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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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Circular on Insolvency and Bankruptcy Code, 2016

Circular on Insolvency and Bankruptcy Code, 2016

Summary of Circular in IBBI Code, 2016 issued on 13/8/2019 is listed below: Valuation under the Insolvency and Bankruptcy Code, 2016: Appointment of Registered Valuer: a. The Board has clarified that appointment of any person as a registered valuer other than a valuer registered under Companies (Registered Valuers and Valuation) Rules, 2017 to conduct any valuation under this code, is illegal and amounts to violation of this circular. b. The payment in the form of fees or otherwise paid to any person…

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Simplification of process of Incorporation of Section 8 Companies

Simplification of process of Incorporation of Section 8 Companies

With a view to simplify the process for incorporating Section 8 Companies, requirement of prior filing of INC-12 for new section-8 companies is being dispensed with vide the Companies(Incorporation) Sixth Amendment Rules, 2019 dated 7th June, 2019. Henceforth, Section 8 Companies can be incorporated by either reserving names through Run and filing SPICe thereafter or by directly filing SPICe. Licence No. for a section 8 company shall henceforth be allotted at the time of incorporation itself. In view of the above, all…

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CBDT simplifies tax assessment procedure for Startup's

CBDT simplifies tax assessment procedure for Startup’s

The CBDT vide notification dtd. 10th August 2019 has simplified the procedure of tax assessment for startup’s. Here’s a brief : 1. Incase of startup companies recognized by DPIIT which have filed Form No.2 and are selected for “limited scrutiny” for a single issue of applicability of s. 56(2)(viib), the contention of the taxpayer will be summarily accepted. 2. Incase of startup companies recognized by DPIIT which have filed Form No. 2 and are selected for a “complete scrutiny” i.e…

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Insolvency and Bankruptcy Code (Amendment) Act, 2019

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

Ministry has introduced Insolvency and Bankruptcy Code (Amendment) Act, 2019. Summary of Amendments are mentioned below: Amendments Description   Amendment of section 5 In section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) (hereinafter referred to as the principal Act), in clause (26), the following Explanation shall he inserted, namely:- “Explanation.-For the removal of doubts, it is hereby clarified that a resolution plan may include provisions for the restructuring of the corporate debtor, including by way of merger, amalgamation…

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How to file ITR

CBDT issues clarifications regarding filing of ITR for AY 2019/2020.

The CBDT on 8th August 2019 released vide Circular 18 of 2019 issued clarifications in respect of filling up ITR Form’s for AY 2019 – 2020. The ITR Forms for AY 2019 – 2020 were notified vide notification on 1st April 2019. Subsequently, the instructions for filing ITR forms and software utility for filing of ITR were also released. After notification of the ITR forms various queries were raised to which clarifications have been issued in the said notification. Complete…

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Payment of Referral fee to foreign concern for services rendered outside India not taxable in absence of PE in India

Case Law : Payment of Referral fee to foreign concern for services rendered outside India not taxable in absence of PE in India

In a recent decision in the case of Knight Frank (India) Private Limited V/s ACIT, Mumbai , the Hon’ble Mumbai ITAT has held that – –       Where referral fees was received by foreign concern for introducing clients to assesse – Indian Company, providing international real estate advisory and management services, since referral services were rendered entirely outside India, it would not fall within the scope of ‘total income’ of said foreign concern as per s. 5(2) –       Referral fees paid by assesse…

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Consumer Protection Bill 2019 gets Parliament approval

Consumer Protection Bill 2019 gets Parliament approval

The Parliament gave it’s nod to the landmark Consumer Protection Bill 2019 which aims to protect the rights of consumers by establishing authorities for timely and effective administration and settlement of consumer’s dispute. The Bill was passed by the Lok Sabha on 30th July 2019 and was passed by Rajya Sabha through voice of vote. The Bill will replace the more than three decades old Consumer Protect Act 1986. Mr. Ramvilas Paswan, Union Minister of Consumer Affairs, Food and Public Distribution…

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CBDT extends time limit for processing ITR's filed with refund claims upto AY 2017 - 2018 extended to 31/12/2019

CBDT extends time limit for processing ITR’s filed with refund claims upto AY 2017 – 2018 extended to 31/12/2019

Due to technical issues or for other reasons not attributable to assessee’s concerned, several returns for various assessment years upto AY 2017 – 2018, which are filed validly under s. 139 or 142 of the Income Tax Act (hereinafter referred to as ‘the Act’) could not be processed under s. 143(1) of the Income Tax Act. Consequently, intimation regarding processing of such returns could not be sent within a period of one financial year in which such returns were filed…

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