Corporate Updates – 14-07-2015

MCA:

MCA has released the much awaited circular w.r.t Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013. As, the electronic versions of Forms AOC-4, AOC-4 XBRL and MGT-7 are being developed and shall be made available for electronic filing latest by 30th September 2015. In addition, a separate form for filing of Consolidated Financial Statement (CFS) with the nomenclature AOC-4 CFS will be made available latest by October 2015. In view of this, it has been decided to relax the additional fee payable on Forms AOC-4, AOC-4 XBRL and Form MGT-7 upto 31/10/2015. Further, a company which is not required to file its financial statement in XBRL format and is required to file its CFS would be able to do so in the separate form for CFS without any additional fees upto 30/11/2015.

CBDT:

CBDT has released the modalities for Electronic Verification Code (EVC) for electronically filed Income Tax Return, thereby eliminating the need of sending ITR – V (acknowledgment), through post to the CPC. EVC will be generated for the purpose of electronic verification of the person furnishing the return of Income as per the data structure and standards specified by Principal Director General Income-tax (Systems) or Director General of Income-tax (Systems). Further EVC can be used by a Verifier being an Individual to verify his Income Tax Return or that of an HUF of which he is the Karta in Income Tax Return. The EVC generation process may vary based on the risk-category of the Assessee and EVC would be unique for an Assessee PAN and will not valid for any other PAN at the time of filing of the Income Tax Return. One EVC can be used to validate on return of the Assessee irrespective of the Assessment Year or return filing type. The EVC will be a 10 digit alpha-numeric number.

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