CBDT finalizes bilateral agreement on exchange of CbC reports between India and USA
16 March 2019
The Central Board of Direct Taxes (CBDT) has stated that a Bilateral Competent Authority Arrangement, along with an underlying Inter-Governmental Agreement, for exchange of CbC Reports between India and the USA has been finalized and will be signed on or before 31st March, 2019.
‘Prayagraj Mela Pradhikaran’ notified under section 10(46)
15 March 2019
The Central Board of Direct Taxes (CBDT) has notified ‘Prayagraj Mela Pradhikaran’ for the purposes of the clause (46) of section 10 of the Income-tax Act, 1961.
CBDT notifies certain entities for the purpose of sec. 35 relief
14 March 2019
The Central Board of Direct Taxes (CBDT) has notified ‘M/s Institute of Nano Science and Technology, Mohali and M/s Indian Institute of Science Education and Research, Bhopal’ for the purpose section 35(1)(ii) of the Income-tax Act, 1961.
MCA issues clarification on filing of e-form for conversion of public co. into private co. and change in F.Y.
12 March 2019
Stakeholders have expressed certain difficulties in filing e-form RD-1 on account of pending deployment of revised version of e-form RD-1. It is therefore clarified and advised to process of e-form RD-1 for change in financial year and conversion of public into private company, till the revised from is deployed by the Ministry of Corporate Affairs.
MCA extends tenure of High Level Committee on CSR
12 March 2019
The High Level Committee on Corporate Social Responsibility, 2018 was constituted under the Chairmanship of Secretary, Ministry of Corporate Affairs to review the existing framework and formulate a coherent policy in Corporate Social Responsibility. The Committee has been granted extension of 3 months with effect from 04.03.2019 with the approval of MCA to submit its report.
Co’s fulfilling conditions of ‘Angel Tax Notification’ eligible for Sec. 56(2)(viib) relief: CBDT
06 March 2019
The Central Board of Direct Taxes (CBDT) has issued a new notification clarifying that the provisions of Sec. 56(2)(viib) shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the said consideration has been received by a company which fulfils the conditions as specified in the para 4 of DPIIT notification dated 19-02-2019.
RBI introduces Voluntary Retention route for foreign portfolio investors
02 March 2019
The Reserve Bank of India (RBI) has come up with new route named, “Voluntary Retention Route” to enable Foreign Portfolio investors to invest in debt markets in India. The Investments through the route will be free of the macro-prudential and other regulatory norms applicable to FPI investment in debt markets.
India and Brunei sign Tax Information Exchange Agreement
01 March 2019
A Tax Information Exchange Agreement (TIEA) has been signed between the Governments of India and Brunei Darussalam on February 28, 2019 at New Delhi. The Agreement will enhance mutual co-operation between India and Brunei Darussalam by providing an effective framework of exchange of information.
CBDT extends term of Task Force on Direct Tax by 3 months to May 31, 2019
01 March 2019
In order to review the existing Income-tax Act, 1961 and to draft a new direct tax law, the Govt. had constituted a Task Force. Task Force was required to submit its report to Government by February 28, 2019. The said term has now been extended by CBDT by three months. Task force will now require to submit its report by May 31, 2019 instead of February 28, 2019.
CBDT notifies ‘Nodal Officer, PM-KISAN’ for furnishing specified information u/s 138
01 March 2019
The Central Board of Direct Taxes (CBDT) has specified Nodal Officer, Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) of all State Governments and Union Territories for the purposes of section 138 in connection with sharing of information regarding income tax assessees for identifying the eligible beneficiaries under PM-KISAN Yojana.
RBI revises definition of ‘bulk deposits’ & provides freedom to bank in raising deposits
23 February 2019
In terms of extant instructions, banks have been given discretion to offer differential rate of interest on the bulk deposits as per their requirement and Asset-Liability Management projections. Now, RBI has been decided to revise the definition of bulk deposits and provide operational freedom to banks in raising these deposits.
RBI eases Risk weights norms for exposures to NBFCs
23 February 2019
The Reserve Bank of India (RBI) has allowed bank exposures to all non-banking financial companies (NBFCs), excluding core investment companies (CICs), to be risk weighted according to the ratings assigned by the rating agencies.
RBI to harmonise different categories of NBFCs into fewer ones
23 February 2019
In order to provide NBFCs with greater operational flexibility, hamonisation of different categories of NBFCs into fewer ones shall be carried out based on the principle of regulation by activity rather than regulation by entity. Accordingly, it has been decided to merge the three categories of NBFCs viz. Asset Finance Companies, Loan Companies and Investment Companies into a new category called NBFC – Investment and Credit Company (NBFC-ICC).
MCA notifies Companies (Adjudication of Penalties) Amendment Rules, 2019
20 February 2019
The Ministry of Corporate Affairs (MCA) has notified the Companies (Adjudication of Penalties) Amendment Rules, 2019 wherein provision related to before and after adjudicating penalties has been discussed.
SEBI issues eligible criteria for physical settlement of stock derivatives
11 February 2019
SEBI has decided eligibility criteria with regard to physical settlement of stock derivative. The stocks that qualify for physical settlement are the ones that witness an intra-day movement of 10 % or above on 10 or more occasions in the last 6 months or three or more occasions in the last 1 month. Other criteria for the stock includes an intra-day movement of 25 % or above on one or more occasions in the past 1 month. Further, if the maximum daily volatility of the stock exceeds 10 %
SEBI unveils format for secretarial audit report and compliance report for listed Cos.
11 February 2019
SEBI has prescribed format for annual secretarial audit and compliance report for listed Cos. and their material subsidiaries. In order to avoid duplication, the listed entities and their unlisted material subsidiaries shall continue to sue the Form No. MR-3 as required under the Companies Act, 2013 for the purpose of compliance of 24A of SEBI LODR as well. Compliance report shall have to be submitted by listed entity to stock exchange within 60 days of end of Financial Year.
MCA amends norms for determining significant beneficial ownership
11 February 2019
The MCA has notified the Companies (Significant Beneficial Owners) Amendment Rules, 2019 which shall come into force w.e.f. 08-02-2019. The revised norms provides clear definitions for significant beneficial ownership (SBO). The Rules aim to look-through corporate layers to reveal individual shareholders that ultimately derive economic benefits from and/or control a corporate entity in India.
The Companies Act, 1956 stands repealed w.e.f. January 30, 2019: MCA
31 January 2019
The MCA has announced January 30, 2019 as the date on which provisions of Section 465 of the Companies Act, 2013 would come into force. Section 465 relates to the repealing of the Companies Act, 1956 and the Registration of Companies (Sikkim) Act, 1961. The MCA has partially enforced provision of Section 465 in so far those relate to the Companies Act, 1956 only, i.e., the Registration of companies (Sikkim) Act 1961 will continue to remain in force.
CBDT redefines income-tax authority for purpose of section 133C
31 January 2019
The Central Board of Direct Taxes (CBDT) has substituted Rule 12D of the Income-tax Rules, 1962 which defines the prescribed income-tax authority under section 133C. The new rule provides that the prescribed income-tax authority under section 133C shall be an income-tax authority not below the rank of Assistant Commissioner of Income-tax. Earlier, the authority was Principal Director General or Director General or Principal Director or Director, as the case may be.
CBDT notifies new Centralised Verification Scheme for issue of notice and processing of info. u/s 133C
31 January 2019
The Central Board of Direct Taxes (CBDT) has notified Centralised Verification Scheme, 2019 for the purpose of issuance of notice and for processing of information or document for the purpose of section 133C. The new scheme is introduced in suppression of its earlier scheme.