Central Government has vide Notification No. G.S.R. 503(E) dated 22.07.2021 inserted new Rule 33A in the Companies (Incorporation) Rules so as to provide with the manner of name allotment in case of non-compliance with section 16(1). Analysis of the newly inserted rule is given below for reference purpose
CBDT has granted further extension for manual submission of Form 15CA/ 15CB till 15.08.2021 owing to difficulties in electronic filing of these forms on the income tax portal. Now the taxpayers can furnish the same to authorized dealers in manual format till the aforementioned date. Analysis of the notification has been given below for reference […]
Custom brokers are agents, operating under license and acting on behalf of importer/exporter for purposes of business transactions related to departure of conveyances Or import/export of goods at any custom station including audit. CBIC has vide Notification No. 62/2021 dated 23.07.2021 made certain amendments to the Customs Brokers Licensing Regulations, 2018. The prime focus of […]
New provision namely Section 206AB has been added by Finance Act 2021 which shall come into force from 1 July, 2021. The said section provides that if any amount is being paid to the specified person, then tax shall be deducted at higher of the following rates: At twice the rate specified in the relevant provision of […]
Section 194Q has been introduced by Finance Act 2021,which will come into effect from 1 July 2021. According to this section, where any buyer is purchasing any goods of value exceeding 50 Lakhs (Aggregate value for whole year to be considered) in a previous year, shall deduct TDS at the rate of 0.1% of sum […]
Validity of existing Enterpreneurs Memorandum (EM) Part-II and Udyog Aadhaar Memorandum (UAM) obtained till 30.6.2020 has been extended by Ministry of MSME from 31.3.2021 to 31.12.2021 vide notification no. S.O.2347(E) as a result of which holders of EM Part-II and UAMs will now be able to avail benefits of existing schemes and incentives. Owing to […]
The government released GST Circulars on 17.06.2021, thereby resolving disputes in relation to the following matters: Status of Anganwadis for GST purpose and taxability of input service of serving food to educational institute based on who sponsors it. Taxability of the following:a) Annuity received as consideration for construction of Road/ Bridgeb) Services rendered by the […]
Rule 4 has been omitted by the Central Government, thereby eliminating the requirement of the physical presence of BOD during meetings in certain circumstances.Analysis of the relevant notification has been provided below for reference purpose.
The Finance Act, 2021 brought certain amendments with respect to taxation of Provident Fund Interest Income. The very purpose behind such amendment was to tax interest income earned against the employee contribution, considering the fact that the rate of interest offered in the case of Provident Funds is relatively higher and the same induced people […]
The requirement of E-Invoicing was originally brought into the picture vide notification no. 70 and 69 of 2019 – Central Tax dated 13.12.2019. However, the same witnessed changes from time to time. The notifications issued over the past years in this regard have led to changes in terms of the effective date from which the […]