Daily Updates

FDI policy on Insurance sector has been revised so as to enhance foreign equity in Insurance Sector to the extent of 74% and Intermediaries or Insurance Intermediaries including insurance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, Surveyors and Loss Assessors and such other entities, as may be notified by the Insurance Regulatory and …

FDI policy on Insurance sector has been revised.(17.06.2021) Read More »

Tariff value for of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver & others have been revised and notified. [Notification No. 52/2021 – Customs (NT) d.t 15.06.2021 & Notification No. 53/2021 – Customs (NT) d.t 16.06.2021]  

MCA allows Board Meeting via Video Conferencing permanently. [MCA Notification dtd 15th June 2021]

SEBI has issued guideline for settlement of running account of client’s funds / securities lying with Trading Member . [Circular : SEBI/HO/MIRSD/DOP/P/CIR/2021/577 dtd 16th June 2021]

Justice Shashi K Gupta appointed chairman of Appellate Authority under CA / CMA / CS Act.

Notifications issued for GST rates reductions as per 44th GST Council meeting recommendations.  The summary of Notifications issued is as under:

APEDA designated as agency authorized to issue RCMCs for Cashew Kernel, Cashewnut Shell Liquid, Kardanol etc. [Public Notice No. 6/2015-2020 dtd 14th June, 2021]

CBDT notifies ‘317’ as Cost inflation index for Financial Year 2021-22 / Assessment Year 2022-23. [Notification No. 73/2021-Income Tax Dated: 15th June, 2021]

RBI, in the Statement on Developmental and Regulatory Policies dated February 5, 2021 released with the fifth Bi-monthly Monetary Policy Statement for 2020-21, announced that a consultative document will be issued for harmonising the regulatory frameworks for various regulated lenders in the microfinance space an invited the suggestions from public.

Securities Exchange Board of India (‘SEBI’) vide its Circular dated June 15, 2021, has provided relaxation in the provision related to a minimum vesting period of one year in case of Employee Stock Options (“ESOP”) and Stock Appreciation Rights (“SAR”).

Notification issued on 1st May 2021, reducing custom duty on “Oxygen concentrator, imported for personal use” has been rescinded, since new notification is expected based on the recommendation of 44th GST Council Meeting. [Notification No. 33/2021-Custom dtd 14th June 2021]

Anti-dumping duty imposed on imports of “Ammonium Nitrate” originating in or exported from Russia, Georgia and Iran. [Directorate General Of Trade Remedies Notification dtd 11th June, 2021]

CBDT allows manual filing of Income Tax Forms 15CA 15CB till 30th June 2021 Under the provisions of the Income-tax Act, 1961 read with Rule 37BB. [CBDT press Release dtd. 14th June 2021]

CBDT has issued the Guidelines for compulsory complete Income Tax Scrutiny during FY 2021-22. [CBDT F. No. 225/61/2021/ITA-II  dtd 10th June 2021]

Online PSB Loans Limited allowed to perform Aadhaar authentication, on voluntary basis, for verification, including Yes or No authentication and e-KYC, of beneficiaries on the National Portal for Credit Linked Government Schemes. [Notification issued by Ministry of Finance dtd 11th June, 2021]

RBI issues FAQs on appointment Auditors of Banks, UCBs & NBFCs. [RBI/2021-22/25 Ref. No. DoS.CO.ARG/SEC.01/08.91.001/2021-22 dtd April 27, 2021]

Step-by-Step Guide for making online rectification request u/s 154 for TDS credit mismatch correction in new e-filing portal.

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 w.e.f. 10th June 2021.

GST Rates reduced on Covid-19 relief goods till 30th September, 2021 as per the Recommendations of 44th GST Council Meeting.

New functionalities to be deployed on GST Portal-Negative liability statement, GSTR-4A & HSN in Excel in order to provide a smooth and hassle free experience to the taxpayers and simplify the process for them, to comply with their GST compliances.