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Corporate Updates – 21-08-2014

August 21, 2014 Leave a Comment

CBDT:

Central Board of Direct Taxes (CBDT) extended the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014. Further, CBDT had also clarified that the tax audit report under section 44AB of the Act filed during the period from 1st April, 2014 to 24th July, 2014 in the pre-revised Forms shall be treated as valid tax audit report furnished under section 44AB of the Act.

Public Provident Fund:

Ministry of Finance, (Department of Economic Affairs) has made amendments in the rules of Public Provident Fund and notified the Public Provident Fund (Amendment) Scheme, 2014 which shall come into force from the date of its publication in the Official Gazette. Through this scheme Higher Investment in PPF is allowed as ceiling limit for investment in PPF has been increased from Rs. 1,00,000/- to Rs. 1,50,000/-.

Filed Under: CBDT, News & Updates, PPF

Corporate Updates 31 July 2014

July 31, 2014 Leave a Comment

Company Law Board: 

Company Law Board has issued Clarification on applicability of Section 58A(9) and Section 58AA of the Companies Act, 1956 with regard to the commencement of Section 74(2) of the Companies Act, 2013 w.e.f. 06.06.2014. As the corresponding Sections namely 58A(9) and 58AA of the Companies Act, 1956 ceased to have effect, all Benches of the Company Law Board shall not accept further applications under sections 58A(9) and 58AA of the Companies Act, 1956. Further, all applications under section 58A(9)  and 58AA of the Companies Act, 1956 prior to 06.06.2014 pending in the Regional Benches shall be disposed of under the provisions of the said Act on top priority basis.

CBDT: 

CBDT has revised the format of Form 3CA, Form 3CB and Form 3CD (Format of Tax Audit Reports) under section 44AB of the Income Tax Act, 1961 and has notified the Income Tax (7th Amendment) Rules, 2014. The Notification will be applicable from the date of its publication in official gazette. Form 3CA is an Audit report, which is required to be filed in a case where the accounts of the business or profession of a person have been audited under any other law, Form 3CB is an Audit report, which is required to be filed, in the case of a person referred to in clause (b) of sub – rule (1) of rule 6G and Form 3CD is a Statement of particulars required to be furnished under section 44AB of the Income Tax Act, 1961.

Filed Under: CBDT, CLB, News & Updates

Corporate Updates 14 July 2014

July 14, 2014 Leave a Comment

SEBI: 

In order to facilitate better reach of investors and intermediaries to SEBI, it was decided to open Local Offices in major cities of the country, SEBI, inaugurated its Local Office at Lucknow. The jurisdiction of the Local Office at Lucknow extends to the State of Uttar Pradesh and shall be under the administrative control and jurisdiction of SEBI’s Regional Office at New Delhi. The functions of the Lucknow Local Office includes facilitating the redressal of  investor grievances against listed companies and market intermediaries, spread investor education and financial literacy, processing the applications for Investment Advisors within its jurisdiction and such other functions as may be delegated from time to time to the Local Offices.

CBDT: 

CBDT Under the provisions of the Section 268A of the Income-Tax Act, 1961 revises monetary limits for filing Appeals & Revisions by the Income Tax Department with Appellate Tribunals, High Courts & Supreme Court with an intention to issues measures to reduce litigation. it has been decided by the Board that departmental appeals may be filed on merits before Appellate Tribunal, High Courts and Supreme Court keeping in view the monetary limits and appeals shall not be filed in cases where the tax effect does not exceed the prescribed monetary limits.

Filed Under: CBDT, News & Updates, SEBI

Corporate Updates 7 July 2014

July 7, 2014 Leave a Comment

RBI: 

RBI restores limit of Overseas Direct Investments to 400% of net worth for Financial Commitment (FC) to be undertaken by Indian party under Overseas Direct Investments (ODI) under the automatic route to the limit prevailing, as per the extant FEMA provisions, prior to August 14, 2013. Further for any financial commitment exceeding USD 1 (one) billion (or its equivalent) in a financial year would require prior approval of the Reserve Bank even when the total FC of the Indian Party is within the eligible limit under the automatic route (i.e., within 400% of the net worth as per the last audited balance sheet).

CBDT: 

CBDT, Ministry of Finance has come out with a Standard Operating Procedure on filing of Appeals/ Special Leave Petitions (SLPs) by the Income tax Department in the Supreme Court under various provisions of the Income Tax Act & rules framed thereunder and for other related matters. Instructions  & revised Proforma B for submission of proposal to file SLP has also been issued by CBDT.

Filed Under: CBDT, News & Updates, RBI

Corporate Updates 26 June 2014

June 26, 2014 Leave a Comment

MCA:  

MCA has issued much awaited Clarification with regard to format of Annual Return applicable for the Financial Year 2013-14 and fees to be charged by companies for allowing inspection of records. It is, clarified that Form MGT-7 shall not apply to Annual Returns in respect of companies whose financial year ended on or before 1st April, 2014 and for annual returns pertaining to earlier years. These companies may file their returns in the relevant Form applicable under the Companies Act, 1956 i.e in accordance with the provisions of the Section 159-161 of the Companies Act, 1956. Going by this circular only listed companies will now required to get their Annual Return certified by the PCS as per the old provisions. Now Companies can allow inspections without levy of fee until the requisite fee is specified by companies in the Articles.

CBDT: 

CBDT Notifies New Form of Return of Net Wealth called FORM BB in respect of assessment year (A.Y) 14-15 for return of net wealth referred to in section 14.  Return of net wealth required to be furnished in Form BB shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax and interest paid, or any document or copy of any account or form of report of valuation by Registered Valuer required to be attached with the return of net wealth under any provisions of the Act. In the rules, in Appendix, after Form BA, Form BB shall be inserted.

Filed Under: CBDT, MCA, News & Updates

Corporate Updates 22 April 2014

April 22, 2014 Leave a Comment

CBDT: 

CBDT has issued guidelines for laying down Standard Operating Procedure (SOP) for Verification/Correction of Arrear Tax Demand by the Assessing Officers. Now, the taxpayers can get their outstanding tax demand reduced/deleted by applying for rectification along with the requisite documentary evidence of tax/demand already paid. The SOP is expected to mitigate the long standing grievances of taxpayers by way of reduction/deletion of tax demands as it has special provisions for dealing with the tax demand upto Rs. 1,00,000/- in the case of Individuals and HUFs in order to accommodate certain extra ordinary situations.

DIPB: 

Department of Industrial Policy and Promotion (DIPB), has issued Consolidated FDI Policy which is effective from 17-04-2014. The present consolidation subsumes and supersedes all Press Notes / Press Releases / Clarifications / Circulars issued by DIPP, which were in force as on April 16, 2014 and reflects the FDI Policy as on April 17, 2014. Anything done or any action taken or purported to have been done or taken under the rescinded Press Notes / Press Releases / Clarifications / Circulars prior to April 17, 2014, shall, in so far as it is not inconsistent with those Press Notes / Press Releases / Clarifications / Circulars, be deemed to have been done or taken under the corresponding provisions of this circular and shall be valid and effective.

Filed Under: CBDT, DIPB, News & Updates

Corporate Updates 09 April 2014

April 9, 2014 Leave a Comment

CBDT: 

In exercise of the powers conferred by Section 295 of the Income-Tax Act, 1961, the CBDT amended the Income-tax Rules, 1962, to notify the Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) and ITR-V for filing of Income Tax Returns (ITR) for the Assessment Year 2014-15. To view & download all such forms, please Click Here.

RBI: 

RBI has issued directions under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 to encourage longer term flows, foreign investment by all eligible investors including RFPIs shall henceforth be permitted only in Government dated securities having residual maturity of one year and above and existing investments in T-bills and Government dated securities of less than one year residual maturity shall be allowed to taper off on maturity/ sale. The present limit for investment in Government Securities by SEBI registered FIIs, QFIs, long term investors and FPIs registered in accordance with SEBI guidelines stands at USD 30 billion. Necessary operational guidelines in this regard will be issued by SEBI.

Filed Under: CBDT, Income Tax, News & Updates, RBI

Corporate Updates 24 March 2014

March 24, 2014 Leave a Comment

RBI: 

The Reserve Bank on January 30, 2014 has issued Framework for Revitalising Distressed Assets in the Economy which would be fully effective from April 1, 2014, has outlined a corrective action plan that will incentivize early identification of problem account, timely restructuring of accounts which are considered to be viable, and taking prompt steps by lenders for recovery or sale of unviable accounts. In the background of the above, to the extent it is now made applicable to NBFCs also and separate guidelines are issued to NBFCs for dealing with the NPA’s.

CBDT:

In order to achieve the Budgetary Targets set in the Finance Act, CBDT through its Office Memorandum has directed all its officers across the country to show commitment towards work for remaining days of the Financial Year. Accordingly all Assessing Officers / Addl. CIT / CIT / CCIT involved in assessment work and collection of taxes have instructed that they shall not leave Headquarter upto 31.03.2014 and all Income Tax Offices will be kept open on 29th, 30th and 31st March, 2014.

Filed Under: CBDT, News & Updates, RBI

Corporate Updates 07 March 2014

March 7, 2014 Leave a Comment

MCA: 

The Ministry of Corporate Affairs has established the office of Registrar of Companies cum Official Liquidator at Bilaspur having Jurisdiction at the State of Chhattisgarh and the same would be operational w.e.f 01-04-2014. To view & download the Public Notice dated 05-03-2014, please Click Here.

CBDT: 

CBDT has extended the Due date for Government Deductor for filing TDS returns for F.Y.2012-13 (for 2nd to 4th quarter) and F.Y.2013-14 (for 1st to 3rd quarter) by issuing circular No. 07/2014 F. No. 275/27/2013-IT(B). This is welcome steps of CBDT and big relief for government deductor who are facing the bunch of notices from Income tax department for pay late filing fees of T.D.S/TCS Returns. However, any fee under section 234E of the Act already paid by a Government deductor shall not be refunded.

Filed Under: CBDT, MCA, News & Updates