The Ministry of Finance, vide Notification No. 50/2018-Central Tax and Notification No. 51/2018-Central Tax, both dated 13 September 2018, has appointed 1 October 2018 as the day on which the provisions relating to the Tax Deducted at Source (TDS) under Section 51 of the Central Goods and Services Tax Act (CGST Act) and Tax Collected at Source (TCS) under Section 52 of the CGST Act will come in000to effect.
Post the Circular CIR/ IMD/ FPIC/ CIR/ P/ 2018 titled ‘Know Your Client Requirements for Foreign Portfolio Investors (FPIs)’ issued by Securities Exchange Board of India (SEBI) dated 10 April 2018 (SEBI Circular), there was widespread confusion around the eligibility of Resident Indians (RI), Non-Resident Indians (NRI), Overseas Citizens of India (OCI) and Persons of Indian Origin (PIO) to hold interests in Foreign Portfolio Investors (FPIs) and invest in FPIs.
Based on the Companies (Amendment) Act, 2017, the Companies Act, 2013 was amended to introduce new filing requirements by “Significant Beneficial Owners”. There were filings to be made by the “Significant Beneficial Owners” under a form “BEN-1” and a subsequent filing by the relevant company in form “BEN-2”. The former was a paper filing and the latter is an electronic
Recently, the Central Board of Direct Taxes (CBDT) vide circular (Circular) dated 11 July 2018 (please access our newsflash on this Circular by clicking here had revised the monetary thresholds of the ‘tax effect’ on matters, below which an appeal should not be filed by the Income-tax Department (Tax Department) with certain exceptions carved out in Paragraph 10 (Para 10) of the Circular.
This is with reference to our newsflash titled “NRIs: Not Really for Indians? SEBI tightens FPI Norms” dated 17 April 2018 (Newsflash). The Newsflash analysed the Securities and Exchange Board of India (SEBI) circular dated 10 April 2018 (SEBI Circular), which disallowed Indian / Non-resident Indians from being beneficial owners of a Foreign Portfolio Investor (FPI) and clarified the position on clubbing of investments limits. The SEBI Circular provided a period of 6 months to registered FPIs from the date of the SEBI Circular,
Recently in the case of Standard Chartered Bank v. Deputy Director, Directorate of Enforcement, the Appellate Tribunal, Prevention of Money Laundering Act, New Delhi has clarified the anomaly regarding the right of the Enforcement Directorate (ED) to attach assets, which have previously been mortgaged to banks, by way of lending.
The Specific Relief (Amendment) Act, 2018 (Amendment Act) was published in the official gazette on 1 August 2018. The Amendment Act has been introduced with the primary intent of introducing greater certainty in enforcement of contracts and enabling faster and easier
On 7 August 2018, the Central Government has issued a notification bringing into force the provisions of Section 10 of the Companies (Amendment) Act, 2017 amending Section 42 of the Companies Act, 2013 (Act) relating to private placement norms for issue of securities. Further, consequential amendments required to the Companies (Prospectus and Allotment of Securities) Rules, 2014, as amended (PAS Rules) pursuant to Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2018 have also been notified.
On 30 July 2018, the constitution bench of the Supreme Court of India (Court), in Commissioner of Customs (Import), Mumbai (Appellant) v Dilip Kumar and Company & Ors. (Respondent) [Civil Appeal No. 3327 OF 2007], has pronounced the principles for the interpretation of exemption notifications in taxation statues.
In July 2017, the Ministry of Electronics and Information Technology, Government of India had constituted a committee of experts (Committee) under the chairmanship of a retired judge of the Supreme Court, Mr B N Srikrishna, to examine and propose changes to the data protection regime in India. In December 2017, the Committee published a white paper on the data protection framework proposed for India
