Electronic Credit Ledger (ECL) could not be debited for purposes of making payment of pre-deposit of tax.

Act: Central Goods and Services Act, 2017 Facts of the case: The Petitioner is a partnership firm engaged in the business of execution of works contract including civil, electrical and mechanical.In the instant case, a demand was raised by the Deputy Commissioner of CT & GST, Barbil Circle, Jajpur, Odisha which resulted in an extra demand for [...]

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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 Direct Tax Vivad [...]

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 furnishing 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 foreign bank [...]

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. The Master [...]

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 Portfolio of Commercial [...]

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 GSTR-3B for the [...]

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 registered [...]

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 and [...]

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 the company and [...]

Holding of Annual General Meeting (AGM) by top 100 listed entities by market capitalization

SEBI vide Circular No. SEBI/HO/CFD/CMD1/P/CIR/2021/602 dated 23rd July, 2021 has extended the time period for holding an AGM of Top 100 listed entities by market [...]

Requirement of minimum number and holding of unit holders for unlisted Infrastructure Investment Trusts (InvITs)

SEBI vide Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/611 dated 4th August, 2021 has clarified that Registered unlisted InvITs which have already issued units as on the [...]

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

SEBI vide Circular no. SEBI/HO/CFD/DCR-III/CIR/P/2021/615 dated 13th August, 2021 has issued Circular related to lien of shares tendering. i. Under the existing mechanism, [...]

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

Income tax vide Circular No. 15/2021 dated 3rd August, 2021 has notified extension of various timelines under the Income-tax Act, 1961. i. The Quarterly statement in Form No. [...]

Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) – Extension of Relaxation

RBI vide Notification No. RBI/2021-22/82 dated 9th August, 2021 has notified the extension of Relaxation for maintenance of Statutory Liquidity Ratio(SLR)- Marginal Standing [...]