MRink - Finance and Income Tax

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,...

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 (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...

CBDT grants further relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of the forms online on incometax.gov.in.  Date for submission of forms in manual format to the authorised dealers is extended to 15th July, 2021. Copy of press release: