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Companies (Acceptance Of Deposits) Second Amendment Rules, 2017 - Notified

Ministry of Corporate Affairs vide Notification G.S.R. 1172(E) dated the 19th September, 2017, in exercise of the powers conferred by sections 73 and 76 read with sub-section (1) and sub-section (2) of section 469 of the Companies Act, 2013 (18 of 2013), has made and notified the Companies (Acceptance of Deposits) Second Amendment Rules, 2017. The rules have come into force on the date of their publication in the Official Gazette.

To download a copy of the Companies (Acceptance of Deposits) Second Amendment Rules, 2017 - click here

Companies (Restriction On Number Of Layers) Rules, 2017 - Notified

Ministry of Corporate Affairs' vide Notification G.S.R. 1176(E) dated the 20th September, 2017, in exercise of the powers conferred under proviso to clause (87) of section 2, section 450 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), has made the Companies (Restriction on number of layers) Rules, 2017. The said rules have come into force on the date of their publication in the Official Gazette.

Download copy of the Companies (Restriction on number of layers) Rules, 2017 - click here

MCA Notifies Commencement Of Proviso To Section 2(87) Of Companies Act 2013

Corporate Law (Country: India)

Ministry of Corporate Affairs' Notification S.O. 3086(E) dated the 20th September, 2017 is as under:—

In exercise of the powers conferred by sub-section (3) of section 1 of the Companies Act, 2013 (18 of 2013), the Central Government hereby appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the said Act shall come into force

TDS On Interest On Deposits Made Under Capital Gains Accounts Scheme, 1988 Where Depositor Has Deceased

Central Board of Direct Taxes, Directorate of Income-tax (Systems), Notification No. 08/2017 dated 13th September, 2017, regarding TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased, is as under:

"1. It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in accordance with the law. Ideally in such type of situations, the TDS certificate on the interest income for and upto the period of death of the depositor is required to be issued on the PAN of the deceased depositor and for the period after death of the depositor is required to be issued on the PAN of the legal heir.

2. Under sub-rule (5) of Rule 31A of the Income-tax Rules, 1962, the Director General of Income-tax (Systems) is authorized to specify the procedures, formats and standards for the purposes of furnishing and verification of the statements or claim for refund in Form 26B and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements or claim for refund in Form 26B in the manner so specified.

[GST] Extension Of Time Limit For Submitting Declaration In Form GST TRAN-1 Under Rule 117 Of CGST Rules 2017

Central Board of Excise and Customs' Order No. 03/2017-GST dated the 21st September, 2017 regarding extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017, is as under:

"In exercise of the powers conferred by rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017, on the recommendations of the Council, the period for submitting the declaration in FORM GST TRAN-1 is extended till 31st October, 2017."

[DGFT] Amendments In Handbook Of Foreign Trade Procedures 2015-20

In exercise of powers conferred under Paragraph 2.04 of the Foreign Trade Policy 2015-2020, as amended from time to time, the Director General of Foreign Trade has made and notified various amendments in the Handbook of Procedures 2015-2020, in its Public Notice No. 26/2015-2020 dated 20th September, 2017.

The details of the Amendments can be accessed here in the Public Notice No. 26/2015-2020 - LINK

CBEC - Notification Regarding GST Rate For Branded Cereals, Pulses & Flours Etc.

20 Sep 2017: 1. The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and bearing a registered brand name:

a) A brand registered as on 15.05.2017 shall be deemed to be a registered brand for the purposes of levy of 5% GST, irrespective of whether or not such brand is subsequently deregistered.

b) A brand registered as on 15.05.2017 under the Copyright Act, 1957 shall also be treated as a registered brand for the purposes of levy of 5% GST.

c) A brand registered as on 15.05.2017 under any law for the time being in force in any other country shall also be deemed to be a registered brand for the purposes of levy of 5% GST. d) A mark or name in respect of which actionable claim is available shall be deemed to be a registered brand name for the purposes of levy of 5% GST.

2. Notifications giving effect to the Council’s recommendations relating to changes in GST rates on goods and conditions appended thereto are proposed to be issued on 22nd September, 2017.

[SEBI] Consultation Paper On Review Of The Regulatory Framework For Credit Rating Agencies(CRAs)

Securities Market Updates (Country: India)

Sep 08, 2017: SEBI has issued Consultation Paper on Review of the Regulatory Framework for Credit Rating Agencies (CRAs) inviting Public Comments on it.

Objective: The objective of the consultation paper is to seek comments/ views from the public on the proposals that are expected to improve market efficiency by reducing the information asymmetry in the market and enhancing the governance, accountability and functioning of Credit Rating Agencies (CRAs) for carrying out the rating activities in an efficient and professional manner, thereby, yielding timely and accurate ratings.

Voluntary Reporting Of Estimated Current Income And Advance Tax Liability

Tax Updates (Country: India)

CBDT, 19 Sep 2017: A taxpayer who is liable to discharge part of its tax liability by way of advance tax has to bear additional burden of interest for default of advance tax, in case total advance tax paid for the year falls short of the assessed tax by ten percent or more. This interest is levied as per the provisions of section 234B of the Income-tax Act, 1961 (“the Act”).

Such taxpayers are further liable to pay interest for deferment of advance tax, in case any quarterly instalment of advance tax paid falls short of the prescribed percentage of total advance tax paid. This interest is levied in accordance with the provisions of section 234C of the Act.

It is of utmost importance for such taxpayers to arrive at a reasonably accurate estimate of their current income and advance tax liability, so that the additional burden on account of interest for default/deferment of advance tax can be avoided.

Establishing, Contact@DGFT Service As Single Point Contact For All Foreign Trade Related Issues

Directorate General of Foreign Trade | Trade Notice No. 17 | Dated: 06.09.2017
To, 1. All RA's of DGFT 2. Members of Trade and Industry 3. All EPCs/Commodity Boards

Contact@DGFT
(Check This Screenshot)
Contact@DGFT system has been activated at the DGFT website (www.dgft.gov.in) as a single point contact for resolving all foreign trade related issues. Exporters / Importers are requested to use this facility for resolution of foreign trade related issues either directly concerning DGFT (headquarters or regional offices) or concerning other agencies of the Central or State Governments. Best efforts will be made for expeditious resolution of issues which are directly related to DGFT and the issues concerning other agencies will be taken up by DGFT on behalf of the exporters/importers with the agencies concerned.

A reference number will be issued for each request so that the status of action taken can be tracked. Effective monitoring arrangements have been made.

In the interest of systematic monitoring and effective resolution, exporters/importers are requested not to send their queries through twitter or email and use Contact@DGFT service instead.

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