MCA clarification on offsetting the excess CSR spent on “PM CARES Fund” for FY 2019-20

The Ministry of Corporate Affairs (“MCA”) vide a Circular dated 20.05.2021 (“aforesaid circular”) has issued a clarification for offsetting the excess Corporate Social Responsibility (“CSR”) contribution spent for FY 2019-20. The MCA has clarified with the aforesaid circular for setting off the excess CSR amount spent by the companies in FY 2019-20 by way of […]

Computation of Fair Market Value (FMV) of Capital Assets for the purposes of Slump Sale under section 50B of the Income Tax Act, 1961

In simple words, ‘slump sale’ is nothing but a transfer of a whole or part of a business concern as a going concern. As per section 2(42C) of Income -tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values […]

Extension of time limits of certain Direct Tax compliances to provide relief to taxpayers

Dear Readers, Considering the present situation and difficulties faced by the taxpayers, the government has provided the following relief with respect to Direct Tax compliances. The Statement of Financial Transactions (SFT) for the Financial Year 2020­21, required to be furnished on or before 315tMay 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to […]

SEIS (SERVICE EXPORT FROM INDIA SCHEME)

Services to qualify under foreign trade policy: “Service” Includes all tradable services covered under General Agreement on Trade in services and earning free foreign exchange. The general agreement on trade in service defines services in four modes of supply: Cross border Trade, Consumption aboard, commercial presence, and presence of natural persons. Who is a “Service […]

SEBI (LODR) (2ND AMENDMENT) REGULATIONS, 2021

Securities and Exchange Board of India (SEBI) has amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”). SEBI has notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021 (“Amended LODR”) which come into force from 6th May 2021. The amendments […]

Startup Incubation Programme

What is a Startup Incubator? A startup incubator is a collaborative program designed to help new start-ups succeed. Incubators help entrepreneurs solve some of the problems commonly associated with running a startup by providing workspace, seed funding, mentoring and training (see list below for a more extensive list of common incubator services). The sole purpose of […]

Recent Updates & Compliance Calendar – Direct and Indirect Tax

DIRECT TAXES RECENT UPDATES Extending time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021 & 38/2021) Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income and Dividend Income (Notification No. 1 & 2 of 2021-DGIT ) CBDT notifies new Provisions of […]

Atmanirbhar Bharat (PLI) Scheme for White goods (Air Conditioners and LED lights) manufactured in India:

The Production Linked Incentive Scheme for White Goods (PLIWG) proposes a financial incentive to boost domestic manufacturing and attract large investments in the White Goods manufacturing value chain. Quantum of Incentive: The PLI Scheme has an incentive of 4% to 6% on incremental sales (net of taxes) over the base year of goods manufactured in […]

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