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Author: Vishnu Daya

Vishnu Daya & Co LLP > Articles posted by Vishnu Daya (Page 16)

Migration of Existing IEC to the latest Portal – due date is 30th June 2021

In continuation with our earlier note circulated in April 2021, this is to remind that the due date for renewal of Import Export code is 30th June 2021. Please note that the DGFT has issued a notification with respect to ‘requirement for renewal of IEC’ each year. Accordingly, An IEC holder has to ensure that the details in it’s IEC is updated electronically every year, during April-June period. ...

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CBDT notifies Compliance Check functionality for Sections 206AB & 206CCA

CBDT issues Circular to notify a functionality called "Compliance Check for Sections 206AB & 206CCA" on the reporting portal of the Income-tax Department; The functionality would facilitate the tax deductor/collector to check if the deductee/collectee is a 'specified person' under Sections 206AB and 206CCA and whether the said deductee/ collectee has filed the income tax returns for past two years when the total TDS and TCS has crossed Rs. 50,000/-...

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MCA deletes Rule Restricting Approval of Financial Statements, Board’s Report, via VC Meetings

Ministry of Corporate Affairs amends Companies (Meetings of Board and its Powers) Rules, 2014, and omits Rule 4 which lays down the list of matters that shall not be dealt with in any meeting held through video conferencing or other audio visual means. The restricted matters inter alia included the approval of – annual financial statements, Board’s report, the prospectus and matter relating to amalgamation, merger, demerger, acquisition and takeover. Now these matters can be approved in a meeting held through video conferencing or other audio visual means....

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The new TDS/TCS provisions – 194Q, 206AB, 206C(1H) and action points

The Finance Act 2021, has brought out new TDS provisions with effect from 1st July 2021 relating to: Applicability of TDS/TCS at higher rate in certain cases and TDS on purchase of goods. In this regard, following is the brief summary of the TDS provisions and the action points thereon which need to be taken care for the ease of compliance of these provisions....

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CBDT relaxes e-filing of Forms 15CA/15CB upto June 30. Allows manual filing with Authorized Dealers

CBDT extends relaxation for e-filing of Forms 15CA/15CB upto June 30, 2021. Relaxation is on account of difficulties reported by taxpayers in uploading Forms 15CA/15CB on the new Income Tax web portal. CBDT allows filing of forms manually with the authorised dealers and advises authorised dealers to accept the forms for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date....

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Due Date for Payment of Advance Tax is 15th June 2021

This is to bring to your kind attention that the due date for payment of first instalment of advance tax (15%) for the financial year 2021-22 is 15.06.2021. Kindly take necessary actions to make the payment within the due date. It is to be noted that though Government of India has announced series of relief measures due to COVID- 19, there is no change in timeline for payment of tax. For taxpayers opting for Presumptive Taxation Scheme under section 44AD & 44ADA, 100% advance tax need to be paid before 15th March (4th quarter) and hence no requirement of making payment in...

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Non- availability of E-filing portal of the Income Tax Department at www.incometaxindiaefiling.gov.in from 1st June 2021 to 6th June 2021

CBDT has issued a press release on the launch of new e-filing portal of the Income Tax Department. For the preparation of the new launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available for a period of 6 days from 1st June 2021 to 6th June 2021. The assessing officers are also intimated not to issue any compliance dates during the above mentioned period. All Officers are directed to fix any hearing or compliances only from 10th June onwards to give taxpayers time to respond on the new system. If they have already...

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