The Delhi Assembly on 30th July 2021, passed the Delhi Goods and Services Tax (Amendment) Bill, 2021, which is aimed at smoothening the taxpaying process, strengthening accountability and minimizing room for tax evasions.
The Ministry of Corporate Affairs has inserted a new Rule 33A - Allotment of a new name to the existing company under section 16(3) of the Companies Act and a new Form INC-11C.
Decoding the new set of regulations introduced by the Insolvency and Bankruptcy Board of India to amend the existing IBBI (Insolvency Professionals) Regulations, 2016.
CBDT has granted relaxation in the filing of forms 15CA & 15CB in view of the difficulties faced by the taxpayers in filing the said forms on the new Income Tax portal. The same can now be filed till 15th August 2021.
The introduction of a new tax regime is the biggest development and point of confusion for taxpayers. The FM announced a new set of tax slab rates for individuals, HUFs and co-operative societies.
SEBI has issued a Circular to bring into action Standard Operating Procedures for listed subsidiary companies desirous of getting delisted, through a Scheme of Arrangement.
IBBI has notified a new set of regulations to amend the existing IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 which shall come into force as on the date of its publication in the Official Gazette.
Every company shall file its annual return in Form No. MGT-7 except for a One Person Company and Small Company. OPC and Small Company shall file the annual return from the FY 2020-2021 onwards in Form No. MGT-7A.'
Section 194P of the Income Tax Act was introduced in Union Budget 2021 to provide conditional relief to senior citizens above the age of 75 years from filing an ITR.
The Companies Act talks about the age limits of only MD/WTD/Manager, on the other hand, LODR Regulations talk about the minimum age of IDs and maximum age of NEDs (which includes ID).
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