Corporate Updates – 29-10-2015

MCA:

MCA has finally issued the much awaited circular for extension of last dates for filing of Annual Filing Forms. MCA has granted relaxation of additional fees and extension of last data of filing of E-Forms AOC-4, AOC-4 XBRL and MGT-7 under the Companies Act, 2013 upto 30th November, 2015. The additional fee requirement for MGT-7 E-Form is also relaxed for all such forms filed till 30th November, 2015, wherever additional fee is applicable. This circular is applicable to all types of companies required to file their returns under the Companies Act, 2013. A copy of the circular is attached for your kind reference & record.

CBDT:

The Income Tax Department has launched an “e-Sahyog” pilot project which furthers the Department’s commitment to work in an e-environment and reduces the need for the taxpayer to physically appear before tax authorities. The “e-Sahyog” project launched on a pilot basis, is aimed at reducing compliance cost, especially for small taxpayers. The objective of “e-Sahyog” is to provide an online mechanism to resolve mismatches in Income-tax returns to taxpayers whose returns have not been selected for scrutiny, without visiting the Income Tax Office. Under this initiative the Department will provide an end to end e-service using SMS, e-mails to inform the taxpayers of the mismatch. The taxpayer will simply need to visit the e-filing portal and log in with their user-ID and password to view mismatch related information and submit online response on the issue. The responses submitted online by the taxpayers will be processed and if the response and other information are found satisfactory as per automated closure rules, the issue will be closed.

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