RBI Introduces new semi-closed prepaid payment instrument for digital transactions.
RBI has introduced a new type of semi-closed prepaid payment instrument (PPI) which can be used for purchase of goods and service upto a limit of Rs. 10,000 and not for fund transfers.
RBI Extends relaxation on guidelines to NBFCs on securitisation transactions.
The Reserve Bank of India, on 31st December, 2019, has decided to extend the relaxation provided to Non-Banking Financial Companies (“NBFCs”) to securitise/assign their eligible assets.
CBDT Notifies Form SAHAJ (ITR-1) and SUGAM (ITR-4) for the AY 2020-2021
The Central Board of Indirect Taxes on 3rd January 2020 has published the Income-tax (1st Amendment) Rules, 2020 which shall be effective from 1st April 2020, notifying two income tax return for the assessment year 2020-21.
FSSAI extends the compliance timeline for labelling frozen desserts and confection products.
The Food Safety and Standards Authority of India(FSSAI) vide Notification dated 1st January 2020 has decided to extend the timeline for compliance of labelling provisions for the frozen desserts or confections products with added vegetable oil or fat or vegetable protein till the final decision of FSSAI regarding nomenclature of frozen desert under the FSS (Food Products Standards and Food Additives) Thirteenth Amendment Regulations, 2017.
Ministry of Corporate Affairs has issued the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020
The Ministry of Corporate Affairs has issued the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2020, vide notification dated 3 January, 2020 . The Amendment provides that every private company which has a paid up share capital of ten crore rupees or more shall have a whole – time company secretary.
Buildings measuring 70mtrs and above in the state of Telangana to be inspected regarding compliance with special parameters.
The Telangana State Disaster Response and Fire Services Department in its Circular dated 16th December 2019, has directed all the inspecting officers to verify the specific parameters for those buildings measuring 70 Mtrs and above in height which must be in accordance with Andhra Pradesh Building Rules, 2012 and National Building code of India 2016 and to submit the inspection reports for the same.
CBIC Notifies certain sections in the Finance Act to be applicable from 1st January 2020.
The Central Board of Indirect Taxes and Customs has notified 1st January 2020 as the day in which the a number of provisions in the finance act shall come into force, Vide notification issued on the same day.
CBIC Prescribes scheme for E-invoicing under GST.
The Central Board of Indirect Taxes and Customs vide Notification dated 1st January, 2020, has published the Central Goods and Services Tax (Amendment) Rules, 2020, which extends the time limit for submitting the declaration in FORM GST TRAN-1 from 31st December 2019 to 31st March 2020 in respect of registered persons who could not submit the said declaration within the time specified and the time limit for filing the declaration in FORM GST TRAN-2 has been extended from 31st January 2020 to 30th April 2020.
ESI Draft amendment rules relieves employers and employees from mandatory contribution during initial stage of implementation of the Act in an area.
the Draft of Employees’ State Insurance (Central) Amendment Rules, 2019 has omitted Rule 51B which deals with the rates of employer’s and employee’s contribution in areas where the Act is implemented for the first time for the initial twenty-four months from such date of implementation.
CBDT extends the time limit for filing of response to notices under E-assessment Scheme-2019.
The CBDT on 24th December 2019, has extended the time limit for filing the response to the notices under the E-assessment Scheme 2019, till January 10, 2020.
