The companies (Incorporation) Eighth Amendment Rules, 2019
The Companies (Incorporation) Eight Amendment Rules, 2019 has amended the rules so as to provide a timeline approval of change of office within state and for filing of such approval. The provisions dealing with filing of e-form (ACTIVE) applicable to ‘Active Non-Compliant’ Companies has also been amended.
Central government enlists Debt and Non-debt instruments under FEMA
The Ministry of Finance in its notification dated 16th October 2019, has enlisted an exhaustive list of Non Debt instruments. All other instruments are deemed to be Debt instruments. A non-exhaustive list of debt instruments has also been notified.
GST on supply of securities under Securities Lending Scheme, 1997
The Revenue department has issued a circular which states that lending of securities qualify as a service as it is not treated as ‘disposal of securities’ under the ‘Securities Lending Scheme, 1997′ . Lenders are thereby liable to pay IGST retrospectively
State of Maharashtra introduce new optional professional tax scheme
The Government of Maharashtra vide Notification dated 18th September 2019, has published a scheme called One Time Payment of Tax Scheme, 2019 to provide an optional Scheme for advance payment of professional tax. The enrolled person can opt the Scheme on the Department’s website www.mahagst.gov.in at any time after his enrollment and avail benefits for any period between a minimum of three years and a maximum of thirty-five years. The scheme can also be renewed. Every professional availing the benefits of the scheme can join employment by furnishing ‘OTPTP’ Certificate’ to the employer and be exempt from tax deductions from salary.
Income Tax Rules (Eleventh Amendment) notified
Central Board of Direct Taxes has amended the Income Tax Rules by a Income Tax Rules (Eleventh Amendment) dated 30th September, 2019. Rule 10CB which deal with the process for Computation of interest income pursuant to secondary adjustments, has been amended. Alteration is made to the time limit for repatriation of excess money.
FSSAI issues letter on handling of dry ice as cooling agent for food products
The Food Safety and Standards Authority of India (FSSAI) in its letter dated 11th October 2019, has issued an advisory letter on handling of dry ice as cooling agent by all food business operators. It has stated that, Dry Ice should be used/exposed to open air in a well-ventilated environment. Further, precaution must be taken to ensure that the area in use is properly ventilated.
