Today’s Updates:Due Date for Deposit of Advance Income Tax

  • Changes in New Income Tax Portal from 7 June, Pay Tax via Credit Card. Launch of new e-filing Portal of the Income Tax Department – Non-availability of e-filing services from 01.06.2021 to 06.06.2021.
  • The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers: New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers;
  • Govt Integrates E-way Bill with FasTag, RFID; GST Officers to Have Real-time Data of CVs (GST officers have been armed with real-time data of commercial vehicle movement on highways with the integration of the e-way bill (EWB) system with FasTag and RFID, a move which will help in live vigilance of such vehicles and check GST evasion)
  • Ministry of Finance had issued Office Memorandum dated May 24, 2021 regarding Constitution of Group of Ministers (GoM) on Casinos, Race Courses and Online Gaming. The terms of reference shall be as follows:
  • To examine the issue of valuation of services. Taxability of certain transactions in a casino, with reference to the current legal provisions and orders of Courts on related matters. To examine whether any change is required better means of valuation of these services in the legal provisions to adopt any better means of valuation of these services. To examine the administration of such valuation provision if an alternative means of valuation is recommended.
  • Due Date for Deposit of Advance Income Tax is 15-06-2021. You are requested to please deposit 15% for 1st instalment on or before 15-06-2021* to avoid interest on income tax not allowable as expense, However Bank interest paid on advance tax is allowable as expense.
  • Last date for linking PAN with Aadhar extended from 31.3.2021 to 30.6.2021.
  • Ensure Aadhar seeding for all PF members as wef 1.6.21 ECR filing only for those whose Aadhaar numbers are seeded & verified with UANs.
  • Union Cabinet approves Model Tenancy Act for circulation to the States/Union Territories for adoption
  • The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved the Model Tenancy Act for circulation to all States / Union Territories for adaptation by way of enacting fresh legislation or amending existing rental laws suitably. It will help overhaul the legal framework with respect to rental housing across the country, which would help spur its overall growth.
  • 30.6.21 is extended due date to file TDS Statements in 24Q, 26Q & 27Q for March quarter of 2021. TDS Certificates can be issued by 15.7.21.
  • EPFO allows its members to avail second COVID-19 advance. Under this provision, non-refundable withdrawal to the extent of the basic wages and dearness allowances for three months or up to 75% of the amount standing to member's credit in the EPF account, whichever is less, is provided. Members can apply for lesser amount also.