E-KNOWLEDGE CAPSULE
✒ Supreme Court set asides the bail granted to man accused of murdering lady doctor saying Seriousness of the charge is a relevant factor.
✒ NCLAT New Delhi held that Adjudicating Authority is not the recovery forum for the arrears of lease rental.
✒ Plea Filed In Supreme Court Seeking Law To Control Black Magic, Superstition & Forceful *Religious Conversions.
✒ Supreme Court Seeks Affidavit From Tihar Jail Authorities, Ministry -- Where Exactly The CC TV Cameras Installed ? -- Why The Life Of CC TV Footages Confines To Four Days Only?
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✅ Important Update for Companies
Due Date to use Accounting Software with Audit Trail Extended to 1st April 2022
Source : MCA Notification dated 1st April 2021
1) Mandatory use of Accounting Software having Audit Trail Extended to 1st April, 2022: http://mca.gov.in/Ministry/pdf/AccountsAmendmentRules_01042021.pdf
2) Other Matters to be Included in Auditors Report as per Companies (Audit & Accounts) Amendment Rules, 2021 extended to Financial Year Starting from 1st April, 2022:http://mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_01042021.pdf
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⚫Indian equities started the new fiscal year on a strong note, with Sensex surging over 520 points to settle above the 50,000 level on across the board buying by participants amid positive global cues.
⚫GST revenue touched an all-time high in March, with the Govt collecting nearly Rs 1.24 trillion.The Govt has attributed the robust mop-up to closer monitoring against fake billing, deep-data analytics using data from multiple sources.
⚫The Government reversed the move to lower interest rates on small savings schemes.
⚫Govt defers audit trail requirement by co's by 1 year to 01-04-2022.
⚫India has recorded a massive surge of 81,441 Covid-19 cases in the last 24 hours, Maharashtra has reported 43,183 new Covid-19 cases, its highest one-day rise since the pandemic began. Mumbai reported 8,646 new cases, Delhi logged 2,790 fresh Covid cases.
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CBDT notifies all ITR Forms 1 to 7 for AY 2021-22 vide Notification no. 21/2021 in G.S.R 242(E) dated 31/03/2021. To facilitate taxpayers & to minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last year’s Forms.
The reduction in TDS and TCS rates on non-salary payments came into effect on May 14, 2020 and will be applicable till March 31, 2021. Thus, effective from April 1, 2021, the TDS and TCS rates on these non-salary payments will be back to their original (higher) levels.
Central government might extend Vivad Se Viswas, the direct tax resolution scheme, after March 31 if Cairn Energy wishes to settle the retrospective tax dispute through it. During a meeting with finance ministry officials in February, the Edinburgh-based energy major was offered an immediate refund of $300 million if it chose to settle the tax dispute under the Vivad Se Vishwas scheme.
Wef 1.4.2021 E-invoice is Mandatory for turnover between 50-100 cr. Dispatch of material even with paper invoice will result in seizure, penalty etc.
GST Quarterly taxpayers are able to see the GSTR3B tile for Jan, Feb and Mar 2021 and They are requested to file GSTR3B for the quarter Jan-Mar, 2021 using tile for March 2021.
The audit trail changes postponed to 01-04-2022. Company (Accounts) Second amendment Rules, 2021
http://www.mca.gov.in/Ministry/pdf/AccountsAmendmentRules_01042021.pdf
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