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MCA Updates

Amendments to IEPF Rules
NaBFID Declared a Public Financial Institution
Clarification in Rules for Adjudication of Penalties
Amendment to Form of Annual Statement of Accounts for IEPFA

MCA Notification for Cross-Border Merger
VC AGM / EGM extension till September 30, 2025
Extension of time to file form CSR-2
Relief on Implementation of Ind AS- 117

Centralized Processing for Strike Off of LLPs
e-adjudication platform
Filing of Form FC-1 Centralized
Amendments to IND-AS

Extension of Time for Filing Form PAS-7
New Version of Form BEN-2 Released
New Version of Form MSME-1
New Version of Form MGT-6
DIR-3 KYC Rules Amended
Rules Amended for Incorporation of Nidhi Companies – Incorporation Rules
Rules Amended for Incorporation of Nidhi Companies – Nidhi Rules
Relaxation of Additional Fee for IEPF Forms

Relaxation of Additional Fee – Form LLP BEN 2 and LLP 4D

Centralised Processing of eforms under the Companies Act, 2013 – February 02, 2024
Centralised Processing of eforms under the Companies Act, 2013 – February 14, 2024
Centralised Processing of eforms under the Companies Act, 2013 – February 16, 2024
Change Request Form
Revised SS-1 & SS-2 effective from April 01, 2024 – Revised SS-1
Revised SS-1 & SS-2 effective from April 01, 2024 – Revised SS-2
Relaxation of Additional Fee – Form LLP BEN 2 and LLP 4D

Listing of Equity Shares in IFSC
Listing of Equity Shares in IFSC – January 24, 2024

SEBI Updates

Guidelines for Mutual Fund Investments in Overseas Funds
Procedure for Re-Classification of FPI investment to FDI
Simplified Registration for Foreign Portfolio Investors
Guidelines to Stock Exchanges, Clearing Corporations and Depositories – Highlights of SEBI
Guidelines to Stock Exchanges, Clearing Corporations and Depositories – November 22, 2024
Highlights of Consultation Paper on Review of Sme Segment
Introduction of SEBI (Attestation of Documents) (Amendment) Regulations, 2024
Procedure for Re-Classification of FPI investment to FDI – SEBI Notification November 11, 2024
Procedure for Re-Classification of FPI investment to FDI – Highlights of RBI Circular
Procedure for Re-Classification of FPI investment to FDI – RBI Notification November 11, 2024

Further extension of relaxation for sending physical copies of documents
Timelines for Disclosure by Social Enterprise on SSE
PIT Regulations applicable to Mutual Funds

Circular for Commercial Paper
Highlights of the outcomes of the 207th Board Meeting of SEBI
Highlights of the outcomes of the 207th Board Meeting of SEBI – SEBI Press Release

Migration of Venture Capital Funds to AIFs
Additional Eligibility Criteria for listing on NSE Emerge

Enabling Rating Activities Under IFSCA – Credit Rating by CRAs in IFSC
Enabling Rating Activities Under IFSCA – Credit Rating by ERPs in IFSC
Reduction in Denomination of Non-convertible Securities
Enabling Debt Listed Entities to Publish Financial Statements Through QR Code
Recognition of BSE Limited as Supervisory Body for Research Analysts & Investment Adviser

Consultation Paper on Ease of Doing Business
Flexibility to Foreign Portfolio Investors – SEBI FPI Regulations Amendments
Flexibility to Foreign Portfolio Investors – June 03, 2024
Directive on lapse of special rights in IPO recalled by SEBI
SEBI PIT Regulations Amendments

LODR Amendments – Highlights of SEBI LODR Amendments
LODR Amendments – SEBI LODR Amendment dt May 17, 2024
Master Circular for AIFs
Certification requirement for key investment team of manager of AIF
Audiovisual (AV) presentation of disclosures in Public Issue Offer Documents
Industry Standards on verification of market rumours
Timeline for disclosure by Social Enterprises on Social Stock Exchange
ICSI and ICMAI added as Self-Regulatory Organisations

Measures for Ease of Doing Business – Highlights of SEBI Meeting
Measures for Ease of Doing Business – SEBI Press Release dated March 15, 2024

Extension of time for verification of market rumours

IT Updates

Corporate Income Tax filing due date extended
Guidance Note on provisions of Direct Tax Vivad se Vishwas Scheme, 2024
Amendments to Form 10A & 10AB
Amendments to Rules 26B and Forms 12BAA, Form 16 and Form 24Q
Guidelines for Compounding of Offences

Pan Aadhaar linkage for deceased deductees
Guidelines for Handling High-Risk PAN Cases

Post Election Budget Highlights – Budget Highlights
Post Election Budget Highlights – Finance Bill, 2024
E-Commerce Operator TCS Rate Reduction
Limits for Filing annual return

Guidelines for Compulsory Income Tax Scrutiny for FY 2024-25
Cost Inflation index for FY 2024-25

Relief to TDS Deductors/TCS Collectors
Extension of Due Date for Filing Form No. 10A/10AB

Ex Post facto extension for complying with Form 26QE
Revision in Tax audit report (Form 3CD/3CE)

Extinguishment of Tax Demand as per Budget Proposal

Interim Budget FY 2024-25

GST Updates

Lowering of Time Limit to Report E-invoice
New Form GST DRC-03A
Invoice Management System – Rectification

GST Payment Deadlines to get Waiver of Interest or Penalties
Renting Property to attract GST
Amendment to GST Rules
Hard – Locking of auto-populated liability in GSTR-3B

Clarification in respect of advertising services provided to foreign clients
Clarification on place of supply of data hosting services
Final Chance to Report ITC Reversal Opening Balance
Advisory on issuance of Notices/Orders without digital signatures of the issuing authorities

Guidelines for Audit & Investigation
RCM Liability and Credit Statement
Special All-India Drive against fake registrations

Changes to CGST Rules
Guidelines for Recovery of Outstanding Dues After First GST Appeal but Where GST Appellate Tribunal is Not Yet Formed
Clarifications on Corporate Guarantee Service

GST – Circular no 207- Fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court
GST – Circular no 208 – Clarifications on various issues pertaining to special procedure for the manufacturers of the specified commodities
GST – Circular no 209 – Clarification on the provisions of clause (ca) of Section 10(1) of the Integrated Goods and Service Tax Act, 2017 relating to place of supply
GST – Circular no 210 – Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit.
GST – Circular no 211 – Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons.
GST – Circular no 212 – Clarification on mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers
GST – Circular no 213- Seeking clarity on taxability of GST on ESOP/ESPP/RSU provided through overseas holding company
GST – Circular no 214- Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value
GST – Circular no 215 – Clarification on taxability of wreck and salvage values in motor insurance claims.
GST – Circular no 216 – Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023
GST – Circular no 217- Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement.
GST – Circular no 218 – Clarification regarding taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person.
GST – Circular no 219- Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017
GST – Circular no 220- Clarification on place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors
GST – Circular no 221- Time of supply on Annuity Payments under HAM Projects
GST – Circular no 222- Time of supply in respect of supply of allotment of Spectrum to Telecom companies

Self Enablement For e-Invoicing
Auto populate HSN-wise summary to Table 12 of GSTR-1

Form GSTR-1 modified
Integration of E-Waybill system with New IRP Portals

Enhanced E-Invoicing Initiatives

IBBI Updates

Centralized Electronic Listing and Auction Platform for the Sale of Assets under Liquidation Process (eBKray)
Discussion Paper on amendments to Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017.

Extension of time for filing various forms under VL Process

Amendments to Insolvency Resolution Process for Corporate Persons

Generating Valuation Report Identification Number
Guidelines for Committee of Creditors

Guidelines for Insolvency Professionals – Highlights of IBBI Guidelines
Guidelines for Insolvency Professionals – June 05, 2024

Partial withdrawal of clarification on liquidators’ fees

Streamlining of Voluntary Liquidation Process
Submission of Final Report under Voluntary Liquidation to IBBI
Voluntary Liquidation of Financial Service Provider-Permission from Sectoral regulator
Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds -Regulation 39 of Voluntary Liquidation Process
Amendments to Insolvency Resolution Process for Personal Guarantors to Corporate Debtors
Amendments to Bankruptcy Process for Personal Guarantors to Corporate Debtors
Adherence to Section 99 of the IBC Code
Amendments to Liquidation Process
Amendments to Liquidation Process – February 12, 2024

DGFT Updates

Harmonisation of Schedule-II (Export Policy), ITC(HS) 2022

Clarification on RCMC Requirements
Provision for Import/Re Import of Exhibit and Samples
DGFT extends RoDTEP Scheme Benefits
RoDTEP Schedule Aligned with Customs Tariff
Filing of Annual RoDTEP Return

DGFT Trade Notice for the Interest Equalisation Scheme

Verification of Authorisation of Licenses, Authorizations, Certificates etc using UDIN
Reduction in Composition Fee in Case of Duty Remission Scheme
EPCG Scheme to Reduce Compliance

RBI Updates

Updated Reporting Guidelines including for Exercise of ESOPs through Trust Route and/or Cashless Mechanism

New rules introduced for Compounding under FEMA

Amendments to FEMA NDI Rules
P2P Lending Platform- Amendments to Master Directions
Harmonisation of regulations applicable to HFCs and NBFCs

Remittance to IFSC under LRS route

Investment in Overseas Fund

Issuance of partly paid units to persons resident outside India by AIFs

Holding of funds in foreign currency account
Mode of Payment in case of overseas listing by Indian Companies

Liberalization of FDI policy for the Space Sector

Guidelines for Appointment of Statutory Auditors of State and Central Co-operative Banks

Tax Updates

Condonation of Delay for Form No. 10-IC or Form No. 10-ID
Notification for E-filing of Certain Forms
CBDT Grants Tax-Exempt Status to Petroleum and Natural Gas Regulatory Board
CBDT Extends Due Date for Filing Return of Income Under Section 92E

Revision in monetary limits for filing appeals
Enactment of Vivad se Vishwas scheme
Extension of time to file tax audit reports for AY 2024-25

Labour Laws

The Karnataka Compulsory Gratuity Insurance Rules, 2024
Karnataka Govt Notification dated January 10, 2024

Other Updates

CCI Updates – Amendments in Competition Law – Highlights of CCI
CCI Updates – Amendments in Competition Law – September 09, 2024
MHA Updates – Extending the validity of FCRA Registration Certificates

Karnataka Labour Department

PMLA Portal for CS in Practice

Ministry of Commerce & Industry

Karnataka Stamp Amendment Act notified

MCA Updates

SBO Rules for LLPs

Dematerialisation of securities by Private Companies
Amendments to LLP Rules
Designated Person for informing Beneficial Interest in Shares
Amendments to Rules for Shifting of Registered Office
Listing of securities on Foreign Stock Exchanges

Clarification for holding AGM and EGM through VC mode

Ministry of Corporate Affairs
Condonation of delay in filing of LLP Form-3, Form- 4 and Form -11 – August 23, 2023
Condonation of delay in filing of LLP Form-3, Form- 4 and Form -11

Extension for DPT-3
Filing of Form CSR-2
Changes in LLP Form 3 – G.S.R. 411(E) dated June 02, 2023
Changes in LLP Form 3 Filing
NFRA Circular on Auditors’ Responsibilities in relation to Fraud in a Company

Amendments to Strike Off Rules
Reduced timelines for Merger of Startups & Small Companies

Rules on strike-off of Companies – Amended
IND AS Amendment Rules

Extension for filing and additional fee relaxation for forms rolled out in MCA V3 – General Circular No.03/2023 dated February 7, 2023
Extension for filing and additional fee relaxation for forms rolled out in MCA V3 – General Circular No.04/2023 dated February 21, 2023
Submission of forms in physical mode to RoC

Mega amendment notifications
15 days extension for filing and additional fee relaxation for 45 forms rolled out in MCA V3
Form GNL-2 and MGT-14 can be physically submitted

SEBI Updates

Social Audit replaced with Social Impact Assessment
Social Audit replaced with Social Impact Assessment

Amendment to SEBI LODR

Voluntary delisting of Non-Convertible Securities – Amendments to SEBI LODR
Voluntary delisting of Non-Convertible Securities – SEBI LODR Amendment dated August 23, 2023

Master Circular – SEBI LODR
Disclosure under Regulation 30 and 30A
Master Circular- Issue and Listing of Non-Convertible Securities
Updates for BRSR Reporting

Major Amendments to SEBI LODR
Major Amendments to SEBI LODR – June 14, 2023
Master Circular- ICDR
Amendments – AIF Regulations

LEI for Issuers of Non-convertible Securities, Securitised Debt Instruments and Security Receipts

Formulation of price bands for the first day of trading pursuant to IPO, re-listing etc. in normal trading session
Guidelines for RAs and IAs – Circular dated April 05, 2023 
Guidelines for RAs and IAs – Circular dated April 06, 2023 

Master Circular on Takeover Regulations
Issue Summary Document – introduced
Extension of relaxation for sending hard copies of documents
Amendments to LODR

IT Updates

CBDT Extends Deadline for Processing Income Tax Refund Claim
Notification on Income Tax Returns for FY 2023-24

Revised Guidelines for Withholding Refunds under Section 245(2)
Revised Procedure for submission of Statement of Financial Transactions (SFT)

PAN not mandatory for opening bank account for Non Residents and Foreign Companies in GIFT City
New Form 56F introduced for claiming Sec 10 AA exemption (SEZ Exports)
CBDT extends due date of Filing Audit report- Section 10AA

Amendment to rules relating to Angel Tax (Economic Times)
Amendment to rules relating to Angel Tax
Extension of time for filing form 10B/10BB and Form ITR-7
Classification of NBFCs for claiming deduction under Section 43B

Safe Harbour rules extended to AY 2023-24
Amended rules for valuation of perquisites for accommodation to employees
Form 3AF for furnishing details of preliminary expenses

FAQs on TCS on LRS and purchase of overseas tour program package
Clarification regarding taxability of income earned by a non-resident investor from off-shore investments in investment fund routed through an Alternative Investment Fund
Amendment of the Income Tax Rules related to IFSC

Provisional approval under Section 80G
Changes to rules for Institutions, Trusts & Funds
Doing away with mandatory digital signing of application for Advance Ruling
Changes to Income Tax Rules
Extension for Q1 TDS/TCS Statements
Changes under LRS and implementation of revised TCS Rates

Clarification on TCS for Debit & Credit Card Transactions
Proposed Changes to ANGEL TAX Provisions
Changes Notified for ANGEL TAX Provisions – S.O. 2275(E)
Changes Notified for ANGEL TAX Provisions – S.O. 2274(E)
Guidelines for TDS on Winnings From Any Online Game
Clarification on Provisions Relating to Charitable and Religious Trusts

Consequences of not linking Aadhaar with PAN
Clarification on selection of new regime / old regime
Cost Inflation Index for FY 2023-24
CBDT notifies ITR forms for AY 2023-24
Mobile app, namely, “AIS for Taxpayer”

GST Updates

Two-factor Authentication for Taxpayers

Notification on Conditions for GST Appeal Filing with Appellate Authority
Amendment in the Bill of Entry After Out of Charge (OOC)
ITC Reversal on Account of Rule 37(A)
Online Compliance Pertaining to ITC mismatch -GST DRC-01C

Advisory on DRC-01C
GST Registration for Online Money Gaming services by persons located outside taxableterritory
Multiple Circulars relating to clarification on Export of Services, Place of Supply, taxability of Personal Guarantee and Corporate Guarantee (CBIC Circular 14/2023)
Multiple Circulars relating to clarification on Export of Services, Place of Supply, taxability of Personal Guarantee and Corporate Guarantee (CBIC Circular 15/2023)
Multiple Circulars relating to clarification on Export of Services, Place of Supply, taxability of Personal Guarantee and Corporate Guarantee (CBIC Circular 16/2023)

Geocoding Functionality for the Additional Place of Business
30 Day time limit for reporting invoice
Valuation Rules for Online Gaming and Casinos

Guidelines for eCom Operators for dealing with composition and unregistered suppliers – Composition Dealer
Guidelines for eCom Operators for dealing with composition and unregistered suppliers – Unregistered Dealer
Clarification – Applicability of GST on certain services

GSTN – Information sharing under PMLA
Clarification on various GST matters – Circular No. 194
Clarification on various GST matters – Circular No. 195
Clarification on various GST matters – Circular No. 196
Clarification on various GST matters – Circular No. 197
Clarification on various GST matters – Circular No. 198
Clarification on various GST matters – Circular No. 199
Amnesty Period for GSTR-4 non-filers

Update on Enablement Status for Taxpayers for e-Invoicing
E-Invoice Verifier App

Nation-wide Drive Against Fake GST Registration
Deferment of Implementation of Time Limit on Reporting Old e-Invoices
Automated Return Scrutiny Module for GST
Reduction in Limits for e-Invoicing

Time limit for reporting Invoices on the IRP Portal
No restriction for GST Registration for professionals on residential address
GST dept to scrutinise I-T, MCA data to identify entities not paying taxes
Advisory for the taxpayer wishing to register as “One Person Company” in GST
SOP for cancellation of GST registration & repository of non-genuine taxpayers
Maharashtra Amnesty Scheme

IBBI Updates

Exceptions to Applicability of Moratorium

Amendments to Insolvency Process for Corporate Persons
Amendments to regulations relating to Insolvency Professionals

Exceptions to Applicability of Moratorium

Revised format for filing application of CIRP online

DGFT Updates

Extension of timeline to file Non-Preferential Certificate of Origin

Introduction of Centralized Video Conference Facility at DGFT Headquarters

Automatic System based issue of Status Holder Certificate (e-SHC)
EODC Camp in DGFT Offices in November
Discontinuation of Issuance of Physical copy of Restricted Import Authorisation

Export Credit and Packing Credit for E-Commerce Exports

Virtual hearing facility for Exporters

Amnesty Scheme for one time settlement of default in export obligation

RBI Updates

Restrictions for Banks and NBFCs to make investment in AIFs

Regulatory measures towards consumer credit and bank credit to NBFCs

Amendments under Debt Instrument Regulations

PMLA (Maintenance of Records) Amendment Rules, 2023 and amendments to KYC Directions, 2016 – Rules
PMLA (Maintenance of Records) Amendment Rules, 2023 and amendments to KYC Directions, 2016 – Master Directions
Approval of Forms on FIRMS Portal – Mechanism changed
Sovereign Green Bonds included under FAR

Tax Updates

Extension for compliances till March 31, 2023

Other Updates

Karnataka Stamp Act Amendment Bill
Karnataka Stamp Act Amendment Bill

Ministry of Environment

PMLA Updates

The Factories (Karnataka Amendment) Act, 2023 – Highlights
The Factories (Karnataka Amendment) Act, 2023 – Govt of Karnataka Notification dated August 07, 2023

Ministry urges practising professionals to comply with PMLA!

PMLA Notification and Its Impact on Professionals​ – May 03, 2023
PMLA Notification and Its Impact on Professionals​ – May 09, 2023
Usage of International Credit Card Covered Under LRS
Open Ministry of Finance notification no S.O. 2275(E) dated May 24, 2023
Open Ministry of Finance notification no. S.O. 2274(E) dated May 24, 2023

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