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IEC Modification
All you need to know
If you accidentally entered incorrect information when applying for a visa, an IEC Modification will be required. IE Code . It may be necessary to change details such as email ID, phone number, address of the office, etc.
Our Facts and Figures
IEC Modification
What can I do to modify the details in IEC?
The annual renewal of Importer Exporter code (IEC), is not only a requirement for regulatory purposes, but also enables you to update any previously submitted data on the Directorate General of Foreign Trade portal. You can change key aspects of your IEC during the renewal process.
- Changes in the registered address:
- Branch Addresses: Additions or deletions of branch addresses.
- Contact information: Updates of mobile numbers and emails IDs.
- Account details: Changes to bank account numbers, and financial information.
- Directors/Partners Addition/deletion of directors/partners in the business
- Changes to the nature of business: A change in the type of business conducted.
The IEC is updated regularly to reflect the most accurate and current state of business. This is essential for compliance and the smooth operation of import-export operations.
The Importance of IEC Modification
After 2024, the need to update the Importer Exporter Code has increased. Before 2024, an IEC issued remained valid for the entire life of the business without any need to update it annually. This practice led to problems as the IEC certificate was outdated when there were any changes in the company. Updates to the IEC are important for the following reasons:
- Regulatory Compliance : Businesses are required to ensure their IEC details comply with the legal and regulatory requirements of the DGFT.
- Smooth Business Operation: Accurate IEC detail helps avoid delays in customs clearing and other export-import processes.
- Update Business Information: Businesses can undergo changes, such as address, ownership or bank details. This ensures that all stakeholders are provided with the most accurate information.
- Facilitation Trade: A updated IEC allows for smoother transactions between foreign buyers and sellers, since the information is consistent across all legal documents.
Types TDS Return Forms:
For PARTNERSHIP/Pvt. Ltd. COMPANY
FOR Proprietorship Firm Registration
Common Reasons to Modify IEC:
- Change of business address
- Changes in ownership or business structure
- Updating bank account details
- Change in contact details
- Add or remove a director or partner
No
Category Taxpayer
Due Date
1
Business (Not requiring Audit including LLPs and firms)
31/07/2023
2
Association of Persons (AOP)
31/07/2023 (not covered under Audit cases)
3
Body of Individuals (BOI)
31/07/2023 (not covered
under Audit cases)
4
Individual
31/07/2023
5
Businesses (Requiring Audit including Private Limited Companies, OPC, LLPs and firms)
31/10/2023
6
The due date of furnishing Income Tax Return for FY 2021-22 (TP Cases)
31/11/2023
Due Date for furnishing of Audit Report The due date for furnishing an audit report can vary depending on the specific requirements and regulations applicable to the organization.
No
Category Taxpayer
Due Date
1
Audit Report for the Previous Year 2021-22
30/09/2023
2
Audit Report for Transfer Pricing cases
31/09/2023 (with ITR Filing/on orbefore the date of AGM)
3
Belated / Revised Income Tax Return for FY 2021-22
30/11/2023
Benefits of IEC Registration in India
Points to make your decision easy
IEC is valid throughout your lifetime
Once issued, an online Import Export Certificate is valid forever and does not expire. It must be updated / renewed online each year. The IE code can be used across the country and in all branches or factories of an organization.
Importers are required to comply with certain requirements
All importers that wish to import goods into India must have a valid IE Code. All relevant customs documentation must include the IE Code. You will be required to provide a valid IEC registration by your bank in order to make payments abroad.
Exporters are required to comply with certain requirements
All exporters of goods from India must have a valid IE Code. The IE code must be cited in all relevant customs documentation. You will be required to register with the IEC by your bank when you receive money from overseas from your clients.
Global Market Reach
A registration for Import Export opens up the Global/International Business Market.
IEC For Individuals
Individuals can also register for Import Export Codes. There are no restrictions on registering as a business
Quick Processing
IEC Code application does not require you to submit proof of imports or exports. IEC Application can be done online.
Documents for IEC Modification
Fill out a simple Checklist
Fill out a simple Checklist
A Compliance Manager will contact you from the team Ebizfiling to collect your documents and provide a simple check list for Import Export Code Registration. This checklist must be completed and submitted along with the necessary documents.
Approval
We will proceed to the IEC registration process after verifying all documents. Online, we will fill out Aayaat Niryaat 2A (ANF 2A). Throughout the entire process, you will be kept informed by your Compliance Manager.
IEC Allotment
The Directorate General of Foreign Trade allows you to register an Import Export Code once the documents supporting your application and IEC registration are approved by the Government officer concerned.
5 easy steps
FAQs on Income Tax Returns
What if I don't have Form 16? How do I file a return?
Do not fret about it. You may still file your return. Contact us today and we’ll take care of the rest. You can now file your ITR 1 online with Ebizfiling for 2021-22 at an affordable price
How long should business books be kept?
All books of accounts and documents related to them should be stored at the principal place of business. This is where the business or profession generally takes place. The documents should be kept for at least eight years.
What is the purpose for Form 26 AS?
The Form 26 AS, consolidated tax statement is used to prove the taxes deducted/collected by others on your behalf as well as tax that you have paid directly.
When is the deadline for investing under Section 80C?
The deadline for investments under Section 80C has now been extended until 30th June 2020. This applies to the Financial Year 2019-20. The previous date was the 31st of March 2020. Nirmala sitharama Press Conference announced that other deadlines will be extended due to the Corona outbreak.
What is ITR V?
The ITR-V document is a one-page summary acknowledgment that you will receive once you have e-filed your tax return. As a verification, you must print it out, sign it and then send it back to the Income Tax Department in 120 days after e-filing. You can also E-verify with Aadhar and net banking. You will not need to verify your DSC if you filed the form using it.
What documents must I attach to my Income Tax Return?
The filing of income tax returns is now completely paperless. No physical copies or scans are required. You should keep these documents to be able to produce them if required by the tax authorities.
Why do I have to file a return even though my taxes, interest and other fees are paid?
The amount paid in advance tax, and the amounts withheld as TDS or collected as TCS, will only become your tax due after you have completed your self-assessment. The department is notified of this self-assessment by filing a return. The government can only claim the taxes prepaid as its own income if the department is informed of this self-assessment. The filing of a return is crucial for this process, and has therefore been made mandatory. A penalty will be imposed if you fail to file.
Does it have to be filed a tax return once I get my PAN Card?
No. You must file a return only if your income is taxable.
Can I file a revised tax return if I made a mistake on my original return?
You don’t need to worry. You can revise your return within one year of the end of the relevant year of assessment or before the completion of the assessment, whichever comes first. Contact us immediately to file a revised tax return.
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