Guidelines under section 194Q of the Income-tax Act- CBDT Circular No. 13 of 2021 dated 30th June, 2021

The Central Board of Direct Taxes (CBDT) on 30th June 2021 has issued circular 13/2021 which provides clarifications on applicability of provisions of Sec. 194Q. The guidelines provide clarity on applicability of section 194Q on transactions carried out through recognised stock exchanges, clearing corporations, transactions with non-residents, advance payments, interplay with section 206C(1H) and section 194O and many more....

01 July

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Extension in period of modification of IEC till 31.07.2021

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This is to inform that the due date for updating the IEC has been extended from 30.06.2021 to 31.07.2021....

26 June

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Due date for filing Annual Performance Report is 30th June 2021.

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This is to be noted that the due date for filing auditor certified Annual performance Report for the Financial year 2020-21 by the entities which are registered as export-oriented units, STPI units and Non-STPI units is 30th June 2021....

26 June

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CBDT extends compliance deadlines in wake of severe pandemic and announces tax exemption on ex-gratia sum received for death due to COVID-19

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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. 12 of 2021 dated 25th June 2021. CBDT announces tax exemption on ex-gratia sum received for death due to COVID-19 for FY 2019-20 and subsequent years without any limit if received by an employee from its employer but limited to Rs.10 Lakh for the amount received from any other persons. (Press Release dated 25th June 2021) Please refer the below link to know more about the extension of time limits. ...

24 June

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

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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. ...

22 June

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

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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/-...

21 June

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

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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....

18 June

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

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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....

16 June

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