Daily Updates

First look of new income tax e-filing portal launched today. Taxpayer advised taxpayers to re-register their Digital Signature Certificates (DSC) which could not be migrated to new portal for security issues. The service to register DSC is available to all registered users of the e-Filing portal. This service enables registered users to perform the following: Register DSC …

First look of new income tax e-filing portal launched today.(08.06.2021) Read More »

SEBI enhances overseas investment limit for Mutual Funds.

Kerala SGST Commissioner issued new guidelines for blocking Input Tax Credit under 86A of Kerala SGST Rules (circular no 4/ 2021).

CBIC Notifies Rate of Exchange of Foreign Currencies for export & import shipments w.e.f. 04.06.2021 [ Notification No. 51/2021 – Customs (N.T.) |  Dated 3rd June, 2021 ]

The Monetary Policy Committee (MPC) has decided unanimously to continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward. The marginal standing facility (MSF) rate and …

The Monetary Policy Committee (MPC) has decided unanimously to continue with the accommodative stance as long as necessary to revive and sustain growth… (05.06.2021) Read More »

SEBI amends fields for Centralized Database for Corporate Bonds/ Debentures [SEBI Circular No. SEBI/HO/DDHS/DDHS1/P/CIR/2021/572 dtd 4th June 2021]

New Portal www.incometax.gov.in will be operational from 7th June 2021, which will provide pre-filled information in Income Tax Return and easiness’ for assessment and refund process. In view of the change in the domain name of the new website, taxpayers have to register their digital signatures certificates (DSC) again in the new income tax e-filing …

New Portal www.incometax.gov.in will be operational from 7th June 2021, which will provide pre-filled information in Income Tax Return and easiness’ for assessment and refund process. (05.06.2021) Read More »

Draft Code on Social Security (Employee’s Compensation) (Central) Rules, 2021 has been notified as guidelines to make rules by each state.  [ Notification of MINISTRY OF LABOUR & EMPLOYMENT dtd 3rd June 2021]

RBI kept interest rate unchanged and given booster shot to COVID-19 affected Services like hotel and restaurants, tourism and travels, tour operators and adventure / heritage facilities, aviation ancillary services , bus operators, car repair services, rent a car service providers , event organiser , SPA clinics and beauty parlour.  Therefore, borrowers upto loan of …

RBI kept interest rate unchanged and given booster shot to COVID-19 affected Services like hotel and restaurants…(05.06.2021) Read More »

Operational Guidelines for the Production Linked Incentive Scheme for Pharmaceuticals have been notified. [File No. 31026/60/2020 Policy dtd 1st June 2021]. Time period allowed for filing application is during 2nd June to 31st July 2021.

The Securities and Exchange Board of India (SEBI) and the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) have entered into a bilateral Memorandum of Understanding (MoU) for mutual co-operation and technical assistance. [ SEBI Press Releases No.20/2021 dtd 3rd June 2021]

Anti-dumping duty on imports of ‘Polytetrafluoroethylene’ from Russia [Notification No. 32/2021 -Customs (ADD) | Dated 03.06.2021]

Anti-dumping duty on imports of ‘Phenol’ extended till 31.10.2021 [Notification No. 33/2021 -Customs (ADD) Dated 03.06.2021 ]

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021 The above Guidelines shall come into effect for appointments as IRP, Liquidator, RP and BT with effect from July 1, 2021. These Guidelines have been issued in supersession of the earlier Guidelines issued on November 23, 2020. The …

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021 (04.06.2021) Read More »

RoC cannot deactivate Director Identification Number (DIN) : (Baalu Renukadevi Vs Union of India (Madras High Court)  

GSTR-1 cannot be amended after expiry of time- Condonation not possible:  (Abdul Mannan Khan Vs Goods & Services Tax Council & Ors. (Calcutta High Court)

Punjab Govt have raised serious observation on the authority granted to Bureaucrats in terms of Section 164 of CGST Act 2017, which is causing the action to the trade & Industry especially w.r.t. restricting input tax credit, if the suppliers collected the tax, but could not deposit with the government. He had requested to take …

Punjab Govt have raised serious observation on the authority granted to Bureaucrats in terms of Section 164 of CGST Act 2017 (03.06.2021) Read More »

RBI cancels licence of Shivajirao Bhosale Sahakari Bank

Tariff Values of certain items has been revised. [Notification No. 49/2021-Customs (N.T.) dtd 31st May 2021)

Sea Cargo Manifest and Transhipment (Third Amendment) Regulations, 2021 extending timelimit from 31st May to 30th June 2021 (Notification No. 50/2021-Customs (N.T.) Dated 31st May, 2021)