⚫RBI made a dividend payout of Rs 99122 crore more than double of the budget estimate of Rs 45,000 crore, and has been enabled by the increased returns from the RBI's domestic assets and changes in its accounting practices.
⚫The Ministry of Labour & Employment announced a hike in variable DA for more than 15 million workers in the central sphere by Rs 105 to Rs 210 per month.
⚫Direct foreign listing: Indian co's face capital gains hurdle. FinMin seeks 10% capital gains tax on transfer of Indian shares.
⚫Four vacancies in the CBDT have not been filled despite the Appointment Committee of Cabinet clearing names in February, exposing administrative gaps.
⚫Air India servers hacked; passengers passport, credit card data leaked. The breach involved personal data registered with the airline between 26 Aug, 2011 and 3 Feb, 2021.
⚫India witnessed 254395 fresh coronavirus cases.
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💡📜📍MCA UPDATE - further forms extended
📜✒️21.05.2021
Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly.
http://www.mca.gov.in/Ministry/pdf/FeeWaiver_13052021.pdf
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🥊 The Income Tax Department is going to launch its new e-filing portal www.incometax.gov.in on 7th June, 2021.
🏄🏻♀️ The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a *modern, seamless experience* to taxpayers:
🚣🏼♂️ New taxpayer friendly portal integrated with immediate processing of Income Tax Returns(ITRs) to issue quick refunds to taxpayers;
🤹🏻♀️ All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer;
🪔 Free of cost ITR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with pre-filling, for minimizing data entry effort;
☎️ New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chatbot/live agent;
📲 All key portal functions on desktop will be available on Mobile App which will be enabled subsequently for full anytime access on mobile network;
⏳ New online tax payment system on new portal will be enabled subsequently with multiple new payment options using netbanking, UPI, CreditCard and RTGS/NEFT from any account of taxpayer in any bank, for easy payment of taxes.
🔮 In preparation for this launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available from1st June, 2021 to 6th June, 2021.
💎 In order to avoid any inconvenience to taxpayers, the Department will not fix any compliance dates during this period.
💉 Further, directions have been issued to fix hearing of cases or compliances only from 10th June,2021 onwards, to give taxpayers time to respond on the new system.
🧲 Taxpayers are encouraged to complete all their urgent tasks involving any submission, upload or downloads before 1stJune, 2021 to avoid any difficulty during the blackout period.
🧃 The Department requests the patience of all taxpayers and other stakeholders during the switchover to the new e-filing portal and the subsequent initial period while they get familiarized with the new system.
🌳 This is another initiative by CBDT towards providing ease of compliance to its taxpayers and other stakeholders.
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⚫The Govt extended I-tax compliance timelines, including 2020-21 ITR, for individuals by two months to Sept 30, companies by a month till November 30. The due date for filing TDS returns and the Statement of Financial Transaction statements, has been extended by one month to June 30.
⚫Mall investors slam brakes on new launches amid Covid-19 pandemic. Many might be forced to sell off their properties to new players or repurpose them to create some office or co-working space to hedge their bets.
⚫Centre considers a revamp of stressed asset guarantee scheme for MSMEs. As of May 14, guarantees of only Rs 68.39 crore had been issued, benefiting 632 businesses.
⚫NBFCs brace for defaults, grim business prospects as collections are down and staff is not able to reach out to customers.
⚫India witnessed 276261 fresh coronavirus cases on Thursday. India reported 4,209 new deaths.
⚫Chemists have threatened to join the lockdown after their requests to be treated as essential services workers for vaccination was not accepted by the govt.
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👉🏻Extension of various Due Dates - Income Tax Return, Tax Audit due date & Other dates extended
(CBDT vide Income Tax Circular No. 9 of 2021 Dated 20th May, 2021 extends various due dates under income tax discussed)
👇🏻 👇🏻 👇🏻
https://youtu.be/Vk2IaB9wDWM
👉🏻Engagement of Chartered Accountant Firms as Concurrent Auditors of SBI
(Applications are invited from eligible Chartered Accountant Firms for empanelment as Concurrent Auditors in the State Bank of India branches / outfits. Application for Empanelment of Chartered Accountant Firms for Concurrent Audit” should reach the respective Circle Audit Office on or before 29.05.2021 by 5.00 P.M)
👇🏻 👇🏻 👇🏻
https://bit.ly/3wlRX41
👉🏻Tax Audit in case of Futures & Options (F&O) and Share Trading
(Tax Audit in case of Futures & Options and Share Trading discussed by *CA. Shivangi Mittal*)
👇🏻 👇🏻 🙏🏻
https://youtu.be/-fF9wA6zS4Q
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👉 Extension of the due date of filing Revocation application of Cancellation
https://www.gst.gov.in/newsandupdates/read/472
👉 Generation of GSTR-2B for April 2021
https://www.gst.gov.in/newsandupdates/read/473
👉 Announcement regarding List of Forms where additional fees has been waived off as per Circular 06/2021 & 07/2021 issued by the MCA by CL&CGC ICAI - (14-05-2021)
https://resource.cdn.icai.org/64781clcgc140521.pdf
👉 Empanelment with the Office of the C&AG of India for the year 2021-2022 - (17-05-2021)
https://www.icai.org/post/empanelment-with-the-office-of-the-cag-of-india-2021-2022
👉 Conversion/Switch of Government of India (GoI)’s Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51567
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Six Changes in New Income Tax Portal from 7 June, Pay Tax via Credit Card
Launch of new e-filing Portal of the Income Tax Department – Non-availability of e-filing services from 01.06.2021 to 06.06.2021
The Income Tax Department is going to launch its new e-filing portal on 7th June, 2021. The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers:
New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers;
All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer
Free of cost 1TR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with pre-filling, for minimizing data entry effort;
New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chat box/live agent;
All key portal functions on desktop will be available on Mobile App which will be enabled subsequently for full anytime access on mobile network;
New online tax payment system on new portal will be enabled subsequently with multiple new payment options using net banking, UPI, Credit Card and RTGS/NEFT from any account of taxpayer in any bank, for easy payment of taxes.
In preparation for this launch and for migration activities, the existing portal of the Department at would not be available to taxpayers as well as other external stakeholders for a brief period of 6 days i.e. from 1st June, 2021 to 6th June, 2021.
In order to avoid any inconvenience to taxpayers, the Department will not fix any compliance dates during this period. Further, directions have been issued to fix hearing of cases or compliances only from 10th June, 2021 onwards, to give taxpayers time to respond on the new system. If, any hearing or compliance which requires submissions online has been scheduled during this period, the same will be preponed or adjourned and the work items would be rescheduled after this period.
The Department has also intimated external entities including Banks, MCA, GSTN, DPIIT, CBIC, GeM, DGFT who avail services of PAN verification etc. about the non-availability of the services and to request them to make arrangements to ensure that their customers/stakeholders are apprised, so that any relevant activity can be completed prior to or after the blackout period.
Taxpayers are encouraged to complete all their urgent tasks involving any submission, upload or downloads before 15 June, 2021 to avoid any difficulty during the blackout period.
The Department requests the patience of all taxpayers and other stakeholders during the switch over to the new e-filing portal and the subsequent initial period while they get familiarized with the new system. This is another initiative by CBDT towards providing ease of compliance to its taxpayers and other stakeholders.
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