• 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
1. GST UpdateDate of Notification – 28 May 2021
– Date of Approval – 02 June 2021 | Press Release
– Legal Framework – To be enacted by respective State / Union TerritoryGovernment Authority – Ministry of Housing & Urban Affairs (MoHUA), Government of India
– Web-link – Copy of the Act
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
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
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.
(more…)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.
(more…)
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