Corporate and Professional Updates on 9th July 2019

MCA Update

Director KYC – General Circular 07/2019 : DIR KYC date will be extended and method of doing KYC will be updated as under:-

  • If all details of Director are same as on MCA portal,  then web-based KYC verification.
  • if email / mobile number is required to be updated_ then DIR-3 KYC based verification.
  • if any other info to be updated,  then first file DIR-6 and then DIR-3 KYC based verification.

Point To be Considered While Submitting DPT-3

  • This form is applicable on all companies except :-
  1. A government company
  2. A banking company
  3. A non-banking financial company registered with the Reserve Bank of India
  4. A housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987.
  5. However, insurance companies are registered with IRDA, so the obligation to file DPT-3 is
  6. Also applicable on them.

FAQ’s on DPT-3

Ques.  What are the due dates of filing Forms DPT-3?

Ans.  In case of one time return: 29th June, 2019 and in case of annual return: 30th June, 2019

Ques.  In which cases auditor’s certificate is mandatory to be attached?

Ans.  Auditor’s certificate is mandatory only in the case when a return of deposit is filed, i.e. When the radio button two or four is selected.

Ques. What are the amounts which have to be entered in the forms?

Ans. In case of one time return: Consolidated amount received on or after 1st April, 2014 and outstanding as on 31st March, 2019. In case of annual return: Amount outstanding as on 31st March, 2019 received at any time.

Ques. What to do if the object clause prefilled is not matching with the object of the company?

Ans. This is due to the reason that the objects clause is not in sync with the MGT-7 and it is picked on the basis of the CIN of the company.

As per the discussion, stakeholders are advised not to raise tickets in this regard and ignore what is being prefilled.

Ques. If the company does not have any outstanding amount as on 31st March, 2019, is the e-Form DPT-3 required to be filed?

Ans. No, company does not have to file any return.

Ques.  Is the interest along with the principal amount of the loan to be reported?

Ans. If the interest amount is outstanding as on 31st March, 2019, then yes it also has to reported as a consolidated figure with the principal amount under the respective head.

Ques. Which date Company need to mention in Column No. 7 “Date of last closing of accounts”

Ans. The date will be 31st March, 2019.

Due dates for the Month of July 2019

  • Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalization levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  • 13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in month of May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF return filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
  • 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Legal Disclaimer:
This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. All efforts and measures have been taken to assure the accuracy and correctness of the information presented in this update but cannot be guaranteed in any manner. We are not obligated to any responsibility or liability to any one for any damage or loss incurred by going with the information given in this update.

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