RBI has lately released circulars which will be having a bearing on transactions undertaken by customers from July month onwards.The changes incorporated as well as certain benefits extended by means of these circulars pertain to: 1. Small Savings Schemes 2. Interest on Matured Term Deposits 3. Interest Equalization Scheme Analysis of same has been provided […]
Central Government has vide Notification No. G.S.R. 503(E) dated 22.07.2021 inserted new Rule 33A in the Companies (Incorporation) Rules so as to provide with the manner of name allotment in case of non-compliance with section 16(1). Analysis of the newly inserted rule is given below for reference purpose
CBDT has granted further extension for manual submission of Form 15CA/ 15CB till 15.08.2021 owing to difficulties in electronic filing of these forms on the income tax portal. Now the taxpayers can furnish the same to authorized dealers in manual format till the aforementioned date. Analysis of the notification has been given below for reference […]
Custom brokers are agents, operating under license and acting on behalf of importer/exporter for purposes of business transactions related to departure of conveyances Or import/export of goods at any custom station including audit. CBIC has vide Notification No. 62/2021 dated 23.07.2021 made certain amendments to the Customs Brokers Licensing Regulations, 2018. The prime focus of […]
New provision namely Section 206AB has been added by Finance Act 2021 which shall come into force from 1 July, 2021. The said section provides that if any amount is being paid to the specified person, then tax shall be deducted at higher of the following rates: At twice the rate specified in the relevant provision of […]
Section 194Q has been introduced by Finance Act 2021,which will come into effect from 1 July 2021. According to this section, where any buyer is purchasing any goods of value exceeding 50 Lakhs (Aggregate value for whole year to be considered) in a previous year, shall deduct TDS at the rate of 0.1% of sum […]