297th Issue of “Tax Connect”
Table of Contents
Tax Calendar
| Due date | Extended Due date | Form/Return/Challan | Reporting Period | Description |
| 10th May 2021 | 31st May 2021 | GSTR-8 | April 2021 | Due Date for TCS Return who are E-Commerce Agencies |
| 10th May 2021 | 31st May 2021 | GSTR-7 | April 2021 | Due Date for filing GST-TDS Return |
| 13th May 2021 | 31st May 2021 | GSTR-6 | April 2021 | Due Date for furnishing summary of inward and outward supplies for ISD Taxpayers |
| 15th May 2021 | Form 27EQ | Jan-March 2021 | Due Date for furnishing TCS Return under Income Tax | |
| 15th May 2021 | NA | April 2021 | Due Date for ESI & PF Payment |
Income Tax
Notifications
CBDT Notifies Income Tax Rule 44DA & Form No. 34BB
OUR COMMENTS: The Ministry of Finance, Government of India, Central Board of Direct Taxes vide Notification No. 40/2021 dated 30.04.2021 notified that Income Tax rule 44DA and FORM No. 34BB for Exercise of option to withdraw a pending application under sub-section (1) of section 245M of the Income-tax Act, 1961.
[For further details please refer to the notification]
Rule 11UD Thresholds For The Purposes Of Significant Economic Presence
OUR COMMENTS: The Ministry of Finance, Government of India, Central Board of Direct Taxes vide Notification No. 41/2021 dated 03.05.2021 has notified new Income Tax Rule 11UD. Thresholds for the purposes of significant economic presence is also notified.
[For further details please refer to the notification]
Amendment In Income Tax Rules,1962
OUR COMMENTS: The Ministry of Finance, Government of India, Central Board of Direct Taxes vide Notification No. 42/2021 dated 04.05.2021 has issued the Income-tax (14th Amendment) Rules, 2021 to further amended the Income-tax Rules, 1962. In Rule 144AAB under Income-tax Rules, 1962 which specifies Class or classes of person to whom provisions of section 139A shall not apply.
[For further details please refer to the notification]
Central Government Has Specified 5 Pension Funds For Exemption
OUR COMMENTS: The Ministry of Finance, Government of India, Central Board of Direct Taxes vide Notification No. 43/2021 to 46/2021 dated 04.05.2021 has specified five Singapore based sovereign wealth funds, namely, Bricklayers Investment Pte. Ltd., Anahera Investment Pte. Ltd., Dagenham Investment Pte. Ltd., Stretford Investment Pte. Ltd., and Chiswick Investment Pte. Ltd., for Sec. 10(23FE) exemption. Funds are eligible to claim the exemption in respect of investment made in India on or before 31-03-2024 subject to prescribed conditions.
[For further details please refer to the notification]
CBDT Notifies Rules For LTC Cash Voucher Scheme
OUR COMMENTS: The Ministry of Finance, Government of India, Central Board of Direct Taxes vide Notification No. 50/2021 dated 05.05.2021 has notified rules for LTC (Leave Travel Concession) Cash Voucher Scheme [Section 10(5)] vide which LTC Exemption of Rs. 36000 per family member For FY 2020-21 available to Employees of Both Private & Government Sector. The CBDT has amended Rule 2B to provide an exemption in respect of cash allowance received in lieu of leave travel concession (LTC). Due to the COVID-19 pandemic and the nationwide lockdown, employees who had not been able to avail of LTC in the block of 2018-21 were allowed to claim the exemption in respect of cash allowance subject to fulfillment of certain conditions.
[For further details please refer to the notification]
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