Annual return MGT-7A : For
OPC and Small Companies w.e.f.
F.Y. 2020-21, FormMGT-7A is to be filed instead of form MGT-7 dated 05.03.2021
Form
MGT-7A is less descriptive than MGT-7. It does not require to be certified by
Company Secretary and can be filed under Signatures of a Director of the
company only. There are no columns for the following details in case of MGT-7A:
·Date of AGM, Details of board meeting and Attendance of directors, Member/ other meeting
details
·Particulars of holding or subsidiary and
Associate Company
·Details of unclassified share capital, Break-up of share capital and details of Shares or
Debenture transfer and pattern of shareholding as promoter or non - promoters
Due
date of filing Form MGT-7A
Form MGT-7A is to be filed within 60
daysfrom the date of AGM of the company. In Case AGM last
date is 30th September then that last date for filing Form
MGT-7A is 29th November every year.
Filing
fees for Form MGT-7A within the stipulated time as charged by MCA is
In case of company having share
capital- Nominal Share Capital
Fees Prescribed
Less than Rs. 1 Lac
Rs. 200
Rs. 1 Lac or above but less than Rs.
5 Lacs
Rs. 300
Rs. 5 Lacs or above but less than Rs.
25 Lacs
Rs. 400
Rs. 25 Lacs or above but less than
Rs. 1 crore
Rs. 500
Rs. 1 crore or above
Rs. 600
Conclusion:
In case of OPC and small companies form
MGT-7 has been replaced with MGT-7A. This form is to be filed for Fin Year
2020-21. MGT-7A is a simplified form of Annual Return for OPC and small
companies and does not require certification by the Company Secretary in
Practice.
SMALL COMPANY- AMENDED WIDENED CRITERIA UNDER COMPANIES ACT
2013
The definition under section 2(85) of Small company
under the Act, is not amended but Clause (t) in Rule 2 (1) of Companies (Specification of Definitions Details) Amendment Rules,
2021 vide Notification No.
G.S.R. 92(E). dated, 1st February, 2021 wef 01st April 2021 reads as follows:
“(t) For section 2 (85) (i)and (ii) of the
Act, paid up capital and turnover of the small company shall
not exceed rupees two crores and rupees twenty crores respectively.”
Therefore
the revised meaning for Small Company vis a viz old meaning is:
Criteria for Small Company
Old (Maximum i.e not to exceed)
New (Maximum i.e not to exceed)
Applicability
F.Y. 2020-21
F.Y.2021-22 onwards
Other than a public company
Paid-up share capital
Rs.50 lacs
Rs.2 crore
Turnover (as per profit and loss account for
the immediately preceding FY)
Rs.2 crores
Rs.20 crores
Provided that nothing in this clause shall apply
to—
(A) a holding company or a subsidiary company;
(B) a company registered under section 8; or
(C) a company or body corporate governed by any
special Act;
Easy way of E Verifying your Income Tax Return which after filing either do it yourself or prepare for the same
- E verify through Mobile - Ensure your mobile number is linked with your Aadhar or get it linked on UID site
- E Verify through Bank Account - Give details of Bank Account , Whether Primary or Joint, IFSC Code, Type of Account, Branch Address and then your Mobile number linked with Bank Account number and E mail ID linked to that account.
- E Verify through D MAT Account, Net Banking Account and ATM Card is the other option for persons using such facilities or accounts.
Step by Step Income Tax Return Filing and E Verification
File your Income Tax Return Assessment Year 2021-22 i.e Financial Year 2020-21
Login to Income Tax Portal at
Incometax.gov.in
Enter PAN and then continue
Tick on Please confirm your secure
access message
Enter Password > Continue
E File > Income Tax Returns > File Income Tax Return
Select Year 21-22
Online or Offline
Select Offline if you have json file Otherwise online
Select 139(1) Original Return or
Select 139(5) for Revised Return
Select Type ITR 1 or ITR 2 or ITR 3
Then select file json and then validate
After that please
Select if want to
e verify instant or
e verify later
Want to have ITRV and E Verify later
Want to e-verify your return Easy Steps
I would like to verify using OTP on mobile number
registered with Aadhaar
Generate Electronic
Verification Code(EVC)
Through Net Banking
Once you click on Continue, you will be logged out of
e-Filing portal and will be redirected to a page, where you can select the bank
to login through net banking
E-verify return using Net Banking
1. Login to
the portal through net banking.
2. Go to
respective functionality
3. Click on
the e-Verify button against the corresponding ITR/Form/functionality
4. Your
ITR/Form/functionality will be verified and process will be complete
Through Bank Account
To generate EVC, you need to validate and enable
EVC on your bank account.
We have to re validate the same
and then enable for EVC.
It will take some time and then
after getting message on mobile for validation successful, the EVC can be
generated.
We can add Bank Account to:
1.Add a bank account to receive
refund.
2.EVC can be enabled for Individual
taxpayers and only for one validated bank account at any given point of time.
3.To Enable EVC, Mobile number
and Email Id as in e-filing profile should match with the details linked with
the bank account.
4.EVC can be used for following:
verifying income tax returns and other forms, e-Proceedings, refund re-issue,
reset password and secured login to e-filling account.
5.Bank Account
can be removed only if status is Validated or Validated and EVC enabled
6.Validation failed accounts can
be viewed under 'Failed bank accounts' tab.
7.List of Bank Accounts listed to
Generate EVC
-Axis Bank Ltd
-Canara Bank
-Central Bank of India
-ICICI Bank
-IDBI Bank
-Kotak Mahindra Bank
-State Bank of India
Through Demat Account
To
generate EVC, you need to validate and enable EVC on your demat account.
By adding your demat account
Generate EVC using this option.
Using this option by quoting your PAN and Demat Account Number to
reset your password using OTP(to the mobile number/email linked to the
Demat account).
Choose to secure your login using this option by entering User ID,
Password and OTP(to the mobile number/email linked to the Demat account)
You can generate EVC through Bank ATM. To generate
EVC through Bank ATM, follow below steps:
1.Visit your bank’s ATM and swipe your ATM card.
2.Click on the ‘Pin for Income Tax filing’.
3.An EVC will be sent to the mobile number and e-mail
ID registered with e-filing .
This EVC is valid for 72 hours
After
generating EVC or OTP
You can
e verify your Income Tax Return
By selecting
- Instant through OTP on mobile linked with aadhar
- I already have an Electronic Verification Code
(EVC)
- I already have an OTP on Mobile number registered
with Aadhaar
ESOP (Employees’ Stock Option) is
the option given to the directors, officers or employees of a company, its holding
or subsidiary which gives such directors, officers or employees, the benefit or
right to purchase, or to subscribe for, the shares of the company at a future
date at a pre-determined price.
It is a right and not an
obligation, therefore, if the shares of the company are valued at less than the
exercise price of the option, then the employee need not exercise its right to
buy the company’s shares.
Prerequisite for issue of ESOP:
i.MOA to have adequate authorised share capital,
if not, alter MOA accordingly by convening General Meeting
ii.AOA to authorise issue of ESOP, if not, alter
AOA accordingly by convening General Meeting
Process for issue of ESOP in an
Unlisted Company:
i.Draft ESOP scheme
ii.Draft and send Notice for Board Meeting (min. 7 days’
notice)
iii.Convene Board Meeting to authorise via Board
Resolution:
a.Issue of shares under ESOP scheme
b.Calling of General Meeting for approval of
shareholder
c.Issue of Notice of General Meeting
iv.Call a General Meeting by sending Notice (min.
21 days’ notice) along with Explanatory Statement annexed therewith with the
following disclosures:
a.Total number of stock options to be granted;
b.Classes of employees entitled to participate in
the scheme;
c.Requirements of vesting and period of vesting;
d.Maximum period within which the options can be
vested;
e.Exercise price, exercise period and process of
exercise;
f.Lock-in period, if any;
g.Maximum number of options to be granted per
employee and in aggregate;
h.Methods used for valuing its options;
i.Conditions under which option vested may lapse;
j.Statement that the company shall comply with the
applicable accounting standards.
v.Convene General Meeting and approve the scheme
by passing Special Resolution (Ordinary Resolution for private company)
vi.Separate Resolution is to be approved by the
shareholders in case options are being granted to:
a.Employees of subsidiary or holding company; or
b.Identified employees, during any one year, equal
to or exceeding one percent of the issued capital (excluding outstanding
warrants and conversions) of the company
vii.Grant options to the eligible employees
viii.File Form MGT-14 with ROC within 30 days of
passing the resolution
At the time of exercise of
options:
i.Convene a Board Meeting to allot the shares
under ESOP
ii.Issue share certificates
iii.Authorise stamping of shares
iv.After allotment of shares, file Form PAS-3
(Return of Allotment) with ROC within 30 days of allotment
Disclose details of ESOP Scheme in
the Director’s Report for the year:
i.Options granted/vested/exercised/lapsed;
ii.Total number of shares arising as a result of
exercise of options;
iii.Exercise Price;
iv.Variation of terms of options;
v.Money realized by exercise of options;
vi.Total number of options in force;
vii.Employee wise details of options granted
Maintain a Register of ESOPs:
To be maintained in Form SH-6 at
the registered office of the company or such other place as decided by the
Board.
Filing of Statement of donations in
Form 10BD is now mandatory for Charitable Organisations for allowing deduction
for donations under sec 80G to the donors.
As per Notification
No. 19/2021 [F. No. 370142/4/2021-TPL] / GSR 212(E) dated 26 March 2021,
the entities having approval u/s 80G (5) and u/s 35(1) of the Income Tax Act,1961
requires to furnish a statement of Donations
received by them wef 1st April, 2021.
Filing of Statement of donations (in Form 10BD) is mandatory for donations
received during financial year 2021-22 is to be filed once for the whole year by
31st of May 2022.
Form 10BD shall be e filed by organizations using the
digital signature of a person authorized to sign the return of income or
through e-verification code (EVC)
The following information is required for filing the
statement in prescribed format:
Therefore the done entity should maintain the following
details of Donors
1.
Name of the Donor as per PAN card and PAN No. (Mandatory)
2.
Latest address of Donor as per ID
proof Aadhar or Income tax records
3.
Amount, Section code, Type and mode of
Donation received
Instructions to fill Section
Code
After filing Form
10BD, the reporting entity should download and issue Certificate of Donations
in Form 10BE containing the details of reporting entity like PAN , Name of the
entity, address of entity receiving the donation, approval numbers u/s 80G
& 35(1) and amount to be issued by
31st May 2022.
Therefore for donor it is not just sufficient to have a
donation receipt, but to obtain a certificate of donation in Form 10BE after
the end of the financial year for his claim of deduction.
Correctionsin
Form 10BD
In case of any errors or mistakes in Form 10BE, it may be
rectified and hence additions, deletions, or modifications are possible.
Consequences forNon Compliance for defaults
a)The delay
to File 10 BD in time will attract a fee of Rs.200/-
per day of delay as per newly inserted section 234G.
b)The failure to file such statement will also
attract penalty u/s 271K of not be less than Rs.10,000/- and
which may extend up to Rs.1,00,000/-
