Guidelines for Tax Assessment of Firms

CBDT has issued guidelines on issues to be taken into consideration by the Assessing Officer while carrying out assessment of firms. The guideline covers issues like:
Cross verification of Tax Returns and Examination of Partnership Deed, Remuneration and interest payable to Partner, claims of carry forward and set off of losses, Tax Audit Report etc.

Key highlights of 35th GST Council meeting

35th GST Council Meeting was held on 21st June, 2019. GST annual return due date has been extended till 31 August 2019 for FY 2017-18. Extension has been given for filing FORM GST CMP-02 till to 31.07.2019. Extension for filing FORM GST ITC-04 has been given till 31st August. Also, GST Council has decided to introduce new Return filing System.

Rajasthan Boiler Exemption Notification

The Factories and Boilers Inspection Department, Rajasthan after giving due regard to the material, design and construction of boilers released a notification stating necessary safety compliances, and conditions for the exemption to the boilers which have been installed or which will be installed in future having the safeguard system for protection against over pressure, low water level, flame failure etc. on 11 June, 2019.

Environment Protection Compliances in Uttarakhand

The Uttarakhand Environment Protection and Pollution Control Board (UEPPCB) has released a public notice to inform all stakeholders to take caution and ensure not to breach license condition or legal requirements under the Environment Protection Laws, The list of such conditions and legal requirements are highlighted in the public notice. Object of this notice is to alert people for improvement as early as possible, so that subsequent hard action may be avoided.

Shop and establishment registration to be given in One day – Mizoram

The Labour Employment Skill Development and Entrepreneurship Department of Mizoram on 17th January 2019 released a notification. that in the pursuance of the Business Reform Action Points 2019 requirement of inspections prior to the registration/ renewal of registration under the Mizoram shops and establishment Rules 2011 will be done away unless some violation of the provisions of the applicable labour laws is found. Going forward the registration will be granted within one day from the date of application.

SEBI prescribes factors for assuring confidentiality in settlement Proceedings

Applicants desirous of making an application before SEBI for settlement under the SEBI (Settlement Proceedings) Regulations, 2018, will be offered confidentiality of the proceeding, if the applicant provides information about the violation and the nature of such information provided meets the factors prescribed by SEBI vide its circular dated 18 June 2019. To avail the benefit of confidentiality, the violation should be other than disclosure related violations covered in Table VII to IX of Schedule II of the SEBI (Settlement Proceedings) Regulations, 2018.

Form Active (INC-22A) is now available for e-filing

MCA has made Form (ACTIVE) available for filing purposes. Earlier, the e-filing of the form (ACTIVE) was suspended temporarily in order to facilitate tagging of non-compliant Companies or Directors for not filing e-Form Active (INC-22A). The form can now be filed with a fee of INR 10,000

CBDT Issues Stricter Guidelines for Compounding of Offences Under Direct Tax

CBDT has issued Stricter Guidelines for Compounding of Offences Under Direct Tax to become effective from 17 June 2019, superseding the existing guidelines. The authority has explicitly mentioned in the new guidelines that Compounding is not a right. The guidelines presents an eligibility criteria to be fulfilled for the purpose of granting the compounding of offence and also provides for the offences which cannot be compounded such as offences related to benami transactions, undisclosed foreign assets or income among others