Reference: Central Board of Indirect Taxes and Customs
Update:
Online processing of refund applications and single authority disbursement implemented:
The online processing of refund applications and single authority disbursement has been implemented. The taxpayers are advised to take note of the following changes:
• Refund applications filed by the taxpayers in RFD-01 form shall be processed electronically/ online by the tax-officer and all communications between the tax officers and the taxpayers shall take place electronically.
• Refund amount shall be disbursed by accredited bank of Central Board of Indirect Taxes and Customs (CBIC) through the Public Financial Management System (PFMS) after bank account validation.
In order to view the details of changes in various forms READ MORE
Implication:
The new system will boost the disbursement speed of refunds and further improve the GST compliance
Update:
Forms available on GST Portal for Taxpayers and Tax Officials
Government has issued various forms for GST related compliances to be made by taxpayers and for taking actions on them by tax officials. Various forms issued for registration, filing returns or refunds etc. have been made available on the GST Portal.
To know about the details of GST Forms, made available for taxpayers and tax officials, on GST Portal
Reference: Central Board of Direct Taxes
Update:
Extension of due date for linking PAN with Aadhaar: CBDT vide notification dated 28th September 2019 has extended due date for linking PAN card with Aadhaar from 30.9.2019 to 31.12.2019.
Implication:
Taxpayer will get more time to do PAN-Aadhaar linking.
Update:
Conduct of assessment proceedings through \’E-Proceeding\’ facility during financial year 2019-20:
The Central Board of Direct Taxes (CBDT) has issued comprehensive circular on conduct of assessment proceedings through ‘E-proceeding’ facility during financial year 2019-20.
This circular mainly provides guidance for scrutiny of those cases that will not be covered under the recently notified e-assessment scheme. It may be noted the e-assessment scheme would be activated from October 8, 2019 and begin with cases requiring verification of certain specified transactions or discrepancies.
The CBDT also carved out six exceptions where ‘E-proceeding’ facility will not be mandatory. This includes assessment in the course of search, best judgment, set-aside assessments, non-PAN cases, stations with limited capacity of bandwidth and extraordinary circumstances where administrative difficulties can occur.
READ MORE
Reference: Institute of Chartered Accountants of India
Update:
Constitution of High Level Independent Committee: The Institute of Chartered Accountants of India (ICAI) has decided to constitute a High Level Independent Committee to look into the Examination processes/ Regulations governing CA Examinations including Regulation 39(4) of the Chartered Accountants Regulations, 1988 and suggest changes wherever required in the ICAI Examination System.
The Committee would comprise of the following members:
• Dr. P. C. Jain, Govt. Nominee, Convenor
• Justice (CA.) Anil R. Dave, Former Judge, Supreme Court of India
• CA. Ved Jain, Past President, ICAI
• CA. Amarjit Chopra, Past President, ICAI
• CA. (Dr.) Girish Ahuja, Renowned Educationist
Reference: Reserve Bank of India
Update:
Extension of directions- Hindu Co-operative Bank Limited, Pathankot, Punjab:
Reserve Bank of India had in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, had issued directions to Hindu Co-operative Bank Limited, from the close of business on March 25, 2019. RBI has extended the directions with certain modifications and would be applicable till March 24, 2020.
Implication:
Hindu Co-operative Bank Limited has to follow the directions issued by RBI for further period till 24th March, 2020
Update:
RBI announces “Payment and Settlement Systems Innovation Contest and Payment and Settlement Systems Innovative Ideas Competition”:
With a view to providing a platform to encourage, recognise and promote innovations and ideas in the payment and settlement systems arena, the Reserve Bank of India will organise the following contests:
(i) ‘Payment and Settlement Systems Innovation Contest’ for individuals, groups, entrepreneurs, companies, start-ups and similar entities;
(ii) ‘Payment and Settlement Systems Innovative Ideas Competition’ for students of recognised institutions at the undergraduate or above levels.
The broad areas of innovation considered for the contest / competition illustratively are –
Offline payments
Automated online dispute redressal systems
Safety and security in payment systems
Payment options for feature phone users
Simple and easy Know Your Customer (KYC)
Payment systems data analytics
Cross border remittances
Next-gen payment modes
Instrument-less payment systems
Innovative confirmation modes for payment transactions
Automated payment processing
Innovative settlement modes
Implication:
The contest / competition will be organised through Institute for Development and Research in Banking Technology (IDRBT), Hyderabad. (For details please see link https://www.idrbt.ac.in/cfp_psic.html). Shortlisted participants will get an opportunity to present their ideas before a jury of eminent persons. Outstanding innovators will
be awarded prizes and citations.
Reference: Securities and Exchange board of India
Update:
Monitory penalty on promoters of Ybrant Digital: SEBI has imposed a monitory penalty of Rs. 13 Lakh on the promoters of Ybrant Digital for disclosure lapses. Sebi noted certain non-compliances by the promoters with respect to Prohibition of Insider Trading (PIT) Regulations. It was noted that shareholding of the promoters had changed by more than 25,000 shares on several instances and they were required to make requisite disclosures to the bourses as well as the company within the stipulated period under PIT norms. However, they failed to do so.
Implication:
The penalty is payable by noticee mentioned in the order and it shall be payable within 45 days of the receipt of the order.
Update:
M/s. Sabero Organics Limited settles case with SEBI: The Applicant has settled a case of alleged insider trading in the scrip of Sabero Organics Ltd with SEBI by paying a total of over Rs 60 lakh towards settlement charges along with disgorgement of illegal gains. The regulator carried out an investigation into the suspected trading activity in the shares of the firm between May-June 2011. SEBI noted that Coromandel, after a meeting with the representatives of Sabero Organics, informed the bourses about the acquisition of the latter by it.
READ MORE
Reference: News
Update:
IL&FS: MCA to move NCLT to appoint Statutory Auditor within two days:
The Ministry of Corporate Affairs (MCA) will move an application before the Mumbai Bench of NCLT within two days to appoint Statutory Auditor for IL&FS Financial Service Limited (IFIN), advocate Sanjay Shorey, Director of Legal Prosecution of MCA informed NCLT on Friday.
The NCLT Bench of judges V P Singh and Rajesh Sharma has been hearing the petition filed by the MCA seeking a five-year ban on BSR & Associates and Deloitte Haskins, former auditors of IL&FS.
The MCA took this step after the Supreme Court, on granted liberty to the Central Government to move an application before NCLT seeking the appointment of Statutory Auditor for IL&FS in order to fill up the vacancy created by the resignation of auditors BSR & Associates (a KPMG arm). Deloitte Haskins & Sells, had stopped being an auditor after Fiscal Year 2018.
Special rules to deal with NBFCs and HFCs under IBC in next two weeks:
Even as banks are hopeful of reaching a possible resolution for the troubled Dewan Housing Finance Corporation (DHFL), the government is gearing up to have rules and laws in place to deal with such cases in future under the Insolvency and Bankruptcy Code (IBC).
The ministry of corporate affairs is soon going to come with an interim measure to deal with non-banking finance companies (NBFCs) and housing finance companies (HFCs) under IBC. Government plans to carve out a special window under section 227 of IBC to facilitate this move.
Reference: General
Direct tax code panel for DDT removal to promote investment:
The task force on direct tax code (DTC) has recommended abolishing dividend distribution tax (DDT) with a view to promote investment.
The dividend distribution tax hinders foreign direct investment inflows.
Dividends paid by a domestic company are subject to dividend distribution tax at 15 per cent of the aggregate dividend declared, distributed or paid. The effective rate is 20.35 per cent, including 12 per cent surcharge and 3 per cent education cess.
Implication:
If the suggestions with regards to removal of dividend distribution tax accepted, it will encourage the Foreign direct investment inflows.
