MCA
MCA has notified the Companies (Meetings of Board and its Powers) Amendment Rules, 2017 which shall come into force on the date of their publication in the Official Gazette i.e 30-03-2017. The amendments are being carried out to clarify the intent and to remove the ambiguity w.r.t the contracts or arrangements with the related party. Accordingly, the provisions are now made applicable if the turnover is exactly 10%. The words “exceeding ten per cent.” wherever they occur, the words “amounting to ten per cent. or more” shall be substituted.
CBDT
CBDT has issued Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 which was commenced on 17.12.2016 and is open for declarations upto 31.03.2017. Representations have been received from various stakeholders regarding difficulties in uploading of declaration in Form No.1 under the Scheme. Instances have been communicated wherein despite making payment of tax, surcharge, penalty and deposit under the Scheme, Challan Identification Number / deposit reference number with respect to the payment of tax, surcharge, penalty and deposit under the Scheme has not been provided by the banks. Consequently, the assessees are unable to upload Form No.1. Considering the rush in banks during last days of financial year, which also happens to be the last date of filing declaration under the Scheme, CBDT has decided that if an assessee has made payment of tax, surcharge, penalty and deposit under the Scheme, in the banks by the closing hours of 31st March, 2017, he shall be allowed to file declaration in Form No.1 under the Scheme by the 10th April, 2017.
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