Reference: Central Board of Direct Taxes
Update:
Extension of date of Direct Tax payment in respect of third instalment of advance tax for FY 2019-20
Considering the large-scale disruption of Internet Services in the North Eastern States-Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur and Mizoram, the Central Board of Direct Taxes, in exercise of powers conferred under clause (a) of sub-section (2) of section 119 of the Income-tax Act, 1961, has decided to extend the last date for payment of December instalment of Advance tax for FY 2019-20, from 15th December, 2019 to 31st December, 2019 in case of all the assessees, Corporate and other than Corporate, in the above mentioned States.
Implication:
Last date for payment of December installment of Advance tax for FY 2019-20 shall be 31st December 2019 for all the assessees, Corporate and other than Corporate in the state of North Eastern States-Assam, Tripura, Arunachal Pradesh, Meghalaya, Nagaland, Manipur and Mizoram
Reference: Reserve Bank of India
Update:
Furthering Digital Payments – Waiver of Charges – National Electronic Funds Transfer (NEFT) System
In order to give further impetus to digital retail payments, it has now been decided that member banks shall not levy any charges from their savings bank account holders for funds transfers done through NEFT system which are initiated online (viz. internet banking and/or mobile apps of the banks).
Implication:
With effect from 1st January 2020, there will be no charges on NEFT system which are initiated online.
Reference: Securities and Exchange board of India
Update:
SEBI has allowed Asset Management Companies to provide management and advisory services to FPI:
SEBI has allowed Asset Management Companies to provide management and advisory services in terms of Regulation 24(b) of MF Regulations to Foreign Portfolio Investors falling under the following categories of FPIs as specified in FPI Regulations:
Government and Government related investors such as central banks, sovereign wealth funds, international or multilateral organizations or agencies including entities controlled or at least 75% directly or indirectly owned by such Government and Government related investor(s)
Appropriately regulated entities such as pension funds,insurance or reinsurance entities, banks and mutual funds;
Appropriately regulated FPIs wherein (a) or (b) above hold more than 50% of shares/ units.
Implication:
Agreements which are entered into by the AMCs on or before 16th December 2019 to provide management and advisory services to such FPIs which are not falling under the above categories, the AMCs may continue to provide the services, for the period as mentioned in the agreement or one year from the date of this Circular, whichever is earlier .
