The legal representative can file the return for one AY only after the death of the person. They can register themselves on the Income Tax Site on behalf of the dead person and file the ITR.
In case a taxpayer does not file their ITR by the due date specified by the department, they will be required to pay interest on the outstanding tax, under sections 234A, 234B and 234C of the Income Tax Act 1961.
In view of the challenges faced by taxpayers due to the outbreak of the Novel Corona Virus (COVID-19), the Government of India has taken several taxation related measures for the industries, including MSMEs.
MCA has introduced the Companies (Corporate Social Responsibility Policy), Amendment Rules, 2021 that are applicable to FY 2020-21. CSR Spending has been made mandatory w.e.f FY 2020-21.
In Budget 2021, FM announced an Amendment in the LLP Act. In continuation of the same, MCA has issued a press release on 3rd February 2021. A new concept of Small LLP has been introduced.
The status of a company as a “Small Company” may change from year to year. Thus the benefits which are available during a particular year may stand withdrawn in the next year and become available again in the subsequent year.
MCA has introduced the Companies (Incorporation), Second Amendment Rules, 2021 on 1st February 2021. An amendment in the Process of Conversion of One Person Company to Private/Public Company has been made.
Finance Act 2021 has made amendments to the provisions of the Income Tax Act, pertaining to the tax liability arising on the distribution of assets by the firm to its partners on its reconstitution or dissolution.
The applicability of the ITR form depends on the sources of income, amount of income earned and the category of the taxpayer like individual, HUF, Company etc.
Reliance Retail acquired a 41% equity stake in Just Dial to expand its presence in the local listing and commerce platform. This acquisition is done by subscribing to preferential shares.
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