Costing Taxonomy of CRA4 is under development

MCA has notified that Costing Taxonomy 2019 to cater the annual filing of CRA-4 (Cost Audit Report) for Financial Year 2018-19 is under development. Companies shall use the new Taxonomy for any fresh filing of …

CBDT relaxes time for applying compounding offences

The Central Board of Direct Taxes through its circular dated 9th September 2019 has relaxed time for applying for compounding of income tax offences. Taxpayers can file the compounding application before the competent authority on …

Implementation of ESI Act in Darjeeling, West Bengal

The Ministry of Labour and Employment vide notification dated 2nd September, 2019, has made certain provisions of Employees State Insurance Act, 1948 applicable in all the areas of the district of Darjeeling, West Bengal. Following provisions …

New SPICe Form for incorporation of Nidhi companies effective from today

The Ministry of Corporate Affairs has made an update in its website regarding the SPICe for incorporation of Nidhi companies. The Form containing relevant changes for incorporating Nidhi Companies is likely to be deployed on …

MCA to amend Form AOC-4 Non XBRL for NBFC

The Ministry of Corporate Affairs in its website has issued a notice to stakeholders regarding amendment of Schedule III. Division III was inserted in the Schedule III which provides general instructions for presentation of financial …

CDSCO advises pharmaceutical industry associations to follow the Apprentices Act, 1961

The Central Drugs Standard Control Organization (“CDSCO”) on 24th August 2019 has advised all pharmaceutical Industry associations to request their members having the Pharmaceuticals and Bio-pharmaceutical manufacturing units to follow the Apprentices Act, 1961 as …

Income-tax (Sixth Amendment) Rules, 2019 introduced

CBDT on September 05, 2019, has published the Income-tax (Sixth Amendment) Rules, 2019. The amendment covers the procedural formalities and application forms for obtaining a tax exemption under section 10(23C)(iv),(v), (vi) and (via) and section …

Quick Response code to be affixed with bulk Drug labels

A draft of the Drugs and Cosmetics Rules, 1945 has been published, which mandates a Quick Response code or information readable with software application to be affixed on the label of every pharmaceutical ingredient (bulk …

Prepaid payment instruments RBI Extends deadline to become fully KYC complaint

Prepaid payment instrument issuers were required to complete the Know Your Customer (KYC) process by August 30, 2019. Extension for the same has been provided on consideration of requests received from various stakeholders

Income Tax appeal limit will not apply to evasion scams in penny stocks

CBDT received several references highlighting that organised tax-evasion scams are noticed through bogus booking of long term/ short term capital gains and losses on penny stocks and the department was unable to pursue the cases …