The Central Board of Direct Tax (CBDT) has vide its Notification No 40/2021 dated 03rd May 2021 inserted the Rule 11UD in the Income Tax Rules 1962 related to thresholds for the purposes of significant economic presence in India under Section 9(1) of the Income Tax Act, 1961. The full text of the notification is
The Central Board of Indirect Taxes and Customs (CBIC) has vide its Notification No 13/2021 – Central Tax dated 01st May 2021 relaxes the compliance of Rule 36(4) related to restriction of input tax credit and Rule 59(2) related to Invoice Furnishing Facility (IFF). However, the taxpayer should comply with Rule 36(4) cumulatively for the
In this article, we have summarised the frequently asked question by the senior citizens with respect to Income Tax compliances. Q 1. What are the benefits available to a senior citizen and very senior citizen in respect of tax rates? Ans.: Senior citizens and very senior citizen are granted a higher exemption limit as compared
The Ministry of Labour and Employment vide its Notification dated 28th April 2021 notify the amendment in the Employees’ Deposit-Linked Insurance Scheme. The full text of the notification is as follows:- MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 28th April, 2021 G.S.R. 299(E).––In exercise of the powers conferred by section 6C read with
The Insolvency and Bankruptcy Board of India (IBBI) has vide its Notification Dated 27th April 2021 notified the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021. The full text of the notification is as follows:- INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi,
The Central Board of Direct Taxes (CBDT) vide its Notification No 37/2021 dated 26th April 2021 further amend the Rule 2DB of the Income Tax Rules 1962 and Form 10BBA of the Income Tax Act, 1961. The full text of the notification is as follows:- MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT
The Central Board of Indirect Taxes and Customs (CBIC) vide its Notification No 07/2021 – Central Tax dated 27th April 2021 have added a proviso to Rule 26 (1) in Central Goods and Services Tax Rules 2017 related to verification of GSTR-1 and GSTR-3B through electronic verification code (EVC) for the new taxpayer registered under
ICSI/Trg/2021 24th April, 2021 Circular No. Trg/10/2021 Temporary Relaxation in the Training Guidelines for conducting all types of training programme through online mode instead of physical batches (classroom mode) due to persistent rise of COVID 19 cases in India. Due to recent surge of Covid 19 cases in India, many states have imposed night curfew