Seeks to provide relief by lowering of interest rate for the month of March and April, 2021

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 01, May, 2021
Notification No: Notification No. 08/2021 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on May 21, 2021 has issued a notification to provide relief by lowering of interest rate for the month of March and April, 2021.

Income-tax (15th Amendment) Rules, 2021

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Amendment
Release Date: 05, May, 2021
Notification No: Notification No. 50/2021/F. No.370142/14/2021-TPL
Description: The Central Board of Direct Taxes (CBDT) on May 05, 2021 has issued the Income-tax (15th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962.


Exchange Rate of Conversion of Foreign Currencies

Legal Category: Exim
Rule ACT: Customs Act
Update Type: Notification
Release Date: 06, May, 2021
Notification No: No.46/2021 - Customs (N.T.)
Description: Central Board of Indirect Taxes and Customs has determined the new exchange rate of conversion of each foreign currencies related to imported and exported goods in the suppression of the Notification No.43/2021-Customs(N.T.), dated 15th April, 2021.

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021

Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Amendment
Release Date: 05, May, 2021
Notification No: No. SEBI/LAD-NRO/GN/2021/22
Description: The Securities and Exchange Board of India has issued SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021 to further amend the provisions of LODR Regulations.

Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)

Legal Category: Finance
Rule ACT: Micro, Small and Medium Enterprises (MSME) sector-Restructuring of Advances
Update Type: Circular
Release Date: 05, May, 2021
Notification No: RBI/2021-22/32 DOR.STR.REC.12/21.04.048/2021-22
Description: The Reserve Bank of India has decided to extend the facility for restructuring existing loans without a downgrade in the asset classification subject to the following conditions:
1. The borrower should be classified as a micro, small or medium enterprise as of March 31, 2021, dated June 26, 2020
2. The borrowing entity is GST-registered on the date of implementation of the restructuring. However, this condition will not apply to MSMEs that are exempt from GST registration. This shall be determined based on the exemption limit obtaining as of March 31, 2021
3. The aggregate exposure including non-fund based facilities, of all lending institutions to the borrower does not exceed INR 25 crore as of March 31, 2021
4. The borrower’s account was a ‘standard asset’ as of March 31, 2021
5. The borrower’s account was not restructured in terms of the MSME restructuring circulars
6. The restructuring of the borrower account is invoked by September 30, 2021
7. The restructuring of the borrower account is implemented within 90 days from the date of invocation
8. If the borrower is not registered in the Udyam Registration portal, such registration shall be required to be completed before the date of implementation of the restructuring plan for the plan to be treated as implemented
9. Upon implementation of the restructuring plan, the lending institutions shall keep the provision of 10 percent of the residual debt of the borrower
10. It is reiterated that lending institutions shall put in place a Board approved policy on the restructuring of MSME advances under these instructions at the earliest, and in any case not later than a month.

Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses

Legal Category: Corporate
Rule ACT: RBI(COVID-19 – Regulatory Package)
Update Type: Circular
Release Date: 05, May, 2021
Notification No: RBI/2021-22/31 DOR.STR.REC.11/21.04.048/2021-22
Description: The Reserve Bank of India has introduced Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses with the objective of alleviating the potential stress to individual borrowers and small businesses. The set of resolutions are being announced for individuals and small businesses.

Periodic Updation of KYC – No Restrictions on Account Operations till December 31, 2021

Legal Category: Finance
Rule ACT: RBI (Master Direction - Know Your Customer Guidelines)
Update Type: Circular
Release Date: 05, May, 2021
Notification No: RBI/2021-22/29 DOR. AML.REC 13/14.01.001/2021-22
Description: The Reserve Bank of India has advised that in respect of the customer accounts where periodic updation of KYC is due and pending as on date, no restrictions on operations of such account shall be imposed till December 31, 2021 keeping in view the current COVID-19 related restrictions.

Governor’s Statement, May 5, 2021 (Measures to fight against the Second Wave of COVID 19)

Legal Category: Corporate
Rule ACT: RBI(COVID-19 – Regulatory Package)
Update Type: Press Release
Release Date: 05, May, 2021
Notification No: No. 2021-2022/161
Description: The Reserve Bank of India has set out the following measures to fight against the second wave of COVID 19:
1. Term Liquidity Facility of INR 50,000 crore to Ease Access to Emergency Health Services
2. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)
3. Lending by Small Finance Banks (SFBs) to MFIs for on-lending to be classified as Priority Sector Lending
4. Credit to MSME Entrepreneurs
5. Resolution Framework 2.0 for COVID Related Stressed Assets of Individuals, Small Businesses, and MSMEs
6. Rationalisation of Compliance to KYC Requirements
7. Utilisation of Floating Provisions and Countercyclical Provisioning Buffer
8. Relaxation in Overdraft (OD) facility for States Governments.

Clarification on spending of CSR funds for 'creating health infrastructure for COVID care', 'establishment of medical oxygen generation and storage plants'

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Circular
Release Date: 05, May, 2021
Notification No: General Circular No. 09/2021
Description: The Ministry of Corporate Affairs (MCA) has clarified that:
1. spending of CSR funds for 'creating health infrastructure for COVID care', 'establishment of medical oxygen generation and storage plants', 'manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19' or such similar activities are eligible CSR activities.
2. contribution of CSR fund to specified research and development projects as well as contribution to public funded universities and certain Organisations engaged in conducting research in science, technology, engineering, and medicine are eligible CSR activities.
3. the companies including Government companies may undertake the activities or project or programmes using CSR funds, directly by themselves or in collaboration as shared responsibility with other companies.

Income-tax (14th Amendment) Rules, 2021

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Amendment
Release Date: 04, May, 2021
Notification No: Notification No. 42/2021 F. No. 370133/08/2020-TPL
Description: The Central Board of Direct Taxes (CBDT) on May 04, 2021 has issued the Income-tax (14th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962.


Income-tax (13th Amendment) Rules, 2021

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Amendment
Release Date: 03, May, 2021
Notification No: Notification No. 41 /2021/ F. No. 370142/11/2018-TPL
Description: The Central Board of Direct Taxes (CBDT) on May 03, 2021 has issued the Income-tax (13th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962.


Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act 2008

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Circular
Release Date: 03, May, 2021
Notification No: General Circular No. 06/2021
Description: The Ministry of Corporate Affairs (MCA) has issued a circular stating that the stakeholders shall have time till July 31, 2021, to fill out the forms (other than a CHG-1 Form, CHG-4 Form, and CHG-9 Form) under the Companies Act, 2013 and LLP Act, 2008 which were/would be due for filing during 1st April 2021 to 31st May 2021, without the payment of additional fees, due to the resurgence of the COVID-19 pandemic.

Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Circular
Release Date: 03, May, 2021
Notification No: General Circular No. 07/2021
Description: The Ministry of Corporate Affairs (MCA) has issued a circular for the relaxation of time due to the COVID-19 pandemic for filing Form No. CHG-1 and Form No. CHG-09 by a company or charge holder related to creation or modification of charges under the Companies Act, 2013 where the date of modification or creation is on or before April 01, 2021, but the timeline for filing the form has not expired and filing of such forms falls on any date between 1st April 2021 to 31st May 2021 (both dates inclusive).

Extension of gap between two board meetings under section 173 of the Companies Act, 2013

Legal Category: Corporate
Rule ACT: Companies Act, 2013
Update Type: Circular
Release Date: 03, May, 2021
Notification No: General Circular No. 08/2021
Description: The Ministry of Corporate Affairs (MCA) has decided that the requirement for holding two board meeting within the interval of 120 days under section 173 of the Companies Act, 2013 stands extended by a period of 60 days for the first two quarters of the Financial year 2020-2021 due to resurgence of COVID-19.

Amendment of notification no. 76-2018-Central Tax in order to provide waiver of late fees for specified taxpayers and specified tax periods

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 01, May, 2021
Notification No: Notification No. 09/2021 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on May 01, 2021 has issued a notification to Amend notification no. 76-2018-Central Tax in order to provide waiver of late fees for specified taxpayers and specified tax periods.

Income-tax (12th Amendment) Rules, 2021

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Amendment
Release Date: 30, Apr, 2021
Notification No: Notification No. 40/2021 F.No. 370142/8/2021-TPL
Description: The Central Board of Direct Taxes (CBDT) on April 30, 2021 has issued the Income-tax (12th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962.


Extention of specified compliances falling between 15.04.2021 to 30.05.2021 till 31.05.2021

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 01, May, 2021
Notification No: Notification No. 14/2021 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on May 01, 2021 has issued notification Extention of specified compliances falling between 15.04.2021 to 30.05.2021 till 31.05.2021

Central Goods and Services Tax (Third Amendment) Rules, 2021

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 01, May, 2021
Notification No: Notification No. 13/2021 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on May 01, 2021 has issued e Central Goods and Services Tax (Third Amendment) Rules, 2021 to further amend
the Central Goods and Services Tax Rules, 2017.

Extention of due date of furnishing FORM GSTR-1 for April, 2021 till the twenty-sixth day of the succeeding Month

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 01, May, 2021
Notification No: Notification No. 12/2021 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on May 01, 2021 has issued a notification for Extention of due date for filing FORM GSTR-4 for financial year 2020-21 to 31.05.2021.

Extention of due date for furnishing of FORM ITC-04 for the period Jan-March, 2021 till 31st May, 2021

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 01, May, 2021
Notification No: Notification No. 11/2021 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on May 01, 2021 has issued a notification for Extention of due date for furnishing of FORM ITC-04 for the period Jan-March, 2021 till 31st May, 2021.

Extention of due date for filing FORM GSTR-4 for financial year 2020-21 to 31.05.2021

Legal Category: Taxation
Rule ACT: GST Act - Central
Update Type: Notification
Release Date: 01, May, 2021
Notification No: Notification No. 10/2021 – Central Tax
Description: The Central Board of Indirect Taxes and Customs (CBIC) on May 01, 2021 has issued a notification for Extention of due date for filing FORM GSTR-4 for financial year 2020-21 to 31.05.2021

Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961

Legal Category: Taxation
Rule ACT: Income Tax Act
Update Type: Circular
Release Date: 30, Apr, 2021
Notification No: Circular No. 08/2021
Description: The Central Board of Direct Taxes (CBDT) on April 30, 2021 has Extended time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961.


Amendment to the Asset-Backed, Trust Structured, and Miscellaneous Investments

Legal Category: HR and Labour
Rule ACT: EPF Act
Update Type: Notification
Release Date: 29, Apr, 2021
Notification No: S.O. 1709 (E)
Description: The Ministry of Labour and Employment has issued a notification to further amend Notification No: S.O. 1433(E) dated 29 May 2015 which illustrates the manner in which the Board of Trustee should invest the contributions and interest of the provident fund accumulations from the establishment or employee's who are exempted under section 17(1)(a) and 17(1)(b) and this notification amends the column 2(v) of the notification which specifies Asset-Backed, Trust Structured and Miscellaneous Investments.

Addendum to SEBI Circular on “Relaxation in adherence to prescribed Timelines issued by SEBI due to COVID 19” Dated April 13, 2020

Legal Category: SEBI
Rule ACT: SEBI (Depositories and Participants) Regulations
Update Type: Circular
Release Date: 29, Apr, 2021
Notification No: SEBI/HO/MIRSD/RTAMB/P/CIR/2021/558
Description: Securities and Exchange Board of India has decided to provide relaxation in prescribed timeline for regulatory filings due to COVID 19.

Relaxation in Timelines for Compliance with Regulatory Requirements Due to COVID-19

Legal Category: SEBI
Rule ACT: SEBI (Depositories and Participants) Regulations
Update Type: Circular
Release Date: 29, Apr, 2021
Notification No: SEBI/HO/MIRSD/DOP/P/CIR/2021/559
Description: Securities and Exchange Board of India has decided to provide relaxation in timelines for compliance with regulatory requirements due to COVID-19 Pandemic.
  • 01, May, 2021 Seeks to provide relief by lowering of interest rate for the month of March and April, 2021
  • 05, May, 2021 Income-tax (15th Amendment) Rules, 2021
  • 06, May, 2021 Exchange Rate of Conversion of Foreign Currencies
  • 05, May, 2021 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021
  • 05, May, 2021 Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs)
  • 05, May, 2021 Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses
  • 05, May, 2021 Periodic Updation of KYC – No Restrictions on Account Operations till December 31, 2021
  • 05, May, 2021 Governor’s Statement, May 5, 2021 (Measures to fight against the Second Wave of COVID 19)
  • 05, May, 2021 Clarification on spending of CSR funds for 'creating health infrastructure for COVID care', 'establishment of medical oxygen generation and storage plants'
  • 04, May, 2021 Income-tax (14th Amendment) Rules, 2021
  • 03, May, 2021 Income-tax (13th Amendment) Rules, 2021
  • 03, May, 2021 Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act 2008
  • 03, May, 2021 Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013
  • 03, May, 2021 Extension of gap between two board meetings under section 173 of the Companies Act, 2013
  • 01, May, 2021 Amendment of notification no. 76-2018-Central Tax in order to provide waiver of late fees for specified taxpayers and specified tax periods
  • 30, Apr, 2021 Income-tax (12th Amendment) Rules, 2021
  • 01, May, 2021 Extention of specified compliances falling between 15.04.2021 to 30.05.2021 till 31.05.2021
  • 01, May, 2021 Central Goods and Services Tax (Third Amendment) Rules, 2021
  • 01, May, 2021 Extention of due date of furnishing FORM GSTR-1 for April, 2021 till the twenty-sixth day of the succeeding Month
  • 01, May, 2021 Extention of due date for furnishing of FORM ITC-04 for the period Jan-March, 2021 till 31st May, 2021
  • 01, May, 2021 Extention of due date for filing FORM GSTR-4 for financial year 2020-21 to 31.05.2021
  • 30, Apr, 2021 Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961
  • 29, Apr, 2021 Amendment to the Asset-Backed, Trust Structured, and Miscellaneous Investments
  • 29, Apr, 2021 Addendum to SEBI Circular on “Relaxation in adherence to prescribed Timelines issued by SEBI due to COVID 19” Dated April 13, 2020
  • 29, Apr, 2021 Relaxation in Timelines for Compliance with Regulatory Requirements Due to COVID-19
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