Team Bizsol

CBIC notifies 32 Countries for exchange of information facilitating trade. [Notification No. 58/2021-Customs (N.T.) | Dated: 1st July, 2021]

RBI amends instructions on Interest on overdue domestic deposits specifying that Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower. [ RBI Notification RBI/2021-22/66 DoR.SPE.REC.29/13.03.00/2021-2022 dtd …

RBI amends instructions on Interest on overdue domestic deposits.(03.07.2021) Read More »

Central Government hereby extend the period for which small account shall remain operational till 31st December, 2021 under Prevention of Money-laundering (Maintenance of Records) Rules, 2005. [ Notification dtd 30th June 2021]

CBDT issues guidelines on partnership firm taxation | Section 45(4) w.r.t. capital asset remaining with the specified entity is forming part of a block of asset, the amount attributed to such capital asset under rule 8AB of the Rules shall be reduced from the full value of the consideration received or accruing as a result …

CBDT issues guidelines on partnership firm taxation.(03.07.2021) Read More »

Section 45(4) | CBDT amends rule 8AA & Inserts Rule 8AB which relates to Method of determination of period of holding of capital assets in certain cases and added rules related to amount which is chargeable to income-tax as income of specified entity under sub­section (4) of section 45 under the head Capital gains. [ …

Section 45(4) | CBDT amends rule 8AA & Inserts Rule 8AB.(03.07.2021) Read More »

Extension in transitional provisions of Sea Cargo Manifest & Transhipment Regulations 2018 till 31st July 2021 for Authorised sea carriers to continue to deliver the cargo declaration in old Forms Notification No. 56/2021-Customs (N.T.)1.7.2021.

Going forward MSMEs to include activities of Retail & Wholesale trade and as will be allowed to registered on Udyam Registration Portal. However, benefits to Retail and wholesale trade MSMEs are to be restricted to Priority sector lending only. Accordingly the list of eligible additional activities under NIC code 45, 46 and 47 are as …

Going forward MSMEs to include activities of Retail & Wholesale trade and as will be allowed to registered on Udyam Registration Portal.(03.07.2021) Read More »

The Notification No. 51/2015-2020 dated 29.12.2020 is amended to the extent that export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from Export Inspection Council/Export Inspection Agency. Export to remaining European countries (except Iceland, Liechtenstein, Norway and Switzerland) …

The Notification No. 51/2015-2020 dated 29.12.2020 is amended to the extent that export of Rice (Basmati and Non-Basmati).(03.07.2021) Read More »

Online filing of applications for Authorised Economic Operator(AEO) T2 and AEO T3 Launched by Version 2.0 of web-application for filing, real-time monitoring, and digital certification. (Circular No. 13/2021- Customs | Dated: July 01, 2021)

DGFT enlisted M/s Oriental Chamber of Commerce and Industry, Mandideep, Madhya Pradesh under Appendix 2E of FTP, 2015-2020 for issuing Certificate of Origin (Non-Preferential) [Public Notice No. 11/2015-2020 | Dated: 1st July, 2021]

Regional officers/Quarantine officers, Animal Quarantine and Certification Services (AQCS) to issue advance NOC/Final AQCS clearance for import of aforesaid animals into India after receiving negative COVID-19 test report (no more than 3 days old before export into India) in addition to other existing requirements. [Instruction No. 15/2021-Customs dtd 30th June, 2021]

CBIC Notifies Rate of Exchange of Foreign Currencies for Customs w.e.f. 02.07.2021. [Notification No. 57/2021-Customs (N.T.) | Dated: 1st July, 2021]

Government of India has approved the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit for a further period of three months, i.e., up to September 30, 2021. [RBI Circular RBI/2021-22/65 DOR.CRE(DIR).REC.28/04.02.001/2021-22 dtd 1st July 2021]

SEBI has issued a Master Circular for Commodity Derivatives Market to ensure availability of comprehensive information mentioned in the circulars at one place. [ SEBI MASTER CIRCULAR SEBI/HO/CDMRD/DMP/P/CIR/2021/589 dtd July 01, 2021]

Date for updating IEC( Import Export Coode) extended to 31st July 2021.

Import policy of items under HS Code 15119010, 15119020 and 15119090 is amended from ‘Restricted’ to ‘Free’ with immediate effect and for a period up to 31.12.2021. Further, import of items under HS Code 151190 is not permitted through any port in Kerala. [ Notification No. 10/2015- 2020 | Dated: 30th June, 2021]

Applicability of B2C dynamic QR code provisions extended to 30.09.2021. [ Notification No. 28/2021- Central Tax | Dated: 30th June, 2021]

Guidelines under Section 194Q of the Income Tax Act 1961 has been issued for applicability of transactions carried through various exchanges, Calculation of threshold for Financial Year 2021-22, adjustment for GST, purchase returns and other clarifications. [Circular No. 13/2021 dtd 30th June 2021]

MCA Relaxes time for filing forms for creation or modification of charges and the period from 01.04.2021 till 31.07.2021 will not be considered for calculations of days u/s 77 & 78 of the Companies Act 2013. [General Circular No.11/2021 dtd 30th June 2021]

Extension of time till 31st August 2021 for filling various forms under Companies Act, 2013/LLP without additional fees for forms of which due dates fall between 1st April 2021 to 31st July 2021 except for CHG-1 Form, CHG- 4 Form and CHG- 9 Form. [General Circular No. 11/2021 dtd 30th June 2021]