Extension of time limits of certain compliances
May 20, 2021: CBDT : CBDT has decided to extend the time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic.
Amendments and addition to Income Tax Rules, 1962
May 4, 2021: CBDT : CBDT has decided to amend as well as further make additions to the Income Tax Rules, 1962.
Insertion of New Rule 11UD
May 3, 2021: CBDT : CBDT has inserted a new Rule 11UD “Threshold for the purposes of significant economic presence in the Income Tax Rules, 1962.
Medical facilities specified for the purposes of Section 269T
May 7, 2021: CBDT : CBDT has specified Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other medical facilities providing Covid treatment to patients for the purpose of Section 269ST of the Income-tax Act,1961 for payment received in cash during 01.04.2021 to 31.05.2021, on obtaining the PAN or AADHAAR of the patient and the payee and the relationship between the patient and the payee by such Hospitals, Dispensaries, Nursing Homes, Covid Care Centres or similar other medical facilities.
Updation of Cost Inflation Index for Financial Year 2021-22 June 15, 2021: CBDT : CBDT has updated the Cost Inflation Index for the Financial Year 2021-22 at 317.
Extension of time limits with respect to the Direct Tax Vivad se Vishwas Act, 2020 June 25, 2021: CBDT : CBDT has decided to extend the time limits with respect to the Direct Tax Vivad se Vishwas Act, 2020 to 31 August 2021.
Compliance check functionality under Section 206AB and 206CCA of the Income Tax Act, 1961 June 22, 2021: CBDT : Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified persons). Higher rate is twice the prescribed rate or 5%, whichever is higher. To implement these two provisions, tax deductor/collector was required to do a due diligence of satisfying himself if the deductee/collectee is a specified person. This would have resulted in extra compliance burden on such tax deductor/collector. To ease this compliance burden the Central Board of Direct Taxes has issued a new functionality “Compliance Check for Sections 206AB & 206CCA”.
Circular on Amendment to Regulation 20(6) of SEBI (AIF) Regulations, 2012
January 8, 2021: SEBI : SEBI has decided to grant an exemption from applicability of clause (i) and (ii) of the first proviso to Regulation 20(6), subject to certain conditions including each investor furnishing a waiver to the AIF in respect of compliance with the clauses.
Circular on Regulatory Reporting by AIFs
April 7, 2021: SEBI : SEBI modified reporting requirements, as mentioned at paragraph 2 of this Circular, shall be applicable for quarter ending December 31, 2021 onwards. However, the provisions of paragraph 4 of this Circular shall come into effect immediately.
Enhancement of overall limit for overseas investment by Alternative Investment Funds (AIFs)/Venture Capital Funds (VCFs)
May 21, 2021: SEBI : SEBI has decided to enhance the overall limit for overseas investment by Alternative Investment Funds (AIFs)/Venture Capital Funds (VCFs) from USD 750 million to USD 1,500 million.
Amendment to SEBI (Alternative Investment Funds) Regulations, 2012
June 25, 2021 : SEBI : Framework for AIFs to invest simultaneously in units of other AIFs and directly in securities of investee companies. In terms of Regulation 20(1), the key management personnel of the AIF and the Manager shall abide by the Code of Conduct as specified in the Fourth Schedule of the AIF Regulations.
Introduction of Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems
January 5, 2021: RBI: RBI has decided to to introduce the LEI system for all payment transactions of value ₹50 crore and above undertaken by entities (non-individuals) using Reserve Bank-run Centralised Payment Systems viz. Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS)
February 17, 2021: RBI: RBI has decided to allow resident individulas to make remittances to International Financial Services Centres (IFSCs) in the country under the Libralised Remittance Scheme (LRS). This decision is targeted at enhancing financial markets of the IFSCs and providing resident individuals with an opportunity to diversify their portfolios.
Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs
May 12, 2021: RBI: RBI has decided that any sponsor contribution from a sponsor Indian Party (IP) to an Alternative Investment Fund (AIF) set up in an overseas jurisdiction, including IFSCs in India, as per the laws of the host jurisdiction, will be treated as Overseas Direct Investment (ODI). Accordingly, IP, as defined in regulation 2(k) of the Notification can set up AIF in overseas jurisdictions, including IFSCs, under the automatic route provided it complies with Regulation 7 of the Notification FEMA 120/2004-RB.