CA CMA Syam sundar

 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 29th August, 2021 PRESS RELEASE CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961 On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms. The further details are as under: 1. The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A required to be filed on or before 30th June, 2021, as extended to 31st August, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31st March, 2022; 2. The application for registration or approval under Section 10(23C), 12A or 80G of t...

*FAQ on CSR* issued by MCA. In suppression of clarifications and FAQs issued vide General Circular no. 21/2014 (dated 18th June 2014), 36/2014 (dated 17th September 2014), 01/2016 (dated 12th January 2016) ,05/2016 (dated 16th May 2016), clarification issued vide letter dated 25.01.2018 and General Circular no. 06/2018 (dated 28th May 2018), a set of FAQs along with response of the Ministry is provided for better understanding and facilitating effective implementation of CSR. FAqs can be referred on below link Link: https://www.mca.gov.in/bin/dms/getdocument?mds=uCTTViAfc1KSszKI91LQvA%253D%253D&type=open

The government, on Thursday, introduced the Taxation Laws Amendment Bill in Lok Sabha, which seeks to withdraw the contentious retrospective tax brought by Finance Act 2012. “The Bill proposes to amend the Income-tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before 28th May 2012,” Finance Minister Nirmala Sitharaman said in a written statement along with the bill.  “It is further proposed to provide that the demand raised for indirect transfer of Indian assets made before 28th May 2012 shall be nullified on fulfilment of specified conditions such as withdrawal or furnishing of undertaking for withdrawal of pending litigation,” the Finance Minister said.  “It is also proposed to refund the amount paid in these cases without any interest thereon,” Sitharaman said.  The Bill proposes to amend the Income-tax Act, 1961 so a...

 *MCA Update* It is clarified that *spending of CSR funds for COVID-19 vaccination* for persons other than the employees and their families, is an eligible CSR activity under item no. (i) of Schedule VII of the Companies Act, 2013 relating to promotion of health care including preventive health care and item no. (xii) relating to disaster management. Link: https://mca.gov.in/bin/dms/getdocument?mds=HbDqXuiLTcYlShFfT8wcuA%253D%253D&type=open

 F .NO.225/49/2021I1TA-1I  Government of India  Ministry of Finance  Department of Revenue  Central Board of Direct Taxes  Circular No. 15 12021  New Delhi, Dated 3'd August, 2021  Subject: Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961  1. On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 (Act) read with Income-tax Rules,1962 (Rules), the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Act, extends the due dates for electronic filing of such Forms as under:  (i) The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021 , required to be furnished on or before 15th July, 2021 under Rule 37BB of the Rules, as extended to 31't Ju1Y,2021 vide Circul...

  The Central Board of Indirect Taxes and Customs (CBIC) notified no GST Audit will be required from August 1, 2021.  “In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance Act, 2021 (13 of 2021), the Central Government hereby appoints the 1st day of August, 2021, as the date on which the provisions of sections 110 and 111 of the said Act shall come into force,” the CBIC notified.  Section 110 of the Finance Act, 2021 omitted section 35 of the Central Goods and Services Tax Act, sub-section (5). Section 111 of the Finance Act, 2021 seeks to amend section 44 of the Central Goods and Services Tax Act.  The section shall be substituted, namely “Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the valu...

  The Central Board of Indirect Taxes and Customs (CBIC) has notified to exempt Registered Taxpayers having Aggregate turnover upto Rs.2 crore from filing annual return for Financial Year 2020-21 from filing annual return.  “In exercise of the powers conferred by the first proviso to section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby exempts the registered person whose aggregate turnover in the financial year 2020-21 is upto two crore rupees, from filing annual return for the said financial year,” the government notified.