Government extends certain timelines to ease compliances
👉The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided to extend timelines for compliances under the Income-tax Act, 1961 (hereinafter referred to as “the Act”) in the following cases, as under:
👉Time limit for intimation of Aadhaar number to the Income tax Department for linking of PAN with Aadhaar has been extended from 30th September, 2021 to 31st March, 2022.
👉The due date for completion of penalty proceedings under the Act has also been extended from 30th September, 2021 to 31st March, 2022.
👉Further, the time limit for issuance of notice and passing of order by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988 has also been extended to 31st March, 2022.
👉Notification no. 113 of 2021 dated 17th September, 2021 has been issued in this regard and can be accessed at www.incometaxindia.gov.in.
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⚫Direct tax mop-up crosses half of Budget Estimates at halfway point. Collection 28% higher over the same period in 2019-20, brightening economic recovery prospects.
⚫The Govt extended the deadline to link PAN with Aadhaar by six months till March 2022.
🌑The due date for completion of penalty proceedings under the I-T Act has been extended from Sept 30, 2021 to March 31, 2022. Further the time limit for issuance of notice and passing of order by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988 has been extended to March 2022.
⚫The GST Council decided to tax online food delivery operators such as Swiggy and Zomato on behalf of restaurants from January 2022. The Council also exempted expensive life saving drugs from indirect tax, extended concessional rates on Covid-related drugs for three more months, and addressed the issue of inverted duty structure in textiles, footwear, pens, specified renewable energy devices, and parts of locomotives, among other items.
⚫India gave more than 22 million Covid vaccine doses in a single day, setting a new record for daily vaccinations in the country.
🌑UK govt eases rules for vaccinated travellers, India to benefit.
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Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act
👉The Central Government in exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961(“the Act”) notified that no deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other than interest on securities, made by a Scheduled Bank (hereinafter the ‘payer’) located in a specified area to a member of Scheduled Tribe (hereinafter the ‘receiver’) residing in any specified area as referred to in s.10(26) of the Act, subject to the following conditions:
👉1.the payer satisfies itself that the receiver is a member of Scheduled Tribe residing in any specified area, and the payment as referred above is accruing or arising to the receiver as referred to in section 10(26) of the Act, during the previous year relevant for the assessment year in which the payment is made, by obtaining necessary documentary evidences in support of the same;
👉2.the payer reports the above payment in the statements of deduction of tax as referred to in sub-section (3) of section 200 of the Act;
👉3. the payment made or aggregate of payments made during the previous year does not exceed twenty lakh rupees.
👉 For the purposes of the said notification, ‘Scheduled Bank’ means a bank included in the Second Schedule of the Reserve Bank of India Act,1934.
👉Notification no. 110/2021 dated 17th September, 2021 has been issued. It is available on www.incometaxindia.gov.in and also on www.egazette.nic.in .
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⚫Flipkart Wholesale, the digital B2B marketplace of the e-commerce firm, has formed a partnership with SME lending platform Davinta offering a ‘Buy Now Pay Later’ credit facility to all its retailers.
⚫Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year.The GST Council has decided to streamline compliance, including mandatory Aadhaar authentication for businesses to file refund claims.
⚫India set a world record by administering 2.5 crore COVID vaccine doses in a single day on Friday.
🌑Domestic airlines will now be able to operate at 85% of their pre Covid capacity and set their own fares for tickets beyond fifteen days of the booking date.
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⚫The govt's newly minted PLI scheme for the automotive sector has left pure-play electric two-wheeler firms, including start-ups, disappointed. The policy structured for the big players leaves start-ups out of its ambit, making it “non-inclusive", rued executives at these co's.
🌑Simplification, facilitation and ease of doing business has helped India create more startups. For promoting startups, the Govt is creating future global leaders and wants to become the innovation hub of the world, said Commerce and Industry Minister.
🌑Big Tech under the scanner in India after South Korea slaps fine on Google. Regulators and startups in India are beginning to push back against what they see as monopolistic practices.
⚫CBDT chairman questions delay in time barred assessment proceedings. I-T dept to dispose of 35K cases by mth-end; Rs 10K-crore demand may be raised.
⚫Uttar Pradesh is in the grip of a mysterious dengue like fever that has killed at least 100 people, mostly children, in the past few weeks.
🌑India recorded a spike of 30,809 new Covid-19 cases in the past 24 hours.
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Last date to link Aadhaar with PAN has been extended by the government. The last date for linking Aadhaar with PAN will now be March 31, 2022. Earlier, the last date to link PAN card with Aadhaar card was September 30, 2021.
ITC-04 to be filed annually except where aggregate turnover in preceding financial year is above Rs 5 Cr, in which case it is to be filed half yearly.
GST Council has decided to keep petroleum products out of the GST regime, while consumers will have to keep paying the Compensation Cess levied on products like automobiles till March 2026 instead of July 2022 as originally envisaged at the time of rolling out the indirect tax regime.
Now CA Firms can generate UDIN within 60 days from date of signing of certificates /reports/ document instead of 15 days earlier.
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