MM TAX CLUB

Vide Notification no. 49/2017-Customs (ADD) dated 17^th October 2017 government had imposed anti-dumping duty on import of Pre-painted, painted, colour coated or organic coated flat steels in coils or not in coils whether or not with metallic coated substrate of zinc, aluminium zinc or any other substrate coating.

This anti-dumping duty was to leviable for a period of 5 years commencing  from the date 11^th January 2017, accordingly it should have been completed on January 2022.

But Government vide notification no. 53/2021-Customs (ADD) dated 29th September, 2021 further extended date for imposition of anti-dumping on such goods till March 31, 2022.

The Finance Act, 2021 has amended the provisions of the Act to inter alia provide that the Income-tax Settlement Commission (lTSC) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or after 01.02.2021, which was the date on which the Finance Bill, 2021 was laid before the Lok Sabha. In order to dispose off the pending settlement applications as on 31.01.2021, the Central Government has constituted Interim Board for Settlement (hereinafter referred to as the "Interim Board"), vide notification No. 91 of 2021 dated 10.08.2021.

Meanwhile, in order to avoid genuine hardship to number of taxpayers who were in the advanced stages of filing their application for settlement before the ITSC as on 01.02.2021 and also due to the hardship faced during the covid pandemic by the tax payers, the Central Board of Direct Taxes (referred to as the "Board") had provided relief vide Press Release dated 07.09.2021 thereby allowing asses sees eligible to file application for settlement on 31.01.2021 to file such applications till the extended period of 30.09.2021.

In view of the above, the Board in exercise of its power under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 (the Act), in order to avoid genuine hardship to assessees authorizes the Commissioner of Income-tax, posted as Secretary to the Settlement Commission prior to 01.02.2021, to admit an application for settlement on behalf of the Interim Board filed after 31.01.2021 ,which is the date mentioned in sub-section (5) of section 245C of the Act for filing such application, and before 30.09.2021 and treat such applications as valid and process them as "pending applications" as defined in clause (eb) of section 245A of the Act.

The above relaxation is available to the applications filed:-

1. by the assessees who were eligible to file application for settlement on 31.01.2021 for the assessment years for which the application is sought to be filed (relevant assessment years); and
2. where the relevant assessment proceedings of the assessee are pending as on the date of filing the application for settlement.

Ministry of Corporate Affairs vide General Circular No. 15/2021 dated 27^th September, 2021, extended due date for filing cost audit report by the Cost Auditors to Board of directors till 31^st October, 2021. So, BOD can file Cost audit report in CRA-4 within 30 days of Receipt of such Report.

An extract of Circular can be read as under;  

Extension  of  last  date  of  filing  of Cost  Audit  Report  to the  Board  of Directors  under Rule 6(5) of the Companies  (Cost Records and Audit) Rules, 2014-reg.

Representations have been received from various stakeholders for extension of last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and  Audit) Rules, 2014 due to impact of COVID-19 pandemic.

In view of the extraordinary disruption caused due to the pandemic, it has been decided  that if cost audit report for the financial year 2020-21 by the cost auditor to the Board of Directors of the companies is submitted by 31^st  October, 2021 then the same would  not be viewed as violation  of rule 6(5)  of companies  (cost  records  and audit) Rules,  2014.  Consequently,  the cost audit report for  the financial year ended on 31^st March, 2021 shall be filed in e-form CRA-4 within 30 days from the date of receipt of the copy  of the cost audit report  by the company.   However, in case a company has got extension of time for holding Annual General Meeting under section 96(1) of the Act then e-form CRA-4 may be filed within the timeline provided under the proviso to rule 6(6) of the companies (Cost Records and Audit) Rules, 2014.