CBIC extends the time limit for specific compliance till 31st August 2020
Any time limit for completion or compliance of any action, by any authority or by any person, has been specified in, or prescribed or notified under the Central Goods and Services Tax Act, 2017, which falls during the period from the 20th day of March 2020 to the 30th August 2020, and where completion or compliance of such action has not been made within such time, then, the time limit for completion or compliance of such action shall be extended up to the 31st August 2020.
CBDT notifies Income-tax (13th Amendment) Rules, 2020
As per the Income-tax (13th Amendment) Rules, 2020 which shall be in force from 1st April 2021 and shall accordingly apply in relation to the assessment year 2021-22 and subsequent assessment years, those who opting alternate tax regime under section 115BAC of the Income Tax Act are eligible to claim the exemption for Tour, Travel, and Conveyance Expenses incurred officially.
Ministry of MSME notifies new criteria for classifying enterprises and the procedure for filing the memorandum
The Ministry of Micro, Small and Medium Enterprises has notified a new criteria for classifying the enterprises as Micro, Small and Medium Enterprises and has also specified the form and procedure for filing the memorandum with effect from the 1st day of July, 2020.
Health Ministry further revises clinical management protocol
The Ministry of Health and Family Welfare on 27th June 2020 has updated the clinical management protocol for managing COVID-19 cases. the protocol suggests use of Dexamethasone as an alternative to Methylprednisolone for treatment of moderate to severe cases.
RBI to launch Floating Rate Savings Bonds 2020 from 1st July 2020
The Reserve Bank of India on 26th June 2020 has announced the launching of Floating Rate Savings Bonds, 2020 (Taxable) scheme commencing from 1st July 2020 to enable person resident in India/HUF to invest in a taxable bond, without any monetary ceiling.
Agricultural credit societies exempted from the scope of Banking Regulation Act, 1949
The Banking Regulation (Amendment) Ordinance, 2020 has exempted agricultural credit societies exempted from the scope of Banking Regulation Act, 1949.
Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020
The Central Government vide notification dated 24 June, 2020 has issued the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020, to provide extensions for income tax compliance due dates.
