CORPORATE UPDATES FOR THE PERIOD 1st JANUARY TO 10th JANUARY, 2020

Good Evening Professionals! This is new Knowledge Initiative by our author CS Lalit Rajput to promote Corporate Governance. We will provide corporate updates after every 10 days to empower professionals.

MCA/ROC UPDATE :

(1.) Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT of Ladakh :

Extension of time for filing of financial statements for the financial year ended 31.03.2019. Therefore, it has been decided to extend the due date for filing of e-forms AOC-4, AOC-4 (CFS) AOC-4 XBRL and e-form MGT-7 upto 31.01.2020, for companies having jurisdiction in the UT of J&K and UT of Ladakh without levy of additional fee.

(2.) Relaxation of additional fees and extension of last date of filing of CRA-4 (cost audit report for FY 2018-19 under the Companies Act, 2O13) (Due date : On or before 29.O2.2O2O) :

http://www.mca.gov.in/Ministry/pdf/Circular17_30122019.pdf

(3.) Companies (appointment and managerial personnel) Amendment Rules 2020 :

Ministry of Corporate Affairs (MCA), Government of India (GOI) wide notification dated 03rd January, 2020 amended the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

These rules may be called the “Companies (appointment and managerial personnel) Amendment Rules 2020”.

Comparative Analysis of Companies (appointment and managerial personnel) Amendment Rules 2020 at

(4.) Relaxation of additional fees and extension of last date of filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018 (Due date: 31.03.2020) :

http://www.mca.gov.in/Ministry/pdf/Circular1_01012020.pdf

INCOME TAX UPDATES :

(1.) Amendment of Rule 10DA and Rule 10DB regarding furnishing of information and maintenance of documents by Constituent Entity of an international group :

Short title and commencement :

  • These rules may be called the Income-Tax (2nd Amendment) Rules, 2020.
  • They shall come into force on the date of their publication in the Official Gazette.

Link : https://www.incometaxindia.gov.in/news/notification_3_2020.pdf

(2.) CBDT notifies ITR-1 and ITR-4 for Assessment year 2020-21​ :

Short title and commencement :

  • These rules may be called the Income-Tax (1st Amendment) Rules, 2020.
  • They shall come into force with effect from the 1st day of April, 2020.

Link : https://www.incometaxindia.gov.in/news/notification_01_2020.pdf

(3.) Relaxation of time-Compounding of Offences under Direct Tax Laws-One-time measure-Extension of Timeline-Reg.

Reference is invited to the Circular No. 2512019 F. No. 285/08/2014-TT(Tnv. V)/350 dated 09.09.2019, whereby, the condition for filing of applications for compounding of offences under the Income-tax Act, 1961 (the Act), to be filed within 12 months from filing of complaint in the court, was relaxed by CBDT till 31.12.2019, as a one-time measure.

Link : https://www.incometaxindia.gov.in/communications/circular/circular_1_2020.pdf

GST UPDATES :

(1.) New GSTIN reallocated to taxpayers of Union Territory of Ladakh :

New GSTINs are reallocated to active existing taxpayers registered under J&K State earlier with State code (01), having Principal Place of Business in jurisdiction of Union territory of Ladakh (with UT code “38”). The list contains new GSTINs along with old GSTINs. Taxpayers are requested to use new GSTINs while generating the invoices and receiving of supplies etc. w.e.f. 1st Jan, 2020.

Link : https://www.gst.gov.in/newsandupdates/read/344

(2.) Seeks to amend the Notification No. 62/2019-CT dt. 26.11.2019 to amend the transition plan for the UTs of J&K and Ladakh (Notification No. 03/2020-Central Tax ,dt. 01-01-2020) :

Link : http://cbic.gov.in/resources//htdocs-cbec/gst/notfctn-03-central-tax-english-2020.pdf

(3.) Seeks to make amendment (2020) to CGST Rules (Notification No. 02/2020-Central Tax ,dt. 01-01-2020) :

Link : http://cbic.gov.in/resources//htdocs-cbec/gst/notfctn-02-central-tax-english-2020.pdf

(4.) Seeks to bring into force certain provisions of the Finance (No. 2) Act, 2019 to amend the CGST Act, 2017 (Notification No. 01/2020-Central Tax ,dt. 01-01-2020) :

Link :http://cbic.gov.in/resources//htdocs-cbec/gst/notfctn-01-central-tax-english-2020.pdf

SEBI UPDATES :

(1.) SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (SIXTH AMENDMENT) REGULATIONS, 2019 (BSE Circular No. LIST/COMP/47/2019-20 dated 02.01.2020) :

SEBI vide notification no. No. SEBI/LAD-NRO/GN/2019/47 dated 26.12.2019 has amended the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Sixth Amendment) Regulations, 2018.

(2.) SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (FIFTH AMENDMENT) REGULATIONS, 2019 (BSE Circular No. LIST/COMP/48/2019-20 dated 02.01.2020) :

Securities and Exchange Board of India (SEBI) has on December 26, 2019 vide notification No. SEBI/LAD-NRO/GN/2019/45 notified Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2019.

  • Applicability : They shall come into force on the date of their publication in the Official Gazette.
  • Scope : Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

(3.) Annual System Audit of Market Infrastructure Institutions :

SEBI had mandated that stock exchanges and depositories should conduct an Annual System Audit by a reputed independent auditor. Subsequently, the framework was also extended to clearing corporations.

Market Infrastructure Institutions are advised :

  • To conduct an Annual System Audit as per the framework given under circular ;
  • To maintain a list of all the relevant SEBI circulars/ directions/ advices, etc. pertaining to technology and compliance thereof (format given under Circular) ;
  • To submit information with regard to exceptional major Non-Compliance (NCs)/ minor NCs observed in the System Audit (format given under Circular) ;
  • To categorically highlight those observations/NCs/suggestions pointed out in the System Audit (current and previous) which remain open.

Link : https://www.sebi.gov.in/web/?file=https://www.sebi.gov.in/sebi_data/attachdocs/jan-2020/1578379556557.pdf#page=1&zoom=auto,-16,792

IBC UPDATES :

Read Full at : http://enlightengovernance.blogspot.com/search?updated-max=2020-01-09T18:37:00%2B05:30&max-results=200

  • IBC Circular On Deposit of unclaimed dividends and / or undistributed proceeds of liquidation process in accordance with regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

Link : https://www.ibbi.gov.in/webadmin/pdf/whatsnew/2020/Jan/Liq-circular27_2020-01-09%2023:56:57.pdf

AUTHOR : CS LALIT RAJPUT (CLICK HERE TO VIEW PROFILE)

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