Daily Updates

Revised formats of ANF-2H (Application for Free Sale & Commerce Certificate) and ANF-2I (Application for Free Sale & Commerce Certificate for items other than Medical Devices/Instruments) of HBP, 2015-2020 are notified by by deleting the requirement of furnishing RCMC details under s.no 4 and RCMC related declaration at s.no 8 of Declaration/Undertaking in earlier ANF-2H …

Revised Format of ANF-2H & ANF – 2I of HBP, 2015-2020 are notified by by deleting the requirement of furnishing RCMC details under s.no 4 and RCMC related declaration at s.no 8 of Declaration/Undertaking in earlier ANF-2H and ANF 2L (13.7.2021) Read More »

Framework for setting up of International Trade Financing Services Platform (‘ITFS’) for providing Trade Finance Services at International Financial Services Centres (‘IFSCs’) has been introduced vide (Circular no: F. No. 388/IFSCA/ ITFS Platform/2021-22) by International Financial Services Centres Authority.

As a Prudent Operational Risk Management measure RBI has advised banks to implement Mandatory Leave policy for the Employees Posted in Sensitive Positions or Areas of Operation. The leave will not be less than 10 working days in a single spell every year without giving any prior intimation to these employees and will not have …

As a Prudent Operational Risk Management measure RBI has advised banks to implement Mandatory Leave policy for the Employees Posted in Sensitive Positions or Areas of Operation.(12.07.2021) Read More »

Institute of Chartered Accountants of India (ICAI) allows Multi Disciplinary Partnership Firms and also allows partnership of CAs with CMAs, Company Secretaries, Advocates, Engineer, Architects, MBAs. Accordingly revised “Form 18” has been notified vide Notification No. 1-CA(7)/197/2021 dated 8th July, 2021.

Improvements in Faceless Assessment – Measures for expediting Customs clearances by the Board Ø  w.e.f.  15.07.2021 the facilitation level across all Customs stations would be increased to 90% from current 77% relating  to Risk Management Division (RMD) Ø  Working hours of all Faceless Assessment Groups ( FAGs) shall be uniform from 10 am to 8 pm on …

Improvements in Faceless Assessment – Measures for expediting Customs clearances by the Board.(12.07.2021) Read More »

Shivalik Small Finance Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR.LIC.(Shivalik SFB).No.S159/16.13.223/2021-22 dated June 15, 2021 and officially published in the Gazzette of India.

Under NCLT Rules 2016, vide Notice No. 112/2021 dated 24th May, 2021 partial temporary relaxation in the Revised Standard Operating Procedure with regard to the filing of Hard-Copies in Appellate Tribunal under COVID -19 situation was given, since the situation has improved and the 2nd wave almost subsidised the notice  has been withdrawn with immediate effect. ( Notice No. 138/2021 dated …

Under NCLT Rules 2016, vide Notice No. 112/2021 dated 24th May, 2021 partial temporary relaxation in the Revised Standard Operating Procedure.(12.07.2021) Read More »

Members of the Trade and Industry are informed by DGFT that issuance of benefits/scrips under MEIS, SEIS, ROSL and ROSCTL Schemes would be on hold for a temporary period due to changes in the allocation procedure. During this period, no fresh applications would be allowed to be submitted at the online IT module of DGFT …

Members of the Trade and Industry are informed by DGFT that issuance of benefits/scrips under MEIS, SEIS, ROSL and ROSCTL Schemes.(12.07.2021) Read More »

The Financial Conduct Authority (FCA), UK has announced on March 05, 2021 that LIBOR will cease to be an indicative rates (a) Immediately after December 31, 2021, in the case of all Pound sterling, Euro, Swiss franc and Japanese yen settings, and the 1-week and 2-month US dollar settings; and (b) Immediately after June 30, …

The Financial Conduct Authority (FCA), UK has announced on March 05, 2021 that LIBOR will cease to be an indicative rates.(12.07.2021) Read More »

CBDT inserts Rule 8AC in Income Tax Rules 1962  for Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained. (Notification No. 77/2021-Income Tax , Dated: 7th July, 2021)

SEBI has introduced Standard Operating Procedure (SOP) for listed Subsidiary company desirous of getting delisted through a Scheme of Arrangement wherein the listed Parent Holding company and the listed Subsidiary are in the same line of business. (Circular No: SEBI/HO/CFD/DIL1/CIR/P/2021/0585 dated 6th July 2021)

Currently under Income Tax Rules 1962 as amended , Statements of Financial Transactions (SFT) in respect of following Transactions are being submitted by Circles / Regions . I)  Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more savings account of a person. II)  One or more accounts …

Currently under Income Tax Rules 1962 as amended.(07.07.2021) Read More »

Interest Rate on General Provident Fund & other similar funds will be 7.1% w.e.f. 1st July, 2021.Beneficiaries will be employees of Central Govt. services, Railways , Defence services, Naval services, Armed forces etc.  (F.NO. 5(4)-B(PD)/2021)

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]