2 Archive - 27 April 2022

"27 April 2022" Archive

Clarification regarding final withdrawal of PF for International Workers (IWs)

No. IWU/12061/1/2022-IWU/72/3 27/04/2022

An audit observation has been brought to the notice of the Head Office regarding settlement of claims for final withdrawal of PF in respect of IWs who are from countries not having a Social Security Agreement with India (Non-SSA Countries), along with some grievances on the subject....

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COVID-19 Custom Duty Exemption – CBIC directs Implementation of Rules

Instruction No. 4/2022-Customs 27/04/2022

Reference is invited to notification No. 28/2021-Customs dated 24th April, 2021 that sought to exempt customs duty and health cess on import of oxygen, oxygen related equipment and COVID-19 vaccines, up to 30th September, 2021....

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Director Identification Number (DIN)- How to Obtain/Cancel/Surrender & Penal Provisions

DIN (DIRECTOR IDENTIFICATION NUMBER) DIN is a 8 digit unique Director Identification Number allotted to any person by Central Government who intends to become director of the company. Single DIN is allotted to a person for lifetime. If a person wants to become a director in two or more companies, he has to obtain only […]...

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Posted Under: Corporate Law |

FAQs on Maintenance of Cost Records and Audit thereof 

Companies (Cost Records and Audit) Rules, 2014 will be applicable in this case, subject to it meeting with the prescribed turnover threshold. However, if the company is engaged only in development of the software and not providing online education services, then it will not be covered under the said rules....

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Posted Under: Corporate Law |

IRDAI Rationalises certain compliance requirements For life & non-life insurers

Ref. No: IRDA/ACT/CIR/GEN/74/4/2022 27/04/2022

The requirement to submit quarterly ALM returns regarding Asset Liability Management and Stress Testing (for life insurers) is dispensed with, except for Domestic Systemically Important Insurers....

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CBI Arrests EPFO Enforcement Inspector for Accepting Bribe of Rs. 3 Lakh

The Central Bureau of Investigation has arrested an Enforcement Inspector, EPFO, Kanpur (Uttar Pradesh) for demanding & accepting bribe of Rs. Three Lakh from the Complainant....

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Posted Under: Corporate Law |

Co-conspirator in a Fake ITC Claim of Rs. 11.07 Cr arrested

CGST Commissionerate Mumbai South Arrests Co-conspirator in a Fake Input Tax Credit Claim of Rs. 11.07 Cr; Proprietor arrested earlier CGST Mumbai South Commissionerate has detected tax evasion of Rs. 876 Crores, recovered Rs. 14.4 Crores so far Anti-Evasion Unit of Mumbai South CGST Commissionerate has arrested the co-conspirator in a ca...

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Posted Under: Corporate Law |

GSTR-1/IFF enhancements deployed on GST Portal

Press Release No. 534 27/04/2022

GSTR-1 enhancements & improvements : 1. The statement of outward supplies in FORM GSTR-1 is to be furnished by all normal taxpayers on a monthly or quarterly basis, as applicable. Quarterly GSTR-1 filers have also been provided with an optionalInvoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons...

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Transactions not regarded as transfer – CBDT notifies List of 150 Countries

Notification No. 46/2022-Income Tax, [S.O. 1951(E).] 27/04/2022

Section 47 of Income Tax Act, 1961 deals with transfers which are not regarded as transfer under Income Tax and vide Notification No. 46/2022-Income Tax | Dated: 27th April, 2022 notified list of 150 Countries for clauses (viiac) and (viiad) of section 47 of the Income-tax Act, 1961. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL B...

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Extension of Date for Mandatory electronic filing of Non-Preferential CoO till 01.08.2022

Trade Notice No. 04/2022-2023 27/04/2022

it is informed that the transition period for mandatory filing of applications for Non-Preferential Certificate of Origin through the e-CoO Platform has been further extended till 01st August 2022....

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