Reference : Reserve Bank of India
Update:
Extension of period- Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra
RBI had issued to the Padmashri Dr. Vitthalrao Vikhe Patil Co-operative Bank Ltd., Nashik, Maharashtra, the validity of directions for close of business which was last extended upto May 19, 2018. RBI has further extended the validity of directions for a period of six months from March 18, 2020 to September 17, 2020.
Implication:
The said bank will have to follow the directions issued by the RBI for further period of six months i.e., till 17.09.2020.
Reference: Central Board of Direct Taxes
Update:
\’Profit’, not gross receipts relevant for determining foreign tax rate to claim relief u/s.91
Ahmedabad ITAT rules that foreign tax rate for determining relief u/s 91 should be ascertained considering the ‘profit’, not the ‘gross receipts’ with respect to software services rendered by assessee [an Indian company] to foreign parties [based in Afghanistan] during AY 2012-13 and lastly accepts assesse\’s alternate plea that tha amount of tax paid in a foreign country which is not eligible for benefit u/s 91, shall be eligible for deduction u/s 37(1).
Reference: Central Board of Indirect Taxes & Customs
Update:
Tariff Notification in respect of Fixation of Tariff Value
CBIC has notified the Government of India in the Ministry of Finance (Department of Revenue) about fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy seeds, Areca Nut, Gold and Silver as prescribed in notification.
Reference: Ministry of Corporate Affairs
Update:
Board meetings under the Companies Act, 2013
The Government has in-principle decided to relax the requirement of holding Board meetings with physical presence of directors due to the outbreak of the coronavirus (Covid-19).
Implication:
Such meetings may till 30th June, 2020 be held through video conferencing or other audio visual means.
Update:
Extension for Invitation for Public Comments on the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020
A draft of the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 has been made for carrying out amendments in the Companies (CSR Policy) Rules, 2014 and public comments for the same are solicited. Comments, if any, may be submitted online therein by the end of business hours on 28th March, 2020 positively.
Implication:
Stakeholders shall have more time to submit their comments i.e., till 28.03.2020.
Update:
Circular for engagement of Chartered Accountants in NFRA
NFRA invites applications from qualified Chartered Accountants for engagement in NFRA on Contract basis as per details given on its website.
Implication
Interested and eligible professionals may apply accordingly.
Reference: Insurance Regulatory and Development Authority in India
Update:
Modified Guidelines on Product filing in Health Insurance Business
In the event where the policyholder occupying a room with higher tariff, health insurance products, subject to product design, may stipulate recovery of proportionate deductions in respect of various associated medical expenses. With this objective it is proposed to issue norms on making proportionate deductions.
Implication:
Stakeholders are requested to forward their comments/suggestions on the proposed guidelines in the requested format.
Reference: Securities and Exchange Board of India
Update:
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 virus pandemic
SEBI has granted following relaxations from compliance stipulations specified under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, namely;
- Extension of timeline for filings; and
- Relaxation of time gap between two board/Audit Committee meetings.
Implication:
This Circular shall come into force with immediate effect.
KNOWLEDGE ALERT
Insights to help you sharpen your Governance, Risk and Compliance Knowledge
Issued by: Knowledge Management Team of JHS & Associates LLP (JHS), Chartered Accountants
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