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Reference: Central Board of Direct Taxes
Update:
Clarification on the applicability of TDS provisions on Mutual Fund dividend
CBDT issued a clarification on the applicability of TDS provisions on Mutual Fund dividend. As per the said clarification Mutual Fund shall be required to deduct TDS @ 10% only on dividend payment and no tax shall be required to be deducted by the Mutual Fund on income which is in the nature of capital gains.
Reference: Central Board of Indirect Taxes & Customs
Update:
Due dates for filing of return in FORM GSTR-3B in a staggered manner:
CBIC has prescribed due dates for filing of return in FORM GSTR 3B in a staggered manner. As per this scheme taxpayers having an aggregate turnover of up to rupees five Crore in the previous financial year shall e file return in FORM GSTR 3B in the below prescribed manner:
I. For Registered person, whose principal place of business is in States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep, due date is:
| Month | Due date |
| January 2020 | 22.02.2020 |
| February 2020 | 22.03.2020 |
| March 2020 | 22.04.2020 |
II. For Registered person, whose principal place of business is States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi, due date is:
| Month | Due date |
| January 2020 | 24.02.2020 |
| February 2020 | 24.03.2020 |
| March 2020 | 24.04.2020 |
Implication
Taxpayers shall file return in FORM GSTR 3B on or before due dates prescribed by the CBIC to avoid additional fees/penalty
Reference: Securities and Exchange board of India
Update:
Securities and Exchange Board of India (Issuing Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020:
SEBI has issued a SEBI (Issuing Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020 which supersede the Securities and Exchange Board of India (Issuing Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2006 with immediate effect. In the said Order SEBI has laid down the procedures to be followed by the Board in following circumstances:
- Treatment where there is a probable cause for investigation or enquiry or when an investigation or enquiry is in progress against the entities
- Treatment where show cause notice has been issued
- Treatment where recovery proceedings have been initiated or an order for disgorgement or monetary penalty has not been complied with or in case of non-compliance with any direction issued by the Board
- Reconsideration of proceedings pursuant to remand by the Securities Appellate Tribunal or court
- Issuance of observations when the issuer is restrained by a court from making a public issue or filing of offer document
- Issuance of observations do not indicate exoneration
Update:
Common Application Form for Foreign Portfolio Investors
Govt of India on 27th January 2020, has notified the Common Application Form for the purpose of registration, opening of bank and demat accounts, and application for Permanent Account Number by Foreign Portfolio Investors (FPIs) in India.
SEBI provided that the applicants seeking FPI registration shall be required to duly fill CAF and ‘Annexure to CAF’ and provide supporting documents and applicable fees for SEBI registration and issuance of PAN. The other intermediaries dealing with FPIs may rely on the information in CAF for the purpose of KYC.
It has also stated that Designated Depository Participants may continue to accept in–transit FPI registration applications, for a period of 60 days from date of issuance of this Circular, received in the form prescribed in operational guidelines issued on November 05, 2019.
Reference : Reserve Bank of India
Update:
Extension of Direction- Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra
RBI had issued directions to Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra from the close of business on November 13, 2017. Reserve Bank of India has now further extended the directions for a period of two months from February 01, 2020 to March 31, 2020.
Implication:
The said bank will have to follow the directions issued by the RBI for further period of two months i.e., till 31.03.2020
Update:
Increases the insurance coverage for depositors:
Reserve Bank of India, has raised the limit of insurance cover for depositors in insured banks from the present level of Rs. 1 lakh to Rs. 5 lakh per depositor with effect from February 4, 2020 with the approval of Government of India.
Update:
Monetary penalty on Bhilai Nagrik Sahakari Bank Maryadit:
RBI has imposed a monetary penalty of RS.1,50,000/- on Bhilai Nagrik Sahakari Bank Maryadit,Bhilai, for violation of guidelines on “Know Your Customer” Norms issued by the Reserve Bank.
Implication:
The said Bank will comply with directions issued by RBI to avoid further penalty.
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Insights to help you sharpen your Governance, Risk and Compliance Knowledge
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