updates – Page 9

The Companies (Board and its Powers) Amendment Rules, 2020

May 21, 2020

The Central Government clarified that for the period beginning from the commencement of the Companies (Meetings of Board and its Powers) Amendment Rules, 2020 and ending on the 30th June, 2020, the meetings on matters referred herein below may be held through video conferencing or other audio visual means The approval of annual financial statements; The approval of the Board’s Report; The approval of the prospectus; The audit committee meetings for consideration of financial statement…

Fugitive Economic Offenders Act, 2018 received the assent of President

July 25, 2019

Basab Baruah

legal updates

The Act aiming to deter the offenders who are involving in economic offences amounting minimum Rs. 100 crores from evading the process of law in India by staying outside the jurisdiction of Indian courts. The bill has been cleared by Rajya Sabha and Lok Sabha on 25th July, 2018 and 19th July, 2018 respectively and received the assent of president on 31st July, 2018. [Source: Act notified in the gazette by Ministry of Law &…

Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases

July 25, 2019

Basab Baruah

GST updates

On recommendations of the GST Council, the Commissioner hereby extends the period for submitting the declaration in FORM GST TRAN-1 till 31st March, 2019, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the Council. [Source: Order No. 01/2019-GST dated 31st January, 2019]

Central Goods and Services Tax (Removal of Difficulties) Order, 2019

July 25, 2019

Basab Baruah

GST updates

The Central Government, on recommendations of the GST Council, hereby makes the Central Goods and Services Tax (Removal of Difficulties) Order, 2019. It is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account – for determining the eligibility for composition scheme under second proviso to sub-section (1)…

Monetary limits for filing/withdrawal of Wealth Tax appeals by the Department before ITAT, HCs and SLPs/appeals before SC through extending the scope of Circular 3 of 2018 -Measures for reducing litigation

July 25, 2019

Basab Baruah

income tax

There is no charge under Wealth Tax Act, 1957 w.e.f 1st April, 2016. Therefore, as a step towards litigation management, it has been decided by the Board that monetary limits for filing of appeals in Income tax cases as prescribed in Circular No. 3 of 2018 dated 11.07.2018 shall also apply to Wealth Tax appeals through extension to Wealth tax matters in a mutatis mutandis manner and with modifications as prescribed. [Source: Circular No. 5/2019 dated 05th February,…