CBDT releases draft notification proposing new audit report Form for Trust/Institution
21 May 2019
Rule 17B of the Income-tax rules, 1962 provides furnishing of audit report by a trust or institution in Form No. 10B. Said rule & form was notified long ago in the year 1973. Thus, CBDT has released draft notification proposing amendment to Rule 17B & Form 10B in order to rationalise them to align with the requirements of the present times.
Extension of term of office of members of Insurance Advisory Committee: IRDAI
21 May 2019
The IRDAI has extended the term of office of members of the Insurance Advisory Committee from May 25, 2019 to July 24, 2019.
Govt. amends transitory provisions of IRDAI (Appointed Actuary) Regulations, 2017
21 May 2019
The IRDAI has amended the IRDAI (Appointed Actuary) Regulations, 2017 wherein new proviso has been inserted in Regulation 6 which clarifies that for business continuance, the insurer may need exemption from Regulation 5 for a further period beyond on year. Upon request of the insurer and based on merits of the case, the chairperson may grant extension for a further period not exceeding 2 years.
IRDA issues norm for reconciliation of Co-insurers balance from Electronic Transaction Admin and Settlement System
21 May 2019
The IRDAI has noticed that the inter-company balances in re-insurances and co-insurance business are significantly and high and are on the rise. The re-insurance and co-insurance transactions typically involve multiple organization across geographies giving rise to various issues. Therefore, IRDA has issued norms to mitigate risk and problem.
Director’s DIN to be marked as ‘Director of ACTIVE non-compliant co.’ on his failure to file Co.’s KYC
17 May 2019
The Ministry of Corporate Affairs (MCA) has amended the Companies (Appointment and Qualification of Directors) Rule, 2014 wherein new rule 12 B has been inserted. The amendment emphasis to file the ACTIVE e-form otherwise the existing director’s DIN will be marked as Director of ACTIVE non-compliant company’.
CBDT further deferred furnishing of GST & GAAR details in Form 3CD till March 31, 2020
14 May 2019
The CBDT vide Circular 06/2018 had deferred the reporting of details under clause 30C (pertaining to GAAR) & clause 44 (pertaining to GST) of Form 3CD till March 31, 2019. Now, considering the representations with regards to further deferment of such reporting, the CBDT has decided that the reporting under clauses 30C & 44 of tax audit report shall be kept in abeyance till March 31, 2020.
MCA amends norms related to undesirable names of company
13 May 2019
The Ministry of Corporate Affairs (MCA) has notified the Companies (Incorporation) Fifth Amendment Rules, 2019 wherein Rule 8 related to undesirable names has been substituted. The amendment has well explained about the names which resemble too nearly with name of existing company along with illustrations.
CBIC has extended the due date for filing ER-1 and ER-2 for the month of April, 2019
10 May 2019
On May 8, 2019 vide its order no. 01/2019-Central Excise, CBIC has extended the time limit for filing monthly returns in Form ER-1 and Form ER-2 for the month of April, 2019 from May 10, 2019 to June 10, 2019.
MCA amends norms for removal of Cos.’s name from register of Cos.
09 May 2019
The Ministry of Corporate Affairs (MCA) has amended the Companies (removal of Names of Companies from the Register of Companies) Rules, 2016 wherein the fee for filing an application for removal of name from register of companies has been increased from INR 5000 to INR 10,000. Along with that, it has been specified that the company must file all the pending return before filing the application for striking off name from the register.
MCA amends NCLT rules, prescribes criteria to determine requisite number of members to file class action suit
09 May 2019
MCA has amended the NCLT rules whereby criteria to determine requisite number of members to file a class action suit has been provided. Under the norms, in case of Co. having share capital, at least 5 % of total members of Co. or 100 members whichever is less is requisite number to file class action suit. In case of an unlisted-Co., member(s) having shareholding of not less than 5%. In case of listed Co., member(s) holding not less than 2% of shareholding shall be the requisite number.
CBIC has revised its procedures for E-filing of Central Excise & Service Tax Returns
09 May 2019
On May 08, 2019 vide Circular No. 1069/2/2019/2019 CX, in order to integrate the existing ACES functionalities of Central Excise and Service Tax with GST, data migration from ACES to CBIC-GST application has been started and is expected to be completed by May 25, 2019. Post migration taxpayers will be able to log in on the new portal ‘www.cbic-gst-.gov.in’ by using their existing user id & password.
Now, Mutual funds are required to submit detail related to Artificial Intelligence based system used by them
09 May 2019
The Market Regulator, SEBI has asked from mutual funds to provide details about Artificial Intelligence and Machine Learning-based applications and systems in a prescribed format from quarter ending June 2019.
TDS certificate in Part B of Form 16 to be issued by downloading it from TRACES portal: CBDT
07 May 2019
The Central Board of Direct Taxes (CBDT) has made it mandatory all deductors to issue the TDS certificate in Part B of Form no. 16 by downloading it through TRACES Portal. This will be applicable in respect of all sums deducted on or after April 1, 2018 under the provision of Section 192.
E-form DIR-3 KYC is required to be filed up to June 30 instead of April 30: MCA
02 May 2019
The Ministry of Corporate Affairs (MCA) has notified the Companies (Appointment and Qualification of Directors) Rules, 2014 wherein rule 12 A for director’s KYC has been amended. The Director’s KYC e-form DIR-3 KYC is now required to be filed every year up to June 30 instead of April 30
MCA amends Companies (Registration Offices and Fees) Rules, 2014
02 May 2019
The Ministry of Corporate Affairs (MCA) has notified the Companies (Registration Offices and Fees) Rules, 2014 wherein new fee table has been inserted for filing of charge related documents under the Companies Act, 2013.
Now, Companies have extra time to file e-form DPT-3: MCA
02 May 2019
The Ministry of Corporate Affairs (MCA) has notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2019 wherein the word "the date of publication of this notification in the Official Gazette" has been replaced with ‘31-03-2019’. It means that the companies are need to fill the details in the Form DPT – 3 up to the date of 31-03-2019 instead of 22-01-2019, as notified earlier.
CBDT to share data with GST dept. to trap tax evaders
01 May 2019
The Central Board of Direct Taxes (CBDT) has laid a trap for tax evaders by entering into an MoU with Goods & Services department for sharing data.
CBDT notifies agreement between India-USA on exchange of Country-by-Country reports
27 April 2019
The Central Board of Direct Taxes (CBDT) has notified all the provisions of the agreement entered into between India and United State of America on the exchange of Country-By-Country reports. The agreement was signed on 27-03-2019
SEBI amends norms relating to net worth requirement by clearing corporations in IFSCs
26 April 2019
SEBI has amended the SEBI (IFSC) Guidelines, 2015. Under revised norms every applicant seeking recognition as a clearing corporation shall have a minimum net worth of Rs. 50 Crores in form liquid assets. Also clearing corporation on commencement of operations shall have a minimum net worth equivalent of Rs. 50 Crores at all times in form of liquid assets, and shall have to enhance its net worth to minimum equivalent of Rs. 100 crores over a period of 3 yrs from commencement of operation.
Due date of filing ‘ACTIVE’ e-form extended up to June 15, 2019: MCA
26 April 2019
In order to provide big relief to the corporate entities, the Ministry of Corporate Affairs has extended the due date of filing e-form INC-22A with the MCA from April 25, 2019 to June 15, 2019

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