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... Read More →

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... Read More →

Posted in Audit & Assurance |

CBIC vide Notification Number 41/2021- customs (N.T.) dt. 05.04.2021 makes Customs (Verification of Identity and Compliance) Regulations, 2021

These regulations shall apply to the following class of persons who are newly engaging in import or export activity after the commencement of these regulations:- Importer;  Exporter;  Customs Broker Provided that the Commissioner of Customs may select any person, who... Read More →

Posted in Regulatory |

Foreign Trade Policy (2015-2020) validity Extended till 30/09/2021

In exercise of powers conferred by Sec 5 of Foreign Trade (Development & Regulation) Act, 1992 read with para 1.02 of Foreign Trade Policy(FTP) 2015-2020 the validity of existing Foreign Trade Policy 2015-20 which was valid upto 31.03.2021 has been... Read More →

Posted in Regulatory |

Government of Karnataka has launched “Karasamadhana Scheme, 2021” to clear the tax arrears pertaining to erstwhile Tax Regime (pre-GST)

Karasamadhana Scheme’,2021 grants waiver of 100% arrears of penalty and interest payable by dealer/person/proprietor as the case may be relating to the assessment or reassessment already concluded and to be concluded on or before July 31,2021 under following Acts, namely.-... Read More →

Posted in Regulatory |