India Legal Update

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-linkCBIC 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

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.


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.


Features Articles

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