Corporate Updates – 07-04-2017

News from NIRC of ICSI

Registration open for NIRC’s Workshop on "SME LISTING & DISSEMINATION BOARD", on Saturday, the 8th April, 2017 (Registration starts at 9.00 AM) from 10.00 am onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 400/- upto 07-04-2017 for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Free For Members of Yuva Corporate Membership Scheme of NIRC (2016-17); Program Credit Hours: 04.


MCA has revised the versions of eForm– Forms CHG-1 (Application for registration of creation, modification of charge (other than those related to debentures)), Form CHG-4 (Particulars for satisfaction of charge thereof) and Form CHG-9 (Application for registration of creation or modification of charge for debentures or rectification of particulars filed in respect of creation or modification of charge for debentures) are likely to be revised w. e. f. 10th April, 2017 wherein certain declarations and field level changes have been incorporated to capture details viz. (i) ranking of charges, (ii) particulars of the principal terms and conditions of the charge, (iii) particulars of the property or asset(s) charged (including complete address and location of the property), (iv) description of document by which the borrower/third party acquired the title etc. All the stakeholders are advised to check the latest version of the form before filing.


The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1 (Sahaj). This ITR Form- 1(Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.) . Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively. There is no change in the manner of filing of ITR Forms as compared to last year. However, where return is furnished in ITR- 1 (Sahaj) or ITR-4 (Sugam), an individual of the age of 80 years or more at any time during the previous year or an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income shall have an option to file return in paper form.

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