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Direct & Indirect Tax Updates March 2021

DIRECT TAXES UPDATES

Recent circulars/ notifications/ rules/ clarifications/News

♦ The Lok Sabha on 23rd March 2021 passed the Finance Bill, 2021 to give effect to the financial proposals of the Central Government for the financial year 2021-2022. (The Finance ACT, 2021 NO. 13 OF 2021 dated 28th March, 2021)

♦ CBDT revises Form No. 12BA (statement showing particulars of perquisites , other fringe benefits or amenities and profits in lieu of salary with value thereof) , Part B to Form 16 (Detail of salary paid and any other income and tax deducted) and Annexure II to Form No. 24Q (Notification No. 15/2021-Income Tax [G .S. R. 170(E)] dated 11/03/2021

♦ TDS on Cash Withdrawal above 20 Lakh by an account holder under section 194N of Income Tax Act 1961. TDS @ 2% on aggregate cash withdrawals in excess of Rs. 20 Lakh in a year. TDS @ 5% on aggregate cash withdrawals in excess of Rs. 1 Crores in a year. (Notification No. SB Order No. 05/2021 Dated 09/03/2021)

♦ The Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44 till 31st Mar 2022 due to COVID-19. Circular No. 05/2021 , Dated 25th March, 2021

♦ CBDT notifies reporting of Capital Gain, Dividend, Interest Income in Statement of financial transaction (Notification No. 16/2021-Income Tax/G.S.R 175(E) dated 12/03/2021)

Income Tax Compliance calendar – April 2021

Things to remember

< ith at least three partners dealing and having expert knowledge and experience in conducting audit with at least 5 years’ experience.

Due Date	Particulars
7th April 2021	Payment of TDS/TCS deducted /collected by an office of the government in March 2021. -Payment of TDS/TCS deducted by an assesse other than an office of the government in March 2021.
30st April 2021	-Uploading declarations received from recipients / assesses in Form. 15G/15H during the quarter ending March, 2021. -E-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2020 to March 31, 2021	Self-Declaration in the format given as per Annexure III

Annexure II

Financial Bid

(For Appointment of Internal Auditor of IBBI)

The Financial Bid should contain the total cost for the proposed assignment with break-up of annual professional fees and taxes. IBBI would not be providing or reimbursing any expenditure towards accommodation, local conveyance, air fare or train fare, halting expense, lodging, boarding etc. in connection with carrying out of the assignment.

The format for the Financial Bid is given below:

S.N.	Particulars	Amount (in Rs.)
1	Consolidated Professional Fees for the respective two years i.e. F.Y. 2019-20 and 2020-21.
2	Taxes @ %
3	Total

Authorized Signatory Date: Place: Name: Designation: # (to be furnished on the letter head of the firm) Annexure III Self- Declaration (to be furnished on the letter head of the firm) The Chief General Manager Finance & Accounts Insolvency and Bankruptcy Board of India, 7th Floor, Mayur Bhawan, Shankar Market, connaught Circus, New Delhi -110001 Dear Sir, SUBJECT: APPLICATION FOR APPOINTMENT OF INTERNAL AUDITOR TO IBBI Please find enclosed the bid for consideration of our firm to be appointed for conducting internal audit of Insolvency and Bankruptcy Board of India (IBBI) for the F.Y. 2019-20 and F.Y. 2020-21. We agree to undertake the assignments, if given by you, as per the scope of work. We hereby declare that our firm does not have any pecuniary liability or any claim/disciplinary/legal proceeding pending against us/ our partners or any other cause which could hamper our ability to render the services as envisaged. We also declare that our firm has not been banned/barred /declared ineligible for corrupt and fraudulent practices by the Govt. of India/State Governments/RBI/ICAI/C&AG or any other regulatory body and does not have any disciplinary proceedings pending against it or any of the partners by ICAI/RBI/C&AG or any other regulatory body; and none of the partners have been convicted for commission of any economic offences. If the aforesaid representation /declaration or information in the annexure is found to be incorrect, we agree that the IBBI shall be entitled to terminate the agreement, if executed, or initiate suitable action as deemed fit and appropriate by the IBBI, without reference to us. We or our affiliates have, during the last three years, neither failed to perform any agreement, as evidenced by imposition of a penalty by an arbitral or a judicial pronouncement or arbitration awarded against us or our Affiliates, nor have been expelled from any project or agreement nor had any agreement terminated for breach by us or our affiliates. The firm is having partners (pl specify total no. of partners) with at least three partners conducting audit with at least five years’ experience. Date: Place: Authorized Signatory (Name ……….) List of Documents enclosed: