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CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961

Posted on by Business So Simple in Income Tax

On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.2021. The details are as under:

  1. The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37BB of the Rules, as extended to 31st July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31st August, 2021;
  2. The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21, which was required to be filed on or before 30th June, 2021, as extended to 31st July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be filed on or before 31st August, 2021;
  3. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15th June, 2021 under Rule 12CB of the Rules, as extended to 15th July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be furnished on or before 15th September, 2021;
  4. The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30th June, 2021 under Rule 12CB of the Rules, as extended to 31st July, 2021 vide Circular No.12 of 2021 dated 25.06.2021, may be furnished on or before 30th September, 2021.

Further, considering the non-availability of the utility for e-filing of certain Forms, the CBDT has decided to extend the due dates for electronic filing of such Forms as under:

  1. Intimation to be made by a Pension Fund in respect of each investment made by it in India in Form No. 10BBB for the quarter ending on 30th June,2021, required to be furnished on or before 31st July,2021 under Rule 2DB of the Rules, may be furnished on or before 30th September, 2021;
  2. Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th June, 2021, required to be furnished on or before 31st July, 2021 as per Circular No.15 of 2020 dated 22.07.2020, may be furnished on or before 30th September, 2021.

            CBDT Circular No. 15/2021 in F.No.225/49/2021/ITA-II dated 03.08.2021issued today, is available on www.incometaxindia.gov.in. It is also clarified vide the said Circular that the above forms, e-filed, after the expiry of time limits provided as per Circular No.12 of 2021 dated 25.06.2021 or as per the relevant provisions, till date of issuance of said Circular, will stand regularised accordingly.

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GST authorities recover more than Rs 1,900 crore in tax evasion in FY 2021-22 (upto June 2021)

Posted on by Business So Simple in GST

The interface for the taxpayers is on a digital platform and software-based, to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

Giving details of total tax evasion detected in GST in last three years, the Minister stated:

Period

No.      of

Cases

Detection

(In Rs. Cr.)

Recovery

(In Rs. Cr.)

2019-20

10657

40853.27

18464.07

2020-21

12596

49383.96

12235.00

2021-22 (upto June 21)

1580

7421.27

1920.20

Elaborating further, the Minister stated that, however, tax evaders are known to commit fraud even on electronic platforms by way of mis-representation of facts like furnishing of fake credentials at the time of registration; by indulging in raising fake invoice to avail under Input Tax Credits; mis-declaration of classification etc.

The Minister stated that evasion may be committed intentionally and at times non-payment of tax may happen due to human error. However, no evasion of tax has been reported due to failure in the CBIC back-end system.

Enumerating the steps taken to prevent tax-evasion, the Minister stated that various validations have been built in GSTN/CBIC system to weed out tax- evaders, such as:

  • Introduction of AADHAR authentication for processing of new registration application. Applicants not opting for Aadhaar authentication or failing authentication are subjected to physical verification of the Principal Place of Business before grant of registration;
  • Facility to verify cancelled / existing registrations of the applicants seeking new registrations;
  • Provisions to suspend / cancel registration of taxpayers found to the adverse notice of the department;
  • Bulk suspension of registration by GSTN based on business intelligence and further follow up of the same by the CBIC;
  • Bulk cancellation of registration of taxpayers who failed to file GSTR3B returns for six or more consecutive months;
  • Blocking of ITC credit;
  • Facility to verify ITC through generation of GSTR2A.

Ministry of Finance Press Release dated 03 Aug 2021

8 resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC in real estate sector (MCA Press Release dated 02 Aug 2021)

Posted on by Business So Simple in Company Law

In the insolvency of real estate companies, 212 applications pertaining to real estate sector were admitted for Corporate Insolvency Resolution Plan (CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, process is ongoing. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Lok Sabha today.

The Minister further said that the insolvency resolution process is market driven and the outcome depends on market forces.

The Minister stated that Insolvency and Bankruptcy Code (the Code) was enacted on 28th May, 2016 and the Insolvency and Bankruptcy Board of India was established on 1st October, 2016 to exercise regulatory functions under the Code. Further, the provisions for corporate insolvency resolution process (CIRP) were notified w.e.f. 1st December, 2016.

Auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘6.10% GS 2031’ and (iii) ‘6.76% GS 2061’

Posted on by Business So Simple in Financial Prudence

The Government of India (GoI) has announced the Sale (re-issue) of (i) ‘4.26% Government Security, 2023’ for a notified amount of Rs 3,000 crore (nominal) through price based auction using uniform price method (ii) ‘6.10% Government Security, 2031’ for a notified amount of Rs 14,000 crore (nominal) through price based auction using uniform price method; and (iii) ‘6.76% Government Security 2061’ for a notified amount of Rs 9,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 6,000 crore against above security/securities. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on Friday i.e. August  06, 2021.

Up to 5% of the notified amount of the sale of the Securitieswill be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 06, 2021. The non-competitive bids should be submitted between 12.30 p.m. and 01.00 p.m. and the competitive bids should be submitted between 12.30 p.m. and 01.30 p.m.

The result of the auctions will be announced on August 06, 2021 (Friday) and payment by successful bidders will be on August 09, 2021 (Monday).

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

Ministry of Finance Press Release dated 02 Aug 2021

Major initiatives by Government & RBI took to mitigate hardship faced by farmers due to COVID-19

Posted on by Business So Simple in Public Affairs

The Government and the Reserve Bank of India (RBI) have taken major initiatives to mitigate the hardship being faced by farmers due to COVID-19. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.

The Minister further stated the efforts made/being made by the Government for the remedy of the problems regarding agriculture loan being faced by the farmers in the country as under:

  • The moratorium for the total period of six months upto 31st August, 2020, was permitted in respect of all term loans (including agricultural term loans, retail and crop loans). This was aimed at providing temporary reprieve to borrowers affected by the pandemic, while attempting to preserve the resilience of the financial system. In order to ensure that farmers do not pay higher interest during the moratorium period, the benefit of 2% Interest Subvention and 3% Prompt Repayment Incentive was also extended to them for the moratorium period up to 31st August, 2020 or date of repayment, whichever is earlier. As advised by RBI, the moratorium has not been extended beyond August 31, 2020 taking into account the larger implications on the banking sector, credit culture and financial stability.
  • In respect of loans to allied activities viz., dairy, fishery, animal husbandry, poultry, bee-keeping and sericulture, RBI has also issued a clarification that these loans can be taken up for resolution under the Resolution Framework for Covid-19 related Stress issued on 6th August 2020 which, inter alia, provides for a moratorium upto two years.
  • Further, RBI’s extant directions on relief measures to be provided by respective lending institutions in areas affected by natural calamities, such as flood, cyclone, drought, hailstorm, cold wave/frost, etc., inter alia, include, restructuring/rescheduling of existing crop loans and term loans, extending fresh loans, relaxed security and margin norms, moratorium, etc. These directions have been so designed that the moment calamity is declared by the concerned State Governments/District Authorities they are automatically set in motion without any intervention, thus saving precious time. The benchmark for initiating relief measures by banks has also been reduced to 33% crop loss in line with the National Disaster Management Framework.
  • To meet the credit needs for post-harvest and kharif sowing requirements of farmers including small and marginal farmers, a front-loaded Special Liquidity Facility (SLF) of Rs. 55,000 crore under SLF–I and SLF-II has been extended by NABARD during COVID-19 pandemic for Regional Rural Banks, Cooperative Banks and Non Banking Financial Company (NBFCs)-Micro Finance Institutions (mFIs). This additional special liquidity facility to the rural financial institutions at concessional rate of interest will ensure enhanced credit flow to the agriculture and the allied sector. (MINISTRY OF FINANCE PRESS RELEASE DATED 02 Aug 2021)

Entrepreneurs availed over 29.55 crore loans of Rs. 15.52 lakh crore under Pradhan Mantri Mudra Yojana (PMMY) since 2015

Posted on by Business So Simple in Entrepreneurship

Entrepreneurs availed over 29.55 crore loans of Rs. 15.52 lakh crore under Pradhan Mantri Mudra Yojana (PMMY) since 2015


More than 6.80 crore loans of Rs. 5.20 lakh crore extended to New Entrepreneurs/Accounts

Pradhan Mantri Mudra Yojana (PMMY) and Stand-Up India Scheme (SUPI) are the flagship Schemes implemented by Department of Financial Services (DFS) for extending loans to entrepreneurs. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Lok Sabha today.

Under PMMY, institutional credit up to Rs. 10 lakh is provided by Member Lending Institutions (MLIs) for entrepreneurial activities to micro/small business units, including for new enterprises, which help in creating income generating activities in sectors such as manufacturing, trading, services and activities allied to agriculture. Government allocates annual targets regarding the amount to be sanctioned under PMMY to MLIs. For the current financial year (FY), a target of sanction of Rs. 3.00 lakh crore has been fixed for MLIs.

The Minister stated that as per data uploaded by Member Lending Institutions (MLIs) on Mudra portal, as on 31.03.2021, over 29.55 crore loans amounting to Rs. 15.52 lakh crore have been sanctioned under PMMY across the country, since inception of the Scheme in April, 2015. Of these, more than 6.80 crore loans amounting to Rs. 5.20 lakh crore have been extended to New Entrepreneurs/Accounts.

Giving details of the other flagship scheme, Stand-Up India (SUPI), the Minister said that it facilitates bank loans between Rs.10 lakh and Rs.1 crore to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one Woman borrower per bank branch of Scheduled Commercial Banks for setting up greenfield enterprises in manufacturing trading or services sector and activities allied to agriculture.

The Minister stated that bank-wise (Public Sector Banks) details regarding the number of loans sanctioned to new entrepreneurs during each of the last three years and current year in respect of PMMY and SUPI are placed at Annexure-I    and Annexure-II respectively.

The Minister also stated that the Government takes measures on complaints received from time to time in respect of implementation of PMMY & SUPI, including turning down of loan applications or non-release of funds, are redressed in coordination with the respective banks.

Ministry of Finance Press Release dated 02 Aug 2021

Simplified Patent and Copyright Registration helping India become an innovation hub

Posted on by Business So Simple in Intellectual property rights

Simplified Patent and Copyright Registration helping India become an innovation hub : Shri Piyush Goyal


Fees for Start-ups, MSMEs, Women Entrepreneurs reduced by 80%

India sees four fold increase in Patent and Trade Mark registrations during the last 5 years

India’s ranking in Global Innovation Index up from 81st to 48th position

Ministry of Commerce & Industry Press Release dated 01 Aug 2021

Union Minister for Commerce & Industry, Consumer Affairs and Textile, Shri Piyush Goyal has expressed satisfaction over the reforms introduced in examining and granting of patents, designs, copyrights and trademarks, saying the ‘ease of doing business’ will go a long way in catapulting India as an innovation hub.

The Minister reviewed the functioning of the Office of Controller General of Patents, Designs and Trademarks in Mumbai yesterday and deliberated on ways to build a robust Intellectual Property Rights infrastructure.

Shri Goyal reiterated Government’s commitment to bolster the ecosystem of patents, design, trademarks, GI (Geographical Indication) systems; to encourage innovation, research & development in the country and bring newer inventions and knowledge from India’s heritage systems to global platform. 

He emphasized Prime Minister Shri Narendra Modi has been closely monitoring developments in this field since 2014 itself.

Shri Goyal while speaking about the CGPDT’s speedy disposal of applications informed that, “The pendency in the IPR department has come down drastically. It has also been decided that any pending application should be completed within days and not months.”

Fees for Start-ups, MSMEs, women entrepreneurs reduced by 80%

Shri Goyal also mentioned about the reduction in fee allowed by the department in order to help and support Startups and Women entrepreneurs in the country. Filing fees for Startups, MSMEs, Women entrepreneurs has been reduced by 80%.

The Minister added that emphasis has been laid on using Digital means. Every application is now processed online from start to finish, hearings are conducted on phones, people don’t have to travel to patent offices now.

Shri Goyal also made a few suggestions to make the whole process more user friendly.  He called for more efforts to increase awareness about GI tag and its significance. He also asked to consider instituting scholarships for students studying the Intellectual Property law as well as engage faculty from renowned institutions on a part time basis to help in the patent examination process.

Simplified procedure, growing innovation

Officials of CGPDT briefed how the IP process has been simplified and streamlined than before and also about the re-engineering of the whole process including new timelines for disposal and shift to digital mode to promote ease of filing and obtaining services. For example, under Trade Mark Rules 74 Forms have been replaced by 8 Consolidated Forms.

They also mentioned that special care is being given to expedite examination of patents filed especially for applications filed by Startups, Women Entrepreneurs etc. While assessing impact of measures taken, it is noted that E-filing has increased from 30 % to more than 95%.

India has also seen a rapid increase in grant of patents, copyrights in the last 5-6 years. The number of patents granted has gone up from 6,326 in 2015-16 to 28,391 in 2020-21, while Trade Marks registration has shot up from 65,045 in 2015-16 to 2,55,993 in 2020-21.  Similarly, while 4,505 Copyrights were granted in 2015-16, a total of 16,402 were granted last fiscal.

These developments have reflected positively in improvement of India’s ranking in Global Innovation Index.  India has climbed 33 notches from 81st position in 2015-16 to 48th in 2020.

About the Office of Controller General of Patents, Designs and Trademarks

The Office of the Controller General of Patents, Designs & Trade Marks (CGPDTM) is located at Mumbai. It functions under the Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry.

The Controller General supervises the working of the Patents Act, 1970,  the Designs Act, 2000 and the Trade Marks Act, 1999 and also renders advice to the Government on matters relating to these subjects.

The Head Office of the ‘Patent office’ is in Kolkata, ‘Trade Mark Registry’ is in Mumbai and the ‘GI Registry’ is in Chennai. The Offices of ‘The Patent Information System’ (PIS) and ‘National Institute of Intellectual Property Management’ (NIIPM) are at Nagpur.

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