AKGVG Weekly Insight

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We are pleased to share AKGVG's Weekly Insight, dated 14 May 2019 which include:

Date: 14.05.2019
S.no Description Relevant links
Section I: Income Tax
1. Agreement between the government of India And United States Of America on the exchange of country-by-country reports by each country. Notification no. 37/2019
dt 25.04.2019
2. CBDT notified changes in “Aggregate of deductible amount under Chapter VI-A by deleting entries under 10(a), 10(b), 10(c). Notification no. 38/2019
dt 03.05.2019
3. CBDT laid down procedures, formats and standards for issuance of certificate for tax deducted at source in Part B of Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule 31 of the Income-tax Rules, 1962 through TRACES- reg. Notification no. 09/2019
dt 06.05.2019
Section II: GST
4. CBIC clarified GST applicability on seed certification tags. Notification no. 22-central-tax
dt 23.04.2019
5. GST exemption on the upfront amount payable in instalments for long term lease of plots is admissible irrespective of whether such upfront amount is payable or paid in one or more instalments, provided the amount is determined upfront. Circular no. 101
dt 30.04.2019
6. CBIC extended the time limit for filing an application for revocation of cancellation of registration for specified taxpayers up to 22.07.2019. Order no. 5/2019
dt 23.04.2019
Section III: MCA
7. MCA invited public comments on draft Insolvency and Bankruptcy, Rules, 2019 by 31.05.2019. Public Comments
dt 08.05.2019
8. MCA notified effective date for Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2019 as 10.05.2019. Notification on Amendment Rules
dt 08.05.2019
9. Government make rules to amend the National Company Law Tribunal (Second Amendment) Rules, 2019. The same shall come into force via publication in the official gazette. Notification on Amendment Rules 1
dt 08.05.2019
10. MCA issued notification regarding Companies (Acceptance of Deposits) Second Amendment Rules, 2019. Notification on Companies Acceptance Deposits
dt 01.05.2019
Section IV: RBI
11. RBI released working paper on cross-border trade credit. Press Release on cross border trade credit
dt 08.05.2019
12. NBFCs are advised to submit all cyber security related incidents by email to “cybersecuritynbfc@rbi.org.in” as a PDF file. Hence forth, no manual submissions shall be entertained. Press Release on cross border trade credit
dt 08.05.2019
13. RBI denies media reports regarding shifting of RBI’s gold holdings in 2014 stating that no gold was shifted from India to other countries in 2014 or thereafter. Press Release on safe custody of gold
dt 03.05.2019
Section V: ICAI
14. Insolvency Professional Agency (IPA) shall not ordinarily accept temporary surrender of professional membership of an Insolvency Professional (IP). IBBI Circular
dt 02.05.2019
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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