AKGVG Weekly Insight

Dear Reader,
Greetings for the day!!! We are pleased to share AKGVG's Weekly Insight, dated 27th Nov., 2019 which includes:
Date: 27.11.2019
S.no Description Relevant links
Section I: Income Tax
1. Amendment in Income tax Rules 1962, for notifying challan cum statement for the purposes of section 194M of the Income-Tax Act, 1961. Notification no. 98
dtd 18.11.2019
2. Income Tax Amendment (13th Amendment), Rules, 2019 has been notified by CBDT thereby inserting new section 11 UAC prescribing class of persons for the purpose of clause (XI) of the proviso to clause (x) of sub-section (2) section 56. It shall come in force from 01.04.2020. Notification no. 96
dtd 11.11.2019
Section II: GST
1. CBIC has notified Seventh amendment (2019) in the CGST Rules thereby making changes in RFD-01 and simplifying annual return (GSTR-9) & reconciliation statement (GSTR-9C). Notification no. 56/2019 (CT)
dtd 14.11.2019
2. Fully electronic refund process through FORM GST RFD-01 and single disbursement clarified. Circular no. 125/44/2019
dtd 18.11.2019
3. CBIC has clarified that filing of GSTR- 9A & GSTR-9 is optional for those registered persons whose aggregate turnover in a financial year does not exceed two crore rupees on or before the due date. After the due date of furnishing of the stated returns for the year 2017-18 and 2018-19, the common portal shall not permit furnishing of stated forms for the said period. Circular no. 124/43/2019
dtd 18.11.2019
4. Clarification issued on restrictions in availment of input tax credit in terms of sub-rule (4) of rule 36 of CGST Rules, 2017. Circular no. 123/42/2019
dtd 11.11.2019
Section III: MCA
1. MCA has notified the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2019. Notification
dtd 18.11.2019
2. Companies (cost records and audit) Amendment Rules, 2019 has been notified which shall have deemed to come in force since 01.04.2018. Notification
dtd 15.10.2019
Section IV: RBI
1. RBI appointed an advisory committee to advise the administrator of Dewan Housing Finance Corporation Ltd. Press Release
dtd 22.11.2019
2. Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019 has been notified by RBI. Notification No. FEMA 5 (R)/(3)/2019-RB
dtd 13.11.2019
Section V: IBBI
1. IBBI notified regulations for insolvency resolution and bankruptcy proceedings of personal guarantors to corporate debtors. IBBI/PR/2019/30
dtd 20.11.2019
2. MCA notified Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. Press release
dtd 15.11.2019
We trust you will find this Journal informative as well as useful.
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Disclaimer: The entire contents of this Journal have been prepared on the basis of relevant provisions and information existing at the time of preparation. The observations of the author are personal view and the author does not take any responsibility of the same and this cannot be quoted without the written consent of the author.

Best Regards!
Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

Tel: +91 9811118031, 9818330516,
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Website: https://www.akgvg.com