– Act: Central Goods and Services Act, 2017 Assessee filed declaration in time for transitioning credit of earlier laws to GST but said credit was not transitioned in assessee’s electronic credit ledger due to technical glitches in the GST Portal. GST Officer was directed to give transition of Credit claimed by assessee into assessee’s electronic credit ledger in Form GST PMT-2

vide decision of High Court of Telangana in BMW India Financial Services (P.) Ltd. v. Union of India Facts of the case: The petitioner is into the business of non-banking financial company engaged in financing automobiles in the form of loans and financial leases to its customer and has operations in 14 States across India, including in the State of [...]

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Guidelines under section 194Q of the Income-tax Act, 1961

Income tax vide Circular No. 75/2021 dated 25th June, 2021 has Issued guidelines under Section 194Q of the Income Tax Act, 1961. i. Finance Act, 2021 inserted a new [...]

Extension of Due date for Declaration in respect of Tax Arrears

Income tax vide Circular No. 13/2021 dated 30th June, 2021 has notified the last date for declaration to designated authority about the tax arrears under Direct Tax Vivad se [...]

Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

Income tax vide Circular No. 12/2021 dated 25th June, 2021 has notified extension of various timelines under the Income-tax Act, 1961. (i) Uploading of the declarations [...]

Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit- Extension

RBI vide Notification No. RBI/2021-22/65 has approved the extension of Interest Equalization Scheme for pre and post shipment Rupee export credit, with same scope and [...]

Review of Instructions on Interest on overdue domestic deposits

RBI vide Notification No. RBI/2021-22/66 dated 2nd July, 2021 has notified the rate of interest on unclaimed deposits with Banks. Earlier, if a Term Deposit matures and [...]

Appointment of Chief Risk Officer in Primary (Urban) Co-operative Banks

RBI vide Notification no. RBI/2021-22/62 dated 25th June, 2021 has notified about the appointment of Chief Risk Officer in Primary (Urban) Co-operative Banks. i. With [...]

Liberalised Remittance Scheme for Resident Individuals – Reporting

RBI vide notification No. RBI/2021-22/56 dated 17th June, 2021 has issued reporting requirements for AD Banks w.r.t. Liberalised Remittance Scheme. i. AD Category -I banks [...]

GST on service supplied by Central/State Govt. to their undertakings or PSUs by way of guaranteeing loans taken by them

GST vide Circular No. 154/10/2021 dated 17th June, 2021 has mentioned that Services supplied by Central Government, State Government, Union territory to their undertakings or [...]

Clarification on offsetting the excess CSR spent for FY 2019-20

MCA vide Circular No. CSR-01/4/2021 dated 20th May, 2021 has clarified that where a company has contributed any amount to ‘PM CARES Fund’ on 31.03.2020, which is over and [...]

Enhancement of Overseas Investment limits for Mutual Funds

SEBI vide circular No. SEBI/HO/IMD/IMDII/DOF3/P/CIR/2021/571 dated 3rd June, 2021 has increased the overall limit for overseas investment by Mutual Funds. Mutual Funds can [...]

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

SEBI vide Circular no. SEBI/HO/IMD/DF6/CIR/P/2021/565 dated 21st May, 2021 has increased the overall limit for overseas investment by AIFs and VCFs.SEBI registered AIFs and [...]

Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act

Income tax vide Notification No.68/2021 dated 24th May, 2021 has notified the Computation of Fair Market Value of Capital Assets for the purposes of Section 50B of the Act. [...]

Extension of time lines related to compliances by the Taxpayers under the Income-tax Act 1961

Income tax vide Circular No. 09/2021 dated 20th May, 2021 has notified extension of various timelines under the Income-tax Act, 1961. The due date of furnishing of Return [...]