MCA vide notification dated 15 June 2021 amended the Companies (Meetings of Board and its Powers) Rules 2014. As per this amendment Board Meetings may now be conducted through Video Conference for all matters without any restrictive provisions.
MCA vide clarification dated 23 June 2021 has extended time for holding Extra-ordinary General Meetings via Video Conference / other Audio Video means till 31 December 2021.
CBDT notifies cost inflation index as 317 for FY 2021-22 w.e.f. 1 April 2022 applicable for AYs 2022-23 onwards.
CBDT issues Circular to notify a functionality called “Compliance Check for Sections 206AB & 206CCA” on the reporting portal of the Income-tax Department; The functionality would facilitate the tax deductor / collector to check if the deductee / collectee is a ‘specified person’ under Sections 206AB and 206CCA
Below are the extensions provided by CBDT in its notification:
The circular provides following clarifications on the applicability of section 194Q:
Facts of the case:
Assessee’s contention :
With effect from 1 December 2020, B2C invoices issued by taxpayers having turnover more than INR 500 crores shall have Dynamic QR code. Subsequently, Government had deferred implementation of this Dynamic QR code requirement to 1 July 2021. Now vide Notification number 28/2021-Central Tax dated June 30, 2021 the Government has further deferred the said implementation to 1 October 2021 by way of waiver of penalty up to 30 September 2021.
An IEC holder is required to update the details of his IEC registration electronically every year during the period April – June. In cases where there are no changes in IEC details, the same also needs to be confirmed online. For the current year 2021-22, this period is extended by one month up to 31 July 2021.
Due dates for filing GST returns in the month of July 2021
With relaxation in interest rate for delay in GST payment
With relaxation in late fees for delay in filing of GST compliance returns
Without relaxation in late fees and interest
Category 1 States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep
Category 2 States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi
With effect from 29 June 2021, the Accountants (Public Accountants) Rules will be amended to recognise the Chartered Accountants Program (CA Program) of the Chartered Accountants Australia and New Zealand (CA ANZ) as one of the accountancy qualification programmes that meets the professional examination requirement for PA registration. The amendment will allow individuals who have passed the CA Program on or after 1 January 2019 to apply for registration as a PA. This follows the reciprocal agreement entered into between the Institute of Singapore Chartered Accountants (ISCA) and CAANZ to mutually recognise the chartered accountancy qualifications of both bodies.
The Ministry of Finance (MOF) will merge the accountancy-related units in the Accounting and Corporate Regulatory Authority (ACRA), the Singapore Accountancy Commission (SAC) and the Accounting Standards Council (ASC) secretariat into a strengthened accountancy function under one entity (henceforth referred to as “Merged Entity”). The ASC will remain as a Council appointed by the Minister for Finance.
The Government’s accountancy-related functions are currently housed in the following three entities: ACRA registers and regulates public accountants, business entities, and corporate service providers; SAC develops the accountancy sector and oversees the Chartered Accountant of Singapore (CA(Singapore)) designation, as well as its qualification programme – the Singapore Chartered Accountant Qualification (SCAQ) programme; ASC sets accounting standards for companies, charities, societies and co-operative societies.
This merger will strengthen effectiveness of regulation, standards-setting, and sector development by harnessing synergies across complementary functions. This will strengthen the Merged Entity’s ability to better develop and manage talent in a sustained manner, as well as provide better career development opportunities to officers.
The Merged Entity will be formed and will commence operations by the second half of 2022. The Merged Entity will retain the name Accounting and Corporate Regulatory Authority (ACRA), which encompasses the enlarged functions of the Merged Entity, and is well-recognised by accountancy and business stakeholders. Mr Ong Khiaw Hong, Chief Executive of ACRA, will oversee the Merged Entity.
The launch of a new Financial Partnership was announced at the sixth UK-Singapore Financial Dialogue that was held virtually on 30 June 2021.
The Dialogue was chaired by Director General (Financial Services) of HM Treasury (HMT), Ms Katharine Braddick, and Deputy Managing Director (Markets and Development) of the Monetary Authority of Singapore (MAS), Mr Leong Sing Chiong.
The Financial Partnership is supported by a new Memorandum of Understanding (MoU) which was signed by the Chancellor of the Exchequer, Mr Rishi Sunak, together with Senior Minister and Chairman of the MAS, Mr Tharman Shanmugaratnam. It demonstrates the joint commitment by the UK and Singapore to build a more comprehensive and enhanced relationship in financial services and strengthen regulatory cooperation between the two countries.
The Financial Dialogue discussed and agreed on the following areas of joint interest:
Regulatory cooperation: Both countries reaffirmed their commitment to effective regulatory and supervisory cooperation and to maintaining safe and open markets enabling participants to trade and manage risks more efficiently between their markets. The UK and Singapore discussed possible areas for enhanced collaboration, particularly in cross-border financial regulation. The UK will update Singapore on its new regime for marketing of overseas funds and its review of the Solvency II regime for insurance firms. The participants also discussed developments related to the global asset management industry, including the global norm of portfolio delegation, and agreed to maintain a dialogue on these developments.
Green finance and carbon markets: Accelerating green finance and encouraging the development of carbon markets remain a high priority for both the UK and Singapore.
Both countries will explore collaborating on a biodiversity pilot study, which will inform research into how nature-related risks will affect the financial system and contribute to this area of growing importance.
The UK and Singapore will encourage the private sector to explore ways to develop a transparent and robust voluntary carbon market for high quality voluntary carbon credits, such as deepening trading linkages and data sharing between Singapore and London to enhance inter-operability and cross-regional capital flows.
FinTech and stablecoins: The UK and Singapore had a productive discussion on recent technological developments and their respective regulatory approaches, including with respect to new payment methods and digital financial services, and agreed to continue sharing information. Both countries also discussed global developments and the evolving regulatory regime for stablecoins,and agreed to exchange regular updates on their respective regulatory approaches. The BoE presented highlights from its recently published discussion paper on new forms of digital money. Singapore outlined how its review on e-wallet payment limits has progressed and agreed to update the UK on the review. Both countries will continue to work together through the Global Financial Innovation Network (GFIN), and explore collaboration opportunities through their respective Bank for International Settlements (BIS) Innovation Hubs that are hosted in Singapore and London.
The Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance (IBF) announced extensions to the enhanced training support measures to build capabilities and strengthen employability of the local workforce. These extended measures will be progressively reduced and cease on 1 July 2022.
Since the introduction of these measures in April 2020 and extension of training support (including the inclusion of deep-tech courses) in November 2020, training participation has increased over 60% year-on-year. Close to 500 financial institutions have tapped on these measures. While economic activities have progressively resumed and the financial sector has performed relatively well amidst the crisis, uncertainties remain in the economic environment. To ensure that financial institutions, FinTech firms and individuals continue to place emphasis on training and upskilling, MAS will extend the measures as follows:
The extensions will continue to support the training momentum in the financial services sector in new growth areas such as sustainable finance and family offices, and entrench the culture of training and upskilling as the sector transforms. MAS will continue to monitor the economic situation and review these measures accordingly.
The Monetary Authority of Singapore (MAS), together with the Association of Banks in Singapore (ABS) and the Finance Houses Association of Singapore (FHAS), has announced an extension of the existing industry-wide support measures for individuals and Small and Medium-sized Enterprises (SMEs) in Tier 1 and 2 sectors that continue to face financial difficulties due to the COVID-19 pandemic.
The industry-wide support measures introduced in 2020 have helped ease the financial strain of borrowers impacted by the pandemic. With the gradual opening up of economic activities, most borrowers have been able to resume loan repayments. However, as the COVID-19 restrictions have impacted borrowers unevenly, the extension is targeted at those individuals and businesses who continue to experience cashflow difficulties, by giving them additional time to transition to full loan instalment repayments.
The extension of support measures for individuals and SMEs is summarised below:
Ease cashflow and reduce debt for individuals who have sustained recent income/employment impact
The application window for the following support measures will be extended from 30 June 2021 to 30 September 2021:
Ease cashflow for Tier 1 and 2 SMEs that have sustained recent revenue impact
Facilitate restructuring of SMEs’ loans
Form C-S/C for the FY 2020 -30-November-2021
Estimated Chargeable Income (ECI) (June year-end)- 30-Sep-2021
GST Return: April 2021 – Jun 2021- 31 July 2021