The Income tax Amendment (19th Amendment), Rules, 2021
The amendment inserts new rule 8AC which provides the manner in, where the goodwill of the business or profession was the only asset or one of the assets in the block of asset “intangible” for which depreciation was obtained by the assessee in the assessment year beginning on the 1st day of April, 2020, the written down value of this block of asset for the previous year relevant to the assessment year commencing on the 1st day of April, 2021 shall be determined.
The Delhi Goods and Services Tax (Eleventh Amendment) Rules, 2020
The amendment provides that in case, invoice is issued in the manner prescribed under sub-rule (4) of rule 48, the Quick Response (QR) code having an embedded Invoice Reference Number (IRN) in it, may be produced electronically, for verification by the proper officer in lieu of the physical copy of such tax invoice.
Ministry of Finance launches online filing of application for Authorised Economic Operators.
The new version (V 2.0) of the web application is designed to ensure continuous real-time and digital monitoring of physically filed AEO T2 and AEO T3 applications for timely intervention and expedience.
RBI includes Retail and wholesale Trade under MSME.
The beneficiary segments of the change in norm would be wholesale and retail trade and repair of motor vehicles and motorcycles, wholesale trade except of motor vehicles and motorcycles and retail trade except of motor vehicles and motorcycles.
The government of Karnataka issues revised guidelines for Surveillance, Containment, and Caution.
All industries/companies which require operations at night shall be permitted to operate. Movement of employees of such organizations shall be allowed on producing valid ID card/authorization issued by their respective Organization/Institution.
The Labour Ministry extends the public utility service status on iron and steel industry for another 6 months.
The Ministry had earlier granted an extension to the above industry for a period of six months, starting from 19th January 2021. This has now been extended for another six months with effect from 18th July 2021.
Labour Ministry extends public utility service status for industries engaged in service of any oil field.
The public utility status on industries engaged in services in any oil field, which is covered under items 17 of the First Schedule to the Industrial Disputes Act, 1947 has been extended for a period of six months with effect from 7th July 2021.
