Apr 27, 2021
ICAI has postphoned CA Final and CA Intermediate exams which are supposed to commence from 21st (Final) / 22nd (Intermediate) May 2021 due to COVID 19. Students are advised to visit the website www.icai.org for further udates. Fresh dates will be intimated to students.
Apr 03, 2021
Tax Alert! TDS to be levied at higher rate for non-filers of ITRs – Check details
For those who have not filed their income tax return (ITR) but their income is liable for TDS deduction, there will be a levy of TDS at a higher rate. And, in case one does not have the PAN, the rate of tax deduction will even be higher. This new TDS rule will be effective from July 2021 as per the Budget announced by the Finance Minister. Archit Gupta, Founder and CEO, ClearTax explains the new TDS rule, whom it will impact and who all are excluded from it.
Ministry of Corporate Affairs defers mandatory audit trail rule by a year
The ministry of corporate affairs (MCA) has deferred by a year’s time its week-old order requiring companies to use only accounting software that have ‘audit trail’ and otherspecified features.
Earlier on March 24, the MCA had notified that starting April 1, 2021, companies must only use such accounting software that has a feature of recording audit trail for transactions, create logs of changes made to the books, and ensure that the audit trail feature cannot be disabled.
Posted on 10/03/2021
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Appeals under any laws for which last date for filing falls between 15/03/2020 to 14/03/2021 can be filed on or before 90 days from 15/03/2021 : Hon'ble. Supreme Court of India
It means that proper officer cannot reject the Appeal application under any laws filed after 90 days from the date of order which falls between 15/03/2020 to 14/03/2021 as the same limitation of laws has been extended beyond 15/03/2021. The Hon'ble. Supreme Court of Indiia has directed the Central Govt. in this regard. A grace period has been given from 15.03.2021 for filing of cases without limitation.
The Hon’ble Supreme Court of India in Re: Cognizance for extension of limitation [Suo Motu Writ Petition (Civil) No.3 of 2020, decided on March 8, 2021] lifted the extension of the limitation period for filing of cases, granted by the Court vide Order dated March 23, 2020 on account of COVID-19 pandemic and the national lockdown which was extended from time to time and held as under:
· In computing the period of limitation for any suit, appeal, application or proceeding, the period from March 15, 2020 till March 14, 2021 shall stand excluded. Consequently, the balance period of limitation remaining as on March 15, 2020, if any, shall become available with effect from March 15, 2021.
· In cases where the limitation would have expired during the period between March 15, 2020 till March 14, 2021, notwithstanding the actual balance period of limitation remaining, all persons shall have a limitation period of 90 days from March 15, 2021. In the event the actual balance period of limitation remaining, with effect from March 15, 2021, is greater than 90 days, that longer period shall apply.
· The period from March 15, 2020 till March 14, 2021 shall also stand excluded in computing the periods prescribed under Sections 23 (4) and 29A of the Arbitration and Conciliation Act, 1996, Section 12A of the Commercial Courts Act, 2015 and provisos (b) and (c) of Section 138 of the Negotiable Instruments Act, 1881 and any other laws, which prescribe period(s) of limitation for instituting proceedings, outer limits (within which the court or tribunal can condone delay) and termination of proceedings.
· Directed the Government of India to amend the guidelines for containment zones. Further, stated that regulated movement will be allowed for medical emergencies, provision of essential goods and services, and other necessary functions, such as, time bound applications, including for legal purposes, and educational and job-related requirements.
