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In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017.

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In exercise of the powers conferred by the second proviso to subsection (1) of section 37 read with section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 83/2020 – Central Tax, dated the 10th November, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 699(E), dated the 10th November, 2020

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In exercise of the powers conferred by sub-section (1) of section 50 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 148 of the said Act, the Government, on the recommendations of the Council, hereby makes the following further amendments in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2017 – Central Tax, dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 661(E), dated the 28th June, 2017,

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The Central Board of Direct Taxes (CBDT) has granted relief to taxpayer by extending due dates of certain compliances under the Income-tax Act. In view of severe pandemic, the board has provided that due date for completion of following Income-tax compliances by the taxpayers shall be 31-05-2021

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The Finance Act, 2021 has discontinued the Income-tax Settlement Commission w.e.f., 01-02-2021. It has also been provided to constitute an Interim board for settlement of cases pending with the settlement commission.
The assesse (who had filed an application with the settlement commission) has the option to withdraw such application within 3 months from the date of commencement of the Finance Act, 2021. If not withdrawn, the application will be deemed to be received by the Interim Board on the date on which the application was allotted by the Board.
Now, the Central Board of Direct Taxes (CBDT) has inserted a new Rule 44DA to the Income-tax Rules, 1961 to allow an assessee to choose the option to withdraw his pending application.
The Board has notified Form No. 34BB, which shall be filed electronically, in accordance with the procedures, formats and standards specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems).
The Central Board of Direct Taxes (CBDT) vide Income-tax (20th amendment) Rules, 2020, dated 17-08-2020 had inserted new rules 2DB & 2DC to the Income-tax Rules, 1962. Rule 2DB prescribes conditions that are to be satisfied by the pension fund to become ‘specified fund’ eligible for exemption under section 10(23FE). Rule 2DC prescribes guidelines for notification of pension fund for Section 10(23FE). Form No. 10BBDA is also notified for making an application for notification as a pension fund under section 10(23FE).
The CBDT had inserted a new Rule 2DB to the Income-tax Rules, 1962 to list down conditions that are required to be satisfied by a pension fund to claim an exemption under section 10(23FE).
Rule 2DB(ii) provides that pension fund shall be responsible for administering or investing the assets for meeting the statutory obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability, death benefits or any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be.

Further, as per Rule 2DB(iii), earnings and assets of the pension fund are used only for meeting statutory obligations and defined contributions for participants or beneficiaries of funds or plans referred to in Rule 2DB(ii) and no portion of the earnings or assets of the pension fund inures any benefit to any other private person.
Now, the CBDT has inserted two new provisos providing relaxation to the aforesaid conditions:
1.) It has been provided that conditions mentioned under Rule 2DB(ii) shall be deemed to have been satisfied with respect to assets being administered or invested if the following conditions are satisfied :
  1. Value of such assets is not more than 10% of the total value of assets administered or invested by such fund;
  2. Such assets are wholly owned directly or indirectly by the Government of a foreign country; and
  3. such assets vests in the Government of such foreign country upon dissolution.
2.) Further, it has been provided that conditions mentioned under Rule 2DB(iii) shall not apply to earning from the assets mentioned above, if said earning are credited either to account of the Government of that foreign country or to any other account designated by such Government so that no portion of the earnings inures any benefit to any private person.
To give relief from the compliance burden during the Covid-19 pandemic, the CBDT has given relaxation in various tax compliances. The Govt. vide the Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020 has extended various due dates of Income-tax compliances.
The Act has also extended timelines for passing of order or issuance of notice, notifications, sanction or approval by the tax authorities.
In the light of several representations received on account of severe Covid-19 pandemic and to address the hardship being faced by various stakeholders, the Govt. has decided to provide further relief by amending the provisions of the Act, 2020.
The Govt. has decided to extend the various time barring dates, which were earlier extended to 30-04-2021, by various notifications. It has been decided to extend due dates from 30-04-2021 to 30-06-2021 in the following cases:
  1. Time limit for passing of any order for assessment or reassessment, the time limit for which is provided under section 153 or section 153B.
  2. Time limit for passing an order consequent to the direction of DRP under section 144C(13).
  3. The limits for FPI investment in Corporate bonds shall remain unchanged at 15% of outstanding stock of securities for FY 2021-22. Accordingly, the revised limits for FPI investment in corporate bonds, after rounding off, shall be as under (Table - 1)
Table - 1: Limits for FPI investment in Corporate bonds for FY 2021-22
(₹ Crore)
Current FPI limit 5,41,488
Revised limit for HY Apr 2021-Sep 2021 5,74,263
Revised limit for HY Oct 2021-Mar 2022 6,07,039

b. The revised limits for FPI investment in Central Government securities (G-secs) and State Development Loans (SDLs) for FY 2021-22 will be advised separately. Till such announcement, the current limits (as in Table - 2), shall continue to be applicable.
c) Time limit for issuance of notice under section 148 for reopening assessment where income has escaped assessment.
d) Time Limit for sending intimation of processing of Equalization Levy.
e) Last date for making payment without additional charge under Vivad se
Vishwas Act.

Export-Import Bank of India (Exim Bank) has entered into an agreement dated August 03, 2020 with the Government of the Republic of Mozambique, for making available to the latter, Government of India supported Line of Credit (LoC) of USD 250 million (USD Two Hundred and Fifty million only) for the purpose of financing improving of quality of power supply in the Republic of Mozambique. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement. Out of the total credit by Exim Bank under the agreement, goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.
2. The Agreement under the LoC is effective from April 09, 2021. Under the LoC, the terminal utilization period is 60 months after the scheduled completion date of the project.
3. Shipments under the LoC shall be declared in Export Declaration Form as per instructions issued by the Reserve Bank from time to time.
4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- I (AD Category- I) banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.
5. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

MINISTRY OF CORPORATE AFFAIRS

In view of difficulties arising due to resurgence of Covid-19 and requests received from stakeholders, it has been decided that the requirement of holding meetings of the Board of the Companies within the intervals provided in section 173 of the Companies Act, 2013 stands extended by a period of 60 days for first two quarters of financial year 2021-22.

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Requests have been received from stakeholders for relaxation on levy of additional fees for filing of various forms under the Companies Act, 2013/LLP Act. 2008/ Rules made thereunder due for filings during 1st April, 2021 to 31st May, 2021 in view of COVID-19 related restrictions and disruption.

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