08/12/2021 Daily Tax Updates and Professional News (Income Tax, GST, Company Law, etc.)

08/12/2021: Information, Updates and News from CBDT, CBIC, GOI, ICAI, MCA, SEBI (i.e. Circulars, Instructions, Notifications, Orders and Press Releases) on Taxation, Compliance and Professional issues.

LIC’s Jeevan Akshay VII Plan notified as specified plan for Section 80C(2)(xii) for AY 2021-22 onwards

CBDT notifies LIC’s Jeevan Akshay VII Plan (Annuity Plan as filed with IRDAI) as specified plan for the purposes of Section 80C(2)(xii) of the Income-tax Act, 1961 for AY 2021-22 and subsequent years.

CBDT Income Tax Notification 134/2021 dt. 06/12/2021: LIC’s Jeevan Akshay VII Plan specified for Section 80C(2)(xii) for AY 2021-22 onwards

CGST Mumbai Central Commissionerate busts a racket of fake ITC generators

CGST Officials of Mumbai Central Commissionerate have busted a racket of fake Input Tax Credit (ITC) generators and arrested the kingpin who has passed on fake ITC credit to the tune of Rs. 35 crores involving 15 entities in and around Mumbai. The arrested person was receiving the fake ITC and passing it in the downward supply chain without actual receipt or supply of goods. Later he was remanded to the judicial custody for 14 days.

This arrest is one amongst a series of cases detected by the CGST Mumbai zone recently, involving more than 50 networks of tax evaders and tax evasion of about Rs. 3000 crores. Also tax of Rs. 400 crores has been recovered and 24 persons have been arrested.

MoF, GOI Press Release dt. 08/12/2021: CGST Mumbai Central Commissionerate busts a racket of fake ITC generators

MCA Clarification on holding of Annual General Meetings (AGMs) due in 2021 through VC/ OAVM upto 30/06/2022

MCA has decided to allow the companies, whose AGMs are due in the Year 2021, to conduct such AGMs upto 30/06/2022, as prescribed earlier vide Circulars 20/2020 dt. 05/05/2020 and 02/2021 dt. 13/01/2021 on the subject. However, MCA has clarified that this extension should not be treated as extension of timeline for holding of AGMs by the companies under the Companies Act, 2013 as the companies which have failed to adhere the relevant timelines shall continue to be liable to legal action.

MCA General Circular 19/2021 dt. 08/12/2021: Clarification on holding of AGMs due in 2021 through VC/ OAVM upto 30/06/2022

MCA Clarification on passing of Ordinary/ Special resolutions by companies

MCA has clarified the issue of passing of Ordinary and Special resolutions by companies under the Companies Act, 2013 read with rules made thereunder on account of COVID-19 Extension of timelines. Accordingly MCA has decided to allow companies to conduct their EGMs through Video Conference (VC) or Other Audio Visual Means (OAVM) or transact items through postal ballot upto 30/06/2022 in accordance with framework provided in earlier General Circulars 14/2020 dt. 08/04/2020, 17/2020 dt. 13/04/2020, 22/2020 dt. 15/06/2020, 33/2020 dt. 28/09/2020, 39/2020 dt. 31/12/2020 and 10/2021 dt. 23/06/2021 on the subject.

MCA General Circular 20/2021 dt. 08/12/2021: Clarification on passing of Ordinary/ Special resolutions by companies

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