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PTRC Registration in Maharashtra

taxadmin — Sat, 25 Jul 2020 15:14:49 +0000

Today we discuss on the PTRC Registration in Maharashtra. It is commonly known as PTRC. Meaning of PTRC, person liable to deduct PTRC,how to apply for PTRC, Penalty for failure to apply for PTRC, Slab rate of PTRC in Maharashtra.

Who is liable to apply for PTRC Registration in Maharashtra ?

This certificate is to be obtain by every person who is an employer (other than Government Officer) and liable to deduct & deposit Professional Tax on behalf of an employee.

When to Apply for PTRC Registration in Maharashtra?

An Employer has to apply for PTRC certificate within Thirty days from the date he is liable to deduct Professional tax on behalf of employees. He has to apply to the Prescribed authority within a prescribed time with a prescribed application.

Procedure for PTRC Registration in Maharashtra?

An person can filed the online application on PTRC and submit the documents required to the department.

What are the consequences in failure to apply for the PTRC certificate within the time limit in in Maharashtra?

An Employer who is liable to apply for the registration certificate failed to apply for the same within the time required then the Authorised department may levy a Penalty of Rs. Five for each day of delay after giving an opportunity of being heard.

What are the consequences of providing false information at the time of application for PTRC certificate in in Maharashtra?

The prescribed authority may after giving him a reasonable opportunity of being heard, imposes a penalty equal to three times the tax payable under this act.

How to pay PTRC payments?

An PTRC holder can pay the payments online and offline. for online payment visit here Gras and for offline payments visit the bank accepting payments and submit the challan.

Slab Rate for PTRC in Maharashtra in financial year 2014-15

Professional tax is not deducted of all the employees it is deducted only if salary of an employee cross the specified limit. The professional Tax slab rates are not constant. The professional Tax slab for financial year 2014-15 & so on are as follows:

Slab Rate up to 30 June,2014

Monthly Salary	Professional Tax Deducted
Less Than Rs. 5,000/-	Nil
Exceeds or equal Rs. 5,000/- but do not exceeds Rs. 9,999/-	Rs. 175 per month
Exceeds or equal Rs. 10,000/-	Rs. 200 per month except the month of Feb. For Feb Month it is Rs. 300. The total Do not exceed Rs. 2,500 P.a.

Slab Rate after 30 June,2014

Monthly Salary	Professional Tax Deducted
Less Than Rs. 7,500/-	Nil
Exceeds or equal Rs. 7,500/- but do not exceeds Rs. 9,999/-	Rs. 175 per month
Exceeds or equal Rs. 10,000/-	Rs. 200 per month except the month of Feb. For Feb Month it is Rs. 300. The total Do not exceed Rs. 2,500 Per annuam.

What is the due date PTRC Payment & Filing of PTRC Return for PTRC holders?

The due date of payment & filing of return date remain same. Before filing the return first you have to make the payment for the same. The Due date depends upon the tax liability.

If Tax liability during the Previous year is less than Rs. 50,000/-:

Then return should be filed yearly. The due date of Payment & return filing date is 31^st March of the financial year to which return relates.

If Tax liability during the previous year is Rs. 50,000/- or more:

Then return should be filed monthly. The due date of payment & return filing date is last date of the month to which return relates.

What is the Penalty for Non Payment of Professional Tax by PTRC holder?

If an enrolled person or registered employer fails to make the payment of tax within the prescribed time or a date which is specified in demand notice without reasonable or proper cause, the Prescribed authority may levy a penalty equal to 10%, of the amount of tax due after giving an opportunity of being heard.

The post PTRC Registration in Maharashtra appeared first on Tax Baniya.

Ms Nirmala Sitharaman in the Press Meet

taxadmin — Wed, 08 Apr 2020 14:25:53 +0000

Amid the coronavirus outbreak, our Finance Minister Ms Nirmala Sitharaman in the Press Meet, held on the 24th March 2020 has announced extension for undertaking various filing and other compliances. A brief summary of the announcements made in various regulations are as follows:

1. INCOME TAX

SL. No.	Change in	Before Press Release	After Press Release	Effect

1.	Last date for filing Belated Return of Income for the Financial Year 2018-19	31/03/2020	30/06/2020	3 months extension in the last date for filing the Return of Income.
2.	Last date for Aadhaar PAN Linking	31/03/2020	30/06/2020	One more Extension for linking PAN with Aadhaar to save PAN from getting deactivated
3.	Vivaad Se Vishwas Scheme (to provide a one time opportunity to resolve tax disputes with the income tax authorities )	31/03/2020	30/06/2020	The scheme earlier gave an opportunity till 31/03/2020 to just pay 100% of the tax amount & settle the dispute. Further, as per earlier provisions, 10% additional tax amount was payable if the dispute is settled till 30/06/2020. After the Press Release, the dispute can be settled by paying 100% of the tax amount till 30/06/2020. Therefore, no additional tax amount is required to be paid even if dispute is settled till 30/06/2020.
4.	Due dates for a. Issue of notice, b. Intimation, c. Notification, d. Approval order, e. Sanction order, f. Filing of appeal, g. Furnishing of return, h. Statements, I. Applications, j. Reports, k. Any other documents l. Time limit for completion of proceedings by the authority m. Any compliance by the taxpayer including investment in saving instruments or investments for roll over benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, Securities Transaction Tax law, Commodities Transaction Tax Law, Equalization Levy law, Vivad Se Vishwas law	Time limit if expiring between 20^th March to 29^th June 2020	Shall be extended to 30^th June 2020	A relief has been provided to everyone to claim tax exemptions & even for the income tax authorities to issue notices
5.	For delayed payments of a. advance tax, b. self-assessment tax, c. regular tax, d. Tax Deducted at Source, e. Tax Collected at Source, f. equalization levy, g. Securities Transaction Tax, h. Commodities Transaction Tax to be made between 20th March 2020 and 30th June 2020	– 1% / 1.5% per month or part of the month – Late Fees – Penalty	– 0.75% per month or part of the month – No Late Fees – No Penalty	Interest rate has been reduced and waiver of Late Fees and Penalties, if any.

2. GST / CUSTOMS

Sl.No.	Change in	Before Press Release	After Press Release		Effect
1.	Last date for filing GSTR-3B due in a. March 2020, b. April 2020 and c. May 2020 for those having aggregate annual turnover of less than Rs. 5 Crores.	-20^th of the subsequent month – Interest – Late Fees – Penalty		–30/06/2020 for all the 3 months – No interest, Late Fees & Penalties		The due date for filing all the returns would be 30^th June 2020. Further, no interest, late fees and penalties would be charged.
2.	Last date for filing GSTR-3B due in d. March 2020, e. April 2020 and f. May 2020 for those having aggregate annual turnover of Rs. 5 Crores or more.	-interest on delayed payment from the due date @ 18% per annum – Late Fees & Penalty		– interest on delayed payment from 15 days after due date @ 9% per annum – No late Fees and Penalty, if complied before 30^th June 2020		The due date for filing the GSTR-3B would be the same (i.e., 20^th of the subsequent month). However, no interest if delay in filing the return is less than 15 days. No late fees and penalties if return is filed on or before 30^th June 2020.
3.	Date for Opting for Composition Scheme Due Date of filing of return (CMP-08) & Payment	31/03/2020 18/04/2020		Last week of June, 2020		Relaxation to composition tax payers
4.	GST Annual Return (for Financial Year 2018-19)	31/03/2020		Last Week of June 2020		Relaxation in GST Annual return filing and Audit for the Financial Year 2018-19.
5.	Due date for a. issue of notice, b. notification, c. approval order, d. sanction order, e. filing of appeal, f. furnishing of return, g. statements, h. applications, i. reports, j. any other documents, Under GST, Customs	Time limit if expiring between 20th March to 29th June 2020		Shall be extended to 30th June 2020		A relief to everyone
6.	Payment under Sabka Vishwas Scheme			30/06/2020 without interest		–

24×7 Customs clearance till end of 30^th June, 2020.
Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing applications, reports, any other documents etc., time limit for any compliance under the Customs Act and other allied Laws where the time limit is expiring between 20th March 2020 to 29th June 2020 shall be extended to 30th June 2020.

3. FINANCIAL SERVICES

Relaxations for 3 months

Debit cardholders to withdraw cash for free from any other banks’ ATM for 3 months.
Waiver of minimum balance fee.
Reduced bank charges for digital trade transactions for all trade finance consumers.

4. CORPORATE AFFAIRS

No additional fees shall be charged for late filing during a moratorium period from 1st April 2020 to 30th September 2020, in respect of any document, return, statement etc., required to be filed in the MCA-21 Registry, irrespective of its due date.
The mandatory requirement of holding meetings of the Board of the companies within prescribed interval provided in the Companies Act, 2013 (120 days), shall be extended by a period of 60 days till next two quarterse., till 30th September 2020.
Applicability of Companies (Auditor’s Report) Order, 2020 shall be made applicable from the financial year 2020-21 instead of from financial year 2019-20 as notified earlier.
As per Schedule 4 to the Companies Act, 2013, Independent Directors are required to hold at least one meeting without the attendance of Non-independent directors and members of management. For the year 2019-20, if the Independent Directors of a company have not been able to hold even one meeting, the same shall not be viewed as a violation.
Requirement to create a Deposit reserve of 20% of deposits maturing during the financial year 2020-21 before 30th April 2020 shall be allowed to be complied with till 30th June 2020.
Requirement to invest 15% of debentures maturing during a particular year in specified instruments before 30th April 2020, may be done so before 30th June 2020.
Newly incorporated companies are required to file a declaration for Commencement of Business within 6 months of incorporation. An additional time of 6 more months shall be allowed.
Non-compliance of minimum residency in India for a period of at least 182 days by at least one director of every company, under section 149 of the Companies Act, shall not be treated as a violation.
It has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent triggering of insolvency proceedings against MSMEs. If the current situation continues beyond 30th of April 2020, Government may consider suspending section 7, section 9 and section 10 of the IBC 2016 for a period of 6 months so as to stop companies at large from being forced into insolvency proceedings in such force majeure causes of default.

5. SEBI CIRCULAR – SEBI/HO / CFD / CMD1 / CIR / P / 2020 / 38

Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Extension of timelines for various filings:

SL No	Regulation and associated filing	Filing		Relaxation w.r.t the quarter / financial year ending March 31, 2020
SL No	Regulation and associated filing	Frequency	Due With In	Due Date	Extended Date	Period of Relexation
1	Regulation 7(3) relating to compliance certificate on share transfer facility	Half yearly	One month of the end of each half of the financial year	April 30, 2020	May 31, 2020	1 month
2	Regulation 13(3) relating to Statement of Investor complaints	Quarterly	21 days from the end of each quarter	April 21, 2020	May 15, 2020	3 weeks (appx.)
3	Regulation 24A read with circular No CIR/CFD/CMD1/27/201 9 dated February 8, 2019 relating to Secretarial Compliance report	Yearly	60 days from the end of the financial year	May 30, 2020	June 30, 2020	1 month
4	Regulation 27(2) relating to Corporate Governance report	Quarterly	15 days from the end of the quarter	April 15, 2020	May 15, 2020	1 month
5	Regulation 31 relating to Shareholding Pattern	Quarterly	21 days from the end of the quarter	April 21, 2020	May 15, 2020	3 weeks (appx.)
6	Regulation 33 relating to Financial Results	Quarterly / Annual	45 days from the end of the quarter for quarterly results 60 days from the end of Financial Year for Annual Financial Results	May 15, 2020 May 30, 2020	June 30, 2020 June 30, 2020	45 days 1 month

Relaxation of time gap between two board / Audit Committee meetings:

Regulatory Provision	Relaxation
Regulation 17(2): The board of directors shall meet at least four times a year, with a maximum time gap of one hundred and twenty days between any two meetings.	The board of directors and Audit Committee of the listed entity are exempted from observing the maximum stipulated time gap between two meetings for the meetings held or proposed to be held between the period December 1, 2019 and June 30, 2020. However the board of directors / Audit Committee shall ensure that they meet at least four times a year, as stipulated under regulations 17(2) and 18(2)(a) of the LODR
Regulation 18(2)(a): The audit committee shall meet at least four times in a year and not more than one hundred and twenty days shall elapse between two meetings

SEBI CIRCULAR -SEBI/HO/CFD/CMD1/CIR/P/2020/48

Further relaxations from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and the SEBI circular dated January 22, 2020 relating to Standard Operating Procedure due to the CoVID -19 virus pandemic.

Filings

SL No	Regulation and associated filing	Filing		Relaxation w.r.t the quarter / financial year ending March 31, 2020
SL No	Regulation and associated filing	Frequency	Due With In	Due Date	Extended Date	Period of Relexation
a	Regulation 40(9) relating to Certificate from Practicing Company Secretary on timely issue of share certificates	Half Yearly	1 month of the end of each half of the financial year	April 30, 2020	May 31, 2020	1 month
b	Regulation 44(5) relating to holding of AGM by top 100 listed entities by market capitalization for FY 19-20	Annual	Within a period of 5 months from the date of closing of the financial year	August 31, 2020	September 30, 2020	1 month

Due date for holding annual meeting of NRC (Nomination and Remuneration Committee), Stakeholders Relation Committee & Risk Management Committee extended till 30^th June 2020.

SL	Regulation	Requirement	Frequency	Due Date	Extended Date	Period Of Relaxation
A	Regulation 19(3A)	The nomination and remuneration committee shall meet at least once in a year	Yearly	March 31,2020	June 30, 2020	3 Months
B	Regulation 20(3A)	The Stakeholders Relationship committee shall meet at least once in a year
c	Regulation 21(3A)	The Risk Management Committee shall meet at least once in a year

Circular dated January 22, 2020 on SOP on imposition of fines and non compliance with LODR to come into force for compliance period ending or after 30^th June 2020.
Publication of Advertisement in Newspaper for events schedules till May 15, 2020 under regulation 47 exempted.

GENERAL CIRCULAR NO – 12/2020:

COMPANIES FRESH START SCHEME, 2020 (CFSS-2020) & REVISED LLP SETTLEMENT SCHEME

In order to give an opportunity to the defaulting companies and LLP and to enable them to file the belated documents in the MCA-21 registry, the Central Government in exercise of powers has decided to introduce a Scheme namely “Companies Fresh Start Scheme, 2020 (CFSS-2020) and revised the “LLP Settlement Scheme, 2020” which is already in vogue to provide a first of its kind opportunity to both companies and LLPs to make good any filing related defaults, irrespective of duration of default, and make a fresh start as a fully compliant entity.

The USP of both the schemes is a one-time waiver of additional filing fees for delayed filings by the companies or LLPs with the Registrar of Companies during the currency of the Schemes, i.e. during the period starting from 1st April, 2020 and ending on 30th September, 2020.

However, the immunity is only against delayed filings in MCA21 and not against any substantive violation of law.

Particular	Companies First Start Scheme -2020	LLP Settlement Scheme – 2020
Applicability	Any ‘defaulting company’ which has made a default in filing of any documents, statements, returns etc. including annual statutory documents (‘documents’) on the MCA-21 registry is permitted to file belated documents which were due for filing on any given date in accordance with the provisions of CFSS-2020 Scheme.	Any ‘defaulting LLP’ registered under LLP Act which has made a default in filing of documents on the specified due date(s) is permitted to file belated documents which were due for filing till 31 August, 2020 in accordance with the provisions of LLS-2020 Scheme
Period	The CFSS-2020 shall remain in force during the period commencing from 1 April 2020 till 30 September 2020	The LSS-2020 shall remain in force during the period commencing from 1 April 2020 till 30 September 2020.
Key Features	Condone of Delay: To condone the delay in filing of E-forms with Registrar of Companies (‘ROC’) insofar as it relates to charging of additional fees and thus, under the Scheme, only normal filing fees of documents will be payable and no additional fees shall be levied.Grant of Immunity: Grants an immunity from launch of prosecution or proceedings for imposing penalty on account of delay associated with certain filings on MCA-21 registry and not against any fundamental violation of law. Appeal Already Filed: The applicant can withdraw appeal and apply for granting immunity under the scheme, where defaulting company has already filed an appeal against any notice, complain, order etc. Appeal Not Filed: Extended time period of 120 days for filing appeals before Regional Directors, if no appeal is filed as on the date of commencement of this scheme i.e., April 1 ,2020. During this extended time of 120 days, there will be no prosecution for non-compliance of order of adjudication officer. Scheme for Defaulting Inactive Company: Under the Scheme, the defaulting inactive companies can also declare themselves as ‘dormant companies’ by filing a simple application at normal fee. This will enable the inactive companies to remain on ROC with minimal compliance requirements. Further, such companies can also apply for striking off the name of the company at normal fee.	Condone of Delay: To condone the delay in filing of documents with ROC insofar as it relates to charging of additional fees and thus, under the Scheme, only normal filing fees of documents will be payable and no additional fees shall be levied.No Prosecution by ROC The defaulting LLPs, which shall file their belated documents till 30 September 2020, shall not be subjected to any prosecution by ROC for such defaults.
Exemptions	The CFSS-2020 shall not apply to the Companies which: a) are under the process of strike-off; (u/s 248 of the Act) b) are amalgamated; (under the scheme of arrangement or compromise) c) are vanishing; d) have applied for obtaining dormant status and e) The CFS-2020 shall also not apply to E-forms viz. SH-7 (form for increase in authorised share capital) and E-Form CHG-1, CHG-4, CHG-8 and CHG-9 (forms related to charge)	The LSS-2020 shall not apply to all those LLPs which have already made applications for striking off their name from the register

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Statement of financial transactions

taxadmin — Sun, 17 Feb 2019 14:27:13 +0000

Today we will discuss the Statement of financial transactions introduced by income tax act u/s 285ba. The Statement of financial transactions need to be prepared by the person required to be audited in the income tax act 1961 from this year, Earlier Annual information return to be prepared by the Specified entity the SFT will replace the AIR.

In this blog we will discuss who will required to file the SFT, nature of transaction in SFT, Procedure to file the SFT in income tax. Also if there is no transaction whether Nil SFT need to be filed

Who will be required to file the SFT ?

Business establishments or Professional liable to tax audit under section 44AB of income tax act 1961. It is to be reported by all Doctors, lawyer , architect etc liable for the audit

Entity required to file the SFT –

Banks
Professionals
Fund houses
Forex dealer
Post office
Niddhi company
Non banking financial company
Property registrar
Company issuing bonds and debenture
Listed company buying back of share

Nature of transaction in SFT –

Cash payment for purchase of Demand draft for RS 10 laks
Cash payment for purchase of RBI Instruments for RS 10 laks
Cash deposit or withdrawal of Rs 50 laks from current accounts
One time deposit of Rs 10 laks or more in a bank
Payments of Rs 1 laks in cash and 10 laks in credit card

SFT Filling of Audited Clients

Person liable to do Audit u/s 44AB –

Receipt of cash payment exceeding two lakh rupees by any person for sale of goods or services of any nature. Pls note in section 114E it is not mentioned aggregate cash sales in a year.

Click here to know the details of Nature of transaction – http://incometaxindia.gov.in/Rules/Income-Tax%20Rules/103120000000007545.htm

Due date of filing the SFT ?

Due date to file the SFT is 31st May 2017

Form for filing the SFT

SFT need to be filed in separate form not with the regular form. Form 61A to be used for the SFT

Form 61A is divided in 4 parts

Is SFT Required to be file for Nil transaction ?

If there is Nil transaction than Client need to filed only Preliminary SFT response in income tax website.

SFT Preliminary Response –

Click on Compliance

Click on SFT Preliminary transaction

SFT PRELIMINARY DETAILS

How to file the SFT Form in Income tax

Downloading the utility – 1. Go to e-filing portal at https://incometaxindiaefiling.gov.in/ 2. Click on the Forms (other than ITR) tab under the Downloads section. 3. Click on the Download link against Form 61A to download the Utility. It allows the user to save the file in the location selected by the user

Prepare validate and Generate the SFT file

Upload the SFT File

Click on My accounts

Click on Manage ITDREIN

Click on Add Authorised person

After added the authorised person

Upload the XML File

Click here on Guideline to file the Form SFT

Penalty for not filing the SFT

Penalty is Rs 100/- per day if notice not received Rs 500/-per day if Notice received. Rs 50,000/- of provide inaccurate information

CBDT CLARIFICATION ON SFT TRANSACTION

SFT CLARIFICATION

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RERA Registration for Agents in Maharashtra

taxadmin — Mon, 11 Feb 2019 11:45:03 +0000

Today we will discuss on RERA Registration for Agents in Maharashtra. In this blog we will discuss on the documents required for the RERA also the details needed to apply for the RERA.

Documents for RERA Registration for Agents in Maharashtra

1 Aadhar Card

2 Pan Card

3 Photo

4 Mobile number and Email id

5 Letter head of the broker

6 Brokerage receipt

7 Income tax return Acknowledgment of last 3 years. If not available self certified declaration.

Procedure for RERA Application for Agents

1 Open the RERA Website in Maharashtra by click on the below link – https://maharerait.mahaonline.gov.in/Login

2 Click on New Registration tab

3 Select Real estate agent

4 Select State Maharashtra

5 Mention the details (Username,password,mobile number and Email id). Kindly note all this details password will not come the email.

6 An Activation Link will come on the Email

7 Click on the Activation Link and fill the form

8 Click on accounts buttons than click on profile buttons after that Mentioned the required details in profile section

9 Click on Registration buttons and upload the documents

10 Click on payment buttons generate challan and deposit in the bank or do the online payments of RS 10590/-

How to check the RERA Application status for Agents

Mentioned user id and password

Status will be on the screen

Timeline and Fees for RERA Registration for Agents in Maharashtra

Timeline – It will take Normally 7 working days to get the RERA application

Fees – Total fees will be 13000 to get the RERA. Government fees will be 10590/- . our professional fees to get the dome will be 2500/-.

Declaration for not giving ITR

The Real Estate Regulatory Authority

Mumbai

Subject – Declaration for not giving ITR

This is to certify that we have formed the_____________ having pan number ___________. As our income below the maximum amount not chargeable to tax so we have not filed the ITR.

I further confirm that we will file the ITR for next year

FROM

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