The CBDT delegates power of provisional registration to Director of Income Tax, Bengaluru
The CBDT has authorized the Director of Income Tax(Centralized Processing Centre), Bengaluru and Commissioner of Income-Tax (Exemption), Bengaluru to grant provisional registration and provisional approvals.
The Income-tax (eighth Amendment) Rules, 2021
The amendment provides that the report of audit furnished required to be furnished in the case of a person who carries on business or profession and who is required by or under any other law to get his accounts audited may be revised by the person by getting revised report of audit from an accountant , duly signed and verified by such accountant, and furnish it before the end of the relevant assessment year for which the report pertains, if there is payment by such person after furnishing of report which necessitates recalculation of disallowance.
Pension Fund Regulatory and Development Authority (Pension Fund) (Fourth Amendment) Regulations, 2021
The amended regulations provides that every pension fund shall deposit with the Authority, by 10th day of subsequent month of each quarter or within ten days of grant of certificate of registration, the annual fee payable on quarterly basis, as specified in Schedule III or as may be determined by the Authority from time to time.
Sea Cargo Manifest and Tran-shipment Regulations, 2018
The amended provision provides that authorised sea carrier shall continue to deliver the cargo declaration in Form III of the Import Manifest (Vessels) Regulations, 1971 and Form I of the Export Manifest (Vessels) Regulations, 1976, in the manner as was applicable before the commencement of these regulations, till 15th April, 2021.
Environment (Protection) Amendment Rules, 2021
The Environment (Protection) Amendment Rules, 2021 provides that a task force shall be constituted by Central Pollution Control Board (CPCB) comprising of representative from Ministry of Environment and Forest and Climate Change, Ministry of Power, Central Electricity Authority (CEA) and CPCB to categorize thermal power plants in three categories on the basis of their location to comply with the emission norms within the time limit.
RBI publishes Reserve Bank of India (Call, Notice and Term Money Markets) Directions, 2021.
The entities eligible to participate in the Call, Notice and Term Money Markets, both as borrowers and lenders are Scheduled Commercial Banks (excluding Local Area Banks);Payment Banks; Small Finance Banks; Regional Rural Banks; State Co-operative Banks, District Central Co-operative Banks and Urban Co-operative Banks (hereinafter Co-operative Banks); and Primary Dealers.
The Central Motor Vehicles (Sixth Amendment) Rules, 2021.
The amendment has revised the conditions to be satisfied for obtaining learners license under rule 11 in which, within seven days of submitting an application, every applicant for a learner’s licence shall complete a tutorial on safe driving, electronically on a Portal, either accessed by the applicant himself or with the help of a Facilitation Centre.
RBI amends Master Direction on KYC norms for Self Help Groups.
The Amendment is brought under section 43 which notifies the simplified norms for self-help group in which the Customer Due Diligence (CDD) of all the members of SHG may be undertaken at the time of credit linking of SHGs.
RBI issues Master Direction on Levy of Penal Interest for Delayed Reporting / Wrong Reporting / Transactions.
As the sole criterion for levy of penal interest for delayed reporting is the number of days of delay, there should ordinarily be no occasion for banks to request for reconsideration of the Reserve Bank’s decision in individual cases.
