Insights

Vistra India Update 381

August 1 - August 15, 2019

INCOME TAX

1.    Linking bank account with PAN mandatory to get tax refunds 

The Income Tax (IT) department has come up with a new rule to get any tax refunds directly to the  bank account of assessee. So far, the requirement was only to link your PAN (Permanent Account Number) with the Aadhaar card to file income tax returns (ITR). Now, assesses  would also have to link their savings, current or OD bank account with PAN to receive any tax funds directly into their account.

Click to view the circular

2.    Clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20

The Income-tax return (ITR) forms for the Assessment Year (AY) 2019-20 were notified vide notification bearing G.S.R. 279(E). dated the 1st day April, 2019. Subsequently, the instructions for filing ITR forms were issued and the software utility for e-filing of all the ITR forms were also released. After notification of the ITR forms various queries have been raised by the stakeholders in respect of filling-up of the ITR forms. In order to address such queries, CBDT has issued certain clarification.

Click to view the circular

COMPANY LAW

3.    The Companies (Amendment) Act, 2019

The Companies (Amendment) Act, 2019 has been enacted by the Parliament. The amended act essentially consists of provisions introduced through ordinance of 2018 dated 2nd November 2018 and ordinance of 2019 dated 12th January, 2019. In addition, the amendment act also includes, among other, following provisions:

  1. For Public Company before the issuance of securities, the requirement of registration of Prospectus with the ROC has been removed and prospectus is to be only filed with ROC now
  2. The responsibility to identify the SBO and get the provisions complied with is put on Reporting Company. 
  3. Constitution of National Financial Reporting Authority (NFRA)
  4. Where professional or other misconduct is proved, NFRA have the power to make order debarring the member/firm only for Statutory Audit, Internal Audit and Valuation as per Section 247 instead of barring the member/firm from practice as member of ICAI 
  5. Qualified Companies are now required to open a Separate Bank Account specially for unspent amount of CSR and transfer the unspent amount within 30 days to that account
  6. Introduces penal provisions for contravention Corporate Social Responsibility (CSR) provisions

Few of the provision are made effective from 2nd November, 2018 and few of the provisions are made effective from 15th August, 2019

Click to view the circular

 CUSTOMS

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

The Central Board of Excise and Customs (CBEC) vide Notification No. 55 & 60 /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 2nd and 15th of August 2019 respectively.  

Click to view the circular
 

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