4th instalment of advance tax is due on March 15

March 09, 2021 13:25

Information: Kind courtesy CA (Dr) Raj Chawla

1. Advance tax: 4th installment of advance tax is due on 15th of March for AY 2021-22. arrange to pay your advance tax earlier.

2. GST E-invoice shall be implemented for taxpayers having aggregate turnover above Rs 50 crores and above (during any of the last four previous years) from 1st April 2021 Vide NN 5/2021 dated 8th March 2021.

3. Central Board of Indirect Taxes and Customs has come out with guidelines for provisional attachment of property under GST Act which tasks the commissioner to exercise due diligence and carefully examine all the facts of the case, including the nature of offence and amount of revenue involved, and also record on file the basis on which he/she has formed such an opinion to attach property of the taxpayer. It is reiterated that the power of provisional attachment must not be exercised in a routine/mechanical manner.

4. NCLT has jurisdiction to adjudicate contractual disputes which arise solely from or which relate to corporate debtor's insolvency: Supreme Court.

5. IEC details need to be confirmed every year to keep it remain active. In the recent Notification No. 28/2015-2020dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April-June Period. In case where there are no changes in IEC details same are also needs to be confirmed online.

6. Sebi has put in place a procedure for change in controlling interest of asset management companies and issued guidelines for new sponsors of mutual funds. This comes after Sebi, in February, relaxed profitability criteria for becoming a mutual fund sponsor with a view to facilitating innovation and expansion in the mutual funds sector. Apart from procedure for change in control of AMCs (Asset Management Companies), the regulator has come out with additional benchmarks for standardisation of mutual fund schemes. Also, comments from the regulator are required for change in fundamental attribute of a scheme.

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