August 16 - August 31, 2017
New Form 29B for Minimum Alternate Tax (MAT) audit report notified
The Central Government has notified new Form 29B for MAT audit report on computation of books profits of a Company.
Income Tax Returns due date extended from 30th September 2017 to 31st October 2017 for Financial Year 16-17
Income tax assessee whose accounts are required to be audited (other than transfer pricing cases) are required to file their tax returns by 30th September 2017 for Financial Year 16-17. Now the Central government has extended this due date to 31st October 2017.
Due date for linking Aadhaar number with PAN for filing Income tax return extended
All tax payers having Aadhaar number or enrolment number were required to link it with PAN number for filing income tax return on or before 31st July 2017. This due date was earlier extend to 30th August 2017. Now the Central Government has further extended this due date to 31st December 2017.
Company Law Appellate Tribunal Amendment Rules, 2017
Ministry of Corporate Affairs has amended the Company Law Appellate Tribunal Rules to enable Central Government, the Regional Director or the Registrar of Companies or Official Liquidator authorize an officer or an Advocate to represent in the proceedings before the Appellate Tribunal.
The Companies (Arrests in connection with Investigation by serious Fraud Investigation Office) Rules, 2017
Ministry of Corporate Affairs has issued rules providing enabling provision and procedures for arrest of any person who has been guilty of any offence punishable under section 212 (Serious Fraud Investigation) of the Companies Act, 2013. With the introduction of these rules, Ministry has also appointed 24th of August 2017 as the date on which provision of sub section (8) to (10) of section 212 of the Companies Act 2013 shall come in to force.
RBI AND FEMA
DIPP issues new edition of Consolidated FDI Policy Circular for 2017
The Department of Industrial Policy and Promotion (DIPP) under Ministry of Commerce and Industry, Government of India (GOI) released the consolidated foreign direct investment (FDI) policy circular of 2017. The New FDI Policy supersedes the consolidated FDI policy of 2016 issued by the DIPP on 7 June 2016 and consolidates all the press notes/circulars issued by the DIPP post 7 June 2016 until 27 August 2017.
GOODS AND SERVICES TAX
Amendment to CGST Rules, 2017
The Central Government vide notification No. 27/2017-Central Tax, dated 30-08-2017 has made further amendments to CGST Rules, 2017 to incorporate the rules and process on Information to be furnished prior to commencement of movement of goods and generation of e-way bill.
Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees—
(i) in relation to a supply; or
(ii) for reasons other than supply; or
(iii) due to inward supply from an unregistered person,
shall, before commencement of such movement, furnish information relating to the said goods in Part A of FORM GST EWB-01, electronically, on the common portal.
Where the goods are transported by the registered person as a consignor or the recipient of supply as the consignee, whether in his own conveyance or a hired one or by railways or by air or by vessel, the said person or the recipient may generate the e-way bill in FORM GST EWB-01 electronically on the common portal after furnishing information in Part B of FORM GST EWB-01.
Publishing of rate of exchange for conversion of the foreign currency
The Central Board of Excise and Customs (CBEC) vide Notification No. 81 /2017 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 18th of August 2017.
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