Income tax Amendment (18th Amendment), Rules, 2021
The amendment provides that in case of the amount which is chargeable to income-tax as income of specified entity under the head Capital gains, the specified entity shall furnish the details of amount attributed to capital asset remaining with the specified entity in new Form No. 5C. Form No.
The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2021
The amendment provides that the Stock limit applicable to wholesaler will also apply to importers for stocks held in stock / imported prior to 15th May 2021. For stocks imported after 15th May 2021, stock limit applicable to wholesaler, will apply after 45 days from date of customs clearance.
The Fertilizer (Inorganic, Organic or Mixed) (Control) Fifth Amendment Order, 2021
The order provides revised forms in which The laboratory that test the fertilizers shall analyze the sample and forward the analysis report to the authorities.
Draft Food Safety and Standards (Ayurveda Aahar) Regulations, 2021
The Food Safety and Standards (Ayurveda Aahar) Regulations, 2021 deals with manufacture and sale of Ayurveda Aahar, which means a food prepared in accordance with the recipes or ingredients and/or processes as per methods described in the authoritative books of Ayurveda.
FSSAI clarification regarding the definition of product ‘coconut water’
The clarification has widened the scope of the term ‘coconut water’ to include coconut water obtained from tender or mature coconut, as per the FSS(Food Product Standards and Food Additives) Tenth Amendment Regulations, 2020, which shall come into effect on 1 July, 2021.
RBI issues norms on unclaimed maturity proceeds of term deposits.
The new norms are applicable for deposits in all commercial banks, small finance banks, local area banks, and cooperative banks.
Government announces inclusion of Retail and Wholesale trades as MSMEs.
The Retail and wholesale trade were left out of the ambit of MSME, now under the revised guidelines, retail and wholesale trade will also get the benefit of priority sector lending under RBI guidelines.
Ministry of Finance Extends the operation of small bank accounts.
The Ministry of Finance vide its notification dated 30th June 2021, has granted relaxation under Prevention of Money-laundering (Maintenance of Records) Rules, 2005 by extending the period of small account bank to remain operational till 31st December 2021.
DGFT extends the period of modification of IEC till 31st July 2021.
An IEC holder has to ensure that details in its IEC is updated electronically every year, during April-June period. However, for the current year only, this period is extended by another month i.e. till 31st July, 2021. In cases where there are no changes in IEC details same also needs to be confirmed online.
The Gas Cylinders (Fourth Amendment) Rules, 2021.
Through this amendment it is notified that all the high pressure cylinders and Cryogenic containers used for filling Non-Toxic, Non-Flammable Gases and Liquids shall have permanent and tamperproof marking in form of QR code at conspicuous place on cylinders.
