The weekly messenger | Edition 13.21

AUDITING NEWS

Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal – 12 May 2021
 
The Central Board of Direct Taxes (CBDT) vide its press release dated 26 November 2020 had mandated the validation of the Unique Document Identification Number (UDIN) generated from ICAI portal in all the Income Tax Form and Audit Reports uploaded at the e-filing portal.  However, earlier, if for any reason a CA was not able to generate UDIN before submission of audit report/certificate, the Income-tax e-filing portal permitted such submission, subject to the updation of the UDIN generated for the form within 15 calendar days from the date of form submission in the Income- tax e-filing portal.
 
Now, as per the ICAI’s announcement, the CBDT is in process of mandating the updation of UDINs for all IT Forms prior to its upload on the e-filing portal by the members.
 
Further, the CBDT has given the extension for updating UDINs for all the IT forms at the e-filing portal till 30 June 2021.Therefore, to avoid any likely invalidation, members are being requested to avail this opportunity and update the UDINs on the e-filing Portal till 30 June 2021.
 
For more information, click here.

REGULATORY NEWS

Relaxation from compliance to REITs and InvITs due to COVID-19 virus pandemic – 14 May 2021
 
The Securities and Exchange Board of India (SEBI) has extended the due date for regulatory filings and compliances for Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) for the period ending 31 March 2021 by one month over and above the timelines prescribed under SEBI (InvITs) Regulations, 2014 and SEBI (REITs) Regulations, 2014 and circulars issued thereunder.
 
For more information, click here.
 
IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021 – 5 May 2021
 
The Insurance Regulatory and Development Authority of India (IRDAI) has issued the IRDAI (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021, thereby providing the manner in which the premium and unearned premium reserve should be recognized by insurers carrying on general insurance business.
 
These Regulations shall be effective from the first day of the financial year after notification of these regulations.
For more information, click here.
 
ESIC extends date for filing of ESI contribution for the month of April 2021 – 12 May 2021
 
The Employees' State Insurance Corporation (ESIC) has relaxed the provision as given under Regulation 31 of Employees’ State Insurance (ESI) (General) Regulations, 1950, wherein it has allowed the filing and payment of ESI contribution for the month of April 2021 up to 15 June 2021 instead of 15 May 2021.
 
For more information, click here.
 
Amendments to Rules, Bye-laws and Regulations of the BSE– 14 May 2021
 
The Bombay Stock Exchange (BSE) has made certain amendments in its Rules, Bye-laws and Regulations.
 
For more information, click here.