Income-tax (25th Amendment) Rules, 2021
The Income-tax (25th Amendment) Rules, 2021 will come into force on 1st day of April, 2022.
Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021
Banks are directed to take prior approval from the Reserve Bank of India before any appropriation is made from the Statutory Reserve or any other reserve.
RBI amends the Guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Material Risk Takers and Control Function staff of banks
It is clarified that share-linked compensation shall be recognized as expense beginning with the accounting period for which approval has been granted.
GST Revenue collection for August 2021 indicate recovery of economy
With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed ₹1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. The robust GST revenues are likely to continue in the coming months too.
Government of Punjab amends the detailed schemes and operational guidelines, 2018
The amended guidelines provides that the value of a plant and machinery in case of imported machinery shall include custom duty, insurance paid, freight charges, installation charges and CIF value. Freight charges and installation charges shall be limited to 10% of base price.
Government of Punjab amends the Industrial and Business Development Policy-2017
The amended policy provides that all Bio-ethanol units that install paddy straw fuel based boilers that manufacture alcohol products shall be eligible for incentive under the Industrial and Business Development Policy-2017.
The Maharashtra Code on Social Security Rules, 2021
The rules provides the constitution, duties, procedure for functioning and role of members of Maharashtra Building and Other Construction Workers Welfare Board and Maharashtra Unorganized Workers Social Security Board.
FSSAI shall be appellate authority under FSS(Advertising and Claims) Regulations, 2018
An appeal shall be filed to FSSAI within 30 days of issue of rejection letter. A rejection petition can be filed by the Food Business Operator chairperson of FSSAI within 30 days of rejection of appeal.
