Monthly Archives: April 2021

Supreme Court extends Limitation Period as prescribed under any general or special laws for all judicial/quasi-judicial proceedings till further orders

On account of steep rise in the Covid-19 cases which has engulfed the entire nation, the Supreme Court vide order dated 27th April 2021 has restored its erstwhile order dated 23rd March 2020 and in continuation of order dated 8th … Continue reading

Posted in Direct Tax |

CSR-Covid Spending Clarification

The Ministry of Corporate Affairs vide its General Circular No. 05/2021 dated April 22, 2021 has clarified that the spending of CSR funds for ‘setting up of makeshift hospitals and temporary COVID Care facilities’ is an eligible CSR Activity under item nos. … Continue reading

Posted in Regulatory |

Amendment in Schedule III of the Companies Act, 2013 (Applicable w.e.f 01.04.2021)

The Ministry of Corporate Affairs vide Notification G.S.R. 207(E) dt. 24th March 2021 has amended Schedule III to the Companies Act, 2013 which shall be effective from the 1st day of April 2021. The notification incorporates various additional disclosure requirements … Continue reading

Posted in Regulatory |

CBDT notifies format, procedure and guidelines for submission of Statement of Financial Transactions (SFT) for interest and dividend income

Earlier, CBDT vide Notification No. 16/2021 dated 12.03.2021 had notified inclusion of reporting of information relating to dividend income, interest income and capital gains on transfer of listed securities or units of mutual funds for the purpose of SFT. In … Continue reading

Posted in Direct Tax |

Revision on Accounting Standards applicability criteria for classification of Non-company entities [Applicable w.e.f 01.04.2020]

The Accounting Standards board of ICAI, at its 400th meeting, held on March 18-19,2021, has “significantly simplified the accounting standards applicability criteria for Micro and small size non-company entities” The primary update to the applicability is the introduction of a new category … Continue reading

Posted in Audit & Assurance |