⚫The Nabard said it has sanctioned Rs 30,200 crore and disbursed Rs 16,500 crore for various rural infrastructure projects across the country under the Rural Infrastructure Development Fund in the first 10 months of the current financial year.
⚫The voluntary scrapping policy for old and unfit vehicles announced in the Union Budget for 2021 -22 will help create jobs for 25 lakh people and lower the price of auto components by 40%, said Union Road Transport and Highways Minister.
⚫India now has forex reserves of over $590 billion, the highest ever, while the external debt is $554 billion, making the country a "net creditor".
⚫India has so far supplied COVID-19 vaccine to 15 countries and another 25 nations are in the queue at different levels for the jab.
⚫Paddy procurement at MSP has risen by 18% so far this kharif marketing season to 614.27 lakh tonnes, valuing nearly Rs 1.16 lakh crore, amid farmers protest at Delhi-borders against three new agri marketing reform laws.
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The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that Market Linked Focus Product Scrip (MLFPS) received is to be treated as a capital receipt only.
The assessee, Bharat Rasayan Ltd. claimed a weighted deduction under section 35(2AB) amounting to Rs.1.21 Cr. The Assessing Officer (AO) held that in the absence of Form 3CL, such deduction is not allowable. The Commissioner of Income Tax (Appeals)(CIT(A)) supported the contention of the AO reiterating that in the absence of Form 3CL, the claim of the assessee cannot be quantified and verified. While denying the deduction, the CIT (A) held that since Section 35(2AB) allows two times deduction of actual expenditure, it is necessary to have the quantification available before the AO and verify the quantum of the claim. Judicial Member Bhavnesh Saini and Accountant Member Dr. B. R. R. Kumar relied upon the order passed in Supreme Court in the case of Ponni Sugars and Chemicals Ltd. (306 ITR 392.) and stated, “We have gone through the entire facts and preposition of the law and find that the issue is squarely covered by the said order of the Tribunal which was based on the judgment of the Hon’ble Apex Court. The MLFPS received by the assessee is to be treated as a capital receipt only. Hence, we hereby allow the plea of the assessee on this ground.”
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👉 Payment of Tax by Fixed Sum Method under QRMP Scheme
https://www.gst.gov.in/newsandupdates/read/447
👉 Announcement of Campus Placement Programme for Newly Qualified Chartered Accountants February-March, 2021. - (03-02-2021)
https://cmib.icai.org/postedcontent/adminuploads//Announcement%20%20FM-21.pdf
👉 Certificate Course on Public Finance & Government Accounting 9th Online Batch (Morning) - (03-02-2021)
https://resource.cdn.icai.org/62966cpgfm50919batch-9th.pdf
👉 Certificate Course on Public Finance & Government Accounting 10th Online Batch (Evening) - (03-02-2021)
https://resource.cdn.icai.org/62967cpgfm50919batch-10th.pdf
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Compliance Calendar affected due to COVID-19 for February-21
📙 INCOME TAX
▪️07th February 2021- TDS deducted /TCS collected for the month of January, 2021
▪️28th February 2021- Furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194-IB/194M for the month of January, 2021
▪️ 15th February 2021- Due date for filling of Income tax return for FY 19-20 for Audited cases.
▪️ 31st March 2021- TDS/TCS Quarterly return for Q1 and Q2 ending on 30.06.2020 and 30.09.2020
▪️ 31st March 2021- Opt for Vivad se vishwas
▪️ 31st March 2021- Date for linking of Aadhaar with PAN
📙 GST
▪️11th February 2021-Due date of filling GSTR-1 for the month of January- 2021 who does not opt QRMP (Quarterly Return Filing and Monthly Payment of Taxes) Scheme under GST.
▪️13th February 2021-Due date of filling Sales Invoice / Credit Notes for the month of January- 2021 who opted QRMP (Quarterly Return Filing and Monthly Payment of Taxes) Scheme under GST (Optional Filing)
▪️20th February 2021-Due date of filling GSTR-3B by registered person having a turnover above Rs. 5 Crores in the previous Financial Year for the month of January,2021 (for Maharashtra and Chattisgarh state)
▪️22nd February 2021- Due date of filling GSTR-3B by registered person having a turnover of upto Rs. 5 Crores in the previous Financial Year for the month of January, 2021 (for Maharashtra and Chattisgarh state) not opted for QRMP Scheme
▪️25th February 2021- GST Payment for the month of January 2021 under QRMP Scheme.
▪️28th February 2021- Due date of filing of GST audit Form 9/9c for FY 19-20
📙 ROC COMPLIANCE FOR COMPANIES:
▪️15th February 2021- Due date of Annual filing for companies with ROC based upon AGM held. (AOC-4 for financial statement)
▪️27th February 2021- Due date of filing of form MGT-4 (Annual return of companies) based on AGM held.
📙 ESI/PF
▪️15th February 2021- Due date for payment of Provident Fund, ESI contribution for employers who have paid wages to their employees for January 2021.
▪️25th February 2021- Due date of filing of return for month of January.
📙 PROFESSIONAL TAX
▪️28th February 2021- Due date for payment of PT for the month of January where tax liability is more than Rs.100,000/-.
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⚫The RBI kept its policy rates unchanged,assured an 'accommodative' stance for as long as necessary and ample liquidity for the bond market, but what is being touted as a game changer, the central bank proposed to give retail investors direct access to the Govt bond market.
⚫Agriculture Minister defended the laws in a speech in the Rajya Sabha, saying the farmers unions and Opposition parties haven’t been able to point out any flaws in the laws.
⚫Covid vaccinations for those in the 50-plus age bracket could start between the second and fourth week of March.
⚫With banks hesitant to issue kisan credit cards to livestock and dairy farmers, Animal Husbandry Secretary said he has taken up the issue with his counterpart in the finance ministry to fix target for banks for issuing KCC to this category of farmers.
⚫The Delhi Govt to slash circle rates for residential, commercial and industrial properties in Delhi by 20% flat until September 30, 2021.
⚫A total of 52,90,474 beneficiaries were vaccinated through 1,04,781 sessions, as per the provisional report.
⚫High speed mobile internet services are being restored in the Jammu and Kashmir, exactly 18 months after it was suspended in August 2019.
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New procedure of assessment:
The Budget 2021-22 proposes a completely new procedure of reassessment.
1. Under the new Sec 148A, the AO shall make enquiries and give the assessee a reasonable opportunity to be heard before passing an order for issuing notice for reopening U/S 148. This procedure is not applicable to search or requisition cases.
2. Time limit for issuing notice for reopening is 3 years except when the income escaping assessment is Rs 50 L or more, the time limit is 10 years.
3. If the assessment, reassessment, search or requisition cases are initiated by 31st March 2021, the above section and time period shall not be applicable.
4. The authority for approving enquiries shall be principal commissioner or commissioner or principal director or director it 3 years or less have elapsed, otherwise the authority is principal chief commissioner or principal director or chief commissioner or chief director.
New procedure of assessment:
1. Assessment under section 143(1) and Section 144 had to be completed within a period of one year from the end of the financial year in which the return of income was filed.
2. Now the time limit for completion of assessment under Section 143 and Best Judgment Assessment under Section 144 is proposed to be further reduced by 3 months.
3. Now, the time for completion of assessment shall be 9 months from the end of the assessment year in which the income was first assessable. (Amendment in Sec 153(1))
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GST on Transactions by Association to its Members
✅ The Scope of Supply under Section 7 of CGST Act is proposed to be amended through Finance Bill, 2021 so as to *include the activities or transactions, by a person, other than an individual, to its members* or constituents or vice versa, for cash, deferred payment or other valuable consideration.
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1. Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of around Rs. 170 crore for two financial years in the name of 17 bogus entities. All the 17 parties have confessed in the statements recorded during the course of search and seizure operation, that they were unaware of any such business concerns in their name.
Enhancements in e-Way Bill System:
2. Recipient GSTIN should be registered and active, on the date of preparation of the document by the supplier.
3. Document Nos. are case sensitive for e-Waybill generation.
4. In the Bulk Upload, if the Pin-to-Pin distance is not known, distance may be passed as zero. The system will automatically populate the distance, if available. However, if the distance is not available then error is returned. For such cases, user has to pass the distance.
5. If Pin code does not exist in the EWB system then at-least the first 3 digits of the pin code must match with the State selected.
6. In Bulk upload, 96 can also be passed as state code for ‘Other Country’.
7. In case EWB is generated from e-Invoice System, then IRN is displayed in the e-Waybill print
8. Supreme Court transferred to itself the petitions pending before 3 High Courts namely Kerala, Madras and Calcutta High Courts challenging Constitutional validity of Accounting Standards framed by the Institute of Chartered Accountants of India (ICAI). In the writ petitions, which are sought to be transferred, writ petitioner, ICAI have challenged validity of Chapter VI of Guidelines No.1- CA(7)/02/2008 dated August 8, 2008 issued by the Council of ICAI on the ground that the same is violative of Article 19(1)(g) of the Constitution of India.
9 Read more at: https://www.taxscan.in/supreme-court-transfers-to-itself-a-plea-challenging-constitutional-validity-of-accounting-standards-framed-by-icai/88329/
10. DHFL Kapil Wadhawan has written to the Reserve Bank and Sebi alleging that 63 Moons Technologies is hampering the company's insolvency resolution process. While lenders are looking to auction DHFL assets to recover Rs 83,000 crore of unpaid loans, Jignesh Shah-founded 63 Moons Technologies has filed a writ petition in the Madras High Court seeking attachment of DHFL assets to recover its dues of Rs 200 crore.
11. Supreme court orders all Investigation Agencies, including DRI/ NCB/ ED/ NIA/ CIA, having the power to interrogate and arrest, to install CCTV cameras and recording equipments and record the same when interrogation takes place.
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Imagine the new section 83 if SC has this to say on old section 83...indeed compellingly grave
M/s RADHA KRISHAN INDUSTRIES Vs THE STATE OF HIMACHAL PRADESH & ORS.
GST – Sec. 83 - Recovery of Tax - Provisional attachment - Challenge to proceedings initiated under section 83 of CGST Act – Provisional attachment of the amount receivable by the petitioner from its customer by issuing Form DRC-22 - availability of efficacious alternative remedy by way of appeal under section 107 of the CGST Act…………High Court Held - When a statutory forum is created by law for redressal of grievance writ petition should not be entertained ignoring the statutory dispensation - the writ petitioner has not only efficacious and alternative remedy under the GST Act - the writ petition is dismissed on ground of its maintainability……….SC: Petitioner submitted that the power to order a provisional attachment under Section 83 is a draconian power - Issue notice - List on 19 February 2021
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