Payment made on October 3, 2017 shall be deemed to be paid by due date for 3rd instalment under IDS: CBDT
12 July 2019
Considering the difficulties faced by the declarants while effecting payment of third instalment of Income Disclosure Scheme, 2016 (IDS) on September 30, 2017 due to closure of banks on account of holiday, the Central Board of Direct Taxes (CBDT) has directed that all payments made/effective on October 3, 2017 shall be deemed to have been paid by due dates.
Income earned by NR from off-shore investments routed through Category I/II AIFs not taxable in India: CBDT
04 July 2019
Section 115UB(1) of the Income-tax Act, 1961 provides that the investments made by Category I or Category II Alternate Investment Fund (AIF) are deemed to have been made by the investor directly. Therefore, the CBDT has clarified that any income of NR investor from off-shore investments routed through Category I or Category II AIF, being a deemed direct investment outside India by NR investor, is not taxable in India under section 5(2).
MCA tweaks Nidhi Rules, 2014; requires Nidhi-Cos to make declaration in Form-NDH-4
11 July 2019
The Ministry of Corporate Affairs (MCA) has amended the Nidhi Rules, 2014 wherein new rule 3A has been inserted which talks about the declaration of Nidhis. The Companies declared as Nidhi under any previous law need to file Form NDH-4.
RBI introduces web-based online system for submission of FLA return
29 June 2019
With an objective to enhance the security-level in data submission by the Indian companies, the Reserve Bank of India has introduced the web-based online system for submission of Foreign Liabilities and Assets. It would facilitate data submission by eligible entities.
RBI relaxes leverage ratio for banks
29 June 2019
In order to boost lending activities, the Reserve Bank of India (RBI) has relaxed the leverage ratio for bank. The Minimum Leverage Ratio would be at 4 % for domestic Systemically Important Banks and 3.5 % for other bank which will be effective from the quarter commencing October 1, 2019
SEBI proposes norms for issuance of Differential Voting Rights shares
28 June 2019
The Market Regulator, SEBI has proposed framework for issuance of Differential Voting Rights along with amendments to the relevant SEBI Regulations to give effect to the framework. The new framework has discussed various provisions related to eligibility, listing and lock-in, Rights of shares, enhance corporate governance, coat-tail provisions, sunset clauses and fractional right shares.
MCA proposes to bring simple web based KYC verification service for directors
27 June 2019
The Ministry of Corporate Affairs (MCA) is now proposing to bring simple web based KYC verification service for directors. Those directors, who have filed DIR-3 KYC will only be required to complete his/her KYC through a simple web-based verification service, with pre-filled data based on the records in the registry, for ease of verification by the person concerned
CBDT expands Terms of Reference for drafting new Direct Tax Law
27 June 2019
The Central Board of Direct Taxes (CBDT) has broaden the Terms of Reference (ToR) in order to draft new Direct Tax Law. The 5 new ToR have been included which are faceless & anonymised scrutiny/assessment, system based cross verification of financial transactions, reduction in litigation & expeditious disposal of appeal, reduction of compliance burden and sharing of information between GST, Custom, CBDT & FIU.
RBI issues directions for financial benchmark administrators
27 June 2019
In order to improve governance, The Reserve Bank of India (RBI) has issued directions for financial benchmark administrators wherein various provisions related to authorization, eligibility, grant, formulation, process control, internal control, and complaint management have been discussed.
Penalty levied on short collection of margins on commodity derivative segment to be credited to core SGF: SEBI
21 June 2019
SEBI noted that some clearing corporation were crediting the penalty levied on short collection/ non-collection of margin on commodity derivative segments to SGF and other are crediting to Investor Protection Fund (IPF), In order to bring uniformity with regard to crediting of penalties so levied, the SEBI has clarified that same to be credited to core SGF.
Set-off of loss against deemed income u/s 115BBE was allowed till AY 2016-17: CBDT
20 June 2019
The Central Board of Direct Taxes (CBDT) has clarified that since the term ‘or set off any loss’ was inserted by Finance Act, 2016, w.e.f., 01-04-2017, an assessee can claim set-off of loss against income determined under section 115BBE till the Assessment Year 2016-17
SEBI prescribes certain factors for assuring confidentiality in application filed under settlement norms
19 June 2019
In order to assure confidentiality to an applicant who provides assistance in examination proceedings, the Board may assess the information/assistance/co-operation rendered during such examination proceedings by inter alia considering, certain factors such as a) Assistance Provided b) Gravity of the subject matter, c) Factors which may adversely affect claim for confidentiality.
CBDT issues revised guidelines for compounding of offences under Direct Tax Laws
15 June 2019
The Central Board of Direct Taxes (CBDT) has issued Guidelines for Compounding of Offences under Direct Tax Laws, 2019 in supersession of earlier Guidelines dated 23-12-2014 These Guidelines shall come into effect from 17.06.2019 and shall be applicable to all applications for compounding received on or after the aforesaid date.
SEBI requires credit rating agencies to disclose probability of default for issuers they rate
14 June 2019
The SEBI has issued guidelines for enhanced disclosure by Credit Rating Agencies (CRA) wherein it has directed credit rating companies to start disclosing the probability of default for the issuers they rate, the probability shall be based on a 10 year Marginal Default Rate (MDR) approach, using monthly static pool. Also sensitive factors such as financial performance, sector concerns need to be disclosed. SEBI has also directed CRAs to compute cumulative default rates on annual basis.
RBI instructs banks to waive off NEFT and RTGS charges w.e.f. July 01, 2019
12 June 2019
In order to boost digital transactions, the Reserve bank of India issued a circular on June 06, 2019 to waive off the charges levied on RTGS and NEFT. Now, the RBI has issued instruction to the banks to waive off processing charges on fund transfer though NEFT and RTGS with effect from July 01, 2019.
Income-tax dept. carries out another search operation in J&K region
12 June 2019
The Income-tax department conducted search and seizure operations on June 11, 2019 on a prominent business group based in Srinagar. The group has got their loans of Rs.170 crore with J&K Bank restructured for a sum of Rs.77 crore, out of which, payment of only Rs. 50.34 crore has been made so far. Surprisingly, none of the members of the group is regular in filing their Income-tax Returns.
RBI issues new prudential framework for resolution of stressed assets
10 June 2019
The RBI has issued new prudential framework for resolution of stressed assets on Jun 07, 2018, replacing its controversial 12 February 2018 circular after it was quashed by Supreme Court. Under the revised norms, the RBI has now made it voluntary for lenders to take defaulters to the bankruptcy court; the framework now applies to a larger universe of lenders, which includes small banks and NBFCs; and penal provisions have also been introduced for lenders.
CBDT prescribes manner of filing TDS & TCS statements electronically
06 June 2019
In exercise of powers conferred by the rule 31A and 31AA of the Income-tax rules, 1962, The Central Board of Direct Taxes has prescribed the manner in which a deductor can register and file statement of tax deducted or collected at source electronically
Reporting of bank frauds due to Govt.’s proactive measures: MoF
05 June 2019
The Ministry of Finance has issued circular with regard to increase in detection and reporting of bank fraud wherein it has specified that bank fraud has been declined from the past due to Government proactive measure.
SEBI amends regulation to include Obligatory norms for Clearing Corporation in commodity derivatives
05 June 2019
The market regulator, SEBI has notified the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulation, 2018 wherein new proviso 43A has been inserted for obligation of clearing corporation in commodity derivatives.

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