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Employer to deduct TDS after receiving intimation from employee

Employer to deduct TDS as per new concessional scheme

The Finance Act 2020 has introduced s. 115BAC in the Income Tax Act 1961 w.e.f AY 2021 – 2022. As per the said section, an individual or a HUF having income other than business or profession may exercise the option in respect of a PY to be taxed at concessional rates provided in the said section along with filing of Return of Income. The concessional rates provided in s. 115BAC is subject to the condition that total income shall…

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electronic signature to sign documents

Use of Electronic Signature for Signing Audit Reports and Certificates

Auditing and Assurance Standards Board of ICAI has made announcement to its members regarding Use of Electronic Signature for Signing Audit Reports and Certificates. In brief following are contents of announcements: Information Technology Act, 2000 (“IT Act 2000”) contains provisions regarding the use of electronic signature for the authentication of electronic records Members of ICAI may use electronic signature for signing audit reports, all reports issued pursuant to any attestation engagement and certificates. However, the members need to ensure compliance with…

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covid 19 related FAQ's on CSR

COVID-19 related Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR)

MCA Vide General circular no.15/2020 issued clarifications on eligibility of CSR expenditure related to COVID-19 activities for better understanding of the stakeholders. The Ministry has been receiving several references/ representations from various stakeholders seeking clarifications on eligibility of CSR expenditure related to COVID-19 activities. In this regard, a set of FAQs along with clarifications are provided below for better understanding of the stakeholders: Whether contribution made to ‘PM CARES Fund’ shall qualify as CSR expenditure? Contribution made to ‘PM CARES…

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MCA Allows companies to hold General Meetings without shareholders physically assembling

MCA Allows companies to hold Extraordinary General Meetings through VC or OAVM

MCA Allows companies to hold Extraordinary General Meetings through VC or OAVM complemented with e-Voting facility/simplified voting through registered emails without requiring the shareholders to physically assemble at a common venue till June 30, 2020. 1. MCA allows listed companies or companies with 1,000 shareholders or more which are required to provide e-voting facility under the Companies Act, 2013 to conduct EGM through VC/ OAVM and e-Voting. 2. For other companies, a highly simplified mechanism for voting through registered…

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RBI Moratorium

RBI Moratorium on EMI: FAQ’s

RBI Moratorium on EMI: FREQUENTLY ASKED QUESTIONS Last week, the Reserve Bank of India announced a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. Q 1: When/what was the RBI announcement? ANSWER: Last week, the Reserve Bank of India announced a three-month moratorium on all term loans outstanding as on…

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Export proceeds

Extension of realization period of Export proceeds

RBI announces Extension of realization period of export proceeds: Presently value of the goods or software exports made by the exporters is required to be realized fully and repatriated to the country within a period of 9 months from the date of exports. In view of the disruption caused by the COVID-19 pandemic, the time period for realization and repatriation of export proceeds for exports made up to or on July 31, 2020, has been extended to 15 months from…

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Finance Ministry issues Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance 2020.

Finance Ministry issues Taxation & Other Laws (Relaxation of Certain Provisions) Ordinance 2020.

To give effect to the announcements, made by the Finance Minister on 24th March 2020, regarding relief measures relating to regulatory & statutory compliance matters across sectors in view of COVID – 19 outbreak, the government has brought about an Ordinance on 31st March 2020 which provides for extension of various limits under Taxation & Benami Acts. It also contains extension for time limits contained in Rules or Notification which are prescribed/issued under these Acts. Some important features and time limits which…

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CBDT extends validity of lower deduction TDS/TCS certificates

CBDT extends validity of lower deduction TDS/TCS certificates due to COVID 19

Due to the outbreak of the Corona pandemic – there have been several restrictions in the working of the Income Tax Department. Therefore, applications filed by the payees under s. 195 and 197 of the ITA for lower of NIL rate of TDS deduction and applications by buyers/ licensees/lessees under s. 206C(9) of the ITA for lower or NIL rate of collection of TCS for FY 2020-2021, have not been attended to in a timely manner by the TDS/TCS…

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LEI Extension

Legal Entity Identifier (LEI) Extention

The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). It connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. RBI has Based on the feedback and requests received from market participants, in the context of the difficulties arising from the outbreak of novel corona virus disease (COVID-19), and with a view to enabling smoother implementation…

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