Daily Updates

MCA notifies Investor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021 to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. MCA inserts new Rule 6A. Manner of transfer of shares under sub-section (9) of section 90 of the Act to the Fund …

MCA notifies Investor Education and Protection Fund (IEPF) Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021 to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.(11.06.2021) Read More »

Guidelines for Power Generation, Transmission and Distribution in Special Economic Zones (SEZs) has been announced, thereby if such power is generated and used for captive purpose then there is no need to apply for setting up of separate unit for power generation, transmission & distribution in SEZ. [F. No: K-43014(16)/8/2020-SEZ dtd 7th June 2021]

Late fee waiver for filing the VAT Return for the period of March, 2021 April, 2021 and May, 2021 under Maharashtra Value Added Tax Rules, 2005 has been made and last date of filing such return is notified as 30th June 2021. [VAT Notification dtd. 3rd June 2021]

Group of Ministers (GoM) on Casinos, Race Courses and Online Gaming is constituted headed by Sh. Nitin Patel, Deputy Chief Minister, Gujarat. [Office Memorandum of GST Council]

Group of Ministers (GoM) on Capacity based taxation and Special Composition Scheme in Certain Sectors on GST is constituted headed by Sh. Niranjan Pujari, Minister for Finance, Odisha. [Office Memorandum of GST Council]

Group of Ministers (GoM) on movement of Gold and Precious Stones is constituted headed by Shri K.N. Balagopal, Finance Minister of Kerala. [Office Memorandum of GST Council]  

GST Council will meet on 12th June 2021 to discuss the following agenda. Tax exemption or reduction in the rate of various COVID related items including vaccine as recommended by GoM headed by Meghalaya Chief Minister. Extension of GST compensation for further 5 years as demanded by certain states including Bengal Disbursement Plan for GST compensation …

GST Council will meet on 12th June 2021 to discuss the following agenda.(11.06.2021) Read More »

Landmark decision of holding Section 13(8)(b) of the Integrated Goods and Services Tax Act, 2017 is ultra vires the said Act besides being unconstitutional by Hon Mumbai High Court in the case of Dharmendra M Jani Vs UoI [2021-TIOL-1297-HC-MUM-GST]. Intermediary services provided out of country which is treated as taxable services even though recipient is …

Landmark decision of holding Section 13(8)(b) of the Integrated Goods and Services Tax Act, 2017 is ultra vires.(10.06.2021) Read More »

CBDT has amended Rule 31A of Income Tax Rules, 1962, Form 26A, form 26Q and following annexures to Form 26Q i.e. Deductee/Payee Wise Break Up Of TDS, Form 27EQ, annexures to Form 27EQ – Party Wise Break Up Of TCS, Form 27Q and annexures to Form 27Q-Deductee Wise Break Up Of TDS  [Notification No. 71/2021-Income …

CBDT has amended Rule 31A of Income Tax Rules, 1962, Form 26A, form 26Q and following annexures to Form 26Q.(10.06.2021) Read More »

It has been decided to provide operational flexibility for reporting of such transactions undertaken by the Foreign Portfolio Investors (FPIs) in Government securities, as under. FPIs/custodian banks shall report their transactions to the NDS-OM platform within three hours after the close of trading hours for the Government securities market. Information about trades undertaken by domestic …

It has been decided to provide operational flexibility for reporting of such transactions undertaken by the Foreign Portfolio Investors (FPIs) in Government securities.(09.06.2021) Read More »

While the Risk-o-Meter stipulated by SEBI reflects the current risk of the scheme at a given point in time, there is also a need for disclosure of the maximum risk the fund manager can take in the scheme.  [SEBI Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/573 dtd 7th June 2021]

MahaRERA Standardized Format for Declaration about Commencement Certificate (Format –D). [MahaRERA Circular no: 32/2021 dtd 7th June 2021]

Anti-dumping investigation on imports of Plain Medium Density Fibreboard. [Notification dtd 7th June, 2021]

Anti-dumping investigation on imports of Resin Bonded Thin Wheels.  [Notification dtd 7th June, 2021]

Bank to preserve CCTV recording of Demonetization period i.e. November 08, 2016 to December 30, 2016. [RBI Circular No. RBI/2021-22/51 DCM(Plg).No. 51961/10.27.00/2021-22 dtd 8th June 2021]

SEBI prescribes Potential Risk Class Matrix for debt schemes based on Interest Rate Risk & Credit Risk. [Circular SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/573 dated 7th June 2021]

IIT Bhilai approved u/s 35 for Scientific Research from AY 2022-23 to 2025-26  [Notification No. 70/2021 New Delhi, the 8th June, 2021 S.O. 2175(E).]

Companies (Incorporation) Rules, 2014  has been amended. Important amendments are given below: Now, in terms of Rule 38A, not only bank account has to be opened but also Shops and Establishment Registration needs to be taken. Similarly, Profession Tax Registration also needs to be taken. Form No. INC-35 – AGILE – PRO -S has been also …

Companies (Incorporation) Rules, 2014  has been amended.(08.06.2021) Read More »

Timeline for Submission of returns under Section 31 of the Banking Regulation Act, 1949 (AACS) has been extended upto 30th Sept 2021. [RBI/2021-22/49 DoR.RET.REC.19/12.05.009/2021-22 dtd June 04, 2021]

Master Direction Reserve Bank of India (Certificate of Deposit) Directions, 2021 are issued. [RBI/2021-22/79 FMRD.DIRD.03/14.01.003/2021-22 June 4, 2021]