Tax Return Preparer (Amendment) Scheme, 2018 notified

G.S.R. 44(E).— In exercise of the powers conferred by sub-section (1) of Section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the Tax Return Preparer Scheme, 2006, namely:— Short title, commencement and application.  1. (1) This Scheme may be called the […]

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Relaxation in provisions relating to levy of MAT in case of companies against whom an application for corporate insolvency resolution process has been admitted under Insolvency and Bankruptcy Code, 2016

The existing provisions of Section 115JB of the Income-tax Act, 1961 (‘the Act’), inter alia, provide, that, for the purposes of levy of Minimum Alternate Tax (MAT) in case of a company, the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account shall be reduced from the book […]

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The Companies (Amendment) Act, 2017 notified

The Central Government notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette. A few provisions in the Amendment Act have important bearing on the working of […]

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Income Tax (25th Amendment) Rules, 2017 notified

G.S.R.   1527(E).—In exercise of the powers conferred by Section 282 read with Section 295 of the Income-tax  Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1.(1)  These rules may be called the Income –tax (25th Amendment) Rules, 2017. (2) […]

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Prevention of Money Laundering (Maintenance of Records) Rules, 2005 amended in the light of Aadhaar linkage date extension

On 12.12.2017, Central Government, in consulation with the Reserve Bank of India, made the Prevention of Money Laundering (Maintenance of Records) Seventh Amendment Rules, 2017, thereby replacing the requirement of submitting “the Aadhaar number and Permanent Account Number by December 31, 2017” under proviso (a) to Rule 9 (17) of the Prevention of Money Laundering (Maintenance of Records) […]

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Insolvency and Bankruptcy Board of India notifies Regulations for handling of Grievances and Complaints

The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 in the Gazette of India on 7th December, 2017. The Regulations enable a Stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or any other person having an interest in an insolvency resolution, liquidation, voluntary liquidation or bankruptcy […]

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NGT (Practices and Procedure) Amendment Rules, 2017 notified

NOTIFICATION G.S.R. 1473(E).—In exercise of powers conferred by sub-section (4) of  Section 4 read with Section 35 of the National Green Tribunal Act, 2010 (19 of 2010),  the Central Government hereby makes following rules to amend the National Green Tribunal (Practices and Procedure) Rules, 2011, namely:— 1.Short title and commencement.— (1) These rules may be […]

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SEBI issues guideline on appointment of Auditors of Mutual Fund

CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2017/125 Sub: Enhancing fund governance for Mutual Funds In order to strengthen the governance structure for Mutual Funds (MFs), it has been decided to implement the following: A. Tenure of independent trustees and independent directors: 1. Regulation 16 (5) and Regulation 21 (1) (d) of SEBI (Mutual Funds) Regulations, 1996 mandate appointment of independent […]

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