers to send ITRV by speedpost

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If you are filing online your Income Taxreturn, the paper copy of the ‘ITRV’ should only be sent through “speed post” to the Central Processing Centre (CPC) of the department in Bengaluru.

ITR-V or ‘Income Tax Return Verification’ form is issued as an acknowledgementto returns filed online.

MCA notifies dates from which Various new Forms to come into effect

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General Circular no 6/2014, Date: – 28/03/2014

Sub: – Roll out plan of various forms under the Companies Act, 2013 and continuance of forms under the provisions of Companies Act, 1956

I am directed to inform that this Ministry has notified 183 additional sections in addition to 99 sections earlier notified under the provisions of Companies Act, 20 13. In this regard a Notification related to commencement of Companies Act, 2013 has been issued on 25/03/2014 which is available on the website of the Ministry.

2. In order to facilitate the completion of notified sections this Ministry has planned a staggered roll out of various forms. It has been decided to waive fees for all event based filing whose due date falls between 01/04/2014 to 30/04/2014. For the same, a separate Circular is being issued by the Policy Cell of this Ministry.

3. From 01/04/2014 to 14/04/2014 except existing e-forms mentioned in Table “A” no other e-forms will be available for filing. Other Front office portal services will continue. From 01/04/2014 to 13/04/2014 the period will be used for clearing pending e-forms already filed under the provisions of Companies Act, 1956.

Trusts to give notice for accumulation of Income (From 10) electronically from A.Y. 2014-15

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Relevant Extract of Revised Rule 12 of Income Tax Rules 1962

(1) ...

      (2) ...

 [Provided that where an assessee is required to furnish a report of audit specified under sub-clause (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB or to give a notice under clause (a) of sub-section (2) of section 11 of the Act, he shall furnish the same electronically.]

All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15

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Extract of Revised Rule 12 is as follows :-

(3) The return of income referred to in sub-rule (1) may be furnished in any of the following manners, namely:—

(i)           furnishing the return in a paper form;

(ii)          furnishing the return electronically under digital signature;

(iii)         transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv)         furnishing a bar-coded return in a paper form:

Provided that—

 (aaa)      a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);

 (aab) ………….

(aac) a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);

CBDT Notifies SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR a.y. 2014-15

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NOTIFICATION NO. 24/2014, Dated: April 1, 2014

S.O.997(E). - In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (4th Amendment) Rules, 2014.

    (2) They shall come into force with effect from the 1st day of April, 2014.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,

    (a) in sub-rule (1), for the figures “2013″, the figures “2014″ shall be substituted;

    (b) in sub-rule(2), in the proviso after the words and figures “section 115JB” the words “or to give a notice under clause (a) of sub-section (2) of section 11″ shall be inserted;

    (c) in sub-rule (3), in the first proviso,-

(A) after clause (aab), the following clause shall be inserted, namely:-

    “(aac) a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);”;

(B) for clause (b), the following clause shall be substituted, namely:-

        “(b) a person required to furnish the return in Form ITR-7 shall furnish the return for assessment year 2014-15 and subsequent assessment years,-

    (A) in case it is furnished under sub-section (4B) of section 139, in the manner specified in clause (ii);

    (B) in other cases, in the manner specified in clause (i) or clause (ii) or clause (iii):”;

    (d) in sub-rule (4), after the words, “report of audit”, the words “or notice” shall be inserted;

        (e) in sub-rule (5), for the figures “2012″, the figures “2013″ shall be substituted.

3. In the said rules, in Appendix-II, for “Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” the “Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V” shall be respectively substituted as follows:-

Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V

CA 2013 – Notification of significant sections & all schedules wef 01.04.2014

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183 sections and 13 sub-sections of the already notified sections and all the Schedules of the Companies Act 2013 have been notified by MCA on 26^th March, 2014 and made applicable from 01.04.2014.

The Ministry of Corporate Affairs has started implementation of the Companies Act 2013, in a phased manner. In the process, MCA has notified vide notification dated 26.03.2014,  183 sections of Companies Act,2013 which are effective from 1st April 2014. MCA has earlier notified 98 Section of the Companies Act, 2013 vide its notification dated 12^th September 2013. MCA has also notified vide its Notification dated 27 Feb 2014 Section 135 of the Companies Act,2013 alongwith Schedule VII of the Companies Act and Rules related to Corporate Social Responsibility (CSR) to come into effect from 01.04.2014.

In addition to that 183 sections and 13 sub-sections of the already notified sections and rest of the schedules of the Companies Act, 2013 have been notified by the Ministry of Corporate Affairs (MCA) on 26^th March, 2014 and are made applicable from 1^st April, 2014.

Further, we would like to mention here that under Chapter IX (Accounts of Companies), Section 130 (Re-opening of Accounts on Court’s or Tribunal’s order), Section 131 (Voluntary Revision of financial statements or Board’s Report) and Section 132 (Constitution of NFRA) have not been notified till date. Also Section 245 (Class Action Suits) has not been notified now by MCA.

With Notification dated 26.03.2014 MCA has till dated notified 282 section of the Companies Act out of total 470 Acts of the Companies Act, 2013.