Vistra Insights

Vistra India Update 391

January 01, 2020 to January 15, 2020.

INCOME TAX

1.    Compounding of Offences under Direct Tax Laws – One - time measure - Extension of Timeline

Circular No. 2512019 F. No. 285/08/2014-TT (Tnv. V)/350 dated 09.09.2019, which stipulates condition that any application for compounding of offenses under the  Income-tax Act, 1961 (the Act) are to be filed within 12 months from the date of filing of complaint in the court was relaxed by CBDT earlier extending the date up to 31.12.2019, as a one-time measure. Based on requests received from the industry CBDT has now extending the time limit up to or before 31.01.2020 to file such application before the Competent Authority i.e. the Pro CClT/CClT/Pr. DGlT/DGlT concerned.

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2.    Clarifications in respect of TDS on salaries u/s 192 of the Income Tax Act – 1961 during Financial Year 2019-20.

CBDT has issued its annual circular relating to TDS on Salary u/s 192 of the Income Tax Act – 1961 for the financial year 2019-20 which includes the following 

  • Rate of Tax
  • Method of Tax Calculation
  • Payment of Tax on Perquisite
  • Salary from more than 1 employer
  • Salary paid in Foreign Currency            
  • Due Date for payment of TDS
  • Mode of payment of TDS
  • Interest, fee, penalty & prosecution for failure to deposit TDS
  • Rebate u/s 87A (Income upto 5 Lakh)


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3.    CBDT notifies ITR – 1 and ITR – 4 for Previous Year 2019-20 relevant to Assessment Year 2020-21.

CBDT has notified ITR 1 & ITR 4 for previous year 2019-20.

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COMPANY LAW


4.    Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020 

Ministry of Corporate Affairs (MCA) has amended Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 to provide the following:

  • Increase the threshold of paid up share capital for Private Companies to have whole time Company Secretary from Rs. 50 Million to Rs. 100 Million. 
  • Additional criteria added for Companies to have secretarial audit: Company having outstanding loans or borrowings from banks or public financial institutions of Rs. 1 Billion or more.

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5.    Extension of last date for filing BEN 2 and BEN 1

Based on the representations received from Stakeholders, Ministry of Corporate Affairs has further extended the time limit for filing e-form No. BEN-2 up to 31st March, 2020 without payment of additional fees. Consequent to such extension, the due date of filing e-form BEN-1 should be construed accordingly.
  
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GOODS AND SERVICES TAX

6.    Waiver of late fees for late filing of GSTR – 1

The Board vide Notification No. 04/2020 – Central Tax has extended the due date to 17th January 2020 in case of returns in FORM GSTR-1 not filed for the months/quarters from July, 2017 to November, 2019 without payment of late fees.  Earlier the due date was 10th January 2020.

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CUSTOMS

 

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

The Central Board of Excise and Customs (CBEC) vide Notification No. 01/2020 - 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 January 2020.  

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