CBDT notifies the Cost Inflation Index(CII) for Financial Year 2021-2022 vide Notification No. 73/2021 dated 15th June, 2021. The Cost Inflation Index for FY 2021-22 relevant to AY 2022-23 & subsequent years is 317.
Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants &taxpayers to be part of the interaction. @Infosys team to clarify on glitches faced.
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👆📜📍MCA Update 16.06.2021
Rule 4 of The Companies (Meeting of Board and its Powers) Rules, 2014
Deals with Matters Not to be Dealt With in a Meeting Through Video Conferencing or Other Audio Visual Means
*Omitted* via this amendment
💡With the said amendment, restriction on agenda items to be transacted only at physical meeting of Board of Directors are done away with.
⚖️📑With MCA Amendment 15th June, 2021. Now following resolution can be passed through Video Conference mode:-
👉 (i) the approval of the annual financial statements;
👉 (ii) the approval of the Board’s report;
👉 (iii) the approval of the prospectus;
👉 (iv) the Audit Committee Meetings for consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under sub-section (1) of section 134 of the Act; and
👉 (v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.
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👉 Register for Digital Audit Tools Free of Cost- An Initiative by CMP, ICAI - (11-06-2021)
https://resource.cdn.icai.org/65087cmp52366.pdf
👉Announcement regarding amendment in Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Rules, 2016 by CL&CGC ICAI - (14-06-2021)
https://resource.cdn.icai.org/65096clcgc140621.pdf
👉RBI releases Consultative Document on Regulation of Microfinance
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51725
👉Investment in Entities from FATF Non-compliant Jurisdictions
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12114&Mode=0
👉New auditors: RBI clarifies on tenure, eligibility norms
https://economictimes.indiatimes.com/industry/banking/finance/banking/new-auditors-rbi-clarifies-on-tenure-eligibility-norms/articleshow/83512819.cms
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Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal
Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00 PM with Infosys (the vendor and its team) on issues/glitches in the recently launched e-filing portal of the Income Tax Department. Other stakeholders including members from ICAI, auditors, consultants and taxpayers will also be a part of the interaction. The new portal has been fraught with several technical glitches/issues leading to taxpayer inconvenience. Written representations on the problems/difficulties faced in the portal have also been invited from the stakeholders. Representatives from Infosys team will be present to answer queries, clarify issues and receive inputs on the working of the portal, to remove glitches and sort out issues faced by the taxpayers.
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⚫Merchandise exports grew 69.35% yoy in May to $32.27 billion on account of low-base effect as well as rising demand from external markets, while the imports declined in May to $38.55 billion, as compared to April, owing to the lockdowns. As a result, trade deficit hit an eight-month low and narrowed to $6.28 billion.
⚫Reliance Jio and Bharti Airtel kick off 5G network trials in India.
⚫EPFO deferred implementation of its order mandating filing of PF returns with Aadhaar verified UAN till Sept 1, 2021.
⚫Nearly 10,000 mobile retail stores shut in the past year. The north India region, the largest market among all four zones of the country, has seen the worst, with close to 10% of outlets closing.
⚫There has been an almost 85% decline in daily COVID-19 cases, there are 20 states and UTs where active cases are less than 5,000.
⚫Retail inflation jumps to 6-month high of 6.3% on higher food, fuel prices
⚫The Covid related claims for general and health insurers have remained at elevated levels. As of June 11, more than 1.8 million claims have been reported to the insurers amounting to Rs 24,397.35 crore, of which 1.46 million claims have been settled worth Rs 14,060 crore, thus resolving 81% of the claims received.
⚫The RBI proposed to lift the interest rate cap on microfinance institutions, and said all micro loans should be regulated by a common set of guidelines irrespective of who gives them.
⚫IMD issues yellow, orange alert for various districts of Kerala.
⚫850 oxygen plants being set up in various districts from PM Cares.
⚫Delhi bans soaps, detergents not conforming to latest BIS parameters.
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Issues on New ITD Portal - listed down - members can add new issues chronologically one after another so that detailed representation can be filed appropriately
1. DSC not getting registered or updated
2. New Incorporated companies or Firms are not able to register themselves on ITD Portal
3. Forget password option not working
4. IT Returns in PDF can't be downloaded
5. IT acknowledgements in PDF can't be downloaded
6. DIN Number not getting auto populated in new ITD website
7. Challan Numbers not getting validated
8. no tab for VSV tab
9. Unable to file TDS Returns
10. Unable to file 15CA/15CB
11. E proceedings tab not workings
12. Grievances registered on ITD website are deleted without addressing
13. Old demands outstanding not reflected
14. Old Grievances registered not reflected
15. Unable to file Income Tax Returns for FY 2021
16. Accounts get locked, if we try to login and not able to login due to non-operatibility of site
17. Unable to raise refund reissue request
18. Unable to view Form 26AS
19. PAN Number is not shown as valid
20. Mismatch in PAN Data is shown when technically there is no mismatch
21.JSON Utility not available
22.while filing Verification in ITR if we select 'Self'in capacity then Name disappeared n Shown in validation errors.
23. Unable to submit response to outstanding demand.
24. Intimation for returns
Processed for Ay20-21 not available for download.
25.Too many login pages.
26.Reporting Portal not able to connect.
27. Very Slow Site working.
28.No Capcha code for login
29. Unable to register tan for filing TDS return
30. Profile updation is a tedious job. We have to match Aadhar as well as Pan data. It consumes lot of time. One peculiar mismatch is if the address word has one word missing, for eg, appartment, still our income tax site shows error as Pan and Aadhar address is not matching. We do not have liberty to give our address. That means now we have to either update our aadhar or Pan.
31. Company below 18 years is shown as Minor and is not authorised to file it ts return.
31. Validation of bank is getting refused again again for no reason.
32 Request for rectification not there
33. No Aadhar OTP's are being generated.
34. Unable to File form 35
35. BSR/Challan code, starting with '0' is not being counted & showing error as invalid input.
36.Unable to File VIVAD Form 4 with Above said errors.
37.Unable to file Form 10A with attachments, saying as Invalid PDF's
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👉🏻Relaxation in electronic filing of Income Tax Forms 15CA/15CB - CBDT
(In view of difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB, CBDT allows submission in manual format to authorized dealers till June 30, 2021)
👇🏻 👇🏻 👇🏻
https://bit.ly/2TwnF0q
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🇮🇳 GST Updates
1️⃣ GSTN: Table-12 of GSTR-1. https://www.gst.gov.in/newsandupdates/read/480
2️⃣ GSTN: Upcoming functionalities to be deployed on GST Portal for the Taxpayers. https://www.gst.gov.in/newsandupdates/read/481
3️⃣ GST Rates: No Tax On Black Fungus Medicine, 5% GST To Continue On Covid Vaccines. Download Notification: https://t.me/praveengst/7120
4️⃣ Good GST Returns, Proactive Fiscal Policy Can Spur Growth: SBI Report.
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