KSA Infomatrix

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ The CBIC has asked field offices to clear all pending refunds of customs and drawback claims by month-end. The Central Board of Indirect Taxes and Customs (CBIC), the apex decision making body in customs matters, has issued an instruction to all customs Principal Chief Commissioners that a 'Special Refund and Drawback Disposal Drive' will be conducted with the objective of priority processing and disposal of all pending refund and drawback claims. However, all such refunds would have to be “considered on merit” following legal provisions. “This Special Drive shall be in place from 15th May 2021 to 31st May 2021. It is expected that during this period all refund and drawback claims that are pending as on 14th May 2021 shall be di...

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ The Finance Industry Development Council (FIDC) has written to the  Reserve Bank of India  (RBI) seeking permission to restructure stressed loans given by NBFCs to retailers and small businesses, in the wake of the ongoing COVID crisis. The letter has asked for restructuring loans even if they had been restructured earlier. “Considering the severe second wave of COVID-19, the retail borrowers, including the MSMEs, as also the retail and wholesale trader industry shall be in urgent need of support from the lenders, to revive their economic activities,” said the FIDC letter. It has requested an extension of the restructuring scheme till March 31, 2022. The second wave of COVID-19 cases in India has caused multiple...

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading.  It would also provide reports on recycling of e-way bills for tax evasion prone commodities to help officers in identifying tax evaders. Under the Goods and Services Tax (GST) regime, e-way bills have been made mandatory for inter-state transportation of goods valued over Rs 50,000 from April 2018. However, gold is exemp...

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ In a notification issued on Wednesday, the ministry announced the amendments made in schedule III of the Companies Act with effect from April 1, 2021. The government has also asked companies to disclose deposits or advances from any person for the purpose of trading or investing in cryptocurrency. In what could possibly mark the first move by the government to regulate cryptocurrencies and related transactions in India, the Corporate Affairs Ministry has made it mandatory for companies dealing with virtual currencies to disclose profit or loss incurred on crypto transactions and the amount of cryptos they hold in their balance sheets. In a notification issued on Wednesday, the ministry announced the amendments made in sch...

  Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ 1. Pre-filled ITRs Forms A major change in ITRs Form is expected as per  Budget 2021  (Pre Filed ITft) will be introduced. The Pre-filled  ITRs  Forms will have information of Capital Gains from  Listed  Securities, Dividend   Income,   Interest  from Banks/Post Office, etc. Earlier Pre-filed    ITRs  form  was available for Salaried employees where Income was reflected on basis of Form 16, but now the scope has become wide. 2. Tax on Interest on PF Interest earned from the Providend fund is exempt from Income Tax. But, in Budget 2021 has proposed that Interest on Employee Contributions to Providend fund over Rs. 2.5 lakhs should Taxable. 3. P...

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ The Foreign Investors India Forum has urged the government to relax tax provisions for foreign nationals working in India and align them with similar provisions in countries like Singapore and China, in a bid to attract investment and encourage high-flying corp orate executives and fund managers having overseas incomes to stay in the country. Under the current income tax (I-T) provisions, the global income of foreigners is taxed if they stay in India for more than 182 days in a year , thus increasing their personal tax liability in the country. This provision acts as disincentive for foreign nationals, having global income, to stay in India for longer periods. A letter in this regard was written by Foreign Investors India Forum'...

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ Ahead of the presentation of Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Budget session of Parliament, as has been reported by several media publications, the report further added that both the taxes will be levied for the current fiscal year.   Government is contemplating to levy income-tax (I-T) and goods and services tax (GST) at the rate of 18 percent on gains and trading of bitcoins or related cryptocurrencies, a report in the Business Standard has said. Ahead of the presentation of Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Budget session of Parliament, as has been reported by several media publications, the report further added that both the taxes wil...