Chartered Accountants
(Date: 22/12/2018)
The Reserve Bank of India (RBI) has notified the regulation for lending and borrowing under FEMA wherein the provisions related to borrowing by authorized Dealer or its branch office and Lending in foreign Exchange by person resident in India and so on.
(Date: 21/12/2018)
As per the recent media reports, the Income-tax dept. is issuing new notices to Start-ups asking them copies of tax returns, bank statements, correspondence and ledger details of their investors. DIPP has taken up this matter of issue of notices with Department of Revenue so that there is no harassment of angel Investors or Start-ups.
(Date: 21/12/2018)
In order to assuage regulatory framework and ease of doing business, the companies (Amendment) Bill, 2018 has been introduced in Lok Sabha which seeks to amend the Companies Act, 2013. The Bill shall replace the Companies (Amendment) Ordinance, 2018 which was promulgated by the legislature on November 02, 2018. Moreover, the bill provides to amend various section related to charges, incorporation, penalty provisions and different financial years.
(Date: 15/12/2018)
The Ministry of Corporate Affairs (MCA) has decided to relax the additional fees payable by companies on CRA-4 (Cost Audit Report in XBRL format) up to Dec. 31, 2018.
(Date: 14/12/2018)
The Ministry of Corporate Affairs (MCA) has explicated that the time limit for filing Form NFRA-1 will be 30 days from the date of deployment of this form on the website of Ministry/National Financial Reporting Authority (NFRA).
(Date: 10/12/2018)
The CBDT has amended the Rule 8AA of the Income-tax Rules, 1962 to provide that in case of conversion of an Indian branch of a foreign bank into its Indian Subsidiary, the period for which the asset was held by the Indian branch shall also be considered while calculating the period of holding of such an asset in the hands of the Indian Subsidiary.
(Date: 10/12/2018)
The CBDT has notified certain conditions for availing of the benefit of Sec. 115JG where Indian branch of a foreign bank is converted into its Indian Subsidiary Company.
(Date: 10/12/2018)
The Govt. has clarified that there is no GST on sale of complex or building and ready to move-in flats where sale takes place after issue of completion certificate by the competent authority. The GST is applicable only on sale of under-construction property or ready to move-in flats where completion certificate has not been issued at the time of sale.
(Date: 10/12/2018)
The CBDT has clarified that no tax is required to be deducted under section 194A in case of senior citizens where the amount of interest paid or payable during a financial year doesn’t exceed Rs. 50,000
(Date: 10/12/2018)
The competent authority has decided to extend the due date for filing of annual return and GST audit in FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till March 31, 2019. The requisite FORMs shall be made available on the GST common portal shortly.