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india legal update covid

Income Tax Update

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. 

india legal update covid

Relaxation in Accounting Rules for Small and Medium Companies in India

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

india legal update covid

Compliance Relaxations in India | COVID-19

1. GST UpdateDate of Notification – 28 May 2021 Legal Framework – The Goods & Services Tax Act, 2017 and relevant rules thereunder. Government Authority – Central Board of Indirect Taxes and Customs (CBIC) Web-link – CBIC Circular Legal Update: IGST to be fully exempted on import of certain COVID-19 related goods.Rationalization of GST rates on certain goods and services.Rationalization of late fee in reporting of certain returns.Simplification of Annual Return for FY 2020-21.

india legal update covid

What does the Model Tenancy Act, 2021 mean for companies and individuals in India?

-Summary
The Central Government in India has approved the Model Tenancy Act, 2021 which is to be sent to the States and Union Territories in India to enact legislation or amend laws on rental properties.
– What to Watch?
Like in the case with Real Estate (Regulation and Development Act), the State Governments in India may choose not to follow this model act and its guidelines. This will result in diluting the potential benefits available in the Model Tenancy Act, 2021. However, quick implementation is expected where ruling Central Government is also having government in the States and Union Territories (UT) in India.

india legal update covid

Compliance Relaxations in India | COVID-19

1. Topic – Income tax compliance relaxations – Date of Notification – 20 May 2021– Legal Framework: Income Tax Act, 1961 and relevant Rules thereto– Government Authority – Central Board of Direct Taxes (CBDT)– Web-link – CBDT Circular

india legal update covid

Summary of Compliance Relaxations in India | COVID-19

1. Topic – Clarification on spending of CSR funds for ‘creating health infrastructure for COVID care’ – Date of Notification – 5 May 2021– Legal Framework:– Section 135 of Companies Act, 2013– Companies (CSR Policy) Rules, 2014 

india legal update covid

Cooperation, Competition and Conflict in Indian Society

Dear Reader, The idea of sharing thoughts about “Understanding India” from non-business perspective got very encouraging response from our clients, colleagues and friends. This response has acted as a source of inspiration while launching HLS India’s first e-newsletter in India.

india legal update covid

HLS Global Group and HWS GmbH & Co. KG Form International Strategic Joint Venture

July 30, 2020 Shunsuke Saito Hotta Liesenberg Saito LLP info@hls-global.com   HLS Global Group and HWS GmbH & Co. KG Form International Strategic Joint Venture Creating New Opportunities for Japanese Companies in Europe through a Partnership Founded on Trust Los Angeles, CA, U.S. / Stuttgart, Germany: Today, Hotta Liesenberg Saito LLP, a leading international accounting, taxation, and business advisory firm, announced a new joint venture with HWS GmbH & Co. KG, a German full-service accounting, taxation, and business advisory firm with a rich history spanning nearly a century. This partnership will empower existing and new clients by creating new business opportunities for Japanese companies in Germany and for German companies globally.

Government of India’s Preventive Measure for Corporates | Reporting to Ministry of Corporate Affairs (MCA)

The Novel Coronavirus (COVID-19) has affected over 110 countries, including India. Accordingly, taking cognizance of the gravity of the public health situation and in order to generate greater awareness and confidence on our state of readiness, Ministry of Corporate Affairs (MCA), Government of India, has today i.e. on 23rd March, 2020 deployed the attached notification ‘CAR (Company Affirmation of Readiness towards COVID-19)′. In view of this, every Company is required to report compliance using the above-mentioned web Form from 23rd March, 2020 onwards at the earliest convenience.

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