KMS Newsletter May 2021

Direct Tax:

• Extended Due Dates For Various Compliances
• Clarification Relating To Time Limit For Filing of Appeals Before CIT
• Non-applicability of Provisions of Section 269ST
• Cash Allowance In Lieu of LTC For Exemption U/s.10(5)
• Fair Market Value of Capital Asset For The Purpose of Slump Sale
• Launch of new E filing Portal of The Income Tax Department
• Non-applicability of Pan U/S 139A For Eligible Foreign Investor
• Procedure to Withdraw Settlement Application Filed U/S 245C
  
  

Company Law:

• Clarification on Offsetting the Excess CSR Spent For FY 2019-20
• Clarification on Spending CSR Funds
• Clarification Regarding Gap Between Two Board Meetings Under
  Section 173
• Relaxation on Levy of Additional Fees in Filing Certain Forms

Indirect Tax:

• Measures for Trade Facilitation
• Waiver of Late Fees of Form GSTR 3B
• Relaxation in Interest Rates
• Relaxation in Return Filing
• Other Relaxations and Reliefs
• Other Important Amendments