NICAI Updates:
TDS cannot be recovered from Assessee for non-deposit by deductor. Case Name : Ashok Kumar B. Chowatia Vs JCIT (TDS) (Madras High Court) Appeal Number : W.P. Nos. 31167, 31170, 31172 and 31174 of 2018 Date of Judgement/Order : 16/04/2021
Union Cabinet approved amendments to the Limited Liability Partnership (LLP) Act for decriminalizing offences under the law as the government looks to improve ease of doing business and encourage start-ups. In all, 12 offences are proposed to be decriminalized and one provision (Section 73) entailing criminal liability is to be omitted.
Lok Sabha approved the Insolvency and Bankruptcy Code (amendment) Bill, which will replace an Ordinance that was promulgated in April to introduce a so-called pre-pack resolution scheme for micro, small and medium enterprises (MSMEs). The scheme allows only the debtor to trigger its own bankruptcy process with the approval of financial creditors having at least 66% of voting power.
Union Cabinet has approved amendments to the General Insurance Business (Nationalization) Act, paving the way for privatization of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Center to hold at least 51 per cent in public sector insurance companies at any given time.
Goods and Services Tax Network (GSTN) has enabled the New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers. The said functionality has been introduced so as to enable the taxpayer to update the annual aggregate turnover in case of any discrepancy found in auto-populated figure.
SEBI is in the process of issuing a revised risk management framework for mutual fund industry in view of the changes in the industry landscape which will define the roles and responsibilities of officials. The new framework will have policies regarding risk management incorporating a risk management culture within the organization, and principles for identification and management of risk at the level of MF schemes and overall functions of AMCs (asset management companies).
.
========>
.
👉🏻Supreme Court bench sets time limit for lawyers, says time to change old habits
(A Supreme Court bench told lawyers to confine oral arguments to 30 minutes and submissions on law to three pages)
👇🏻 👇🏻 👇🏻
https://bit.ly/3j2lHhr
.
========>
.
CIRCULAR No. IBBI/IPA/43/2021 dated 28th July, 2021 of IBBI
🎯 Monetary Penalties to be imposed by an IPA.
Up to ₹ 1,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 50,000.
👉 1. Fails to submit disclosures, returns, etc. to IPAs or submits inadequate or incorrect disclosures, returns, etc.
👉 2. Fails to maintain records.
👉 3. Fails to supply the information called for by the IPA, Board, AA
👉 4. Fails to cooperate with the inspection or investigating authority.
👉 5. Fails to provide notice regarding meetings of creditors.
👉 6. Enters into contract or agreement with professionals in an incomplete and improper manner
👉7. General Penalty for any other violation
Up to ₹ 2,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 1,00,000.
🌱 1. Rejects a claim(s) without giving any proper reason.
🌱 2. Accepts an assignment having conflict of interests with the stakeholders.
🌱 3. Fails to comply with directions issued by AA.
🌱 4. Outsources his duties and obligations.
🌱 5. Fails to appoint registered valuers, wherever required
🌱 6. Fails to make public announcement in the manner provided for in the relevant Regulations.
🌱 7. Fails to reject resolution plan from ineligible resolution applicants.
🌱 8. Fails to take action in respect of PUFE transactions.
🏵️ Circular effective immediately.
.
========>
.
GST UPDATE
30-07-2021
Vide Notification No.29/2021 CGST dated 30-07-2021 following amendments as done vide Finance Act 2021 shall be implemented from 01-08-2021.
Sub-section 5 of section 35 CGST shall be omitted. Section is reproduced.
👉"(5) Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed:
Provided that nothing contained in this sub-section shall apply to any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force."
For section 44 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:––
👉 New section section 44
“Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the
financial year, with the audited annual financial statement for every financial year electronically, within such time and in such form and in such manner as may be prescribed:
Provided that the Commissioner may, on the recommendations of the Council, by notification, exempt any class of registered persons from filing annual return under this section.
Provided further that nothing contained in this section shall apply to any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force.”.
NOTIFICATION
No. 31/2021–Central Tax
👉In exercise of the powers conferred by the first proviso to section 44 of the
Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the
Council, hereby exempts the registered person whose aggregate turnover in the financial year 2020-21 is
upto two crore rupees, from filing annual return for the said financial year.
👉2. This notification shall come into force from the 1st day of August, 2021.
.
========>
.
⚫The output of eight core sectors grew 8.9% in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity.
⚫India’s fiscal deficit in the Q1 FY2021-22 stood at 18.2% of the Budget Estimates against 83.2% in the same period last year.
⚫Retail and farming gathered pace on a YoY basis in June 2021, reflecting a rise in economic activity as states begin to ease curbs gradually. Retail loans, covering housing and vehicles, among others, registered an accelerated growth of 11.9% in June 2021. Loans to agriculture and allied activities showed an accelerated growth of 11.4% in June 2021.
⚫The coronavirus induced suspension of scheduled international passenger flights has been extended till August 31.
⚫CBSE Class 12 results: 99.37% students pass, no merit list this year.
.
========>
.
NICAI Updates:
Technical glitches continue to affect the functioning of the new income tax portal, restricting taxpayers and practitioners from carrying out tax-related works. The Income Tax Department had launched the new e-filing portal on June 7. Since then, it continues to face technical issues.
31.7.21 is last day to file Form 24Q, 26Q, 27Q, 26QAA(interest on FD without TDS by banks) for Q1 of 21-22 & to issue Form 16 & 12BA of 20-21.
ITAT deletes Section 68 Addition for Share Premium. Case Name : Renu Proptech Pvt Ltd. Vs ACIT (ITAT Delhi) Appeal Number : ITA No. 7653/DEL/2019
Chief Economic Adviser said that rationalisation of GST rate structure is on the government’s agenda and it is definitely going to happen. Further, he said that a three-rate structure is very important and there is also a need to fix inverted duty structure as far as the GST is concerned.
Kerala High Court directed the central government and chairman, Goods and Service Tax Council, New Delhi to file a statement within three weeks, in response to a petition seeking to interfere effectively to reduce the inordinate hike in the price of petroleum products. The court also issued notice to the state government.
The amendments to the factoring law, which were approved by the Rajya Sabha on Thursday, would enable as many as 9,000 non-banking financial companies (NBFCs) to participate in the factoring market, instead of just 7 now, boosting cash flow to small businesses.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
