March, 2021 – Issue No. II

GST
Due date for furnishing of Annual Returns GSTR-9 and GSTR-9C for financial year 2019-20 extended to March 31, 2021.
INCOME TAX

Clarification issued on Residential status during the Covid period. Individuals facing double taxation, despite the relief under DTAAs, should furnish information in Form – NR by 31st March, 2021 so that relaxations can be decided.

CBDT issues instructions regarding selection of cases for issue of notice u/s 148 of the Income-tax Act, 1961.

COVID Extension – CBDT extends various due dates for passing assessment/re-assessment/penalty orders by IT officers.

CBDT prescribes rules for determination of Annual accretion for the purposes of section 17(2)(viia) of Income Tax Act, 1961.

CUSTOMS

Provisional Anti-dumping duty on imports of ‘Black Toner in powder form’ from China PR, Malaysia, and Chinese Teipei made definitive for a period of 5 years from 10.08.2020.

Anti-Dumping duty on Phenol imported from European Union and Singapore extended up to 07.01.2021.

DGFT

Adjudication, Appeal and Review proceedings under Foreign Trade (Development & Regulation) Act, 1992, and Foreign Trade (Regulation) Rules, 1993, to be fully online from 27th February 2021. Submission of documents and service of notices/orders will be through online mode.

COMPANIES ACT

MCA notifies new FORM NO. MGT-7 – Annual Return (other than One Person Companies and Small Companies) and FORM NO. MGT-7A – Abridged Annual Return for One Person Companies and Small Companies from the FY 2020-2021 onwards.

Amendments made in Section 92 of the Companies Act, 2013 relating to filing of Annual Return brought into effect from 05.03.2021.

INSOLVENCY LAWS

Liquidation Process Regulations – list of stakeholders filed by the Liquidator to be published on the Board’s website.

open

In view of the full lockdown announced by the TN Govt from 10th may 2021 to 24th june 2021, we, at TITA, will be working from home. For any queries, clarification, filing of replies, applications, appeals and other compliances including GST Returns, please mail to us at tita@tita.net.in and we will do the necessary.