Legal Updates - Corporate Law Reporter

Union Finance Minister releases a Case Study on GST in India

The Union Finance Minister, Shri Arun Jaitley releases a Case Study on the Birth of the Goods and Services Tax (GST) in India – “The GST Saga: A Story of Extraordinary National Ambition” in national capital today. A Case Study on the birth of the Goods and Services Tax (GST) in India – “The GST… Read More

Finance Act, 2017 amends section 115 JB of IT Act

Issues arising from the implementation of Minimum Alternate Tax (MAT) provisions relating to Indian Accounting Standards (Ind AS) compliant companies. Finance Act, 2017 amended the provisions of section 115JB of the Income-tax Act,1961(‘the Act’) so as to provide the framework for computation of book profit for the purposes of levying Minimum Alternate Tax (MAT) in… Read More

Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme

Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval for revision of guidelines of Sovereign Gold Bonds (SGB) Scheme with a view to achieve its intended objectives. Two sets of changes have been made in the scheme: I. Specific changes… Read More

SEBI amends Depositeries And Participants Regulation

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 25th July, 2017 SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND PARTICIPANTS) (SECOND AMENDMENT) REGULATIONS, 2017 No. SEBI/LAD-NRO/GN/2017-18/013.—In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with Section 25 of the Depositories… Read More

CBDT clarifies on computation of book profit for the purposes of levy of MAT under IT Act

Circular Number 24/2017 F. No 133/23/2015-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) **** Dated 25th July, 2017 Subject: Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian… Read More

CBDT amends NOT No. S.O.1621(E), dt. 18th May, 2017

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 25th July, 2017 (Income-tax) S.O. 2320 (E).—In exercise of the powers conferred under sub-section (2) of section 28 read with section 59 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988) the Central Government hereby makes the… Read More

MCA constitutes 2 committees to review 10 years old and above cases of different regions

No. 16/37/2017 -Legal Government of India Ministry of Corporate Affairs 5th Floor, “A” Wing, Shastri Bhawan, Dr. R.P. Road, New Delhi- 110001 Dated: 25.07.2017 ORDER Subject: Constitution of two Review Committee (s) for reviewing the 10 year old and above cases of different regions and in office of SFIO for withdrawal of prosecutions – regarding Pursuant… Read More

EPFO revises procedure for implementation of e-court software

EMPLOYEE’S PROVIDENT FUND ORGANIZATION (Ministry of Labour & Employment, Govt. of India) No. C-I/1(63)2017/e-court/7647 Date- 24th July, 2017 To, All ACCs (Zones) All RPFCs-I/RPFCs-II, Regional Offices Sub:- Implementation of e-court software- revised procedure. Sir, As you are aware, in the e-court software the allotment of 7A & 14B cases among assessing authorities is automatic so… Read More

MCA clarifies applicability of exemptions to private companies under Companies Act

Ministry clarifies about the applicability of the notification No.G.S.R.583(E) dated 13th June, 2017. The exemption shall be applicable for those audit reports in respect of which financial statements pertaining to financial years-commencing on or after 1st April,2016, which are made on or after the date of the said notification. General Circular No. 08 /2017 F.No. W2014-… Read More

SEBI introduces Online Filing System for REITs and InvITs

SECURITIES EXCHANGE BOARD OF INDIA CIRCULAR SEBI/HO/IMD/DF1/CIR/P/2017/83 July 24, 2017 All Registered Infrastructure Investment Trusts All Registered Real Estate Investment Trusts Dear Sir/Madam, Sub: Online Filing System for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) 1. In order to facilitate ease of operations in terms of applying for registration,… Read More

SEBI releases circular on Position Limits for Agricultural Commodity Derivatives

SECURITIES EXCHANGE BOARD OF INDIA CIRCULAR SEBI/HO/CDMRD/DMP/CIR/P/2017/84 July 25, 2017 To, The Managing Directors / Chief Executive Officers All National Commodity Derivatives Exchanges Sir / Madam, Sub.: Position Limits for Agricultural Commodity Derivatives 1. SEBI vide its circular No. CDMRD/DMP/CIR/P/2016/96 dated September 27, 2016 had updated and consolidated norms with regard to position limits of… Read More

Income Tax Department celebrates Aaykar Diwas 2017

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 24th July, 2017. PRESS RELEASE Income Tax Department celebrates Aaykar Diwas 2017 The Aaykar Diwas – Income Tax Day was celebrated today across India. The main function at Vigyan Bhavan, New Delhi was graced by the Honourable Finance Minister… Read More

RBI releases Master Direction – Lending to MSME Sector

Dear Sir/Madam, Master Direction - Lending to Micro, Small & Medium Enterprises (MSME) Sector As you are aware, the Reserve Bank of India has, from time to time, issued a number of guidelines / instructions / circulars / directives to banks in the matters relating to lending to Micro, Small & Medium Enterprises Sector. The Master… Read More