Key Highlights from team CaCult (May 2021- Third Week)

Weekly Key Highlights from team CaCult (May 2021- Third Week)

Central Board of Direct Taxes (CBDT):

1. The Indo-Infra Inc. specified as the pension fund under section 10 of the Income-tax Act, 1961.
2. Launch of new e-filing Portal of the Income Tax Department – Non-availability of e-filing services from 01.06.2021 to 06.06.2021.
3. Extension of time limits of certain Income tax compliances to provide relief to taxpayers in view of the severe pandemic- Circular No. 9/2021.
4. E-filing News and Updates on Belated and Revised returns.

Central Board of Indirect Taxes & Customs (CBIC):

1. Extension of the due date of filing Revocation application of Cancellation.
2. Generation of GSTR-2B for April 2021- GST News and Updates.
3. Central Goods and Services Tax (Fourth Amendment) Rules, 2021- Notification No. 15 /2021–Central Tax.
4. Standard Operating Procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration under section 30 of the CGST Act, 2017 and rule 23 of the CGST Rules, 2017.
5. Changes introduced through the Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2021- Circular No.10/2021-Customs.

Corporate Law (MCA/IBBI):

1. Clarification on offsetting the excess CSR spent for FY 2019-20 – MCA Circular.

Directorate General of Foreign Trade (DGFT):

1. Amendment in import policy of the items of Chapter 7 of ITC (HS), 2017, Schedule – I (Import Policy) with immediate effect.
2. Introduction of an online e-EPCG Committee module for accepting applications seeking relaxation in Policy/Procedure in terms of para 2.58 of FTP 2015-20- Trade Notice No. 05/2021-22.

Reserve Bank of India (RBI):

1. NEFT service will not be available on Sunday, May 23, 2021 – Downtime from 00.01 Hrs to 14.00 Hrs.
2. Prepaid Payment Instruments (PPIs) – (i) Mandating Interoperability; (ii) Increasing the Limit to ₹2 lakh for Full-KYC PPIs; and (iii) Permitting Cash Withdrawal from Full-KYC PPIs of Non-Bank PPI Issuers.
3. Relaxation in timeline for compliance with various payment system requirements- RBI Notification.
4. 589th Meeting of Central Board of the Reserve Bank of India- Press Release.

Securities and Exchange Board of India (SEBI):

1. Enhancement of overall limit for overseas investment by Alternative Investment Funds (AIFs)/Venture Capital Funds (VCFs).

Insurance Regulatory and Development Authority of India (IRDAI):

1. Insurance Ombudsman (Second Amendment) Rules 2021.
2. Indian Insurance Companies (Foreign Investment) Amendment Rules, 2021.

Institute of Chartered Accountants of India (CA Fraternity):

1. Empanelment with the Office of the C&AG of India for the year 2021-2022.
2. Annual Membership/Certificate of Practice fees- Circular 2021-22.
3. Extension of time period for commencement of Practical Training on or before 30th April 2021 to 30th June, 2021 for appearing in Final examination to be held in November, 2023.

Other Updates:

1. Consumer Protection E Commerce (Amendment) Rules 2021- Notification.
2. Extension of the validity of registration certificates issued Under The Foreign Contribution (Regulation) Act, 2010 expiring/ expired during the period between 29th September, 2020 and 30th September, 2021 up to 30th September, 2021.
3. Procedure for opening and operating the designated “FCRA Account” as provided under the amended Section 17(1) of the Foreign Contribution (Regulation) Act, 2010- Public Notice.
4. Rate of Minimum Wages Revised for Central sphere Employees.

Blogs:

1. Mode of undertaking transactions under section 269ST.
2. Extended timeline for Income-tax compliances to provide relief to taxpayers in view of the severe pandemic.

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