Team Bizsol

In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, CBDT has further extended submissions in Manual format to the Authorised dealer till 15th July 2021.    

Time frame for processing of returns for the  Assessment  Years  up to 2017-18 with refund claims under section 143(1) of the Income-tax Act, 1961 has been extended beyond the prescribed time limits in non-scrutiny cases from 31.10.2020 to 30.09.2021 with prior administrative approvals. (CBDT F. No. 225/98/2020/ITA-II)

Interest rates for National (Small) Savings Schemes w.e.f. 01.07.2021 for quarter July 2021 to September 2021 shall remain the same as applicable for Quarter April 2021 to June 2021. (SB Order No 17/2021)

FSSAI appoints 124 persons as Food Analysts, for the purpose of performing functions under the Food Safety and Standards Act, 2006 Act subject to certain conditions. (F. No. 12015/05/2021)

NPPA approves price rise of 50% for nine scheduled formulations of 3 drugs (carbamazepine, ranitidine, ibuprofen) from the present ceiling price. (Order NO: S.O. 2654(E)

 Telangana HC Issues Practice Directions on Cheque Bouncing Cases to all the Courts under their control to streamline the procedure being adopted in the cases instituted for the offence unclear Section 138 of Negotiable Instruments Act. ( Circular No. 11/2021)

Govt issues Corrigenda to Notification No. 41/2018-Customs (N.T.) which is w.r.t. Revocation of licence or imposition of penalty for Customs Brokers. [ Corrigenda dtd 30th June 2021]

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]