Section 194R was inserted in the Income Tax Act, 1961 vide the Finance Act, 2022 Applicability: Any person responsible for providing to a resident any benefit or perquisite whether convertible into money or not arising from business or profession by such resident shall deduct TDS. Explanation:  Person responsible for providing means the person providing su......

*MCA Notification No. G.S.R. 436(E) Dtd. 09th June, 2022 The MCA vide its notification dated 09th June, 2022 has notified Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 which shall come into force on the date of its publication in the Official Gazette i.e., 09th June, 2022. In the Companies (Removal of Names of Companie......

*MCA Notification No. G.S.R. 439(E) Dtd. 10th June, 2022 The MCA vide its notification dated 10th June, 2022 has notified Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022 which shall come into force on the date of its publication in the Official Gazette i.e., 10th June, 2022. In the Companies (Appointment and Qualification of Directors) Rules, 2014,......

*CBDT Notification No. G.S.R. 346(E) Dtd. 10th May, 2022   The CBDT has notified a new set of rules to amend the existing Income-tax Rules, 1962 which shall come into force after the expiry of 15 days from the date of its publication in the Official Gazette (except Rule 114BB). The purpose of this amendment is to prescribe three new transactions for the purpose......

The Ministry of MSME had replaced the erstwhile Udyog Aadhaar Registration for MSME with Udyam Registration vide its Notification No. S.O. 2119(E) dated 26th June, 2020. Consequently, the existing MSME registered enterprises were required to migrate from Udyog to Udyam from 1st July, 2020 onwards. However, the existing enterprises registered prior to 30th June, 2020 were allowed a transition perio......

The MCA vide its Notification dtd. 05th May, 2022 has notified Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022 to amend the existing Companies (Prospectus and Allotment of Securities) Rules, 2014. The amendment pertains to insertion of a proviso in Rule 14 (private placement) with regards to not giving an offer or invitation of any securities under Rule 14 to a body c......

The MCA vide its Notification dtd. 04th May, 2022 has notified Companies (Share Capital and Debentures) Amendment Rules, 2022 to amend the existing Companies (Share Capital and Debentures) Rules, 2014. The amendment pertains to insertion of a declaration in form SH-4 (form for transfer of shares) with regards to whether transferee is required to obtain Government approval under the Foreign Ex......

The MCA in continuation to its previous General Circulars (including General Circular No. 21/2021 dtd. 14th December, 2021) issued in respect to allowing Companies to hold AGM through video conferencing or other audio-visual means, has further decided to allow the companies to organize AGM through VC or OAVM in the year 2022 on or before 31st December, 2022 in accordance with the requirements laid......

The MCA in continuation to its previous General Circulars issued in respect to allowing Companies to hold EGM through video conferencing or other audio-visual means has further extended the period up to 31st December, 2022. Accordingly, the Companies can now conduct its EGM through VC or OAVM or transact items through postal ballot in accordance with the provisions/ framework provided in the prev......

The MCA vide its Notification dtd. 06th April, 2022 has notified Companies (Management and Administration) Amendment Rules, 2022 to amend the existing set of Rules. The amendment pertains to restricting inspection and extraction of certain details from register, index or return in respect of the members of a company. Vide this amendment sub-rule (3) is added to Rule 14 of Companies (Management and......

*MCA Notification No. G.S.R. 235(E) Dtd. 31st March, 2022 The MCA vide its notification dated 24th March, 2021 had introduced the concept of audit trails by inserting proviso to rule 3(1) of the Companies (Accounts) Rules, 2014. It was provided that “for the F.Y. commencing on or after 1st April, 2021, every company which uses accounting software for maintaining its books of acc......

*MHA Public Notice No. II/21022/23(22)/2020-FCRA-III Dtd. 24th March, 2022 In continuation to Ministry’s Public Notice No. II/21022/23(22)/2020-FCRA-III, dtd. 31st December, 2021 the Central Government, in public interest, has decided that, -  The FCRA registration certificates whose validity was extended till 31st March, 2022 in terms of Public Notice dtd. 31s......

*MHA Public Notice No. II/21022/23(15)/2020-FCRA-III Dtd. 31st March, 2022 As per rule 17 of the Foreign Contribution (Regulation) Rules, 2011, every person who receives foreign contribution under the Foreign Contribution (Regulation) Act, 2010, shall submit Annual Return in form FC-4 within 9 months from the end of each F.Y. i.e., 31st December of every year. However, vi......

*SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2022/40 Dtd. 30th March, 2022 Regulation 23 of the SEBI (LODR), Regulations 2015 was amended vide notification dtd. 9th November, 2021, inter-alia, enhancing the scope of related party, related party transactions (RPTs) and the materiality threshold for seeking shareholder approval. In regards to the same, the SEBI has provided ......

*MCA Notification No. G.S.R. 235(E) Dtd. 31st March, 2022 The MCA vide its notification dated 11th February, 2022 had introduced form CSR-2 by inserting sub-rule (1B) in rule 12 of the Companies (Accounts) Rules, 2014. It was provided that for the preceding F.Y. (2020-21), form CSR-2 shall be filed on or before 31st March 2022, after filing form AOC-4. However, due to techn......

The Ministry of Corporate Affairs (MCA) vide its Notification dated 04th March, 2022 has notified Limited Liability Partnership (Second Amendment) Rules, 2022 to further amend the existing Limited Liability Partnership Rules, 2009, which shall come into force on the date of its publication in the Official Gazette. Sr. No. Amendment Effect/ Comments 1 Substitution: ......

*CBIC Notification No. 01/2022 – Central Tax G.S.R. 159(E). Dtd. 24th February, 2022 Vide this notification, the CBIC has amended Notification No. 13/2020 – Central Tax, dated 21st March, 2020, to reduce the limit of aggregate turnover for the purpose of applicability of provisions of e-invoice from existing ?50 crores to ?20 crores. Consequently, a registered person (......

The Ministry of Corporate Affairs (MCA) vide its Notification no. G.S.R. 110(E) dated 11th February, 2022, has notified that the provisions of sections 90, 164, 165, 167, 206 (5), 207 (3), 252 and 439 of the Companies Act, 2013, shall apply to LLPs, except where the context otherwise requires, with the modifications as specified. The said notification shall come into force w.e.f. the date of its ......

The Ministry of Corporate Affairs (MCA) vide its Notification no. G.S.R. 109(E) dated 11th February, 2022 has notified Limited Liability Partnership (Amendment) Rules, 2022 to further amend the existing Limited Liability Partnership Rules, 2009. The said amendments are notified to bring the existing rules in line with the Limited Liability Partners......

*MCA G.S.R. - …..(E) Dtd. 11th February, 2022 The MCA vide its notification dated 11th February, 2022 has notified Companies (Accounts) Amendment Rules, 2022 which shall come into force on the date of its publication in the Official Gazette (yet to be notified). In the Companies (Accounts) Rules, 2014, after Rule 12 (1A) the following shall be inserted: “(1B) Every compa......

*SEBI Notification No. SEBI/LAD-NRO/GN/2022/71 Dtd. 25th January, 2022 The SEBI has notified a new set of regulations to amend the existing SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003, which shall come into force on the date of its publication in the Official Gazette i.e., 25th January, 2022. Sr.......

*SEBI Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 Dtd. 25th January, 2022     Keeping in view ease of dealing in securities market by investors, the SEBI vide Notification No. SEBI/LAD-NRO/GN/2022/66 dtd. 24th January, 2022 issued SEBI (LODR) (Amendment) Regulations, 2022 to amend the existing LODR Regulations. Vide the aforementioned notification......

*SEBI Notification No. SEBI/LAD-NRO/GN/2022/69 Dtd. 24th January, 2022 The SEBI has issued a notification to amend the existing SEBI (Credit Rating Agencies) Regulations, 1999, which shall come into force on the date of its publication in the Official Gazette i.e., 24th January, 2022. In Regulation 9(f), after the words “credit rating agency from” and before the words &ldqu......

*SEBI Notification No. SEBI/LAD-NRO/GN/2022/66 Dtd. 24th January, 2022   The SEBI has notified a new set of regulations to amend the existing SEBI (LODR) Regulations, 2015 which shall come into force on the date of its publication in the Official Gazette i.e., 24th January, 2022.   Sr. No. Amendment Comments 1 Insertion: Regulation 17(1C......

*SEBI Notification No. SEBI/LAD-NRO/GN/2022/68 Dtd. 24th January, 2022 The SEBI has notified a new set of regulations to amend the existing SEBI (Alternative Investment Funds) Regulations, 2012 which shall come into force on the date of its publication in the Official Gazette i.e., 24th January, 2022. The main aim of this amendment is to introduce the concept of Specia......

*DGFT Trade Notice 31/2021-2022 Dtd. 14th January, 2021By addressing all IEC Holders/Members of Trade, DGFT Regional Authorities & Export Promotion Councils/Commodity Boards/ other Industry Associations the DGFT has issued a trade notice regarding deactivation of Importer-Exporter code (IEC) due to non-updating of the same. - Reference: This Trade Notice is issued in reference ......

The MCA vide a notification dtd. 11th January, 2022, has amended the Companies (Registration Offices and Fees) Rules, 2014. The said amended provisions shall come into force w.e.f. 1st July, 2022. In the Annexure, in item I (Fee for filings under section 403 of the Companies Act, 2013), for sub-item B, the following shall be substituted: “Following table of additional fees and higher addit......

Applicability: As per Rule 17 of the Foreign Contribution (Regulation) Rules, 2011, every person who receives foreign contribution under the Foreign Contribution (Regulation) Act, 2010, shall submit annual return in Form FC-4 for every Financial Year online at www.fcraonline.nic.in. Due Date: FC-4 shall be filed within 9 months from the end of the F.Y. i.e., 31st December of every year. Foreign ......

Point of difference Monthly Quarterly (QRMP) Applicability Mandatory if Annual Aggregate Turnover (AATO) is more than 5 crores. Can be opted if AATO is not more than 5 crores. No. of returns to be filed GSTR-1: 12 returns for 12 months GSTR-3B: 12 returns for 12 months GSTR-1: 4 returns for 4 quarters GSTR-3B: 4 returns for 4 quarte......

As per Section 12(6) of the Foreign Contribution (Regulation) Act, 2010, the registration certificate granted shall remain valid for a period of 5 years from the date of its issue. Vide Public Notice No. II/21022/23(22)/2020-FCRA-III dtd. 30th September, 2021 the Ministry of Home Affairs provided that the FCRA registration certificates which are expiring during the period between 29th September, ......

*SEBI Circular No. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/0000000679 Dtd. 10th December, 2021 The SEBI (Portfolio Managers) Regulations, 2020 (PMS Regulations) were amended by SEBI (Portfolio Managers) (Fourth Amendment) Regulations, 2021 vide notification no. SEBI/LAD-NRO/GN/2021/58 dtd. 09th November, 2021, to facilitate co-investment by investors of Alternative Investm......

*SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2021/662 Dtd. 22nd November, 2021 The SEBI vide its Notification No. SEBI/LAD-NRO/GN/2021/55 dtd. 9th November, 2021, issued SEBI (LODR) (Sixth Amendment) Regulations, 2021 to amend various provisions of the existing LODR with respect to related party transactions (RPTs). One of such amendment relates to substitution of Regul......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/57 Dtd. 09th November, 2021 The SEBI has notified a new set of regulations to amend the existing SEBI (Alternative Investment Funds) Regulations, 2012. Applicability: Date of publication: 10th November, 2021 This set of regulations shall come into force on 13th day from the date of its publication in the Official G......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/55 Dtd. 09th November, 2021 The SEBI has notified a new set of regulations to amend the existing SEBI (LODR) Regulations, 2015. These regulations shall come into force w.e.f. 01st April, 2022 unless otherwise specified in the respective provision of the regulation.   Sr. No. Amendment Comments ......

*MCA Notification No. G.S.R. 785 (E). Dtd. 09th November, 2021 The MCA has notified a new set of rules to amend the existing Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, which shall come into force on the date of its publication in the Official Gazette i.e., 09th November, 2021. Sr. No. Amendme......

*SPICES BOARD Notification No. F. No. MKT-REGN/0002/2017. Dtd. 25th October, 2021 By exercising the powers conferred under Section 39 of the Spices Board Act, 1986, the Spices Board, with the previous approval of the Central Government, has notified a set of amendment regulations to further amend the Spices Board (Registration of Exporters) Regulations 1989, which sh......

*CBDT Notification No. S.O. 4584(E). Dtd. 01st November, 2021 By exercising the powers conferred under sub-section (11) and (12) of Section 245D of the Income Tax Act, 1961, the Central Government has notified e-Settlement Scheme, 2021, which shall come into force on the date of its publication in the Official Gazette i.e., 01st day of November, 2021. This scheme is......

Ministry of Finance Notification No. S.O. 4586(E). Dtd. 29th October, 2021 The Ministry in exercise of the powers conferred to it under third proviso to Section 92C (2) of the IT Act, read with proviso to rule 10CA (7) of the IT Rules, has notified that where the variation between the arm’s length price determined under section 92C and the price at which the international transact......

*FSSAI F. No. 4067/MOC-Trade/Reg-FSSAI/2017 (Part-1). Dtd. 03rd November, 2021   The FSSAI has notified a new set of Regulations to amend the existing Food Safety and Standards (Import) Regulations, 2017. The said Regulations shall come into force on the date of their publication in the Official Gazette i.e., 06th November, 2021 and Food Business Operator (FBO)......

*FSSAI F. No. Stds./Organic/Notification-01/FSSAI-2019. Dtd. 14th October, 2021 The FSSAI has notified a new set of Regulations to amend the existing Food Safety and Standards (Organic Foods) Regulation, 2017. The said Regulations shall come into force on the date of their publication in the Official Gazette and food business operator shall comply with all the provisions......

Food Safety and Standards Authority of India (FSSAI) passed an order on 8th June, 2021, making it mandatory for food business operators in the country, which are largely micro, small, and mid-sized enterprises, to mention their 14-digit FSSAI license/registration number on receipts, invoices or bills on sale of products w.e.f. 1st October, 2021. In the order, the Food Authority mentioned, “......

Food Safety and Standards Authority of India (FSSAI) passed an order on 8th June, 2021, making it mandatory for food business operators in the country, which are largely micro, small, and mid-sized enterprises, to mention their 14-digit FSSAI license/registration number on receipts, invoices or bills on sale of products w.e.f. 1st October, 2021. In the order, the Food Authority mentioned, “......

MHA Public Notice No. II/21022/23(22)/2020-FCRA-III  Dtd. 30th September, 2021 As per Section 12(6) of the Foreign Contribution (Regulation) Act, 2010, the registration certificate granted shall remain valid for a period of 5 years from the date of its issue. Section 16(1) of the Act has been amended by the Foreign Contribution (Regulation) Act, 2020. In continuation to Ministry&r......

SEBI Circular No. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/632 Dtd. 30th September, 2021 The SEBI vide its Circular dtd. 30th September, 2021, has extended the due date of complying with “Guidelines for Investment Advisers” issued vide Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/182 dtd., 23rd September, 2020, which prescribed timeline of 6 months from the end of each F.Y. for Investme......

MCA General Circular No. 15/2021 Dtd. 27th September, 2021 The MCA vide its General Circular dtd. 27th September, 2021, has extended the last date of filing Cost Audit Report (CAR) to the Board of Directors under rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014. Accordingly, the cost auditor can submit the CAR for the F.Y. 2020-21 to the Board of Directors of the compan......

Form Due Date AOC-4 Within 180 days from the closure of financial year i.e., 27th September of every year. MGT-7A Within 60 days from the date of entry (signing) of resolution served by the member to adopt the financial statements in the minutes book. [deemed date of AGM as per section 122(3)] ADT-1 In case where there is appointment of an auditor (in normal case) then t......

*CBICNotification No. G.S.R. 659(E).Dtd. 24th September, 2021    The CBIC has notified a new set of rules to amend the existing CGST Rules, 2017, which shall come into force as on the date of its publication in the Official Gazette (except provided otherwise).   Now, let’s have a look at the Amendments:   Sr. No. Regulation Commen......

FSSAI F. No. Std/EC/T(NSF-01). Dtd. 22nd September, 2021  The FSSAI has notified a new set of Draft Regulations to amend the existing Food Safety and Standards (Approval for Non-Specified Food and Food Ingredients) Regulations, 2017. For that matter, the Authority has released a set of Draft Regulations in the Official Gazette, which is open for objections and suggestions by those ......

Finally, the update for which we all were waiting is here. The Ministry has released an Office Memorandum on 23rd September, 2021 regarding the extension of due date of AGM by 2 months. Accordingly, the MCA has advised the ROCs to release order for their respective jurisdictions, providing for extension of due date of AGM by 2 months beyond the date by which companies are required to hold their AG......

The concept of One Person Company (OPC) is well understood by all of us and doesn’t need any introduction. We all are aware of the privileges enjoyed by an OPC in comparison to other forms of companies, like non-requirement of holding general meeting, non-requirement of holding board meeting (in case there is only one director), non-requirement of preparing cash flow statements and so on. N......

DGFT Trade Notice 18/2021-2022 Dtd. 20th September, 2021 - By addressing all IEC Holders/Members of Trade, DGFT Regional Authorities & Export Promotion Councils/Commodity Boards/ other Industry Associations the DGFT has issued a trade notice regarding deactivation of Importer-Exporter code (IEC) due to non-updation of the same after 1st January, 2005. - Reference: This Trade Notice......

CBDT Notification No. S.O. 3815(E). Dtd. 17th September, 2021 The CBDT vide its notification dated 17th September, 2021, has provided that no deduction of tax shall be made on the following payment under section 194A (interest other than interest on securities), made by a scheduled bank (hereinafter the “payer”) located in a specified area, to a member of......

*FSSAI F. No. Std/SP-08/A-1.2019/N-02. Dtd. 10th September, 2021 The FSSAI has notified a new set of Regulations to amend the existing Food Safety and Standards (Labelling and Display) Regulations, 2020. These amendments are set to come into force w.e.f. the date of its publication in the Official Gazette i.e., 15th September, 2021, and the Food Business Operators (FBOs)......

As the annual filing season is coming along the way, it is pertinent to have a clear understanding about the applicability of definition of small company. For that matter, let’s have a look at some of the important points of consideration. - In the Union Budget 2021, Hon’ble FM Smt. Nirmala Sitharaman ji proposed to revise the definition of small company under the Companies Act, 2013 ......

RBI F. No. FEMA 23(R)/(5)/2021-RB. Dtd. 08th September, 2021 The Foreign Exchange Department of the RBI has notified a set of regulations to amend the existing Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 which shall come into force as on the date of its publication in the Official Gazette. Amendment: Substitution Regulation 15(1)(ii)- “ii) the ra......

*CBDT PRESS RELEASE Dtd. 29th August 2021 Particulars Due Date Extended Due Date Application for registration or intimation or approval under section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G (Form No. 10A) 30th June, 2021(earlier extended upto 31st August, 2021) 31st March, 2022 Application for registration or approval under section 10(23C), 12A o......

CBDT Notification No. G.S.R. 623(E) Dtd. 10th September, 2021 The CBDT has notified Income-tax (28th Amendment) Rules, 2021 to amend Rule 11UAC of the existing Income-Tax Rules, 1962. The notification shall come into force from 1st April, 2022 and shall be applicable from A.Y. 2022-23 onwards. Vide this notification, the CBDT has inserted the following new clause in Rule 11UAC: &ldquo......

SEBI Notification No. SEBI/LAD-NRO/GN/2021/48. Dtd. 07th September, 2021 Certification from the National Institute of Securities Markets The associated persons, engaged by a Portfolio Manager as a distributor of the Portfolio Management Services (PMS), shall obtain certification from the NISM by passing the NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certificati......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/49. Dtd. 07th September, 2021 Certification from the National Institute of Securities Markets The associated persons functioning as principal officer or employees of the Portfolio Manager having decision making authority related to fund management, shall obtain certification from the NISM by passing the NISM-Series-XXI-B: Portfolio Managers C......

SEBI Circular No. SEBI/HO/MRD2/DCAP/P/CIR/2021/628 Dtd. 07th September, 2021   In the year 2003, SEBI, vide circular no. SMD/POLICY/Cir - /03 dated February 6, 2003, shortened the settlement cycle from T+3 rolling settlement to T+2 w.e.f. April 01, 2003.   In line with the same, SEBI after near about 18 years has issued a circular to introduce a shorter sett......

*FSSAI F. No. Std/TF-Vegan Foods/Notif/FSSAI Dtd. 06th September, 2021 The FSSAI has come up with the proposal bringing into action Food Safety and Standards (Vegan Foods) Regulations, 2021. For that matter, the Authority has released a set of Draft Regulations in the Official Gazette, which is open for objections and suggestions by those persons who are likely to ge......

NSE Circular No.: NSE/CML/2021/34 Dtd. 06th September, 2021 XBRL based filing of Related Party Transactions (RPTs) at NSE With a view to make the disclosure more accurate and efficient, the NSE, in consultation with the SEBI, has introduced a facility of filing RPTs in XBRL mode under Regulation 23(9) of LODR Regulations, 2015, with immediate effect. Reference: Regulation 23(9) of LOD......

Section 194P was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021, which was made applicable w.e.f. 1st April, 2021. Extract of Section 194P: (1) Notwithstanding anything contained in the provisions of Chapter XVII-B, in case of a specified senior citizen, the specified bank shall, after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section......

CBDT PRESS RELEASE Dtd. 29th August, 2021 Particulars Due Date Extended Due Date Application for registration or intimation or approval under section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G (Form No. 10A) 30th June, 2021(earlier extended upto 31st August, 2021) 31st March, 2022 Application for registration or approval under section 10(23C), 12A o......

*CBIC Notification No. 33/2021 [G.S.R. 599(E)] Dtd. 29thAugust, 2021 The CBIC vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing/ waiving late fee for non-furnishing FORM GSTR- 3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01st June, 20......

*CBIC Notification No. 32/2021[G.S.R. 598(E)] Dtd. 29thAugust, 2021 The CBIC has notified a new set of rules to amend the existing Central Goods and Services Tax Rules, 2017 which shall come into force as on the date of its publication in the Official Gazette. - The filing of FORM GSTR-3B and FORM GSTR-1/ IFF by companies using EVC, instead of DSC has already ......

*CBICNotification No. 34/2021[G.S.R. 600(E)]Dtd. 29thAugust, 2021 The CBIC has extended the timelines for filing of application for revocation of cancellation of registration to 30th September, 2021, where the due date of filing of application for revocation of cancellation of registration falls between 01.03.2020 to 31.08.2021. The extension would be applicable only in those ......

The Factoring Regulation (Amendment) Act, 2021 received the assent of the President on 7th August, 2021 and got published in the Official Gazette on 9th August, 2021. The Amendment Act shall come into force on 23rd August, 2021. (Effective date got notified vide Notification No. S.O. 3406(E) dtd. 19th August, 2021) Sr. No. Amendment Comments 1 Substitution: Sectio......

*Ministry of Finance Notification No. S.O. 3411(E). Dtd. 19th August, 2021 The Ministry of Finance has notified a new set of Rules to amend Schedule I of the existing Foreign Exchange Management (Non-debt Instruments) Rules 2019 which shall come into force on the date of its publication in the Official Gazette.   Sr. No. Amendment Comments ......

MCA Notification No. G.S.R. 580(E) Dtd. 19th August, 2021 The MCA has notified a new set of Rules to amend the existing Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 which shall come into force on the date of its publication in the Official Gazette. Sr. No. Amendment Comments 1 Insertion: after Rule 5 6. Annual re......

MCA Notification No. G.S.R. 579(E) Dtd. 19th August, 2021 The MCA has notified a new set of Rules to amend the existing Companies (Appointment and Qualification of Directors) Rules, 2014 which shall come into force on the date of its publication in the Official Gazette. Sr. No. Amendment Comments 1 Substitution: Rule 6(4) first proviso clause (B) in th......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/40 Dtd. 13th August, 2021 The SEBI approved merger of SEBI (Issue of Sweat Equity) Regulations, 2002 and SEBI (Share Based Employee Benefits) Regulations, 2014 into a single regulation called the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (merged Regulations) in its Board Meeting held o......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/44 Dtd. 13th August, 2021 The SEBI has notified a new set of regulations to amend the existing Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018 which shall come into force on the date of its publication in the Official Gazette. The amendments relate to Regulation 19- Eligibilit......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/43 Dtd. 13th August, 2021 The SEBI has notified a new set of regulations to amend the existing SEBI (Depositories and Participants) Regulations, 2018 which shall come into force as on the date of its publication in the Official Gazette. The amendments relate to Regulation 22- Eligibility for acquiring or holding shares in a......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/41 Dtd. 13th August, 2021       The SEBI has notified a new set of regulations to amend the existing SEBI (Alternative Investment Funds) Regulations, 2012 which shall come into force as on the date of its publication in the Official Gazette except for amendments to Regulation 12 which shall come into fo......

  *SEBI Notification No. SEBI/LAD-NRO/GN/2021/45 Dtd. 13th August, 2021  The SEBI has notified a new set of regulations to amend the existing SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 which shall come into force as on the date of its publication in the Official Gazette. Sr. No. Amendment Comments 1 ......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/42 Dtd. 13th August, 2021 The SEBI has notified a new set of regulations to amend the existing SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which shall come into force as on the date of its publication in the Official Gazette. Sr. No. Amendment Comments 1 Omissi......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/46 Dtd. 13th August, 2021 The SEBI has notified a new set of regulations to amend the existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 which shall come into force from 1st April, 2022. Sr. No. Amendment Comment 1 Substitution: Regulation 29(1) Any acquirer, to......

SEBI Circular No. SEBI/HO/ISD/ISD/CIR/P/2021/617 Dtd. 13th August, 2021 Automation of Continual Disclosures under Regulation 7(2) of SEBI (PIT) Regulations, 2015. The SEBI vide circular no. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated 09th September, 2020, implemented the System Driven Disclosures (SDD) in phases. In the same circular, it was mentioned in para 7 that: “The system would......

The SEBI has notified a new set of Regulations, SEBI (Issue and Listing of Non-Convertible Securities) Regulations 2021 vide its Notification No. SEBI/LAD-NRO/GN/2021/39 Dtd. 9th August, 2021, which is a merger of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non- Convertible Redeemable Preference Shares) Regulations, 2013.   Under the same, the SEBI has opened up ......

*CBDT Notification No. G.S.R. 545(E). Dtd. 9th August, 2021   The CBDT has notified a new set of rules to amend the existing Income-tax Rules, 1962 which shall come into force as on the date of its publication in the Official Gazette. The aim of this amendment is to insert two new rules after rule 21AH and two new forms after Form No.10IF, namely:   - 21AI. ......

Ministry of Finance Notification No. S.O. 3206(E). Dtd. 06th August, 2021 The MoF has notified a set of amendment rules to amend the existing Foreign Exchange Management (Non-debt Instruments) Rules, 2019 vide its notification dated 06th August, 2021, which shall come into force as on the date of its publication in the Official Gazette. Insertion: after Rule 23(7)(i)(B), for the purpos......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/39 Dtd. 9th August, 2021 The SEBI in its BM held on 29th June, 2021 made a number of decisions. One of such decisions was regarding merger of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013 into a single Regulation – SE......

*SEBI Board Meeting PR No. 24/2021 Dtd. 06th August, 2021 On 06th August, 2021, the Board of SEBI met in Mumbai. In the said meeting, the Board took the following decisions: New SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 The Board considered and approved the merger of SEBI (Issue of Sweat Equity) R......

*SEBI CORRIGENDUM Notification No. SEBI/LAD-NRO/GN/2021/38. Dtd. 06th August, 2021  The SEBI vide Corrigendum dated 06th August, 2021 has provided the much-needed clarity. It has deferred the effective date of applicability of the amendments notified by it in the SEBI (LODR) Regulations, 2015 vide Notification No. SEBI/LAD-NRO/GN/2021/35 on 3rd August, 2021 [SEBI (LODR) (Third Amen......

*MCA Notification No. G.S.R. 539(E). Dtd. 05th August, 2021 The MCA has notified a new set of Rules to amend the existing Companies (Specification of Definitions Details) Rules, 2014 which shall come into force on the date of its publication in the Official Gazette (not yet published). In Rule 2(1)(h) of the said rules, the following explanation is inserted: ......

*MCA Notification No. G.S.R. 538(E). Dtd. 05th August, 2021 The MCA has notified a new set of Rules to amend the existing Companies (Registration of Foreign Companies) Rules, 2014 which shall come into force on the date of its publication in the Official Gazette (not yet published). In Rule 2(1)(c) of the said rules, the following explanation is inserted: &ldqu......

*MCA Notification No. S.O. 3156(E). Dtd. 05th August, 2021 The Central Government, by exercising its powers under section 393A of the Companies Act, 2013, has exempted the following from the provisions of sections 387 to 392 (both inclusive): · Foreign Companies · Companies incorporated or to be incorporated outside India, whether the ......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/37 Dtd. 5th August, 2021   The SEBI has notified a new set of regulations to amend the existing SEBI (Prohibition of Insider Trading) Regulations, 2015 which shall come into force as on the date of its publication in the Official Gazette. The amendment relates to the provisions of reward to informants.   ......

After receiving the approval of Union Cabinet on 28th July, 2021, the Ministry of Corporate Affairs (MCA) had tabled the ‘Limited Liability Partnership (Amendment) Bill, 2021’, in the upper house of the Indian Parliament. On 4th August, 2021, the bill was passed by the upper house (Rajya Sabha). Applicability: The Amendment Act shall come into force on such date as the Central Governm......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/32 Dtd. 3rd August, 2021 The SEBI has notified a new set of regulations to amend the existing SEBI (Foreign Portfolio Investors) Regulations, 2019 which shall come into force as on the date of its publication in the Official Gazette. Sr. No. Amendment Effect 1  Substitution: Regulatio......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/31 Dtd. 3rd August, 2021 The SEBI has notified a new set of regulations to amend the existing SEBI (Portfolio Managers) Regulations, 2020 which shall come into force as on the date of its publication in the Official Gazette.   Sr. No. Amendment Effect 1  Insertion: after Regulat......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/33 Dtd. 3rd August, 2021 The SEBI has notified a new set of regulations to amend the existing SEBI (Alternative Investment Funds) Regulations, 2012 which shall come into force as on the date of its publication in the Official Gazette.   Sr. No. Amendment Effect 1 Substitution: Regulation 2(1) c......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/29 Dtd. 3rd August, 2021   The SEBI has notified a new set of regulations to amend the existing SEBI (Credit Rating Agencies) Regulations, 1999 which shall come into force as on the date of its publication in the Official Gazette.   Sr. No. Amendment Effect 1  Substitution: Regulation 2(1)(d)&n......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/34 Dtd. 3rd August, 2021    The SEBI has notified a new set of regulations to amend the existing SEBI (Investment Advisers) Regulations, 2013 which shall come into force as on the date of its publication in the Official Gazette. Sr. No. Amendment Effect 1  Substitution: Regulation 2(......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/35 Dtd. 3rd August, 2021   The SEBI has notified a new set of regulations to amend the existing SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 which shall come into force as on the date of its publication in the Official Gazette.   Sr. No. Amendment Effect 1 Substitution: Reg......

*SEBI Notification No. SEBI/LAD-NRO/GN/2021/26, 27 & 28 Dated 30th July, 2021 The SEBI has notified three sets of amendment regulations to amend the existing: SEBI (Bankers to an Issue) Regulations, 1994 SEBI (Infrastructure Investment Trusts) Regulations, 2014 SEBI (Real Estate Investment Trusts) Regulations, 2014 The notifications shall come......

*IBBI Notification No. IBBI/2021-22/GN/REG077 Dtd. 22nd July, 2021 The Insolvency and Bankruptcy Board of India (IBBI) has notified a new set of regulations to amend the existing IBBI (Insolvency Professionals) Regulations, 2016 which shall come into force as on the date of its publication in the Official Gazette. Sr. No. Amendment Effect 1 Substitution-......

What should be the minimum age of a person to get directorship in a Company and the maximum age until which he can serve? Certainly, this is one of those questions which we often ignore, especially in case of Private Companies. However, it is pertinent to have conceptual clarity regarding the same. Now, let’s have a look at what the law has to say: 1. Companies Act, 2013, Rules & Reg......

As we all are well aware that the Ministry vide its notification no. G.S.R. 159(E). dtd. 05th March, 2021, amended Rule 11(1) of Companies (Management and Administration) Rules, 2014 and introduced a new form of annual return exclusively for OPC and Small Companies. The amended rule states that: “Every company shall file its annual return in Form No.MGT-7 except One Person Company (OPC) an......

*IBBI Notification No. IBBI/2021 22/GN/REG075 Dtd. 14th July, 2021  The Insolvency and Bankruptcy Board of India (IBBI) has notified a new set of regulations to amend the existing IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 which shall come into force as on the date of its publication in the Official Gazette. Applicability: These re......

Section 194P TDS in case of specified senior citizen Relaxation from filing ITRSection 194P was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021 Applicability: In case of a specified senior citizen, the specified bank shall, after giving effect to the: deduction allowable under Chapter VI-A and rebate allowable under Section 87A compute the total income of such speci......

Whether to file form ADT-1 for the appointment of first auditor or not? It is one of those contemporary issues which is frequently faced by many Companies and Professionals (including Auditors). To draw an inference about the requirement of filing form ADT-1 for the appointment of first auditor, let’s go through some of the relevant provisions of the Companies Act, 2013 [the Act] & Com......

On receipt of various representations, the Government has decided to include Retail and Wholesale Trades as MSMEs and they are allowed to be registered on UDYAM Portal. However, as of now, the benefits to Retail and Wholesale Trade MSMEs are to be restricted to Priority Sector Lending only.Accordingly, the list of eligible additional activities under NIC Code 45, 46 and 47 are as under: ......

The MCA vide General Circular No. 12/2021 dtd. 30th June, 2021, has amended its General Circular No. 07/2021 dtd. 3rd May, 2021 by substituting the dates (wherever it appears) as follows: Original date Substituted date 31.05.2021 31.07.2021 01.06.2021 01.08.2021 Accordingly, the updated circular stands as follows: Applicability ......

The MCA vide General Circular No. 11/2021 dtd. 30th June, 2021, in continuation to its General Circular No. 06/2021 dtd. 3rd May, 2021, has granted additional time up to 31st August, 2021 to Companies & LLPs to file those forms which are due for filing during 1st April, 2021 to 31st July, 2021, without any additional fees. This Circular excludes Charge related forms, i.e., CHG-1, CHG-4 &......

The National Stock Exchange of India Limited has released a list of FAQs regarding the amendments introduced by the SEBI vide notification dated 05th May, 2021 in the existing provisions of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015. Q. No. Question Reply 1 As per Regulation 3(2), the provisions of these regulations become applicable to......

The Food Safety and Standards Authority of India (FSSAI) vide its Order dated 23rd June, 2021 [File No.15(6)2020/FLRS/RCD/FSSAI] has passed the following decisions: Cessation of various relaxations granted vide Order dated 20th April, 2021:The FSSAI has ceased the following relaxations w.e.f. 30th June, 2021:- Permission to temporarily operate food business (other than manufac......

The Union Finance Minister, Smt. Nirmala Sitharaman ji in a Press Conference held on 28th June, 2021 has announced the following economic relief packages: 1.1 Lakh Crore Loan Guarantee Scheme for COVID Affected Sectors Additional 1.5 Lakh Crore for Emergency Credit Line Guarantee Scheme (ECLGS) Credit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons Through Micro Finance Inst......

TAX EXEMPTION Taxpayer Financial help received from employers and well-wishers for meeting expenses incurred for treatment of COVID-19 is exempt from income tax liability in the hands of the taxpayer from Financial Year 2019-2020 onwards. Family of Taxpayer Financial assistance (ex-gratia payment) extended by employers and well-wishers to the family members of the taxpa......

*MCA Notification No. G.S.R. …(E)Dtd. 23rd June, 2021 The MCA has notified a new set of rules, Companies (Accounting Standards) Rules, 2021, to amend the definition of Small and Medium Sized Company (SMC) as provided in Rule 2(f) of the Companies (Accounting Standards) Rules, 2006. These rules shall come into force on the date of its publication in the Official Gazet......

DPT-3 RETURN OF DEPOSITSIntroduction: Pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014 every Company to which these rules apply; shall on or before the 30th June, of every year; file with the Registrar, a return of deposits or particulars of transaction not considered as deposit or both in Form DPT-3; along with such fees as applicable; and furnis......

*MCA Notification No. G.S.R. 418(E) Dtd. 18th June, 2021 The MCA has notified a new set of rules, Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021, to amend the existing Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 which shall come into force on the date of its publication in the Of......

As per Rule 5(2) of the Nidhi Rules, 2014: every Nidhi Company shall file a Return of Statutory Compliances in form NDH-1 within 90 days from the end of the 1stY. after its incorporation and where applicable, the 2nd F.Y. i.e., 29th June duly certified by a CA/CS/CMA in practice. - Do Nidhi Companies need to file NDH-1 every year? - Is NDH-1 an Annual Return? Ans. NO, ......

Introduction: ELSS is a type of diversified equity mutual fund that invests a majority of its funds (about 80%) in equity and equity related schemes. ELSS investments have a lock-in period of 3 years. During the lock-in period, an investor cannot redeem or transfer the units to another scheme. However, investors can claim the tax benefits for the F.Y. in which they have invested in the ELSS u/s ......

Foreign Liabilities and Assets (FLA) Return is an Annual Return which is required to be submitted by those entities which have received FDI and/or made overseas investments in any of the previous years including the current year i.e., entities which have Foreign Assets or Liabilities in their Balance Sheets. Applicability: The following entities are required to file FLA Return: - Companies withi......

Section 194QTDS on purchase of goods Section 194Q was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021 Applicability: Any person, being a buyer who is responsible for paying any sum to any seller (being a resident) for purchase of any goods (including capital goods), where the value or aggregate of such values, exceeds Rs. 50 lakhs in any P.Y., shall deduct TDS. Applicable w.e.f.......