Latest Tax Updates

Latest Tax Updates – Certicom

1. Income Tax Return (ITR) filing for  Financial Year 2020-2021 has started. 30.09.2021 is the Last date for Income Tax Return filing for Assessment Year 2021-22 (Financial Year 2020-21).

[pt_view id=”baa39696xe”]

2. Benefits of Income Tax Return (ITR) filing:

a) Claiming Tax Refund
b) Loans processing gets easier
c) Credit cards processing gets easier
d) Visa processing gets faster
e) Set off & Carry forward of losses
f) Serves as proof of income
g) Serves as address proof
h) Buying a high life insurance cover
i) Helpful for those with small or nil income
j) Proof of accumulated earnings over the years
k) Avoiding potential Income Tax notices for non-filing of ITRs

Digital payments up 30.2% in FY21: According to RBI data

3. Indian investment in cryptocurrencies grew from $923 million in April 2020 to nearly $ 6.6 billion in May 2021. The crypto investment by Indians has grown despite no clear regulation on this from the RBI or the Government. The RBI had tried to impose a kind of ban in 2018 by restricting banking facilities to crypto exchanges, which was later ruled out by the Supreme Court.

4. Ministry of Corporate Affairs has recently mandate One Person Company (OPC) and Small Company vide notification dated 5th March 2021 to file its annual return from the financial year 2020-2021 onward in Form No: MGT-7A under Section 92 of the Companies Act, 2013. This action is taken by MCA for giving clarity and reducing the burden of Small Companies and OPC.

Todays Tax Updates

Todays Tax Updates

1. CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB

It has now been decided to extend the aforesaid date to 15th August 2021. In view thereof, taxpayers can now submit the said Forms in manual format to the authorised dealers till 15th August 2021. Authorised dealers are advised to accept such Forms till 15th August 2021 for the purpose of foreign remittances.

2. Gujrat High Court in the case of Nagri Eye Research Foundation VS UOI stated that Charitable Trust required to obtain GST Registration & Medicines provided by them, even at a lower rate, will get covered under “Supply”.

[pt_view id=”baa39696xe”]

3. . Interest-free loan cannot be treated as a financial debut without evidence that the loan was disbursed for the time value of money.
Case Name: Orator Marketing Pvt. Ltd. Vs Samtex Desinz Pvt. Ltd. (NCLTAT Delhi) Appeal Number: Company Appeal (AT) (Ins) No.1064 of 2020 Date of Judgement/Order: 08/03/2021

4. Income Tax Assessing Officer can make addition u/s 68/69C despite estimation of Income U/s 44AF of the Income Tax Act.
Case Name: Atul Dinesh Seth Vs ITO (ITAT Bangalore). Appeal Number: ITA Nos. 399 to 401/Bang/2020. Date of Judgement/Order: 08/03/2021

Govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Quarter1 

5. UGC recognised CA qualification equivalent to PG degree. This will go in a long way to support Professional colleagues globally.

Latest Tax Updates

Latest Tax Updates

1. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May 2021 may be furnished on or before 15th July 2021.

2. The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June 2021 may be furnished on or before 31st July 2021.

[pt_view id=”baa39696xe”]

3. The Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June 2021 is further extended to 30th September 2021.

4. CBDT clarified that Businesses buying shares or commodities traded through recognised stock or commodity exchanges for any value even above Rs 50 lakh will not be required to deduct TDS on the transaction which was started on 1.7.2021.

15CA/CB – Manual Filing Extended till July 15th

5. Reserve Bank of India has not yet granted Bitcoin or any other cryptocurrency the status of legal tender in India. Hence, there are no clear rules or guidelines defining taxability for cryptocurrencies, which calls for specific clarification from the Income Tax department.