Reference: Securities and Exchange board of India
Update:
Master Circular for Stock Exchange and Clearing Corporation:
Securities and Exchange Board of India (SEBI), from time to time, has been issuing various circulars/directions to Stock Exchanges and Clearing Corporations. In order to enable the users to have an access to all the applicable circulars/directions at one place, Master Circular for Stock Exchanges and Clearing Corporationshas been prepared.
This Master Circular is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue.References in the circular to the Statutes/Regulations which now stand repealed, have been suitably updated.Efforts have been made to incorporate applicable provisions of existing circulars issued by other Departments of SEBI relevant to Stock Exchanges and Clearing Corporations.
In case of any inconsistency between the Master Circular and the applicable circulars, the content of the relevant circular shall prevail.
Update:
Master Circular for Depositories:
Securities and Exchange Board of India (SEBI), from time to time, has been issuing various circulars/directions to Depositories. In order to enable the users to have an access to all the applicable circulars/directions at one place, Master Circular for Depositories has been prepared.
This Master Circular is a compilation of the relevant circulars/communications issued by SEBI up to March 31, 2019 and shall come into force from the date of its issue. References in the circular to the Statutes/Regulations which now stand repealed, have been suitably updated. Efforts have been made to incorporate applicable provisions of existing circulars issued by other Departments of SEBI relevant to Depositories.
In case of any inconsistency between the Master Circular and the applicable circulars, the content of the relevant circular shall prevail.
Reference: Central Board of Indirect Taxes and Customs
Update:
Clarification relating to Sabka Vishwas (Legacy Dispute Resolution Scheme):
With regard to the Sabka Vishwas (Legacy Dispute Resolution Scheme, CBIC has clarified following:-
- Cases where (Financial audit Report (FAR) has been issued on or before 30th June 2019, are eligible for relief under SVLDRS as the tax demand has been quantified.
- Voluntary declarations may be accepted without recourse to determination of eligibility as the Scheme provides ample safeguards for taking suitable action in case false declaration of any material Particular.
- This also covers cases of arrears of tax liability admitted under returns filed on or before 30th June 2019
- Circular No. 1072/05/2019-CX dated September 25, 2019, clarified that separate declaration will need to be filed for each return filed on or before June 30, 2019. It is clarified that a person can file a single declaration for more than one such return also; it will not have any impact on the applicable tax relief.
- The assets of a tax defaulter are taken over by an Asset Reconstruction Company (ARC) and the department asks the ARCs to pay the outstanding dues, such persons are allowed to file the declaration under the Scheme and avail the benefit if they comply with remaining conditions like withdrawal of pending cases etc.
Implication:
This will clarify the doubts of the stakeholder relating to eligibility of Sabka Vishwas (Legacy Dispute Resolution Scheme
Update:
Extension of Due date for furnishing Form GST CMP-08:
CBIC has extended due date for furnishing the statement containing the details of payment of self-assessed tax in said FORM GST CMP-08, for the quarter July, 2019 to September, 2019, or part thereof, shall be the 22nd day of October, 2019.
Implication:
This notification shall be deemed to have come into force with effect from the 18th day of October, 2019
Reference: Central Board of Direct Taxes
Update:
Income Tax Department conducts search on a prominent business group in Delhi:
Income Tax Department conducted search operation on a group based in Delhi in connection with tax evasion and money laundering. The group is engaged in various e-governance projects and financial services. It has presence across several
cities in India and also in Dubai.
The search and seizure action have led to unearthing of several incriminating evidence establishing large scale tax evasion, hawala transaction and money laundering by the said taxpayer group. The group has taken recourse to use of shell
companies based in Delhi / Kolkata to route unaccounted money.
Earlier, the Department had conducted search action on entities related to Fertilizer procurement. Investigations had revealed that huge amount of commission was being collected in Dubai through shell companies of a Dubai based operator
who is also an accused in a VVIP Chopper scam. A part of such commission was laundered back to India through the aforesaid Delhi based group.
Preliminary enquiries reveal the quantum of accommodation entries and hawala transactions to be more than Rs. 1000 crore.
Reference: Ministry of Corporate Affairs
Update:
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:
On account of various factors MCA has extended due date for filing of e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and e-form MGT-7 upto 31.12.2019,by companies without levy of additional fee. READ MORE
Implication:
Stakeholders will have more time to file Annual Return (FORM MGT 7) and Financial statement (FORM AOC 4) for the financial year nding 31.03.2019
Reference: Reserve Bank of India
Update:
Monetary penalty on Tamilnad Mercantile Bank Ltd.:
The Reserve Bank of India had imposed monetary penalty of Rs. 35 lakh on Tamilnad Mercantile Bank Ltd. (the bank) for non-compliance with certain provisions of directions issued by RBI on “Reserve Bank of India (Frauds classification and reporting by commercial banks and select FIs) directions 2016”.
Implication:
The bank will comply with directions issued by RBI to avoid further penalty
