Updates: 1. CBDT notifies Income-tax (20th Amendment) Rules, 2021 in exercise of the powers conferred by sections 139 and 148 read with section 295 to amend Rule 12 of IT Rules, 1962 that deals with "Return of income"; 2. As per recent decision of KERALA HIGH'COURT GST Department CAN NOT DENIED ITC MERELY IF IT IS NOT APPEARING ON GSTR-2A. Department has other options to verify the genuineness of the ITC. 3. 31.7.21 (Saturday) is extended last date to file GSTR-4, Return of Outwards Supplies of 2020-21 by Composition Supplier. 4. GSTN says as per Rule 10A, it is mandatory to furnish the bank account details within 45 days from the date of grant of registration or the date on which the return is required under section 39 is due to be furnished, whichever is earlier. 5. Cabinet Amendments to LLP law boosts Aatmanirbhar Bharat campaign: To provide ease of doing business benefits to law-abiding corporations in LLP firms, the criminality has been removed. A penalty in the form of a fine has been decided for violations of general trends. This boosts Aatmanirbhar Bharat, " Union Minister Anurag Thakur said. 6. DICGC Bill cleared by Cabinet, bank deposits up to Rs 5 lakh to be insured: The proposed law will insure bank deposits up to Rs 5 lakh, Sitharaman said, adding that 98.3 percent of bank accounts would be fully protected with the law, the finance minister said.
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