"31 May 2021" Archive

Timeline for Application for Revocation of Cancellation extended upto 30.06.2021

Extension of the due date of filing Application for Revocation of Cancellation of Registration In view of the decision of GST Council taken in its 43rd meeting dt. 28.05.2021, the timeline for filing of the ‘Application for Revocation of Cancellation’ for those applicants, for whom the due date of filing such application was falling b...

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Format of compliance report on Corporate Governance by Listed Entities

Circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/567 31/05/2021

Securities Exchange Board of India (‘SEBI’) vide its Circular dated May 31, 2021, has notified amendment in format of Compliance report on Corporate Governance to be submitted by listed entities. SEBI has added ‘Annex IV’ to be submitted on a half yearly basis (w.e.f. first half year of the FY 2021-22) which shall cover details ...

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Implementation date of disclosure of risk-o-meter of scheme extended

Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/566 31/05/2021

risk-o-meter of the scheme and the benchmark along with the performance disclosure of the scheme vis-à-vis benchmark and Details of the portfolio - Based on the representation received from AMFI, it has been decided to extend the implementation date of the provisions of the aforesaid circular to September 1, 2021....

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MVAT: Administrative Relief To Un-Registered Dealers- Dispenses return filing requirement

Trade Circular No. 10T of 2021 31/05/2021

Due to current system in place it is not possible to file the returns pertaining to such unregistered period till the registration is made effective for such period on system....

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MVAT: Clarification on periodicity of return filing & Late Fees

Trade Circular No. 09 T of 2021 31/05/2021

The annual return is prescribed for those dealers whose tax liability in the previous year does not exceed Rs. 25,000/, Financial Year 2019-20 was the first financial year for which this new annual periodicity of return filing is applicable. Accordingly, those dealers who were having tax liability below Rs. 25,000/-in the previous financi...

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CBDT to share Information with notified State Police Agencies

F. No. 225/53/2020/ITA.II 31/05/2021

State Police Agencies as notified by the Central Government in connection with NATGRID project - To facilitate the process of furnishing and receiving information, Memorandum of Understanding entered between Director General of Income-tax (Systems) and NATGRID shall be suitably amended to include the State Police Agencies notified by the...

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CBDT to share information with State Police Agencies of 6 States

Notification No. 69/2021-Income Tax [S.O. 2098(E)] 31/05/2021

Central Government specifies the Nodal officers of the following State Police Agencies for the purposes of the said clause in connection with sharing of information through National Intelligence Grid (NATGRID) platform...

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Relaxation in compliance with requirements pertaining to AIFs & VCFs

Circular No. SEBI/HO/IMD/IMD-I/DOF6/CIR/2021/568 31/05/2021

SEBI in receipt of representation from AIF Industry, requesting extension of timelines for various regulatory filings and compliances for AIFs and VCFs, due to ongoing second wave of the CoVID- 19 pandemic and restrictions imposed by various state governments....

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ECB end-use restrictions for all eligible borrowers

With the objective of promoting ease of doing business in India, the Reserve Bank of India (RBI) has simplified and liberalised the erstwhile framework on external commercial borrowings/foreign currency denominated loans and the rupee denominated loans by notifying the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 ...

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Slump Sale | Rule 11UAE | Income Tax Rules, 1962

What is Slump Sale: ♦ A slump sale for income tax purposes would be one where an undertaking is sold without considering the individual values of the assets or liabilities contained within the undertaking. ♦ It may be important to note here that finding out individual values may be of relevance only for the purpose […]...

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July 2021