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MCA Updates

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

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

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

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

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

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

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

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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