• Legal Update:
o Government announces tax exemption for expenditure on Covid treatment and ex-gratia received on death due to Covid.
o Extension of time-limit in filing and reporting tax compliances:
(more…)Topic 1 | Identification of Non-Filers of Income Tax Return
• Legal Update:
o The Income tax office has announced a new system on its web-portal to identify non-filers (specified persons) of income tax return.
(more…)Date of Approval – 23 June 2021
• Effective Date of Implementation of Accounting Rules – 1 April 2021
• Legal Framework – The Companies Act 2013 | Companies (Accounting Standards) Rules, 2021
• Government Authority – Ministry of Corporate Affairs (MCA), Government of India
• Web-link – Copy of Accounting Rules in India
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