CBDT issues Clarification on Limitation Period for filing of Income Tax Appeals before CIT (Appeals) [Read Circular]

The Central Board of Direct Taxes (CBDT) notified the Clarification regarding the limitation time for filing of Income Tax Appeals before the CIT (Appeals).

The Board has issued a Circular dated 30th April 2021 providing various relaxations till 31st May 2021 including extending time for filing the appeals before CIT(Appeals). At the same time, the Supreme Court vide order dated 27th April 2021 in Suo Motu Writ Petition restored the order dated 23rd March, 2020 and in continuation of the order dated 8th March, 2021 directed that the period(s) of limitation, as prescribed under any General or Special Laws in respect of all judicial or quasi-judicial proceedings, whether condonable or not, shall stand extended till further orders.

The CBDT clarified that if different relaxations are available to the taxpayers for a particular compliance, the taxpayer is entitled to the relaxation which is more beneficial to him. Thus, for the purpose of counting the period(s) of limitation for filing of appeals before the CIT(Appeals) under the Act, the taxpayer is entitled to a relaxation which is more beneficial to him and hence the said limitation stands extended till further orders as ordered by the Supreme Court in Suo Motu Writ Petition vide order dated 27th April 2021.

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NSDL releases New Features in e-TDS, TCS

The National Securities Depository Limited (NSDL) released the new features in e-TDS and TCS. The NSDL has revised the e-TDS TCS RPU utility for preparing TDS or TCS returns.

The e-TDS/TCS File validation utility (FVU) versions 2.167 up to Financial Year 2009-10 and Version 7.1 for Financial Year 2010-11 onwards have also been released.

The new column “Whether opting for taxation u/s 115BAC [Yes/No]” is added under Annexure II (Salary details) for Form 24Q-Q4. If user selects ‘Yes’, below mentioned deductions will not be allowed under Annexure II namely Deductions under section 16, Deductions under Chapter VI-A (except for deduction under 80CCD(2)), Travel concession or assistance [section 10(5)] and House Rent Allowance [Section 10(13A)].

Values in the newly added field will be allowed only when the financial year of statement is 2020-21 and Quarter 4 onwards is selected. For rest all prior FYs and quarters, this field is not applicable. Same will be applicable for regular as well as correction statements.

If “Dividend” is present in field Nature of Remittances then Fields in the form 27Q i.e. ‘Email ID of deductee’, ‘Contact Number of the deductee’, ‘Address of deductee in country of residence’ & ‘Tax identification number / Unique identification number’ are mandatory only if three conditions are satisfied.

Firstly, if the rate of deduction is less than 20%-Remark value as ‘C’.

Secondly, PAN of the deductee is not available (i.e. ‘PANNOTAVBL’, ‘PANAPPLIED’ or ‘PANINVALID’)

Thirdly, value under field no. 36 (i.e. Nature of remittances) is Interest payment, Royalty, Fees for technical services/ fees for included services, short term capital gains or Long term capital gains and Dividend.

The same will be applicable for regular as well as a correction (C3 correction) statements pertaining to F.Y. 2020-21 Q3 onwards. Incorporation of latest File Validation Utility (FVU) version 7.1 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.167 (applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10).

Read the Complete Features here.

CA / CMA vacancy in Honeywell

The Honeywell has invited applications from CA / CMA  for the post of Senior Finance Analyst.

Honeywell is an equal opportunity employer. Qualified applicants will be considered without regard to age, race, creed, color, national origin, ancestry, marital status, affectional or sexual orientation, gender identity or expression, disability, nationality, sex, religion, or veteran status.

Job Requirements:

•Develop standard reporting and MOS focused around analytics, labor and overhead variances, functional support to the ISC leadership team, and all leadership touchpoints throughout the month. Planning estimating will also be a key support area involving establishing the standard calendars, development of the necessary tools as well as coordination between the business and ISC teams on target alignment.
•Perform monthly report, and regular AOP and variance analysis & review, management report, and provide FP&A service to business leaders. 
•Involve into monthly pulse, estimates, and AOP/actual review cycle. Identify the gap to meet the AOP and support the business to take action.
•Oversee and review necessary business operations, incl. Production order, cost variance, open PO.. and take immediate actions to correct pending items.
•Support on SAP operation and improvement. Ensure accurate & timely month-end closing and relevant financial operations 
•Capex: directly supervise fixed asset acquisition process and follow up capitalization work.
•Cost reduction project: manage materials procurement & consumption, and other direct expenses. Implement various cost reduction projects at facility, office supplies, electricity, outsourced service, furniture investment, etc.
•Investigate the cost structure of hourly rate. Act as an enabler to improve the operation efficiency, monitor overall conversion cost.
•Monitor the working capital, follow up with the customer to recover the overdue AR. Review inventory and WIP aging take action to reduce the aging and work on IOS inventory.
•Take ownership of the standard cost of the products and transfer pricing of the FG.
•Identify performance issues within the business and risks and opportunities in the current plan or forecast.

Qualification:

CA/CMA with 3 to 4 years of experience, MBA Finance with 6 to 7 years of experience
Good knowledge of SAP – FICO and production modules, Hyperion – HFM, and Essbase is a must.

Personal characteristics:

• Good analytical skills demonstrated knowledge, and experience in supporting the business. • Customer oriented to effectively support the organization • Ability to identify & resolve business problems with a sense of urgency. • Team player with the ability to work in a cross-functional environment • Highly interested in process improvements & bringing added value to the business • Ability to adapt & adjust to a changing environment • Capability to analyze data as well as present a clear picture (summary) • Strong written & oral communication skills. 

Location – Fulgaon, India
Band – Band 3 
Travel – ExceptionallyCA/CMA with 3 to 4 years of experience, MBA Finance with 6 to 7 years of experience
Good knowledge of SAP – FICO and production modules, Hyperion – HFM, and Essbase is a must.

For more details Click here.

Karnataka High Court issues notice to Govt. on a plea seeking GST, Royalty Exemptions For COVID-19 Vaccines

The Karnataka High Court issued the notice to the Union in a plea seeking GST, Royalty Exemptions For COVID-19 Vaccines.

The petitioner, Professor S. Chandrashekar, a former Indian Space Research Organisation (ISRO) employee, sought the directions from the government to ensure that adequate steps and facilities are in place to upscale the production, distribution and supply of vaccines and that no royalty, Goods and Services Tax or any other taxes shall be imposed on the vaccine’s manufacturers in India.

The petition said that the Government of India to also invoke the provisions of section 92 of the Patent Act read with Section 66. However, before doing so, the respondent should allow the various global manufacturers of the COVID-19 vaccine to voluntarily execute licences to manufacture COVID-19 vaccines in India. Also to constitute a rapid action task force to oversee the upscaling of the manufacturing of vaccines, the rapid inoculation of people and for regulating the price of the vaccines.

“The only way to protect our citizens, economy and security is for the Government of India to rapidly upscale the manufacturing of the vaccine and to inoculate the entire population without much delay. This can only happen if a number of other vaccine manufacturers in the country who have the capacity to produce vaccines are enabled to do so by the actions that the Government of India takes,” the plea claims.

The plea said that the Government of India should persuade all the pharma companies to give voluntary licenses for the manufacture at a reasonable cost considering the fact that India requires over a billion vaccines year after year, perhaps in perpetuity, which is a lucrative business offer.

The plea added, the royalty that the Indian manufacturers pay to the foreign or Indian pharmaceutical companies that have developed or are developing vaccines should be exempted from all kinds of taxes, at least for three years.

The division bench of Chief Justice Abhay Oka and Justice Aravind Kumar issued the notice and directed the Union to file their statement of objections and posted the matter for further hearing after three weeks.

ICAI issues Annual Fee Circular for Chartered Accountants

The Institute of Chartered Accountants of India ( ICAI ) issued the Annual Fee Circular for 2021-22. The ICAI requests all its Members to remit annual Membership/Certificate of Practice fees for the year 2021-2022, which became due for payment on 1st April, 2021 and needs to be paid on or before 30th September 2021.

 It is also requested to pay the fees preferably by 30th June, 2021 in terms of GST Liability.

“Members may also pay total fees in advance for Membership/COP in exact amount for 10 years (1+9 years) along with GST. In such a case, any upward revision in the amount of fee in future, their Membership/COP will not be removed/cancelled from the Register of Members/COP on account of fee revision,” the ICAI notified.

It is noteworthy that an ACA who has paid advance membership fee for a period not exceeding 10 years and at a later stage opts for FCA status then the member is required to pay difference fee (the difference of fee in conversion from ACA to FCA and Fellow Member Admission Fee) for the remaining period.

The applicable amount of Associate Membership Fee and Fellow Membership Fee for all Members below the age of 60 years as on April 1, 2021 who are not holding Certificate of Practice including 18% GST is Rs. 1,770/- and Rs. 3,540 respectively.

The applicable amount of Associate Membership Fee and Fellow Membership Fee for all Members holding Certificate of Practice (COP) including 18% GST Rs. 5,310/- and Rs. 8,260/- respectively.

The applicable amount of Associate Membership Fee and Fellow Membership Fee for Members of the age of 60 years or above not holding Certificate of Practice Rs. 1,298/- and  Rs. 2,714/- respectively.

The Members are also requested to pay the Life Membership, Yearly Subscription and Voluntary Contribution in respect of Chartered Accountants Benevolent Fund and SVaidyanath Aiyar Memorial Fund.

ICAI is promoting the “I GO GREEN with ICAI” scheme under which Member opting e-journal will be given a discount of Rs.590/- (including 18% GST) on total amount of Membership Fees.

Payment of fee shall be made online through Self-Service Portal (SSP) at the link https://eservices.icai.org/

User Manual for annual Membership and COP payment is available here

The ICAI appealed all its Members to contribute generously to Chartered Accountants Benevolent fund (CABF) Opt to support ‘I GO GREEN with ICAI’

CBIC notifies changes in GST Refund related Rules [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) notified the  changes in Refund Related Rules. The Board has notified the Central Goods and Services Tax (Fourth Amendment) Rules, 2021 which seeks to further amend the Central Goods and Services Tax Rules, 2017.

In the Central Goods and Services Tax Rules, 2017,in rule 23, in sub-rule (1), after the words “date of the service of the order of cancellation of registration”, the words and figures “or within such time period as extended by the Additional Commissioner or the Joint Commissioner or the Commissioner, as the case may be, in exercise of the powers provided under the proviso to sub-section (1) of section 30,” shall be inserted.

In rule 23 (3), the proviso shall be inserted namely, “Provided that the time period, from the date of filing of the refund claim in FORM GST RFD-01 till the date of communication of the deficiencies in FORM GST RFD-03 by the proper officer, shall be excluded from the period of two years as specified under sub-section (1) of Section 54, in respect of any such fresh refund claim filed by the applicant after rectification of the deficiencies.”

The notification seeks to insert the sub rule (5) in rule 23 namely, the applicant may, at any time before issuance of provisional refund sanction order in FORM GST RFD-04 or final refund sanction order in FORM GST RFD-06 or payment order in FORM GST RFD-05 or refund withhold order in FORM GST RFD-07 or notice in FORM GST RFD-08, in respect of any refund application filed in FORM GST RFD-01, withdraw the said application for refund by filing an application in FORM GST RFD-01W.

“On submission of application for withdrawal of refund in FORM GST RFD-01W, any amount debited by the applicant from electronic credit ledger or electronic cash ledger, as the case may be, while filing application for refund in FORM GST RFD-01, shall be credited back to the ledger from which such debit was made,” the CBIC notified.

In rule 92(2) the proviso shall be inserted, namely, “Provided that where the proper officer or the Commissioner is satisfied that the refund is no longer liable to be withheld, he may pass an order for release of withheld refund in Part B of FORM GST RFD- 07.”

In rule 96, in sub-rule (6), for the word and letter “Part B”, the word and letter “Part A” shall be substituted and in sub-rule (7), for the words, letters and figures, “after passing an order in FORM GST RFD-06”, the words, letters and figures, “by passing an order in FORM GST RFD-06 after passing an order for release of withheld refund in Part B of FORM GST RFD-07” shall be substituted.

In FORM GST REG-21, under the sub-heading “Instructions for submission of application for revocation of cancellation of registration”, in the first bullet point “after the words “date of service of the order of cancellation of registration”, the words and figures “or within such time period as extended by the Additional Commissioner or the Joint Commissioner or Commissioner, as the case may be, in the exercise of the powers provided under the proviso to sub-section (1) of section 30,” shall be inserted.

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Withholding of CA Exam Result: Rajasthan High Court directs ICAI to grant relief to CA Student [Read Order]

The Rajasthan High Court has directed the Institute of Chartered Accountants of India (ICAI) to publish the exam results of a CA student.

The petitioner, a young girl-student of 21 years of age, cleared her CA Foundation Examination in the year 2018 in the very first attempt. Consequently, she became eligible to appear in CA Intermediate Examination scheduled for May, 2020. The exams were re-scheduled to be conducted between November 21st and December 14th, 2020 due to covid. Later, the petitioner opted out of the November exams as per the rules prescribed by the Institute and was thus, issued admit card to appear in the examinations held from 22.1.2021 to 7.2.2021. On 22.2.2021, as a bolt from the blue, she received an email dated 22.2.2021 from the Dy. Secretary (Examinations) – respondent no.2, informing that her result had been put on hold, because of derogatory remarks she had made in her e-mail. An explanation was simultaneously sought as to why disciplinary proceedings not be initiated against her for the same.

Subsequently, the petitioner wrote an email to the Institute expressing her unconditional apology for her inappropriate remarks. She further clearly wrote that she lost her cool because of constant delay due to Pandemic and also because of safety concerns of her and her father. It was argued by the petitioner that she was kept uninformed about the order/result of the hearing.

After going through the email, the Court observed that the same was addressed to Institute’s President and other office bearers and not to the Examination Committee.

“Hence, the Examination Committee ought not have taken cognizance of an e-mail sent to the President of the Institute, unless the President directed it to do so,” the Court said.

“That apart, in the opinion of this Court, there is hardly anything in the e-mail, for which it can be alleged/ considered as or even construed to be derogatory. May be, the petitioner could have been more calibrated in her emotional utterness and could have avoided some of the sentences, but then also, this Court is unable to countenance respondents’ stand that the contents of her mail were derogatory. The very initiation of the proceedings against the petitioner alleging that the e-mail contains derogatory remarks was uncalled for and unwarranted. On the contrary, this Court feels that action of the respondents was rather over bearing or high handed,” the Court added.

While disposing of the petition in favour of the petitioner, Justice Dinesh Mehta also directed the Institute to send original mark sheet and certificate of passing CA Intermediate Examination to the petitioner and also, to publish the result on the official portal. “While hoping that in future the Institute will not take any such action and take any criticism in positive stride, this Court hastens to add that a professional body like the respondent Institute should introspect and ensure that its overenthusiasm of attaining professional excellence and endevours of setting high standards of discipline should not silence rather stifle the speech of a student or its member in the manner that has been done in the present case,” the Court said.

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GST applicable on Credit Card Expenses incurred by Employees of an Indian Subsidiary: AAAR [Read Order]

The Tamil Nadu Appellate Authority for Advance Ruling (AAR) ruled that the GST is applicable on Credit card expenses incurred by employees of an Indian subsidiary.

The appellant M/s ICU Medical LLP is engaged in the business of software development for the infusion system manufactured by its ultimate Holding company ICU Medical Inc. having its place of business in the USA.

The appellant sought the advance ruling on the issue of whether GST is leviable on the reimbursement of expenses from the subsidiary company to its ultimate Holding company located in a foreign territory outside India.

The AAR ruled that the applicant is liable to pay IGST on the ‘Wellsone Commercial Card’ expenses paid by the applicant to its Ultimate Holding company, ICU Medicals Inc. having its place of business in the USA under Reverse Charge basis. The AAR further held that the applicant is liable to pay IGST under Reverse Charge, the applicable rate of IGST is 18%.

The coram of M.A. Siddiqui and G.V. Krishna Rao held that Credit card expenses incurred by employees of an Indian subsidiary are set to come under the Goods and Services Tax.

The AAAR ordered the levy of GST on reimbursement of expenses to the Holding Company. The payment on behalf of the subsidiary company amounts to advance consideration towards services provided by the subsidiary company.

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GST: GSTN extends due date of filing Revocation Application of Cancellation

The Goods and Service Tax Network (GSTN) notified the extension of the due date of filing the Revocation application of Cancellation from 90 days to 180 days which will be valid up to 15th June 2021.

The GSTN has notified this extension in view of Notification No. 14/2021 dated May 1, 2021, where the CBIC wherein the timeline for all other proceedings, asset order, etc., where the last date of completion or compliance under GST law falls between 15th April to 30th May is extended to 31st May 2021.

“In cases where a notice has been issued for rejection of refund claim, in full or in part and where the time limit for issuance of an order in terms of the provisions of sub-section (5), real with subsection (7) of section 54 of the said Act falls during the period from the 15th day of April, 2021 to the 30th day of May, 2021, in such cases the time limit for issuance of the said order shall be extended to fifteen days after the receipt of the reply to the notice from the registered person or the 31st day of May, 2021, whichever is later,” the CBIC notified.

The tax official may have cancelled a taxpayer’s GST registration by initiating suo moto proceedings. The aggrieved taxpayer can apply for revocation or restoration of such GST registration cancelled by visiting the GST portal and the timeline for filing such application has been extended to 180 days which will be valid up to 15th June 2021.

CA Exams 2021: ICAI announces Free Live Coaching Classes For CA Final, Intermediate Courses

The Institute of Chartered Accountants of India ( ICAI ) has announced the Live Coaching Classes For CA Final, Inter Courses.

The Live Coaching Classes (LCC) Batch -3 commencing from 10th May 2021 respectively for Students of Intermediate course appearing in Nov 2021 examination and Final course for Nov 2021 and May 2022 examination.

The Board of Studies has been proactive to adopt different methodologies to reach out to the students and provide quality learning resources, year after year in an incremental manner.

The BOS, with an objective to enable the students to sail through the present times, announces 3rd Batch of ‘Live Coaching Classes’ for Final & Intermediate course students commencing from 10th May 2021. These classes are conducted for students who will be appearing in Intermediate exam in Nov 2021 & Final exam in Nov 2021 & May 2022.

The Notable features of the Live Sessions are, it can be accessed live or viewed later as recorded lectures through hand-held devices such as smart phones, laptops, iPads, tablets, etc. anytime anywhere, Sessions by Renowned Subject Experts, Coverage of entire syllabus, Interactive in nature – with facility to raise questions, Examination focused approach, Available to all without any charge and Notes/Assignment available as per exam focused approach and downloadable by the students.

Schedule and Timings:

CourseScheduleSession ISession II
IntermediateClick here7 – 9.30 AM6 – 8.30 PM
FinalClick here7 – 10 AM6 – 9 PM

CBDT notifies Relaxation in Cash Payments of more than 2 Lakhs in Hospitals providing Covid Treatment [Read Notification]

The Central Board of Direct Taxes (CBDT) notified the relaxation in cash payments of more than 2 lakhs in hospitals providing Covid treatment.

“The Central Government, in the exercise of powers conferred by clause (iii) of Proviso to Section 269ST of the Income Tax Act, 1961, hereby specifies Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other medical facilities providing Covid treatment to patients for the purpose of Section 269ST of the Income-tax Act,1961 for payment received in cash during 01.04.2021 to 31.05.2021, on obtaining the PAN or AADHAAR of the patient and the payee and the relationship between the patient and the payee by such Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other medical facilities,” the CBDT notified.

Generally, Section 269ST lays down that no person shall receive an amount of Rs. 2Lakhs or more in aggregate from a person in a day; or in respect of a single transaction; or in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed. However, the Government while observing the need for an hour relaxed the provisions of section 269ST of the Income Tax Act.

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Relief for Salaried Class: CBDT notifies Exemption for Cash Allowance in lieu of Leave Travel Concession, Amends Income Tax Rules [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified the amendment in Rule 2B of the Income Tax Rules where the provisions relating to exemption in respect of cash allowance received in lieu of leave travel concession (LTC) has been incorporated.

The move would be beneficial to the employees who had not been able to avail of LTC in the block of 2018-21 due to the COVID-19 pandemic and the nationwide lockdown. This will allow them to claim the exemption in respect of cash allowance subject to fulfillment of certain conditions.

As per the amended rules, a new provision, specified employees, who avails any cash allowance from his employer in lieu of any travel concession or assistance for himself and the members of his family will get an exemption up to thirty thousand rupees or one-third of the specified expenditure, whichever is less, subject to conditions prescribed.

The exemption shall be subject to the following conditions (i) the individual has exercised an option to avail exemption under the second proviso of clause (5) of section 10, in lieu of the exemption under clause (5) of section 10 in respect of one unutilised journey during the block of four calendar years commencing from the calendar year 2018; (ii) the payment in respect of the specified expenditure is made by the individual or any member of his family to a registered person during the specified period; (iii) the payment in respect of the specified expenditure is made by an account payee cheque drawn on a bank or account payee bank draft, or use of electronic clearing system through a bank account or through such other electronic mode as prescribed under rule 6ABBA; and (iv) the individual obtains a tax invoice in respect of specified expenditure from the registered person referred in clause (ii). The provisions are applicable for the assessment year beginning on the 1st day of April, 2021.

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ICAI extends validity of Peer Review Certificate in the wake of COVID-19

The Institute of Chartered Accountants of India ( ICAI ) has extended the validity of the Peer Review Certificate in the wake of COVID -19 spurt across the country.

It has been noted that Practice Units are facing operational break-down due to lockdown imposed by several State Governments across various parts of the country owing to pandemic.

Therefore, in order to mitigate the hardship, the Peer Review Board has decided to grant an extension to the Peer Review Certificates expiring during the period from 1st April, 2021 to 30th June 2021 up to 31st July 2021. Accordingly, The validity of such certificates shall now be treated as 31st July 2021. However, in order to maintain the continuity of validity of the certificate, the Practice Units are requested to ensure the submission of the completed Final Clean Report to the Board well in advance before 31st July 2021.

The main objective of Peer Review is to ensure that in carrying out the assurance service assignments, the members of the Institute (a) comply with Technical, Professional and Ethical Standards as applicable including other regulatory requirements thereto and (b) have in place proper systems including documentation thereof, to amply demonstrate the quality of the assurance services.

Thus Peer Review is meant for the purpose of enhancing quality of professional work, transparency in technical standards used, world class procedures and techniques resulting into more reliable and useful audit and reports and it has no relationship whatsoever with any disciplinary or any other regulatory mechanism. The review begins with the assumption that professionals discharge their responsibilities properly and the aim of review is to enhance those attributes of professionalism that serve to keep the profession of chartered accountancy in India in the forefront of the accounting and auditing profession in the world.

CA Exams May 2021: ICAI Re-opens Online Examination Application Forms for Two days

The Institute of Chartered Accountants of India (ICAI) has re-opened the Online Examination Application of Final old, Final new, Intermediate (IPC) & Intermediate Forms for CA Exams May 2021.

The ICAI after considering the prevailing COVID-19 situation and in the interest of welfare and well-being of the students and to mitigate their hardships, in continuation to Important Announcement dated 27th April 2021, it has been decided to re-open the online filling up of examination application form for Chartered Accountants Final, Intermediate (IPC), Intermediate, Post Qualification Course namely Insurance and Risk Management (IRM) Technical Examination, and International Taxation – Assessment Test (INTT-AT) from 4th May 2021 (10 AM) to 6th May 2021 (11.59 PM) with late fees of Rs.600/- or US $ 10.

The students may note that this is the last opportunity to apply for May 2021 examination application form online.

The candidates are advised to note the above and stay in touch with the website of the Institute, www.icai.org.

Read the useful Book – Combo for CA Foundation Cracker Series 2021 Exams – Paper 1 to 4

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CBIC extends GST Return Due Dates, Waives Late fee for GSTR-3B [Read Notification]

While the country is suffering from the COVID-19 pandemic, the Government has allowed great relief to the taxpayers by extending the deadlines to file various GST returns. The Government also waived off the late fee payable for the delayed filing of GSTR-3B.

As per a bunch of notifications issued by the Central Board of Indirect Taxes and Customs (CBIC) today, the Government has waived off the late fee for GSTR-3B for the months of April and May 2021. The exemption is available for a delay of up to 15 days and 30 days from original due date for taxpayer with turnover more than 5 crores and up to 5 crores respectively.

As per the notification, no late fees is leviable if the return is filed by 30 days from original due date for quarter ending 31st March 2021.

The Government, via separate notifications, also extended the due date for GSTR-4 till 31st May 2021. Further, the deadline for ITC-04 has been extended to 31st May for Jan-Mar quarter.

Also, GSTR-1 due date for April 2021 extended to 26th May and IFF due date extended to 28th May. The Government further relaxed the levy of interest for non-payment/short payment or delay in the payment of tax dues for the months of April and May 2021.

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Scrapping of Income Tax Commission: Govt notifies Form to withdraw Pending Applications [Read Notification]

The Central Board of Direct Taxes (CBDT) on Friday notified Form No. 34BB for Exercising the option to withdraw pending applications under Section 245M(1) of the Income Tax Act, i.e. from scrapped Income Tax Settlement Commission.

The Board notified the Income Tax (12th Amendment) Rules, 2021 which seeks to further amend the Income-tax Rules, 1962.

In the Income-tax Rules, 1962 , Rule 44DAin respect of exercise of option under sub-section (1) of section 245M and intimation thereof, shall be inserted.

Income-tax Settlement Commission shall cease operations w.e.f. 1st February 2021 and pending applications will be dealt with by an Interim Board to be constituted by the Central Government. On or after 1.2.2021. The powers and functions of ITSC under sections 245DD, 245F, 245G, 245H shall be exercised by the Interim Board and the provisions of these sections shall mutatis mutandis apply to the Interim Board as they apply to the ITSC.

As per the new rule, the exercise of the option by an assessee to withdraw his pending application under sub-section (1) of section 245M shall be in Form No. 34BB.

The Form No. 34BB shall be verified by the person who is authorised to verify the return of income of the assessee under section 140.

Form No. 34BB shall be furnished 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), as the case may be, and thereafter signed printout of the said form shall be uploaded in the manner specified by the Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, under sub-rule (4).

The Principal Director-General of Income-tax (Systems) or Director-General of Income-tax (Systems), as the case may be, shall specify the procedures, formats, and standards for the purposes of furnishing and verification and manner of uploading of Form No. 34BB.

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ICAI relaxes procedure followed for grant of Medical Financial Assistance Chartered Accountants and their dependents

The Institute of Chartered Accountants of India (ICAI) has announced that the Managing Committee of the Chartered Accountants ’ Benevolent Fund (CABF) has decided to relax certain aspects of the procedure followed for grant of Medical Financial Assistance to the Members and their dependents.

Firstly, Financial Assistance will be considered for dependent parents with no age bar where gross total income as per Income tax Act of family of the Member is less than Rs. 10 lacs.

Secondly, Financial Assistance will also be considered for the remaining amount in the cases (including dependent) where the Member has received a partial claim from the insurance company.

Thirdly, dependent parents with income shall also be now eligible (as against no income of dependent earlier) provided the total gross income as per Income Tax Act of the family of the Member is less than Rs. 10 lacs.

“The relaxed norms shall be applicable for the Hospitalization cases (on and after 26th April, 2021) to the members and their dependents who are in distress and need help. They may apply in the prescribed Application Form-cum-Undertaking hosted on the website of the ICAI,” the ICAI announced.

Businesses approach Gujarat High Court to extend Income Tax, GST Due Dates or Relax Late Fee amid Pandemic

In the wake of the second all-India surge of the covid-19 pandemic devasting the economy, the Association of Industries & Institutions and A.S Construction has filed a writ petition before the Gujarat High Court which will be argued by Learned Advocate Dr. Avinash Poddar along with Advocate Dr. Gaurav Gupta, Advocate Mr Nipun Singhvi and Advocate Mr. Vishal Dave seeking a direction to extend the due dates for income tax, GST and other statutory compliances.

Alternatively, the petitioners also sought for a direction from the Court to direct the Government in relaxing the late fee leviable on the taxpayers for delay in fulfilling their statutory obligations.

“Last year when the country was put under lockdown to contain the spread of COVID-19 virus,the government at their own had extended the due dates of compliances under various acts. However, the government has not taken any step or has not been proactive in extending the due dates this time around when the situation is more critical than last year where rightfully citizens of India are more concerned about their and family’s safety rather than completing the various compliances under the various Acts. The petitioner seeks a similar kind of relaxation,” the petition said.

“That, the petitioners submits that if the due dates are extended beyond 31stJuly, 2021 or till the pandemic is contained, whichever is later, it would be important from the perspective of their life and life of their families as they would refrain from moving to their offices and client places,” it added.

It is also stated in the petition that the current emergency-like situation of the corona pandemic in the country is not in anyone’s control and therefore, the assessees at large should not be subject to unnecessary difficulty in any form. The petition further sought for direction from the Court to instruct the departments not to initiate any coercive action on the assessees under various Acts unless necessary with prior approval of the appropriate authority till the time the pandemic settles down or for a specified period.

Govt. exempts COVID-19 Vaccines & Oxygen from Basic Customs Duty [Read Notification]

The Government on Saturday notified the Covid-19 vaccines and Oxygen are exempted from basic customs duty.

The notification has been issued in line with decisions taken in a meeting taken by the Prime Minister, Notification No. 28/2021-Customs dated April 24, 2021 issued exempting Customs duty on medical grade Oxygen, Oxygen related equipment and COVID-19 vaccines till July 31, 2021.

The Centre also directed customs officials to clear all import consignments, including life-saving drugs and oxygen equipment, used in COVID treatment on the highest priority.

The decision to exempt customs duty was taken at a meeting chaired by Prime Minister Narendra Modi to boost oxygen availability in the country, the Finance Ministry said.

The Government has waived the custom duty on Oxygen concentrator including flow meter, regulator, connectors and tubings; Medical Oxygen; Vacuum Pressure Swing Absorption (VPSA) and Pressure Swing Absorption (PSA) oxygen plants, Cryogenic oxygen Air Separation Units (ASUs) producing liquid/gaseous oxygen; Oxygen canister; Oxygen filling systems; Oxygen storage tanks; Oxygen generator; ISO containers for Shipping Oxygen; Cryogenic road transport tanks for Oxygen; Oxygen cylinders including cryogenic cylinders and tanks; parts of goods used in the manufacture of equipment related to the production, transportation, distribution or storage of Oxygen, subject to the condition that the importer follows the procedure set out in the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017; any other device from which oxygen can be generated; Ventilators, including ventilator with compressors; all accessories and tubings; humidifiers; viral filters (should be able to function as high flow device and come with nasal canula); High flow nasal canula device with all attachments; nasal canula for use with the device; Helmets for use with non-invasive ventilation; Non-invasive ventilation oronasal masks for ICU ventilators; Non-invasive ventilation nasal masks for ICU ventilators; and COVID-19 vaccine.

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IRDAI directs Network Hospitals to provide Cashless Treatments to Covid-19 patients [Read Circular]

The Insurance Regulatory and Development Authority of India (IRDAI) has directed the network hospitals to provide cashless treatments to Covid-19 patients.

It has been clarified by IRDAI that where insurers have an arrangement with the hospitals for providing cashless facility, such network hospitals are obligated to provide cashless treatment for all treatments including treatment for COVID-19.

The Authority reminded the hospitals that they are obligated to provide cashless treatment to for all treatments including, COVID-19,

There are some reports that some hospitals are not granting cashless facilities for treatment of Covid-19 despite policyholders being entitled for the cashless treatment under their Policy. In this regard, it is clarified that where insurers have an arrangement with the hospitals for providing cashless facilities, such network hospitals are obligated to provide cashless treatment for all treatments including treatment for COVID-19.

Therefore, the IRDAI directed the general and health Insurers shall ensure that all such network provider hospitals extend cashless facilities for any treatment to the policyholder including COVID-19 treatment in accordance with agreed provisions of SLA and terms and conditions of the policy contract.

“Where any network provider denies cashless facility and deviates from agreed terms of the SLA, insurance companies shall take appropriate action against such network providers as provided in SLA in addition to taking up appropriate action,” IRDAI warns. The IRDAI said that the Insurers have also been directed to ensure smooth availability of a cashless facility with all network providers empanelled with them by putting in place continuous communication channels with all the network providers for prompt cashless services and for resolution of grievances of policyholders if any.

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