GSTN to now be 100% government owned
(Date: 26/09/2018)
Cabinet has approved 100% Govt. ownership in GST Network. The restructure GSTN shall have equity structure between the Centre (50%) and the States (50%).
Author Archive for S Jaykishan
Supreme Court verdict on Aadhaar
Supreme Court verdict on Aadhaar
(Date: 26/09/2018)
The Supreme Court today declared Aadhaar scheme as constitutionally valid but struck down Section 57 of the Aadhaar Act that permitted private entities like telecom companies and banks to use Aadhaar data.
Highlights:
■ Aadhaar is mandatory for filing of income tax returns (ITR) and allotment of Permanent Account Number (PAN).
■ SC says CBSE, NEET, UGC cannot make Aadhaar mandatory. The 12-digit number is also not compulsory for school admissions.
■ SC says it is not mandatory to […] Read More >>
CBDT extends due date for tax audit and return filing
CBDT extends due date for tax audit and return filing
(Date: 24/09/2018)
The Central Board of Direct Taxes (CBDT) has extended the due date for filing of Income-tax returns as well as report of audit from September 30, 2018 to October 15, 2018. However, taxpayers are liable to pay interest for default in furnishing returns under section 234A.
ICSI issues new Secretarial Standard -4 on ‘Report of the Board of Directors’
ICSI issues new Secretarial Standard -4 on ‘Report of the Board of Directors’
(Date: 24/09/2018)
ICSI has issued new SS- 4 on report of the Board of the Directors. SS-4 is re-commendatory in nature and it shall come into force w.e.f. 01.10.2018. Part -1 of the Board report shall be related to Disclosures such as:
1. Company Specific information
2. General Info.
3. Capital and Debt Structure
4. Credit Rating of Securities,
5 CSR.
6. IEPF,
7 Auditors etc, and
Part –II of report shall include other requirement such […] Read More >>
Directors can comply with KYC norms by paying reduced fee of Rs. 500 till Oct 5, 2018
Directors can comply with KYC norms by paying reduced fee of Rs. 500 till Oct 5, 2018
(Date: 21/09/2018)
The Ministry of Corporate Affairs has amended the Companies (Registration Offices and Fees) Rules, 2014 wherein extra time has been provided to DIN holders who failed to file KYC with the MCA. Now directors can comply with KYC norms by paying reduced fee of Rs. 500 instead of Rs. 5000 from Sep 21, 2018 to Oct 05, 2018. From Oct 06, 2018 onwards […] Read More >>
Govt. increases interest rates by up to 0.4% for small savings schemes
Govt. increases interest rates by up to 0.4% for small savings schemes
(Date: 21/09/2018)
Govt. notifies interest rate for Small Savings Schemes on quarterly basis with the approval of the Union Finance Minister. The rate of interest for third quarter of Financial Year 2018-19 have been announced wherein Govt. has increased interest rate on various small savings schemes by upto 0.4%.
Govt. notifies 1% rate of TCS to be collected by E-Commerce operator
Govt. notifies 1% rate of TCS to be collected by E-Commerce operator
(Date: 21/09/2018)
The Govt. has notified that 1% rate of tax collection at source (TCS) to be collected by every electronic commerce operator for intra-State taxable supplies under section 52 of the CGST Act, 2017.
SEBI notifies new norms on buy-back of securities
SEBI notifies new norms on buy-back of securities
(Date:17/09/2018)
SEBI has notified Securities Exchange Board of India (Buy-Back of Securities) Regulations, 2018. The norms prescribes maximum limit of buy-back as 25% or less of the aggregate paid up capital and free reserves of the Company. Under new norms, a company can’t buy-back its securities so as to delist its shares from stock exchange. Norms further prescribes for buy-back through tender offer, buy-back from open market, General obligations for company for buy […] Read More >>
SEBI unveils new norms on issue of capital and disclosure requirements
SEBI unveils new norms on issue of capital and disclosure requirements
(Date:17/09/2018)
SEBI notifies SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The notification shall come into force on 60th day from the date of its publication in Official Gazette. The new norms would also apply to an initial public offer by a small and medium enterprise. The norms debars wilful defaulters and fugitive economic offender from making initial public offer.
CBIC issues guidelines for deduction and deposit of TDS by DDO under GST
CBIC issues guidelines for deduction and deposit of TDS by DDO under GST
(Date:17/09/2018)
The CBIC has issued the guidelines for deduction and deposit of TDS by Drawing and Disbursing Officer (DDO) under GST. There are two options for payment of TDS. First is generation of challan for every payment made during the month and second is bunching of TDS deducted from the bills on weekly, monthly or any periodic basis.