The Central Board of Direct Taxes ( CBDT ) has again extended the Deadline for filing declaration under ‘Vivad Se Vishwas’ scheme till 31 March, 2021, and the due date for payment without additional amount under VSV extended to 30th April, 2021.
As per a CBDT’s notification, the date for payment of tax without additional interest under VSV remains unchanged at 30 April, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021,” the Income Tax department said in a tweet late Friday.
The Vivad se Vishwas scheme is similar to the ‘Indirect Tax, Sabka Vishwas’ scheme, which was introduced by Finance Minister during her maiden budget presentation in July 2019. The “Sabka Vishwas” legacy dispute resolution scheme was aimed at reducing disputes related to excise and service tax payments.
Practitioners’ Association’s plea for GSTR9/9C due date extension.
The petitioners further sought the direction to the respondents to extend periodicity of limitation of filing of annual returns for the year 2019-20 in the State of Maharashtra under section 44 of the Central Goods and Services Tax Act, 2017 read with Rule 80 of the Central Goods and Services Tax Rules, 2017 up to June 30, 2021.
It has been averred in the writ petition that the COVID-19 pandemic particularly in the State of Maharashtra is not yet over. Rather in recent days, there has been an increase in the number of cases of people being infected with covid-19. Lock-down imposed in the State of Maharashtra has not yet been completely withdrawn. As a matter of fact, several areas in the State of Maharashtra have seen fresh lock-downs in different forms in the recent past. Which has not been accepted.
Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC) have signed a Memorandum of Understanding (MOU) on February 25, 2021.
Highlights • The MoU was signed and is now in the force for data exchange between both the organisations. • It was signed by Joint Secretary of MCA, Shri Manoj Pandey and the ADG of CBIC, Shri B. B. Gupta. • MoU comply with the vision of both the organisation to harness the data capabilities so as to ensure effective enforcement. • With the signing of the MoU, MCA and CBIC will benefit from getting access to each other’s databases. • These databases include the details regarding import-export transactions and consolidated financial statements of companies which are registered in India. • The data sharing agreement has become more significance in the context of development of MCA21 Version 3. • The MCA21 version will utilise state of the art technology to enhance ease of doing business across India. • It will also improve the regulatory enforcement.
The Ministry of Corporate Affairs (MCA) on 11th February 2021 has published the Companies (Share Capital and Debentures) Amendment Rules, 2021 to further amend the Companies (Share Capital and Debentures) Rules, 2014.
The Amendment brings in a new rule 12A which notifies the period for notice of issue of share capital under section 62.
According to the notification the time period within which the offer of acceptance towards the issue of further shares by a company shall be not less than seven days from the date of the offer.
The Union Minister of State for Prime Minister’s Office and Personnel, Public Grievances & Pensions, Dr. Jitendra Singh, stated on February 12, 2021 that the upper ceiling for family pension has been increased from Rs 45,000 to Rs 1,25,000 per month
This decision was taken in order to bring Ease of Living for the family members of the deceased employees. It would help in providing adequate financial security to the family members. The Department of Pension & Pensioners’ Welfare (DoPPW) has also clarified the amount admissible when a child is eligible to draw two family pensions after the death of parents. The notification says that the amount of both the family pensions will be restricted to Rs 1,25,000 per month. This amounts to two and half times more than the earlier limit. Further the sub-rule (11) of rule 54 under the Central Civil Services (Pension) Rules 1972 states that if both wife and husband are Government servants and are governed by the provisions of that rule, then, on their death the surviving child will be eligible for two family pensions
The tax uncertainty faced by non-resident Indians (NRIs) — which the Budget didn’t address — and difficulties that companies may run into following the proposal to dismantle Income Tax Settlement Commission (ITSC) have triggered court cases.
On Wednesday, the Supreme Court directed the apex tax body Central Board of Direct Taxes (CBDT) to respond to a representation from an NRI, who may be exposed to higher tax, for having overstayed in India due to Covid-19. And, on Tuesday, Saravana Bhavan, the largest chain of restaurants serving South Indian food, filed a petition before the Madras High Court to direct ITSC, which was formed to settle complex tax disputes, to accept its application.
The Governor of Reserve Bank of India, Shaktikanta Das, recently announced that the central bank will set up a 24*7 helpline platform in order to strengthen the digital payment services in India. This announcement was made through the Statement on Development and Regulatory policy.
1) RBI has come up with many safety and security features apart from the measures to redress the grievances of the users in the past as well. 2) This announcement will further enhance the digital payments experience of users in India. 3) The RBI released the Payment Systems Vision document. 4) The document highlights the need of setting up a 24×7 helpline in order to address the customer queries with respect to the digital payment products. 5) As per the guideline, major payment system operators are required to facilitate setting-up of a centralised 24×7 helpline to address the customer queries by September 2021. 6) Apart from this helpline facility, guidelines will also be issued on the outsourcing for the Operators and Participants of Authorised Payment Systems.
Currently, there are dedicated ombudsman schemes for the consumer grievance redressal in the banking, non-bank finance companies and digital transactions. Now, the bank has decided to integrate the three Ombudsman schemes. The central bank has also operationalized the complaint management system (CMS) portal as a one stop solution. This portal will be used for the alternate dispute resolution of the customer complaints which are not resolved by regulated entities.
Objectives of the move
The central bank has decided to adopt the approach of “One Nation, One Ombudsman” with the objective of making the process of redress of grievances easy. The approach will make the grievance process easy by enabling the customers to register the complaints under the integrated scheme with a centralised reference point.