March, 2021 – Issue No. IV

GST
Madras High Court allows transitional credit of TDS from Vat regime.
INCOME TAX

New procedure and application introduced for obtaining a certificate under section 195(2) and 195(7) of the Income-tax Act, 1961, for determination of appropriate proportion of sum (other than salary) payable to non-resident, chargeable to tax in case of the recipient.

CBDT introduces new Rule for the purposes of pre-filling the return of income; a statement of financial transaction to be issued by prescribed persons.

CUSTOMS

The Hon’ble Supreme Court has ruled that the Additional Director General (ADG) of Directorate of Revenue Intelligence (DRI) is not the proper officer to issue Show Cause Notice (SCN) under the Customs Act, 1962.

Definitive Anti-dumping duty imposed on imports of  “Faced Glass Wool in Rolls” from China PR for a period of five years.

DGFT

The last date for import of 1.5 Lakh MT of Urad, is extended from 31st March, 2021 to 30th April, 2021.

Trade Notice regarding necessary documents to be submitted while applying for import authorization for import of Denatured Ethyl Alcohol (DEA) issued.

The last date for applying for Rebate of State Levies (RoSL) claim under a scrip mechanism for Shipping Bills prior to 01.10.2017 is notified as 31.12.2021.

Procedure/modalities for import of 2 LMT of Pigeon Peas from Mozambique laid down through MoU.

Annual quota for import of Tur/pigeon peas and Moong prescribed.

COMPANIES ACT

Central Government establishes Central Scrutiny Centre (CSC) for carrying out scrutiny of Straight Through Processes (STP) e-forms.

MCA prescribes yearly remuneration limits for managerial person and other directors.

Section 32 and 40 of Companies (Amendment) Act, 2020 relating to Independent Director and Remuneration to Directors brought into effect from 18.03.2021.

INSOLVENCY LAWS
The Board prescribes new regulations regarding (i) updation of claim; (ii) procedure and new Form CIRP 7 in case of belated compliance by interim resolution professional or resolution professional; (iii) New Form C for submission of claim.
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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.