"12 February 2021" Archive

Update Your IEC Yearly or face Deactivation

Notification No. 58/2015-2020 [S.O. 656(E)] 12/02/2021

All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through Online system, failing which their IEC shall be de-activated and no import or export activity will be possible. IEC related provisions in Chapter-1 and Chapter-2 of Foreign […]...

Income Tax Rates for FY 2020-21 & FY 2021-22

Rates of Income Tax for Financial year (FY) 2020-21 i.e. Assessment Year (AY) 2021-22 and FY 2021-22 (AY 2022-23) applicable to various categories of persons viz. Individuals, Firms, companies etc. Introduction This article summarizes Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various...

Posted Under: DGFT | ,

Quarterly Return Monthly Payment (QRMP) scheme Analysis

This is an attempt to apprise you in detail of the Quarterly Return-Monthly Payment (QRMP) scheme has recently been launched by the Central Board of Indirect Taxes and Customs (CBIC). Please note that a Quarterly Return-Monthly Payment (QRMP) scheme has recently been launched by the board and a circular bearing no. 143/13/2020-GST dated 1...

Posted Under: DGFT |

MCA revises Benches of NCLT at various Union territories

Notification No. S.O. 654(E) 12/02/2021

MCA revises / Notifies Benches of NCLT at UT of Jammu & Kashmir, Ladakh, Dadra and Nagar Haveli and Daman and Diu MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 12th February, 2021 S.O. 654(E).—In exercise of the powers conferred by sub-section (1) of section 419 of the Companies Act, 2013 (18 of 2013), the […]...

Highlights of Union Budget w.r.t GST & Income Tax

Changes under Income Tax – Union Budget 2021: 1. No Changes in Income Tax Slab rates. 2. Income Tax Return need not be filed by Senior citizens provided that: He is Resident of India and of the age 75 years or more during the previous year He has only Pension and/or Interest Income He shall […]...

Posted Under: DGFT |

GST: No more Good & Simple

Journey well started: GST was claimed to be Good & Simple Tax by the Modi Government. The world acknowledged the reform as game changing too. Indian business houses too gave warm welcome to the law. Teething problems were bound to be there initially. No Law can be robust or full proof from day one. But […]...

Posted Under: DGFT |

Investment in NBFCs from FATF non-compliant jurisdictions

RBI/2020-2021/97 DOR.CO.LIC.CC No.119/03.10.001/2020-21 12/02/2021

Investors in existing NBFCs holding their investments prior to the classification of the source or intermediate jurisdiction/s as FATF non­compliant, may continue with the investments or bring in additional investments as per extant regulations so as to support continuity of business in India....

EPFO guideline for correction in name father/spouse/gender

Circular No. WSU/KYC/Correction process (E-15189) /2874 12/02/2021

Correction in member profile has been allowed to rectify the errors in name, father/husband name, DOB and gender. However, it has been observed that complete name and profile change has been made in certain cases leading to fraudulent withdrawals....

IRDAI Advises All Insurance Firms For Issuance of Digital Insurance Policies Via Digilocker

Release ID: 1697372 02/12/2021

IRDAI advises all Insurance companies for issuance of Digital Insurance Policies via DigiLocker, It will lead to better customer experience with faster claims processing and settlement, reduction in disputes and reduction in fraud...

Posted Under: DGFT |

15th Instalment of Rs. 6000 crore released to States to meet GST compensation shortfall

15th Instalment of Rs.6,000 crore released to the States to meet the GST compensation shortfall. A total amount of Rs. 90,000 crore released so far to all States and UTs with legislature. This is in addition to additional borrowing permission of Rs.1,06,830 crore granted to the States....

Posted Under: DGFT |

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