CBDT notifies Income Tax (7th Amendment) Rules 2019
CBDT vide notification dated 16th September 2019, has made the income tax (7ThAmendment) Rules 2019 and removes the proviso to Rule 2F (5) which provides for a lock in period and transfer of rupee denominated bond during the lock in period issued by infrastructure debt fund subscribed to by a non-resident.
MOHFW Notifies the Medical Device (Fourth Amendment) Rules 2019
The Ministry of health and family welfare in its notification dated 13th September 2019 has amended the Medical Device Rules, 2017 by amending the licensing authority for issue of license in Form MD-10 which is related to loan license to manufacture and distribute class C or Class D medical devices from state license authority to central.
CSR Spend allowed in incubators and universities
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitaraman during the Press Conference on 20th September, while elaborating the salient features of amendments to taxation laws also mentioned a change proposed to the Companies Act, 2013 in the area of Corporate Social Responsibility. CSR 2% spend is allowed to be made on incubators, Universities funded by Government, IITs, National Laboratories and other autonomous bodies engaged in research. An official Notification is expected in this regard.
Corporate tax rate cuts through Taxation Laws (Amendment) Ordinance 2019
In order to promote growth and investment and bolster economic growth, the Taxation Laws (Amendment) Ordinance, 2019 has been promulgated by the President of India. The ordinance provides a major relief to existing domestic companies in the form of reduction in effective rate of tax to 25.17% subject to satisfaction of conditions. Further benefits to new investment in manufacturing space has also be introduced by offering an option to pay reduced tax rate on income at 15%. Many more fiscal relief has been brought in the ordinance.
