AKGVG Weekly Insight
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Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 09th Nov, 2021 which includes:
Date: 09.11.2021
S.no Description Relevant links
Section I: Income Tax
1. CBDT notifies ‘E Settlement Scheme, 2021’ shall be applicable to pending applications in respect of which the applicant has not exercised the option under sub-section (1) of section 245M of the Act and which has been allotted or transferred by Central Board of Direct Taxes to an Interim Board. Notification no. 129/2021
dtd 01.11.2021
2. Tolerance Band for Assessment Year 2021-22 in case of wholesale trading and others notified by CBDT. Notification no. 124/2021
dtd 29.10.2021
3. CBDT circulates guidelines under clause (23FE) of section 10 of the Income-tax Act, 1961. Circular no. 19/2021
dtd 26.10.2021
4. Clarification regarding Section 36(1)(xvii) of the Income-tax Act, 1961 inserted vide Finance Act, 2015 circulated by CBDT. Circular no. 18/2021
dtd 25.10.2021
Section II: GST
1. Clarifications regarding applicable GST rates & exemptions on certain services circulated by CBIC. Circular no. 164/20/2021-GST
dtd 06.10.2021
2. Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 45th meeting held on 17th September 2021 at Lucknow–reg circulated by CBIC. Circular no. 163/19/2021-GST
dtd 06.10.2021
Section III: MCA
1. Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013 notified by MCA. Notification
dtd 29.10.2021
2. Extension of last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014-reg notified by MCA. Notification
dtd 29.10.2021
3. MCA notified relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships upto 30th December 2021. Notification
dtd 26.10.2021
Section IV: RBI
1. Investment by Foreign Portfolio Investors (FPIs) in Debt – Review notified by RBI. Notification
dtd 08.11.2021
2. RBI announces rate of interest on Government of India Floating Rate Bonds, 2024. Notification
dtd 03.11.2021
3. RBI notifies Master Circular- Guarantees, Co-Acceptances & Letters of Credit – UCBs. Notification
dtd 02.11.2021
4. RBI notifies Master Circular- Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs. Notification
dtd 01.11.2021
Section V: CUSTOMS
1. CBIC amend Notification No. 18/2019-Customs reducing Road and Infrastructure Cess (RIC) on Petrol and Diesel. Notification no. 52/2021
dtd 03.11.2021
2. Courier Imports and Exports (Electronic Declaration and Processing), Amendment, Regulations, 2021 notified by CBIC. Notification no. 85/2021
dtd 27.10.2021
3. Reducing compliance burden regarding registration of Authorised Couriers circulated by CBIC. Circular no. 24/2021
dtd 27.10.2021
We trust you will find this Journal informative as well as useful.
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Disclaimer: This insight is meant for informational purpose only and should not be considered as an advice or opinion, or otherwise, whatsoever. AKGVG & Associates does not intend to advertise its services through this insight. AKGVG & Associates is not responsible for any error or omission in this insight or for any action taken based on its contents.

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Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

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