MCA Extended e-Form BEN-2 Due date to 31st December
The Ministry of corporate affairs through its circular dated 24th September 2019 has extended the last date for filing e-Form BEN-2 without any payment of additional fees from September 30, 2019 to December 31, 2019. With reference to the date of filing of e-Form BEN-2, the date of filing of Form BEN-1 will be constructed accordingly. […]
Compliance under Puducherry Factories Act made online
he Labour Department of Puducherry through a notification dated 8th August, 2019 has published Puducherry Factories (Amendment) Rules, 2018. As per the amendment, all the compliances under Factories Act have been made online. Online filing of applications and payment of fees has been allowed through a designated portal. Returns can also be filed electronically and records can be maintained in electronic form.
CBDT notifies transfer pricing tolerance limit for computing ALP
The Central Board of Direct Taxes (CBDT) in its notification dated 13th September, 2019 has notified the transfer pricing tolerance limit for computation of Arm’s Length Price (ALP) applicable to assessment year 2019-2020.As per the notification, when the variation between ALP determined under section 92C of Income Tax Act and the actual price at which […]
Key highlights of 37th GST Council Meeting
The GST Council in its 37th meeting headed by Union finance minister on 20th September, 2019 has announced the reduction of GST rates on few items and these new tax rates shall be in effect from 1st of October 2019. Besides, exemptions have been given to certain specified sectors. Similarly, in case of goods, GST rate changes have been made, measures taken for export promotion and GST concessions have been granted for specified period in some cases.
Draft Code on Social Security, 2019 released
Ministry of Labour and Employment on 17th September, 2019 has issued a preliminary draft of Code on Social Security 2019, inviting suggestions and comments from the stakeholders and public. The Draft Code proposes to amalgamate, simplify and rationalize the provisions of 8 Acts in order to provide adequate social security to all workers including unorganized sector.
CBDT notified new depreciation rates on vehicles
New depreciation rates have been notified by CBDT on vehicles purchased between 23.08.2019 to 31.03.2020. Depreciation rates have been increased for vehicles purchased between 23rd August 2019 to 31st March, 2020.
CBDT notifies Income Tax (7th Amendment) Rules 2019
CBDT vide notification dated 16th September 2019, has made the income tax (7ThAmendment) Rules 2019 and removes the proviso to Rule 2F (5) which provides for a lock in period and transfer of rupee denominated bond during the lock in period issued by infrastructure debt fund subscribed to by a non-resident.
MOHFW Notifies the Medical Device (Fourth Amendment) Rules 2019
The Ministry of health and family welfare in its notification dated 13th September 2019 has amended the Medical Device Rules, 2017 by amending the licensing authority for issue of license in Form MD-10 which is related to loan license to manufacture and distribute class C or Class D medical devices from state license authority to central.
CSR Spend allowed in incubators and universities
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitaraman during the Press Conference on 20th September, while elaborating the salient features of amendments to taxation laws also mentioned a change proposed to the Companies Act, 2013 in the area of Corporate Social Responsibility. CSR 2% spend is allowed to be made on incubators, Universities funded by Government, IITs, National Laboratories and other autonomous bodies engaged in research. An official Notification is expected in this regard.
Corporate tax rate cuts through Taxation Laws (Amendment) Ordinance 2019
In order to promote growth and investment and bolster economic growth, the Taxation Laws (Amendment) Ordinance, 2019 has been promulgated by the President of India. The ordinance provides a major relief to existing domestic companies in the form of reduction in effective rate of tax to 25.17% subject to satisfaction of conditions. Further benefits to new investment in manufacturing space has also be introduced by offering an option to pay reduced tax rate on income at 15%. Many more fiscal relief has been brought in the ordinance.
