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Monday, September 30, 2019

DIR 3 KYC Due Date Extended to 14.10.19| MCA Notification

DIR 3 KYC Due Date Extended to 14.10.19| MCA Notification

[To be published in the Gazette of India, Extraordinary, Part II. Section 3, Sub-section (i.)

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 30th September, 2019

G.S.R. -(E). – In exercise of the powers conferred by the second proviso to sub-section (1), sub-section (4) and clause (f) of sub-section (6) of section 149, sub-sections (3) and (4) of section 150, section 151, sub-section (5) of section 152, section 153, section 154, section 157, section 160, sub-section (1) of section 168 and section 170 read with section 459 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: –

1. (1) These rules may be called the Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2019.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Appointment and Qualification of Directors) Rules, 2014, – in rule 12A, after the fourth proviso, the following Note shall be inserted, namely:-

“Note: For the financial year ending on 31’t March,2019, the individual shall submit e-form DIR-3 KYC or web form DIR-3 KYC-WEB, as the case may be, on or before the 14th October, 2019.” .

Click here to read the notification

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ICSI Representation for Extension of last date for filing of DIR-3 KYC

ICSI Representation for Extension of last date for filing of DIR-3 KYC

THE INSTITUTE OF Company Secretaries of India
IN PURSUIT OF PROFESSIONAL EXCELLENCE
Statutory body under an Act of Parliament
{Under the jurisdiction of Ministry of Corporate Affairs)

30th September, 2019

MCA: 2019

Shri Injeti Srinivas, IAS
Secretary to Government of India
Ministry of corporate Affairs
Shastri Bhawan
New Delhi 110001

Sir,

Subject : Extension of last date for filing of DIR-3 KYC under the Companies Act, 2013

As you are kindly aware that in terms of the provisions of Rule 12A of the Companies (Appointment and Qualification of Directors} Rules, 2014, every individual who holds a Director Identification Number (DIN) as on 31st March of a financial year is required to submit e-form DIR-3-KYC to the Central Government on or before 30th September of immediate next financial year.

In this regard, we wish to bring to your kind notice some of the practical difficulties which arc being faced by the directors and professionals in filing DIR-3 KYC:

(i) login MCA portal

(ii) pre-scrutiny of form DIR-3 KYC

(iii) generation of OTP

(iv) ceiling of 10 KYC from one login per day

(v) use of special characters in the form

As a consequence, the directors are not able to file their KYC by due date i.e. 30 September, 2019. Considering this, we request to kindly consider granting extension of time for filing the DlR-3 KYC without levying any fee.

We shall be happy to provide any further information or clarification that may be desired in this regard by your good office.

Thanking You
Yours faithfully

(CS Samir Raheja)
Director

Click To Download Official Copy of Representation

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Sunday, September 29, 2019

GST Forms Available on the GST Common Portal

GST Forms Available on the GST Common Portal

In this Article you can know the various GST Forms Available on the GST Common Portal along with their Description.

GST Forms Available on the GST Common Portal

1. GST Registration

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST REG-01

For Taxpayer

Application for Registration

2.

FORM GST REG-02

For Tax Official

Acknowledgment

3.

FORM GST REG-03

For Tax Official

Notice for Seeking Additional Information / Clarification / Documents relating to Application for registration/ amendment/cancellation etc.

4.

FORM GST REG-04

For Taxpayer

Reply of the taxpayer/applicant furnishing Clarification/additional information/document etc. in response to REG-03

5.

 

FORM GST REG-05

For Tax Official

Order of Rejection of Application for

<Registration / Amendment / Cancellation/>

6.

FORM GST REG-06

For Tax Official

Registration Certificate

7.

FORM GST REG-07

For Taxpayer

Application for Registration as Tax Deductor at source (u/s 51) or Tax Collector at Source (u/s 52)

8.

FORM GST REG-08

For Tax Official

Order of Cancellation of Registration as Tax Deductor at source or Tax Collector at source

9.

FORM GST REG-09

For Taxpayer

Application for Registration of Non Resident Taxable Person

10.

FORM GST REG-10

For Taxpayer

Application for registration of person supplying Online Information and Database Access or Retrieval Services (OIDAR/NROP) from a place outside India to a person in India, other than a registered person.

11.

FORM GST REG-11

For Taxpayer

Application for extension of registration period by casual / non-resident taxable person

12.

FORM GST REG-12

For Tax Official

Order of Grant of Temporary Registration/ Suo Moto Registration

13.

FORM GST REG-13

For Taxpayer

Application/Form for grant of Unique Identity Number (UIN) to UN Bodies/ Embassies

/others

14.

FORM GST REG-14

For Taxpayer

Application for Amendment in Registration Particulars (For all types of registered persons)

15.

FORM GST REG-15

For Tax Official

Order of Amendment

16.

FORM GST REG-16

For Taxpayer

Application for Cancellation of Registration

17.

FORM GST REG -17

For Tax Official

Show Cause Notice for Cancellation of Registration

18.

FORM GST REG -18

For Taxpayer

Reply to the Show Cause Notice issued for cancellation for registration

19.

FORM GST REG-19

For Tax Official

Order for Cancellation of Registration

20.

FORM GST REG-20

For Tax Official

Order for dropping the proceedings for cancellation of registration

21.

FORM GST REG-21

For Taxpayer

Application for Revocation of Cancellation of Registration

22.

FORM GST REG-22

For Tax Official

Order for revocation of cancellation of registration

23.

FORM GST REG-23

For Tax Official

Show Cause Notice for rejection of application for revocation of cancellation of registration

24.

FORM GST REG-24

For Taxpayer

Reply to the notice for rejection of application for revocation of cancellation of registration

25.

FORM GST REG-25

For tax official

Certificate of Provisional Registration

(Presently Closed as per Law)

26.

FORM GST REG-26

For Taxpayer

Application for Enrolment of Existing Taxpayer (Presently Closed as per Law)

27.

FORM GST REG-29

For Taxpayer

Application for Cancellation of Registration of Migrated Taxpayers (Presently Closed as per Law)

28.

FORM GST REG-30

For Tax Official

Form for Field Visit Report

2. GST Returns

Sl. No.

Return

Available for

Description of the Form

1.

FORM GSTR-1

For Taxpayer

Details of outward supplies of goods or services

2.

FORM GSTR-2A

For Taxpayer

Details of auto-drafted supplies

3.

FORM GSTR-3B

For Taxpayer

Monthly Return

4.

FORM GSTR-4

For Taxpayer

Quarterly return for registered person opting for composition levy (This form shall be modified and implemented in due course as “the Return for Financial Year of Registered Person, who has opted for Composition levy or availing benefit of notification no. 02/2019- Central Tax” (Rate).

5.

FORM GSTR-4A

For Taxpayer

Auto-drafted details for registered person opting for composition levy

6.

FORM GSTR-5

For Taxpayer

Return for non-resident taxable person

7.

FORM GSTR-5A

For Taxpayer

Details of supplies of Online Information and Database Access or Retrieval Services (OIDAR) by a person located outside India made to non- taxable persons in India

8.

FORM GSTR-6

For Taxpayer

Return for Input Service Distributor

9.

FORM GSTR-6A

For Taxpayer

Details of supplies auto-drafted form

(Auto-drafted from GSTR-1)

10.

FORM GSTR-7

For Taxpayer

Return for tax deducted at source (TDS)

11.

FORM GSTR 7A

for Taxpayer

Tax deduction at source certificate

12.

FORM GSTR – 8

For Taxpayer

Statement for tax collection at source (TCS)

13.

FORM GSTR – 9

For Taxpayer

Annual return

14.

FORM GSTR – 9A

For Taxpayer

Annual return (For      Composition Taxpayer)

15.

FORM GSTR-9C

For Taxpayer

PART – A – Reconciliation Statement Part B – Certificate

16.

FORM GSTR-10

For Taxpayer

Final Return

17.

FORM GSTR-11

For UIN holders

Statement of inward supplies by persons having Unique Identity Number (UIN)

3. GST Payments

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST PMT –01

For taxpayer

Electronic Liability Register of Registered Person (Part–I: Return related liabilities)

2.

FORM GST PMT –01

For taxpayer

Electronic Liability Register of Taxable Person (Part-II: other return related liabilities)

3.

FORM GST PMT –02

For taxpayer

Electronic Credit Ledger of Registered Person

4.

FORM GST PMT –03

For Tax Official

Order for re-credit of the amount to cash or credit ledger on rejection of refund claim

5.

FORM GST PMT –05

For taxpayer

Electronic Cash Ledger

6.

FORM GST PMT –06

For taxpayer

Challan for deposit of goods and services tax

7.

FORM GST PMT –07

For taxpayer

Application for intimating discrepancy relating to payment

4. GST Refund

Sl. No.

Forms

Available for

Description of the Form

1.

FORM-GST-RFD-01 A

For taxpayer

Application for Refund

2.

FORM-GST-RFD-01 B

For Tax Official

Refund Order details

3.

FORM GST RFD-10

For taxpayer

Application for Refund by any specialized agency of UN or any Multilateral Financial Institution and Organization, Consulate or Embassy of foreign countries, etc.

4.

FORM GST RFD-01

For Taxpayers

Application for Refund (Online Processing)

5.

FORM GST RFD-02

For Tax Officials

Acknowledgment of the Application for Refund

6.

FORM GST RFD-03

For Tax Officials

Deficiency Memo

7.

FORM GST RFD-04

For Tax Officials

Provisional Refund Order

8.

FORM GST RFD-05

For Tax Officials

Payment Order

9.

FORM GST RFD-06

For Tax Officials

Refund Sanction/Rejection Order

10.

FORM GST RFD-07B

For Tax Officials

Order for Withholding the Refund

11.

FORM GST RFD-08

For Tax Officials

Notice for Rejction of the Application for Refund

12.

FORM GST RFD-09

For Taxpayers

Reply to the Show Cause Notice

13.

FORM GST RFD-11

For taxpayer

Furnishing of bond or Letter of Undertaking for export of goods or services

5. GST Assessment

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST ASMT – 01

For taxpayer

Application for Provisional Assessment under section 60

2.

FORM GST ASMT – 02

For Tax Official

Notice for Seeking Additional Information / Clarification / Documents for provisional assessment

3.

FORM GST ASMT – 03

For taxpayer

Reply to the notice seeking additional information

4.

FORM GST ASMT – 04

For Tax Official

Order of Provisional Assessment

5.

FORM GST ASMT – 05

For taxpayer

Furnishing of Security

6.

 

FORM GST ASMT – 06

 

For Tax Official

Notice for seeking additional information / clarification / documents for final assessment

7.

FORM GST ASMT – 07

For Tax Official

Final Assessment Order

8.

FORM GST ASMT – 08

For taxpayer

Application for Withdrawal of Security

9.

FORM GST ASMT – 09

For Tax Official

Order for release of security or rejecting the application

10.

FORM GST ASMT – 10

For Tax Official

Notice for intimating discrepancies in the return after scrutiny

11.

FORM GST ASMT – 11

For taxpayer

Reply to the notice issued under section 61 intimating discrepancies in the return

12.

FORM GST ASMT–12

For Tax Official

Order of acceptance of reply against the notice issued under section 61

13.

FORM GST ASMT – 14

For Tax Official

Show Cause Notice for assessment under section 63

14.

FORM GST ASMT – 15

For Tax Official

Assessment order under section 63

15.

FORM GST ASMT – 16

For Tax Official

Assessment order under section 64

16.

FORM GST ASMT – 17

For taxpayer

Application for withdrawal of assessment order issued under section 64

17.

FORM GST ASMT – 18

For Tax Official

Acceptance or Rejection of application filed under section 64 (2)

6. Input Tax Credit

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST ITC-01

For Taxpayer

Declaration for claim of input tax credit under sub-section (1) of section 18

2.

FORM GST ITC-02

For Taxpayer

Declaration for transfer of ITC in case of sale, merger, demerger, amalgamation, lease or transfer of a business under sub-section (3) of section 18

3.

FORM GST ITC-03

For Taxpayer

Declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under sub- section (4) of section 18

4.

FORM GST ITC-04

For Taxpayer

Details of goods/capital goods sent to job worker and received back

7. GST Demand and Recovery

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST DRC – 01

For Tax Official

Summary of Show Cause Notice

2.

FORM GST DRC -02

For Tax Official

Summary of Statement

3.

 

FORM GST DRC -03

 

For Taxpayer

Intimation of payment made voluntarily or made against the show cause notice (SCN) or statement

4.

FORM GST DRC – 04

For Tax Official

Acknowledgement of acceptance of payment made voluntarily

5.

FORM GST DRC- 05

For Tax Official

Intimation of conclusion of proceedings

6.

FORM GST DRC – 06

For Taxpayer

Reply to the Show Cause Notice

7.

FORM GST DRC-07

For Tax Official

Summary of the order

8.

FORM GST DRC – 08

For Tax Official

Summary of Rectification /Withdrawal Order

9.

FORM GST DRC – 09

For Tax Official

Order for recovery through specified officer under section 79

10.

FORM GST DRC – 10

For Tax Official

Notice for Auction of Goods under section 79 (1) (b) of the Act

11.

FORM GST DRC – 11

For Tax Official

Notice to successful bidder

12.

FORM GST DRC – 12

For Tax Official

Sale Certificate

13.

FORM GST DRC – 13

For Tax Official

Notice to a third person under section 79(1) (c)

14.

FORM GST DRC – 14

For Tax Official

Certificate of Payment to a Third Person

15.

FORM GST DRC-15

For Tax Official

Application before the Civil Court requesting Execution for a Decree

16.

FORM GST DRC – 16

For Tax Official

Notice for attachment and sale of immovable/movable goods/shares under section 79

17.

 FORM GST DRC – 17

For Tax Official

Notice for Auction of Immovable/Movable Property under section 79(1) (d)

18.

FORM GST DRC – 18

For Tax Official

Certificate action under clause (e) of sub-section (1) section 79

19.

FORM GST DRC – 19

For Taxpayer

Application to the Magistrate for Recovery as Fine

20.

FORM GST DRC – 20

For Taxpayer

Application for Deferred Payment/ Payment in Instalments

21.

FORM GST DRC – 21

For Tax Official

Order for acceptance/rejection of application for deferred payment / payment in instalments

22.

FORM GST DRC – 22

For Tax Official

Provisional attachment of property under section 83

23.

FORM GST DRC – 23

For Tax Official

Restoration of provisionally attached property / bank account under section 83

24.

FORM GST DRC-24

For Tax Official

Intimation to Liquidator for recovery of amount

25.

FORM GST DRC – 25

For Tax Official

Continuation of Recovery Proceedings

8. GST Appeals

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST APL – 01

For taxpayer

Appeal to Appellate Authority

2.

FORM GST APL – 02

For Tax Official

Acknowledgment for submission of appeal

3.

FORM GST APL – 03

For Tax Official

Application to the Appellate Authority under sub-section (2) of Section 107

4.

FORM GST APL – 04

For Tax Official

Summary of the Demand after Issue of Order by the Appellate Authority, Revisional Authority, Tribunal Or Court

5.

FORM GST RVN-01

For Tax Officials

Notice Under Sec. 108 of CGST Act

9. GST Advance Ruling

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST ARA -01

For taxpayer

Application Form for Advance Ruling

2.

FORM GST ARA -02

For taxpayer/ appellant

Appeal to the Appellate Authority for Advance Ruling

3.

FORM GST ARA -03

For taxpayer

Appeal to the Appellate Authority for Advance Ruling

10. GST Composition Forms

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST CMP-01

For Taxpayer

Intimation to pay tax under section 10 (composition levy)

2.

FORM GST CMP-02

For Taxpayer

Intimation to pay tax under section 10 (composition levy)

3.

FORM GST CMP-03

For Taxpayer

Intimation of details of stock on date of opting for composition levy

4.

FORM GST CMP-04

For Taxpayer

Intimation/Application for Withdrawal from Composition Levy

5.

FORM GST CMP-05

For Tax Official

Notice for denial of option to pay tax under Section 10

6.

FORM GST CMP-06

For Taxpayer

Reply to the notice to Show Cause

7.

FORM GST CMP-07

For Tax Official

Order for acceptance / rejection of reply to show cause notice

8.

FORM GST CMP-08

For Taxpayer

Statement for payment of self-assessed tax

11. GSTP

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST PCT – 01

For GSTP

Application for Enrolment as Goods and Services Tax Practitioner

2.

FORM GST PCT-02

For Tax Official

Enrolment Certificate of Goods and Services Tax Practitioner

3.

FORM GST PCT-03

For Tax Official

Show Cause Notice for disqualification

4.

FORM GST PCT-04

For Tax Official

Order of rejection of enrolment as GST Practitioner

5.

FORM GST PCT-05

For GSTP/Taxpayers

Authorisation / Withdrawal of authorisation for Goods and Services Tax Practitioner

6.

FORM GST PCT-06

for GSTP

Application for Cancellation of Enrolment as Goods and Services Tax Practitioner

7.

FORM GST PCT-07

For Tax Official

Order of Cancellation of Enrolment as Goods and Services Tax Practitioner

12. E-Way Bill

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST EWB-01

For taxpayer

E-Way Bill

2.

FORM GST EWB-02

For taxpayer

Consolidated E-Way Bill

3.

FORM GST EWB-03

For Tax Official

Verification Report

4.

FORM GST EWB-04

For taxpayer/ transporter

Report of Detention

13. Compounding

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST CPD-01

For Taxpayer

Application for Compounding of Offence

2.

FORM GST CPD-02

For Tax Official

Order for rejection / allowance of compounding of offence

14. Enforcement

Sl. No.

Forms

Available for

Description of the Form

1.

FORM GST INS-01

For Tax Official

Authorisation for Inspection or Search

2.

FORM GST INS-02

For Tax Official

Order of Seizure

3.

FORM GST INS-03

For Tax Official

Order of Prohibition

4.

FORM GST INS-04

For Taxpayer

Bond for Release Of Goods Seized

5.

FORM GST INS-05

For Tax Official

Order of Release ff Goods/ Things of Perishable or Hazardous Nature

 

Forms relating to interception/inspection of conveyances and goods in movement

1.

FORM GST MOV-01

For Tax Official

Statement of the Owner / Driver/ Person in Charge Of the Goods and Conveyance

2.

FORM GST MOV-02

For Tax Official

Order For Physical Verification / Inspection of the Conveyance, Goods and Documents

3.

FORM GST MOV-03

For Tax Official

Order of Extention of Time for Inspection Beyond three Working Days

4.

FORM GST MOV-04

For Tax Official

Physical Verification Report

5.

FORM GST MOV-05

For Tax Official

Release Order

6.

FORM GST MOV-06

For Tax Official

Order Of Detention under Section 129 (1) of The State/Union Territory Goods and Services Tax Act, 2017 and The Central Goods and Services Tax Act, 2017 / Under Section 20 of The Integrated Goods and Services Tax Act, 2017

7.

FORM GST MOV-07

For Tax Official

Notice Under Section 129 (3) Of The State/Union Territory Goods and Services Tax Act, 2017 and The Central Goods And Services Tax Act, 2017 / Under Section 20 of The Integrated Goods and Services Tax Act, 2017

8.

FORM GST MOV-08

For Tax Official

Bond for Provisional Release of Goods and Conveyance

9.

FORM GST MOV-09

For Tax Official

Order of Demand of Tax And Penalty

10.

FORM GST MOV-10

For Tax Official

Notice for Confiscation of Goods or Conveyances and Levy of Penalty Under Section 130 of State/Union Territory Goods and Services Tax Act, 2017 Read With the Relevant Provisions of The Central Goods and Services Tax Act, 2017 / The Integrated Goods and Services Tax Act, 2017 and Goods And Services Tax (Compensation To States) Act, 2017

11.

FORM GST MOV-11

For Tax Official

Order of Confiscation of Goods and Conveyance And Demand of Tax, Fine and Penalty

15. Transition Forms

Transitional Credit(Presently filing is over so forms are no longer available on portal for filing)

Sl. No.

Forms

Available

Description of the Form

1

FORM GST TRAN – 1

For taxpayer

Transitional ITC / Stock Statement

2

FORM GST TRAN – 2

For taxpayer

_

3

FORM GST TRAN – 3

For taxpayer

 

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Online refund processing and single authority disbursement : Advisory

Online refund processing and single authority disbursement : Advisory for taxpayers

The online processing of refund applications and single authority disbursement has been implemented. The taxpayers are advised to take note of the following changes:

1. Refund applications filed by the taxpayers in RFD-01 form shall be processed electronically/ online by the tax-officer and all communications between the tax officers and the taxpayers shall take place electronically.

2. Refund amount shall be disbursed by accredited bank of Central Board of Indirect Taxes and Customs (CBIC) through the Public Financial Management System (PFMS) after bank account validation.

Online refund processing and single authority disbursement : Advisory for taxpayers

The details of changes in various forms are illustrated below in the tables:

Form RFD-01
Description Refund Application
Action by Taxpayer
Previous Processing Workflow The taxpayers were filling refund application in form RFD-01A online.
Electronic/ Online Processing The RFD-01A form has been disabled on the portal.  

The taxpayer shall be able to file his refund application in form RFD-01 now.

However, the taxpayer shall be able to view the status of RFD-01A applications also along with the new ones.  

The bank account details mentioned in the refund application shall be validated by PFMS after filing of RFD-01. The taxpayers must ensure that the bank account details selected in the refund application are valid and correct.  

The taxpayer will need to change/ edit the bank account details (through non-core amendment in registration in REG-14) if there is failure of bank account validation by PFMS. After performing this step, the taxpayer needs to enter the updated bank account by clicking on ‘Update Bank Account’ functionality provided with the ARN of the refund application.  

The taxpayer shall be able to view the status of bank account validation on his dashboard. It will also be communicated through e-mail/ SMS.
Form RFD-02
Description Acknowledgement
Action by Tax Officer
Previous Processing Workflow The tax officer issued RFD-02 manually.
Electronic Processing The tax officer shall issue RFD-02 electronically to the taxpayer.  

The taxpayer shall be able to view the acknowledgement in RFD-02 on his dashboard.  

The taxpayer will also receive communication through email and SMS.
Form RFD-03
Description Deficiency Memo
Action by Tax Officer
Previous Processing Workflow The tax officer issued RFD-03 manually and there was no auto recredit of ITC/cash.
Electronic Processing The tax officer shall issue RFD-03 electronically to the taxpayer.  

With the issuance of RFD-03, the ITC/ cash will get recredited to the electronic credit/ cash ledger of the taxpayer.

The taxpayer shall be able to view the deficiency memo in RFD-03 on his dashboard.  

Once RFD-03 has been issued against an ARN, the taxpayer is required to file a fresh refund application.  

The taxpayer will receive communication through email and SMS.
Form RFD-04
Description Provisional Refund Order
Action by Tax Officer
Previous Processing Workflow The tax officer issued RFD-04 manually.
Electronic Processing The tax officer shall issue RFD-04 electronically to the taxpayer.  

The taxpayer shall be able to view the provisional sanction order in RFD-04 on his dashboard.

The taxpayer will receive communication through email and SMS.
Form RFD-05
Description Payment Order
Action by Tax Officer
Previous Processing Workflow The tax officer issued RFD-05 manually and sent a copy to the central nodal authority and state AAs respectively for disbursement.
Electronic Processing The tax officer shall issue RFD-05 electronically to the taxpayer. The tax officer is not required to send the copy of RFD-05 to the central nodal authority and state AAs.  

The taxpayer shall be able to view the payment order in RFD-05 on his dashboard.  

The bank account details mentioned in the refund application shall be validated by PFMS after issuance of RFD-05 by the tax-officer.  

The taxpayer will need to change/ edit the bank account details (through non-core amendment in registration in REG-14) if there is failure of bank account validation by PFMS. After performing this step, the taxpayer needs to enter the updated bank account by clicking on ‘Update Bank Account’ functionality provided with the ARN of the refund application.  

The taxpayer shall be able to view the status of bank account validation and disbursement on his dashboard.  

The taxpayer will receive communication through email and SMS.
Form RFD-06
Description Final Refund Sanction/ Rejection Order
Action by Tax Officer
Previous Processing Workflow The tax officer issued RFD-06 manually.
Electronic Processing The tax officer shall issue RFD-06 electronically to the taxpayer.

The taxpayer shall be able to view the final sanction/ rejection order in RFD-06 on his dashboard.
Form RFD-7B
Description Withholding Order
Action by Tax Officer
Previous Processing Workflow The tax officer issued RFD-07B manually.
Electronic Processing The tax officer shall issue RFD-07B electronically to the taxpayer.  

The taxpayer shall be able to view the withhold order in RFD-07B on his dashboard.  

The taxpayer will receive communication through email and SMS.
Form RFD-08
Description Show Cause Notice
Action by Tax Officer
Previous Processing Workflow The tax officer issued RFD-08 manually.
Electronic Processing The tax officer shall issue RFD-08 electronically to the taxpayer.  

The taxpayer shall be able to view the show cause notice in RFD-08 on his dashboard.  

The taxpayer is expected to give reply to the SCN within 15 days of receipt of the SCN. If the taxpayer doesn’t respond within 15 days of the issuance of SCN, the tax officer can take action on the refund application.

The taxpayer will receive communication through email and SMS.
Form RFD-09
Description Reply to Show Cause Notice by the Taxpayer
Action by Taxpayer
Previous Processing Workflow The taxpayers were submitting reply to the show cause notice manually to the tax officer.
Electronic Processing The taxpayer is required to reply the SCN electronically/online in RFD-09 form which would be available on his dashboard.

The taxpayer shall be able to reply to the SCN and upload supporting documents electronically through RFD-09.  

The tax officer may not process the reply to the SCN if not given electronically in RFD-09 by the taxpayer.
Form PMT-03
Description Order for Recredit of Rejected Amount
Action by Tax Officer
Previous Processing Workflow The tax officer uploaded the refund order details in RFD-01B and then the ITC got recredited to the taxpayer’s ITC ledger.
Electronic Processing The tax officer shall issue PMT-03 electronically.
 
With the issuance of PMT-03, the inadmissible ITC shall get recredited to the electronic credit ledger of the taxpayer automatically.

The taxpayer is required to give a undertaking that he will not file an appeal against the refund order if he/she desires to get a recredit of the rejected amount. This undertaking has to be submitted to the tax officer manually.

The taxpayer shall be able to view the recredit order in PMT-03 on his dashboard.

You May Also Refer : GST Online processing of refund applications and single authority disbursement implemented

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FAQs on Tax on Presumptive Taxation Scheme

FAQs on Tax on Presumptive Taxation Scheme

Presumptive Income under Income Tax Act, 1961 is the concept introduced by the Income Tax Department under the Presumptive Taxation Scheme so as to allow the assessee to disclose his income on presumptive basis under the relevant sections and their provisions thereof. Let us understand presumptive income under Income Tax Act, 1961 in detail.

FAQs on Tax on Presumptive Taxation Scheme

What is the meaning of presumptive taxation scheme?

As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme undersections 44AD, sections 44ADA and sections 44AE.

A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account.

What is the meaning of presumptive taxation scheme?

As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme undersections 44AD, sections 44ADA and sections 44AE.

A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account.

Which businesses are not eligible for presumptive taxation scheme?

The scheme of  section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:

– Business of plying, hiring or leasing goods carriages referred to in sections 44AE.

– A person who is carrying on any agency business.

– A person who is earning income in the nature of commission or brokerage

– Any business whose total turnover or gross receipts exceeds two crore rupees.

Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1) is not eligible for presumptive taxation scheme under section 44AD

Can an insurance agent adopt the presumptive taxation scheme of section 44AD?

A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44AD Insurance agents earn income by way of commission and, hence, they cannot adopt the presumptive taxation scheme of section 44AD.
 
 
A person who is engaged in any profession as prescribed under section 44AA(1) cannot adopt the presumptive taxation scheme of section 44AD.
 
However, he can opt for presumptive taxation scheme under section 44ADA and declare 50% of gross receipts of profession as his presumptive income. Presumptive Scheme under section 44ADA is applicable only for resident assessee whose total gross receipts of profession do not exceed fifty lakh rupees.
 
 
The presumptive taxation scheme of section 44AD can be opted by the eligible persons if the total turnover or gross receipts from the business do not exceed the limit prescribed under section 44AB (i.e., Rs. 2,00,00,000). In other words, if the total turnover or gross receipt of the business exceeds Rs. 2,00,00,000 then the scheme of section 44AD cannot be adopted.
 
 
Generally, as per the Income-tax Law, the taxable business income of every person is computed as follows :
 
Particulars Amount
Turnover or gross receipts from the business XXXXX
Less : Expenses incurred in relation to earning of the income (XXXXX)
Taxable Business Income XXXXX

For the purpose of computing taxable business income in the above manner, the taxpayers have to maintain books of account of the business and income will be computed on the basis of the information revealed in the books of account.

What is the manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD?

In case of a person adopting the provisions of section 44AD, income will be computed on presumptive basis, i.e., @ 8% of the turnover or gross receipts of the eligible business for the year.
 
Income shall be calculated at rate of 6% in respect of total turnover or gross receipts which is received by an account payee cheque or draft or use of electronic clearing system.
 
In other words, in case of a person adopting the provisions of section 44AD, income will not be computed in normal manner as discussed in previous FAQ (i.e., Turnover less Expense) but will be computed @ 8%/6% of the turnover.
 
Income at higher rate, i.e., higher than 8% can be declared if the actual income is higher than 8%.
 
 
Under the normal provisions of the Income-tax Law, taxable business income will be computed after allowing deduction in respect of expenses which are deductible as per the Income-tax Act and after disallowing expenses which are not deductible as per the Income-tax Act.
 
In case of a person who is opting for the presumptive taxation scheme of section 44AD, the provisions of allowance/disallowances as provided under the Income-tax Law will not apply and income computed at the presumptive rate of 8%/6% will be the final taxable income of the business covered under the presumptive taxation scheme and no further expenses will be allowed or disallowed.
 
While computing income as per the provisions of section 44AD, separate deduction on account of depreciation is not available, however, the written down value of any asset used in such business shall be calculated as if depreciation as per section 32 is claimed and has been actually allowed.
 
 
Section 44AA deals with provisions relating to maintenance of books of account by a person engaged in business/profession. Thus, a person engaged in business/profession has to maintain books of account of his business/profession according to the provisions of section 44AA.
 
In case of a person engaged in a business and opting for the presumptive taxation scheme of section 44AD, the provisions of section 44AA  relating to maintenance of books of account will not apply. In other words, if a person adopts the provisions of section 44AD and declares income @ 8%/6% of the turnover, then he is not required to maintain the books of account as provided under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AD.
 
 
Any person opting for the presumptive taxation scheme under section 44AD is liable to pay whole amount of advance tax on or before 15th March of the previous year. If he fails to pay the advance tax by 15th march of previous year, he shall be liable to pay interest as per section 234C.
 
Note: Any amount paid by way of advance tax on or before 31st day of March shall also be treated as advance tax paid during the financial year ending on that day.
 
 
A person can declare income at lower rate (i.e., less than 8%/6%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited as per section 44AB.
 
 
If a person opts for presumptive taxation scheme then he is also require to follow the same scheme for next 5 years. If he failed to do so, then presumptive taxation scheme will not be available for him for next 5 years. [For example, an assessee claims to be taxed on presumptive basis under Section 44AD for AY 2017-18. For AY 2018-19 and 2019-20 also he offers income on basis of presumptive taxation scheme. However, for AY 2020-21, he did not opt for presumptive taxation Scheme. In this case, he will not be eligible to claim benefit of presumptive taxation scheme for next five AYs, i.e. from AY 2021-22 to 2025-26.]
 
He is required to keep and maintain books of account and he is also liable for tax audit as per section 44AB from the AY in which he opts out from the presumptive taxation scheme. [If his total income exceeds maximum amount not chargeable to tax]
 
 
The presumptive taxation scheme of sections 44ADA can be adopted by a person resident in India, carrying on specified profession whose gross receipts do not exceed fifty lakh rupees in a financial year. Following professions are specified profession:
 
1) Legal
2) Medical
3) Engineering or architectural
4) Accountancy
5) Technical consultancy
6) Interior decoration
7) Any other profession as notified by CBDT
 
 
In case of a person adopting the provisions of sections 44ADA, income will be computed on presumptive basis, i.e. @ 50% of the total gross receipts of the profession. However such person can declare income higher than 50%.
In other words, in case of a person adopting the provisions of sections 44ADA, income will not be computed in normal manner but will be computed @50% of the gross receipts.
 
 
No, a person who adopts the presumptive taxation scheme is deemed to have claimed all deduction of expenses. Any further claim of deduction is not allowed after declaring profit @ 50%.
 
 
Any person opting for the presumptive taxation scheme under sections 44ADA is liable to pay whole amount of advance tax on or before 15th March of the previous year. If he fails to pay the advance tax by 15th march of previous year, he shall be liable to pay interest as per sections 234C.
 
Note: Any amount paid by way of advance tax on or before 31st day of March shall also be treated as advance tax paid during the financial year ending on that day.
 
 
In case of a person engaged in a specified profession as referred in sections 44AA(1) and opts for presumptive taxation scheme of sections 44ADA, the provision of sections 44AA relating to maintenance of books of account will not apply. In other words, if a person opt for the provisions of sections 44ADA and declares income @50% of the gross receipts, then he is not required to maintain the books of account in respect of specified profession.
 
 
A person can declare income at lower rate (i.e. less than 50%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of sections 44AA and has to get his accounts audited as per sections 44AB.
 
 
The scheme of sections 44AE is available to the person who owns not more than ten goods carriages at any time during the previous year and who is engaged in the business of plying, hiring or leasing such goods carriages.
 
 
The provisions of sections 44AE are applicable to every person (i.e., an individual, HUF, firm, company, etc.).

The presumptive taxation scheme of sections 44AE can be adopted by a person who is engaged in the business of plying, hiring or leasing goods carriages and who does not own more than 10 goods vehicles at any time during the year.

Can a person who owns more than 10 goods vehicles adopt the presumptive taxation scheme of section 44AE?

The presumptive taxation scheme of sections 44AE can be adopted by a person who is engaged in the business of plying, hiring or leasing goods carriages and who does not own more than 10 goods vehicles at any time during the year.
 
The important criterion of the scheme is the restriction of owning of not more than 10 goods vehicles at any time during the year. Thus, if a person owns more than 10 goods vehicles at any time during the year, then he cannot take advantage of this scheme.
 
 
Under the normal provisions of the Income-tax Act, taxable business income will be computed after allowing deduction in respect of expenses which are deductible as per the Income-tax Act,1961 and after disallowing expenses which are not deductible as per the Income-tax Act, 1961.
 
In case of a person who is opting for the presumptive taxation scheme of sections 44AE, the provisions of allowance/disallowances as provided under the Income-tax Act,1961 will not apply and income computed at the presumptive rate :

a) Rs. 7,500 per month or part of the month for each goods carriage, during which the goods vehicle is owned by the assessee in the previous year. Part of the month would be considered as full month   (not applicable from A.Y 2019-20)

If the actual income is higher than the presumptive rate, then such higher income can be declared if the taxpayer wants to declare as such.

b) Rs. 7,500 per month or part of the month for each goods carriage (other than heavy goods vehicle) / Rs. 1000 per ton of gross vehicle weight per month or part of the month in case of heavy goods vehicle, during which the goods vehicle is owned by the assessee, in the previous year or actual amount earned whichever is higher. Part of the month would be considered as full month. (Applicable from A.Y 2019-20)

Income computed at the presumptive rate as specified above will be the final income and no further deduction shall be allowed under sections 30 to 38 including depreciation and unabsorbed depreciation.

Heavy goods vehicles means any goods carriage vehicle whose gross vehicle weight exceeds 12000 kilograms.

However, in case of a taxpayer, being a partnership firm, opting for the presumptive taxation scheme, from the income computed at the rate of :

a) Rs. 7,500 per month or part of the month for each goods carriage, during which the goods vehicle is owner by the assessee during the previous year. Part of the month would be considered as full month   (not applicable from A.Y 2019-20)

If the actual income is higher than the presumptive rate, then such higher income can be declared if the taxpayer wants to declare as such.

b) Rs. 7,500 per month or part of the month for each goods carriage (other than heavy goods vehicle) / Rs. 1000 per ton of gross vehicle weight per month or part of the month in case of heavy goods vehicle, during which the goods vehicle is owned by the assessee, in the previous year or actual amount earned whichever is higher. Part of the month would be considered as full month.   (Applicable from A.Y 2019-20) further deduction can be claimed on account of remuneration and interest paid to partners (computed as per the Income-tax Act,1961).

While computing income as per the provisions of sections 44AE, separate deduction on account of depreciation is not available, however, the written down value of any asset used in such business shall be calculated as if depreciation as per sections 32 is claimed and has actually been allowed.

 
Section 44AA of the Income-tax Act, 1961 has provisions relating to maintenance of books of account by a person engaged in business/profession. Thus, a person engaged in business/profession has to maintain books of account of his business according to the provisions of  Section 44AA.
 
In case of a person opting for the presumptive taxation scheme of section 44AE, the provisions of  Section 44AA relating to maintenance of books of account will not apply.
 
In other words, if a person adopts the provisions of section 44AE and declares his income as:
 
a) Rs. 7,500 per month or part of the month for each goods carriage, during which the goods vehicle is owned by the taxpayer, in the previous year. Part of the month would be considered as full month. (not applicable from A.Y 2019-20)
 
b) Rs. 7,500 per month or part of the month for each goods carriage (other than heavy goods vehicle) / Rs. 1000 per ton of gross vehicle weight per month or part of the month in case of heavy goods vehicle, during which the goods vehicle is owned by the taxpayer, in the previous year or actual amount earned whichever is higher. Part of the month would be considered as full month.   (Applicable from A.Y 2019-20) then he is not required to maintain the books of accounts under Section 44AA in respect of business covered under the presumptive taxation scheme of section 44AE.
 
 
There is no concession as regards payment of advance tax in case of a person who is adopting the presumptive taxation scheme of section 44AE and, hence, he will be liable to pay advance tax even if he adopts the presumptive taxation scheme of section 44AE.
 
 
In order to facilitate the small taxpayers and provide relief from maintenance of books of account required under section 44AA of the Income-tax Act, 1961 the Government has provided a facility to declare the profits at certain percentage/amount. For small taxpayers, the Income-tax Act, 1961 has framed presumptive taxation schemes as given below:
 
Section 44AD : Computation of income on estimated basis in the case of taxpayers [being a resident individual, resident Hindu undivided family or resident partnership firm (not being a limited liability firm] engaged in certain business subject to certain conditions.
 
Section 44ADA : Computation of professional income on estimated basis for assessee being a resident in India and engaged in a profession referred to in section 44AA(1) subject to certain conditions.
 
Section 44AE : Computation of income on estimated basis in the case of taxpayers (being an Individual, HUF, AOP, BOI, Firm, Company, Co-operative society or any other person may be resident or non-resident) engaged in the business of plying, leasing or hiring goods carriages, subject to certain conditions.
 
Section 44B : Taxation of shipping profits derived by a person being a non-resident in India, subject to certain conditions.Section 44BB : Computation of taxable income of a person being a non-resident (may be an India citizen or a foreign citizen) from activities connected with exploration of mineral oils, subject to certain conditions.
 
Section 44BBA : Computation of income in respect of foreign airlines, subject to certain conditions.
 
Section 44BBB : Computation of profits and gains of foreign companies engaged in the business of civil construction, subject to certain conditions.
 
 
The scheme of Presumptive taxation is designed to give relief to small taxpayers engaged in any business, except the following businesses:
 
– A person who is carrying on any agency business.
– A person who is earning income in the nature of commission or brokerage
– Any business whose total turnover or gross receipts exceed two crore rupees.
 
 
–   An assessee who does not wish to compute profits and gains as per section 44AE i.e.,
 
a) Rs. 7,500 per month or part of the month for each goods carriage during which the goods vehicle is owned by the taxpayer in the previous year. Part of the month would be considered as full month. (not applicable from A.Y 2019-20)
 
If the actual income is higher than the presumptive rate, then such higher income can be declared if the taxpayer wants to declare as such.
 
b) Rs. 7,500 per month or part of the month for each goods carriage (other than heavy goods vehicle) / Rs. 1000 per ton of gross vehicle weight per month or part of the month in case of heavy goods vehicle, during which the goods vehicle is owned by the taxpayer, in the previous year or actual amount earned whichever is higher . Part of the month would be considered as full month.   (applicable from A.Y 2019-20)
 
then profits and gains from such business shall be computed as per the normal provisions of the Income Tax Act.
 
–   Further, the assessee shall also be required to keep and maintain such books of account and other documents as are required under section 44AA and get them audited and furnish a report of such audit as required under section 44AB.

–   In other words, an assessee, who adopts section 44AE, is not required to maintain books of account under section 44AA or get them audited under section 44AB .

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FAQs on Interest under section 234A, 234B & 234C

FAQs on Interest under section 234A, 234B & 234C

Whether interest for short and late payment of advance tax is applicable if it is paid in pursuance of an order issued by the Assessing Officer?

​​​If you fail to pay Advance Tax or pay at less than stipulated rates, you will be required to pay Interest under section 234B & 234C of the Income Tax Act, 1961.

Therefore, even if assesse pays advance tax as per the order under section 210, he shall still be liable to pay interest under section 234B and 234C if advance tax is not paid as per section 211.

How interest under section 234C is calculated?

For a corporate and non-corporate assesse the interest for the late payment/deferment of advance tax instalment is as follows”-

For corporate and non-corporate assessee

Due date of instalment Amount on which interest is payable Rate of Interest Period of interest
On or before June 15 15%* 1% per month 3 months
On or before September 15 45%* 1% per month 3 months
On or before Dec 15 75%* 1% per month 3 months
On or before March 15 100%* 1% per month 1 month

*As reduced by the amount already paid, if any.

For Assessee covered by section​ 44AD

Due date of instalment Amount on which interest is payable Rate of Interest Period of interest
On or before March 15 100%* 1% per month 1 month

*As reduced by the amount already paid, if any.

For Assessee covered by section 44ADA

Due date of instalment Amount on which interest is payable Rate of Interest Period of interest
On or before March 15 100%* 1% per month 1 month

*As reduced by the amount already paid, if any.

What are the consequence on failure to pay advance tax?

If you fail to pay Advance Tax or pay at a rate less than stipulated rates you will be required to pay Interest under sections 234B & 234C of the Income Tax Act, 1961.

Interest under sections 234B – Interest @1% is payable if 90% of the tax is not paid before the end of the Financial year. This is for “Default in payment of Advance tax”.

Interest under section 234C- Interest @1% is payable if the tax is not paid as per the instalments schedule. This is for “Deferment in Instalments of Advance tax”. ​

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