The deadline for renewing IEC codes has been extended until August 31, 2021
The DGFT has made it essential for an IEC code holder to ensure that IEC code details are updated annually between April and June and that even if there are no changes in IEC information, the same must be confirmed online. The DGFT has announced that the IEC deadline will be extended until August 31, 2021. Although no notification has been sent, the following information is accessible on the DGFT ticker:
“In continuation of DGFT notification no. 16/2015-2020 Dt. 09.08.2021, it is to inform, that the deadline for IEC modification/update has been extended until August 31, 2021.”
The Importer-Exporter Code (IEC) is a critical company identifier that is required for all exports and imports. The DGFT issues IEC Numbers (Director General of Foreign Trade). No import or export transaction can take place without a valid IEC number.
NEW RULE 10RB AND FORM NO. 3CEEA ARE ANNOUNCED BY THE CBDT
The Income Tax (23rd Amendment) Rules, 2021 have been announced by the CBDT. Due to the operation of sub-section (2D) of section 115JB, a new Income Tax Rule 10RB has been inserted to offer relief in tax payable under sub-section (1) of section 115JB. The tax payment will be lowered as follows under the new Rule 10RB:
(A-B) –(D-C), in which
A = tax payable by the assessee company under section 115JB, sub-section (1), on the previous year’s book profit, including past income;
B = the tax payable by the assessee company under sub-section (1) of section 115JB on the previous year’s book profit after deducting past income;
C = Total tax due by the assessee company under section 115JB, sub-section (1), on the book profit of the previous year or years to which the past income pertains.
D = Total tax due by the assessee company under section 115JB, sub-section (1), on the book profit of the previous year or years, as referred to in item C, after raising the book profit with the relevant prior income of such year or years:
If the value of (A-B)-(D-C) in the formula is negative, its value shall be regarded as zero. The assessee corporation must submit an electronic claim for relief under sub-section (2D) of section 115JB in Form No. 3CEEA to be eligible for such relief.