CBDT makes JSON Utility for ITR1 and ITR 4 for AY 21-22 available on efiling portal
Excel & Java version of ITR utilities will be discontinued from AY 2021-22.
The utility for other ITRs will be enabled shortly, the ITR1 to 4 can be filled using single JSON Utility. Import of Prefill file is mandatory in utility.
Wonderful start by CBDT.
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Action required for TCS on Sale of Goods for Financial Year 2020-21
1) In case, you are liable to collect TCS under Income Tax for sales of goods, ensure to pay TCS by 7th April (the due date is not 30th April) for Q4. The due date for TCS return is 15th April (and not 31st May).
2) We need to reconcile the TCS receivable in Books with Form 26AS and pass necessary entries.
Action for Financial Year 2021-22
1) The rate of TCS is increased from 0.075% to 0.01% with effect from 1st April 2021
2) In case, you had raised invoice with 0.075% TCS and not received before 31st March 2021, you may have to raise a Debit Note at 0.025%
3) However, the TCS is not levied on the first Rs. 50 lakhs in a financial year. Accordingly, if the amount outstanding without TCS is Rs. 2 crore (or with TCS Rs. 2,00,15,000/-), then Debit note is not required. You can adjust the TCS in the outstanding amount with the receipt above Rs. 50 lakhs.
4) In case, the amount outstanding is more than Rs. 2 crore, then you may raise debit note at 0.025% on amount exceeding Rs. 2 crore
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Foreign Trade Policy 2015-2020 extended for 6 months till September 2021
The Union Commerce and Industry Ministry today announced extension of the Foreign Trade Policy (FTP) of Government of India. The present Policy which came into force on 1st April 2015, was for 5 years and was extended thereafter upto 31st March, 2021. In view of the unprecedented situation arising out of the pandemic Novel COVID-19, which is persisting, the Government has decided to continue benefits under various export promotion schemes by extending existing Foreign Trade Policy by another six months i.e. up to 30th September, 2021 which will provide continuity in the policy regime. Similar extension is made in the related procedures, by extending validity of HandBook of Procedures.
Exemption from payment of IGST and Compensation Cess on the imports made under Advance/EPCG Authorisations and by EOUs etc. has also been extended up to 30.09.2021. Similarly, validity period of the Status Holder Certificates is also extended. This will enable the Status Holders to continue to avail the specified facilities/benefits.
A notification for extending the Foreign Trade Policy 2015-20 and a Public Notice for extending the validity of the existing Handbook of Procedures 2015-20 has been issued.
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👉 Extension in last date of application for the posts of ED to DGM in NFRA at New Delhi on deputation/short term contract basisPdf(2.9 MB)
http://www.mca.gov.in/Ministry/pdf/EDtoDGM_01042021.pdf
👉 Extension in last date of application for the posts of AGM and below in NFRA at New Delhi on deputation/short term contract basisPdf(3.3 MB)
http://www.mca.gov.in/Ministry/pdf/AGMbelow_01042021.pdf
👉 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Adv. Information Technology Test on 14th April 2021 - (01-04-2021)
https://resource.cdn.icai.org/64282exam51541.pdf
👉 Extension for completion of Orientation Course/IT Training by the eligible Intermediate students on or before 31st May, 2021 - (01-04-2021)
https://resource.cdn.icai.org/64287sseb010421a.pdf
👉 Organizing ICITSS & AICITSS Classes in virtual/physical mode at the Branch Level/Regional Level for all eligible students - (01-04-2021)
https://resource.cdn.icai.org/64288sseb010421b.pdf
👉 Framework for processing of e-mandates for recurring online transactions
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12051&Mode=0
👉 Guidelines on Regulation of Payment Aggregators and Payment Gateways
https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12050&Mode=0
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⚫Under the ‘Vaccine Maitree’ initiative, India has supplied a total of about 64.4 million doses to the global community and of these, 10.4 million doses have been supplied as a grant, 35.7 million doses on a commercial basis and 18.2 million doses through the COVAX initiative.
⚫The pace of highways construction in the country has touched a record 37 km per day in financial year 2020-21. The ministry of road transport and highways has constructed 13,394 km of highways in FY21.
⚫Over 70% IPOs delivered gains on listing day in FY21, On average, listing-day gains stood at 34%, the highest in over five years.
⚫The personal tax rises 2.5% in FY21. 6% fall in corporation tax due to Covid related issues.
⚫State-owned power distribution companies have received Rs 75,000 crore between June 2020 and March 2021 under the special liquidity scheme announced by the Government.
⚫With Maharashtra witnessing record Covid surge, CM said he could announce stricter curbs in a day or two, and warned of a lockdown if the situation did not improve.
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E-KNOWLEDGE CAPSULE
✒ NCLAT denies to accept belated claim after the Resolution Plan as approved by CoC which has been submitted to the Adjudicating Authority for approval.
✒ Kerala High Court held that the voters should be able to see Name, Photograph and Symbol of candidates with sufficient clarity as it is essential for the free and fair election.
✒ Tripura High Court held that Conviction of the accused only on the basis of presumption under POCSO Act would offend Article 20(3) and 20 of the Constitution.
✒ Madras High Court held that the court can not interfere as it is the Matter of Policy in the plea filed against increase in Court-Fees.
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⚫The exports of engineering goods recorded an impressive 70.28% growth in March.
⚫The surge in global commodity prices will have serious implications for India's economy which is still struggling to come out of the Covid-19 impact, agency Ind-Ra said. As per Ind-Ra, a higher retail inflation not accompanied by a commensurate increase in wage growth will adversely impact the consumption demand and in turn investment revival in the economy.
⚫The Govt has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes scheme of GST.
The filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed in the last month of each quarter.
⚫The personal data of more than half a billion Facebook Inc. users reemerged online for free, a reminder of the company’s ability to collect mountains of information and its struggles to protect these sensitive assets. The leak includes personal information on 533 million Facebook users, such as phone numbers, Facebook IDs, full names, locations, birth dates, bios and in some cases email addresses.
⚫India recorded more than 90000 fresh covid cases. Maharashtra reported 49447 fresh COVID-19 cases, Mumbai city also registered 9108 new infections, the highest spike in a single day.
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