Insights

Vistra India Update 375

May 1 to May 15 2019

INCOME TAX

1.    Tax Audit Report - Amendments deferred 

Reporting requirements relating  to General Anti-Avoidance Rules (GAAR) and Goods and Services Tax (GST) in  Form No. 3CD which are to come into force from 1st April 2019 has now been kept in abeyance till 31st March 2020. 

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2.    Procedure, format and standards for issuance of certificate for tax deducted at
Source in Part B of Form No. 16

As per CBDTs Notification 36/2019, dated 12th April, 2019 the format of TDS Statement in Form No. 24Q, Annexure-II has been revised. The Notification shall come into force w.e.f. 12th May 2019. Form 16 and 24Q have been amended to make them more elaborative and informative. The same has been done to bring the Forms in parity with latest changes made in ITR Forms such as disclosure of deductions and exemptions. This will ensure that Form 16 shall be in conformity with the IT return forms making it easy for the taxpayers to file their Income tax returns.

Now the Principal Director General of Income-tax (Systems) has specified the procedure, formats and standards for the purposes of generation and download of certificates from "TDS Reconciliation Analysis and Correction Enabling System" or (https:llwww.tdscpc.gov.in) including PART B which earlier could not be downloaded from TRACES.

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COMPANY LAW

3.    Companies (Incorporation) 5th Amendment Rules, 2019

Ministry of Corporate Affairs (MCA) has amended Companies (Incorporation) Rules, 2014 to make it easy and to clarify various doubts regarding selecting name of the Company. The new rules also provides various illustrations to provide guidance to stakeholders for selecting the name for the Company. 

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4.    Clarification for Form ADT-1 filed through GNL-2 

Ministry of Corporate Affairs (MCA) has clarified that Companies which had filed ADT-1 through GNL-2, as an attachment during the period from 1st April, 2014 to 20th October, 2014  can file ADT-1 for appointment of auditor for the period up to 31st March, 2019  without fee till 15th June, 2019.

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5.    Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules 2019

Ministry of Corporate Affairs (MCA) has amended Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016 to provide, among others, that the Form STK-2 cannot be filed unless the Company has filed all overdue returns in the form of AOC-4 or AOC-XBRL, MGT-7.

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CUSTOMS

6.    Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 35/2019 - 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 3rd of May 2019 respectively.  

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