ROC filing Due Dates falling in the year 2022-23

ROC i.e. Registrar of Companies requires all the businesses registered in India to file certain forms every year. Irrespective of their structure, businesses in India are required to adhere to these compliances. Hence, be it Private Limited Company, Public Limited Company, Limited Liability Partnership etc shall have to keep a track of all the ROC Filing Due Dates every year. It is important for all the Companies and LLPs registered in India to comply with the ROC Annual Filing Compliances under the Companies Act, 2013 and Limited Liability Partnership Act, 2008 respectively. There are both annual and event based compliances that requires ROC Filing accordingly. ROC Compliance Calendar for the due dates falling in the year 2022-23- (Due dates for ROC Filing forms FY 2021-22)

It is crucial that the Companies and Limited Liability Partnerships registered in India file all the important ROC Filing Forms within the specified due dates.
If the Companies and LLPs fail to comply with the ROC filings, they may have to pay a hefty penalty.
Hence, it is of utmost importance for the companies and LLPs to keep a track of all the important due dates for both Annual and Event Based ROC Compliances.

Here, we have prepared ROC Compliance Calendar for the due dates falling in the year 2022-23

ROC Filing Forms Due Dates 2022-23
Form	Particulars	Period	Due Date
MSMe 1	Half Yearly form for outstanding Payment to MSME	October 2022 to March 2022 April 2022 to September 2022	30.04.2022 31.10.2022
LLP 11	LLP Annual Return	FY 2021-22	30.05.2022
PAS 6	To be filed by unlisted public company for reconciliation of share capital audit report on half yearly basis	For half-year ending on 31st March, 2022 For half-year ending on 30th September, 2022	30.05.2022 29.11.2022
DPT 3	Return of Deposits	FY 2021-22	30.06.2022
FLA	Annual Return to RBI	FY 2021-22	15.07.2022
DIR 3 KYC	KYC of Directors / Partners	FY 2021-22	30.09.2022
AOC 4 (OPC)	Form for filing Financial Statements	FY 2021-22	27.09.2022
ADT 1	Notice to registrar for the Appointment of Auditor	FY 2021-22	14.10.2022 (Within 15 days of GM)
MGT 14	To be filed by the companies after passing any resolution (On occurrence of any event)	FY 2021-22	29.10.2022 (Within 30 Days of Passing of Board Resolution)
AOC 4	Form for filing Financial Statements	FY 2021-22	29.10.2022 (Within 30 days of AGM)
LLP 8	Statement of Account and Solvency of LLP	FY 2021-22	30.10.2022
MGT 7	Annual Return	FY 2021-22	28.11.2022 (Within 60 days of AGM)
MGT 7A (OPC)	Annual Return	FY 2021-22	28.11.2022 (As per the MCA MGT 7A Help Kit)

It is important for the companies and Limited Liability Partnerships to make a note of all these due dates for ROC Annual filing falling in the year 2022-23. However, the above mentioned dates are subject to change and extension as and when notified by the concerned department of the Government.

Important Statutory Due dates for LLP Annual Filing for FY 2021-22

In India, if you have registered your business, it is important to follow necessary compliance for your business structure. If we talk about A Limited Liability Partnership, that is a business structure with a minimum number of 2 members and having no limitation on the maximum number of members, the compliances of an LLP is way lesser than that of a Private Limited Company. Nonetheless, it is important to keep a track of all the significant Statutory due dates for LLP Annual Filing that includes ROC Filing for LLP, Income Tax Filing for LLP and GST filing for LLP. It is very crucial for an LLP to be well prepared for all the ROC as well as other Compliances to be met in a particular Financial Year. Here, we have prepared a calendar for all the Important Statutory Due Dates for LLP Annual Filing for FY 2021-22 (AY- 2022-23).

What is LLP Annual Filing?

It is important for every LLP (Limited Liability Partnership) to prepare and submit its Annual ROC Forms with the Registrar of Companies. Every Year, an LLP is required to file two ROC Forms namely:

Form LLP 11: Form LLP 11 is an Annual Return of an LLP that needs to be filed within the period of 60 days from the end of a Financial Year.
Form LLP 8: LLP Form 8 is a Statement of Account & Solvency within the 30 days counting from the end of six months of the closing of a financial year.

For every Limited Liability Partnership, it is essential to comply with the statutory requirements such as Annual Return, Income Tax Return, Profit and Loss Account, Balance Sheet, every year, even if it does not do any business.
Just like Companies, Limited Liability Partnerships (LLPs) are required to maintain their financial year, as 1st April to 31st March.

LLP Form 11 due date for FY 2021-22 (LLP Annual Return Filing) – 30.05.2022

The Limited Liability Partnerships i.e. LLPs registered in India have to file an Annual Return with the Registrar of Companies every year.
This Annual Return of an LLP needs to be filed in LLP Form 11 within the 60 days from the closure of the financial year.
That means the Due Date for LLP Annual Return Filing in LLP Form 11 for the FY 2021-22 shall be 30th May 2021.
Even if the LLP does not have any business, it is important for every LLP to submit its Annual Returns and Financial Statements with the MCA (Ministry of Corporate Affairs).
LLP Form 11 i.e. LLP Annual Return is nothing but a summary of all the changes made in the Management (Designated Partners) of an LLP during a financial year, if any.
It is a must requirement of the Limited Liability Partnership Act hence, even if there are no changes or no business done by an LLP, a NIL return must be filed.

LLP form 8 Due date for FY 2021-22- 30.10.2022

Apart from filing LLP Form 11, an LLP is required to file one more form every year with ROC i.e. LLP Form 8.
LLP Form 8 is an Annual Filing Form which is a Statement of Account and solvency.
The Due Date for filing the Statement of Account and Solvency falls within the 30 days from the end of six months of the closure of the financial year.
That means the Due Date for filing LLP Form 8 with ROC for the FY 2021-22 shall be 30th October, 2022.
LLP Form 8 is a declaration by the designated partners on the state of solvency of the LLP.
LLP Form 8 also includes the information about the Statement of Assets and Liabilities and Statement of Income and Expenditure of the LLP.

Due date for IT Returns for LLP for FY 2021-22

Income Tax Return Filing is a Compliance that not only LLPs but also any individual or business has to be complied with.
That is to say that all the LLPs are required to file Income Tax Returns on or before the due date.
For the Financial Year 2021-22, the last date for filing Income Tax Returns for LLPs which does not require Tax Audit is 31st July 2022 and if Tax Audit is required then due date for IT Returns for LLP is 30th September 2022.
Even if the LLP has not done any business for the current financial year, they are required to file a Nil Income Tax Returns with the Income Tax authorities.

Late fees for form LLP 8 and LLP 11 filing

If an LLP does not file its annual filing forms within the prescribed time, then there would be penalty of Rs. 100 per day per form is payable from the due date of filing return till the date actual return is filed.

It is the responsibility of the Designated Partners of an LLP to maintain proper Books of Accounts and file an Annual Return with the MCA each financial year. Hence it is advisable that you file your form LLP 8 and LLP Form 11 before the due dates.

ITR Filing Online for FY 2021-22 (AY 2022-23)

Income Tax Department has notified 7 various forms up till now i.e. Form ITR 1 to ITR 7 for filing Income Tax Return for different types of income and different types of entities. It is important that every taxpayer should file his/her Income Tax Return on or before the specified due date. In this article, we have mentioned all the Important ITR Filing Due dates for individual, companies, LLPs and Firms, and HUFs for the FY 2021-22 (AY 2022-23).

What is ITR Filing??

An Income Tax Return or ITR as we may call it is a form where all the taxpayers has to declare their taxable incomes from all the sources. Not only this but the taxpayer shall also have to mention all the eligible deductions and tax payments if any, in the IT Return Form. Filing of this form with the Income Tax Department is call ITR Filing or Income Tax Return filing. Irrespective of the Accounting Year adopted by a taxpayer, he/she needs to file an Income Tax Return for a particular Financial Year (i.e. April to March).

ITR Filing for Private Limited Company and One Person C ompany

It is mandatory for every company to file their Income Tax Return irrespective of the amount of income or loss in Form ITR 6 every year.
However, companies claiming exemption under section 11 are not required to file an Income taxaReturn.
Also, all the companies are required to file Income Tax Return in Form ITR 7 Under section 139(4A) or 139(4B) or 139 (4C) or 139 (4D).

Due dates for ITR FIling for Companies (Private Limited Companies & OPCs) for FY 2021-22 (AY 2022-23)

For the Companies that does not require Audit the due date for ITR Filing for FY 2021-22 is 31st July, 2022.
The due date for ITR filing for FY 2021-22 (AY 2022-23) for the companies that require audit is 31st October, 2022.
The due date for the Tax Audit Report fling is 30th September, 2022.

ITR filing for Limited Liability Partnership

It is mandatory for every Limited Liability Partnership (LLP) to file an Income Tax Report irrespective of the amount of income or loss in a particular Financial Year in Form ITR 5.

Due dates for ITR FIling for LLPs for FY 2021-22 (AY 2022-23)

For the LLPs that does not require Audit the due date for ITR Filing for FY 2021-22 is 31st July, 2022.
The due date for ITR filing for FY 2021-22 for the LLPs that require audit is 31st October, 2022.
The due date for the Tax Audit Report fling for LLPs requiring audit is 31st September, 2022.

Income Tax return for Firms and HUF

Partnership Firms, Sole Proprietorship Firms and HUFs having total income of up to 50 lakhs and having income from the business and profession which is computed under section 44AD, 44DA or 44AE needs to file their Income Tax Return in Form ITR 4.
The Hindu Undivided Families (HUFs) also needs to file Form ITR 3 and ITR 2 for having and not having income from the profit and gains from the business or profession respectively.

Due dates for ITR FIling for Firms and HUFs for FY 2021-22 (AY 2022-23)

The due date for Income Tax return filing for Firms and HUF for FY 2021-22 is 31st July, 2022.

Table showing the Due dates for Income Tax Return and Audit report filing for different categories of taxpayers for FY 2021-22 (AY 2022-23)

Category of Taxpayer	Due Date for ITR filing for FY 2021-22	Due date to file audit report for FY 2021-22
Businesses (Audit cases including Private Limited Company, OPC, LLPs, and firms)	31st October 2022	30th September, 2022
Business (Non-Audit cases including Private Limited Company, OPC, LLPs, and firms)	31st July 2022	–
Association of Persons (AOP)	31st July 2022	–
Body of Individuals (BOI)	31st July 2022	–
Individual	31st July 2022	–
Trusts, colleges, political parties (Audit Cases)	31st October 2022	30th September, 2022
Trusts, colleges, political parties (Non-Audit Cases)	31st July, 2022	–
Report to be filed u/s 92E	31st October 2022	–
Furnishing of Income Tax Return in case of Transfer Pricing	30th November, 2022	–
Revised Return	31st December, 2022	–
Belated/Late Return	31st December, 2022	–

It is important for the taxpayers in India to make a note of all these due dates for Income Tax Return Filing for the Assessment Year 2022-23 (Financial Year 2021-22). However, the above-mentioned dates are subject to change and extension as and when notified by the Income tax Department of India.

Important Statutory Due dates for OPC Annual Filing for FY 2021-22

A company that has only one person as its member is said to be a One Person Company. Compared to other forms of companies i.e. Private Limited Company or even Limited Liability Partnership, OPC (One Person Company) has lesser compliance requirements. Nonetheless, it is crucial to look in to the Important Statutory Due dates for OPC Annual Filing falling in the year as soon as the new Financial Year starts in order to be well prepared for all the compliances to be met well in advance. Here, we have prepared a calendar for all the ROC filing Due dates (Important Statutory Due dates) for OPC (One Person Company) Annual Filing for the FY 2021-22 (AY 2022-23).

What is OPC Annual Filing?

When we talk about ROC Annual Filings, there are lesser compliance for an OPC compared to a Private Limited Company or Public Limited Company and hence the cost of OPC Annual Compliance is not very high.

Every Year, an OPC is compelled to file two annual forms namely. MGT 7A and AOC 4. Let us have a quick dig in to “What are these forms is all about? and Due Dates for OPC Annual Filing Forms.

What is E-Form AOC 4 for OPC?

E-Form AOC 4 contains the information related to all the monetary transactions and finances made by the One Person Company in the said financial year.
It is basically an Annual Financial Report of OPC containing Balance Sheet, Profit and Loss Account, Auditor’s Report and the Consolidated Financial Statements.

What is the due date for filing AOC 4 for OPC for FY 2021-22?

Form AOC 4 for OPC needs to be filed with relevant ROC within 180 days of the closure of a particular financial year.
Meaning thereby, that the Due Date for E-Form AOC 4 for an OPC for FY 2021-22 shall be 27th of September, 2022. (If we take 1st April, 2022 as the first day while counting 180 days).

What is ROC Form MGT 7A for OPC?

Form MGT 7A for One Person Company and Small Companies was introduced by MCA via the Companies (Management and Administration) Amendment Rules, 2021 on 5th of March, 2021.
Form MGT 7A needs to be filed by One Person Company and Small Company every year with the concerned ROC.
Form MGT 7A contains the details of current/updated list of the directors and shareholders of the OPC.

What is the due date for filing MGT 7A for OPC for FY 2021-22?

The Due Date for filing Form MGT 7A with the relevant ROC is within 60 days from the date of an AGM. However, One Person Company has an exemption from mandatory requirement of conducting an AGM.
Yet, the Due Date for filing of E-Form MGT 7A shall be counted 60 days from the date of an AGM (considering the normal date of AGM).
Meaning thereby, that If the AGM is to be held on 30.09.2022 (if that was the case) then the due date for filing ROC Form MGT 7A for OPC for FY 2021-22 would be 28.11.2022. (As per the MGT 7A help kit).

Due date for IT Returns for OPC for FY 2021-22

Income Tax Return for an OPC needs to be filed with the Income Tax Department every year on or before 30th September of the following financial year.
That means, for the financial year 2021-22, the due date for filing IT Return for OPC shall be 30.09.2022.
It is important to note here that if the annual turnover of an OPC gets more than INR 1 Crore, then Tax Audit shall be mandatory.

Event-based Compliances for OPC

Apart from the above mentioned compliances, there are some other event-based compliances that a One Person Company needs to complete. They are as follows:

Event based Annual Compliances for an OPC are related mainly with the internal administration and external business management.
Apart from these, an OPC also need to be compliant with filing requirements of Legal Authorities Such as GST returns, PF and ESI Regulations etc.

Informative read on: Due dates for different types of GST returns

Penalty for Late Filing AOC-4 and MGT-7A

The penalty for late filing of ROC Forms AOC 4 and Form MGT 7A has been set to INR 100/- per day for each day for which default continues.
It is important for OPC to file the ROC Annual Compliance Forms in timely manner and comply with the Companies’ Act, 2013 as well as the Income Tax Act, and other regulations if applicable.

Latest Update: Extension for Income Tax Return Filing Due dates

Important Statutory Due dates for Company Annual Filing for FY 2021-22

As soon as one financial year ends and a new one starts, it is an alarm for all the companies registered in India to mark their calendars for all the important due dates for Company Annual Filing. Be it a Private Limited Company or a Public Limited Company, be it a Small Company or a Company with huge turnover, they need to be aware of all the Compliance related due dates falling in a new financial year. Here, we have prepared a calendar for all the Important Statutory Due Dates falling in and for the financial year 2021-22 including ROC Annual Filing Due Dates, Event-based ROC filing Due Dates, Income Tax Due Dates etc for Private Limited Company and Public Limited Company Annual Filing.

What is Company Annual FIling?

Every company registered in India needs to file its annual accounts and annual returns with the Registrar of Companies every year within 30 days and 60 days respectively from the conclusion of the Annual General Meeting.

It is crucial for all the companies to file all its ROC Annual Filing Forms withing the prescribed time limit specified by the MCA (Ministry of Corporate Affairs). If any company fails to comply with the provisions of ROC Annual Compliance, then they may have to bear hefty penalties. Such penalties would be over and above the normal fees charged by the Ministry of Corporate Affairs and there is no way to get away with it.

Due dates for the Company Annual Filing for the Month of April 2022

Due date for filing of Form MSME-1 (MSMe Half yearly Returns)- 30.04.2022

Form MSME 1 is a form that needs to be filed by the companies that are registered under MSME Act, 2006.
It is a form that needs to be filed by the companies which has an outstanding payment for MSME Companies for more than 45 days.
All the MSMes are required to file a half-yearly return with the Registrar for the outstanding payments to the Micro or Small Enterprises.
The Due date for filing Form MSME 1 for FY 2021-22, for the period of October 2021 to March 2022 shall be 30th April, 2022.

Due dates for the Company Annual Filing for the Month of May 2022

Due date for filing of Form PAS-6: 30.05.2022

Form PAS-6 is a ‘Reconciliation of Share Capital Audit Report’ that is required to be filed on a half-yearly basis by all the Unlisted Companies and Deemed Public Companies.

PAS 6 format is already prescribed by the Ministry of Corporate Affairs.

For the half year ending on 31.03.2022, the Due Date for Form PAS 6 shall be 30th May, 2022.

Due dates for the Company Annual Filing for the Month of June 2022

Due date for Form DPT 3- 30.06.2022

Form DPT-3 is an Annual Return of Deposits which needs to be filed every year by the companies having any amount of loan or advances as on the last day of the financial year i.e. 31st March.

Form DPT 3 needs to be filed within 90 days of the end of the financial year.
Hence, the due date for filing Form DPT 3 for FY 2021-22 shall be 30th June, 2022.

Due dates for the Company Annual Filing for the Month of July 2022

Due date for filing FLA Return- 15.07.2022

FLA Return means Foreign Liabilities and Assets Annual Return to be filed with the Reserve Bank of India (RBI) every year.
The due date for the same shall be 15th of July 2022 for the FY ending on 31st March, 2022.

Due dates for the Company Annual Filing for the Month of September 2022

Form DIR 3 KYC Due date- 30.09.2022

Every Individual who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, are required to file form DIR-3 KYC before 30th September of the immediately next financial year.
Hence, For the Financial Year 2021-22, the due date for Form DIR 3 KYC is 30.09.2022.

Due dates for the Company Annual Filing for the Month of October 2022

Due date for ADT-1- 14.10.2022

Form ADT-1 is to be filed within 15 days from the conclusion of the AGM in which such appointment of auditor is made.
Hence, if the AGM date is 30.09.2022 then the due date for filing Form ADT 1 for the financial year 2021-22 shall be 14.10.2022.
Form ADT-1 is a form that needs to be filed by a company to intimate the ROC (Registrar of Companies) about the auditor’s appointment after the completion of its AGM.

Due date for AOC 4- 29.10.2022

ROC E-Form AOC 4 is an MCA form for filing financial statements of the company with the ROC.

For AOC 4 XBRL the timeline will be same that means the due date for AOC 4 and AOC 4 XBRL for FY 2021-22 will be 29.10.2022.

Due date for Form MGT 15 – 29.10.2022 (Listed Companies)

ROC Form MGT 15 is mandatory to be filed by all the Listed Companies.
It is a form to be submitted with ROC for filing of Report of Annual general Meeting.

Due date for MGT 14- 29.10.2022 (If the AGM was held on 30.09.2022 and any resolution was passed there in)

Form MGT 14 is to be submitted with the ROC for filing of Special resolution/Ordinary Resolution with MCA regarding Board Report and Annual Accounts.
The Due Date for filing Form MGT 14 shall be 29th of October 2022, if the AGM was held on 30.09.2022.

Whenever there is any resolution passed in a board meeting, it becomes mandatory to file such resolution so passed with Registrar of Companies in ROC form MGT 14.

Due date for filing of Form MSME-1 (MSMe Half yearly Returns)- 31.10.2022

Form MSME 1 is a form that needs to be filed by the companies that are registered under MSME Act, 2006.
It is a form that needs to be filed by the companies which has an outstanding payment for MSME Companies for more than 45 days.
All the MSMes are required to file a half-yearly return with the Registrar for the outstanding payments to the Micro or Small Enterprises.

The Due date for filing Form MSME 1 for FY 2021-22, for the period of April 2022 to September 2022 shall be 31st October, 2022.

Due dates for the Company Annual Filing for the Month of November 2022

Due date for filing form MGT 7 & MGT 7A- 28.11.2022

Form MGT-7 must be filed with the Registrar of Companies (ROC) by all the Private Limited Companies and Public Limited Companies registered in India every year.
Form MGT-7A must be filed with the Registrar of Companies (ROC) by all the One Person Company registered in India every year.
It is an electronic form provided by the Ministry of Corporate Affairs to all the corporations in order to fill in their annual return details
The due date for filing MGT-7 is 60 days from the date of Annual General Meeting.
That means the due date for filing ROC Form MGT 7 and MGT 7A for the Financial Year 2021-22 is 28.11.2022. (If we take the day of the AGM into consideration)

Due date for filing of Form PAS-6- 29.11.2022 (For the half year ending on 30.09.2022 – for all unlisted companies, deemed public companies )

Form PAS-6 is a ‘Reconciliation of Share Capital Audit Report’ which needs to be submitted twice a year on a half-yearly basis by the unlisted public company.
For the half year ending on 30.09.2022, the Due Date for Form PAS 6 shall be 29th November, 2022.

IT Return Due dates for Companies:

For companies who do not require to get their books of account audited, the due date for IT Return for such companies shall be 31st July, 2022.
For the companies who requires to get their books of account audited, the due date for ITR filing for such companies shall be 30th September, 2022.

Important Annual Return Filing due Dates – explained

Month	Name of the E-Form	Due date in FY 2021-22 (AY 2022-23)	Applicable to whom?	Remarks
April, 2022	MSMe Half yearly Returns	30.04.2022	All MSMEs	For the period of October’20 to March’21
May,2022	Form PAS-6	30.05.2022 (For the half year ending on 31.03.2022)	Unlisted Public companies	Reconciliation of Share Capital Audit Report on half yearly basis
June,2022	Form DPT 3	30.06.2022	All the companies needs to file this form	Return of Deposit
July,2022	FLA Return	15.07.2022	Foreign Liabilities and Assets Annual Return	Annual Return to RBI
	TDS Return (Quarter 1)	31.07.2022	Organizations and employers who deduct tax and salaried person from whose salary the tax is deducted	TDS Return for 1st Quarter
	ITR Filing (Non-Audit cases)	31.07.2022	For the companies that do not require audit	Income Tax Return filing for Companies
September,2022	DIR 3 KYC	30.09.2022	Due date from Financial year 2019-20 onwards	Mandatory for Every individual having DIN
	ITR Filing (Audit cases)	30.09.2022	For the companies that require audit	Income Tax Return filing for Companies
October 2022	Form ADT-1 (Appointment of Statutory Auditor)	14.10.2022	Private & Public Limited companies.	If the AGM is held on 30.09.2022
	Form AOC 4	29.10.2022	All companies listed with SE of India, having 5 cr of capital and 100 cr turnover	If the AGM is held on 30.09.2022
	Form MGT 15	30.10.2022	Listed companies	Report of Annual general Meeting
	Form MGT 14	29.10.2022	All the listed Companies	If the AGM is held on 30.09.2022
	MSMe Half yearly Returns	31.10.2022	All MSMEs	For the period of April to September 2022
	TDS Return (Quarter 2)	31.10.2022	Organizations and employer who deducts tax and salaried person from whose salary the tax is deducted	TDS Return for 22nd Quarter
November, 2022	Form MGT 7	28.11.2022	All the companies registered in India	If the AGM is held on 30.09.2022
	Form PAS-6	29.11.2022 (For the half year ending on 30.09.2022)	Unlisted Public companies	Reconciliation of Share Capital Audit Report on half yearly basis

Tax Compliance and Statutory due dates for April, 2022

Compliance Calendar for the month of April 2022

A new Financial Year 2022-23 has begun and being the first month of the new Financial Year, April 2022 is an important month if we look at it from the Tax Compliance and other Statutory Compliance’ point of view. There are multiple Statutory Due Dates falling in the month of April, 2022 that includes the Due Dates for ROC Filing, GST Return Filing and Income Tax Return Filing. Here, we have prepared a Compliance Calendar for Tax and Statutory Due Dates falling in the Month of April that includes, Compliance Calendar for GST Due Dates of April 2022 and Compliance Calendar for Income tax Return Due Dates of April 2022, that might be helpful for every registered business and professional to keep a track and be ready for the compliance well in advance. Due Dates are important specially when it is falling in the first month of the new financial year i.e. April 2022 for each and every taxpayer including businesses in India for the purpose of filing the GST returns, IT returns and mandatory ROC forms under the respective laws in order to avoid any interest or late fee payment. Compliance Calendar for the Month of April 2022

Important due dates for the GST Returns in the Month of April 2022
Due date	Form to be filed	Period	Who should file?
10.04.2022	GSTR 7	March 2022	GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST
10.04.2022	GSTR 8	March 2022	GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST
11.04.2022	GSTR 1	March 2022	Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores or opted to file Monthly Return
13.04.2022	GSTR 1 (QRMP)	January-March 2022	GST return for the taxpayers who opted for QRMP scheme
13.04.2022	GSTR 6	March 2022	Input Service Distributors
20.04.2022	GSTR 5 & 5A	March 2022	Non-Resident Taxpayers and ODIAR services provider
20.04.2022	GSTR 3B	March 2022	The due date for GSTR-3B having an Annual Turnover of more than 5 Crores
25.04.2022	GST Challan	For all Quarterly filers	GST Challan Payment if no sufficient ITC for Mar (for all Quarterly Filers)
18.04.2022	CMP-08	January to March 2022	Due date for opting for composition scheme for the quarter January to March
Important due dates for the Income Tax Compliance / PF / ESI in the Month of April 2022
07.04.2022	Challan No. ITNS-281	February 2022	Payment of TDS/TCS deducted /collected in March 2022.
09.04.2022	Accounting system	FY 2022-22	Setup Online Accounting Software for FY 2022-22
14.04.2022	TDS Certificate	February 2022	Due date for issue of TDS Certificate for tax deducted under Section 194IA in the month of February, 2022
14.04.2022	TDS Certificate	February 2022	Due date for issue of TDS Certificate for tax deducted under Section 194IB in the month of February, 2022
14.04.2022	TDS Certificate	February 2022	Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of February, 2022
15.04.2022	TCS Return	Quarterly	Advance Tax payment for the quarter of Jan to March 2022
15.04.2022	Electronic Challan cum Return (ECR) (PF)	March 2022	E-payment of Provident Fund
15.04.2022	ESI Challan	March 2022	ESI payment
15.04.2022	Form No. 3BB	March 2022	Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2022
15.04.2022	Form no. 15CC	January to March 2022	Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers)
30.04.2022	Outstanding payments to MSMes	October 2021 to March 2022	A half-yearly return with the registrar for outstanding payments to Micro or Small Enterprises.
30.04.2022	Deposit of TDS Amount	January to March 2022	Due date for deposit of TDS when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H
30.04.2022	Form 24G	March 2022	Where TDS/TCS has been paid without the production of a challan by an office of the Government
30.04.2022	TDS Challan-cum-statement	March 2022	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194 IB, 194M
30.04.2022	Deposit of TDS	March 2022	Due date for deposit of Tax deducted by an assessee other than an office of the Government
30.04.2022	Form 61	October 2021 to March 2022	Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1,2021 to March 31,2022
30.04.2022	Form 15G / 15H	January to March 2022	Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2022

It is just the beginning of the new financial year 2022-23 and the first month itself is full of due dates for various compliances under Goods and Service Act, Income Tax Act, Companies Act and LLP Act. To avoid paying hefty penalties, one should file the above mentioned forms on or before the due dates.

Compliance Calendar for the month of March, 2022

Compliance Calendar for March 2022

Being the last month for the financial year, March is a significant month from the point of view of the tax compliance and other statutory due dates for ROC Reporting, GST Return Filings, and Income Tax Filing as it is the last month of the fiscal year. Every registered business and professional can benefit from a tax compliance and statutory compliance calendar to ensure that they are prepared for compliance well in advance.

We’ve put together a Compliance Calendar in three parts: a Compliance Calendar for March 2022 GST Due Dates, a Compliance Calendar for March 2022 Income Tax Return due dates, and a ROC Compliance Calendar for the Month of March 2022.

Due Dates are critical for all taxpayers, including businesses in India, to file GST Returns, IT Returns, and mandatory ROC documents by the regulations to avoid paying any interest or late fees.

Compliance Calendar for the Month of March 2022

Important due dates for the GST Returns in the Month of March 2022
Due date	Form to be filed	Period	Who should file?
10.03.2022	GSTR 7	February 2022	GSTR 7 is a return to be filed by the persons who are required to deduct TDS (Tax deducted at source) under GST
10.03.2022	GSTR 8	February 2022	GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST
11.03.2022	GSTR 1	February 2022	Taxpayers have an aggregate turnover of more than Rs. 5 Crores or opted to file Monthly Return
13.03.2022	GSTR 1 IFF	February 2022	Opted for quarterly filing as per QRMP Scheme
13.03.2022	GSTR 6	February 2022	Input Service Distributors
20.03.2022	GSTR 5 & 5A	February 2022	Non-Resident Taxpayers and ODIAR services provider
20.03.2022	GSTR 3B	February 2022	The due date for GSTR-3B having an Annual Turnover of more than 5 Crores
20.03.2022	GST Challan Payment	February 2022	If you don’t have enough ITC for February, you’ll have to pay a GST challan (for all Quarterly Filers).
Important due dates for the Income Tax Compliance / PF / ESI in the Month of March 2022
02.03.2022	TDS Certificate	January 2022	The deadline for submitting a challan-cum-statement for tax deducted under section 194-IA is in January 2022.
02.03.2022	TDS Certificate	January 2022	The deadline for submitting a challan-cum-statement for tax deducted under section 194-IB is in January 2022.
02.03.2022	TDS Certificate	January 2022	The deadline for submitting a challan-cum-statement for tax deducted under section 194M is in January 2022.
07.03.2022	TDS/TCS	February 2022	Deposit of tax deducted/collected for February 2022 is due on this day. All sums deducted/collected by a government office, however, must be paid to the Central Government’s credit on the same day that tax is paid without the provision of an Income-tax Challan.
15.03.2022	Advance Tax	AY 2022-23	Fourth Instalment of advance tax for the Assessment Year 2022-23.
15.03.2022	Section 44AD/44ADA	AY 2022-23	The due date for assesses is covered by the presumed scheme of section 44AD / 44ADA to pay the entire amount of advance tax for the assessment year 2022-23.
15.03.2022	Return of Income	AY 2021-22	If the assessee is (a) a corporate assessee or (b) a non-corporate assessee (whose books of account are required to be audited) or (c) a partner of a firm whose accounts are required to be audited or the spouse of such a partner if the provisions of section 5A apply, the due date for filing a return of income for the assessment year 2021-22 is.
15.03.2022	Report under section 92E	Ay 2021-22	Return of income for the assessment year 2021-22, if an assessee is required to file a report under section 92E relating to an overseas or defined domestic transaction.
15.03.2022	PF	February 2022	Due Date for the payment of PF contribution
15.03.2022	ESI	February 2022	Due Date for the payment of Employee State Insurance Contributions
17.03.2022	Section 194-IA	January 2022	In January 2022, the TDS Certificate for tax deducted under section 194-IA is due.
17.03.2022	Section 194-IB	January 2022	In January 2022, the TDS Certificate for tax deducted under section 194-IB is due.
17.03.2022	Section 194M	January 2022	In January 2022, the TDS Certificate for tax deducted under section 194M is due.
25.03.2022	PF Return	February 2022	Every month, all entities with PF registration must file a provident fund return. Each month’s PF return is due on the 25th.
30.03.2022	TDS under Section 194-IA	February 2022	The deadline for submitting a challan-cum-statement for tax deducted under section 194-IA is in February 2022.
30.03.2022	TDS under Section 194-IB	February 2022	The deadline for submitting a challan-cum-statement for tax deducted under section 194-IB is in February 2022.
30.03.2022	TDS under Section 194M	February 2022	The deadline for submitting a challan-cum-statement for tax deducted under section 194M is in February 2022.
31.03.2022	Aadhar number and PAN		The due date for linking PAN and Aadhar number information.
31.03.2022	Form no. 3CEAD	FY 2020-21	A parent entity or alternate reporting entity, resident in India, must submit a Country by Country report in Form 3CEAD for the prior year 2020-21 in respect of the multinational group of which it is a constituent.
31.03.2022	Form no. 3CEAD	The accounting Year 2020-21	A constituent entity, resident in India, must file a Country-By-Country Report in Form Number 3CEAD for a reporting accounting year (assuming the reporting accounting year is April 1, 2020, to March 31, 2021) in respect of the international group of which it is a constituent if the parent entity is not required to file a report under section 286(2) or the parent entity is a resident of a country with which India does not have an agreement for the exchange of reports, etc.
31.03.2022	Revised/Belated return	AY 2021-22	All assesses must file a belated/revised return of income for the assessment year 2021-22. (provided assessment has not been completed before March 31, 2021)
31.03.2022	Form 10A		Application for registration/provisional registration/intimation/approval/provisional approval of Trusts, institutions, or Research Associations, etc., in Form 10A. (which was required to be filed on or before 30-06-2021)
31.03.2022	Form 10AB		Application in Form 10AB for conversion of provisional registration to regular registration or renewal of registration/approval after five years of registration/approval of Trust, institution, etc. (which was due on or before February 28,2022).
Important due dates for Company Annual Filing in the Month of March 2022
15.03.2022	Form AOC 4 (CFS, XBRL, Non-XBRL)	FY 2020-21	Form AOC 4 filing by Companies (The deadline for submitting the Form was previously set for February 15, 2022, but it has been extended to March 15, 2022.)
31.03.2022	Form MGT 7/ 7A	FY 2020-21	Form MGT 7A filing by Companies and One Person Company (The deadline for submitting the Form was previously set for February 28, 2022, but it has been extended to March 31, 2022.)

The month of March 2022, is significant for the due dates for various compliances under the Goods and Service Act, Income Tax Act, Companies Act, and LLP Act. Filing the above-mentioned forms on or before the due dates will save the taxpayers from hefty penalties.

All you need to know about LEI (Legal Entity Identifier) code for Companies in India

About Legal Entity Identifier (LEI) Code for Companies

After the Global Financial Crisis, the Legal Entity Identifier (LEI) code was created as a vital measure to improve the quality and accuracy of financial data systems for improved risk management.

The LEI was created to help control counterparty risk by allowing the identification and linkage of parties to financial transactions. Its purpose is to make systemic risk measurement and monitoring easier and more cost-effective, as well as to assist more cost-effective compliance with regulatory reporting requirements.

This blog will assist you in comprehending the requirements of the LEI code, the process of obtaining an LEI for a firm, and the various conditions that a company must meet in order to obtain an LEI code.

What is a Legal Entity Identifier?

The Legal Entity Identifier (LEI) is a new ISO Standardized Code that provides transparency to global financial market participants. The ISO 17442 standard “Financial Services – Legal Entity Identifier (LEI)” specifies a 20-digit alpha-numerical identifier that is unique to each legal entity subject to the revised Markets in Financial Instruments Directive and Regulation.

Learn more on ISO Certificate Registration in India.

LEI Code will be a cornerstone for financial data—it will be the first worldwide and unique entity identifier, allowing risk managers and regulators to identify parties to financial transactions promptly and precisely.

Importance of LEI number in India

By obtaining the LEI code it will verify that a company is legally registered and it is an active company.
The LEI code will provide all the details of a company such as who owns whom, and who is who.
The LEI is a practical, cost-effective, and reliable at the time of trading with offshore companies.
It enhances credibility both globally and locally

Formation of Legal Entity Identifier (LEI) code

LEI is a unique number that consists of 20 alphanumeric numbers, below is the formation of this 20 alphanumeric LEI code.

Characters 1-4 (for LEIL–3358), a four-character prefix assigned by the ROC Secretariat and unique to each Local Operating Unit (LOU).
2 reserved characters – 00, 5-6 characters
The LOU generates and assigns characters 7-18, 12 to an entity according to transparent and sound allocation principles.
Under ISO 17442, characters 19-20 have two check digits.

What is the point of having an LEI code?

For transactions in the interest rate, currency, and credit derivative markets, the LEI (Legal Entity Identifier) code is required. The Reserve Bank of India (RBI) has made LEI mandatory for enterprises and organizations with a total fund-based and non-fund-based credit exposure of more than INR 5 corer.

Documents needed to obtain LEI (Legal Entity Identifier) Code

After creating an account, the legal entity will navigate to the “Information” tab and select “Legal Doc Download.” You can obtain a list of papers for each legal form, including but not limited to:

PAN card proof
Incorporation certificate
Power of Attorney
Audited financial statements
General board resolution or General power of attorney

Transactions that are covered by the RBI’s Non-Derivative Market Notification for the application of the LEI code

All participants, other than people (including non-resident entities), who transact in RBI-regulated markets, i.e. Markets for government securities or Markets for money (markets for the issue of any instrument with a maturity of one year or less) or Cash, tom, and spot transactions are non-derivative forex markets (transactions that settle on or before the spot date) than it is covered by the RBI (Reserve Bank of India).

FAQs of LEI in India

What is the role of GLEIF (Global Legal Entity Identifier) in the LEI Code?

GLEIF (Global Legal Entity Identifier) is an international organization in charge of the LEI system’s operation and the oversight of LEI issuers. GLEIF’s (Global Legal Entity Identifier) headquarters are based in Basel, Switzerland.

My company’s headquarter is relocating to another country. Is it necessary for me to apply for a new LEI Code?

No, if the legal entity remains the same, an issued LEI keeps its legality even if the entity transfers into the jurisdiction of a different issuing body.

What is the LEI Code’s validity?

LEI Codes have a one-year validity duration from the date of issuance / final renewal.

Is an LEI Code required for all non-derivative FX transactions?

In the case of non-derivative currency transactions, the LEI code will be required for all inter-bank transactions. Only transactions involving an amount equal to or above USD 10,00,000/- or other similar currencies will require an LEI number for non-derivative forex client transactions.

What if I do not have an LEI or if mine expires?

It is the entity’s responsibility to apply for LEI renewal before the validity of the LEI expires. If the LEI holder does not renew their LEI then the LEI status will change to “LAPSED.”

Conclusion

LEI is useful for any company at the time of borrowing funds or at the time of trading with foreign companies. The LEI code will assist banks and credit providers in monitoring corporate borrowers’ exposure. It will make it impossible for banks to make several loans against the same asset.

Compliance Calendar for the month of December, 2021

Compliance Calendar for the month of December 2021

Starting, owning, or doing a business in India comes with important compliance that a business irrespective of its structure, has to adhere to during a financial year. Be it filing of Income Tax Return or GST Return or complying with the ROC Annual filing, a business has to keep a close watch over the deadlines of all the mentioned compliance. Each month of the year is important as far as Statutory Compliance and Tax Compliance are concerned, however, this year the month of December 2021 is more important as many statutory due dates for Income Tax Return Filing and ROC Annual Filing have been extended and falling in December 2021. Here is a calendar for various tax and Statutory due dates relating to ROC filing, OPC Annual Filing, GST Return Filing, and Income Tax Filing falling in the Month of December 2021.

Important Update for filing ROC Form MGT 7A for OPC & ITR

Keeping in view of various requests received from various stakeholders, the MCA has granted the relaxation on levy of additional fees for Annual Financial Statement filings required to be done for the Financial Year 2020-21. The Ministry of Corporate Affairs has extended the due date for filing of e-forms AOC 4, AOC 4(CFS), AOC 4 XBRL, AOC 4 Non-XBRL, and MGT 7/MGT 7A for the Financial Year 2020-21 till 31.12.2021. Meaning thereby, these forms can be filed till 31st December 2021 without levy of any additional fees.

Also, on the basis of the various requests received, the CBDT has announced the extension in the due dates for Income Tax filing. Hence, for the Financial Year 2020-21, the last date for filing Income Tax Returns (Non-Audit Cases) has been extended till 31st December 2021 from 31st July 2021 and if Tax Audit is required then the due date for IT Returns has been extended to 15th February 2022 from 30th September 2021.

Compliance Calendar for the Month of December 2021

Important due dates for the GST Returns in the Month of December 2021
Due date	Form to be filed	Period	Who should file?
10.12.2021	GSTR 7	November 2021	GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST
10.12.2021	GSTR 8	November 2021	GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST
11.12.2021	GSTR 1	November 2021	Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores or opted to file Monthly Return
13.12.2021	GSTR 1 (IFF)	November 2021	GST return for the taxpayers who opted for QRMP scheme (Optional)
13.12.2021	GSTR 6	November 2021	Input Service Distributors
20.12.2021	GSTR 5 & 5A	November 2021	Non-Resident Taxpayers and ODIAR services provider
20.12.2021	GSTR 3B	November 2021	The due date for GSTR-3B having an Annual Turnover of more than 5 Crores
25.12.2021	GST Challan Payment	November 2021	GST Challan Payment if no sufficient ITC for September (for all Quarterly Filers)
31.12.2021	GSTR 9	FY 2020-21	GST Annual Return
31.12.2021	GSTR 9C	FY 2020-21	Statement of Reconciliation under GST
Important due dates for the Income Tax Compliance / PF / ESI in the Month of December 2021
07.12.2021	Challan No. ITNS-281	November 2021	Payment of TDS/TCS deducted /collected in November 2021.
15.12.2021	Advance tax	FY 2021-22	Third installment of advance tax for the assessment year 2022-23
15.12.2021	TDS Certificate	October 2021	Due date for issue of TDS Certificate for tax deducted under Section 194IA in the month of October, 2021
15.12.2021	TDS Certificate	October 2021	Due date for issue of TDS Certificate for tax deducted under Section 194IB in the month of September, 2021
15.12.2021	TDS Certificate	October 2021	Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of September, 2021
15.12.2021	Form 24G by Government officer	November 2021	Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of November, 2021 has been paid without the production of a challan
15.12.2021	Form No. 3BB	November 2021	Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of November, 2021
15.12.2021	Electronic Challan cum Return (ECR) (PF)	November 2021	E-payment of Provident Fund
15.12.2021	ESI Challan	November 2021	ESI payment
30.12.2021	TDS Challan-cum-statement	November 2021	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194 IB, 194M
30.12.2021	Form No. 3CEAD	Accounting Year Jan 2020 to Dec 2020	Report by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.
31.12.2021 (Extended from 30.09.2021)	Income Tax Return	AY 2021-22	ITR filing for non audit cases and who have not entered into any international or specified domestic transactions
31.12.2021 (Extended from 30.11.2021)	Income Tax Return (Section 92E)	AY 2021-22	Return of income for the assessment year 2021-22 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s)
31.12.2021 (Extended from 31.08.2021)	Equalization Levy statement	FY 2020-21	Furnishing of Equalization Levy statement for the Financial Year 2020-21
31.12.2021 (Extended from 30.11.2021)	Form No 3CEAC	–	Intimation (required to be made on or before 30-11-2021) by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India in Form 3CEAC
31.12.2021 (Extended from 30.11.2021)	Form No 3CEAD	–	Report by a parent entity or an alternative reporting entity or any other constituent entity, resident in India, which is required to be furnished on or before 30-11-2021, in Form no. 3CEAD
31.12.2021 (Extended from 30.11.2021)	Form No CEAE	–	Intimation on behalf of an international group, which is required to be made on or before 30-11-2021, in Form no. 3CEAE
31.12.2021 (Extended from 15.10.2021)	Form No. 10BBB	July to September 2021	Intimation in Form 10BBB by a pension fund in respect of each investment made in India for quarter ending September, 2021
31.12.2021 (Extended from 31.10.2021)	Form II	July to September 2021	Intimation in Form II by Sovereign Wealth Fund in respect of investment made in India for quarter ending September, 2021
31.12.2021 (Extended from 15.10.2021)	Form No. 15CC	July to September 2021	Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending September, 2021
31.12.2021 (Extended from 15.10.2021)	Form No. 15G/15H	July to September 2021	Upload the declarations received from recipients in Form No. 15G/15H during the quarter ending September, 2021
Important due dates for Company Annual Filing in the Month of December 2021
14.12.2021	Form ADT 1	FY 2020-21	Form ADT 1 filing by Companies
31.12.2021	Form AOC 4 (CFS, XBRL, Non-XBRL)	FY 2020-21	Form AOC 4 filing by Companies
31.12.2021	Form MGT 7/ 7A	FY 2020-21	Form MGT 7A filing by One Person Company

All about Copyright Registration in India

Know Everything about Copyright Registration in India- Benefits, Processes, and Documents.

Introduction to Copyright Registration

Copyright in simpler terms means the right to copy. Copyright gives an exclusive right to an individual or an entity towards their original work like books, scripts, software, artistic, training manuals cinematography, recordings, paintings, programming, designing, etc. In this article, we will discuss everything about the Copyright Registration Process in India.

It is a right conferred upon the author or creator of the work that no one can copy or reproduce or replicate their original work without their permission as per Intellectual Property Law. This means that without the authorization of the owner, no one can reproduce or replicate their original work.

However, an individual or an entity is allowed to charge for using their work or modifying the same. Copyright registration ensures that the rights of the creator are protected from any infringement. Copyrights are also transferable.

Benefits Of Copyright Registration in India

Once the owner or creator comes up with their work in tangible form, it is advisable to get it registered with the Copyright Office to enjoy legal protection and monopoly for the work produced. However, registration is no guarantee against infringement. An individual or entity can file a lawsuit against the same in court to take legal action. Nonetheless, various benefits are bestowed upon the creator like the right to reproduction, modification, distribution, public performance, and public display for their work.

Creation of Public records of ownership and creating goodwill in the market.
Protection against piracy. In India, we all are quite familiar with the word “Pirate” many CDs and DVDs are available on the street and also available to download through various soft wares and applications. Copyright registration protects against such violations.
It is an intangible asset for the owner
Work copyrighted can be sold or franchised and the owner can earn royalty out of that.
No one can reproduce or modify or replicate the work copyrighted without Prior permission of the author and hence the owner can exercise control over the use of their creation say artistic or literary and can ensure economic stability in whatever form.
If it comes to the notice of the owner that someone is copying or replicating their work, he/she can send a ‘cease’ notice which helps them avoid spending time in the court of law or bother about legal proceedings at a later stage. Furthermore, it serves as prima facie evidence during any litigation in progress.
It gives an exclusive right to the creator to exhibit their work in public which in turn builds the reputation/prestige worldwide.
Many other countries also recognize and protect the work copyrighted in India vis-à-vis similar privileges are allowed to works copyrighted in other countries.
Copyright’s protection extends to the creator’s life span + 60 years after his/her death.

Online Copyright Registration Process in India

1. Application for Copyright Registration

The first step towards Copyright Registration process in India is to generate a valid User ID and Password (Click on New User Registration) on Official website for Copyright Registration. Kindly note it down as it would be used in all future references for e.g. to check the status of the application
Once you log in, click on to link “Click for online copyright registration”
You will be guided to fill the “Copyright Registration Form” which shall be filled in 4 steps.

Fill in all the mandatory details in Form XIV
Upload your scanned signature and ensure its size is not more than 512KB
Fill up the statement of particulars and save the details entered and then move to the next step
Make the payment through Internet Payment Gateway

On the successful submission of the form, a Diary Number (Acknowledgement) will be generated. Please note it carefully as the same shall be needed to check your application status.
Format explained for different work, Artistic work- Upload in pdf/jpg form, Sound Work- Upload in MP3 form, Literary/Dramatic, Music and Software- Upload in PDF Form (size less than 5 MB)
Once the application is successfully filed, take a printout of, (Acknowledgement Slip) of the Copyright Registration Form (hard copy) and send it by post to the below-mentioned address.

“Copyright Division

Department For Promotion of Industry and Internal Trade

Ministry of Commerce and Industry

Boudhik Sampada Bhawan,

Plot No. 32, Sector 14, Dwarka, New Delhi-110078

Email Address: copyright[at]nic[dot]in

Telephone No.: 011-28032496″

2. Examination of the application for Copyright Registration

Once the application is successfully filled and the dairy number is generated the copyright examiner takes 30 days to review the application filed. This stage is further divided into two parts.

No Objection Raised– The copyright examiner reviews and scrutinizes the application to check for any discrepancy, if they come across some discrepancy a notice is issued to the applicant. Based upon his reply, a hearing is conducted by the Registrar. Once the discrepancy is resolved, the applicant can move forward to the next stage. However, if there is no fault or discrepancy established and the documents provided by the applicant are in law and order, he/she can proceed towards the next stage.
Objection Raised– In case, the objection is raised by anyone against the applicant, a notice is sent to both the parties, and a hearing is conducted.

Upon hearing if the objection is rejected, the application goes ahead for scrutiny and the above-mentioned procedure is followed
If an objection is not clarified or discrepancy is not resolved, the application is rejected and the same is informed to the applicant through a rejection letter. For such applicants, the procedure ends here.

3. Registration of Copyright

This is the last and final stage, wherein if all the discrepancies are cleared and documents are in order, the copyright gets registered. The Registrar of Copyrights enters the details of the copyright into the Register of Copyrights and a Certificate of Registration is issued to the applicant.

Suggested Read: Trademark v/s Copyright Registration in India

Documents Required for Copyright Registration in India

Personal details like the name and address of the applicant (if the applicant is not the owner of the work)
DD (Demand Draft)/IPO (Indian Postal Order) of INR (as applicable) per work.
Name and address and identity proof of the owner, incorporation certificate (if the owner is the entity)
Two copies of work (can be in any form JPEG, JPG or GIF)
If you wish to file a copyright for your computer programs, then you must submit 4 copies of DVDs or CDs of that particular program.
A copyright Search Certificate has to be taken from the trademark office before filing a copyright application for artistic work (only if the work can be used on goods or capable of being used on goods)
NOC (No Objection Certificate) from the author, if the author and the applicant are not the same people.
If a person’s photo is used anywhere in the work NOC (No Objection Certificate) should be taken from him/her.
NOC from the publisher if work published and publisher is different from Applicant.
If the application is being filed through an attorney, a specific Power of Attorney is original, duly signed by the applicant, and accepted by the attorney.

Conclusion

Creativity is a constructive process that results in the production of essentially a new product or artefacts or ideas etc. In almost everything we do, we can change old relationships to new arrangements and in turn, benefit the economy and society as a whole. However, to protect those creative ideas one needs to protect them from getting copied or reproduced or modified and that protection can only be availed if the creator has taken copyright registration for the same.

The creator enjoys legal protection and enjoys a monopoly of his work and can earn reputation and royalties for his work copyrighted. Though easily said, copyright is a lengthy process and takes nearly 10 to 12 months to get the certificate of registration. But, it is always advisable to get your work registered. This is because the registered owner gets the benefit even after his/her death up to 60 years of span. If your right is infringed and someone knowingly infringes or abates your rights, the punishment for the same is imprisonment for six months and with a minimum fine of INR 50000/-. In case of a second or subsequent conviction, the punishment is imprisonment for one year and a fine of INR 1 Lakh. Also, the offenses under copyright are non-bailable in nature.

All about Form 16 and 16A of TDS

Know everything about Form 16 & 16A of Tax Deducted at Source

Introduction

Let’s discuss the importance of one of India’s most crucial paperwork for taxes. Under section 203 of income tax deducted at source, there are three different types of forms that are filed. Form 16, Form 16A, and Form 16B, are the three different kinds of forms which is been filed.

What is Form 16?

Form 16 is an income tax form that organizations use to tell their employees about the taxes deducted. The proof filing of income tax returns by the employer to the government is known as Form 16. If an employee exceeds the limit decided by the government then the employer needs to deduct a certain amount from the employee’s salary as a form of TDS (Tax Deducted at Source). Employees can claim Form 16, from the employer.

How to download Form 16?

Visit the income tax department website
Login to the website
Go to the download tab
Select Form 16
Select the appropriate financial year for which Form 16 is needed
Enter PAN, click on Add and click on go to proceed
Click on submit for downloading Form 16

What is Form 16A?

Form 16A is used for the deduction of the income other than salary. Income earned as a form of commission, Interest, mutual funds, and dividends, which are non-salary income, and are subjected to the TDS deduction.

The process to download Form 16A

Login to TRACES – Enter details regarding PAN, TAN, and other details which is been needed
Navigate to Form 16A – After login, go to the download option and select Form 16A.
Select financial year and PAN – Need to select a financial year for which TDS certificate is needed. Through Bulk PAN or Search PAN deductor can request for Form 16A
Details of Authorised person – Preview related to the profile information is generated, information will be printed out and click on submit.
Select one of the KYC validation – There are two options related to the KYC a user needs to select one of the options.
Success page – After completion of the KYC validation, a succes page is generated, along with 2 request number that one can download from site.
Navigate to requested download – Enter the Request Number, Request Date, or View All to see all of the requests. Choose the appropriate row. Click the download button if the status is ‘Available.’
Download TRACES utility – Select HTTP Download from the drop-down menu. The file is downloaded as a zip file. It is not necessary to extract the file. To access requested downloads, go to Downloads > Requested Downloads. To get started, use the ‘Click here’ button.
Enter Verification code – To download utility for form 16A, click on TRACES
Enter the zip file and open the JAR file – Enter all the details which are needed to download form 16A.

Differences between Form 16 and Form 16A

Form 16	Form 16A
It is a certificate for the employee on the tax deducted on there salary.	A TDS certificate is generated for the income earned from other sources, which is not considered a salary.
This one only implicates to the salaried employee	Applicable to any individual who has earned income from mutual funds, commission, or any other kind of income except salary.
This certificate is generated by an employer for employee	This is generated by a person or institution
It is issued yearly	It is issued annually or quarterly
Employers can deduct TDS if employee salary exceeds 2,50,000 in a financial year	TDS must be deducted from the income earned if the limit exceeds 50,000.

FAQs on Form 16 & Form 16A

1. What are the benefits of Form 16 and Form 16A?

The data of TDS and income will help taxpayers at the time of filing for income tax returns and for calculating tax for the income.

2. Is it necessary for salaried personnel to complete Form 16?

Form 16 is one of the most necessary documents for salaried individuals to file their income tax returns.

3. What is the difference between Form 16 and Form 16A?

Form 16 is only used by salaried people, whereas Form 16A is used by anyone with income that isn’t in the form of a salary.

4. For which period Form 16 is issued?

For every financial year Form 16 is been issued by an employer to the employee.

5. For which period Form 16A is issued?

Every quarterly Form 16A is been generated, and the due date for Form 16A is every 15th of the month.

Conclusion

At the time of tax calculation Form 16 and Form 16A is useful, it will be useful for the smoothly filing of an income tax return. With knowledge of Form 16 and Form 16A, taxpayers will be capable of understanding their importance and applying them appropriately.

Suggested Read: Decode the Password for Form 16A

How to file Nil GSTR-1 on the GST portal?

Know everything about the GSTR-1 Nil Return Filing process on the GST portal

What is GST return?

A GST return is a document that contains all of the information related to the expenses, sales, purchases, and income of a taxpayer which is been further used by the tax department for the calculation of the net tax liability. Every individual, company, or any legal entity needs to file a return GST that is the return on purchase, return on sales and others for which they can claim the tax credit from the government. There is a different type of GST return form which is needed to file by the user for the amount on the returns from the government. In this article, we will discuss the process for GSTR 1 Nil Return Filing.

Introduction to Nil GST return

Every individual or a legal entity who is been registered under GST needs to file a GST return, when there are no returns taken place or there are no invoices issued at that time also taxpayer needs to file GST returns form which is termed as a Nil GST return.

About GSTR 1

GSTR 1 is a form that is used for outward services and goods. GSTR 1 contains information related to the outward services and goods wherein the taxpayer will have to file a return form with detailed information related to the credit notes, invoices, revised invoices, and credit notes for outward services and goods.

The Importance of Filing a GSTR1 Nil Return

The GSTR-1 serves as the foundation for recipients of supply to claim an input tax credit on their returns. As a result, timely and precise declarations in GSTR-1 are required to avoid future complications with beneficiaries and to ensure that only legitimate input tax credits are claimed.

The due date for filing GSTR 1: The GSTR 1 needs to be filled on the 11th of next month.

Late fees/Penalties for GSTR 1 Nil return

Turnover	Late fees (in Rs)
Nil returns	500
Above Rs 5 crore	10,000
In between 1.5 crore to 5 crore	5,000
Up to 1.5 crore	2,000

A process on how to file GSTR 1 Nil return

Go to the GST website and log in.
Select the returns dashboard from the drop-down menu under services.
From the drop-down menu, choose the month and year of filing.
Under the GSTR-1 tile, click ‘Prepare Online.’
Fill in the details
Click on the GSTR1 summary, at the end of the return
On the right end corner of the return, click the SUBMIT button
After the verification, GSTR1 Nil return will be filed

Procedure for tracking the status of a Nil GSTR-1 return that has been filed

After logging on to the GST site, the taxpayer can trace the status of a Nil GSTR-1 return by following the same processes for any taxpayer and using the ARN received by browsing to ‘Services’ > ‘Returns’ > selecting the ‘Track Return Status’ option.

FAQs on GSTR 1 Nil return

1. Who needs to file GSTR 1?

Every taxpayer needs to file GSTR 1, even when there are no invoices taken place then also taxpayer needs to file a nil return GSTR 1 form. The taxpayer who is exempt from filing are non – resident taxable persons, input service distributors, and casual taxable persons.

2. In GSTR 1, what does the total invoice value indicate?

The column related to the total invoice value is for invoice value inclusive of taxes.

3. What are the different modes for preparing GSTR 1?

With the help of an online portal, one can file GSTR 1, another way is to use third-party software for filling, and uploading all the invoice documents with the help of offline tools.

4. What are the documents and information needed for filing GSTR 1?

The first thing which is essential is active GSTIN, valid login credentials, all the other credentials like Aadhar card number, mobile number, and registration id for online filing of GSTR 1.

Yes, details related to the Goods and Services can be filled in the same invoices.

Direct taxes v/s Indirect taxes in India

Difference between Direct Tax and Indirect Tax in India

Introduction

In India, the government’s right to impose taxes is derived from the Constitution Of India, which divides the power to levy taxes between the state and central governments. All taxes charged in India must be accompanied by a law issued by either the Parliament or the State Legislature. Indirect and direct taxes are the two most common types of taxes in India. In India, all taxes must be preceded by legislation passed by both the Parliament and State Legislatures.

What is a Direct tax?

Direct taxes are those that are paid directly to the government by an individual or a legal entity. Direct taxes are overseen by the CBDT (Central Board of Direct Taxes). Direct taxes are not transferable to another individual or company.

Types of Direct tax in India

Wealth Tax Act
Expenditure Tax Act
Income Tax Act
Interest Tax Act
Gift Tax Act

Advantages of Direct tax

Equitable – Indirect tax the individual who earns less income will pay less, while the one who is earning higher income will pay higher tax which will bring equality and relief to the less earner.
Reduces inequalities – The tax amount which is been collected by the government from the higher earners will be used in helping the one who is in need, which will help in reducing the inequalities.
Curbs inflation – With the increase and decrease in the direct tax rate government controls the inflation in the nation. If there is inflation then the increase in the direct tax rate will affect the buyer’s purchasing power which will help in controlling inflation.

Disadvantages of Direct tax

Restrain investment – Many people avoid investing because of direct taxes such as capital gain tax and security transaction tax. Direct taxes, in a sense, stifle investment.
Considered a burden – Taxpayers are considered a burden since they are compelled to pay direct taxes such as income tax in a single lump payment every year. Furthermore, the documentation procedure is inherently difficult and time-consuming.

What is an Indirect Tax?

Indirect taxes are the tax which is paid to the government at the time of purchasing any product or any services. unlike direct taxes, indirect taxes are not imposed on the income and profit of an individual or a company. In basic terms, when a buyer purchases a product or service, the excess amount levied by the supplier to the buyer is referred to as indirect tax. Initially, there are 7 types of indirect taxes in India that are excise duty, VAT (Value Added Tax), Service Tax, Entertainment Tax, Custom duty, and others, which are now collectively termed as Goods and Service Tax (GST) which is imposed by the government.

Advantages of Indirect tax

The collection is easy – In contrast to direct taxes, indirect taxes do not require any paperwork or complicated procedures to be paid. When you buy goods or services, you must pay the tax immediately.
Convenience – In contrast to direct taxes, which are usually paid in one single payment, indirect taxes, such as GST, are paid in little amounts. A small amount of GST was included in the price when you buy goods or services, making GST payment more convenient for taxpayers.

Disadvantages of Indirect tax

More expensive – Individual needs to pay an excessive amount at the time of buying products and services, which makes the product and services more expensive.
Regressive – Indirect taxes are well-known for being regressive. They are not equitable, even though they ensure that everyone pays taxes regardless of their income. Indirect taxes are levied at the same rate on people of all income levels.

Differences between Indirect and Direct taxes

As, stated earlier direct taxes are the ones which is been imposed on the profit and income, while indirect tax is imposed on the products and services.
There is a mediator between the end consumer and the government in the indirect taxes, while the direct taxes are directly paid to the government.
The direct tax rate is different for an individual, company, and for other legal authorities, while indirect tax is the same for every individual and company.
The direct tax depends on the income, while indirect tax does not depend on the income of an individual.
Direct taxes cannot be shifted or passed to another individual, while indirect taxes can be passed or shifted to another person or any entity.

Suggested Read: How to save tax in a Private Limited Company

Conclusion

Both direct and indirect taxes serve different purposes. Differences in direct and indirect taxes are equitable since they are imposed on individuals based on their ability to pay. They are also cost-effective because of lower collection costs.

New definition of Small Company- Applicable from FY 2021-22 onwards

The new definition of Small Company- Know whether your company falls into Small Companies

The Ministry of Corporate Affairs has notified an amendment in the Companies (Specification of Definitions Details) Rules, 2014 that came into force on 1st April 2021. The MCA (Ministry of Corporate Affairs) has effected this amendment in accordance with the proposal of the Honourable Finance Minister to revise the definition of Small companies in India by increasing the paid-up capital limit from INR 50 Lacs to INR 2 Crores in the Union Budget 2021 while the turnover threshold by enhancing from INR 2 crores to 20 crores.

Currently, almost 13.2 lacs of companies are active, out of which more than 12 lacs companies are classified as small companies as per the official statement. Recently in Budget 2021, there has been a development that helped more companies as the definition has been changed with the purpose of giving the benefit of the liberalized regime. Before the said change was introduced nearly 8 lacs companies fell under the purview of small companies. But after the change in the norms of the paid-up share capital and turnover threshold have helped an additional 2 lakhs companies avail themselves the relief.

The new definition of the Small Companies

As per the new definition and threshold limits, companies with a paid-up capital of INR 2 crore or less, and turnover of INR 20 crore or less come are defined as small companies. The earlier threshold was INR 50 lacs or less in paid-up capital and INR 2 crore or less in turnover.

Criteria	Old	New
Paid-up share capital	50 lakhs	2 crores
Turnover	2 crores	20 crores

Small companies enjoy various advantages over other companies in terms of compliance requirements. For instance, a small company requires to hold only two board meetings in one fiscal year, unlike other companies which are required to hold four such meetings in the same period.

Apart from this, the Small companies are not required to maintain their cash flow statement and their annual returns could simply be signed by a company secretary or a single director.

Get the full Information: Key Highlights of Budget 2021

Compliance Calendar for the month of October, 2021

And finally, the world seems to be recovering from COVID 19 effects. Things, including businesses, are getting back on track. Amid all of this, it is important to stay compliant with enormous compliance falling in the year for businesses and entrepreneurs. The Government and concerned Government Departments such as the Ministry of Corporate Affairs, the Central Bureau of Direct Taxes, the Income Tax Department, the Ministry of Finance, etc have announced extensions in various due dates from time to time to facilitate the stakeholders and taxpayers at large. Nevertheless, statutory compliance and tax compliance are concerned, every month is significant. There are various tax and statutory compliance due dates relating to ROC filing, GST return filings, and Income tax filing falls in the month of October 2021.

Compliance Calendar for the Month of October 2021

*Important due dates for the GST Returns in the Month of October 2021*
Due date	Form to be filed	Period	Who should file?
10.10.2021	GSTR 7	September 2021	GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST
10.10.2021	GSTR 8	September 2021	GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST
11.10.2021	GSTR 1	September 2021	Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores or opted to file Monthly Return
13.10.2021	GSTR 1 (QRMP)	July to September 2021	GST return for the taxpayers who opted for QRMP scheme (Optional)
13.10.2021	GSTR 6	September 2021	Input Service Distributors
18.10.2021	CMP- 08	July to September 2021	Composition
20.10.2021	GSTR 5 & 5A	September 2021	Non-Resident Taxpayers and ODIAR services provider
20.10.2021	GSTR 3B	September 2021	The due date for GSTR-3B having an Annual Turnover of more than 5 Crores
25.10.2021	GST Challan Payment	September 2021	GST Challan Payment if no sufficient ITC for September (for all Quarterly Filers)
*Important due dates for the Income Tax Compliance / PF / ESI in the Month of October 2021*
07.10.2021	Challan No. ITNS-281	September 2021	Payment of TDS/TCS deducted /collected in September 2021.
15.10.2021	TDS Certificate	August 2021	Due date for issue of TDS Certificate for tax deducted under Section 194IA in the month of August, 2021
15.10.2021	TDS Certificate	August 2021	Due date for issue of TDS Certificate for tax deducted under Section 194IB in the month of August, 2021
15.10.2021	TDS Certificate	August 2021	Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of August, 2021
15.10.2021	Form 24G by Government officer	September 2021	Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of September, 2021 has been paid without the production of a challan
15.10.2021	Form No. 3BB	September 2021	Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of September, 2021
15.10.2021	TCS Payment	July to September 2021	Quarterly statement of TCS deposited for the quarter ending September 30, 2021
15.10.2021	Electronic Challan cum Return (ECR) (PF)	September 2021	E-payment of Provident Fund
15.10.2021	ESI Challan	September 2021	ESI payment
30.10.2021	TDS Challan-cum-statement	September 2021	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194 IB, 194M
30.10.2021	TCS Certificate	July to September 2021	Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2021
31.10.2021	Form 3CEAB	FY 2020-21	Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB for the accounting year 2020-21
31.10.2021	TDS Payment	July to September 2021	Quarterly statement of TDS deposited for the quarter ending September 30, 2021
31.10.2021	Annual Audited Account	FY 2020-21	Due date for furnishing of Annual audited accounts for each approved programme under section 35(2AA)
31.10.2021	Non TDC Return	July to September 2021	Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September 30, 2021
31.10.2021	Copies of Form No. 60	April to September 2021	Copies of the declaration received in Form No. 60 during April 1, 2021 to September 30, 2021 to the concerned Director/Joint Director
31.10.2021	–	–	Payment of tax under the Direct Tax Vivad se Vishwas Act, 2020 with additional charge
Important due dates for the Company Annual Filing and LLP Annual Filing in the Month of October 2021
14.10.2021	ADT 1	FY 2020-21
29.10.2021	Form AOC 4	FY 2020-21	AOC 4 filing by Companies(If AGM is held on 30.09.2021)– If AGM was not held on 30.09.2021, then AOC 4 needs to be filed withing 30 days date of the conclusion of AGM
30.10.2021	LLP Form 8	FY 2020-21	Every LLP should submit the data of its profit or loss and balance sheet.Financial Report of LLP
31.10.2021	Form MSME	April to September 2021	All MSMEs should file a half-yearly return with the registrar for outstanding payments to Micro or Small Enterprises.

The month of October 2021 is crucial for the due dates for various compliances under the Goods and Service Act, Income Tax Act, Companies Act, and LLP Act. Filing the above-mentioned forms on or before the due dates will save the Taxpayers from hefty penalties.

Highlights of 45th GST Council Meeting dated 17th September, 2021

Introduction

The 45th GST Council Meeting was held on 17th September, 2021 under the charimanship of Honourable Finance Minister Smt. Nirmala Sitharaman. The said Meeting took place at Lucknow, Uttar Pradesh. The meeting was attended by MOS Shri Pankaj Chaudhri besides Finance Ministers of States & UTs and Senior officers from Union Government & States. Also, it is important to note here that this was the first in person meeting that happened in the last two years. Let us have a look at the outcome of the 45th GST Council Meeting Held on 17.09.2021.

Concession on Specified drugs

The GST Council has extended the concessions on on all the COVID 19 related specified drugs till 31st December, 2021. However, the Finance Minister in 45th GST Council meeting clarified that that this extension shall only include medicines and not the other COVID 19 related medical equipment.
Drugs used for treating muscular atrophy namely Zolgensma and Viltepso are now under the purview of exempted category under GST. These are considered to be life-saving drugs. Also, the import of any such drug for personal use shall not attract IGST.
Also, for the medicines used in the cancer treatment, the GST council cuts tax rates from 12% to 5%.

Zomato and Swiggy to pay GST

Two major food delivery apps namely Zomato and Swiggy are now required to pay GST with effect from 1st January 2022 as per the final decision and suggestion from the fitment committee. The time till January 2022 has been given to make changes in the software.

E-commerce Operators to pay taxes on services

E-Commerce Operators are being made liable to pay tax on the following services provided through them:

Transport of passengers, by any type of motor vehicles through it w.e.f. 1st January, 2022.
Restaurant services provided through it with some exceptions w.e.f. 1st January, 2022.

Clarifications with regard to the GST rate on goods and Services

Goods / Items	GST Rate
Pure henna powder and paste (that have no additives)	5%
Brewers’ Spent Grain (BSG), Dried Distillers’ Grains with Soluble [DDGS] and other such residues, falling under HS code 2303	5%
Laboratory reagents and other goods falling under heading 3822	12%
Scented sweet supari and flavoured and coated Elaichi falling under heading 2106	18%
Carbonated fruit beverages of fruit drinks and carbonated beverages with fruit juice	28% and cess of 12%
Tamarind seeds fall under heading 1209	Nil for seeds used for sowing, otherwise 5%
External batteries sold along with UPS systems/inverter	28%, other than lithium-ion batteries
UPS/inverter	18%
Paper and paperboard containers, whether corrugated or non-corrugated	18%
Fresh/dried nuts	5% / 12%
Pharmaceutical goods falling under heading 3006	12%
Services
Coaching services to students provided by coaching institutions and NGOs under the central sector scheme of ‘Scholarships for students with Disabilities”	Exempt
Services by cloud kitchens/central kitchens are now covered under ‘restaurant service’	5%
Ice cream by parlours	18%
Overloading charges at toll plazas	Exempt
Renting of vehicles by state transport undertakings and local authorities is now covered by the expression ‘giving on hire’	Exempt
Grant of mineral exploration and mining rights	18%
Admission to amusement parks with rides, etc.	18%
Admission to facilities that have casinos	28%
Alcoholic liquor for human consumption is not food and food products’ for the entry prescribing the 5% GST rate on job work services in relation to food and food products.	NA

Decision on Compensation Cess

On the issue of compensation scenario, a presentation was made to the Council wherein it was brought out that the revenue collections from Compensation Cess in the period beyond June 2022 till April 2026 would be exhausted in repayment of borrowings and debt servicing made to bridge the gap in 2020-21 and 2021-22. In this context various options, as have been recommended by various committees/ forums were presented.

The Council deliberated at length on the issue. The Council decided to set up a GoM to examine the issue of correction of inverted duty structure for major sectors; rationalize the rates and review exemptions from the point of view of revenue augmentation, from GST. It was also decided to set up a GoM to discuss ways and means of using technology to further improve compliance including monitoring through improved e-way bill systems, e-invoices, FASTag data and strengthening the institutional mechanism for sharing of intelligence and coordinated enforcement actions by the Centre and the States.

I hope this article was helpful. Refer to the topics discussed in the 44th GST Council Meeting.

Source: pib.gov.in

Download PDF: Decisions taken in 45th GST Council Meeting

Tax Compliance and Statutory due dates Compliance Calendar September, 2021

Compliance Calendar for the month of September 2021

It is crucial for every business, Irrespective of the business structure to adhere to the statutory compliance and complete all the necessary filings before the due dates. It is important to stay compliant with enormous compliance falling in the year for businesses and entrepreneurs. The Government and concerned Government Departments such as Ministry of Corporate Affairs, Central Bureau of Direct Taxes, Income Tax Department, Ministry of Finance etc have announced extensions in various due dates from time to time to facilitate the stakeholders and taxpayers at large. Nevertheless, statutory compliance and tax compliance is concerned, every month is significant. There are various tax and statutory compliance due dates relating to ROC filing, GST return filings and Income tax filing falls in the month of September, 2021.

Compliance Calendar for the Month of September 2021

Important due dates for the GST Returns in the Month of September 2021

Due date	Form to be filed	Period	Who should file?
10.09.2021	GSTR 7	August 2021	GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST
10.09.2021	GSTR 8	August 2021	GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST
11.09.2021	GSTR 1	August 2021	Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores or opted to file Monthly Return
13.09.2021	GSTR 1 IFF (QRMP)	August 2021	GST return for the taxpayers who opted for QRMP scheme (Optional)
13.09.2021	GSTR 6	August 2021	Input Service Distributors
20.09.2021	GSTR 5 & 5A	August 2021	Non-Resident Taxpayers and ODIAR services provider
20.09.2021	GSTR 3B	August 2021	The due date for GSTR-3B having an Annual Turnover of more than 5 Crores
25.09.2021	GST Challan Payment	August 2021	GST Challan Payment if no sufficient ITC for Aug (for all Quarterly Filers)
Important due dates for the Income Tax Compliance / PF / ESI in the Month of September 2021
07.09.2021	Challan No. ITNS-281	August 2021	Payment of TDS/TCS deducted /collected in August 2021.
14.09.2021	TDS Certificate	July 2021	Due date for issue of TDS Certificate for tax deducted under Section 194IA in the month of July, 2021
14.09.2021	TDS Certificate	July 2021	Due date for issue of TDS Certificate for tax deducted under Section 194IB in the month of July, 2021
14.09.2021	TDS Certificate	July 2021	Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of July, 2021
15.09.2021	Form 24G by Government officer	August 2021	Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of August, 2021 has been paid without the production of a challan
15.09.2021	Advance Tax Payment	July to September 2021	Second installment of advance tax for July to September for the assessment year 2022-23
15.09.2021	Form No. 3BB	August 2021	Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of August, 2021
15.09.2021	Electronic Challan cum Return (ECR) (PF)	August 2021	E-payment of Provident Fund
15.09.2021	ESI Challan	August 2021	ESI payment
30.09.2021	TDS Challan-cum-statement	August 2021	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194 IB, 194M
30.09.2021	Income Tax Return	AY 2021-22	ITR filing for non audit cases and who have not entered into any international or specified domestic transactions Earlier Due date was 31st July, 2021 which is extended to 30th September, 2021
30.09.202 (As extended from 30.06.2021)	Linking of Aadhaar	–	Due date for linking of Aadhaar number with PAN 2021)
Important due dates for the Company Annual Filing and LLP Annual Filing in the Month of September 2021
27.09.2021 (As extended)	Form AOC 4	FY 2020-21	AOC 4 filing by OPC (If we count 180 days from 1st April 2021)
30.09.2021 (As extended)	DIR 3 KYC	FY 2020-21	DIR 3 KYC for Directors

The month of September 2021 is crucial for the due dates for various compliances under Goods and Service Act, Income Tax Act, Companies Act and LLP Act. Filing the above mentioned forms on or before the due dates will save the Taxpayers from hefty penalties.

How to start a Subsidiary Company in India?

Subsidiary Company in India- Process when Indian Company and Foreign Company wishes to start a Subsidiary Company in India

Subsidiary Company is commonly known as a Sister company. It is also said to be a company whose control lies with another company. The company that controls the subsidiary is called the Parent Company. The Parent Company can control it’s Subsidiary Company completely or partially. When you Create a subsidiary company correctly, it lets the parent company diversify by trying out a new business. However, the criteria for opening a Subsidiary Company in India depends upon where the parent company is situated i.e. Indian Parent Company and Foreign Parent Company. In this article let us discuss the procedure of opening a Subsidiary Company in India by both Foreign Company and Indian Company. In India it is easy to set up a Subsidiary Company even by a Foreign Company

What is a Subsidiary Company?

“A subsidiary company is typically a company that is wholly or partly owned by another company. The Owner Company that owns the subsidiary is known as a parent company or a holding company.” A company is said to be the Parent Company when such company has control over the composition of the Board of Directors of Subsidiary Company and secondly the Parent Company has holds more than 50% of the total share capital.

How to Start a Subsidiary Company of an Indian Company?

When an Indian Company wishes to start a Subsidiary Company in India the process is the same as the Private Limited Company Registration process.
The only thing that one needs to keep in mind is that if the Indian Parent Company wishes to keep the same name for its Subsidiary Company then you need to obtain Board Resolution and NOC from the Parent Company.

Documents Required for Subsidiary Company of an Indian Parent Company

Photograph of all the Directors
PAN Card of all the Directors
ID Proof of all the Directors (Driving License/Passport/Voter ID)
Electricity Bill or any other utility bill for the address proof of the Registered Office
Self Attested Residential Address Proof of all the partners (Electricity Bill/Latest Bank Statement/Mobile Bill) (not older than 2 months)

How to Start a Subsidiary Company of a Foreign Parent Company?

When we talk about a Subsidiary Company of a Foreign Parent Company, that would be called an Indian Subsidiary specifically.
When a Foreign Company situated in any of the country other than India such as the USA, Canada, UK, Singapore, Malasiya, Australia, Indonesia or any other country of the world wishes to start an Indian Subsidiary company in India, with the same name as the parent company, then the Foreign Parent Company needs to obtain Board Resolution and NOC from the Parent Company. Both the documents need to be apostille and Notarized.
There are a good number of advantages for foreigners to start a company in India.
India is very good for business as India is the fastest growing country and it is also 6th in growing international economy.

Pre-requisites of starting an Indian subsidiary in India

Minimum two directors (One of them should be an Indian Resident)
Minimum Two shareholder
No Minimum Requirement of Share Capital
Business Place in India (Can be rented or virtual Business place)
Permissible Business Activity

Benefits to register an Indian Subsidiary Company in India

Government’s make in India initiative gives important opportunities for Indian and foreign investors.
For foreign nationals it is effortless to invest directly in Indian companies through an Indian Subsidiary.
The government is offering incentives to encourage investment in Make In India.
Government’s “Ease of doing Business” initiative helps in making India a hub for manufacturing units.
India is rich with large labour pool and admirable levels of judicial transparency
Young and efficient generations help to run a business and make it successful ventures.

More on Benefits: Benefits of investing in India from an NRI / Foreigner’s perspective

Documents Required for Indian Subsidiary Company registration in India by foreigner

Photograph of all the Directors and shareholders
PAN Card of all the Indian Directors and shareholders
Apostile ID Proof of all the Directors (Driving License/Passport/Voter ID)
Electricity Bill or any other utility bill ( not older than 2 months) for the address proof of the Registered Office.

Note: In the case of Indian Subsidiary Company of a Foreign Parent Company, all the documents needs to be apostiled / notarized.

Steps to register a Subsidiary Company of an Indian Parent Company / Open an Indian Subsidiary by a Foreign Company

Step 1: Collect all the Documents

Step 2: Decide the name for the Subsidiary Company

Step 3: Drafting of AOA and MOA for the Subsidiary Company

Step 4: Application for subsidiary registration in the prescribed form i.e. SPICe+ Form:

Spice+ for is divided in two two parts:
Part A: Apply for the name reservation of the company in Part A of the form Spice+. it can be used for taking the name approval of the proposed Company and also for filing Company registration in one go.
Part B: In Part B of the Form Spice+, apply for the following services:

Incorporation
DIN allotment
Mandatory issue of PAN
Mandatory issue of TAN
Mandatory issue of EPFO registration
Mandatory issue of ESIC registration
Mandatory issue of Profession Tax registration(Maharashtra)
Mandatory Opening of Bank Account for the Company and
Allotment of GSTIN (if so applied for)

Step 5: Open a Bank Account in India

FAQs on Starting an Indian Subsidiary Company in India

What is an ideal form of business structure for an Indian Subsidiary Company in India?

For an Indian Subsidiary Company in India the ideal structure shall be a Private Limited Company. However, if a foreign individual wishes to start a company in India in his Capacity he can start a Private Limited Company or an Limited Liability Partnership. While for an NRI, the ideal form of business structure shall be Private Limited Company, Limited Liability Partnership or One Person Company.

I am a Director of a Company in the USA, I wish to start an Indian Subsidiary of a US Company, Can I become a Director in Subsidiary Company in India as well?

Yes, you can start and become a director of an Indian Subsidiary of the USA Parent Company. However, it is mandatory to have one Indian Resident Director to be appointed in an Indian Subsidiary.

I am an NRI residing in the UK, can I become a Director in an Indian Subsidiary?

Yes, an NRI can start and become a director of an Indian Subsidiary.

Can a Non-resident Indian open a One Person Company in India?

Yes, as per the resent amendments, now an NRI can start a One Person Company in India.

I am an individual residing in the Canada, I wish to start an Indian Subsidiary in India, but I heard there are certain FDI and FEMA policies to be followed if I wish to invest in India?

Yes, when a foreign national or company wishes to open an Indian Subsidiary Company in India, there are some FEMA compliance that needs to be followed but those are very easy and straight forward.

p class=”zw-paragraph heading0″ data-header=”0″ data-margin-bottom=”0pt” data-hd-info=”0″ data-line-height=”1.2″>Also, in private Limited Company, 100% Foreign Direct Investment is allowed that means any foreign entity or foreign person from Canada or any part of the world can directly invest in a Private Limited Company.

LLC Incorporation in Delaware, USA

The State of Delaware in the USA is considered to be a leading hub for business owners. Not only for the U.S. domiciles but also for the international business entities. Delaware possesses the most business friendly laws that provide businesses legal benefits. LLC Incorporation in Delaware, USA is easy and hustle-free too. In this article let us discover step by step procedure for LLC Formation in Delaware including the reasons why one should go for LLC Incorporation in Delaware.

What is LLC Incorporation?

LLC stands for Limited Liability Corporations. It is a combination of both the Corporation and Partnership Firm. LLC has credibility and limited liability that one can generally sough in a corporation and flexibility and pass-through taxation that are the main characteristics of a Partnership.

Benefits of starting an LLC in Delaware

The Most Business Friendly laws

Delaware in the USA amongst all other states has the most business friendly laws in the USA. The foundations of those laws are the Delaware Corporation Law and the Limited Liability Company Act which are the most updated statutes so as to ensure that the businesses in Delaware have the most clear and consistent legal systems.

Flexibility of Management Structure

Delaware LLC Members have the flexibility to decide the management structure for themselves. They have the liberty to decide to manage the LLC by themselves or they can appoint the managers to do it for them. Delaware law offers the LLC flexibility in deciding the powers and the duties of the members of the management committee.

Confidentiality remains intact for members and managers

When one forms and LLC in Delaware, he does not require to disclose the name and the address of the managers or the team members in the formation documents. While in other states, one requires to mention these details in the formation documents that becomes the public record. This makes it easier for the general public to find out what a member owns.

In Delaware, an LLC certificate of formation only needs to provide:

The name of the LLC
The name and address of the Delaware registered agent

Limited Liability of the owners to Delaware LLCs

It is one of the major advantages of an Delaware LLC that is provides the owners with the liability protection. That means, when someone wins a law suit against a properly formed LLC, the liabilities are enforced against the property of the LLC and not the personal property of the members of the LLC.

Benefits of Tax for Delaware LLC

Tax laws in Delaware are also such that it proves to be beneficial for most of the businesses in the state. The LLC in Delaware needs to pay no income tax if the LLC doesn’t do business in Delaware. Also, there would be no sales tax payable if the LLC doesn’t do business in the state.

Know more: Company registration in USA

Procedure to start an LLC in Delaware

Reserve the Name for your LLC in Delaware

The first step towards registering your LLC in Delaware shall be to reserve the name for your Limited Liability Corporation. The Delaware Division of Corporations allows the LLCs to reserve an entity name. However, this is not a mandatory requirement for incorporating an LLC, reserving your name will guarantee that the name of an entity is reserved for a period of 120 days.

Hire a Registered Agent

The second step towards LLC incorporation in Delaware would be to hire a Registered Agent. A Registered Agent can be an individual or a business entity who shall be responsible for all the correspondence related to tax forms, legal documents and shall also work as an official government correspondence on behalf of the business. It should be kept in mind while hiring a Registered Agent that he must be resident of Delaware or a corporation authorized for carrying out any business transactions in Delaware.

File Certificate of Formation with Delaware Division of Corporations

The next step would be to file the certificate of Incorporation of an LLC with the Delaware Division of Corporations. This Certificate can be filed either online by yourself or via mail. Once the Certificate of Formation of an LL is filed and accepted by the Delaware Division of Corporations, the LLC is considered to be officially incorporated.

Delaware LLC Operating Agreement

LLC Operating Agreement is not mandatory for a Delaware LLC, but it is advisable to have one. An Operating Agreement is a legal document that sets out the provisions of the ownership and operating procedures of an LLC. It reduces the risk of future conflict between the business owners.

Get an LLC EIN

EIN is an Employer Identification Number which is a nine digit number given by the IRS (Internal Revenue Service). EIN number is a Social Security Number for a business. An EIN is required for opening a business bank account, filing and managing Federal and State Taxes and also it is required while hiring employees.

Documents required for LLC Incorporation in Delaware

Legal Name of Partners
Percentage of partnership for each partner
Address and DOB of the partners
Copy of Aadhar Card
Copy of PAN Card
Copy of Driving License
Original or Certified copy of Passport needs to be sent to IRS for ITIN

FAQs on LLC Incorporation in Delaware

What is the government fees for LLC registration process?

One time LLC formation State fees in Delaware is $90.

Will you provide help in opening a bank account in Delaware?

Yes, if needed we will help you with opening a bank account in Delaware. We will also help you with the Virtual Address and Registered Agent in the state of Delaware.

Compliance Calendar for the month of April 2022

About Legal Entity Identifier (LEI) Code for Companies

What is a Legal Entity Identifier?

Importance of LEI number in India

Formation of Legal Entity Identifier (LEI) code

What is the point of having an LEI code?

Documents needed to obtain LEI (Legal Entity Identifier) Code

Transactions that are covered by the RBI’s Non-Derivative Market Notification for the application of the LEI code

FAQs of LEI in India

What is the role of GLEIF (Global Legal Entity Identifier) in the LEI Code?

My company’s headquarter is relocating to another country. Is it necessary for me to apply for a new LEI Code?

What is the LEI Code’s validity?

Is an LEI Code required for all non-derivative FX transactions?

What if I do not have an LEI or if mine expires?

Conclusion

Know Everything about Copyright Registration in India- Benefits, Processes, and Documents.

Introduction to Copyright Registration

Benefits Of Copyright Registration in India

Online Copyright Registration Process in India

1. Application for Copyright Registration

2. Examination of the application for Copyright Registration

3. Registration of Copyright

Documents Required for Copyright Registration in India

Conclusion

Know everything about Form 16 & 16A of Tax Deducted at Source

Introduction

What is Form 16?

How to download Form 16?

What is Form 16A?

The process to download Form 16A

Differences between Form 16 and Form 16A

FAQs on Form 16 & Form 16A

1. What are the benefits of Form 16 and Form 16A?

2. Is it necessary for salaried personnel to complete Form 16?

3. What is the difference between Form 16 and Form 16A?

4. For which period Form 16 is issued?

5. For which period Form 16A is issued?

Conclusion

Know everything about the GSTR-1 Nil Return Filing process on the GST portal

What is GST return?

Introduction to Nil GST return

About GSTR 1

The Importance of Filing a GSTR1 Nil Return

Late fees/Penalties for GSTR 1 Nil return

A process on how to file GSTR 1 Nil return

Procedure for tracking the status of a Nil GSTR-1 return that has been filed

FAQs on GSTR 1 Nil return

1. Who needs to file GSTR 1?

2. In GSTR 1, what does the total invoice value indicate?

3. What are the different modes for preparing GSTR 1?

4. What are the documents and information needed for filing GSTR 1?

5. If I want to fill in information related to the Goods and Services in the same invoice would it be possible?

Difference between Direct Tax and Indirect Tax in India

Introduction

What is a Direct tax?

Types of Direct tax in India

Advantages of Direct tax

Disadvantages of Direct tax

What is an Indirect Tax?

Advantages of Indirect tax

Disadvantages of Indirect tax

Differences between Indirect and Direct taxes

Conclusion

The new definition of Small Company- Know whether your company falls into Small Companies

The new definition of the Small Companies

Introduction

Concession on Specified drugs

Zomato and Swiggy to pay GST

E-commerce Operators to pay taxes on services

Clarifications with regard to the GST rate on goods and Services

Goods / Items

GST Rate

Services

Decision on Compensation Cess

Subsidiary Company in India- Process when Indian Company and Foreign Company wishes to start a Subsidiary Company in India

What is a Subsidiary Company?

How to Start a Subsidiary Company of an Indian Company?

Documents Required for Subsidiary Company of an Indian Parent Company

How to Start a Subsidiary Company of a Foreign Parent Company?

Pre-requisites of starting an Indian subsidiary in India