CA CMA Syam sundar

  1. TDS under section 194Q on *net of GST* if charged separately. However for section 206C(1H) GST is to be included. 2. Transactions on *recognised exchanges* exempted from 194Q.  3. *Hierarchy of section 194-O, 194Q and Section 206C(1H) clarified*. If section 194-O is applicable to a transaction then 194Q and 206C(1H) will not apply. If 194Q is applicable then section 206C(1H) shall not be applicable. If section 194-O and 194Q are not applicable section 206C(1H) will be applicable. 4. Turnover/ Gross receipts of 10 crore of buyer for applicability of this section 194Q will mean *Turnover/ Gross receipts in business only*. Hence receipts by way of rent, interest , capital gain etc if not considered as business income are not to be included.  5. Further provision of section 194Q not to apply in *first year of an entity* as no turnover / gross receipts in preceding year since entity was not in existence.

1. It has been decided to grant additional time up to *31st August, 2021* for filling of forms of Companies & LLPs due for filling during 1st April, 2021 to 31st July, 2021 other than charge forms without any additional fees. Accordingly, the due dates of DPT-3 & Form CFSS is extended to 31st August, 2021. Link: https://bit.ly/3w6ZnYH 2. In case of *CHG – 1 & CHG – 9* the period from 01.04.2021 till 31.07.2021 shall not be reckoned for the purpose of counting the number of days under section 77 & 78 of the Act. Link: https://bit.ly/2UbLoDF

 Extension of Timelines:  These reliefs are: 1) Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of filing under that section is 1st June, 2021 or thereafter,may be filed within the time provided in that section or by 31st August, 2021,whichever is later. 2) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May, 2021 under Rule 31A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021. 3) The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June, 2021 under Rule 31 of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021. 4) The Statement of...

*👉🏻CBDT issues Compliance Check Functionality for Section 206AB & 206CCA* (Circular No.11/2021 - Circular regarding use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961) *Summary of Circular on Verifying if Vendor has Filed IT Returns for Previous 2 Years for Purpose of TDS Deduction* Under Sec 206AB and 206CCA, the Deductor has to verify if the Vendor has filed the Return of Income for the Previous 2 years. If not, a higher rate of TDS will be applicable for that particular Vendor.  The Income Tax and CBDT have enabled a new feature and clarified as follows: 🌲 A New Feature called “Compliance Check for Sec 206AB & 206CCA”will be enabled on the IT Website 🌳 The IT Department has already compiled the list of persons who have complied with the provision, as before every compliance date (known as specified persons). 🌴 The Deductor needs to check if the Vendor has complied by feeding the PAN Number. 🌱 If it is confirmed the Vendor has complied, ...

MSME extends the validity of existing UAM upto 31st Dec 2021 Ministry of Micro, Small, and Medium Enterprises [MSME] has extended the validity of the existing UAM to 31st December 2021. Interested enterprises can register on  https://udyamregistration.gov.in  free of cost and without any documents. Only PAN and Aadhaar are required for registration on the Udyam portal. Notification is given below for reference: MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES NOTIFICATION                                                                       New Delhi, the 16th June, 2021 S.O. 2347(E).—In exercise of the powers conferred by sub-sections (1) and (9) of section 7bread with sub-sections (2) and (3) of section 8 of the Micro, Small and Medium Enterprises Development Act, 2006 ...

 A Small 15 Point Summary of New IT Portal: 1) The new IT Portal gets information / data / linkages from various other authorities such as BANKS, CIBIL, CAMS, TRACES, CDSL, IRDA, GSTN, STOCK EXCHANGES.. It is possible that the data obtained from above will be soon appearing in Form 26AS 2) It is likely that for faster refunds there would be automatic 18-20 validation stages / model wherein if the assessee passes through it refund would be issued 3) Figures of following will be appeared INSURANCE PREMIUM BANK INTEREST SALE / PURCHASE OF SECURITIES PPF CONTRIBUTIONS... 4) PAN application will soon be online without any additional charges. An E-PAN can be downloaded 5) Going forward it seems that they would have an option on the portal that a person can view whether other person has filed his IT return or not 6) Going forward the new portal will also verify whether PAN Number is correct or not, this may reduce TDS notices for wrong PAN's 7) Authorised Person can be assigned by the ass...

The Companies (Meetings of Board and its Powers) Amendment Rules, 2021, Dated 15th June, 2021 Rule 4 of Companies (MBP) Rules, 2014 has been omitted.  Post this amendment there is no restriction on any matters to be Dealt with in a Meeting Through Video Conferencing or Other Audio Visual Means. Link: https://egazette.nic.in/WriteReadData/2021/227614.pdf *With MCA Amendment 15th June, 2021. Now following resolution can be passed through Video Conference mode:-* *(i) the approval of the annual financial statements;* *(ii) the approval of the Board’s report;* *(iii) the approval of the prospectus;* *(iv) the Audit Committee Meetings for  consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under sub-section (1) of section 134 of the Act;* *and* *(v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.*

 *Relaxation in filling of 15CA & 15CB* CBDT grants relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of forms online on the new e-filing portal http://incometax.gov.in. The forms can be submitted in manual format to the authorised dealers till 30th June, 2021. As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance. Link: https://twitter.com/IncomeTaxIndia/status/1404418057116680192?s=20

  Reserve Bank of India [RBI] has released FAQs for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs, and NBFCs (including HFCs). These FAQs should be read with  RBI Circular dated April 27, 2021 . In the FAQs, RBI has clarified that if an audit firm engaged with audit/non-audit works for the Group Entities (which are not regulated by RBI) is being considered by any of the RBI Regulated Entities in the Group for appointment as SCAs/SAs, it would be the responsibility of the Board/ACB/LMC of the concerned RBI Regulated Entity to ensure that there is no conflict of interest and independence of auditors is ensured, and this should be suitably recorded in the minutes of the meetings of Board/ACB/LMC. Further RBI Clarified that if any partner of a Chartered Accountant firm is a director in an RBI Regulated Entity in the Group, the said firm shall not be appointed as SCA/SA of any of the RBI Regulated Entities in th...

 

 Ministry of Finance *New,Taxpayer-friendly e-filing Portal of the Income Tax Department To Be Launched on 7th June, 2021* 👉Several New Features Introduced 🍊Free of Cost ITR Preparation Interactive Software Also Available ⚾New Call Centre For Taxpayer Assistance *The Income Tax Department is launching its new e-filing portal www.incometax.gov.in on 7th June, 2021.* 🪁 The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers. Some of the highlights of the new portal are detailed hereunder: 🌲New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers; 🌳All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer; 🌴Free of cost ITR preparation software available with interactive questions to help taxpayers for ITRs 1, 4 (online and offline) and ITR 2 (offline) to begin with;  🌱Facility for...