⚫PM said India remained committed to strengthening respect for shared values of multilateralism, rules based international order, sovereignty and territorial integrity of all nations.
⚫Power crisis brewing in China likely to hit Indian pharma co's. Delays in consignments, rising prices of key ingredients worry industry.
⚫I-T dept to help taxpayers with more info on their transactions, income. The Form will also enclose information on off-market transactions which are not settled on stock exchanges. The onus of reporting such transactions has been put on the relevant depositories or registrar and transfer agents.New information will also include particulars on the sale or purchase of a motor vehicle, opening of demat account with a depository, payment to a hotel, etc.
⚫India successfully test-fires Agni-5 missile having range of 5,000 km.
⚫Ration shops may soon start selling small LPG cylinders, financial products. Move meant to increase financial viability of fair-price shops.
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Income Tax Submission of Form 3CA-3CD,3CB-3CD for AY 2021-22, AY 2020-21 is enabled on e-Filing portal www.incometax.gov.in.
Download and use only the latest Offline Utility available in the "Download" section under "Income-tax Forms" page on the portal. This version of the offline utility can be used for Tax Audits in cases not involving large number of records. The next version will have CSV import/upload to accommodate large number of records in various schedules of the Form.
CBDT by order under section 285BB read with Rule 114-1(2) authorizes the Director General of Income-tax (Systems) to upload prescribed information in the Annual Information Statement in Form 26AS in assessee’s electronic filing account on the designated portal.
The information is required to be uploaded within three months from the end of the month in which the information is received; DGIT(Systems) to also specify the procedures, formats and standards for the purposes of uploading the information;
The information prescribed for this purpose is:
(i) Foreign remittance information reported in Form 15CC,
(ii) Information in Annexure II of the 24Q TDS Statement of the last quarter,
(iii) Information in ITR of other taxpayer,
(iv) Interest on Income Tax Refund,
(v) Information in Form 61/61A where PAN could be populated,
(vi) Off Market Transactions Reported by Depository/ Registrar and Transfer Agent (RTA),
(vii) Information about dividend of mutual fund reported by RTA, and
(viii) Information about purchase of mutual fund reported by RTA
Last date for filing LLP-8 (Statement of Account & Solvency) for FY 20-21 by LLP, extended to 30.12.21. General Circular 16/2021 of 26.10.21.
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👉Multipurpose Empanelment Form (MEF) has been Activated for Empanelment of Bank Audit for the Year 2021-22. For Detail https://meficai.org/
Last date for submission of online Form and Declaration is 10th November 2021
👉31/10/2021 is last date to submit TDS Return statement for the period from July-21 to Sept-21, without any late fee.
👉Announcement by CL&CGC ICAI regarding Relaxation to pay additional fees in case of delay in filing Form-8 (Statement of Account and Solvency) by LLPs till 30th December, 2021 - (27-10-2021)
https://www.icai.org/post/clcgc-announcement-27102021
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⚫The Ministry of Power has fast-tracked the planning and approval process for power transmission projects, in a step towards achieving the Govt’s energy transition goal which focusses on renewable power.
⚫Private banks' Q2 profit soars 26% as economy shows signs of recovery. Helped by lower provisions & contingencies, which fell 26%; asset quality was broadly stable with 1% rise in GNPAs
⚫The RBI allowed premature withdrawal of deposits under gold monetisation scheme before the lock-in period, in case the original depositor died.
⚫The Govt extended the nationwide Covid-19 containment measures till Nov 30 as there has been localised spread of the virus in a few states and the disease continues to be a public health challenge in the country.
⚫Luxury shopping gets a festive lift after a lacklustre year and a-half. Going with the mood, Delhi's luxury hotels, too, are pulling out all the stops when it comes to food and hampers.
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👉🏻HC notice to Centre on petition challenging faceless income tax assessment
(The Madras High Court has issued notice to the union government on a writ petition challenging the constitutional validity of the faceless assessment system under the Income Tax Act)
👇🏻 👇🏻 👇🏻
https://bit.ly/3mpDLoF
👉🏻CBDT expands Form 26AS info list; includes foreign remittances, MF buys
(The income tax department has expanded the list of high-value financial transactions which would be available to taxpayers in their form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers)
👇🏻 👇🏻 👇🏻
https://bit.ly/3mmoHYY
👉🏻Empanelment for certification and filing of GST Annual Return in form GSTR 9 and GSTR 9C
(Empanelment for certification and filing of GST Annual Return in form GSTR 9 and GSTR 9C for CONCOR)
👇🏻 👇🏻 👇🏻
https://bit.ly/3nAXEIR
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MCA Update
29th October,2021
No additional Fee upto 31.12.2021
Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013 | 160 KB
https://www.mca.gov.in/content/mca/global/en/home.html
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Income tax department has expanded the list of high-value financial transactions which would be available to taxpayers in their form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers.
Income Tax Audit Submission of Form 3CA-3CD,3CB-3CD for AY 2021-22, AY 2020-21 is enabled on e-Filing portal www.incometax.gov.in.
CBIC issued instructions on dt 26/10/2021 regarding Indiscreet issue of SCNs by Service Tax Authorities. Proper verification & reconciliation required on difference in ITR-TDS data (Form 26 AS) and Service Tax Returns for issue of SCN.
ICAI issues advisory to file Form NFRA-2 Annual Return for the reporting period 2018-2019 and also for the year ending 31/03/2020, immediately without any delay, if not filed already.
Multipurpose Empanelment Form has been Activated for Empanelment of Bank Audit for the Year 2021-22. For Detail https://www.linkedin.com/redir/general-malware-page?url=https%3A%2F%2Fmeficai%2eorg%2F
Last date for submission of online Form and Declaration is 10th November 2021
31/10/2021 is last date to submit TDS Return statement for the period from July-21 to Sept-21, without any late fee.
SEBI has authorized Practicing Cost Accountants to issue Share Reconciliation Capital audit Report.
NOTIFICATION NO. SEBI/LAD-NRO/GN/2021/53 Dated 27.10.2021
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MCA UPDATE
No additional fees shall be Levied on filling of e-forms AOC-4/AOC-4 CFS/AOC-4 XBRL and MGT-7/MGT-7A for the FY 20-21 upto 31.12.2021.
👉Keeping in view of various requests received from stakeholders regarding relaxation on levy of additional fees for annual financial statement filings required to be done for the financial year ended on 31.03.2021, it has been decided that no additional fees shall be levied up to 31.12.2021 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4XBRL, AOC-4Non_ XBRL and MGT-7/MGT-7A in respect of the financial year ended on 31.03.2021. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.
Tax Audit Auditor Appointment
👉1. Login to ITD Portal using Clients Credentials
2. Click e-File
3. Go to Income Tax Forms
4. Click on File Income Tax Forms
5. Search for Form 3CA/Form 3CB
6. Click on File Now
7. Fill in the Form as Below or search for Added CA from Drop Down or Add New CA. Attach Supporting Document like Appointment Letter (Optional) and Click on Continue.
8. Finally you will get a confirmation on Successfully adding CA
9. Now Login to ITD Portal Using CA Credentials and Click on Pending Actions Highlighted in Red and then click on View Worllist
10. Then Click on Accept or Reject
11. On successfully Accepting you will get a confirmation like this on the portal and on your registered mail id.
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⚫Growth of eight core industries dropped to 4.4% in Sept from 11.5% in the previous month due to flat fertilizer production, decline in crude oil output and slowdown in expansion of electricity generation.
⚫RBI said that housing and vehicles, credit cards, etc -- showed an accelerated growth rate of 12.1% in Sept 2021 against 8.4% in Sept 20. Credit to agriculture and allied activities registered a growth rate of 9.9% in Sept 2021 against 6.2% in Sept 2020.Credit to large industries continued to contract at 1.0% in Sept 2021 as compared to a contraction of 0.2% an year ago.
⚫RBI relaxed rules for opening current accounts with the banking system’s exposure of less than Rs 5 crore. The RBI asked banks to take an undertaking from borrowers that they will inform lenders when the credit facilities availed reaches Rs 5 crore or more.
⚫The Food and Drug Administration paved the way for children ages 5 to 11 to get Pfizer's COVID-19 vaccine.
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