Investment by Foreign portfolio investors (FPI): Investment limits

RBI vide notification Nos. RBI/2019-20/199 & RBI/2019-20/214 dated March 30, 2020 & April 15 respectively, issues directions to the Authorised Directory category-1 banks regarding investment limits for FY 2020-21 by FPIs in debt instruments. Investment Limits for FY 2020-21: The limit for FPI investment in corporate bonds is increased to 15% of outstanding stock for FY 2020-21. Accordingly the revised limits for FPI investment in corporate bonds are as follows: Particulars Rs. in Crores Current FPI Limit 3,17,000 Revised for HY Apr 2020 – sep 202.....

Doorstep banking services for senior citizens and differently-abled persons

RBI vide notification no. RBI/2019-20/203 dated March 31, 2020, it has been advised to incorporate the following aspects in their board-approved policy for doorstep banking services for senior citizens and differently-abled persons, Banks shall offer the doorstep banking services on a pan India basis. Banks should develop a Board approved framework for determining the nature of branches/centers where these services will be provided mandatorily and those where it will be provided on a best effort basis and make the policy public. The list of branches offering such doorstep banking services .....

Export of goods and services – Realisation and repatriation of Export proceeds- relaxation.

RBI vide notification no. RBI/2019-20/206 dated April 01, 2020, it has been decided that to increase the present period of realization and repatriation to India of the amount representing the full export value of goods or software or services exported, from nine months to fifteen months from the date of export, for the exports made up to or on July 31, 2020. Provisions in regard to the period of realization and repatriation to India of the full export value of goods exported to warehouses established outside India remain unchanged. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1.....

Declaration of Dividend by banks

RBI vide notification no. RBI/2019-20/218 dated April 17, 2020, considering the uncertainty caused by COVID-19 which requires banks to conserve capital to retain their capacity to support the economy and absorb losses, it has been decided that all banks shall not make any further dividend payouts from the profits pertaining to the financial year ended March 31, 2020, until further instructions. This restriction shall be reassessed by the Reserve Bank based on the financial results of banks for the quarter ending September 30, 2020. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11.....

Import of goods and services – Extension of time limits for settlement of Import payment.

RBI vide notification no. RBI/2019-20/242 dated May 22, 2020, it has been decided to extend the time period for completion of remittances against such normal imports (except in cases where amounts are withheld towards the guarantee of performance, etc.) from six months to twelve months from the date of shipment for such imports made on or before July 31, 2020. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11900&Mode=0 .....

Electronic Cards for Overdraft Accounts

RBI vide notification no. RBI/2019-20/225 dated April 23, 2020, it has been decided to permit banks to issue electronic cards to natural persons having Overdraft Accounts that are only in the nature of personal loan without any specific end-use restrictions. The card shall be issued for a period not exceeding the validity of the facility and shall also be subject to the usual rights of the banks as lenders. The electronic card for Overdraft Accounts in the nature of personal loans shall be allowed to be used for domestic transactions only. Further, adequate checks and balances shall be put.....

Clarification of option under section 115BAC of the income tax act, 1961

Income tax vide Circular No. C1/2020 dated 13th April 2020 issues clarifications raised regarding exercising of Section 115BAC of the income tax act, 1961. Section 115BAC of the income tax act, 1961 provides that a person, being an individual or a Hindu undivided family having income other than income from business or profession, may exercise an option in respect of a previous year to be taxed under the said section 115BAC for each year at the concessional rate provided under section 115BAC of the Act is subject to the condition that the total income shall be computed without specified.....

Abeyance of certain clauses in Form-3CD (tax audit report).

Income tax vide Circular No. 10/2020 dated 24th April 2020 it has been decided that the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till 31st March 2021. Clause 30C of Tax Audit Report deals with the impermissible avoidance arrangements entered by the assessee during the previous year. Clause 44 of the Tax Audit Report deals with the Break-up of the total expenditure of entities registered or not registered under the GST. https://www.incometaxindia.gov.in/communications/circular/circular_no_10_2020.pdf .....

Clarification in respect of residency under section 6 of the Income-tax Act, 1961.

Income tax vide Circular No. 11/2020 dated 8th May 2020 the CBDT has decided that the for the purpose of determining the residential status under section 6 of the Act during the previous year 2019-20 in respect of an individual who has come to India on a visit before 22nd March 2020 and: has been unable to leave India on or before 31st March 2020, his period of stay in India from 22nd March 2020 to 31st March, 2020 shall not be taken into account, orhas been quarantined in India on account of Novel Corona Virus (Covid-19) on or after 1st March 2020 and has departed on an evacuation flight .....

Clarification in respect of prescribed electronic modes under section 269SU of the income tax act, 1961.

Income tax vide Circular No. 12/2020 dated 20th May 2020 it is hereby clarified that the provisions of section 269SU of the Act shall not be applicable to a specified person having only B2B transactions (i.e. no transaction with retail customer/consumer) if at least 95% of the aggregate of all amounts received during the previous year, including the amount received for sales, turnover or gross receipts, are by any mode other than cash. Section 269SU section requires every person carrying on business and having sales/turnover/gross receipts from the business of more than Rs 50 Crores ("specifi.....

Relaxation from compliance to REITS and InvITs due to the CoVID-19 virus Pandemic

SEBI vide circular No’s. SEBI/HO/DDHS/DDHS/CIR/P/2020/42 dated 23rd March 2020 it has been decided to extend the due date for regulatory filings and compliances for REIT and InvIT for the period ending March 31, 2020, by one month over and above the timelines. https://www.sebi.gov.in/legal/circulars/mar-2020/relaxation-from-compliance-to-reits-and-invits-due-to-the-covid-19-virus-pandemic_46398.html .....

Investment by the sponsor or Asset Management company in the scheme

SEBI vide circular No. SEBI/HO/IMD/DF4/CIR/P/2020/100 dated 12th June 2020, it has been decided that the sponsor or asset management company is required to invest not less than one percent of the amount which would be raised in the new fund offer or fifty lakh rupees, whichever is less in such option of the scheme, as may be specified by the Board. It has also been decided that the above-referred investment shall be made in the growth option of the scheme.  For such schemes where the growth option is not available the investment shall be made in the dividend reinvestment option of the scheme.....

Participation of mutual Funds in commodity derivatives market in India

SEBI vide circular No. SEBI/HO/IMD/DF2/CIR/P/2020/96 dated 05th June, 2020, it has been decided that No Mutual fund schemes shall invest in physical goods except in ‘gold’ through Gold Exchange Traded Funds (ETFs). However, as mutual fund schemes participating in Exchange Traded Commodity Derivatives (ETCDs) may hold the underlying goods in case of physical settlement of contracts, in that case, mutual funds shall dispose of such goods from the books of the scheme, at the earliest, not exceeding the timeline prescribed below, For Gold and Silver: -  180 days from the date of holdi.....

Framework for Regulatory Sandbox

SEBI vide circular No. SEBI/HO/MRD-1/CIR/P/2020/95 dated 05th June 2020 it has been decided to introduce a  framework for  “Regulatory  Sandbox”. Through previous circulars dated may 20, 2019 stipulated a framework for an industry-wide Innovation  Sandbox, whereby FinTech startups and entities not regulated by SEBI  were permitted to use the  Innovation Sandbox for offline testing of their proposed solution. Further, this circular SEBI  now has decided to introduce a  framework for  “Regulatory  Sandbox”. Under this sandbox framework,  entities regulated by  SEBI  s.....

Clarification on the spending of Corporate Social Responsibility (CSR) Funds for COVID-19

MCA vide General Circular No. 10/2020 dated 23rd March 2020 is hereby clarified that spending of CSR funds for COVID-19 is eligible CSR Activity. Funds may be spent on various activities related to COVID-19 under item nos. (i) and (xii) of Schedule VII relating to the promotion of health care, including preventive health care and sanitation, and, disaster management. https://companylaw.taxmann.com/circulars-notifications.aspx?t=qs .....

Special measure under Companies Act, 2013 and Limited Liability Partnership Act, 2008 in view of COVID-19 breakout

MCA vide General Circular No. 11/2020 dated 24th March 2020, it has been decided to reduce their compliance burden and other risks. Reliefs given were as follows: No additional fees shall be charged for late filing during a moratorium period from 01st April to 30th September 2020, in respect of any document, return, statement, etc., required to be filed in the MCA-21 Registry, irrespective of its due date.The mandatory requirement of Board meetings of the companies within the intervals provided in the Companies Act, 2013 (120 days) stands extended by a period of 60 days till the next tw.....

Clarification on contribution to PM-CARES Funds as eligible CSR Activity

MCA vide office memorandum F No. CSR-05/1/2020-CSR-MCA dated 28th March 2020, has been clarified that any contribution made to the PM CARES Fund shall qualify as CSR expenditure under the Companies Act 2013. https://companylaw.taxmann.com/circulars-notifications.aspx?t=qs .....

Where State Government undertaking is engaged in wholesale and retail trade of beverages within State, levy of Gallonage Fee, Licence Fee and Shop Rental (kist) with respect to FL-9 licences granted with respect to wholesale of foreign liquor will clearly fall within purview of Section 40(a)(iib) and, hence, amount paid in this regard is liable to be disallowed while similar amounts paid with respect to FL-1 licences granted with respect to retail business in foreign liquor is not an exclusive levy on appellant and, hence, not liable to be disallowed; Surcharge on sales tax and turnover tax is not a 'fee or charge' coming within scope of Section 40(a)(iib) and is not an amount which can be disallowed under said provision

Vide Decision of High court of Kerala in Kerala State Beverages (Manufacturing and Marketing) Corporation Limited Vs. Assistant Commissioner of Income Tax. Facts of the case: Appellant is a company registered under the Companies Act, engaged in wholesale and retail trade of beaverages within the State of Kerala, and is a 'State Government Undertaking' falling within the 'Explanation' provided under section 40(a)(iib) of the Income Tax Act, 1961.It is engaged in wholesale and retail trade of beverages within State of Kerala - Assessee is holding FL-1 Licence with respect to sale of forei.....

The assessing officer or the appellate authority while exercising the power of appeal or stay of the assessment proceedings under section 226 of the Income Act 1961 are enjoined obligation to give regard and respect to the directions of the Hon’ble High Court. In other words, it would not be necessary that the payment of 20% can be dispensed with only if there is an order of the high court.

Vide decision of High Court of Kerala in Aranattukara Oriental Service Co-Operative Bank Ltd. Vs Commissioner of Income Tax Facts of the case: Petitioner is a primary Co-operative Agricultural Credit Society registered under the Kerala Co-operative Societies Act. Petitioner is an assessee on the file of the Commissioner of Income tax. While so, the Commissioner issued a notice under Section 156 of the Income tax Act pertaining to the assessment year 2017-18.Aggrieved by the assessment order petitioner preferred appeal before the Income tax Officer along with a stay application. It is su.....

Where during Income-tax search and seizure proceedings, Assessing Officer stumbled upon contraband substance, it did not amount to seizure under Narcotic Drugs and Psychotropic Substances Act, 1985 and thus it could not be that search and seizure operation by officer was not empowered or authorized under NDPS Act and was without mandate of law

Vide decision of High Court of Bombay in Ananth Vardhan Pathak Vs Union of India Facts of the case:  On 7-1-2014, a search and seizure operation was conducted by Income Tax Department at a particular room in Taj Palace Hotel, Mumbai in connection with affairs of Yash Birla Group Companies. Applicant, who was President of Corporate Affairs of said group was found in said room along with co-accused.In course of said search and seizure operation, the co-accused was found in possession of eight small self-knotted transparent polythene pouches containing white powdery substance kept in .....

Where appellant's claim for input tax credit on purchase of materials had been denied by Additional Commissioner on ground that vendors had not paid tax collected from appellant to revenue, order of Additional Commissioner was to be set aside and matter was restored to file of Additional Commissioner for fresh consideration.

Vide decision of High Court of Karnataka in Aequs S.E.Z. (P.) Limited vs. Commissioner of Commercial taxes. Facts of the case: The appellant is a private limited company engaged as a developer of SEZ units, maintenance and operation of infrastructure facility. The appellant had filed monthly returns in VAT-100 for the tax periods 2010-11. On verification of the same, the Prescribed Authority noticed that the appellant had claimed input tax credit for the purchase of materials from their sub-contractors.The respondent vide his order dated 15-9-2014 after hearing the appellant proceeded t.....

Extension of due date for filing Form-GSTR-04

GST vide Notification No. 64/2020 dated 31st August, 2020 extends due date for filing of form GSTR-04 to 31st of October 2020. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-64-central-tax-english-2020.pdf .....

Extension of due date by furnishing of form GSTR-3B for supply made in the month of August,2020 for taxpayers with annual turnover up to Rs.5 Crores.

GST vide Notification Nos. 54/2020 dated 24th June, 2020, it has been issued that for tax payers having turnover upto Rs. 5 crores based on their principal place of business due date for filing of form GSTR-3B has been extended to October 1, 2020 and October 3, 2020 respectively(basis for Principle place of business is in the original notification accessed through link). https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-54-central-tax-english-2020.pdf .....

Fair Practices code for Asset reconstruction companies

RBI vide notification Nos. RBI/2020-21/13 dated 16 July, 2020 Asset Reconstruction Companies(ARCs) are advised to adopt regulatory measures were announced ‘Fair Practices Code’ so as to ensure transparency and fairness in their operation. Guidelines are annexed to the notification, which can be found through the following link. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11937&Mode=0 .....

Loans against Gold Ornaments and Jewellery for Non-Agriculture End-Uses

RBI vide notification Nos. RBI/2020-1/19 dated August 06, 2020, issues  With a view to further mitigate the economic impact of the Covid19 pandemic on households, entrepreneurs and small businesses, it has been decided to increase the permissible loan to value ratio (LTV) for loans against pledge of gold ornaments and jewellery for non-agricultural purposes from 75 per cent to 90 per cent. This enhanced LTV ratio will be applicable up to March 31, 2021 to enable the borrowers to tide over their temporary liquidity mismatches on account of COVID 19. Accordingly, fresh gold loans sanctioned o.....

Opening of current accounts by banks – Need for Discipline

RBI vide notification no. RBI/2020-21/20 dated August 06, 2020 has been reviewed and revised instructions on opening of current accounts by banks. They are as under: No bank shall open current accounts for customers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system and all transactions shall be routed through the CC/OD account.Where a bank’s exposure to a borrower is less than 10 per cent of the exposure of the banking system to that borrower, while credits are freely permitted, debits to the CC/OD account can only be for credit.....

Online Dispute Resolution (ODR) System for Digital Payments

RBI vide notification no. RBI/2020-21/21 dated August 06, 2020 issued advisory to  authorised Payment System Operators (PSOs) to put in place system/s for ODR for resolving disputes and grievances of customers. To begin with, authorised PSOs shall be required to implement an ODR system for disputes and grievances related to failed transactions in their respective payment systems by January 1, 2021. The PSOs shall provide access to such a system to its participating members i.e., Payment System Participants (PSPs). Any entity setting up a payment system in India thereafter or partic.....

System based asset classification – Urban Co-Operative Banks (UCBs)

RBI vide notification no. RBI/2020-21/23 dated August 12, 2020 it has been decided to implemented system-based asset classification (i.e. Automated) in urban co-operative banks (UCBs) in order to improve the efficiency, transparency and integrity of the asset classification process. Instructions are as under: UCBs having total assets of ₹2000 crore or above as on March 31, 2020 shall implement system-based asset classification with effect from June 30, 2021.UCBs having total assets of ₹1000 crore or above but less than ₹2000 crore as on March 31, 2020, shall implement system-based.....

One Time relaxation for Verification of tax-returns for the assessment years 2015-16, 2016-17, 2017-18, 2018-19 anf 2019-20 which are pending due to non filing of ITV-V form and processing of such returns.

Income tax vide Circular No. 13/2020 dated 13th July, 2020 issues one time relaxation for verification of tax returns for the assessment years as mentioned above which are pending due to non-filing of ITR-V form and processing of such returns. In respect of an Income-tax Return (ITR) which is filed electronically without a digital signature, the taxpayer is required to verify it using any one of the following modes within the time limit of 120 days from date of uploading the ITR:Through Aadhaar OTP,By logging into e-filing account through net banking,EVC through Bank Account Number,EVC thr.....

CBDT provides ITR filing compliance check functionality for scheduled commercial banks

Income tax vide Notification no. 71/2020 dated 31-08-2020 issues orders to scheduled commercial banks for furnishing information about IT return filing status. As the data on cash withdrawal indicated that huge amount of cash is being withdrawn by the persons who have never filed income-tax returns. To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 w.e.f. 1st July, 2020 further amended Income-tax Act, 1961 to lower the threshold of cash withdrawal to Rs. 20 lakh for the applicability of TDS fo.....

Acceptance of payment through prescribed electronic modes – Imposition of charge on the prescribed electronic modes

Income tax vide Circular No. 16/2020 dated 30-08-2020 issues orders to immediately refund the charges collected, if any, on or after 1st January, 2020 on transactions carried out using the electronic modes prescribed under section 269SU of the Income Tax Act and not to impose charges on any future transactions carried through the said prescribed modes. Government in order to encourage digital transactions and move towards a less-cash economy, the Finance (No. 2) Act 2019 inserted a new provision namely section 269SU in the Income-tax Act, 1961, which provides that every person having a bus.....

Conducting meeting of unitholders of InvITs and REITs through Video Conferencing (VC) or through other audio-visual means (OAVM)

SEBI vide circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/102 dated 22nd June 2020 clarified that  InvITs/ REITs may conduct the meeting of unitholders through  VC  or  OAVM by following the procedure specified in Annexure to the circular (can be accessed through the link). The facility of VC or OAVM shall be available for the annual meeting of unitholders in terms of InvIT  Regulations and REIT Regulations, to be conducted during the calendar year  2020. For meetings,  other than the annual meeting of unitholders, the facility for conducting meetings of unitholders through VC or OAVM sha.....

Use of Digital Signature Certifications for Authentication /Certification of filings/submissions made to Stock Exchanges

SEBI vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/145dated 31st July 2020, it has been permitted for authentication /certification of any filing/submission made to stock exchanges under   the Listing Obligations and Discosure Regulations may   be done using digital signature certifications till December 31, 2020. This Circular shall apply for filings/submissions made from July 1, 2020. https://www.sebi.gov.in/legal/circulars/jul-2020/use-of-digital-signature-certifications-for-authentication-certification-of-filings-submissions-made-to-stock-exchanges_47219.html .....

Procedural Guidelines for Proxy Advisors

SEBI vide circular No. SEBI/HO/IMD/DF1/CIR/P/2020/147 dated 03rd August 2020, Procedural gudelines for proxy advisors has been issued. As per SEBI (Research Analyst) Regulations, 2014 mandates proxy advisors to abide by Code of Conduct specified therein. It is decided that proxy advisors shall also comply with the following procedural guidelines: Proxy Advisors shall formulate  the voting recommendation policies and disclose the  updated voting recomm-endation policies to its clients. Proxy Advisors shall ensure that the policies should be reviewed atleast once annually. The v.....

Grevience Resolution between listed entities and proxy advisers

SEBI vide circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/119dated 04th August, 2020 in order to facilitate resolution of such grievances of listed entities against SEBI registered proxy advisors, the  listed entities may approach SEBI. SEBI will examine the matter for non-compliance by proxy advisors with  the provisions of the Code of Conduct under SEBI (Research Analyst) Regulations, 2014 and the  procedural guidelines for proxy advisors. This circular shall be applicable with effect from January 01, 2021(as per circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/159 dated August 27). https://www.seb.....

Resources for Trustees of Mututal Funds

SEBI vide circular No. SEBI/HO/IMD/DF4/CIR/P/2020/0000000151 dated 10th August, 2020 providing administrative assistance to trustees in monitoring various activities of the AMCs. It is decided that, Trustees shall appoint a  dedicated officer having professional qualification and minimum 5 years of experience in finance and financial services related field.The officer so  appointed, shall be employee of the  Trustees and directly report to the Trustees.The scope of work for the said officer shall be  specified by Trustees from  time to time to support  the .....

Review of Debt and Money Market Securities Transactions Disclosure w.r.t Mutual Funds and Asset Management companies

SEBI vide circular No. SEBI/HO/IMD/DF4/CIR/P/2020/163 dated 01st  September 2020 In order to further enhance transparency, it is now decided that the details of debt   and   money   market   securities   transacted   (including   inter   scheme transfers)  in  its  schemes  portfolio shall  be  disclosed  on daily  basis  with  a time lag of 15 days in a revised format as prescribed in Annexure A (can be accessed through Link). This Circular shall come into effect from October 01, 2020. https://www.sebi.gov.in/legal/circulars/sep-2020/review-of-debt-and-money-ma.....

Relaxation of Additional fees and extension of last date of filing CRA-4 (form for filing of cost Audit Report) for FY 2019-20 under the Companies Acr, 2019

MCA vide General Cirular No. 29/2020 dated 10th September 2020, In view of the disruption caused due to the pandemic, it has been that if cost audit report for the FY 2019-20 by the cost auditor to the Board of directors of the companies shall be submitted by November 30, 2020. Consequently, the Cost Audit report for the financial year ended 31st March, 2020 shall be filed in e-form with CRA-04 with in 30 days from the date of receipt of the copy of the cost audit report by the company. However, if the company has availed extension of time for holding Annual General meeting the e-form CRA-04.....

General order for extension of time to hold AGM for F.Y. 2019-20

MCA vide Press Release Dated, 08th September 2020, extending the timeline for holding Annual General Meeting till December 31st from September 30th due to COVID-19. https://companylaw.taxmann.com/circulars-notifications.aspx?t=qs .....

Income Tax I : Where assessee engaged in business of manufacturing ATMs and distribution of NCR books products, took a premises on lease for a period of three years and incurred expenditure on improvement of said premises such as improvement of interiors and electrical works, ceiling work for networking of computers in connection with set up of office etc., expenditure so incurred was to be allowed as revenue expenditure Income Tax II: ATM can be regarded as a computer and thus it is eligible for higher rate of depreciation Income Tax III: Where assessee changed revenue recognition method during relevant assessment year, in view of fact that departmental authorities failed to prove that changed method was not correct and it distorted profits of relevant year, impugned order passed by Assessing Officer rejecting new method of accounting was not sustainable

Vide Decisions of High court of Karnataka in Commissioner of income tax Vs. NCR Corporation (p.) limited. Facts of the case: Assessee is engaged in the business of manufacture of automated teller machines (ATMs) and distribution of NCR book products and commissions in India.The assessee filed the return of income on 1-12-2003 declaring taxable income of Rs. 4,66,32,670/-. The return was processed under section 143(1) and was selected for scrutiny and notice under section 143(2) of the Act was issued..The assessee had taken premises on lease for a period of three years. The assessee clai.....

For purpose of allowing benefit of deduction under section 54(1), expression 'a residential house' includes within its ambit plural numbers as well and, thus, it cannot be construed as one residential house only

Vide decision of High Court of Karnataka in Arun K. Thaigarajan Vs Commissioner of Income Tax (Appeals)-II Facts of the case: The assessee was the owner of a residential property.The said property was sold vide registered sale deed dated 9-10-2002 for a consideration of Rs. 2,68,89,375/-.The assessee filed return of income on 9-7-2003 for Assessment year 2003-04 declaring income of Rs. 1,68,52,920/-, under the head income from salary, house property, capital gains and income from other sources and paid tax of Rs. 49,57,706/.The assessing officer issued a notice under section 148 of the .....

A Notification would come into effect from date and time when it was electronically printed in gazette and mere uploading same on website would have no significance and, therefore, where Notification No. 29/2018-cus, dated 01-03-2018 was updated on 02-03-2018 and came to be published in official gazette on 06-03-2018 whereas custom duty had already been paid by assessee on 05-03-2018, enhanced amount sought to be realised from assessee on basis of aforesaid Notification was unlawful.

Vide decision of High Court of Madras in Ruchi Soya Industries Limited vs. Union of india Facts of the case: Assessee company entered into a contract with its foreign supplier in Malaysia for purchase of edible palm oil. A dispute arose with regard to payment of customs duty for clearance of subject goods , which respondent claimed on strength of Notification No. 29/2018-cus, dated 1-3-2018- Assessee thus filed instant petition seeking a declaration that Notification dated 1-3-2018, was arbitrary, illegal, ultra vires and infringing fundamental rights of assessee to trade.Assessee conte.....

Where assessee filed a petition contending that due to technical difficulties he could not file Form Trans-1 within prescribed time and thus requested the authority to allow him same so that he could claim transitional credit of eligible duties in terms of section 140(3), said petition was to be disposed of with a direction to State of Madhya Pradesh to take a decision on representation of assessee in accordance with law

Vide decision of High Court of Madhya Pradesh in Ankit Babeley vs. State of Madhya Pradesh. Facts of the case: Assessee had been filing his return regularly as work contractor. According to assessee, due to technical difficulties he could not file Form Trans-1 within prescribed time and thus requested te Authority to allow him same so that he could claim transitional credit of eligible duties in respect of inputs held in stock on appointed day in terms of section 140(3).Assessee submitted that since no heed was paid to his request, instant petition was filed seeking direction to aforesa.....

Where appellant was given excess subsidy of 25 per cent under Rajasthan Investment Promotion Scheme-2003, appellant was directed to refund same with interest of 12 per cent per annum

Vide decision of Supreme Court of India in ultratech Cement limited vs. State of rajasthan. Facts of the case: Apellant company was engaged in business of manufacturing and marketing of cement and allied products.Additional Chief Secretary (ACS) in revision order held that Kotputli Unit of company was entitled to Capital Investment Subsidy only to extent of 50 per cent of payable and deposited Sales Tax/VAT and not to extent of 75 per cent under Rajasthan Investment Promotion Scheme-2003, as availed by it pursuant to Entitlement Certificates erroneously issued by State Level Screening C.....

Where assessee, a manufacturer of cement, was registered under Central Sales Tax Act in State of Rajasthan and Competent Authority of State of Rajasthan wrongly refused to issue Form 'C' to assessee for purchase of diesel at concessional rate of 2 per cent and thereupon seller, who was located in Gujarat, charged from assessee full tax at rate of 20 per cent on sales of diesel and deposited same with department in Gujarat and further assessee requested concerned authority of State of Gujarat for refund of excess tax collected from it and deposited by seller but said authority refused to refund tax amount, concerned authority of State of Gujarat was to be directed to process refund claim of assessee and grant refund of excess tax collected from it and deposited by seller

Vide decision of High Court of Gujarat in Udaipur Cement Works Ltd. vs. State of Gujarat. Facts of the case: Assessee was engaged in manufacture and sale of cement.It was registered under Central Sales Tax Act, 1956 in State of Rajasthan.Competent Authority of State of Rajasthan wrongly refused to issue Form 'C' to assessee for purchase of diesel at concessional rate of 2 per cent.Thereupon seller, who was located in State of Gujarat, started raising invoice on assessee charging full tax at rate of 20 per cent on sales of diesel.Such tax was deposited by seller with department of Centra.....

Extension of due date for filing annual return under CGST Act, 2017

GST vide Notification No. 95/2020 dated 30th December, 2020 has extended the due date for filing GSTR-9 and GSTR-9C  for FY 2019-20 to 28th February, 2021. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-95-central-tax-english-2020.pdf .....

Waiver of Late Fees in respect of Filing of Form GSTR-4

GST vide Notification No. 93/2020 dated 22nd December, 2020 has stated that the late fee payable for delay in furnishing of FORM GSTR-4 for the Financial Year 2019-20 from the 1st November,2020 till 31st December, 2020 shall stand waived for the registered person whose principal place of business is in the Union Territory of Ladakh. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-93-central-tax-english-2020.pdf .....

Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes

Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes Regulated Entities (REs) have been uploading the KYC data pertaining to all individual accounts opened on or after January 1, 2017 on to CKYCR. Changes to the template, as and when required are released by CERSAI(Central Registry of Securitisation Asset Reconstruction and Security Interest of India) after consulting the Reserve Bank.Also the CKYCR(Central KYC Registry) is now fully operational for individual customers. REs shall upload the KYC data pertaining to .....

Operationalization of Payments Infrastructure Development Fund (PIDF) Scheme

RBI vide notification No. RBI/2020-21/81 dated 5th January, 2021, has notified about Operationalization of Payments Infrastructure Development Fund (PIDF) Scheme. PIDF is intended to subsidise deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with special focus on North-Eastern States of the country. It envisages creating 30 lakh new touch points every year for digital payments.An Advisory Council (AC), under the Chairmanship of the Deputy Governor, RBI, has been constituted for managing the PIDF. PIDF will be operational for a period of three years from January 0.....

Introduction of Legal Entity Identifier for Large Value Transactions in Centralized Payment Systems

RBI vide notification no. RBI/2020-21/82 dated January 05, 2021 has introduced the Legal Entity Identifier for Large Value Transactions in Centralized Payment Systems. The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide.LEI has been introduced by the Reserve Bank in a phased manner for participants in the over the counter (OTC) derivative and non-derivative markets as also for large corporate borrowers.It has been decided to introduce the LEI system for all payment transactions of value ₹50 crore and above undertake.....

Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements

RBI vide notification no. RBI/2020-21/83 dated January 07, 2021 has issued framework for Risk Based Internal Audit(RBIA). RBI stated that banks are required to put in place a risk based internal audit (RBIA) system as part of their internal control framework.The Head of Internal Audit (HIA) shall be a senior executive of the bank who shall have the ability to exercise independent judgement. Except for the entities where the internal audit function is a specialised function and managed by career internal auditors, the HIA shall be appointed for a reasonably long period, preferably for a.....

Extension of due date for filing of ITR & Tax audit report

Income taxes vide Notification No. 93/2020 dated 30th December, 2020 has extended due date for filing of ITRs under Income tax act, 1961. It has been notified as follows: For assessees covered under explanation 2 (a) (aa) of section 139 (1) i.e., company, individual liable to tax audit, partner of a firm liable to tax audit has been extended to 15th February, 2021.For any other assessees, it has been extended to 10th  January, 2021.For furnishing of any audit report under the income tax act has been extended till 15th January,2021. https://www.incometaxindia.gov.in/communications/n.....

Extension of Due date for Declaration in respect of Tax Arrears

Income tax vide Notification No. 92/2020 dated 31st December, 2020 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se Vishwas Act, 2020. The new date shall be 31st January, 2021 in place of 31st December, 2020. https://www.incometaxindia.gov.in/communications/notification/notification_92_2020.pdf .....

Transfer of excess contribution made by Stock Exchanges from Core SGF(Settlement Guarantee Fund) of one Clearing Corporation to the Core SGF of another Clearing Corporation

SEBI vide press release no. SEBI/HO/MRD2/DCAP/CIR/P/2021/03dated 8th    January, decided to allow transfer of excess contribution made by Stock Exchanges from Core SGF of one Clearing Corporation to the Core SGF of another Clearing Corporation, in inter-operable scenario. Stock Exchanges and Clearing Corporations are advised to ensure that upon receipt of request from an Exchange in this regard, the Clearing Corporation which receives such request shall transfer directly such  excess  contribution  of the Exchange, in its Core SGF to the core SGF of another Cleari.....

Monthly Reporting of Portfolio Managers

SEBI vide circular No. SEBI/HO/IMD/DF1/CIR/P/2021/02 dated 8th January, 2021, has mentioned about the applicability of Monthly Reporting of Portfolio Managers 1.  Portfolio  Managers are  required  to submit  a  monthly  report regarding their portfolio management activity, on SEBI Intermediaries Portal within 7 working days of the end of each month, as per a prescribed format. 2. The provisions of this circular shall  be  applicable for monthly  reports  submitted for January 2021 onwards. https://www.sebi.gov.in/legal/circul.....

Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s) - Extension of timeline for implementation

SEBI vide Notification No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/254 has specified requirements with regard to creation of security in issuance of listed debt securities and due diligence to be carried out by debenture trustee(s), which were applicable from January 01, 2021. After taking into consideration the representation received from debenture trustees and the challenges arising out of the prevailing business and market conditions due to COVID-19 pandemic, it has been decided to extend the implementation date of the provisions of the aforesaid circular to April 01,2021. https://www.sebi.g.....

Relaxation in timelines for compliance with regulatory requirements

SEBI vide Notification No. SEBI/HO/MIRSD/DOP/CIR/P/2020/255 has decided to extend the timelines for compliance with the following regulatory requirements by the trading members / clearing members: i)  Maintenance of   call   recordings   of   orders/   instructions received from clients has been granted extension till 28th February, 2021. ii) KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days has been granted exclusion from January 1st, 2021 till February 28th, 2021. H.....

Deferring of Applicability of CARO(Companies Auditor’s Report Order), 2020

MCA wide Notification No. S.O. 4588 has further deferred the applicability of CARO(Companies Auditor’s Report Order), 2020 to FY 2021-22.http://egazette.nic.in/WriteReadData/2020/223784.pdf .....

Clarification on passing Ordinary and Special Resolutions by Companies

MCA wide Circular No. 39/2020 has clarified that it has been decided to allow companies to conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided in the aforesaid Circulars upto 30th June, 2021. http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.39_31122020.pdf .....

Extension of Period of Suspension of insolvency Proceedings

MCA vide Notification No. 30/33/2020 has extended the period of suspension of insolvency proceedings. IBBI stated that no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020. Now, this period has been extended for further period of three months from 25th December, 2020 https://ibbi.gov.in//uploads/legalframwork/df55d4f612f270d6c637ee4b3c8131c8.pdf .....

- Section 40(a)(i) and (ia) provides for disallowance only in respect of expenditure, which is revenue in nature and therefore, provision does not apply to a case of assessee whose claim is for depreciation, which is not in nature of expenditure but an allowance. Depreciation is not an outgoing expenditure and, therefore, provisions of section 40(a)(i) and (ia) are not applicable - Vide Decision of High court of Karnataka in Principal Commissioner of Income Tax Vs. Tally Solutions (P.) Ltd.

Facts of the case: The Assessee is engaged in business of software development and sale of software product licence, software maintenance and training in software.The assessee filed the return of income for the Assessment Year 2009-10 after claiming brought forward losses and declared its income as XNIL'. The return of income was processed on 30-10-2010 and the case was selected for scrutiny and notices under section 143(2) and Section 142(1) of the Act were issued. The Assessing Officer by an order dated 27-3-2013 concluded the assessment by making certain additions and disallowed a sum o.....

- If after interception of conveyance with goods in transit and detention of conveyance and seizure of goods with issuance of notice under section 129(3), and when there is information about intent to evade payment of tax, it is not open to proper officer to treat notice under section 129(3) as having abated or truncate such proceedings and initiate proceedings under section 130 for confiscation with issuance of notice thereunder. Proper Officer, who has detained conveyance and seized goods, when he is able to form opinions that there is an attempt to evade payment of tax, will have to determine applicable tax and penalty under section 129 while simultaneously initiating proceedings for adjudging confiscation under section 130. If during pendency of these proceedings, a request for provisional release as contemplated under section 129(3) is submitted, same will have to be considered in light of provisions of section 129, read with section 67(6) - vide decision of High Court of Karnataka in M/s Meghdoot Logistics v. Commercial Tax Officer, Bengaluru

Facts of the case: The petitioner is a transporter and operates under a GST registration. The petitioner's case is that it was approached by M/s MK Enterprises, Delhi (the Consignor) for transportation of certain tobacco products (the Goods) to M/s SKB Trading, Salem (the Consignee). The petitioner arranged for transportation of the Goods from Delhi to Salem with appropriate Tax Invoices/e-Way Bills. The petitioner's vehicle was intercepted on 10-8-2020 at Bengaluru, and the driver/person-in-charge of the Conveyance furnished Lorry receipt, e-Way Bills and Tax Invoices. The respondent pass.....

Standard Operating Procedures (SOP) for implementation of the provision of suspension of GST registrations

GST vide Circular No. 145/01/2021 dated 11th February, 2021 has issued SOPs for implementation of the provision of suspension of GST Registrations. i) Suspension of Registration shall be intimated in Form GST REG-31 ii) Such notice/intimation shall be made available to the taxpayer on their dashboard on common portal in FORM GST REG-17. iii) The taxpayers, whose registrations are suspended would be required to furnish reply to the jurisdictional tax officer within thirty days in FORM GST REG-18 iv) Proper officer, post examination of the response received from the said person, may pass an ord.....

Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR)

RBI vide notification No. RBI/2020-21/95 dated 05th February, 2021 has issued a notification with respect to implementation of Net Stable Funding Ratio(NSFR) guidelines. i) The NSFR promotes resilience over a longer-term time horizon by requiring banks to fund their activities with more stable sources of funding on an ongoing basis. ii) Scope: Applicable for all Indian Banks and Foreign banks operating as branches in India. iii) In view of the ongoing stress on account of COVID-19, it has been decided to defer the implementation of NSFR guidelines by a further period of six months. Accordingl.....

Maintenance of Cash Reserve Ratio (CRR)

RBI vide notification Nos. RBI/2020-21/90 dated 5th February, 2021 has decided to restore the Cash Reserve Ratio (CRR) in two phases. Banks are now required to maintain the CRR at 3.50 per cent of their Net Demand and Time liabilities (NDTL) effective from the reporting fortnight beginning March 27, 2021 and 4.00 per cent of their NDTL effective from fortnight beginning May 22, 2021.https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12020&Mode=0 .....

Risk-Based Internal Audit (RBIA) for NBFCs and UCBs

RBI vide notification no. RBI/2020-21/88 dated 3rd February, 2021 has decided to mandate RBIA framework for the following Non-Banking Financial Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs): All deposit taking NBFCs, irrespective of their sizeAll Non-deposit taking NBFCs (including Core Investment Companies) with asset size of ₹5,000 crore and above; andAll UCBs having asset size of ₹500 crore and above All the applicable entities shall implement RBIA by March 31, 2022 in accordance with the Guidelines on Risk-Based Internal Audit.https://www.rbi.org.in/Scripts/Notifi.....

Loans and advances to directors and their relatives of UCBs

RBI vide notification no. RBI/2020-21/89 dated 05th February, 2021 has notified that UCBs shall not make, provide or renew any loans and advances or extend any other financial accommodation to or on behalf of their directors or their relatives, or to the firms / companies / concerns in which the directors or their relatives are interested. However, The following categories of director-related loans shall, however, be excluded from “loans and advances” for the purpose of these directions: i) Regular employee-related loans to staff directors, if any, on the Boards of UCBs; ii) Normal loans,.....

Basel III Capital Regulations- Review of transitional arrangements

RBI vide notification No. RBI/2020-21/93 dated 05th February, 2021 has issued a notification with respect to implementation last tranche of Capital Conservation Buffer (CCB). In view of the ongoing stress on account of COVID-19, it has been decided to defer the implementation of the last tranche of 0.625 per cent of the Capital Conservation Buffer (CCB) from April 1, 2021 to October 1, 2021. Accordingly, the minimum capital conservation ratios shall continue to apply till the CCB attains the level of 2.5 per cent on October 1, 2021. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1.....

Extension of Due date for Declaration in respect of Tax Arrears

Income tax vide Notification No. 04/2021 dated 31st January, 2021 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se Vishwas Act, 2020. The new date shall be 28th February, 2021 in place of 31st January, 2021. https://www.incometaxindia.gov.in/co mmunications/notification/notification_0 4_2021.pdf .....

Master Circular for Depositories

SEBI vide Master Circular no. SEBI/HO/MRD2/DDAP/CIR/P/2021/18 dated 5th February, 2021 has issued a master circular with respect to Depositories. The Master Circular consists of four sections i.e. Beneficial Owner (BO) Accounts, Depository Participants (DP) Related, Issuer related and Depositories. https://www.sebi.gov.in/legal/mastercirculars/ feb-2021/master-circular-fordepositories_ 49029.html .....

Revised Framework for Innovation Sandbox

SEBI vide circular No. SEBI/HO/ITD/ITD/CIR/P/2021/16 dated 2nd February 2021, has issued a revised framework for Innovation Sandbox. SEBI had proposed a concept of “Innovation Sandbox”. Innovation Sandbox facilitates access to an environment (testing facilities and test data) provided by Enabling Organizations like Stock Exchanges, Depositories and Qualified Registrar and Share Transfer Agents (QRTAs)where in innovators (hereinafter referred to as Sandbox Applicants) would be testing their innovations in isolation from the live market and would be used for offline testing of the proposed .....

Revision of Monthly Cumulative Report (MCR)

SEBI vide Circular no. SEBI/HO/IMD/DF3/CIR/P/2021/014 dated 29th January, 2021 has issued a circular on monthly Cumulative Report (MCR). Pursuant to introduction of a new scheme category and to bring transparency in reporting of segregated portfolios, it has been decided to modify MCR format from January 2021 onwards. The revised format can be referred through the following link: https://www.sebi.gov.in/legal/circulars/jan-2021/circular-on-revision-of-monthly-cumulative-report_48927.html .....

Relaxation on Levy of Additional fees in filing of e-form AOC-4

MCA wide Circular No. 04/2021 has decided not to levy additional fees upto 15th February, 2021 for the filing of e-forms AOC-4, AOC-4(CFS), AOC-4 XBRL and AOC-4 Non-XBRL in respect of the financial year ended 31st March, 2020. During the said period, only normal fees shall be payable for the filing of the e-forms. http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.4_29012021.pdf .....

Online Application to the Board under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019.

IBBI vide Circular No. IBBI/II/39/2021 has made available the facility on its website for providing a copy of application to the Board by the applicant under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. https://ibbi.gov.in//uploads/legalframwork/8d38ca4dc37264636b22daa2a3c637ba.pdf .....

Where petitioner-university, with a view to avail exemption under section 10(23C)(vi) for assessment year 2019-20 and onwards, filed related application in Form No. 56D before Commissioner (Exemptions), however, same was rejected by him on ground that application was filed beyond prescribed time-limit and that he had no jurisdiction to condone delay in filing of such delayed application, since there is no provision for extension of limitation period or for condonation of delay in filing application for grant of exemption under section 10(23C), Commissioner (Exemptions) was justified in rejecting said application for assessment year 2019-20. However, he certainly fell in error in not considering said application for subsequent assessment years. Because even if said application was filed with delay for assessment year 2019-20, it was before prescribed date for subsequent assessment year. Vide Decision of High court of Bombay in Sanjay Ghodawat University, Kolhapur, Vs. Commissioner of Income Tax (Exemptions)

Facts of the case: The assessee is a university called Sanjay Ghodawat University, Kolhapur established by an act of the State Legislature of Maharashtra and which became operational on and from 13-7-2017. 2. It is stated that because of heavy rainfall and resultant food in different parts of the country, Central Board of Direct Taxes (CBDT) passed an order dated 27-9-2019 under section 119 of the Income-tax Act, 1961 (briefly "the act" herein-after) extending the due date for fling of income tax returns as well as reports of audit for the assessment year 2019-20 from 30-9-2019 to 31-10-20.....

1. Capital Subsidy received by the recipient is liable to GST. 2. The GST will have to be paid on the goods if the supply qualifies to be a supply of 'composite supply' in terms of definition under Section 2(119) of the Central Goods and Services Tax Act, 2017(Works Contract) where the principal supply is ' supply of goods' not supply of service'. 3. If there is a 'composite supply' where the predominant supply/principal supply is 'supply of goods', then invoice should be raised as per the provisions of Section 31 of the CGST Act, 2017.- vide decision of Authority for Advance Ruling, Odisha - Applicant: M/s Surya Roshni LED Lighting Projects Limited

Facts of the case: The applicant is engaged in the business of executing Greenfield street lighting project. The Government of Odisha, through the Housing and Urban Development Department, the Urban Infrastructure Development Fund and the Directorate of Municipal Administration has decided to develop an energy efficient street lighting system covering new and upcoming road stretches in Greenfield areas of Odisha on a Public Private Partnership basis.The Applicant has made a successful bid for the said tender and has consequently entered into an agreement on 29.12.2018 for design, supply, i.....

Extension of due date for filing Annual return under CGST Act, 2017

GST vide Notification No. 04/2021 dated 28th February, 2021 has extended the due date for filing GSTR-9 and GSTR-9C for FY 2019-20 to 31st March, 2021. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-95-central-tax-english-2020.pdf .....

Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices

GST vide Circular No. 146/02/2021-GST dated 23rd February, 2021 has issued that QR Code shall be applicable on B2B invoices for taxpayers whose aggregate turnover exceeds Rs. 500 crores from 1st April, 2021. https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_146.pdf .....

Applicability of e-invoice to Notified Persons in respect of supply of goods or services or both to a registered person

GST vide Notification 05/2021 dated 8th March, 2021 has notified that e-invoice shall be applicable to the notified persons whose aggregate turnover exceeds Rs. 50 crores in a single financial year from 1st April, 2021. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-05-central-tax-english-2021.pdf .....

Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)

RBI vide notification No. RBI/2020-21/99 dated 16th February, 2021 has issued a notification with respect to remittances to IFSCs under LRS. It has been decided to permit resident individuals to make remittances under LRS to IFSCs set up in India through AD Category- I Banks, subject to the following conditions: i) The remittance shall be made only for making investments in IFSCs in securities, other than those issued by entities resident (outside IFSC) in India. ii) Resident Individuals may also open a non interest bearing Foreign Currency Account (FCA) in IFSCs, for making the above permiss.....

Capital and provisioning requirements for exposures to entities with Unhedged Foreign Currency Exposure(UFCE)

RBI vide notification Nos. RBI/2020-21/100 dated 17th February, 2021 has issued guidelines that information on UFCE may be obtained by banks from entities on a quarterly basis and on self-certification basis. A representation has been received from banks expressing their inability in obtaining UFCE certificates from listed entities for the latest quarter due to restrictions on disclosure of such information prior to finalisation of accounts. In view of this, it has been decided that in such cases, banks may use data pertaining to the immediate preceding quarter for computing capital and provi.....

Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds – Relaxations

RBI vide notification no. RBI/2020-21/105 dated 26th February, 2021 has notified relaxations relating to investment by foreign portfolio investors (FPI) in defaulted bonds. It has now been decided to exempt investments by FPI in Non-Convertible Debentures/bonds which are under default, either fully or partly, in the repayment of principal on maturity or principal instalment in the case of amortising bond. https://www.rbi.org.in/Scripts/Notificatio nUser.aspx?Id=12037&Mode=0 .....

Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures

RBI vide Notification No. RBI/2020- 21/106 has decided to modify the format for furnishing the Credit Information to Credit Information Companies. The following formats are modified: i. Consumer Bureau: The label of the field ‘Written off and Settled status’ is modified as ‘Credit Facility Status’ and it will also have a new catalogue value, viz., ‘Restructured due to COVID-19’. ii. Commercial Bureau: The existing field ‘Major reasons for restructuring’ will have a new catalogue value, viz., ‘Restructured due to COVID-19’. iii. MFI Bureau: The existing field ‘Account sta.....

Extension of Due date for Declaration in respect of Tax Arrears

Income tax vide Notification No. 09/2021 dated 31st March, 2021 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se Vishwas Act, 2020. The new date shall be 31st March, 2021 in place of 28th February,2021. https://www.incometaxindia.gov.in/co mmunications/notification/notification_9 _2021.pdf .....

Residential status of certain individuals under Income-tax Act, 1961

Income Tax vide Circular No. 2/2021 dated 3rd March, 2021 has issued guidelines w.r.t Residential Status under Section 6 of the Income Tax Act, 1961. The guidelines relating to Residential Status for previous years 2019-20 and 2020-21 can be accessed from the following link: https://incometaxindia.gov.in/communications/circular/residency-circular-02-of-2021.pdf .....

Master Circular on Surveillance of Securities Market

SEBI vide Master Circular no. SEBI/HO/ISD/ISD/CIR/P/2021/22 dated 1st March, 2021 has issued a master circular with respect to Surveillance of Securities Market. In order to enable the users to have an access to all the applicable circulars at one place, the Master Circular on Surveillance of Securities Market has been prepared. https://www.sebi.gov.in/legal/master-circulars/mar-2021/master-circular-on-surveillance-of-securities-market_49354.html .....

Code of Conduct & Institutional mechanism for prevention of Fraud or Market Abuse

SEBI vide circular No. SEBI/HO/MRD/DCAP/CIR/P/2021/23 dated 3rd March, 2021 has decided that the Code of Conduct and Institutional Mechanism for prevention of fraud or market abuse shall be applicable to Stock Exchanges, Clearing Corporations and Depositories. Accordingly, Institutions shall formulate a Code of Conduct to regulate, monitor and report trading by their designated persons towards achieving compliance with the PIT(Prohibition of Insider Trading) Regulations. https://www.sebi.gov.in/legal/circulars/mar-2021/code-of-conduct-and-institutional-mechanism-for-prevention-of-fraud-or-.....

Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the IBBI (Liquidation Process) Regulations, 2016

IBBI vide Circular No. IBBI/LIQ/40/2021 requires the liquidator to file the list of stakeholders of the respective corporate debtor under liquidation on the electronic platform of the Board for dissemination on its website. The purpose of this requirement is to improve transparency and enable stakeholders to ascertain the details of their claims at a central platform. https://ibbi.gov.in//uploads/legalframwork/8d38ca4dc37264636b22daa2a3c637ba.pdf .....

Where assessee had invested sale consideration on transfer of Capital Asset in purchasing a new residential property in name of his married widowed daughter, Assessing Officer to grant exemption under section 54F on such amount invested in his daughter's name. Vide Decision of Income Tax Appellate Tribunal of Bangalore in Krishnappa Jayaramaiah Vs. Income Tax Officer, Ward 6(3)(4), Bangalore

Facts of the case: 1. The assessee filed Return of Income declaring total income at Rs. 2,96,430 under the head 'house property', 'income from capital gain' and 'income from other sources'. 2. The assessee claimed deduction u/s 54F of the Act for the investment made in a residential property, in the name of his widowed daughter Smt. J. Shylaja. 3. The assessee submitted before the A.O. that the property under question was received by inheritance by way of partition. The legal heirs of the property are the assessee, his wife, son and widowed daughter. All legal heirs have executed sale dee.....

Assessee was required to file necessary GST TRAN-1. While filing said Form, instead of entering details under column 7(a), assessee erroneously entered details against column 7(d) which would apply only in cases of stock of goods not supported by invoices/documents evidencing payment of tax. However, assessee was very much having necessary invoices/documents evidencing payment of tax. Since assessee did not correctly enter details, assessee was not given consequential credit under new GST regime. After assessee realized same, it submitted request before Assistant Commissioner to do needful. Assessee furnished all necessary details. However, Assistant Commissioner informed assessee that it was not possible for them to consider assessee's request in absence of any specific Court order. Whether since assessee had filed FORM GST TRAN-1 in time and his only grievance was that he was being denied benefit of input tax credit for having entered details in wrong column, Assistant Commissioner was to be directed to accept said request of assessee and do needful. - vide decision of High Court of Madras in Ram Auto v. Commissioner of Central Taxes & Central Excise, Madurai.

Facts of the case: The petitioner is a dealer in two wheelers. Assessee was registered under Tamil Nadu Value Added Tax Act, 2006. The petitioner was having input tax credit to the tune of Rs. 4,85,684/-.Following the introduction of GST regime, transition and migrations from the earlier system had to be made. The petitioner like any other dealer was required to file the necessary GST TRAN-1.While filing the said Form, instead of entering the details under column 7(a), the petitioner erroneously entered the details against column 7(d). The column 7(d) would apply only in cases of stock of .....

Waiver of Penalty to registered person for Non-Compliance of Issuance of Dynamic Quick Response Code (QR)

GST vide Notification No. 06/2021 dated 30th March, 2021 has waived the penalty to registered person for non-issuance of Dynamic Quick Response Code (QR) to un-registered person if the turnover exceeds Five Hundred Crores subject to exceptions till 30th June, 2021. https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-89-central-tax-english-2020.pdf .....

Extension of Framework for processing of e-mandates for recurring online transactions

RBI vide notification No. RBI/2020-21/118 dated 31st March, 2021 has extended the timeline for registration of e-mandates by the stakeholders for recurring online transactions using cards / wallets / Unified Payments Interface. Keeping in view the requests of some stakeholders and to prevent any inconvenience to customers, RBI has decided to extend the timeline for ensuring full compliance to the framework till September 30, 2021. During the extended timeline, no new mandate for recurring online transactions shall be registered by stakeholders, unless such mandates are compliant with the fram.....

Priority Sector Lending (PSL) - Lending by banks to NBFCs for On-Lending

RBI vide Notification no. RBI/2021-22/15 dated 7th April, 2021 has extended the PSL Classification w.r.t lending by banks to NBFCs.With a view to ensure continued availability of credit to these sectors to aid faster economic recovery, it has been decided to extend the PSL classification for lending by banks to NBFCs for on-lending up to September 30, 2021. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12069&Mode=0 .....

Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package

RBI vide Notification No. RBI/2021-22/17 has notified the Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package. I. Refund/adjustment of ‘interest on interest’ i. All lending institutions shall immediately put in place a Board-approved policy to refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium period, i.e. March 1, 2020 to August 31, 2020 in conformity with the above judgement. ii. Methodology for calculation of the amount to be refunded/adjusted for different facilities shall be finalized by the Indian B.....

WMA Limit for Government of India for the first half of the Financial Year 2021-22

RBI vide Press Release No. 2020-2021/1337 has decided, in consultation with the Government of India, that the limits for Ways and Means Advances (WMA) for the first half of the financial year 2021-22 (April 2021 to September 2021) will be ₹1,20,000 crore.The RBI also stated that it may trigger fresh floatation of market loans when the Government of India utilises 75 per cent of the WMA limit. The interest rate on WMA and overdraft will be: i. WMA: Repo Rate ii.Overdraft: Two percent above the Repo Rate https://www.rbi.org.in/Scripts/BS_PressRe leaseDisplay.aspx?prid=51363 .....

Enhancement of limit of maximum balance per customer of Payments Banks(PBs)

RBI vide Notification No. RBI/2021-22/20 has enhanced the limit of maximum balance per customer of Payment Banks (PBs) at the end of the day from ₹1 lakh to ₹2 lakh per individual customer with immediate effect. https://www.rbi.org.in/Scripts/Notification User.aspx?Id=12074&Mode=0 .....

Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit- Extension

RBI vide Notification No. RBI/2021-22/2 has approved the extension of Interest Equalization Scheme for pre and post-shipment Rupee exportcredit, with same scope and coverage, for three more months i.e.,up to June 30, 2021. The extension takes effect from April 01, 2021, and ends on June 30, 2021 covering a period of three months https://www.rbi.org.in/Scripts/Notification User.aspx?Id=12074&Mode=0 .....

Reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance

Income tax vide Circular No. 05/2021 dated 25th March, 2021 has notified that the reporting under clause 30C and clause 44 of the tax audit report which relates to impermissible avoidance arrangement and Break up of total expenditure of entities registered or not registered under the GST shall be kept in abeyance till 31st March,2022. https://www.incometaxindia.gov.in/communications/circular/circular_no_5_2021.pdf .....

Applicability of Forms 3CEAC, 3CEAD and 3CEAE

Income Tax vide Notification No. 31/2021 dated 5th April, 2021 has notified the limit for the consolidated group revenue of the international group in Rule 10DB(6). Furnishing report in respect on the international group is not applicable if consolidated group revenue in the preceding accounting year doesn’t exceed six thousand four hundred crore rupees. https://www.incometaxindia.gov.in/communications/notification/notification_31_2021.pdf .....

Guidelines pertaining to Surrender of FPI Registration

SEBI vide Circular no. SEBI/ HO/ IMD/ FPI&C/ CIR/ P/ 2021/045 dated 30th March, 2021 has stated that while making an application to SEBI for seeking “No Objection Certificate” (NOC) for surrender, the DDP(Designated Depository Participant) shall confirm the following with respect to the FPI: i)Accounts held by the applicant in the capacity of FPI have NIL balance and are blocked for further transactions. ii)There are no dues/ fees pending towards SEBI. iii)There are no actions/ proceedings pending against the said applicant. iv)The CP code of the FPI is also blocked https://www.seb.....

Setting up of Limited Purpose Clearing Corporation (LPCC) by Asset Management Companies (AMCs) of Mutual Funds

SEBI vide circular No. SEBI/HO/IMD/IMD-1DOF2/P/CIR/2021/0548 dated 6th April, 2021 has decided to amend the amount of contribution from AMCs towards share capital of LPCC. In consideration of the representation received from AMFI, it has been decided that the contribution of AMCs shall be based on Average AUM (Assets under Management) of debt-oriented schemes for the Financial Year (FY) 2020-21. https://www.sebi.gov.in/legal/circulars/apr-2021/setting-up-of-limited-purpose-clearing-corporation-lpcc-by-asset-management-companies-amcs-of-mutual-funds_49770.html .....

Regulatory reporting by AIFs (Alternative Investment Funds)

SEBI vide circular No. SEBI/HO/IMD/IMD-I/DOF6/CIR/2021/549 dated 7th April, 2021 has decided that all AIFs shall submit report on their activity as an AIF to SEBI on quarterly basis within 10 calendar days from the end of each quarter. https://www.sebi.gov.in/legal/circulars/apr-2021/circular-on-regulatory-reporting-by-aifs_49788.html .....

Amendment to Schedule V of the Companies Act., 2013

MCA wide Notification dated 18th March, 2021 has made amendments to the Schedule V of the Companies Act, 2013. The amendments can be referred through the following link: http://www.mca.gov.in/Ministry/pdf/AmendmentNotification_19032021.pdf .....

Amendment to Schedule III of the Companies Act., 2013

MCA wide Notification dated 24th March, 2021 has made amendments to the Schedule III of the Companies Act, 2013.The amendments can be referred through the following link: http://www.mca.gov.in/Ministry/pdf/ScheduleIIIAmendmentNotification_24032021.pdf .....

Reporting of status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7

IBBI vide Circular No. IBBI/CIRP/41/2021 dated 18th March, 2021 has issued guidelines w.r.t filing of Form CIRP-7.Regulation 40B of the CIRP regulations require an interim resolution professional (IRP) / resolution professional (RP) to file a set of forms (CIRP 1 to CIRP 6) within seven days of completion of specific activities to enable monitoring progress of CIRP.This implies that Form (CIRP 1 to CIRP 6) would not be filed until the related activity is not completed for whatever reason. This makes monitoring of progress difficult. Regulation 40B of CIRP regulations require filing of Form CI.....

Notification under section 4 of the Insolvency and Bankruptcy Code, 2016 for Chapter III-A

IBBI vide Notification No. 30/20/2020 dated 9th April, 2021 has specified ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code. https://ibbi.gov.in//uploads/legalframwork/e9b1c4b3489e51213db701b27222b474.pdf .....

There is no requirement for a notice to be issued under section 143(2) for completion of an assessment under section 153C and thus, question of adhering to time limit prescribed under proviso to section 143(2) does not arise

vide Decision of High Court of Madras in B. Kubendran v. Deputy Commissioner of Income Tax, Central Circle 2(1), Chennai. Facts of the case: 1. The petitioner, an assessee challenges six orders of assessment passed by the Deputy Commissioner of Income Tax, Central Circle 2 (1)(respondent). The petitioner splits the impugned orders into two batches, 2012-13, 2013-14, 2014-15 and 2017-18 being batch I and 2015-16, 2016-17 being batch II. 2. A search was conducted in the premises of C. Vijayabaskar on 7-4-2017. All files relating to the searched entity as well as those associated to him were cen.....

Where assessee who was registered under Gujarat Value Added Tax Act, 2003 was granted provisional registration certificate in terms of section 139 under GST Act on basis of registration under VAT Act but due default in filing returns under VAT Act registration of applicant under VAT Act was cancelled and based on such cancellation, provisional registration of applicant under GST Act was also blocked/inactivated and final registration was not granted to applicant under GST Act, it was held that respondent-Authorities were directed to unblock/activate registration of applicant under GST Act and grant final registration certificate under GST Act and permit applicant to upload returns and pay tax under GST Act

vide decision of High Court of Gujarat in JAP Modular Furniture Concepts (P.) Ltd. v. State of Gujarat Facts of the case: The writ applicants are engaged in the business of import and sale of furniture.The writ applicants were registered under the Gujarat Value Added Tax Act, 2003. Section 139 of the Central/Gujarat Goods and Services Tax Act, 2017 allowed migration of registration from earlier regime to the GST regime and provisional registration certificate was granted. The Chartered Accountant of the writ applicants committed default in filing the returns under the VAT Act on account.....

Extension of due date for furnishing the details of outward supplies under CGST Act, 2017

GST vide Notification No. 12/2021 dated 1st May, 2021 has extended the due date for filing Form GSTR-1 for the month of April till 26th May, 2021. https://cbic-gst.gov.in/pdf/central-tax/notfctn-12-central-tax-english-2021.pdf .....

Extension of due date for filing Form GSTR-4 under CGST Act, 2017

GST vide Notification No. 10/2020-21 dated 1st May, 2021 has extended the due date for filing Form GSTR-4 for FY 2020-21 till 31st May, 2021 https://cbic-gst.gov.in/pdf/central-tax/notfctn-10-central-tax-english-2021.pdf .....

Extension of due date for filing Form GSTR-3B under CGST Act, 2017

GST vide Notification No. 08/2021 dated 1st May, 2021 has extended the due date for filing Form GSTR-3B for the months of March, 2021 and April, 2021. Please refer the link below for the extended dates: https://cbic-gst.gov.in/pdf/central-tax/notfctn-08-central-tax-english-2021.pdf .....

Corporate Governance in Banks - Appointment of Directors and Constitution of Committees of the Board

RBI vide notification No. RBI/2021-22/24 dated 26th April, 2021 has issued instructions with regard to the meetings of the board, composition of certain committees of the board, age, tenure and remuneration of directors, and appointment of the whole-time directors (WTDs). The revised instructions would be applicable to all the Private Sector Banks including Small Finance Banks (SFBs) and wholly owned subsidiaries of Foreign Banks. The circular will not be applicable in the case of foreign banks operating as branches in India. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12078&am.....

Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)

RBI vide Notification no. RBI/2021-22/25 dated 27th April, 2021 has issued guidelines w.r.t appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs). These guidelines will be applicable to the Commercial Banks (excluding RRBs), UCBs and NBFCs including HFCs for Financial Year 2021-22 and onwards in respect of appointment/reappointment of SCAs/SAs of the Entities. Non-deposit taking NBFCs with asset size below ₹1,000 crore have the option to continue with their existing procedure.As RBI guidelines regar.....

Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs

RBI vide Notification No. RBI/2021-22/38 dated 12th May, 2021 has notified that any sponsor contribution from a sponsor IP to an Alternative Investment Fund (AIF) set up in an overseas jurisdiction, including International Financial Services Centres (IFSCs) in India will be treated as Overseas Direct Investment (ODI). https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11872&Mode=0 .....

Interest rates payable on unclaimed interest-bearing deposit

RBI vide Notification No. RBI/2021-2022/37 dated 11th May, 2021 has decided that the rate of interest payable by banks to the depositors/claimants on the unclaimed interest-bearing deposit amount transferred to the Depositor Educationand Awareness Fund shall be 3 per cent simple interest per annum. Accordingly, all the banks are advised to calculate the interest payable on interest bearing deposits transferred to RBI at the rate of 4 per cent p.a. up to June 30, 2018, 3.5 per cent w.e.f. July 1, 2018 up to May 10, 2021 and at 3 .....

Credit to MSME Entrepreneurs

RBI vide Notification No. RBI/2021-22/30 dated 5th May,2021 has decided to extend the exemption for credit disbursement of MSME Entrepreneurs. 1.Scheduled Commercial Banks were allowed to deduct the amount equivalent to credit disbursed to new MSME borrowers from their Net Demand and Time Liabilities (NDTL) for calculation of the Cash Reserve Ratio (CRR). This exemption was available up to ₹ 25 lakh per borrower for the credit disbursed up to the fortnight ending October 1, 2021. 2.It has been decided to extend this exemption for such credits disbursed up to the fortnig.....

RBI announces rate of interest on Government of India Floating Rate Bond, 2024

RBI vide Press Release No. 2021-2022/172 dated 6th May, 2021 has notified that the rate of interest on Government of India Floating Rate Bond, 2024 (FRB 2024) applicable for the half year May 07, 2021 to November 06, 2021 shall be 3.51 percent per annum https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51537 .....

Extension of timelines related to certain compliances by the Taxpayers under the Income-tax Act 1961

Income tax vide Circular No. 08/2021 dated 30th April, 2021 has notified extension of various timelines under the Income-tax Act, 1961. Filing of belated return under Section 139(4) and revised return under Section 139(5) of the Income-tax Act,1961 for Assessment Year 2020-21, which was required to be filed on or before 31 " March 2021 should be filed on or before 31" May 2021.Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Income-tax Act, 1961 and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 30th.....

Extension of Due date for Declaration in respect of Tax Arrears

Income tax vide Notification No.39/2021 dated 27th April, 2021 has to designated authority about the tax arrears under Direct Tax Vivad see Vishwas Act, 2020. The new date shall be 30th June, 2021 in place of 30th April, 2021. https://incometaxindia.gov.in/communications/notification/notification_39_2021.pdf .....

Applicability of Mode of Undertaking Transactions under Section 269ST of Income Tax Act, 1961

Income tax vide Notification No. 56/2021 dated 7th May, 2021 has notified Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other medical facilities providing Covid treatment to patients in the proviso to Section 269ST of the Income-tax Act,1961 for payment received in cash during 01.04.2021 to 31.05.2021 https://incometaxindia.gov.in/communications/notification/notification_56_2021.pdf .....

Timelines for updation of Scheme Information Document (SID)and Key Information Memorandum (KIM)

SEBI vide Circular no. SEBI/HO/IMD/IMD-IDOF2/P/CIR/2021/0560 dated 30th April, 2021 has decided that the updation of SID and KIM for the half-year ended March, 2021 shall be completed by May 31, 2021 https://www.sebi.gov.in/legal/circulars/apr-2021/timelines-for-updation-of-scheme-information-document-sid-and-key-information-memorandum-kim-_50020.html .....

Business responsibility and sustainability reporting by listed entities

SEBI vide circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10th May, 2021 has stated that reporting of company’s performance on sustainability related factors has become as vital as reporting on financial and operational performance. With effect from the financial year 2022-2023, filing of Business   Responsibility   and   Sustainability   Report shall be mandatory for the top 1000 listed companies (by market capitalization) and shall replace the existing Business Responsibility Report https://www.sebi.gov.in/legal/circulars/may-2021/business-responsibility-and-sustainability.....

Procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers

SEBI registered Portfolio Managers SEBI vide circular No. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/564 dated 12th May, 2021 has stated that Regulation 11(aa) of SEBI(Portfolio Managers) (Second  Amendment)  Regulations,  2021 provides that a Portfolio Manager shall obtain prior approval of SEBI in case of change in control in such manner as may be specified by SEBI. Accordingly, it has been decided that all SEBI registered Portfolio Managers shall comply with the following in case they propose change in control: An online application shal.....

Clarification on spending of CSR funds for setting up makeshift hospitals, temporary covid care facilities.

MCA vide Circular No. 05/2021 dated 22nd April, 2021 has clarified that spending of CSR funds for 'setting up makeshift hospitals and temporary COVID Care facilities ' is an eligible CSR activity under Schedule VII of the Companies Act, 2013 relating to promotion of health care, including preventive health care, and, disaster management. http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo5_22042021.pdf .....

Clarification on spending of CSR funds for creating health infrastructure for covid care, establishment of medical oxygen generation and storage plants etc.

MCA vide Circular No. 09/2021 dated 05th May, 2021 has clarified that spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible CSR activities under Schedule VII of the Companies Act, 2013 relating to promotion of health care, including preventive health care and disaster management. http://www.mca.gov.in/Ministry/pdf/GeneralCircula.....

Meetings of board - clarification regarding gap between two board meetings

MCA vide Circular No. 08/2021 dated 03th May, 2021 has decided that the gap between two consecutive meetings of the Board now extends to 180 days during the Quarter - April to June 2021 and Quarter-July to September, 2021, instead of 120 days as required in the Companies Act, 2013. http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf .....

Relaxation on levy of additional fees in filing of certain forms under Companies act, 2013 and LLP act, 2008

MCA vide Circular No. 06/2021 dated 03th May, 2021 has notified that no additional fees shall be levied upto 31st July, 2021 for the delayed filing of forms (other than CHG-1 Form, CHG-4 Form and CHG-9 Form) which were/would be due for filing during 1st April, 2021 to 31st May, 2021. For such delayed filings upto 31st July, 2021 only normal fees shall be payable. http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf .....

Where assessee offered capital gain on sale of a property and assessment completed accordingly but reassessment was initiated on ground registering authority had not accepted value of land as per sale deed , since manner in which sale deed was valued by assessee and stamp duty paid at time of registration as well as appeal filed under section 47A of Indian Stamp Act and actual market value prevailing during relevant point of time with reference to subject property provides new information and additional material which were not considered at time of original assessment, reopening by AO was in consonance with provisions of section 147.

vide Decision of High Court of Madras in GE T&D India Ltd. v. Deputy Commissioner of Income Tax, Chennai. Facts of the case: The petitioner is a listed Company incorporated on 13.03.1957 and is engaged in the business of manufacturing of heavy electrical equipment and0020executes projects involving transmission and distribution of power and other turnkey projects.The learned counsel appearing for the petitioner, with reference to theissues, contended that the initiation of proceedings under Section 147 of the Income Tax Act itself is untenable, in view of the fact that there is no e.....

Where members of applicant club contribute by way of subscription fees and infrastructure development fund which is used for purposes of provision of services and foods and a reading room, library, chambers for accommodating family and guests, etc., it is held that unless the amendment under section 7 of the CGST Act, 2017 is notified the applicant is not liable to pay GST on subscription fees and infrastructure development fund collected from members on the basis of principle mutuality

vide decision of Authority for Advance Rulings, KarnatakaApplicant: Bowring Institute, Bengaluru Facts of the case: The applicant is a club and a non-profit organization established by the British in the year 1868 as a literary and scientific society. It is a members-club as opposed to a proprietary club. The members contribute by way of subscription fees and infrastructure development fund which is used for the purposes of provision of services and goods and a reading room, library, chambers for accommodating family and guests, a bar and sports facilities. The applicant is collecting G.....

Extension of due date for furnishing the details of outward supplies under CGST Act, 2017

GST vide Notification No. 17/2021 dated 1st June, 2021 has extended the due date for filing Form GSTR-1 for the month of May till 26thJune, 2021. https://cbic-gst.gov.in/pdf/central-tax/notfctn-17-central-tax-english-2021.pdf .....

Extension of due date for filing Form GSTR-4 under CGST Act, 2017

GST vide Notification No. 25/2021 dated 1st June, 2021 has extended the due date for filing Form GSTR-4 for FY 2020-21 till 31st July, 2021. https://cbic-gst.gov.in/pdf/central-tax/notfctn-25-central-tax-english-2021.pdf .....

Extension of due date for furnishing of FORM ITC-04 for Quarter Ending March, 2021

GST vide Notification No. 25/2021 dated 1st June, 2021 has extended the due date for filing Form ITC-04 for quarter ending March,2021 to 30th June, 2021. https://cbic-gst.gov.in/pdf/central-tax/notfctn-26-central-tax-english-2021.pdf .....

Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021

RBI vide notification No. RBI/2021-22/79 dated 4th June, 2021 has issued master direction on Certificate of Deposits. The eligible issuers of Certificate of Deposits are: Scheduled Commercial BanksRegional Rural Banks andSmall Finance Banks The circular can be referred through the following link: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12108&Mode=0 .....

Risk Based Internal Audit (RBIA) for Housing Finance Companies(HFCs)

RBI vide Notification no. RBI/2021-22/53 dated 11th June, 2021 has decided that the Risk based Internal Audit(RBIA) shall be applicable to the following Housing Finance Companies (HFCs): All deposit taking HFCs, irrespective of their sizeNon-deposit taking HFCs with asset size of ₹5,000 crore and above The applicable Housing Finance Companies (HFCs) shall comply with the framework by 30th June, 2022 https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12079&Mode=0 .....

Investment by Foreign Portfolio Investors (FPI) in Government Securities

RBI vide Notification No. RBI/2021-22/44 dated 31st May, 2021 has notified the investment limits by FPIs in government securities for FY 2021-22 as follows: The limits for FPI investment in Government securities (G-secs) and State Development Loans (SDLs) shall remain unchanged at 6% and 2% respectively, of outstanding stocks of securities for FY 2021-22All investments by eligible investors in the ‘specified securities’ shall be reckoned under the Fully Accessible Route (FAR)The allocation of incremental changes in the G-sec limit over the two sub-categories – ‘General’ and ‘Lo.....

Rate of interest on Government of India Floating Rate Bonds, 2031

RBI vide Press Release No. 2021-2022/325 dated 4th June, 2021 has specified the applicable rate of interest of Government of India Floating Rate Bonds, 2031. The rate of interest on Government of India Floating Rate Bonds, 2031 (GOI FRB 2031) applicable for the half year June 7, 2021 to December 6, 2021 shall be 4.59 percent per annum. https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51690 .....

Extension of time lines related to compliances by the Taxpayers under the Income-tax Act 1961

Income tax vide Circular No. 09/2021 dated 20th May, 2021 has notified extension of various timelines under the Income-tax Act, 1961. The due date of furnishing of Return of Income for AY 2021-22, which is 31st July 2021 under Section 139(1) of the Act, is extended to 30th September 2021.The due date of furnishing of Audit Report under the Act for PY 2020-21, which is 30th September 2021, is extended to 31st October 2021The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for P.....

Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act

Income tax vide Notification No.68/2021 dated 24th May, 2021 has notified the Computation of Fair Market Value of Capital Assets for the purposes of Section 50B of the Act. Rule 11UAE of Income Tax Rules explains the criteria for computation of Fair market Value of Capital Assets for Slump Sale. https://incometaxindia.gov.in/communications/notification/notification_68_2021.pdf .....

Enhancement of overall limit for overseas investment by Alternative Investment Funds (AIFs)/Venture Capital Funds (VCFs)

SEBI vide Circular no. SEBI/HO/IMD/DF6/CIR/P/2021/565 dated 21st May, 2021 has increased the overall limit for overseas investment by AIFs and VCFs.SEBI registered AIFs and VCFs are permitted to invest overseas upto an overall limit of USD 750 million. The said limit has now been enhanced to USD 1500 million .....

Enhancement of Overseas Investment limits for Mutual Funds

SEBI vide circular No. SEBI/HO/IMD/IMDII/DOF3/P/CIR/2021/571 dated 3rd June, 2021 has increased the overall limit for overseas investment by Mutual Funds. Mutual Funds can make overseas investments subject to a maximum of USD 1 billion per Mutual Fund, within the overall industry limit of US $ 7 billionMutual Funds can make investments in overseas Exchange Traded Fund (ETF)  subject  to  a maximum  of USD 300  million per  Mutual  Fund, within the overall industry limit of US $ 1 billion https://www.sebi.gov.in/legal/circulars/jun-2021/circular-on-enhancement-of-overseas-investm.....

Clarification on offsetting the excess CSR spent for FY 2019-20

MCA vide Circular No. CSR-01/4/2021 dated 20th May, 2021 has clarified that where a company has contributed any amount to ‘PM CARES Fund’ on 31.03.2020, which is over and above the minimum amount as specified under section 135(5) of the Companies Act, 2013 for FY 2019-20, then such excess amount can be offset against the requirement to spend under section 135(5) for FY 2020-21 https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MTQxNzU=&docCategory=NotificationsAndCirculars&type=download .....

- Additional Income under Section 68 of the Income tax Act was added to declared income of the assessee by the assessing officer without granting for the personal hearing of the assessee Where AO made addition to assessee's declared income under section 68 on account of unexplained unsecured loan, since it was found that assessee sought personal hearing before AO to establish genuineness of unsecured loan received by assessee which had not been granted by AO, assessee had been able to establish a prima facie case in its favour and thus impugned order is set aside to file of AO to consider assessee's reply

vide Decision of High Court of Delhi in DJ Surfactants v. National E-Assessment Center, Income Tax Department, New Delhi Facts of the case: The Assessing Officer(AO) has made an addition to the petitioner's declared income of Rs. 9,56,00,000/- under section 68 of the Income-tax Act, 1961 related to AY 2018-19. The addition has been made on account of purported unexplained, unsecured loansShow cause notice was issued to the petitioner on 1-3-2021, along with the draft assessment order of even date. As per the said show cause notice, the petitioner was required to file a response by 8-3-2.....

Penalty cannot be charged by the GST Officer merely on the ground that E-way Bill has expired Where consignment of the petitioner was detained by Deputy State Tax Officer on ground that validity of E-way bill had expired and petitioner had to pay an amount towards tax and penalty for release of goods, it was held that there was no material before respondent to detain petitioner merely on account of lapsing of time mentioned in E-way bill and respondent was directed to refund amount collected from petitioner

vide decision of High Court of Telangana in Satyam Shivam Papers (P.) Ltd. v. Assistant Commissioner of Services Tax Facts of the case: The petitioner is a Private Limited Company registered under the Companies Act, 1956 and carries on trading business in all kinds of paper. It also has valid GST Registration.It is the sole distributor of M/s. International Papers Limited, Andhra Pradesh, and it also effects inter-State purchases of papers from M/s. Emami Papers Ltd., OrissaThe petitioner made an intra-State supply of paper through a tax invoice dt.04-1-2020 to M/s. Sri Ayappa Stationer.....

GST on service supplied by Central/State Govt. to their undertakings or PSUs by way of guaranteeing loans taken by them

GST vide Circular No. 154/10/2021 dated 17th June, 2021 has mentioned that Services supplied by Central Government, State Government, Union territory to their undertakings or Public Sector Undertakings (PSUs) by way of guaranteeing the loans taken by such undertakings or PSUs from the banking companies and financial institutions are exempt. https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_154.pdf .....

Liberalised Remittance Scheme for Resident Individuals – Reporting

RBI vide notification No. RBI/2021-22/56 dated 17th June, 2021 has issued reporting requirements for AD Banks w.r.t. Liberalised Remittance Scheme. i. AD Category -I banks were required to upload the data in respect of number of applications received and the total amount remitted under the Liberalised Remittance Scheme (the Scheme) on Online Return Filing System (ORFS). ii. It has now been decided to collect this information through XBRL(Extensive Business Reporting Language) system instead of the ORFS. iii. AD Category – I banks shall upload the requisite information on XBRL system on or b.....

Appointment of Chief Risk Officer in Primary (Urban) Co-operative Banks

RBI vide Notification no. RBI/2021-22/62 dated 25th June, 2021 has notified about the appointment of Chief Risk Officer in Primary (Urban) Co-operative Banks. i. With increasing size and scope of business, Primary(Urban) Co-operative Banks (UCBs) are gradually getting exposed to greater degree of risks. ii. It has been decided that all UCBs having asset size of ₹5000 crore or above, shall appoint a Chief Risk Officer (CRO). The Board must clearly define the CRO’s role and responsibilities and ensure that he/she functions independently. https://www.rbi.org.in/Scripts/NotificationUs er.a.....

Review of Instructions on Interest on overdue domestic deposits

RBI vide Notification No. RBI/2021-22/66 dated 2nd July, 2021 has notified the rate of interest on unclaimed deposits with Banks. Earlier, if a Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings deposits. It has now been decided that if a Term Deposit 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. https://www.rbi.org.in/Scripts/Notificatio.....

Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit- Extension

RBI vide Notification No. RBI/2021-22/65 has approved the extension of Interest Equalization Scheme for pre and post shipment Rupee export credit, with same scope and coverage, for three more months i.e., upto 30th September, 2021. The extension takes effect from July 01, 2021 and ends on September 30, 2021 covering a period of three months. https://www.rbi.org.in/Scripts/NotificationUs er.aspx?Id=12124&Mode=0 .....

Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

Income tax vide Circular No. 12/2021 dated 25th June, 2021 has notified extension of various timelines under the Income-tax Act, 1961. (i) Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending on 30lh June, 2021 , which is required to be uploaded on or before 15th July,2021 , may be uploaded by 31st August,2021. (ii) The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10AF, Form No.10AB for registration/Provisional registration/intimation/Approval/provisional approval of Trusts/Institutions/Research A.....

Extension of Due date for Declaration in respect of Tax Arrears

Income tax vide Circular No. 13/2021 dated 30th June, 2021 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se Vishwas Act, 2020. The new date shall be 31st August, 2021 in place of 30th June, 2021. https://www.incometaxindia.gov.in/communications/notification/notification_75_2021.pdf .....

Guidelines under section 194Q of the Income-tax Act, 1961

Income tax vide Circular No. 75/2021 dated 25th June, 2021 has Issued guidelines under Section 194Q of the Income Tax Act, 1961. i. Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 which takes effect from 1st July, 2021. It applies to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. ii. The buyer, at the time of credit of such sum to the account of the seller or at the time of payment, whichever is earlier, is required to deduct an a.....

Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961

Income tax vide Notification No. 01/2021 dated 22nd June, 2021 has released a new functionality Compliance Check for Section 206AB & 206CC to facilitate tax deductors/collectors to verify if a person is a "Specified Person" as per section 206AB & 206CCA. Specified person means a person who has not filed the returns of income for both of the two assessment years relevant to the two previous years immediately prior to the previous year in which tax is required to be collected, for which the time limit of filing return of income under Section 139(1) has expired; and the aggregate tax ded.....

Master Circular for Commodity Derivatives Market

SEBI vide Master Circular no. SEBI/HO/CDMRD/DMP/P/CIR/2021/589 dated 1st July, 2021 has issued Master Circular for Commodity Derivatives Market.Commodity Derivatives Market Regulation Department (CDMRD) also has been issuing a Master circular comprising of information mentioned in various circulars pertaining to commodity derivatives segment. The master circular can be referred through the following link: https://www.sebi.gov.in/legal/master-circulars/jul-2021/master-circular-for-commodity-derivatives-market_50869.html .....

Master Circular for Stock Exchange and Clearing Corporations

SEBI vide Master circular No. SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2021/0000000591 dated 5th July, 2021 has issued master circular for Stock Exchange and Clearing Corporations. The Master Circular is a compilation of all the existing/applicable circulars issued by Market Regulation Department of SEBI to Stock Exchanges and Clearing Corporations. The master circular can be referred through the following link: https://www.sebi.gov.in/legal/master-circulars/jul-2021/master-circular-for-stock-exchanges-and-clearing-corporations_50914.html .....

Prudential norms for liquidity risk management for open ended debt schemes

SEBI vide Circular No. EBI/HO/IMD/DF3/CIR/P/2020/22 dated 25th June, 2021 has specified norms regarding holding of liquid assets in open ended debt schemes & stress testing of open ended debt schemes. i. This framework specified by AMFI(Association of Mutual Funds in India) shall come into force with effect from December 1, 2021, for all the existing open ended debt schemes (except Overnight Fund, Gilt Fund and Gilt Fund with 10 year constant duration) and schemes to be launched on or thereafter. ii. However, mutual funds may at their discretion, choose to adopt the framework specified by.....

Clarification on extension of time of passing of ordinary and special resolutions by companies on account of Covid-19

MCA vide Circular No. 10/2021 dated 23th June, 2021 has clarified that companies can conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided upto 31st December, 2021. https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MjA1NTg=&docCategory=NotificationsAndCirculars&type=download .....

Relaxation on levy of additional fees in filing of certain forms under Companies act, 2013 and LLP act, 2008

MCA vide Circular No. 11/2021 dated 30th June, 2021 has notified that no additional fees shall be levied upto 31st August, 2021 for the delayed filing of forms (other than CHG-1 Form, CHG-4 Form and CHG-9 Form) which were due for filing during 1st April, 2021 to 30th June, 2021. For such delayed filings upto 31st August, 2021 only normal fees shall be payable. https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MjE2OTA=&docCategory=NotificationsAndCirculars&type=download .....

Where Public Charitable Trust, doing educational services, gave donations to charitable and religious institutions for philanthropy only, exemption under section 11 cannot be denied merely because it was donating to 'activities other than education'

vide Decision of High Court of Madras in Director of Income Tax Exemptions, Chennai v. Shanmuga Arts Facts of the case: 1. The respondent(assessee) is a Trust registered under section 12AA of the Income-tax Act, 1961. The Trust had filed the return of income for assessment year 2007-2008 on 2-11-2007 for Rs. 60,76,26,276/- and claiming exemption for Rs. 6,65,60,886/- being the amount of donation made by it under section 11 of the Act. 2. The Assessing Officer had issued a notice u/s.143(2) of the Act on 21-8-2008 through which the details of donations made during the period were called.....

Reversal of input tax credit (ITC) by revenue in case of loss by consumption of input which was inherent to manufacturing loss was not correct as such loss was not contemplated or covered by situations represented under section 17(5)(h)

vide decision of High Court of Madras in ARS Steels & Alloy International (P.) Ltd. v. State Tax Officer, Group-I, Chennai Facts of the case: The petitioners are engaged in the manufacture of MS Billets and Ingots. MS scrap is an input in the manufacture of MS Billets and the latter, in turn, constitutes an input for manufacture of TMT/CTD Bars.There is a loss of a small portion of the inputs, inherent to the manufacturing process. The impugned orders seek to reverse a portion of the ITC claimed by the petitioners, proportionate to the loss of the input, referring to the provisions .....

Applicability and Due date for filing Annual Returns for FY 2020-21 under CGST Act, 2017

GST vide Circular No. 30/2021 dated 30th July, 2021 has mentioned the applicability and due date for filing Annual Returns for FY 2020-21. i.Every Registered Person except the persons mentioned in the act whose aggregate turnover in the FY 2020-21 exceeds Rs. 2 crores are required to file Form GSTR-9 electronically on or before 31st December, 2021. ii.Every Registered Person except the persons mentioned in the act whose aggregate turnover in the FY 2020-21 exceeds Rs. 5 crores are required to file self-certified reconciliation statement Form GSTR-9C electronically on or before 31st De.....

Master Direction - Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions – 2021

RBI vide notification No. RBI/2021-22/80 dated 20th July, 2021 has issued Master Direction for Cash Reserve Ratio(CRR) and Statutory Liquidity Ratio(SLR). The provisions of these Directions shall be applicable to all Scheduled Commercial Banks(including Regional Rural Banks), Small Finance Banks, Payments Banks, Local Area Banks, Primary (Urban) Co-operative Banks (UCBs), State Co-operative Banks and District Central Co-operative Banks (DCCBs). https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12131&Mode=0 .....

Guidelines for Implementation of the Opening of Current Accounts by Banks

RBI vide Notification no. RBI/2021-22/77 dated 4th August, 2021 has issued instructions in order to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders. i. In case of borrowers who have not availed of CC/OD facility from any bank, there is no restriction on opening of current accounts by any bank if exposure of the banking system to such borrowers is less than ₹5 crore. ii. In case of borrowers who have not availed of CC/OD facility from any bank and the exposure of the banking system is ₹5 crore or more but less than ₹50 crore, ther.....

Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) - Extension of Relaxation

RBI vide Notification No. RBI/2021-22/82 dated 9th August, 2021 has notified the extension of Relaxation for maintenance of Statutory Liquidity Ratio(SLR)- Marginal Standing Facility(MSF) i. The banks were allowed to avail of funds under the MSF by dipping into the Statutory Liquidity Ratio (SLR) up to an additional one per cent of their net demand and time liabilities (NDTL), i.e., cumulatively up to three per cent of NDTL. ii. This facility, which was initially available up to June 30, 2020, was later extended in phases up to September 30, 2021, providing comfort to banks on their liquidit.....

Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961

Income tax vide Circular No. 15/2021 dated 3rd August, 2021 has notified extension of various timelines under the Income-tax Act, 1961. i. The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021 , required to be furnished on or before 31st July, 2021 may be filed on or before 31st August, 2021. ii. The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 31st July, 2021 may be filed on or before 31st August, 2021; iii. The Statement of.....

Tendering of shares in open offers, buy-back offers and delisting offers by marking lien in the Demat account of the shareholders.

SEBI vide Circular no. SEBI/HO/CFD/DCR-III/CIR/P/2021/615 dated 13th August, 2021 has issued Circular related to lien of shares tendering. i. Under the existing mechanism, the shares tendered by the shareholders are required to be directly transferred to the account maintained by the Clearing Corporation and different tendering processes are being adopted by Depositories. Such transfer involves systematic risk, substantial time and cost. ii. In consultation with Depositories, Clearing Corporations and Stock Exchanges, it has been decided that a lien shall be marked against the shares of the s.....

Requirement of minimum number and holding of unit holders for unlisted Infrastructure Investment Trusts (InvITs)

SEBI vide Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/611 dated 4th August, 2021 has clarified that Registered unlisted InvITs which have already issued units as on the date of this circular, shall comply with the provisions of sub-regulation (3) of Regulation 26B of the InvIT Regulations within a period of six months from the date of this circular. https://www.sebi.gov.in/legal/circulars/aug-2021/requirement-of-minimum-number-and-holding-of-unit-holders-for-unlisted-infrastructure-investment-trusts-invits-_51631.html .....

Holding of Annual General Meeting (AGM) by top 100 listed entities by market capitalization

SEBI vide Circular No. SEBI/HO/CFD/CMD1/P/CIR/2021/602 dated 23rd July, 2021 has extended the time period for holding an AGM of Top 100 listed entities by market capitalization. Earlier, Top 100 listed entities by market capitalization were instructed to hold their AGM within a period of five months from the date of closing of the financial year. It has been decided to extend the timeline for conduct of AGM by top-100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing of the financial year for 2020-2.....

Clarification on spending of CSR Funds for Covid-19 Vaccination

MCA vide Circular No. 13/2021 dated 20th July, 2021 has clarified that spending of CSR funds for COVID-19 vaccination for persons other than the employees of the company and their families, is an eligible CSR activity under item no. (i) of Schedule VII of the Companies Act, 2013 relating to promotion of healthcare including preventive healthcare and item no. (xii) relating to disaster management. https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzEwMTU=&docCategory=Circulars&type=open .....

Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

IBBI vide Circular No. IBBI/CIRP/42/2021 dated 20th July, 2021 has notified the resolution professional to file Form CIRP 8 intimating details of his opinion and determination under Regulation 35A, by 140th day of the insolvency commencement date. The Form CIRP 8 is required to be filed for all corporate insolvency resolution processes ongoing or commencing on or after 14th July 2021. https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MjE2OTA=&docCategory=NotificationsAndCirculars&type=download .....

No assessee can be compelled to continue any exemption, if it intends not to avail same. It is always open for an assessee to arrange its affairs in a manner which it feels it would be beneficial, and it cannot be compelled to continue its operations/activities in a particular manner which would be prejudicial to its interest.

vide Decision of High Court of Telangana in Telangana State Pollution Control Board, Hyderabad v. Central Board of Direct Taxes, New Delhi Facts of the case: 1. The Telangana State Pollution Control Board (for short 'TSPCB') is the petitioner constituted by the State Government under section 4 of Water (Prevention and Control of Pollution) Act, 1974 and Section 5 of the Air (Prevention and Control of Pollution) Act, 1981. 2. The petitioner is established for the purpose of administering and controlling various steps relating to reduction of pollution and hazardous waste of all kind.....

No Tax demand can be issued or raised without issuing notice under section 74(1) of the Act

vide decision of High Court of Telangana in Deem Distributors (P.) Ltd. v. Union of India Facts of the case: The petitioner is a partnership firm and is registered under the Telangana GST Act, 2017, CGST Act, 2017 and IGST Act, 2017 and is involved in the business of dealing in goods and services relating to Ferrous waste and scrap, re-melting scrap ingots of iron or steel, flat rolled products of iron or non-alloy steel of a width of 600 mm or hot rolled, not clad, plated or coated etc.In the given case, the respondent issued a letter dated 25-4-2019 to the petitioner saying that the p.....

Waiver of Late fee for filing Form GSTR-3B under CGST Act, 2017- extended upto 30th November, 2021

GST vide Notification No. 33/2021 dated 29th August, 2021 has waived the late fee for filing Form GSTR-3B. i. Registered persons who failed to furnish Form GSTR-3B for the months /quarter of July, 2017 to April, 2021 by the due date but furnish the said return between the period from the 1st June, 2021 to 30th November, 2021, the total amount of late fee under section 47 of the said Act, shall stand waived which is in excess of five hundred rupees. ii. In case where tax payable is Nil, the total amount of late fee under section 47 of the said Act, shall stand waived which is in excess of two .....

Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021

RBI vide notification No. RBI/2021-22/81 dated 25th August, 2021 has issued Master Direction for Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021. To enable banks to have current instructions at one place, a Master Direction incorporating all the existing guidelines / instructions / directives on the subject has been prepared for reference of the banks. https://www.rbi.org.in/Scripts/NotificationUs er.aspx?Id=12153&Mode=0#CHP10 .....

Master Direction on Financial Statements - Presentation and Disclosures

RBI vide Notification no. RBI/2021-22/83 dated 30th August, 2021 has issued Master Direction to Banks on Financial Statements- Presentation and Disclosures. The Master Direction can be referred through the following link: https://www.rbi.org.in/Scripts/NotificationUs er.aspx?Id=12158&Mode=0#F1 .....

Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office

RBI vide Notification No. RBI/2021-22/97 dated 9th September, 2021 has issued notification for offsetting non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office under CRM. The Indian branches of foreign banks shall be permitted to reckon cash/ unencumbered approved securities, the source of which is interest-free funds from Head Office or remittable surplus retained in Indian books (reserves), held with RBI as CRM, for offsetting the gross exposure of the foreign bank branches in India to the Head Office (including overseas branches) for the cal.....

Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961

Income tax vide Circular No. 17/2021 dated 9th September, 2021 has notified extension of various timelines under the Income-tax Act, 1961. i. The due date of furnishing of Return of Income for AY 2021-22, which is 31st July 2021 under Section 139(1) of the Act, is further extended to 31st December 2021. ii. The due date of furnishing of Audit Report under the Act for PY 2020-21, which is 30th September 2021, is further extended to 15th January,2022. iii. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction un.....

Extension of Due date for Declaration in respect of Tax Arrears- extended till 30th September, 2021

Income tax vide Circular No. 94/2021 dated 31st August, 2021 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se Vishwas Act, 2020. The new date shall be 30th September, 2021 in place of 31st August, 2021. https://www.incometaxindia.gov.in/communications/notification/notification_94_2021.pdf .....

Tendering of shares in open offers, buy-back offers and delisting offers by marking lien in the Demat account of the shareholders- disclosure to investors

SEBI vide Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/621 dated August 31st, 2021 has mandated mutual funds to disclose the following to the investors in which the unit holders are invested as on the date on which the disclosures are stipulated: i. risk-o-meter of the scheme and the benchmark along with the performance disclosure of the scheme vis-à-vis benchmark and ii. details of the portfolio while communicating the fortnightly, monthly and half-yearly statement of scheme portfolio via email. https://www.sebi.gov.in/legal/circulars/aug-2021/disclosure-of-risk-o-meter-of-scheme-benc.....

Introduction of T+1 rolling settlement on an optional basis – w.e.f 1st January, 2022

SEBI vide Circular No. SEBI/HO/MRD2/DCAP/P/CIR/2021/628 dated 7th September, 2021 has introduced T+1 rolling settlement on an optional basis. i. SEBI has been receiving request from various stakeholders to further shorten the settlement cycle. Based on discussions with Market Infrastructure Institutions (Stock Exchanges, Clearing Corporations and Depositories), it has been decided to provide flexibility to Stock Exchanges to offer either T+1 or T+2 settlement cycle. ii. Accordingly, a Stock Exchange may choose to offer T+1 settlement cycle on any of the scrips, after giving an advance notice .....

Clarifications on Corporate Social Responsibility(CSR)- FAQs

MCA vide Circular No. 14/2021 dated 25th August, 2021 has issued clarifications including FAQs( Frequently Asked Questions) relation to Corporate Social Responsibility(CSR). https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzU0NzM=&docCategory=Circulars&type=open .....

- Act: The Income Tax Act ,1961 When there are no findings that a trust is established with a clear motive of earning profits, the assessee cannot be rejected for registration under Section 12AA

vide Decision of High Court of Madras in Commissioner of Income Tax, Salem v. Angels Educational Trust Facts of the case: 1. The assessee is a Trust established for educational purposes and principle object of the Trust was to run an educational institution to provide education and award scholarships to poor and deserving students and to assist them in any manner of their study, research or apprenticeship. 2. In terms of clause 11 of the Deed of Trust, which deals with 'application of income and trust fund', the Trustees shall after provide for the payments mentioned in the Deed an.....

- Act: Central Goods and Services Act, 2017 Assessee filed declaration in time for transitioning credit of earlier laws to GST but said credit was not transitioned in assessee's electronic credit ledger due to technical glitches in the GST Portal. GST Officer was directed to give transition of Credit claimed by assessee into assessee's electronic credit ledger in Form GST PMT-2

vide decision of High Court of Telangana in BMW India Financial Services (P.) Ltd. v. Union of India Facts of the case: The petitioner is into the business of non-banking financial company engaged in financing automobiles in the form of loans and financial leases to its customer and has operations in 14 States across India, including in the State of Telangana.For the purposes of carrying on business in the State of Telangana, the petitioner obtained registration under the provisions of the Telangana State Value Added Tax Act, 2005, as well as under the provisions of the Finance Act, 199.....

Addition of new entries under Reverse Charge Mechanism under the CGST Act, 2017

GST vide Notification No. 10/2021 dated 30th September, 2021 has added essential oils other than those of citrus fruit namely: - i) Of peppermint (Menthapiperita); ii)Of other mints: Spearmint oil (ex-menthaspicata), Water mint-oil (ex-menthaaquatic), Horsemint oil (ex-menthasylvestries), Bergament oil (ex-mentha citrate) under Reverse Charge Mechanism supplied by unregistered person to registered person. https://cbic-gst.gov.in/pdf/central-tax-rate/notfctn-10-2021-cgst-rate.pdf .....

Priority Sector Lending- Banks lending to NBFCs for on-lending – Extension of facility till 31st March, 2022

RBI vide notification No. RBI/2021-22/110 dated 8th October, 2021 has issued notification for extension of on-lending facility to NBFCs under Priority Sector Lending(PSL). keeping in view the increased traction observed in delivering credit to the underserved segments of the economy, the facility has been extended from 30th September, 2021 till March 31, 2022. Loans disbursed under the on-lending model will continue to be classified under Priority Sector till the date of repayment/maturity whichever is earlier. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12177&Mode=0 .....

Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances

RBI vide Notification no. RBI/2021-2022/104 dated 1st October, 2021 has issued Master Direction to Banks on Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances. In line with the international practices and as per the recommendations made by the Committee on the Financial System, the Reserve Bank of India has introduced prudential norms for income recognition, asset classification and provisioning for the advances portfolio of the banks. The Master Direction can be referred through the following link: https://www.rbi.org.in/Scripts/NotificationU.....

Use of any Alternative reference rate in place of LIBOR( Libor Interbank Offered Rate) for interest payable in respect of export/import transactions

RBI vide Notification No. RBI/2021-22/101 dated 28th September, 2021 has issued notification for use of any Alternative reference rate in place of LIBOR for interest payable in respect of export / import transactions. In view of the impending cessation of LIBOR as a benchmark rate, it has been decided to permit AD banks to use any other widely accepted/Alternative reference rate in the currency concerned for such transactions. All other instructions in this regard shall remain unchanged. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12168&Mode=0 .....

Rate of interest on Government of India Floating Rate Bonds, 2033

RBI vide Press Release No. 2021-2022/900 has notified that the rate of interest on Government of India Floating Rate Bonds, 2033 (GOI FRB 2033) applicable for the half year September 22, 2021 to March 21, 2022 shall be 4.62 percent per annum. https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52264 .....

Income-tax (31st Amendment) Rules, 2021- Rule 11UE of the Income Tax Rules, 1962- relating to Retrospective Taxation which shall not be relevant to apply on ‘Indirect Transfer’ of assets

Income tax vide Notification No.118/2021 dated 1st October, 2021 has Notified about the Rule 11UE of the Income Tax Rules, 1962 relating to Retrospective Taxation which shall not be relevant to apply on ‘Indirect Transfer’ of assets located in India prior to 28th May 2012.The Rule specifies that no tax demand shall be raised on the basis of an amendment to Section 9 of Income-tax Act, 1961 vide Finance Act, 2012 for any offshore indirect transfer of Indian assets before 28-05-2012, the date when Finance Act, 2012 was enacted. Explanation 5 to Section 9 specifies that an asset or a capital.....

Manner of furnishing undertaking under rule 11UE- Rule 11UF of the Income Tax Rules, 1962- relating to Retrospective Taxation which shall not be relevant to apply on ‘Indirect Transfer’ of assets

Income tax vide Notification No.118/2021 dated 1st October, 2021 has Notified about the Rule 11UF of the Income Tax Rules, 1962 relating to Manner of furnishing undertaking under Rule 11UE. i. The undertaking in Form No. 1 under sub-rule (1) of rule 11UE shall be submitted by the declarant to the jurisdictional Principal Commissioner or Commissioner within forty-five days from the date of commencement of the Income-tax (31st Amendment) Rules, 2021. ii. After the undertaking in Form No. 1 under sub- rule (1) of rule 11UE is furnished by the declarant, the jurisdictional Principal Commissioner .....

Streamlining issuance of SCORES( SEBI Complaints Redress System) Authentication- for companies intending to list their securities on SEBI recognized stock exchanges

SEBI vide Circular No. SEBI/HO/OIAE/IGRD/CIR/P/2021/642 dated 14th October, 2021 has now decided to introduce an online mechanism for obtaining SCORES credentials for all companies intending to list their securities on SEBI recognized stock exchanges. This has been done as part to streamline the redressal of investor grievances against companies before listing. https://www.sebi.gov.in/legal/circulars/oct-2021/streamlining-of-issuance-of-scores-authentication_53291.html .....

Extension of due date of filing of Cost Audit Report to the Board of Directors of the Companies- extended till 31st October, 2021

MCA vide Circular No. 15/2021 dated 27th September, 2021 has extended the due date of submission of Cost Audit Report to the Board of Directors till 31st October, 2021. Consequently, the cost audit report shall be filed in Form CRA-4 within 30 days of receipt of cost audit report by the company. https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzcxOTk=&docCategory=Circulars&type=open .....

Since chance of getting a personal hearing is part and parcel of principles of natural justice, such a chance can be given to assessee even after assessment order was passed in Faceless Assessment scheme by making addition under section 68

vide Decision of High Court of Madras in Nagalinga Nadar. M.M. v. Additional Commissioner of Income-tax, Income-tax Department Facts of the case: 1. The petitioner is a Firm and engaged in business of purchase and sale of edible oil as a trader. It had filed return of income on 20.09.2018 for the Assessment Year 2018-19, declaring the total income of Rs.16,400/-. 2. The revenue, thought of selecting the case for scrutiny under CASS (Computer Aided Scrutiny Selection) for the verification of transactions. Accordingly, notice under Section 143(2) of the Income Tax Act dated 22.09.201.....

Electronic Credit Ledger (ECL) could not be debited for purposes of making payment of pre-deposit of tax.

Act: Central Goods and Services Act, 2017 Facts of the case: The Petitioner is a partnership firm engaged in the business of execution of works contract including civil, electrical and mechanical.In the instant case, a demand was raised by the Deputy Commissioner of CT & GST, Barbil Circle, Jajpur, Odisha which resulted in an extra demand for IGST, CGST and OGST inclusive of interest. An appeal was filed in Form-GST APL-01 before the appellate authority electronically.In terms of Section 107 (6) of the OGST Act, the Petitioner was required to make payment equivalent to 10% of the di.....

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