AKGVG's Weekly Insight, dated 30 April 2019

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Greetings for the day!!!

We are pleased to share AKGVG's Weekly Insight, dated 30 April 2019 which include:

Date: 30.04.2019
S.no Description Relevant links
Section I: Income Tax
1. Amendments notified in Form 16and TDS return Form 24Q effective from 12.05.2019. Notification no. 36/2019
dt 12.04.2019
2. Income-Tax (SecondAmendment) Rules, 2019 came into force from 01.04.2019 Notification no. 32/2019
dt 01.4.2019
3. Due date of furnishing of report u/s 286(4) by entities whose parent entities are resident in USA, in respect of reporting accounting years ending upto April 29,2019,has been extended 30.04.2019. Circular no. 7/2019
dt 08.04.2019
Section II: GST
4. Central Government has appointed 21.06.2019, as the date from which the provisions of the Central Goods and Services Tax (Fourteenth)Amendment Rules, 2018 shall be effective. Notification no. 22-central-tax
dt 23.04.2019
5. Procedure for quarterly tax payment and annual filing of return for taxpayers availing the benefit u/s 10 i.e. composition scheme notified. Notification no. 21-central-tax
dt 23.04.2019
6. CBIC has issued clarification on application for revocation of cancellation of GST registration. Circular no. 99/18/2019 dt
7. Clarification provided on the manner of utilization of input tax credit post insertion of the rule 88A of the CGST Rules. Circular no. 98/17/2019
dt 23.04.2019
Section III: MCA
8. MCA has extended the filing of e-form ACTIVE till 15.06.2019. Post this date, penalty of Rs 10,000 shall be leviable. Notification dt 25.04.2019
9. MCA has issued advisory on charge related to e-forms. Advisory on charge related to e-forms dt 25.04.2019
10. MCA has invited comments on theInsolvency Resolution of Group Companies, Pre-packaged Insolvency Resolutionand any other issue relating to the Insolvency and Bankruptcy Code, 2016 (Code)and the Insolvency and Bankruptcy (Application to Adjudicating Authority)Rules, 2016 (AA Rules) till 07.05.2019. Notice dt 16.04.2019
11. Additional fee on filing of DPT- 3 shall be levied from 30 days of deployment of said form on the MCA portal. CircularDPT-3form dt 12.04.2019
Section IV: RBI
12. RBI divested its share in NABARD and NHB Press Release dt 24.04.2019
13. NBFC defined in Section 45-I(f) of the Reserve Bank of India Act, 1934 which (a) are authorised to accept deposits; (b) are Non-Deposit Taking Non-Banking Financial Companies having customer interface, with assets size of Rupees 100 crore or above, as on the date of the audited balance sheet of the previous financial year, or of any such asset size as the RBI may prescribe, will come within the ambit, and shall comply with the provisions of the Ombudsman Scheme for Non-Banking Financial Companies, 2018. CEPD. PRS. No.4535/13.01.004/2018-19
dt 26.04.2019
Section V: ICAI
14. Exposure daft of AS- 34, Interim Financial Reporting released. The same is available for comments till 12.05.2019. Exposure daft of AS- 34
15. UDIN mandatory for all Tax Audit Reports issued under IT Act, 1961 and GST Audit Reports issued under CGST Act, 2017 with effect from 1st April, 2019. FAQs on UDIN for GST & Tax Audit 12.04.2019
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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