Timelines for updation of SID & Key Information Memorandum

Timelines for updation of SID & Key Information Memorandum

Securities and Exchange Board of India

CIRCULAR

SEBI/HO/IMD/IMD-I DOF2/P/CIR/2021/0560                                              April 30, 2021

All Mutual Funds (MFs)/
Asset Management Companies (AMCs)/
Trustee Companies/ Board of Trustees of Mutual Funds/
Association of Mutual Funds in India (AMFI)

Sir / Madam,

Subject: Timelines for updation of Scheme Information Document (SID) and Key Information Memorandum (KIM)

A. SEBI vide circular no. SEBI/HO/IMD/DF2/CIR/P/2021/024 dated March 04, 2021 has prescribed the procedure for updation of SID and KIM of Mutual Fund schemes. In this regard, based on the feedback received, it has been decided to modify paragraph 11 of the aforesaid circular as follows:

1. Paragraph 11.1 (i) shall be read as under:

“11.1 (i) For the open ended and interval schemes, the SID shall be updated within next six months from the end of the 1st half or 2nd half of the financial year in which schemes were launched, based on the relevant data and information as at the end of previous month. Subsequently, SID shall be updated within one month from the end of the half-year, based on the relevant data and information as at the end of September and March respectively.”

2. Paragraph 11.1 (iv) shall be read as under:

“11.1 (iv) KIM shall be updated at least once in half-year, within one month from the end of the respective half-year, based on the relevant data and information as at the end of September and March and shall be filed with SEBI forthwith through electronic mode only.”

B. Taking into account the difficulties expressed by the industry in light of continuing COVID 19 scenario, it has been decided that the updation of SID and KIM for the half-year ended March, 2021 shall be completed by May 31, 2021.

C. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Yours faithfully,

Hruda Ranjan Sahoo
Deputy General Manager

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Increase in medical reimbursement limit from CSBF due to Covid-19 pandemic

Increase in medical reimbursement limit from CSBF due to Covid-19 pandemic

COMPANY SECRETARIES BENEVOLENT FUND

(Registered under the Societies Registration Act, 1860)

1st May, 2021.

Dear Members,

Considering the very grim phase the country is facing due to the phenomenal surge in Covid-19 pandemic and in order to support its stakeholders, the Company Secretaries Benevolent Fund w.e.f 1st May, 2021, has enhanced the medical reimbursement limits for those affected by Covid 19. The Members and/or their declared dependents who have tested Covid positive from a government/ICMR authorized testing centre (only RT-PCR or Rapid Antigen Test result to be accepted) and have incurred expenses related to treatment for Covid in a hospital (private/government/military) or under home quarantine/isolation (on production of original bills), shall be eligible for reimbursements, with enhanced limits as under:

For Life members of CSBF	Limit enhanced from Rs.75,000/- (Rupees Seventy Five Thousand Only) to Rs.1,50,000/ (Rupees One Lakh Fifty Thousand Only) for self and their declared dependents.
For Life members of CSBF who have not completed 3 years of subscription (for self and their declared dependents); and for Company Secretaries who are non-members of CSBF (for self only)	Limit enhanced from Rs.50,000/- (Rupees Fifty Thousand Only) to Rs.1,00,000/- (Rupees One Lakh Only).

As per the existing Bye Laws of the CSBF, the Annual Income criteria for deserving cases (that is Annual Income up to Rs. 7.5 Lakhs during the previous Financial Year) shall remain the same.

Stay safe!

Regards,

CS Nagendra D Rao
President, ICSI & Chairman-CSBF

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Rs 141384 crore gross GST revenue collected for April 2021

Rs 141384 crore gross GST revenue collected for April 2021

The gross GST revenue collected in the month of April’ 2021 is at a record high of Rs. 1,41,384 crore of which CGST is Rs. 27,837 crore, SGST is Rs. 35,621, IGST is Rs 68,481 crore (including Rs. 29,599 crore collected on import of goods) and Cess is Rs. 9,445 crore (including Rs. 981 crore collected on import of goods). Despite the second wave of COVID-19 pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience by not only complying with the return filing requirements but also paying their GST dues in a timely manner during the month.

The GST revenues during April 2021 are the highest since the introduction of GST even surpassing collections in the last month (March’2021). In line with the trend of recovery in the GST revenues over past six months, the revenues for the month of April 2021 are 14% higher than the GST revenues in the last month of March’2021. During the month, the revenues from domestic transaction (including import of services) are 21% higher than the revenues from these sources during the last month.

GST revenues have not only crossed the Rs. 1 lakh crore mark during successively for the last seven months but have also shown a steady increase. These are clear indicators of sustained economic recovery during this period. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue. Quarterly return and monthly payment scheme has been successfully implemented bringing relief to the small taxpayers as they now file only one return every three months. Providing IT support to taxpayers in the form of pre-filled GSTR 2A and 3B returns and ramped up System capacity have also eased the return filing process.

During this month the government has settled Rs. 29,185 crore to CGST and Rs. 22,756 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular and ad-hoc settlements in the month of April’ 2021 is Rs. 57,022 crore for CGST and Rs. 58,377 crore for the SGST.

The chart below shows trends in monthly gross GST revenues during the October’20 to Mar’20 and April’2021.

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ICAI to Re-open Online Filling of Examination Application Forms for CA Exams May 2021

ICAI to Re-open Online Filling of Examination Application Forms for CA Exams May 2021

The Institute of Chartered Accountants of India

Examination Department
1st May, 2021

IMPORTANT ANNOUNCEMENT

RE-OPENING OF ONLINE FILLING UP OF EXAMINATION APPLICATION FORMS FOR CHARTERED ACCOUNTANTS EXAMINATIONS, MAY 2021.

Considering the prevailing COVID-19 situation and in the interest of welfare & well-being of the students and to mitigate their hardships, in continuation to the Important Announcement dated 27th April 2021, it has been decided to reopen the online filling up of examination application form for Chartered Accountants Final, Intermediate (IPC), Intermediate, Post Qualification Course viz.: Insurance and Risk Management (IRM) Technical Examination, and International Taxation – Assessment Test (INTT – AT) from 4th May 2021 (10 AM) to 6th May 2021 (11.59 PM) with late fees (600/- or US $ 10).

The students may note that this is the last opportunity to apply for May 2021 examination application form online.

The candidates are advised to note the above and stay in touch with the website of the Institute, www.icai.org.

Additional Secretary (Exams)

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Last date for validation of UDIN extended to 30.6.2021

Last date for validation of UDIN extended to 30.6.2021

The timeline to update UDIN of past uploads of audit report and certificates has been further extended up to 30th June 2021 by Income Tax Department. Kindly avail of the benefit and avoid invalidation.

Last date for validation of UDIN extended to 30.6.2021

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Govt extends tax compliance timelines under IT Act 1961 amid Covid-19

Govt extends tax compliance timelines under IT Act 1961 amid Covid-19

Circular No. 08 /2021

F.NO.225/49/2021/ITA-11
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, Dated 30th April, 2021

Subject: Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961

1. In view of severe pandemic, the Central Board of Direct Taxes, in exercise of its powers under Section 119 of the Income-tax Act, 1961, provides following relaxation in respect of Income-tax compliances by the taxpayers:

a) Appeal to Commissioner (Appeals) under Chapter XX of the Income-tax Act, 1961 for which the last date of filing under that Section is 1st April 2021 or thereafter, may be filed within the time provided under that Section or by 31st May 2021, whichever is later;

b) Objections to Dispute Resolution Panel (DRP) under Section 144C of the Income-tax Act, 1961, for which the last date of filing under that Section is 1st April 2021 or thereafter, may be filed within the time provided under that Section or by 3P1 May 2021, whichever is later;

c) Income-tax return in response to notice under Section 148 of the Income-tax Act, 1961, for which the last date of filing of return of income under the said notice is pt April 2021 or thereafter, may be filed within the time allowed under that notice or by 31st May 2021, whichever is later;

d) Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income-tax Act,1961 for Assessment Year 2020-21, which was required to be filed on or before 31st March 2021, may be filed on or before 31 s1 May 2021;

e) Payment of tax deducted under Section 194-IA, Section 194-18 and Section 194M of the Income-tax Act, 1961 and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 301h April 2021 under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31st May 2021;

f) Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 301h April 2021, may be furnished on or before 31s1 May 2021.

(Ravinder Maini)
Director to the Government of India.

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Income Tax Timelines for filing belated/Revised ITR, Appeal, TDS, ITR in response to Sec 148 notice Extended

Income Tax Timelines for filing belated/Revised ITR, Appeal, TDS, ITR in response to Sec 148 notice Extended

Ministry of Finance

PRESS RELEASE

01st MAY 2021

In view of the adverse circumstances arising due to the severe Covid-19 pandemic and also in view of the several requests received from taxpayers, tax consultants & other stakeholders from across the country, requesting that various compliance dates may be relaxed, the Government has extended certain timelines today.

In the light of multiple representations received (supra) and to mitigate the difficulties being faced by various stakeholders, the Central Board of Direct Taxes (CBDT) has, under section 119 of the Income-tax Act, 1961(the Act), provided the following relaxation in respect of compliances by the taxpayers:

a. Appeal to Commissioner (Appeals) under Chapter XX of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

b. Objections to Dispute Resolution Panel (DRP) under Section 144C of the Act, for which the last date of filing under that Section is 1st April, 2021 or thereafter, may be filed within the time provided under that Section or by 31st May, 2021, whichever is later;

c. Income-tax return in response to notice under Section 148 of the Act, for which the last date of filing of return of income under the said notice is 1st April, 2021 or thereafter, may be filed within the time allowed under that notice or by 31st May, 2021, whichever is later;

d. Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Act, for Assessment Year 2020-21, which was required to be filed on or before 31st March, 2021, may be filed on or before 31st May, 2021;

e. Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Act, and filing of challan-cum-statement for such tax deducted, which are required to be paid and furnished by 30th April, 2021(respectively) under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31st May, 2021;

f. Statement in Form No. 61, containing particulars of declarations received in Form No.60, which is due to be furnished on or before 30th April, 2021, may be furnished on or before 31st May, 2021.

CBDT Circular No.8/2021 in F. No. 225/49/2021/ITA-II dated 30.04.2021 issued. The said Circular is available on https://ift.tt/1cBhzMi.

The above relaxations are the latest among the recent initiatives taken by the Government to ease compliances to be made by the taxpayers with the aim to grant respite during these difficult times.

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