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Information contained herein are only for reference purposes and are based on the information publicly available as on the date of this publication. The author takes no responsibility for its reliability and accuracy. It is advised to take appropriate legal/professional advice before undertaking any business activity or otherwise based on it.

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Ministry of Finance enlists the tax compliance extensions granted as COVID-19 relief measure

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The Ministry of Finance has issued various tax exemption to ameliorate stress due to COVID-19 which are enlisted via  Press Release dated 19 July 2021 . It states that the Government has extended various key tax compliance deadlines due to impact of COVID-19 pandemic. The detail of some of these extended timelines are as follows: Time limit for passing or orders and issuance of notice by the Adjudicating Authority under the Prohibition of Benami Property Transaction Act, 1988 which was required to be passed/issued by 30.06.2021 has been extended to 30.09.2021. The time limit for uploading of the declarations for non-deduction of TDS received from recipients in form No. 15G/15H during the quarter ending 30.06.2021, which was required to be uploaded by 15.07.2021 has been extended to 31.08.2021. For almost all the provisions of Act, any time limit for completion or compliance of any action, by any authority or by any person, under the CGST Act, which falls during the period from the ...
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No mandatory requirement of minimum public shareholding in case of Listed PSUs

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The Ministry of Finance via  Notification dated 30th July 2021 has published the Securities Contracts (Regulation) (Second Amendment) Rules, 2021 to further amend the Securities Contracts (Regulation) Rules, 1957. The Amendment is brought under Rule 19A which provides for maintenance of minimum public shareholding and its attainment within a specified period. These provisions can be summed up as under: Every listed company (other than public sector Company) shall maintain public shareholding of at least twenty five percent. Any listed company which has public shareholding below twenty five per cent, shall increase its public shareholding to at least twenty five per cent, within a period of three years from the date of such commencement, in the manner specified by the Securities and Exchange Board of India. A company whose securities have been listed pursuant to an offer and allotment made to public, shall maintain minimum twenty five per cent of public shareholding. Where the publ...
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CBDT again extend due dates of electronic filing of various forms

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The Central Board of Direct Taxes again via Circular No. 16/2021 dated 29th August 2021  has extended the due dates for electronic filing of various forms under the Income-tax Act, 1961 considering the difficulties reported by the taxpayers and other stakeholders. The deadline for electronic filing has been extended for the following forms: Particulars Original due date /   Extended Due date Extended due date v ia Circular No. 16/2021 dt. 29th August 2021 The application under Section 10(23C), 12AB, 35(1)(ii)/ (iia)/ (iii) and 80G of the Act in Form No. 10A for registration/ provisional registration/ intimation/ Approval/ provisional approval of Trusts/ Institutions/ Research Associations etc. 31 st August 2021  extended via  Circular No. 15/ 2021 dt. 3rd August 2021 31 st March 2022 The application under Section 10(23C), 12AB, 35(1)(ii)/ (iia)/ (iii) and 80G of the Act in...
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