14 June

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Vishnu Daya Newsletter- June 2021

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We are pleased to present our monthly newsletter for the month of June 2021. ...

14 June

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

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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....

08 June

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

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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...

03 June

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GST updates from 43rd GST Council Meeting

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The GST Council has conducted the 43rd GST Council Meeting and has announced certain changes to the GST laws and procedures. ...

27 May

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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

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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...

22 May

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CBDT extends various compliance deadlines in wake of severe pandemic

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Due to the prevailing severe pandemic in the country, the Central Board of Direct Taxes (CBDT) has extended the time limits of certain compliances, vide Circular No. 9 of 2021 dated 20th May 2021. Please refer the below link to know more about the extension of time limits....

21 May

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GST – recent updates

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This is to bring to your notice that we are hereby enclosing the updates on recent GST notifications and circulars including due dates for certain GST compliances. Hope this may be timely and useful. ...

21 May

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MCA Issues Clarification on Offsetting Excess CSR spent to ‘PM CARES Fund’ for FY 2019-20

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MCA clarifies that where a company has contributed any amount to ‘PM CARES Fund’ as on 31.03.2020, which is over and above the minimum amount as prescribed under section 135(5) of the Companies Act, 2013 (“Act”) for FY 2019-20, and such excess amount or part thereof is offset against the requirement to spend under section 135(5) for FY 2020-21, then the same shall not be viewed as a violation subject to the conditions that: i. the amount offset as such shall have factored the unspent CSR amount for previous financial years, if any; ii. the Chief Financial Officer shall certify that the contribution...

19 May

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Submission of Statement of Financial Transactions (SFT) for dividend

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Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction. CBDT has issued a Notification (Notification no. 16/2021, dated 12th March 2021) to include reporting of information relating to dividend income. The dividend information is to be reported by a Company who has distributed dividend during the FY 2020-2021. The statement of financial transactions shall be furnished on or before the 31st May 2021. CBDT has issued a Notification (Notification no. 1 of 2021, dated April 20, 2021) providing the guidelines for preparation, submission and validation of the SFT. Please take note...

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