AKGVG Weekly Insight
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We are pleased to share AKGVG's Weekly Insight, dated 10th Aug, 2021 which includes:
Date: 10.08.2021
S.no Description Relevant links
Section I: Income Tax
1. CBDT notifies Tax Exemption to Real Estate Regulatory Authority, Himachal Pradesh, Shimla in respect of the specified income for Assessment Year 2020-2021 to 2024-2025. Notification no. 86/2021
dtd 04.08.2021
2. CBDT circulates extension of timelines for electronic filing of various Forms under the Income-tax Act,1961 Circular no. 15/2021
dtd 03.08.2021
3. CBDT vide notification has omitted certain Rules to ease the burden of the taxpayer in certain circumstances where they were required to furnish forms to support their claim either through self-certification or by obtaining certification issued by Accountant’s. Notification no. 83/2021
dtd 29.07.2021
4. CBDT has amended Rule 12 of Income Tax Rules related to ITR Filing. Notification no. 82/2021
dtd 27.07.2021
Section II: GST
1. CBIC notifies to exempt taxpayers having AATO up to Rs. 2 crores from the requirement of furnishing annual return for FY 2020-21. Notification no. 31/2021
dtd 30.07.2021
2. CBIC amend Rule 80 of the CGST Rules, 2017 and notify Form GSTR 9 and 9C for FY 2020-21. Rule 80 provides for exemption from GSTR-9C to taxpayers having AATO up to Rs. 5 crores Notification no. 30/2021
dtd 30.07.2021
3. CBIC notify section 110 and 111 of the Finance Act, 2021 w.e.f. 01.08.2021. Notification no. 29/2021
dtd 30.07.2021
4. CBIC circulates clarification regarding extension of limitation under GST Law in terms of Hon’ble Supreme Court’s Order dated 27.04.2021. Circular no. 157/13/2021-GST
dtd 20.07.2021
Section III: MCA
1. MCA serves public notice under Section 75 of the LLP Act, 2008 read with Rule 37(2) of the LLP Rules, 2009 Notification
dtd 30.07.2021
2. Clarification on spending of CSR funds for COVID-19 vaccination notified by MCA. Notification
dtd 30.07.2021
Section IV: RBI
1. Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) - Extension of Relaxation notified by RBI. Notification
dtd. 09.08.2021
2. RBI notifies Rationalisation of Overseas Investment Regulations under FEMA, 1999 – Draft rules/regulations for Comments. Press Release
dtd 09.08.2021
3. RBI notifies resolution framework for COVID-19-related Stress – Financial Parameters – Revised timelines for compliance Notification
dtd 06.08.2021
4. RBI announces guidelines for Implementation of the circular on Opening of Current Accounts by Banks Notification
dtd 04.08.2021
5. RBI cautions the public not to fall prey to fictitious offers of buying/ selling of Old Banknotes and Coins. Press Release
dtd 04.08.2021
6. Framework for Outsourcing of Payment and Settlement-related Activities by Payment System Operators notified by RBI Notification
dtd 03.08.2021
7. RBI notifies rating of Deposits of HFCs – Approved Credit Rating Agencies and Minimum Investment Grade Credit Rating Notification
dtd 29.07.2021
8. Master Direction - Reserve Bank of India [Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR)] Directions – 2021 notified by RBI. Notification
dtd 20.07.2021
Section V: CUSTOMS
1. CBIC amends Customs Brokers Licensing Regulations, 2018. Notification no .62/2021
dtd 23.07.2021
2. CBIC amends notification No. 46/2017-Customs dated 30th June 2017, to clarify leviability of IGST, on recommendation of the GST Council. Notification no. 37/2021
dtd 19.07.2021
We trust you will find this Journal informative as well as useful.
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Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

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