MRink - Finance and Income Tax

Central Government relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section 10(26) of the Act. CBDT Notification No. 110/2021 in S.O. 3815(E) dated 17th September, 2021 issued. Copy of notification:

On consideration of difficulties reported by the taxpayers in filing of Income Tax Returns(ITRs) & Audit reports for AY 2021-22 under the ITAct, 1961, CBDT further extends the due dates for filing of ITRs & Audit reports for AY 21-22. Circular No.17/2021 dated 09.09.2021 issued. Copy of press release: If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com  Advisory: Information relates to the law prevailing in the year of publication as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.

Details released by government regarding PLI Scheme for textile: If you have any query related to the article please reach us via mail:-mrinkblog@gmail.com  Advisory: Information relates to the law prevailing in the year of publication as indicated. The above article is only to enable public to have a quick and an easy understanding. Viewers are advised to ascertain the correct position/prevailing law before relying upon any document.

Government approves Production Linked Incentive (PLI) Scheme for Textiles with a budgetary outlay of ₹10,683 crore Press release details: Government has approved Production Linked Incentive (PLI) Scheme for Textiles. With this, India is poised to regain its dominance in Global Textiles Trade Leveraging Economies of Scale, the scheme will help Indian companies to emerge as Global Champions Help create additional employment of over 7.5 lakh people directly and several lakhs more for supporting activities Scheme will also pave the way for participation of women in large numbers  Incentives worth Rs. 10,683 crore will be provided to industry over five years  It is expected that this scheme will result in fresh investment of above Rs 19,000 crore and additional production turnover of over Rs.3 lakh crore in five years  Higher priority for investment in Aspirational Districts & Tier 3/4 towns Scheme will positively impact especially States like Gujarat, UP, Maharashtra, Tamil Nadu, P

Regarding the acquisition of Just Dial Limited, Reliance in its statement has said the following: Reliance Retail Ventures Limited acquires Sole Control of Just Dial Limited on September 1, 2021. Reliance Retail Ventures now holds 40.98% in Just Dial Limited. Further to media release dated July 16, 2021 regarding acquisition of controlling stake in Just Dial, Reliance Retail Ventures Limited ("RRVL"), has now taken sole control of Just Dial Limited ("Just Dial") in accordance with the SEBI Takeover Regulations with effect from September 1, 2021. a) On July 20, 2021, RRVL acquired 1.31 crore equity shares of Rs.10/- each of Just Dial at a price of Rs. 1,020/- per share from Mr. VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity capital of Just Dial. b) On September 1, 2021, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of

G.S.R. 604(E) .- In exercise of the powers conferred by the first proviso to clause (11) of section 10 and the first proviso to clause (12) of section 10 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1.  Short title and commencement,- (1) These rules may be called the  Income-tax (25th Amendment) Rules, 2021 . (2) They shall come into force on 01/04/2022. 2. In the Income-tax Rules, 1962, after the rule 9C, the following rule shall be inserted, namely:- 9D. Calculation of taxable interest relating to contribution in a provident fund or recognised provided fund, exceeding specified limit.- (1) For the purposes of the first and second provisos to clauses (11) and (12) of section 10 , income by way of interest accrued during the previous year which is not exempt from inclusion in the total income of a person under the said clauses (hereinafter i