SEBI prescribes factors for assuring confidentiality in settlement Proceedings

Applicants desirous of making an application before SEBI for settlement under the SEBI (Settlement Proceedings) Regulations, 2018, will be offered confidentiality of the proceeding, if the applicant provides information about the violation and the nature of such information provided meets the factors prescribed by SEBI vide its circular dated 18 June 2019. To avail the benefit of confidentiality, the violation should be other than disclosure related violations covered in Table VII to IX of Schedule II of the SEBI (Settlement Proceedings) Regulations, 2018.

Form Active (INC-22A) is now available for e-filing

MCA has made Form (ACTIVE) available for filing purposes. Earlier, the e-filing of the form (ACTIVE) was suspended temporarily in order to facilitate tagging of non-compliant Companies or Directors for not filing e-Form Active (INC-22A). The form can now be filed with a fee of INR 10,000

CBDT Issues Stricter Guidelines for Compounding of Offences Under Direct Tax

CBDT has issued Stricter Guidelines for Compounding of Offences Under Direct Tax to become effective from 17 June 2019, superseding the existing guidelines. The authority has explicitly mentioned in the new guidelines that Compounding is not a right. The guidelines presents an eligibility criteria to be fulfilled for the purpose of granting the compounding of offence and also provides for the offences which cannot be compounded such as offences related to benami transactions, undisclosed foreign assets or income among others