Condition of materiality changed for RPT involving brand usage or royalty
Regulation 23 of SEBI LODR, 2015 has been amended on 27th June, 2019.
As per the Sub-regulation 1A, any payments made towards brand usage or royalty to related parties were considered material if the transaction(s) exceed 2% of the annual consolidated turnover of the listed entity during a financial year. By this amendment, the limit of “two percent” of the annual consolidated turnover of the listed entity has been increased to “Five percent”.
The Andhra Pradesh Legal Metrology Enforcement Amendment Rules 2019
The Andhra Pradesh Legal Metrology Enforcement Amendment Rules 2019, has amended the duration of validity of a license to be 1 calendar year and renewal shall be granted for 1 calendar year to 3 calendar years, on payment of yearly renewal fees.
MCA releases information on extension of DIR-3 KYC filing
MCA has issued a circular dated 27th June, 2019 regarding filing of DIR-3 KYC providing information on proposed changes. MCA has clarified that Every person who has already filed DIR-3 KYC will only be required to complete his/her KYC through a simple web-based verification service, with pre-filled data based on the records in the registry. Amendment related to extension of time for completion of KYC through e-form DIR-3 KYC or the web-based service, as the case may be, will be notified shortly.
Clarification on DPT-3 by Ministry of Corporate Affairs
On 24th June 2019, the Ministry of Corporate Affairs vide its letter no File No: P-01/08/2013- CL-V Vol. VI has made clarification with regard to Auditor Certificate on return of deposits pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014. It was clarified that, (1) Auditor Certificate is mandatory only for return of deposits.
(2) For Filing Particulars of Transactions which are not to be considered as deposits, information shall be provided with respect to amount outstanding as on 31st March 2019, which is not mandatory to be provided from the Audited Balance Sheet
(3) The Amount provided for Return of Deposits shall be as per duly Audited Balance Sheet.
West Bengal Pollution Control Board Notifies Comprehensive Inspection Policy
The West Bengal Pollution Control Board has issued a Comprehensive Inspection Policy to assist and ease the investments and new start-ups in the State. The policy undertakes a computerized system for allocation of inspectors and paves way for establishing Agencies for Third Party Certification which will monitor industrial emission, wastewater and solid waste discharge industrial units classified under Orange category by the Board.
West Bengal forms an Audit Committee for Dengue Deaths
Deaths caused by dengue has increased at a rapid rate in Kolkata, In view of the same, an expert Committee is to be set up for conducting audit on deaths caused by Dengue. All health care facilities are notified to cooperate with the audit committee and keep and submit all necessary documents related to deaths caused by dengue.
Condonation of delay in filing Form no. 10B
CBDT has issued Circular for condonation of the delay in filing Form no. 10B by trusts / institutions for years prior to 2018-19.
CBDT via the following new Circular directs that Delay in filing Form 10B is condoned for AY 2016-17 and AY 2017-18 only in cases where Audit Report for the previous year has been obtained before the filing of return of income; AND
Report has been furnished subsequent to the filing of the return of income but before the date specified under section 139 of the Act.
Amendment in the date of implementation of Rule 138E
Effective date of Rule 138E has been extended to 31 August 2019. Post which, if a taxpayer has defaulted in furnishing returns for two consecutive tax periods, restrictions will be placed on filing information in PART A of FORM GST EWB-01 in respect of a registered person, whether as a supplier or a recipient
Meghalaya issues a deadline to comply with Biomedical Waste Management Rules, 2016
The Meghalaya State Pollution Control Board issued a public notice on June 6, 2019, directing all the persons and institutions like Laboratories, Hospitals, Clinical Establishments, Research or Educational Institutions, including any Health camps/ Blood Donation Camps, or First Aid rooms of Schools irrespective of their size/ number of patients/ the quantity of Waste generation to make application for registration under Biomedical Waste Management Rules, 2016 within 05 July 2019 or face consequences
Filing of single integrated return under Boiler Act excluded – Telangana
Under the DIPP Business Reform Action Plan 2019, it is made mandatory to file single integrated returns online. The list of laws under which returns had to be filed included boiler Act, 1923. Given that there is no need to file returns under the Boiler Act, 1923, the same has been excluded from the ambit of single integrated return.
