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The Schema of Tax Audit Report for Form 3CA-3CD & Form 3CB-3CD has been changed from 20/08/2018. The updated Form 3CA-3CD & Form 3CB-3CD along with Schema is now available for e-Filing.
SEBI has clarified that w.e.f. 5.12.2018 transfer of securities in physical form will not be allowed except in case of transmission or transposition of securities. Transfer of shares will be allowed only after dematerialization.
NCLT, New Delhi Bench has issued a Notice to start e-filings of Application / Petition / Appeal / Reply / Rejoinder etc. in soft copy (in PDF Format only) in Pen Drive, along with the two complete sets of Application / Petition / Appeal / Reply / Rejoinder etc. (Legal Size) in hard copy before the NCLT w.e.f 27-02-2018.
ICAI enters into an arrangement with Taxmann Allied Services Private Limited to provide the contents of its website (Income tax module only) at subsidised price to the members of ICAI at its web sitewww.taxmann.com at Rs. 5100/-.
The last date for filling MEF 18-19 extended till 5 Sep., 18 at 12.00 midnight & online declaration till 10 Sep.,18 at http://www.pdicai.org
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GST: CBIC forms Standing Committee for Consumer Welfare Fund* [Read Order]
Read more at: http://www.taxscan.in/gst-cbic-standing-committee-consumer-welfare-fund/27318/
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Last date of GSTR-3B for the month of July, 2018 has been extended to 24th of August, 2018
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Kerala Floods: NHAI waives Toll Fee till 26th August
Read more at: http://www.taxscan.in/kerala-floods-nhai-toll-fee-26th-august/27350/
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Error in E-Way Bill due to Technical Glitches not a ground for avoiding Penalty & Detention: Kerala HC {Read Judgment]
Read more at: http://www.taxscan.in/error-e-way-bill-technical-glitches-ground-avoiding-penalty-detention-kerala-hc/27374/
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Capital Market Updates
SEBI extends deadline for foreign portfolio investors to provide list of beneficial owners
🍧: In a relief to FPIs, markets regulator SEBI on Tuesday extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel.
BO is the natural person, who ultimately owns or controls an FPI
🕯The regulator, in April, had asked Category II and III foreign portfolio investors (FPIs) to provide a list of their beneficial owner (BO) in a prescribed format within six months.
🍶Under the regime, FPIs have been divided into three categories as per their risk profile and the KYC (know your client) requirements, while other registration procedures have been made simpler for them.
🍡Now, in a circular issued on Tuesday, Securities and Exchange Board of India (SEBI) said it has extended the deadline to provide such list to 31 December, 2018.
🍕 April, SEBI had also asked FPIs to disclose name and address of the beneficial owner; whether they are acting alone or together through one or more natural persons as a group, tax residency jurisdiction, BO group's percentage shareholding capital or profit ownership in the FPI.
🍸Sebi circular
https://www.sebi.gov.in/legal/circulars/aug-2018/amendment-to-sebi-circular-no-cir-imd-fpic-cir-p-2018-64-dated-april-10-2018-on-know-your-client-requirements-for-foreign-portfolio-investors-fpis-_40065.html
🥧Besides, the regulator said that a working group headed by H R Khan, former deputy governor of Reserve Bank of India (RBI), will now look into the various issues raised by FPIs
Source input
https://www.firstpost.com/business/sebi-extends-deadline-for-foreign-portfolio-investors-to-provide-list-of-beneficial-owners-5012961.html
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GST on One-Time Premium: Supreme Court issues Notice to Govt* [Read Order]
Read more at: http://www.taxscan.in/gst-one-time-premium-supreme-court-issues-notice-govt/27379/
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Meaning of Disqualification as per Section 164 of CA2013
The word ‘disqualified’ used in section 164 must be understood in its plain natural meaning, which in the context would be ‘not qualified’ and not in the limited sense viz., as restricted to some incapacity as a result of defect, unfitness or blemish.
*_Read full case law at :_* https://dasgovernance.com/2018/08/22/meaning-of-disqualification-as-per-section-164-of-ca2013-2/