Reference: Securities and Exchange board of India
Update:
SEBI imposes fine on SRU Securities Limited:
SEBI has levied total fine of Rs 6 lakh on sub-broker SRU Securities for indulging in manipulative trading in the shares of Cerebra Integrated Technologies.
The order follows an investigation conducted by the Securities and Exchange Board of India (Sebi) between December 2014 and January 2016.
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.
Reference: Central Board of Direct Taxes
Update:
Relaxation of time-Compounding of Offences under Direct Tax Laws-One-time measure:
As a one-time measure, the condition that compounding application shall be filed within 12 months, is relaxed by CBDT, under the following conditions:
i) Such application shall be tiled before the Competent Authority i.e. the Pro CCIT/CCIT/Pr. DGIT/DGIT concerned, on or before 31.12.2019.
ii) Relaxation shall not be available in respect of an offence which is generally/normally not compoundable, in view of Para 8.1 of the Guidelines dated 14.06.2019.
Implication:
Applications filed before the Competent Authority, on or before 31.12.2019 shall be deemed to be in time in terms of Para 7(ii) of the Guidelines dated 14.06.2019.
Update:
Prosecution norms eased for TDS, I-T return filing defaults:
The Central Board of Direct Taxes (CBDT) has relaxed some norms relating to prosecution of income tax defaulters for delay in depositing TDS (tax deducted at source), under-reporting of income in the tax return or non-filing of I-T return.
Cases where non-payment of TDS is Rs 25 lakh or below and delay in deposit is less than 60 days from the due date shall not be processed for prosecution in normal circumstances.
Implication:
However, irrespective of this, recourse will continue to lie against habitual defaulters, with the approval of a “collegium” comprising of two senior-ranking officers.
Reference: Ministry of Corporate Affairs
Update:
Costing Taxonomy 2019 to cater to the annual filing of CRA-4 (Cost audit report) for FY 2018-19 is under development. The companies which are required to file CRA-4 (Cost audit report) for FY 2018-19 are required to use Costing Taxonomy 2019 only. Those who have already filed CRA-4 (Cost Audit Report) using the existing Costing Taxonomy 2015 for FY 2018-19 are NOT required to file afresh. However, those companies which are yet to file their Cost Audit Reports are requested to await deployment of Costing Taxonomy 2019 on MCA21 portal. Once the Costing Taxonomy 2019 is deployed, sufficient time would be given for filing CRA-4 without levying additional fee.Stakeholders may kindly take note and plan accordingly.
Reference: Reserve Bank of India
Update:
Withdrawal of Directions – Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh:
The Reserve Bank of India had issued directions under Section 35A of the Banking Regulation Act, 1949 to Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh vide directive dated June 04, 2014. Directions imposed were extended and modified from time to time, last such extension being up to September 11, 2019 vide Directive dated March 05, 2019.
Reserve Bank has withdrawn the said Directions so issued (and modified from time to time) to Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh.
Implication:
Indian Mercantile Co-operative Bank Ltd., Lucknow is not required to follow the directions as it has been withdrawn by the RBI.
