UPDATES

 NICAI Updates:

1. In the Budget 2021, tax experts expect the government to fix some anomalies in the NPS with regard to income tax benefits. They say that this will help in increasing the attractiveness of the National Pension Scheme. "For contribution towards Tier I account up to 14% of the employer’s contribution is permitted for central government employees but when it comes to other employees maximum up to 10% of the contribution from employer is eligible for deduction under Section 80CCD(2). 

2. Ministry of Corporate Affairs  amended sub rule 2 of Rule 4 of Companies (Meetings of Board and its Powers) to further extend the time period for conducting Board Meeting through Video Conference /Other Audio-Visual Means for approving financial statements, Board’s report, Prospectus and other restricted agenda items as referred in sub rule 1, from 31st December 2020 to 30th June 2021.

3. Extension of last date for complying with the mandatory CPE hours requirement for the Calendar Year 2020 – from 31st December, 2020 to 31st January, 2021. 

4. ICAI Members are aware that CBDT is validating UDIN while uploading of Tax Audit and other Income Tax Reports as per their Press release, else the forms will become null and void.

5. ICAI One-time condonation scheme, to regularize the non-generation of UDIN, Members will be allowed to generate the earlier missed UDINs for the documents signed between 1st February 2019 to 31st December, 2020. The scheme will be made available from 1st January, 2021 till 31st January, 2021.

Source:-CA Raj Chawla