Author: Raju and Prasad Chartered Accountants

– Act: The Income Tax Act ,1961 When there are no findings that a trust is established with a clear motive of earning profits, the assessee cannot be rejected for registration under Section 12AA

vide Decision of High Court of Madras in Commissioner of Income Tax, Salem v. Angels Educational Trust Facts of the case: 1. The assessee is a Trust [...]

Clarifications on Corporate Social Responsibility(CSR)- FAQs

MCA vide Circular No. 14/2021 dated 25th August, 2021 has issued clarifications including FAQs( Frequently Asked Questions) relation to Corporate Social [...]

Introduction of T+1 rolling settlement on an optional basis – w.e.f 1st January, 2022

SEBI vide Circular No. SEBI/HO/MRD2/DCAP/P/CIR/2021/628 dated 7th September, 2021 has introduced T+1 rolling settlement on an optional basis. i. SEBI has been [...]

Tendering of shares in open offers, buy-back offers and delisting offers by marking lien in the Demat account of the shareholders- disclosure to investors

SEBI vide Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/621 dated August 31st, 2021 has mandated mutual funds to disclose the following to the investors in [...]

Extension of Due date for Declaration in respect of Tax Arrears- extended till 30th September, 2021

Income tax vide Circular No. 94/2021 dated 31st August, 2021 has notified the last date for declaration to designated authority about the tax arrears under [...]

Extension of time lines for electronic filing of various Forms under the Income-tax Act,1961

Income tax vide Circular No. 17/2021 dated 9th September, 2021 has notified extension of various timelines under the Income-tax Act, 1961. i. The due date of [...]

Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office

RBI vide Notification No. RBI/2021-22/97 dated 9th September, 2021 has issued notification for offsetting non-centrally cleared derivative transactions of [...]

Master Direction on Financial Statements – Presentation and Disclosures

RBI vide Notification no. RBI/2021-22/83 dated 30th August, 2021 has issued Master Direction to Banks on Financial Statements- Presentation and Disclosures. [...]

Master Direction – Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021

RBI vide notification No. RBI/2021-22/81 dated 25th August, 2021 has issued Master Direction for Classification, Valuation and Operation of Investment [...]

Waiver of Late fee for filing Form GSTR-3B under CGST Act, 2017- extended upto 30th November, 2021

GST vide Notification No. 33/2021 dated 29th August, 2021 has waived the late fee for filing Form GSTR-3B. i. Registered persons who failed to furnish Form [...]

No Tax demand can be issued or raised without issuing notice under section 74(1) of the Act

vide decision of High Court of Telangana in Deem Distributors (P.) Ltd. v. Union of India Facts of the case: The petitioner is a partnership firm and is [...]

Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

IBBI vide Circular No. IBBI/CIRP/42/2021 dated 20th July, 2021 has notified the resolution professional to file Form CIRP 8 intimating details of his opinion [...]

Clarification on spending of CSR Funds for Covid-19 Vaccination

MCA vide Circular No. 13/2021 dated 20th July, 2021 has clarified that spending of CSR funds for COVID-19 vaccination for persons other than the employees of [...]