MRink - Finance and Income Tax

This document discusses a specific rule (Rule 11(g)) introduced under the Companies Act, 2013 in India. The rule focuses on the use of accounting software by companies and requires auditors to report on certain aspects related to the software. In simple terms, this passage is talking about new rules and requirements for companies related to how they maintain their financial records using accounting software. Here are the key points: Background: There are rules (Section 143(3) of the Companies Act, 2013) that auditors must follow when reporting on a company's financial status. New rules (Rule 11 of the Companies (Audit and Auditors) Rules, 2014) were introduced in 2021 and amended in 2023. Applicability : This rule was supposed to apply from April 1, 2021, but it was deferred to April 1, 2022, and later to April 1, 2023. Categories to which the said requirement will be applicable are stated as follows:                All Public Comp...

Just two days back at office, I was discussing with one of my colleagues regarding increased rate of interest and its impact on country’s economy and individual’s finances and in that discussion, I come to know from my colleague that from his home loan’s EMI of ~₹30k, credit towards principal portion is only ~ ₹700...!!!!!  Being a finance person, I got furious that how come this possible and going further deep in discussion with him I have perused from his loan amortization schedule that tenure of loan also has got extended from 30 years to around 42 years along with increase in EMI from ~₹25k to ~₹30k (for outstanding loan amount of ~ ₹35lacs). The reason behind such abnormality, was hike in rate of interest from ~7% (applicable rate at the time when loan sanction) to ~9.5% (currently applicable rate of interest).  This might be the situation for most of the people who has borrowed for forming his/her dream home and many of you have also taken the right actions on time by ma...

Please find the below press note released on 11th January 2021:

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,...

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 (here...

On consideration of difficulties reported by taxpayers & other stakeholders in electronic filing of certain Forms under the IT Act,1961, CBDT has further extended the due dates for electronic filing of such Forms. CBDT Circular No.16/2021 dated 29.08.2021 issued. Copy of press release:

In press release dated 29th August, 2021 the CBDT has extended Date of payment under the Direct Tax Vivad se Vishwas Act, 2020 (without additional amount) to 30th September, 2021. The last date for payment of the amount (with additional amount) remains 31st October, 2021 Copy of press release:

On 28th August, 2021 press release has been issued by the ministry of finance, wherein the CBDT invites comments on the draft notification for framing of rules for the amendments made by the Taxation Laws(Amendment) Act, 2021, which is in connection to nullify the retrospective taxation. Suggestions can be furnished at ustpl1@nic.in latest by 4th September, 2021. Draft notification is available at below given link: Draft notification Copy of press release is provided hereunder for reference:

  In today’s scenario, where certain relief/ extensions are being granted by the CBDT regarding reporting/ filing of Income Tax Compliances, it has become somehow difficult to remember the actual due date of the same. One needs to comply with the filing/ reporting requirement within applicable due dates, as failure to which will result into the levy of penalty or interest or both. However, dear readers you don’t have to bother about it, we have made it easy for you to take note of applicable due dates by providing the details in simpler way as follows: Chart for Income tax related due dates for the FY 2020-21 (AY 2021-22) Due date chart- FY 2020-21 (AY 2021-22) Reporting/ Filing requirements Original Due date Extended due date (Note-1) 1. SFT filing- Form No. 61A 31-05-2021 30-06-2021 2. TDS return for 4th Quarter 31-05-2021 30-06-2021 3. Tax Audit Report- Form N...