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Ministry of Finance

Government of India Condemns False Reporting on Cairn Legal Dispute

Dated: 23 MAY 2021

The Government of India has strongly condemned the false reporting in certain media by some vested interests claiming that the Government of India has purportedly asked state-owned banks to withdraw funds from foreign currency accounts abroad in anticipation of the potential seizure of such accounts with regard to the Cairn legal dispute.

Condemning all such source based reports as false, the Government of India said that these are totally incorrect reports which were not based on true facts. Certain vested parties appear to have orchestrated such misleading reporting, which often relies upon unnamed sources and presents a lopsided picture of factual and legal developments in the case.

Government of India is vigorously defending its case in this legal dispute. It is a fact that the Government has filed an application on March 22, 2021 to set aside the highly flawed December 2020 international arbitral award in The Hague Court of Appeal.

The Government has raised several arguments that warrant setting aside of the award including but not limited to: (i) the arbitral tribunal improperly exercised jurisdiction over a national tax dispute that the Republic of India never offered and/or agreed to arbitrate; (ii) the claims underlying the award are based on an abusive tax avoidance scheme that were a gross violation of Indian tax laws, thereby depriving Cairn’s alleged investments of any protection under the India-UK bilateral investment treaty; and (iii) the award improperly ratifies Cairn’s scheme to achieve Double Non-Taxation, which was designed to avoid paying taxes anywhere in the world, a significant public policy concern for governments worldwide. This proceeding is pending. The Government is committed to pursuing all legal avenues to defend its case in this dispute worldwide.

It is also stated that the CEO and the representatives of Cairns have approached the Government of India for discussions to resolve the matter. Constructive discussions have been held and the Government remains open for an amicable solution to the dispute within the country’s legal framework.

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RM/MV/KMN

(Release ID: 1721039)

 

HC stays the operation of faceless assessment order passed and as well as the penalty proceedings initiated u/s 274 read with 270A of the Act. HC considers assessee's submission that in reply of show cause notice w.r.t. draft assessment the submissions were filed and a hearing was requested. However, without considering his request for hearing, notice of demand for Rs.669.31 crores and penalty proceedings have been initiated.

Click here to read and download HC order

 

OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA

9, DEEN DAYAL UPADHYAYA MARG, NEW DELHI – 110 002

Empanelment of Chartered Accountant firms/LLPs for the year 2021-2022

Online Applications are invited from Chartered Accountant firms/LLPs who desire to  be empanelled with the office of the Comptroller and Auditor General of India for the year 2021-2022 for the purpose of appointment of auditors of Companies as per  Sections 139 (5) and 139(7) of the Companies Act 2013 and of Statutory Corporations/Autonomous Bodies as per the provisions of their respective Acts. The online application along with detailed instructions in this regard will be available on the website www.cag.gov.in from 1 January 2021 to 15 February 2021. The applicant  firms/LLPs will have to fill/update the data showing the status of their firm as on 1  January 2021. After filling/updating the data, the firms/LLPs will be required to generate online acknowledgement letter for the year. If the firms/LLPs fail to generate online acknowledgment letter, their application would not be considered for empanelment. The firms/LLPs will be required to submit a print out of the acknowledgement letter generated online and also hard copies of the documents in support of their online application in this office by 26 February 2021.

sd/-

Sr. Administrative Officer/CA-V

 

Government of India

Department of Revenue

Ministry of Finance

Central Board of Direct Taxes

New Delhi, 20th May, 2021

PRESS RELEASE

Government extends certain timelines in light of severe pandemic

            The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders, decided  to  extend timelines for compliances under the Income-tax Act, 1961 (hereinafter referred to as “the Act”) in the following cases, as under:

1. The Statement of Financial Transactions(SFT) for the Financial Year 2020-21, required to be furnished on or before 31^st  May, 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as “the Rules”) and various notifications issued thereunder, may be furnished on or before 30^th June, 2021;

2. The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31^st May, 2021 under Rule 114G of the Rules, may be furnished on or before 30^th June, 2021;

3. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31^st May, 2021 under Rule 31A of the Rules, may be furnished on or before 30^th June, 2021;

4. The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by 15^th June, 2021 under Rule 31 of the Rules, may be furnished on or before 15^th July, 2021;

5. The TDS/TCS Book Adjustment Statement in Form No 24Gfor the month of May 2021, required to be furnished on or before 15^th June, 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30^th June, 2021;

6. The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, required to be sent on or before 31^st May, 2021 under Rule 33 of the Rules, may be sent on or before 30^th June, 2021;

7. The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D for the Previous Year 2020-21, required to be furnished on or before 15^th June, 2021 under Rule 12CB of the Rules, may be furnished on or before 30^th June, 2021;

8. The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or before 30^th June, 2021 under Rule 12CB of the Rules, may be furnished on or before 15^th July, 2021;

9. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31^st July, 2021 under sub-section (1) of section 139 of the Act, is extended to 30^th September, 2021;

10. The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30^th September, 2021, is extended to 31^st October, 2021;

11. The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section 92E of the Act for the Previous Year 2020-21,which is 31^st October, 2021, is extended to 30^th November, 2021;

12. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31^st October, 2021 under sub-section (1) of section 139 of the Act, is extended to 30^th November, 2021;

13. The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30^th November, 2021 under sub-section (1) of section 139 of the Act, is extended to 31^st December, 2021;

14. The due date of furnishing of belated/revised Return of Income for the Assessment Year 2021-22, which is 31^st December, 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to 31^st January, 2022.

It is clarified that the extension of the dates as referred to in clauses (ix), (xii) and (xiii) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds rupees one lakh. Further, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension ) provided in that Act, shall be deemed to be the advance tax.

CBDT Circular No.9/2021 in F.No.225/49/2021/ITA-II dated 20.05.2021 issued. The said Circular is available on www.incometaxindia.gov.in.

(Surabhi Ahluwalia)

Commissioner of Income Tax (Media & Technical Policy)

Official Spokesperson, CBDT