Corporate Updates – 02-11-2017

CBDT

CBDT extends due date for filing Income Tax Returns and Tax Audit Reports upto 7th November, 2017. On consideration of representations from various stakeholders for further extension of ‘due date’, being 30th September 2017 for those liable to file returns by 30.09.2017 and to facilitate ease of compliance by the taxpayers, CBDT has further extended the ‘due-date’ for filing Income Tax Returns and various reports of audit prescribed under the Income-tax Act,1961 pertaining to AY 2017-18 from 31st October, 2017 to 7th November, 2017 for all such taxpayers.

Ease of Doing

India’s has made a historic jump of 30 ranks in the World Bank’s Doing Business Report, 2018. India’s rank has risen to 100 in the latest report compared to 130 in the Doing Business Report, 2017. Historic jump in ‘Ease of Doing Business’ rankings is the outcome of the all-round & multi-sectoral reform push of Team India. Easier business environment is leading to historic opportunities for our entrepreneurs, particularly MSME sector & bringing more prosperity. Over the last 3 years we have seen a spirit of positive competition among states towards making business easier. It is worth noting that various initiatives were taken in the past couple of years to improve this ranking starting from the incorporation of companies and going upto the registration process and compliance’s thereafter.

Corporate Updates – 21-01-2015

MCA:

MCA has given the much awaited relief to the foreign nationals, they are now relived from obtaining DSC and filing of Form DIR – 11. MCA has amended Rule 16 of the Companies (Appointment and Qualification of Directors) Rules, 2014, where in case a company which has already filed Form DIR-12 with the Registrar under rule 15, a foreign director of such company resigning from his office may authorise in writing a practising chartered accountant or cost accountant in practice or company secretary in practice or any other resident director of the company to sign Form DIR-11 and file the same on his behalf intimating the reasons for the resignation.

CBDT:

CBDT has amended the Income Tax Rules, 1962, which shall come into force from the day of their publication in the Official Gazette to insert a new Rule 12CA. Accordingly, the statement of income distributed by a business trust to its unit holder shall be furnished to the Principal Commissioner or the Commissioner of Income-tax within whose jurisdiction the principal office of the business trust is situated, by the 30th November of the financial year following the previous year during which such income is distributed. Further, the business trust shall furnished Form No. 64A & Form No. 64B to the Principal Commissioner or the Commissioner of Income Tax and to the unit holder in Form No. 64B, respectively, duly verified by the person distributing the income on behalf of the business trust. in the manner indicated therein.

JOBS & CAREERS

Oil and Natural Gas Corporation Limited (ONGC), is looking for promising and energetic Indian Citizens with bright academic record and hands on experience to join the organization as Class-I executives in the Company Secretariat. Selection will be on the basis of Educational Qualification, Experience and performance in personal Interview. Interest Candidates fulfilling the prescribed requirements may download the application format from ONGC website www.ongcindia.com with. For further details, Please Click Here.

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Corporate Updates – 15-01-2015

CBDT:

CBDT has amended & notified the Income Tax (Dispute Resolution Panel) (First Amendment) Rules, 2014 which shall come into force on 1st January, 2015. The Board shall constitute panels at headquarters and assign three Commissioners of Income-tax to each panel as Members for the purpose of transfer of cases of eligible assessee from one panel to another panel under their jurisdiction. Transfer of cases will take place after an opportunity of being heard in being given to the assessee and after recording the reasons, for transfer a case.

RBI:

RBI has earlier decided to implement Cheque Truncation System with effect from January 1, 2015 by Dispensation of the requirement of forwarding of government cheques in physical form to government. However, it has now been decided to postpone the implementation of discontinuation of P2F. The revised date would be advised shortly by the RBI in this regard and till that time old system will continue.

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Corporate Updates – 30-12-2014

CBDT:

CBDT has notifies Reliance Retirement Fund set up by the Reliance Mutual Fund registered under the Securities and Exchange of Board of India (Mutual Fund Regulations, 1993) having registration No MF/022/95/1, dated the 30th June, 1995 as a Pension Fund under Section 80C(2)(xiv) for the purposes of the said clause for the assessment year 2015-16 and subsequent assessment years. This notification shall come into force from the date of its publication in the Official Gazette.

SEBI:

SEBI has passed orders for providing the exit to Bangalore Stock Exchange Limited and Cochin Stock Exchange Limited under the current policy. SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for exit of de-recognised/non-operational stock exchanges, inter-alia, including treatment of assets of de-recognised/non-operational exchanges and a facility of dissemination Board for companies listed.

Corporate Updates – 08-10-2014

MCA:

MCA has given an opportunity to all those Companies which do not have any of their Directors / Signatory details registered in the MCA21 system and who are desirous of filing DIR-3C Form are requested to get atleast one authorised signatory registered by contacting the concerned Registrar of Companies. MCA has already issued instructions to all ROCs and RDs in this regard.

CBDT:

CBDT has notified the process for determination of arm’s length price in respect of wholesale trading. According to the clarification, where the variation between the arm’s length price determined under section 92C and the price of which the international transaction or specified domestic transaction has actually been undertaken does not exceed one percent of the latter in respect of wholesale trading and three percent of the latter. In all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm’s length price for assessment year 2014-15.

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Corporate Updates – 06-10-2014

MCA

Versions of DIR-6, DPT-4, MGT-10, ADT-3, 17LLP, DIR-12 are modified w.e.f 2nd October, 2014. Only new version of the eForms will be acceptable. Stakeholders are requested to plan accordingly and ensure that you have downloaded the latest version for filing and uploading the latest version only. Form-wise date of last version change is available at on the website of MCA, to view & download, the list of all such Forms, ClickHere.

CBDT

CBDT has extended the due date of deposit of taxdeducted at source/tax collected at source during the month of September, 2014. Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of Direct Taxes has issued an order to extend the last date of deposit of TDS during the month of September, 201 from 7th October, 2014 to 10th October, 2014 without entailing any consequential interest. However, the due date for filing of TDS/TCS statements for the 2nd Quarter of the F.Y. 2014-15 shall remain the same.

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Corporate Updates – 01-10-2014

SEBI

SEBI has granted Recognition to MCX-SX Clearing Corporation Limited (MCX-SXCCL) for a period of one year commencing on the 3rd day of October, 2014 and ending on the 2nd day of October, 2015. Further MCX-SXCCL shall comply with the shareholding requirements of SCR (SECC) Regulations, 2012. MCX-SXCCL shall submit an action plan for achieving Networth requirements of INR 100 crore within nine months from the date of grant of recognition. MCX-SXCCL shall also appoint Managing Director and Compliance Officer and to take immediate steps to rectify the deficiencies pointed out in the systems audit.

CBDT

CBDT has issued instructions to all the Commissioners of Income Tax, stating the scope of enquiry for Scrutiny Cases selected on the basis of AIR/TDS Mismatch. The cases selected for scrutiny during the Financial Year 2014-2015 under CASS, on the basis of either AIR data or CIB information or for non re-conciliation with 26AS data the scope of enquiry should be limited to verification of these particular aspects only. Therefore, in such cases, an Assessing Officer shall confine the questionnaire and subsequent enquiry or verification only to the specific point(s) on the basis of which the particular return has been selected for scrutiny.

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Corporate Updates – 27-09-2014

CBDT – Extension of Due Date for Income Tax Returns

CBDT has given the much awaited relief to all corporates and other assesses who are required to furnish their Income Tax Return by 30th September, 2014 by extending the date upto 30th November, 2014.

As per the provisions of the Income-tax Act, 1961 (‘the Act’), for an assessee, who is required to obtain Tax Audit Report (TAR) under section 44AB of the Act, the due date for furnishing his return of income is 30th September of the Assessment Year.

The Central Board of Direct Taxes (‘the Board’) vide order dated 20th August,2014 extended the due date for obtaining and furnishing of Tax Audit Report under section 44AB of the Act for Assessment Year 2014-15 from 30th September, 2014 to 30th November, 2014. Thereafter, the Board has received numbers of representations for extension of the due date for furnishing of return of income also. Writ petitions were also filed in various High Courts for directing the Board to extend the due date for furnishing of return of income from 30th September, 2014 to 30th November, 2014 in conformity with the extension of the due date for filing of Tax Audit Report.

In the High Court of Delhi, a writ petition No.5990/2014 has been filed, however, before the pronouncement of judgement, the petitioner withdrew the writ petition on 23rd September, 2014. The High Court of Madras passed interim order on 24.09.2014 and directed the Board to consider the request of the assessees in general and consider the extension of time for furnishing the return of income. The High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh disposed the writ petition with a direction to the Board to dispose of the representation of the petitioners. The High Court of Bombay disposed of writ petition and directed the Board to look into the practical difficulties of the petitioners and take a just and proper decision in this matter.

The Gujarat High Court allowed Special Civil Application No.12656 of 2014 with Special Civil Application No.12571 of 2014 and vide judgement dated 22.09.2014 directed the Board to extend the due date for furnishing the return of income to 30th November, 2014, except for the purposes of charging of interest under section 234A of the Act for late filing of return of income.

In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the`due-date’ for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Year 2014-15 for all purposes of the Act in the case of an assessee, whois required to file his return of income by 30th September, 2014, and is also required to get his accounts audited under section 44AB of the Act or is a working partner of a firm whose accounts are required to be audited under section 44AB of the Act.5. There shall be no extension of the “due date” for the purposes of charging of interest under section 234A of the Act for late filing of return of income and the assessees shall remain liable for payment of interest as per the provisions of section 234A of the Act.

Further for removal of doubt, it is clarified that for an assessee (other than working partner of a firm which is required to obtain and furnish Tax Audit Report), who is required to file its return of income by 30th September, 2014 but not required to furnish Tax Audit Report under section 44AB, the due date for furnishing of return of income for assessment year 2014-15 remains as 30th September, 2014.

Corporate Updates – 19-09-2014

MCA:

The Central Government has constituted an Advisory Committee to be called the National Advisory Committee on Accounting Standards, consisting of the various persons repute to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the said Act. All the members of the committee shall hold office for a period of one year from the date of publication of this notification in the Official Gazette or till the constitution of National Financial Reporting Authority (NFRA) under section 132 of the Companies Act, 2013, whichever is earlier.

CBDT:

CBDT after extending the last date for submission of Returns has now extended the last date for payment of second instalment of advance tax for companies and first instalment of advance tax for others for FY 2014-15 (AY 2015-16) from 15th September, 2014 to 15th December, 2014 in case of all the tax payers in the State of Jammu and Kashmir. These taxpayers can now pay their September 2014 instalment of advance tax by 15th December, 2014 without entailing any consequential interest for deferment.

Corporate Updates – 17-09-2014

CBDT:

CBDT considering the large scale devastation in the State of Jammu & Kashmir due to heavy rains & floods has extended the due date for filing of Income Tax Returns from 30th September, 2014 to 30th November, 2014 for all assessees in the State of J & K who were liable to file their Income Tax Returns by 30th September, 2014.

SEBI:

SEBI has decided to renew the recognition to MCX-SX for a period of one year commencing on the 16th day of September, 2014 and ending on the 15th day of September, 2015 subject to complying with conditions specified by SEBI from time to time. Further, the exchange is required to build its networth (undisputed) to the level as prescribed in SEBI (SECC) Regulations 2012 within a period of three months from the date of renewal of recognition and shall take immediate steps to rectify the deficiencies pointed out in the systems audit as well as special audit.