Analysis of Proposed Amendments in Union Budget 2021-22

The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. Laying a vision for Aatma Nirbhar Bharat, she said this is an expression of 130 crore Indians who have full confidence in their capabilities and skills. She said that Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.

No Major Relief to GST Sector: Key Highlights of Union Budget 2021

(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).

(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).

(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).

SEBI – Refund of Security Deposit by Trading Members: Key Highlights

 OVERVIEW
Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/MIRSD/FCR/CIR/P/2021/01 issued and publishes dated 06th January, 2021, has published “Refund of Security Deposit” Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Section 10 of the Securities Contract (Regulation) Act, 1956.
 The Circular is issued to :
• The Managing Director/Executive Director,
• All Stock Exchanges

 Aim and vision of this circular:
– to protect the interests of investors in securities, to promote the development of, and to regulate the securities market

 Previous Reference:
This is with reference to the letter MRD/DSA/OW/14347/4/2019 dated June 10, 2019 issued to NSE regarding refund of security deposit and arbitration mechanism after the surrender of membership of Trading Members.

MCA Update on CSR _ Expense related to COVID-19 Awareness & Vaccination Qualify for CSR

spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination programme shall be Considered and qualify for CSR and is eligible under Item No. (i), (ii) and (xii) of Schedule VII of the Companies Act, 2013 relating to:

· Promotion of Health Care

· Including Preventive Health Care

· Sanitization,

· Promoting Education

· Disaster Management