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Government extends deadline for filing declarations under VsV scheme till Mar 31, payment till Apr 30

Government extends deadline for filing declarations under VsV scheme till Mar 31, payment till Apr 30

Finance
The government has extended the last date for availing of the direct tax Vivaad Se Vishwas dispute resolution scheme to March 31, 2021, from the earlier date of February 28. This is the fifth extension of the scheme. Those willing to settle their tax disputes under the Direct Tax Vivad Se Vishwas Act can file their declarations till March 31 and pay the settled tax amount by April 30, 2021, the Central Board of Direct Taxes said in a notification Friday. “CBDT further extends the date for filing of declarations under the Vivaad Se Vishwas Act, 2020 to March 31, 2021. Date for payment without additional amount under VsV extended to 30th April, 2021,” the income tax department said in a Twitter post. So far 125,144 cases have opted for the scheme which is 24.5% of the entire long pending 510...
I-T refunds worth Rs 1.64 lakh crore issued to 1.41 crore taxpayers till January 4

I-T refunds worth Rs 1.64 lakh crore issued to 1.41 crore taxpayers till January 4

Finance
NEW DELHI: The Income Tax department on Wednesday said it has issued refunds worth over Rs 1.64 lakh crore to over 1.41 crore taxpayers so far this fiscal. This includes Personal income tax (PIT) refunds amounting to Rs 53,070 crore and corporate tax refunds of over Rs 1.10 lakh crore during this period. "CBDT issues refunds of over Rs. 1,64,016 crore to more than 1.41 crore taxpayers between 1st April,2020 to 04th January,2021.Income tax refunds of Rs. 53,070 crore have been issued in 1,38,85,044 cases & corporate tax refunds of Rs. 1,10,946 crore have been issued in 2,06,847cases," the Income Tax department tweeted. The Department on Tuesday had said that over 5 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till January 4. The government has extended the ITR...
Reliance Capital: Deadline to bid for subsidiaries extended till December 17

Reliance Capital: Deadline to bid for subsidiaries extended till December 17

Finance
NEW DELHI: Reliance Capital Ltd (RCL), part of debt-ridden Anil Ambani-promoted Reliance Group, on Monday said the Committee of Debenture Holders has extended the deadline for submission of bids for the company's subsidiaries to December 17. With regard to invitation of "Expression of Interest (EoI) for submission of asset monetisation plan(s) for certain subsidiaries/ investments of Reliance Capital Limited, we hereby inform that the Committee of Debenture Holders has decided to extend the last date for submission of Expression of Interest to December 17, 2020," RCL said in a regulatory filing. Other than the extension in timeline, all other terms and conditions remain unchanged, it added. Monetisation process is under the aegis of Committee of Debenture Holders and the Debenture Truste...
Facility for obtaining electronic customer consent extended till March 2021 for life insurers

Facility for obtaining electronic customer consent extended till March 2021 for life insurers

Finance
MUMBAI: Regulator IRDAI has extended the facility for life insurers to obtain the consent of prospective policy holders electronically by three months till March 31, 2021. In view of the disruption of normal business activity following outbreak of the coronavirus pandemic, IRDAI in August, on an experimental basis, had permitted life insurers to obtain consent of customers for pure risk products (policies which do not involve any savings element) electronically till December 31. On a review of the working of the arrangement and on the basis of feedback from the life insurers, the Insurance Regulatory and Development Authority of India (IRDAI) has now extended the time period and the facility to all products. "Life Insurers are allowed to obtain the customer's consent through electronic m...
Deadline for proposed Lakshmi Vilas Bank-Clix Capital merger due diligence extended till Sept 15

Deadline for proposed Lakshmi Vilas Bank-Clix Capital merger due diligence extended till Sept 15

Finance
KOLKATA: Lakshmi Vilas Bank and non-bank lender Clix Capital, who have been exploring merger, have mutually decided to extend the deadline for completing the mutual due diligence till September 15. The previous deadline is expiring on Friday. Auditors of the bank, meanwhile, have cast doubts on whether the bank can continue as a going concern if its merger talks with non-bank lender Clix Capital fails. "There may be slight delay in the mutual due diligence and preparation of documents for regulatory requirements due to Covid situation and travel restrictions. Hence, both the parties mutually agreed to extend the exclusivity period till 15th September 2020," the bank said on Thursday evening. "Despite logistical challenges arising due to Covid-19 situation, we have made significant progress...