23 August 2018 Updates

Finance ministry has proposed amendments in the Income Tax rules for obtaining 'no deduction of tax' certificate electronically, a move aimed at minimizing human interface and reducing compliance burden. The tax department proposes to make changes in Form No 13 and related rules under the Income Tax Act.

Last date of filing of GSTR-3B for the month of July 2018 has been extended to Friday, 24-8-2018. Source - www.gst.gov.in

Sales tax department, Haryana has issued a notification dated 06/08/2018 in order to afford an opportunity to the dealers to migrate to GST portal, who failed to complete their migration to GST portal till date by 25th August 2018.

SEBI vide its circular has clarified Electronic book mechanism for issuance of securities on private placement basis. With a view to further rationalize and ease the process of issuance of securities on EBP platform and in consultation with the market participants.

Indian Accounting Standards (Ind AS) have become mandatory for certain non-banking finance companies (NBFCs) effective April 1, 2018, with the first quarter reporting out for some. This puts to rest the speculation that the transition to Ind AS for NBFCs may get postponed.

Supreme Court has ruled that the Insolvency and Bankruptcy Code (IBC) will override Income-Tax 

rules on claims. “Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income-Tax Act.

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*SEBI extends deadline for FPIs to provide list of beneficial owners*

(In a relief to FPIs, markets regulator Sebi extended the deadline by two months till December for providing a list of beneficial owners)
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https://goo.gl/wy9w2C

*SC ruled that IBC will override Income-Tax rules on claims*
(Supreme Court has ruled that the Insolvency and Bankruptcy Code (IBC) will override Income-Tax rules on claims.)
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https://goo.gl/DvM2og

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Govt extends Due Dates for filing of GST Returns in Kerala, Mahe and Kodagu*

Read more at: http://www.taxscan.in/govt-due-date-gst-returns-kerala-kodagu/27385/

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Date extended for dir 3 kyc.. no fees leviable till 15th September 2018

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Corporate Law Update:

*MCA/Companies Act Updates:*

NEWS & IMPORTANT UPDATES
✓Forms FC-4,SH-9,ADT-3,INC-20,AOC-5,DPT-4,MSC-3,MSC-4,CHG-6,INC-6,REFUND and 23AC ADDITIONAL ATTACHMENT are likely to be revised on MCA21 Company Forms Download page w.e.f 25th AUG, 2018. Stakeholders are advised to check the latest version before filing.

✓Companies (Registration Offices and Fees) fourth Amendment Rules, 2018 dated 21.08.2018 

http://www.mca.gov.in/Ministry/pdf/CoRegistrationRule21_22083018.pdf

✓Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2018 dated 21.08.2018

http://www.mca.gov.in/Ministry/pdf/AppointmentQualificationRule21_22082018.pdf

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Where payments were made by Indian company on account of commission for procuring sales orders to non-resident from parties outside India, tax was not required to be deducted at source under section 195 -

read more
https://thetaxtalk.com/2018/08/22/where-payments-were-made-by-indian-company-on-account-of-commission-for-procuring-sales-orders-to-non-resident-from-parties-outside-india-tax-was-not-required-to-be-deducted-at-source-under-section-1/

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Principles followed while sanctioning Scheme of Amalgamation*

*_(1) The court has to be satisfied that the resolutions have been passed by the requisite majority as prescribed in the state at a meeting duly convened._*
*_(2) The approval by the majority is an important factor to be considered by the court._*
*_(3) ....._*
*_(4) ....._*
*_(5) ....._*

*_Read full points with case law at :_* https://dasgovernance.com/2018/08/23/principles-followed-while-sanctioning-scheme-of-amalgamation-2/