Statutory updates

Faceless Penalty Scheme 2021

The Central Government establishes the Faceless Penalty Scheme 2021 to conduct penalty proceedings electronically through the designated portal of the Income-tax Department.

Faceless Penalty Scheme Procedures and Adaptations under Income-tax Act

The Central Government issues directions for the application of various provisions of the Income-tax Act, 1961 to the Faceless Penalty Scheme, 2021.

Foreign Exchange Management Export of Goods and Services Amendment Regulations 2021

The Reserve Bank of India amends regulation 4 of the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015.

Retention of Records Relating to Corporate Insolvency Resolution Process

Insolvency professionals must preserve electronic and physical records of corporate insolvency resolution processes for defined periods after completion or conclusion of…

notification no. 1/2021 f. no. 285/04/2019 it inv.v cbdt / so 58 e

Credit Rating Applicable for Infrastructure Investments

Insurers must classify infrastructure investments issued by infrastructure companies with a rating of not less than "A" and an Expected Loss Rating of "EL1" as approved…

Extension of Term of Judicial Members Bansi Lal Bhat and A.I.S. Cheema in NCLAT

The Central Government revises the tenure of Justice (Retd.) Shri Bansi Lal Bhat and Justice (Retd.) Shri A.I.S.

Retention of Records Relating to Corporate Insolvency Resolution Process

Insolvency professionals must preserve electronic and physical records of corporate insolvency resolution processes for defined time periods.

Central Goods and Services Tax (Amendment) Rules, 2021

The Central Government amends the Central Goods and Services Tax Rules, 2017 to restrict the filing of outward supply details when certain return filing conditions are unmet.

Clarification on Solvency Margin Regulations for Insurers

The Insurance Regulatory and Development Authority of India issues a clarification on the IRDAI regulations for life and general insurance business.

Vivad se Vishwas Act Date Extension for Declarations

The Central Government changes the date in clause (a) of the prior notification under the Direct Tax Vivad se Vishwas Act, 2020.

Extension of Time Limits for Direct Tax Actions and Returns

The Central Government specifies extended time limits for the completion or compliance of actions under the Taxation and Other Laws Act, 2020.

Extension of Annual Return Due Date for Financial Year 2019-20

The Commissioner extends the time limit for furnishing the annual return under section 44 of the Central Goods and Services Tax Act, 2017 for the financial year 2019-20.

Amendments to the Guidelines on Information and Cyber Security for Insurers dated 07.04.2017

Filing of Half-Yearly PoSP Returns in IIB Portal

Life, general, and health insurers and insurance intermediaries must upload half-yearly Point of Sales Person data on the IIB portal.

Transfer of assets through loan participation agreement

Banking Units transfer assets bilaterally through a standard loan participation agreement such as a Master Risk Participation Agreement.

Relaxations in Point of Sales Life Insurance Master Circular

The Insurance Regulatory and Development Authority of India allows relaxations in the Point of Sales Products and Persons Life Insurance Master Circular.

Corrigendum to Notification No. 94/2020-Central Tax

The Central Board of Indirect Taxes and Customs issues a corrigendum to Notification No. 94/2020-Central Tax, dated the 22nd December, 2020.