– ‘Any financial year’ has been replaced with ‘immediately preceding financial year’ clarifying the applicability.

– The words ‘areas and subjects’ have been inserted along with ‘activities’ wherever the latter appears, expanding the scope of CSR activities.

– ‘Any company’ which is not required to appoint an Independent Director under the CA, 2013 shall have its CSR committee without such director as opposed to only ‘an unlisted public company and or a private company’ previously. However, the committee must have a minimum of 2 directors.

– A new form RUN-LLP and FiLLiP for name availability and Incorporation of a LLP respectively are introduced.

– The forms for Application for reservation or change of name, Incorporation document and Subscriber’s statement, Notice for change of name, Application and statement for the conversion of a firm into LLP, Application and Statement for conversion of a Private Company/Unlisted Public Company into LLP shall be processed by Registrar, Central Registration Centre for and on behalf of the jurisdictional Registrar.

Since January, 2018 allotment of DIN for LLP partners was suspended by MCA without any reasons and timelines. Despite many representations made and queries raised there was no clarity on when it would be revived. At last, through this ‘Re-engineered’ incorporation process, issue of DIN for LLP partners has been made possible. Wonder whether it was the technology or the legal provisions that required re-engineering ??!!

The Insolvency and Bankruptcy Board of India (IBBI) has clarified an issue raised that whether a financial creditor, who is not yet admitted as a member of the Committee of Creditors (CoC), would be considered a dissenting or abstaining financial creditor. For details refer the attached circular.

As already carried in the previous issue of Samhita, all unlisted public companies and their shareholders have to move from physical shares to DEMAT form w.e.f 2^nd October,2018. NSDL which facilitates DEMAT securities has reduced the joining fees for unlisted issuers of securities (unlisted public and private companies) to Rs. 15,000 and a new slab is introduced for annual custody fee of Rs. 5,000 for nominal value of securities admitted upto Rs. 2.5 crores.

Joining fee for listed companies has also been reduced from Rs. 30,000 to Rs. 20,000.

The due date for filing of income tax returns and audit reports for all assesses liable to file IT returns pertaining to AY 2018-19 is extended from 30^th September, 2018 to 15^th October, 2018. It is clarified that this relaxation is only with respect to filing of returns and not with respect to payment of tax. Interest will continue to be levied if assesses that need to pay Income Tax, file their returns after 30th September, 2018.

CBIC has notified the rate of tax collection at source (TCS) to be collected by every e – commerce operator for intra-state taxable supplies as 0.5 % of the net value of intra-State taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the said operator.

Charitable entities registered under section 12AA of the IT Act, 1961 providing services for advancement of Religion, Yoga and Spirituality are exempt from GST. However, if such entities merely serve food and drinks or provide accommodation or conduct fitness camps, music and dance classes, fees charged for the same shall not be exempt from GST.

The time limit for submitting declaration in form GST TRAN-1 has been extended until 31^st January, 2019 for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the Council.