April, 2021 – Issue No. IV

INCOME TAX
CBDT issues Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income and dividend income.
CUSTOMS

Customs duty on import of Remdesivir injection, Remdesivir API and Beta Cyclodextrin (SBEBCD) used in the manufacture of Remdesivir, exempted up to 31st October, 2021.

Customs duty on import of medical grade Oxygen, Oxygen related equipments and COVID-19 vaccines exempted till July 31, 2021.

Bulk Continuous Filament (BCF) Yarn of higher denierage (650 decitex to 10,000 decitex), excluded from the levy of Anti-dumping duty.

COMPANY LAWS

Spending of CSR funds for ‘setting up makeshift hospitals and temporary COVID Care facilities ‘ is an eligible CSR activity.

INSURANCE LAWS

IRDAI has clarified 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 Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2021 issued.