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Sep 22, 2021

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

<!-- wp:list --> <ul><li>vide decision of High Court of Telangana in Deem Distributors (P.) Ltd. v. Union of India</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>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 ho.....

Sep 22, 2021

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

<!-- wp:paragraph --> <p>GST vide Notification No. 33/2021 dated 29th August, 2021 has waived the late fee for filing Form GSTR-3B.<br> 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.<br> ii. In case where tax payable is Nil, the total amount of late fee under section 47 of the said Act, shall stand w.....

Sep 22, 2021

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

<!-- wp:paragraph --> <p>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.<br> 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.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>https://www.rbi.org.in/Scripts/NotificationUs<br> er.aspx?Id=12153&amp;Mode=0#CHP10</p> <!-- /wp:paragraph -.....

Sep 22, 2021

Master Direction on Financial Statements - Presentation and Disclosures

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

Sep 22, 2021

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

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

Sep 22, 2021

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

<!-- wp:paragraph --> <p>Income tax vide Circular No. 17/2021<br> dated 9th September, 2021 has notified extension of various timelines under the Income-tax Act, 1961.<br> 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.<br> 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.<br> iii. The due date of furnishing Report from an Accountant by persons entering into international transact.....

Sep 22, 2021

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

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

Sep 22, 2021

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

<!-- wp:paragraph --> <p>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:<br> i. risk-o-meter of the scheme and the benchmark along with the performance disclosure of the scheme vis-à-vis benchmark and<br> ii. details of the portfolio while communicating the fortnightly, monthly and half-yearly statement of scheme portfolio via email.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href=.....

Sep 22, 2021

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

<!-- wp:paragraph --> <p>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.<br> 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<br> Depositories), it has been decided to provide flexibility to Stock Exchanges to offer either T+1 or T+2 settlement cycle.<br> ii. Accordingly, a Stock Exchange may choose to offer T+1 settlement cycle on any of the scr.....

Sep 22, 2021

Clarifications on Corporate Social Responsibility(CSR)- FAQs

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

Sep 22, 2021

- 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

<!-- wp:list --> <ul><li>vide Decision of High Court of Madras in Commissioner of Income Tax, Salem v. Angels Educational Trust</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the case: </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>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. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>2. .....

Sep 22, 2021

- 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

<!-- wp:list --> <ul><li>vide decision of High Court of Telangana in BMW India Financial Services (P.) Ltd. v. Union of India</li></ul> <!-- /wp:list --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>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.</li><li>For the purposes of carrying on business in the State of Telangana, the petition.....

Oct 20, 2021

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

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

Oct 20, 2021

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

<!-- wp:paragraph --> <p>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).<br> 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.<br> Loans disbursed under the on-lending model will continue to be classified under Priority Sector till the date of repayment/maturity whichever is earlier.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> .....

Oct 20, 2021

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

<!-- wp:paragraph --> <p>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.<br> 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.<br> The Master Direction can be referred through the following link:<br> https://.....

Oct 20, 2021

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

<!-- wp:paragraph --> <p>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.<br> 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.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi......

Oct 20, 2021

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

<!-- wp:paragraph --> <p>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.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52264">https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52264</a></p> <!-- /wp:paragraph -->.....

Oct 20, 2021

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

<!-- wp:paragraph --> <p>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.<br>The Rule specifies that no tax demand shall be raised on the basis of an<br> 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.<br> Explanation 5 to Section 9 .....

Oct 20, 2021

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

<!-- wp:paragraph --> <p>Income tax vide Notification No.118/2021 dated 1st October, 2021 has<br> Notified about the Rule 11UF of the Income Tax Rules, 1962 relating to Manner of furnishing undertaking under Rule 11UE.<br> 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.<br> ii. After the undertaking in Form No. 1 under sub- rule (1) of rule 11UE is furnished by the declarant, the ju.....

Oct 20, 2021

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

<!-- wp:paragraph --> <p>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.<br> This has been done as part to streamline the redressal of investor grievances against companies before listing.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/oct-2021/streamlining-of-issuance-of-scores-authentication_53291.html">https://www.sebi.gov.in/legal/circ.....

Oct 20, 2021

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

<!-- wp:paragraph --> <p>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.<br> Consequently, the cost audit report shall be filed in Form CRA-4 within 30 days of receipt of cost audit report by the company.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzcxOTk=&amp;docCategory=Circulars&amp;type=open">https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MzcxOTk=&amp;docCategory=Circulars&amp;type=open</a></p>.....

Oct 20, 2021

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

<!-- wp:paragraph --> <p>vide Decision of High Court of Madras in Nagalinga Nadar. M.M. v. Additional Commissioner of Income-tax, Income-tax Department</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Facts of the case: </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>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/-. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>2. The revenue, thought of selecting the case fo.....

Oct 20, 2021

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

<!-- wp:paragraph --> <p>Act: Central Goods and Services Act, 2017</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Facts of the case:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>The Petitioner is a partnership firm engaged in the business of execution of works contract including civil, electrical and mechanical.</li><li>In the instant case, a demand was raised by the Deputy Commissioner of CT &amp; GST, Barbil Circle, Jajpur, Odisha which resulted in an extra demand for IGST, CGST and OGST inclusive of interest. An appeal was<br> filed in Form-GST APL-01 before t.....

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