Certicom Latest Updates

1. Income Tax Attachment of Bank accounts are not permitted after expiry of statutory time limit Case Name : Gobindo Das Appeal Number : Ors. Vs Union of India & Date of Judgement/Order : Ors. (Calcutta High Cou

2. SBI has launched an offer under which taxpayers can file ITR for free of cost, the public sector lender has stated. To file the ITR, taxpayers would require a few documents. These are PAN card, Aadhaar card, Form-16, Tax deduction details, interest income certificates, and investment proofs for tax saving.

3. GST Tax reforms are best implemented when revenue buoyancy is increasing. Considering this, the setting up of a seven-member Ministerial Panel for rationalising the GST rate structure chaired by the CM of Karnataka does not come a day sooner.

The economy has been registering a steady recovery, and with the settled technology platform tax compliance in GST has been showing improvements (revenue collection from GST reached Rs 1.17 trillion in September, the highest in the last five months).

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4. GST: Supply of services even by unincorporated association to its members for consideration is supplied under GST. Case Name: In re Gujarat Hira Bourse (GST AAR Gujarat) Appeal Number: Advance Ruling No. GUJ/GAAR/R/52/2021 Date of Judgement/Order: 15/09/2021

5. RBI suspended its version of quantitative easing, signalling the start of tapering pandemic-era stimulus measures as an economic recovery takes hold. There is no need for further bond-buying, RBI Governor Shaktikanta Das while stressing the step is not a reversal of its accommodative policy stance.

6. OECD: Multinational corporations will be subject to a minimum tax of 15% from 2023, in a major reform of the international tax system finalized by the OECD on Friday. The framework, backed by 136 countries, including India, seeks to ensure a fair share of taxes for countries where multinationals and global digital companies such as Netflix, Google earn revenues from.

Extended due dates of Income Tax Return and Tax Audit

7. CBDT have no power to Enlarge the scope of MCI regulation. Case Name: Evolutis India Private Limited Vs ACIT (ITAT Mumbai) Appeal Number: ITA No. 4923/MUM/2018 Date of Judgement/Order: 23/09/2021

8. RBI increases IMPS Limit per transaction from Rs 2 lacs to Rs 5 lacs. Individual banks may take some time to update their systems wef 8.10.2021.

9. RBI bi-monthly meet it was decided that Repo rate to remain unchanged at 4%. Reverse Repo rate to remain unchanged at 3.35%. The MPC voted 5:1 to maintain an accommodative stance.

10. RBI: Reserve Bank has today (October 08, 2021) filed applications for initiation of corporate insolvency resolution process against Srei Infrastructure Finance Limited and Srei Equipment Finance Limited under Section 227 read with clause (zk) of sub-section (2) of Section 239 of the Insolvency and Bankruptcy Code (IBC).