The Directorate of Income Tax (System), CBDT has vide its Notification No 1 of 2021 and Notification No 2 of 2021 dated 20th April 2021 notify the format, procedure, and guidelines for submission of Statement of Financial Transactions (SFT) under Section 285BA of the Income Tax Act, 1961 in respect of Dividend and Interest Income
Across the Globe, various countries in their law of the land have provided for the establishment of Special Economic Zones (SEZs) which are physically located within the borders but financially and economically treated as establishment outside the territory of the country. In India government has provided approval for over 250 SEZs to operated and providing
The Union Cabinet, chaired by Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March 2021 as the Finance Act, 2021). The amendments were essential to clarify and rationalize the proposals further and address stakeholders’ concerns arising out of amendments proposed in the
CBDT has vide its Notification No 32/2021 dated 15th April 2021 notifies the amendment in Rule 2DB, 2DC, and Form 10BBA. The full text of the notification is as follows:- MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th April, 2021 INCOME-TAX G.S.R. 274(E).—In exercise of the powers
Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No 82/2020 – Central Tax, dated 10th Nov., 2020, has revised Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax periods from January, 2021, onwards, as under: Sl.No. Class of registered
The Institute of Chartered Accountants of India (ICAI) has vide its announcement dated 15th April 2021 clarifies on appointment and rotation of auditor under Section 139 of the Companies Act, 2013. The full text of the announcement is as follows:- Corporate Laws & Corporate Governance Committee The Institute of Chartered Accountants of India 15th April,
Frequently Asked Questions on Form 10A for Charitable Trust Q 1: A charitable trust has obtained registration under Section 12A of the Income-tax Act, 1961. Now, it wants to obtain registration under Section 80G of the relevant act. Is it required to file a new application in Form 10A? Ans.: Yes. For each unique section
Insolvency and Bankruptcy Board of India 7 th Floor, Mayur Bhawan, Connaught Place, New Delhi -110001 14th April, 2021 Subject: Judgment dated 13th April 2021 of the Hon’ble Supreme Court of India in the matter of Ghanashyam Mishra and Sons Private Limited through the Authorized Signatory Vs. Edelweiss Asset Reconstruction Company Limited through the Director
Frequently Asked Questions on Unique Document Identification Number (UDIN) Q 1. What is Unique Document Identification Number (UDIN)? Ans.: The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called “Unique
GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals. Background: Notification No. 12/2017-Central Tax dated June 28, 2017, as amended vide Notification No. 78/2020 – Central Tax, dated October 15, 2020, mandates taxpayers to
