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Vistra India Update 365

INCOME TAX

TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens 

Central Board of Direct Taxes has clarified that no tax deduction at source under section 194A shall be made in the case of Senior Citizens where the amount of such income or, the aggregate of the amounts of such income credited or paid during the financial year does not exceed fifty thousand rupees.

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COMPANY LAW

Clarification and Extension of due date for filing Form NFRA -1

Ministry of Corporate Affairs (MCA) has extended the date for filing NFRA -1 to 30 days from the date of deployment of Form NFRA -1 on MCA and NFRA website. It is also clarified that the filing of this form is not applicable to Companies incorporated under Companies Act, 2013 or other previous Company Law.

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Extension for last date for filing CRA – 4 (Cost audit report in XBRL Format)

Ministry of Corporate Affairs (MCA) has relaxed additional fees and extended the due date for filing CRA – 4 (Cost audit report in XBRL format) for FY ending 31st March, 2018 to 31st December, 2018

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GOODS AND SERVICES TAX

Extension of Due Date of filing of Annual Return

The Department of Revenue under Ministry of Finance vide Order No. 1 / 2018 Central Tax – has extended the due date for filing of Annual Return for the period from 1st July 2017 to 31st March 2018 to on or before March 31, 2019.

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CUSTOMS

Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 96/2018 - 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 7th of December 2018 respectively.  

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LABOUR LAWS 

  • Employee Provident Fund Organization (EPFO) introduces online submission of International Workers (IW) Form IW-1 online effective from 1 November 2018.
  • Under the Provident Fund law, an employer is mandatorily required to file Form IW-1 for employing employees qualifying as International Workers (IWs). Currently, Form IW-1 is manually filed with the Provident Fund department.
  • In order to streamline and reduce the manual filing, EPFO has introduced a facility of online submission of From IW-1 by the employer effective from 1 November 2018. 

EPFO has provided a detailed manual providing the steps to be followed by employer to file online Form 1W-1. The following details are required to be mentioned in the new online Form IW-1:

1. Type of IW – whether Indian or Non-Indian

2. Name

3. Universal Account Number (UAN) of employee

4. Monthly pay

5. Nationality

6. Details of passport 

7. Details of visa

8. Details of Certificate of Coverage

9. Home city of the employee

10. Home country of the employee

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