"19 March 2021" Archive

Form 26A – Why, What and How

The section 201(1) of Income Tax Act, 1961 talks about when assesse is not treated as assesse in default. That is, when he had complied certain conditions and furnished the Form 26A. Let’s see what this form is and how it is furnished. Legal Aspects – Analysis of Section 201(1) read with its proviso and […]...

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Posted Under: Income Tax |

Remuneration to Managerial Person or Person & Other Director wef 18.03.2021

Remuneration To Managerial Person or Person And Other Director As Per Schedule V of The Companies Act, 2013 As Amended W.E.F 18/03/2021. SCHEDULE V OF COMPANIES ACT, 2013 PART I CONDITIONS TO BE FULFILLED FOR THE APPOINTMENT OF A MANAGING OR WHOLE TIME DIRECTOR OR MANAGER WITHOUT THE APPROVAL OF THE CENTRAL GOVERNMENT APPOINTMENTS. A [&he...

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Posted Under: Income Tax |

Timeline of Year 2020 & 2021 till date … In life of GST Professionals

Looking back to last 15 months -specifically 2020 . It was the year when Professionals worked double than Usual year. JAN-2020 31st January 2020 was the last date for GSTR 9 AND 9C FOR FY 17-18 . This was after extending 4-5 times . Professionals still understanding 36(4) which was implemented back in Oct-2019 FEB […]...

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Posted Under: Income Tax |

Govt notifies annual import Quota (FY 2021-22) for Tur/Pigeon peas & Moong

Notification No. S.O. 1266(E). 19/03/2021

Central Government hereby notifies the annual quota for the fiscal year 2021–22 for the following items of Chapter 7 of the Indian Trade Classification (Harmonized System), 2017, Schedule-1 (Import Policy):...

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Last date for import of Urad extended to 30th April, 2021

Notification No. S.O. 1261(E). 19/03/2021

Government hereby extends the last date for import of 1.5 Lakh MT of Urad [Beans of the SPP Vigna Mungo (L.) Hepper] under HS Codes 0713 31 10, 0713 90 10 and 0713 90 90 of Chapter 7 of ITC (HS), 2017, Schedule – I (Import Policy), for the fiscal year 2020-21, from 31st March, 2021 to 30th April, 2021....

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Procedures for import of Pigeon Peas from Mozambique notified

Public Notice No. 44/2015-20-DGFT 19/03/2021

Accordingly 2, 00,000 MT of pigeon peas to be imported from Mozambique, during the fiscal year 2021-22 is allowed for import, subject to the following conditions: a. Import will be allowed only through the following 5 ports: (i) Mumbai, (ii) Tuticorin, (iii) Chennai, (iv) Kolkata and (v) Hazira....

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Income Tax Dept searches Tamil Nadu based Yarn Trading Group

In a separate development, the Income Tax Department, carried out search and seizure operations on 17/03/2021 on a business group engaged in yarn trading and supply of PPE kits, bags and Baby care kits to various State Governments. The searches were conducted in eight premises at Tirupur, Dharapuram and Chennai....

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Posted Under: Income Tax |

States/UTs wise breakup of DPIIT recognized startups

Since the launch of Startup India initiative, a total of 44,766 Startups have been recognized by DPIIT as on 14th March 2021.  States/UTs wise breakup of DPIIT recognized startups is at Annexure-I....

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Posted Under: Income Tax |

India’s Trade Performance during COVID-19 Period

India’s overall (merchandise and services) export was US$ 394.96 billion during 2020-21 (April-January) as compared to US$ 443.24 billion during 2019-20 (April-January), i.e. a negative growth of 10.89%. During 2020-21 (April-January), India’s overall import was US$ 400.84 billion as compared to US$ 514.57 billion during 2019-20 (Apri...

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Posted Under: Income Tax |

Key Steps taken by Government to boost exports

Ministry of Commerce & Industry Exports from the Manufacturing Sector Posted On: 19 MAR 2021 Major commodity-group wise data on merchandise exports in last five years is at Annexure. The Government has taken the following key steps to boost exports: 1. The mid-term review of the current Foreign Trade Policy (2015-20) was carried out ...

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Posted Under: Income Tax |

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