September Month Newsletter
The Ministry of Corporate Affairs vide General Circular No.28/2020 dated August 17, 2020 has clarified that there will be no general extension of time given by the Ministry of Corporate Affairs for convening the Annual General Meeting for Companies whose financial year ends on 31 March 2020.
Any Company who is not in a position to convene the AGM within the due date needs to make an application to the Registrar of Companies and seek extension of time for holding the AGM.
As per the amended rules, the statement in form 64D, consisting of details of income paid/ credited by investment fund, shall be furnished electronically (generated & downloaded from the web portal) to the Pr.CIT or CIT, within whose jurisdiction the Principal office of the investment fund is situated “by 15th day of June of the financial year following the previous year during which the income is paid or credited,” (as against the due date of 30th Nov earlier);
Amended Form 64C requires additional information w.r.t details of deemed loss as on 31st March, 2019 in terms of newly inserted sub-section (2A) of section 115UB, also requires bifurcation of LTCG/STCG income as per the chargeable rates u/s 112A/111A as the case may be; Further, amended Form 64D now seeks PAN/Aadhar details of Directors/ Trustees/ Partners of the Investment fund, also inserts table seeking break-up of total income of Investment Fund.
• CBDT issues refunds of over ₹ 95,853 crores to more than 25.55 lakh taxpayers between 1st April 2020 to 25th August 2020. Income tax refunds of ₹ 29,361 crore have been issued in 23,91,517 cases & corporate tax refunds of ₹ 66,493 crore have been issued in 1,63,272 cases