SPC GROUP INDIA NEWSLETTER

TAX AND REGULATORY CONSULTING SERVICES (TRCS)
By Sandeep Gupta | 6 min Read

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SPC TAX TRAX-JUNE '21

DIRECT TAX

1. Income Tax Return Due Dates Extended for AY 2021-22:

The Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also extended the ITR filing deadline for companies by a month till November 30.

 

Central Body for Direct Taxes

2. New income tax e-filing portal to be launched from June 7:

The income tax department will launch a new efiling portal on June 7, the directorate of income tax systems said in a notice to all field units, adding that services on the portal will not be available from June 1 till June 6.

 

3. Forex gains in personal loan not taxable, ITAT:

Forex gains in the hands of an individual arising from the repayment of an interest-free loan by his relative are not taxable, according to a recent order of the Mumbai bench of the Income Tax Appellate Tribunal (ITAT). This order will be useful in many cases.

INDIRECT TAX

1. E-way bill integrated with FasTag & RFID:

GST authorities to get real-time data of commercial vehicles movement on highways with integration of the e-way bill (EWB) system with FasTag and RFID, a move which will help in live vigilance of such vehicles and check GST evasion. Under the goods and services tax (GST) regime, e-way bills have been made mandatory for inter-state transportation of goods valued over Rs 50,000 from April 2018. However, gold is exempted.

 

2. Relief in filing late GSTR-3B:

Goods and Services tax

Relief by lowering of interest rate for late filing of monthly/quarterly returns in Form GSTR-3B as well for late filing of statement in Form CMP-08 by the composition tax payers. Also relief provided by waiving late fees for filing of Form GSTR-3B for class of person registered under prescribed turnover limit.

3. Covid-related imports not exempt from IGST if payment made:

As per Section 20 of the Customs Act, 1962, “if goods are imported into India after exportation therefrom, such goods shall be liable to duty and be subject to all the conditions and restrictions, if any, to which goods of the like kind and value are liable or subject, on the importation thereof”. Therefore, unless the re-imported goods are exempted specifically under any notification, the levies applicable on imported goods will equally apply on re-imported goods.

Now, notification 45/2017-Cus exempts only the basic customs duty, IGST and Compensation Cess. It does not exempt health cess.

COMPLIANCE CALENDAR

Compliance Calendar for June 2021

COVID-19 UPDATE

Current Scenario in India

1. As India struggles hard with the second wave of the COVID-19 pandemic, cases have been registered of these new fungal infections, which can be as deadly as the Coronavirus. Till now, three types of fungal cases have been reported in the country i.e., black, white and yellow.

2. Since March last year, medical infrastructure has been ramped up in India. Beds with oxygen support have risen 5 times while ICU beds have increased 30 times.

3. India has so far administered 200 Million vaccine doses. That is 770.82 per cent of its total caseload, and 14.42 per cent of its population.

Regulatory Relief

  • Enhancement of overall limit for overseas investment by Alternative Investment Funds (AIFs)/Venture Capital Funds (VCFS)
  • Relaxation from compliance to REITS and InviTs due to the COVID-19 virus pandemic
  • Procedure for seeking prior approval for change in control of SEBI registered
  • Portfolio Managers Business responsibility and sustainability reporting by listed entities
  • Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees due to the COVID-19 pandemic

 

Extension in filing date

Income Tax Return Due Dates Extended for AY 2021-22: The Government has extended the due date of filing ITR for Assessment Year 2021-22 for individuals by two months till September 30. The Central Board of Direct Taxes (CBDT) also extended the ITR filing deadline for companies by a month till November 30

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