Nandhakumar & Sundaran
Chartered Accountants, Auditors

By: Nandhakumar & Sundaran | May 07, 2019

MCA has notified that the due date for filing of one time return by companies in form DPT 3 stands extended upto 29 June 2019 (i.e. 90 Days from 31 March 2019), as against the earlier notified deadline of 90 days from 22 Jan. 2019.

It may be noted that on 22 Jan. 2019 the MCA has amended Rule 16A(3) of the Companies (Acceptance of Deposits) Rules, 2014, mandating every company (other than Government company) to file a one time return of outstanding receipt of money or loan (not considered as deposits) from 1 April, 2014 till that date, in Form DPT 3 (along with applicable fee) within ninety days from the date of publication of said notification.


later on 30 April 2019 the MCA has further amended the Rule 16A(3) of the Companies (Acceptance of...

Category: Company Law 

Tags: Updates 

By: Nandhakumar & Sundaran | April 27, 2019

With the income tax return forms being notified with additional disclosure requirements, the Central Board of Direct Taxes (CBDT) has issued a notification on April 12, 2019 (effective May 12, 2019) amending the Form 16 (TDS certificate for salary income) and the format of quarterly tax deducted at source (TDS) return. In the new format of Form 16, there is a specific column for reporting total amount of salary received from other employers, which was not a part of the old Form 16. For allowances exempt under Section 10 of the Income Tax Act as well as for various eligible deductions, specific line item has been provided to capture different allowances/ deductions separately, rather than as a consolidated amount for certain deductions in th...

Category: Income Tax 

Tags: News 

By: Nandhakumar & Sundaran | April 20, 2019

Interest-free security deposit, given for leasing a commercial property, will not attract Goods & Services Tax (GST), according to a ruling by the Maharashtra Authority for Advance Ruling. However, if at the time of completion of lease tenure, the entire deposit or a part of it is withheld and not paid, as a charge against damages etc., then such amount withheld will be liable to GST as per the present GST laws, it said.


Source: Business Line

Category: GST 

Tags: News 

By: Nandhakumar & Sundaran | April 20, 2019

The CBDT has notified a new format for Form 16 – the salary TDS certificate – requiring a detailed break up of tax exempt allowances paid to the employee and also of all tax breaks claimed by him/her. The earlier format allowed companies to give consolidated figures or break-up in different formats for both these thereby leaving some ambiguity regarding their individual composition.


Source: Economic Times

Category: Income Tax 

Tags: News 

By: Nandhakumar & Sundaran | April 20, 2019

The income tax return (ITR) forms for FY 2018-19 notified by the government are different from those used to file the previous year's returns. Some of the changes in the forms have been done in keeping with the changes in income tax laws made in Budget 2018 for FY 2018-19 and onwards. Apart from that, there are other changes as well in the ITR forms which you should be careful about while filing your return for FY 2018-19.


Source: EconomicTimes

Category: Income Tax 

Tags: News 

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