Clarification regarding residential status under Income Tax Act, 1961

Individuals who came to India on a tour during the previous year 2019-20 and expected to leave India but were unable to do so due to the suspension of international flights have submitted various representations to the Central Board of Direct Taxes (CBDT) seeking a relaxation in the determination of residential status for the previous year 2020-21. CBDT has since investigated the situation.

If a person is subject to double taxation notwithstanding the relief given by the applicable Double Taxation Avoidance Agreement, the Circular states that he must provide the required details by March 31, 2021, which must be submitted electronically to the Principal Chief Commissioner of Income-tax (International Taxation).

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The Central Board recommends 8.50 % rate of interest to its subscribers for the year 2020-21

Shri Santosh Kumar Gangwar, Union Minister of State for Labour & Employment, presided over the 228th meeting of the EPF Central Board of Trustees in Srinagar, Jammu & Kashmir. For the financial year 2020-21, the Central Board proposed that EPF accumulations in members’ accounts be credited with an annual rate of 8.50 percent. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into the subscribers’ accounts.

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NSE AND SIDBI sign MoU for the MSME Sector

The National Stock Exchange of India Limited (NSE) and the Small Industries Development Bank of India (SIDBI) have signed a Memorandum of Understanding (MOU) to collaborate on various ongoing Micro, Small and Medium Enterprises (MSME)-related initiatives, as well as to investigate the feasibility of a debt capital platform for MSMEs.

The Expert Committee on MSMEs, led by U. K. Sinha, has made several recommendations for the MSME market, including the need to establish alternate debt and equity instruments that will help crystallise new sources of financing for MSMEs. In this regard, SIDBI will look forward to collaborating with NSE to investigate the viability of a debt platform to meet the sector’s unmet needs.

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