GST Course

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


1. Compliances under FEMA / RBI

Applicable Laws/Acts

Due Dates

Compliance Particulars

Forms / (Filing mode)

FEMA ACT 1999

15 July every year

Annual Return on Foreign liabilities and assets.

The FLA return is required to be submitted by the companies who have received Foreign direct investment (FDI) and/or made Foreign direct investment abroad in the previous year(s) including the current year

FLA Return through Flair Portal: Click here

FEMA ACT 1999

Monthly Basis

External Commercial Borrowings

Borrowers are required to report all ECB transactions to the RBI on a monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’.

ECB 2 Return

FEMA ACT 1999

Not later than 30 days from the date of issue of Capital instrument

FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.

Form FC-GPR

FEMA ACT 1999

With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.

Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS.

The onus of reporting shall be on the resident transferor/ transferee.

Form FC-TRS.

FEMA ACT 1999

within 30 days from the date of receipt of the amount of consideration.

A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1

Form FDI LLP-I

FEMA ACT 1999

within 60 days from the date of receipt of funds in

A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)

Form FDI LLP-II

FEMA ACT 1999

within 30 days from the date of allotment of capital instruments

The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts

Downstream statement -Form DI & reporting at FIFP too

All applicants before raising any queries to RBI, may contact the respective AD bank as per the contact details provided under Contact Us. It may be noted that all Business user registrations as well as forms in SMF are processed at AD level. AD shall always be the first point of contact. All AD banks shall ensure that the queries from the applicants are answered correctly and in the timely manner.

Important Updates, May-2021

1. RBI Guides Banks On Due Diligence For Crypto Dealings Of Customers

The Reserve Bank of India has guided banks to continue doing due diligence on any crypto currency related dealings of their customers. The regulator has, however, said a 2018 circular from the RBI, that was set aside by the Supreme Court in March last year, cannot be cited as a reason to curb customer dealings in these tokens.

"Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from. – Text from RBI Circular.

2. KYC details can be updated by Dec 31; select limited KYC A/Cs can be made fully compliant: RBI

This announcement was part of the RBI governor, Shakthikantha Das' unscheduled speech on May 5, 2021 to announce measures to tackle the ongoing second wave of the novel coronavirus pandemic.

RBI eases KYC compliance, no punitive actions till Dec 2021; extends video KYC to new customers. RBI also announced that limited KYC accounts opened on the basis of Aadhaar e-KYC authentication in non-face-to-face mode can be converted to fully KYC-compliant accounts.

Those who have to update their KYC details of their bank accounts can breathe a little easy. The Reserve Bank of India (RBI) announced today that banks should not take punitive action against those customer accounts where periodic KYC updating is due/pending. RBI has given time until December 31, 2021 for customers to update their KYC details.

Corporate Compliance Calendar for the m/o June, 2021

RBI Circulars / Notifications: May, 2021

Sl.

Particulars of the Circulars

Link

1

Customer Due Diligence for transactions in Virtual Currencies (VC)

Click here

2

Cabinet approves strategic disinvestment and transfer of management control in IDBI Bank Limited

Click here

3

Exim Bank's Government of India supported Line of Credit (LoC) of USD 250 million to the Government of the Republic of Mozambique

Click here

4

Priority Sector Lending (PSL) - On-lending by Small Finance Banks (SFBs) to NBFC-MFIs

Click here

5

Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance

Click here

6

Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses

Click here

7

Committee on Asset Reconstruction Companies invites views and suggestions from stakeholders

Click here

8

RBI joins Network for Greening the Financial System

Click here

9

RBI Governor meets MD & CEOs of Small Finance Banks over Video Conference

Click here

10.

RBI Governor meets MD & CEOs of Non-Banking Financial Company- Micro Finance Institutions (NBFC-MFIs) over VC

Click here

11.

Reserve Money for the week ended April 30, 2021

Click here

12

Priority Sector Lending (PSL) - On-lending by Small Finance Banks (SFBs) to NBFC-MFIs

Click here

13

Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer

Click here

14

Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance

Click here

15

Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses

Click here

16

Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)

Click here

17

Exim Bank's Government of India supported Line of Credit (LoC) of USD 7.35 million to the Government of the Republic of Nicaragua

Click here

18

Amendment to the Master Direction (MD) on KYC

Click here

19

Government Agency Business Arrangement – Appointment of Scheduled Private Sector Banks as Agency Banks of Reserve Bank of India (RBI)

Click here

20

Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs

Click here

21

36th Half Yearly Report on Management of Foreign Exchange Reserves: October-March 2020-2021

Click here

22

RBI appoints Shri Jose J. Kattoor as new Executive Director

Click here

23

Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)

Click here

24

Sovereign Gold Bond Scheme 2021-22

Click here

25

Tariff Notification No. 47/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Click here

26

Finance Minister Smt. Nirmala Sitharaman hands over possession to homebuyers through virtual meet

Click here

27

Prepaid Payment Instruments (PPIs) – (i) Mandating Interoperability; (ii) Increasing the Limit to ₹2 lakh for Full-KYC PPIs; and (iii) Permitting Cash Withdrawal from Full-KYC PPIs of Non-Bank PPI Issuers

Click here

28

Relaxation in timeline for compliance with various payment system requirements

Click here

29

Overseas Direct Investment for April 2021

Click here

30

RBI Bulletin - May 2021

Click here

31

RBI Governor meets MD & CEOs of Public Sector Banks over Video Conference

Click here

32

RBI imposes monetary penalty on Daimler Financial Services India Private Limited, Pune, Maharashtra

Click here

33

589th Meeting of Central Board of the Reserve Bank of India

Click here

34

Sovereign Gold Bond Scheme 2021-22 Series II - Issue Price

Click here

35

RBI surplus transfer to Centre likely to impact economy, markets, banks: Experts

Click here

36

CII protests RBI rules on auditors, says will cause 'enormous difficulties'

Click here

37

Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules,2017

Click here

38

Extension of Validity of Registration Certificates issued under The Foreign Contribution (Regulation) Act, (FCRA) 2010 Expiring/Expired during period between 29.09.2020 and 30.09.2021

Click here

39

Existing FCRA Account Holders given more time till 30.06.2021 to open “FCRA Account” in designated New Delhi Branch of State Bank of India

Click here

40

India attracted highest ever total FDI inflow of US$ 81.72 billion during 2020-21, 10% more than the last financial year

Click here

41

Constitution of an Expert Committee on Investment Funds

Click here

42

Sovereign Gold Bond Scheme 2021-22 Series II - Issue Price

Click here

43

DRG Study No. 45: Threshold Level of Inflation – Concept and Measurement

Click here

44

Reserve Bank of India imposes monetary penalty on HDFC Bank Limited

Click here

45

Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract

Click here

2. Compliance requirement under Income Tax act, 1961

Sl.

Compliance Particulars

Due Dates

Due Dates

1

Deposits of TDS /TCS for the month of May 21.

07-06-2021

07-06-2021

2

Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of April, 2021

14-06-2021

14-06-2021

3

Due date for First Installment of advance tax for the AY 2022-23

15-06-2021

15-06-2021

4

Form 3BB is the monthly statement to be furnished by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of May 2021

15-06-2021

15-06-2021

5

Due date for issuance of TCS Certificate for Q4 of FY 2020-21

15-06-2021

15-06-2021

6

Certificate of TDS in respect of tax deducted for payments other than salary.

15-06-2021

15-06-2021

7

Extended Due date of filing of TDS return for TDS deducted during Q4 of FY 2020-21. The due date for furnishing of quarterly statement of TDS has been extended from May 31, 2021 to June 30, 2021 vide Circular no. 9/2021, dated 20-05-2021

31-05-2021

30-06-2021

8

Due date of furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2021 has been paid without the production of a challan (Extended date Circular no. 9/2021, dated 20-05-2021)

15-06-2021

30-06-2021

9

Return of tax deduction from contributions paid by the trustees of an approved superannuation fund (Extended date)

31-05-2021

30-06-2021

10

Furnishing of Statement of financial transactions for person mentioned u/s 285BA (Extended date)

31-05-2021

30-06-2021

11

Statement of Reportable Account where Information is required to be maintained and reported by reporting Financial Institutions with respect to reportable account.

31-05-2021

30-06-2021

12

Linking of PAN with AADHAAR number is mandatory from 1st april 2019 (due date Extended from 31 March 2021 to 30th June 2021 vide notif. S.O. 1432(E), dated 31-03-202) (if not linking the PAN with AADHAAR number then the PAN will be inoperative and a person will not be able to conduct financial transactions)

 

30-06-2021

13

Vivad se Vishwas Scheme - Settling tax disputes between individuals and the income tax department. Its declaration last date was 31st march though its payment last date without additional interest is 30th April 2021, these dates have been Extended to 30th June 2021 vide Notification S.O. 1704 (E), dated 27-04-2021

 

30-06-2021

14

furnishing challan cum statement of TDS in respect of tax deducted u/s 194IA,194M, 194-IB

 

30-06-2021

Important updates - MAY, 2021

1. New e-filing portal to be mobile friendly, have manuals, videos: IT Dept

The Income Tax Department on 29th May, 2021, said it will launch on June 7 its new portal e-filing 2.0, which will be mobile friendly, have pre-filled ITR form and simplified utility.

Giving the salient features of the "e-filing 2.0 portal", the I-T Department said there will be a "all new mobile app" and taxpayers will have a step-by-step guidance with user manuals and videos. Besides, multiple options for on-portal tax payments, multiple options for login, helpdesk support and chatbot are the features in the portal.

2. New rules notified for determining deemed consideration for slump sale; key things to know

Union Budget 2021 introduced significant amendments in the provisions relating to the taxation of slump sale transactions. One of the key amendments is in relation to computation of consideration value for slump sale taxation. Earlier, the consideration actually paid or received on the slump sale was considered for determining the capital gains tax on the sale. CBDT has now prescribed the rules containing the mechanism relating to computation of the FMV in slump sale transactions.

The Finance Act, 2021 has however provided that to compute the tax arising on account of such slump sale, the Fair Market Value (FMV) of the capital assets (being an undertaking or division transferred by way of slump sale) shall be deemed to be full value of the consideration. However, the methodology to compute FMV was not prescribed by the Finance Act, 2021.

Important Notifications - For the month of May - 2021

Sl.

Particulars of the Notification(s)

File No. / Circular No.

Link(s)

1.

The Income-tax (12th Amendment) Rules, 2021.

Notification No. 40/2021][F.No. 370142/8/2021-TPL

LINK

2.

Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961

Circular No. 08/2021

LINK

3.

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for MF Transactions by Registrar and Share Transfer Agent

Notification No. 4 of 2021

LINK

4.

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Notification No. 3 of 2021

LINK

5.

Amendments in the notification of the Government of India, Ministry of Finance, (Department of Revenue), number 85/2020, dated the 27th October, 2020,

Notification No. 39/2021/ F.No. IT(A)/01/2020-TPL

LINK

6.

The Income-tax (11th Amendment) Rules, 2021.

Notification No. 37/2021/ F. No. 370142/28/2020-TPL

LINK

7

The Income-tax (13th Amendment) Rules, 2021.

Notification No. 41 /2021/ F. No. 370142/ 11/2018-TPL

LINK

8

The Income-tax (14th Amendment) Rules, 2021

[Notification No. 42/2021

LINK

9

The Central Government hereby specifies the pension fund, namely, the Caisse de dépôt et placement du Québec

Notification No. 43/2021

LINK

10

The Central Government hereby specifies the pension fund, namely, the CDPQ Infrastructures Asia III Inc.

Notification No. 44/2021

LINK

11

The Income tax (15th Amendment), Rules, 2021.

Notification No. 50/2021

LINK

12

Modification of the Notification No. 14/2015 dated 16.02.2015

Notification No. 47/2021

LINK

13

Govt eases income tax norms for cash received by hospitals providing Covid treatment

Notification No. 56/2021

LINK

14

Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

Circular No. 9 of 2021

LINK

15

Income Tax department to launch new e-filing portal for taxpayers on June 7

Newspaper

LINK

16

Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962.

Notification No. 05 of 2021

LINK

17

Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

Circular No. 9 of 2021

LINK

18

The Income- tax (16th Amendment) Rules, 2021

Notification No.68 /2021/F. No.370142 /16 /2021-TPL

LINK

19

Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the Act)

Circular No. 10/ 2021

LINK

 

To read the full article: Click Here

 

Tags :



Category Corporate Law, Other Articles by - CS Lalit Rajput 



Comments


update