HomeNewsletterJune, 2021 – Issue No. V

June, 2021 – Issue No. V

GST
Clarification issued in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices.
EXCISE
Exemption from Central Excise on blended fuel shall be available in case the blending is done within the factory premises, provided that the assessee pays the required Central excise duty on Motor Spirit (commonly known as petrol) by the due date (based on removal of the Ethanol/ Methanol blended fuel from the factory).
INCOME TAX

Further extension of time limit granted for compliances – Click here.

Time to invest in residential house for tax deduction further extended upto 30.09.2021.

Vivad Se Vishwas payment without interest extended upto 31.08.2021.

PAN-Aadhaar linking extended upto 30.09.2021.

Time for making assessment and pass penalty orders extended upto 30.09.2021.

Exemption granted for amount received by a taxpayer from employer/any other person for covid-19 medical treatment.

Exemption granted on Ex-gratia amounts received from employer or from other persons (upto Rs.10 lakhs in the case of ex-gratia amount received from any other person), on death due to Covid.

Income Tax Department has released a new functionality “Compliance Check for Section 206AB & 206CCA” to facilitate tax deductors/collectors to verify if a person is a “Specified Person” as per section 206AB & 206 CCA.

COMPANIES ACT

The Companies (Accounting Standards) Rules, 2021 issued. Meaning of Enterprise, and Small and Medium sized companies specified.

Companies can conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided in the previously issued Circulars upto 31st December, 2021.

FOOD SAFETY LAWS
The Food Safety and Standards Authority of India (FSSAI) issued the extension of timeline till 18.01.2022 for compliance with Food Safety and Standards (Food Products Standards and Food Additives) Ninth Amendment Regulations, 2020.

The Indian Tax Advisors