The Ministry of Corporate Affairs (MCA) vide its Circular No 09/2021 dated 05th May 2021 issues the clarification on the spending of Corporate Social Responsibility (CSR) funds for creating health infrastructure for COVID care, the establishment of oxygen generation and storage plant. The steps have been taken by the MCA keeping in view of the
The Central Board of Direct Taxes (CBDT) vide its Notification No 50/2021 dated 05th May 2021 exempted the cash allowances received from the employer in lieu of any travel concession or assistance maximum up to Rs 36,000/- or one-third of the specified expenditure, whichever is less, under the second proviso to clause (5) of section
After the relaxation in Income Tax and Goods and Services Tax (GST) compliances Central Government also came up with the relaxation in Companies Act and Limited Liability Act compliances. The Ministry of Corporate Affairs (MCA) issues following three Circulars regarding the various relaxation in the Company Law compliances considering the severe COVID-19 conditions in the
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
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
