Corporate Updates – 22-08-2016


CBDT has issued Frequently Asked Questions (FAQs) providing clarification on various issues under the Income Declaration Scheme, 2016 (IDS). According to some clarifications, the declaration for the assessment year (AY) for which the return of income has not been filed can be made under the Scheme even though the time limit for filing the return under section 139 of the Income-tax Act has not expired. It has also been clarified that the income declared under the scheme for an earlier AY can be taken into account to explain the related transactions of the subsequent AYs in assessment proceedings pending before the assessing officer provided there is a nexus between the two. Further, the valuation report from a registered valuer shall not be questioned by the department. The IDS came into effect on 1st June, 2016. To address doubts and concerns raised by the stakeholders, the Board has issued four sets of FAQs vide Circular Nos. 17, 24, 25 & 27 of 2016.


SEBI has issued Frequently Asked Questions (FAQs) on SEBI (Alternative Investment Funds) Regulations, 2012. The FAQs provide the various categories under which an applicant can seek registration as an AIF. According to some clarifications, Venture Capital Funds registered under SEBI (Venture Capital Funds) Regulations, 1996 shall continue to be regulated by the said regulations till the existing fund or scheme managed by the fund is wound up and such funds shall not launch any new scheme after notification of the AIF Regulations. Further, it has been provided that each scheme of the AIF (other than angel fund) shall have corpus of atleast twenty crore rupees. In case of an angel fund, it shall have a corpus of at least ten crore rupees. Investors can lodge their complaints against AIFs on SEBIs web-based grievance redressal system called SCORES. For full particulars of laws governing the AIFs, please refer to the Acts/Regulations/Guidelines/Circulars etc. appearing under the Legal Framework Section of SEBI website. Any queries about the AIF Regulations can be addressed to the Investment Management Department, Division of Funds I , SEBI.

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