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CBDT : Issues further clarifications on foreign directorships, foreign assets disclosure in ITR-Forms

CBDT : Issues further clarifications on foreign directorships, foreign assets disclosure in ITR-Forms

  CBDT issues further clarifications in respect of filling up of ITR forms for AY 2019-20, in partial modification of Circular No 18/2019 dated August 8, 2019; Regarding disclosure of foreign directorship details in ITR Form 2&3 Part A, column (h), CBDT considers representations that non-residents should not be required to disclose details of directorship in foreign companies and disclosure requirement should be limited to only to assets and incomes which have a nexus with India; Accordingly, clarifies that “a…

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Insolvency and Bankruptcy Code - A Big Game Changer In Banking!

Insolvency and Bankruptcy Code – A Big Game Changer In Banking!

The competitive factors which make IBC preferable recovery tool over other recovery measures. IBC – Separation of powers between commercial and judicial domains: IBC separates commercial aspects of insolvency and bankruptcy proceedings from judicial aspects. Under IBC, the Adjudicatory Authority has been given only powers to pass judicial decisions and not on credit decisions. The financial financial creditors have been given absolute freedom to accept or reject a resolution application. The Civil Court/DRT/Sarfaesi have envisaged a judicial centric proceeding leaving…

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Government withdraws enhanced surcharge on tax payable on transfer of certain assets.

Government withdraws enhanced surcharge on tax payable on transfer of certain assets.

In order to encourage investment in capital market, it has been decided to withdraw enhanced surcharge levied by Finance (No. 2) Act 2019 on tax payable at a special rate on income arising from transfer of equity shares / units referred to in s. 111A and s. 112A of the Income Tax Act 1961 from FY 2019 – 2020. The following capital assets are mentioned in s. 111A and s. 112A of the Act : Equity shares in a company…

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GST Update | Complex issues in filing GSTR-9 & 9C (GST Audit)

GST Update | Complex issues in filing GSTR-9 & 9C (GST Audit)

The CBIC in its official statement informed that, as on date 80% of Annual returns (GSTR-9) have not been filed and 95% of Reconciliations and certifications(GSTR-9C –Audit) not uploaded. This is with less than 10 days left!!! The main reasons as to why the annual returns for all and Certification for those above Rs. 2 Crores have not been filed are as under : 1. The Govt. has failed in creating awareness of GST and its benefits to all. 2.…

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MCA Updates – Latest Corporate Updates

Mentioned below latest Corporate Updates:  I) AMENDMENT TO SCHEDULE III OF THE COMPANIES ACT 2013: i)             The Central Government has made further amendments to Schedule III to the Companies Act, 2013 vide Notification dated 11th October 2018. As per the said notification, Division III has been inserted in respect of Financial Statements for a Non-Banking Financial Company (NBFC) whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015. ii)           The changes to AOC-4 Non-XBRL form (Form…

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MCA Update: Insolvency and Bankruptcy Code (Amendment) Act, 2019

MCA Update: Insolvency and Bankruptcy Code (Amendment) Act, 2019

In line with the Insolvency and Bankruptcy Code (Amendment)Act, 2019 issued on 5th August 2019 the Insolvency Board notifies that the provisions of this Act shall come into force with effect from 16th August 2019. Please refer the link for summary of Insolvency and Bankruptcy Code (Amendment) Act, 2019. Insolvency and Bankruptcy Code (Amendment) Act, 2019 Notification of commencement of this Act are attached herewith.

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IEPFA (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

IEPFA (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

Ministry has amended the rules, further to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019. Summary of major Amendments in Rules are mentioned below: i)Rule 5 is amended:wherein companies which have transferred any amount  to IEPF under the Companies Act, 1956 but have not filed the statement or have filed the statement…

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Companies (Share Capital and Debenture) Amendment Rules, 2019

Companies (Share Capital and Debenture) Amendment Rules, 2019

Ministry has amended Companies (Share Capital and Debenture) Rules, 2016. These rules may be called as Companies (Share Capital and Debenture) Amendment Rules, 2019. Amendments in rules are mentioned below:   Rules Particulars Amendment made in Rules Summary of Amendment Rules Rule 4 Equity shares with differential rights Substitution of clause (c) in sub rule (1)   Deletion of clause (d) (i) Rule 4(c) has been substituted which required the companies limited by shares not to issue equity shares with…

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CBDT makes it mandatory to quote DIN for all communication issued by the Department w.e.f 1.10.2019

CBDT makes it mandatory to quote Document Identification Number

The CBDT vide Circular No. 19/2019 dtd. 14th August 2019 issued a notification wherein, the CBDT has made mandatory that no communication shall be issued by any income – tax authority relating to assessments, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification, approval etc. to the assesse or any other person, on or after 1st October 2019 unless a computer – generated Document Identification Number (DIN) has been allotted and is duly quoted in the body…

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