CORPORATE UPDATE 03.09.2019
knowledge sharing initiative ...........
MCA Update:
1.
MCA
update – Incorporation of Nidhi Companies
Stakeholders are advised not to file applications for
incorporation of Nidhi companies for the time being, on account of certain changes required
in eform SPICe.
Stakeholders will be duly
informed as soon as the proposed changes are carried out. Inconvenience caused
is regretted.
Press News:
TAX Updates
INCOME tAX)
1. Income Tax department made history with a quantum
jump in the e-filing of Income–Tax Returns With an All time high record of 49
lakh 29 thousand and 121 ITRs filed in a single day on 31st August 2019.
CBDT
said that setting new records in e-filing on 31st Aug 2019, the peak filing
rate per second was at 196 ITRs and peak filing rate per minute was at 7447
ITRs while peak filing rate per hour was at 3,87,571 ITRs. The Information
Security team of IT department thwarted over 2205 malicious attacks on the
website aimed at disrupting services in the peak period.
gst (gOODS & sERVICE
tAX)
1.
GST
Revenue collection for August, 2019 and ₹ 98,202crore of total gross GST
revenue collected in August 2019.
The total gross GST revenue collected in the month
of August, 2019 is ₹ 98,202crore of which CGST is ₹ 17,733crore, SGST is ₹
24,239crore, IGST is ₹ 48,958crore (including ₹ 24,818crore collected on
imports) and Cess is ₹7,273 crore (including ₹841crore collected on imports).
The total number of GSTR 3B Returns filed for the month of July up to 31st
August, 2019 is 75.80lakh.
Start – up India Initiative
1.
CBDT
consolidates Circulars for ease of compliance of Start-ups
·
Objective:
To provide hassle-free tax environment to the
Start-ups.
Key
Points:
Vide Circular No.22/2019 dated 30.08.2019, CBDT has
consolidated all the circulars/clarifications issued on this subject for the
ease of compliance of Start-up entities.
Highlights:
I.
Simplification
of process of assessment of Start-ups (Circular No. 16/2019 dated 7th of
August, 2019):
The circular covered cases under “limited scrutiny”,
cases where multiple issues including issue of section 56(2)(viib) were
involved or cases where Form No.2 was not filed by the Start-up entity.
Detailed process of obtaining mandatory approval of the supervisory authorities
for conducting enquiry was also laid down by this circular.
II.
Time
limit for Completion of pending assessments of Start-ups:
The time limit for completion of pending assessments
was also specified by CBDT. All cases involving “limited scrutiny” were to be
completed preferably by 30th September, 2019 and the other cases of Start-ups
were to be disposed off on priority, preferably by 31st October, 2019.
III.
Procedure
for addition made u/s 56(2)(viib) in the past assessment:
Vide clarification issued on 9th August,2019 it was
provided that the provisions of section 56(2)(viib) of the Act would also not
be applicable in respect of assessment made before 19th February, 2019 if a
recognised Start-up had filed declaration in Form No. 2.
IV.
Income-tax
demand:
Outstanding income-tax demand relating to additions
made under section 56(2)(viib) would not be pursued and no communication in
respect of outstanding demand would be made with the Start-up entity. Other
income-tax demand of the Start-ups would not be pursued unless the demand was
confirmed by ITAT.
V. Constitution
of Start-up Cell:
Vide order dated 30.08.2019, CBDT has constituted a
Start-up Cell under the aegis of Member(IT&C), CBDT to redress grievances
and to address various tax related issues in the cases of Start-ups. Grievances
can also be filed online at startupcell.cbdt@gov.in
2. Clarification On Applicability
Of Tax Deduction At Source On Cash Withdrawals
Source:
Press release :
Some Important Amendments in Laws:
1.
Indian
Insurance Companies (Foreign Investment) Amendment Rules, 2019.
1.The Central
Government has made rules further to amend the Indian Insurance Companies
(Foreign Investment) Rules, 2015.
2.
Prasar
Bharati (Broadcasting Corporation of India) Director General (Akashvani) and
Director General (Doordarshan) Recruitment Regulations, 2019.
3.
Foreigners
(Tribunals) (Second Amendment) Order, 2019.
In exercise of the powers conferred by section 3 of
the Foreigners Act, 1946 (31 of 1946), the Central Government hereby makes the
following order further to amend The Foreigners (Tribunals) Order, 1964
4.
The
National Medical Commission Act, 2019
The Central Government hereby notifies that the
provisions of sections 3, 4, 5, 6, 8, 11, 16, 17, 18, 19, 56 and 57 of the said
Act shall come into force with effect from the 02nd day of September, 2019.
Ø Corporate News Bites:
1.
Aadhaar
is back for mutual fund investments
Among
the changes announced by the FM was one which was a surprise and a very
pleasant one at that.
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