{"id":443,"date":"2015-09-25T12:31:37","date_gmt":"2015-09-25T07:01:37","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=443"},"modified":"2021-11-16T18:59:40","modified_gmt":"2021-11-16T13:29:40","slug":"professional-update-on-mca-rbi-cbdt-dvat","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/professional-update-on-mca-rbi-cbdt-dvat\/","title":{"rendered":"PROFESSIONAL UPDATE ON MCA, RBI, CBDT, DVAT"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f2c270e598f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f2c270e598f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/professional-update-on-mca-rbi-cbdt-dvat\/#Professional_update_on_MCA_RBI_CBDT_DVAT\" title=\"Professional update on MCA, RBI, CBDT, DVAT\">Professional update on MCA, RBI, CBDT, DVAT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/professional-update-on-mca-rbi-cbdt-dvat\/#MCA\" title=\"MCA\">MCA<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/professional-update-on-mca-rbi-cbdt-dvat\/#CBDT\" title=\"CBDT\">CBDT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/professional-update-on-mca-rbi-cbdt-dvat\/#BDT_%E2%80%93_Income_Tax\" title=\"BDT &#8211; Income Tax\">BDT &#8211; Income Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/professional-update-on-mca-rbi-cbdt-dvat\/#DVAT\" title=\"DVAT\">DVAT<\/a><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/12.png\" rel=\"attachment wp-att-1494\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1494\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/12-300x168.png\" alt=\"12\" width=\"812\" height=\"455\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/12-300x168.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/12-768x429.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/01\/12.png 866w\" sizes=\"(max-width: 812px) 100vw, 812px\" \/><\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Professional_update_on_MCA_RBI_CBDT_DVAT\"><\/span><span style=\"color: #000080;\"><strong>Professional update on MCA, RBI, CBDT, DVAT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"MCA\"><\/span><span style=\"color: #993300;\"><strong>MCA<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.mca.gov.in\/Ministry\/pdf\/Notification_07092015_1.pdf\"><strong>MCA has exempted the Government Companies producing Defense Equipment<\/strong><\/a><\/span>\u00a0including the Space Research subject to fulfillment of conditions prescribed relating to Additional information of the General Instruction for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013.<\/p>\n<p style=\"text-align: justify;\">The Board of Directors of such Company must give their consent with regard to non-disclosure of information relating to para 5(ii)(a)(1), 5(ii)(a)(2), 5(il)(e), 5(iii), s(viii)(a), 5(viii)(b), 5(viii)(c) and s(viii)(e), as may be applicable and the Company shall disclose in the Notes forming part of the balance sheet and profit and loss account, the fact of grant of exemption under this notification.<\/p>\n<p style=\"text-align: justify;\">all such companies shall comply with the prescribed Accounting Standards and shall ensure that its financial statements represent a true and fair state of affairs of its finances.<\/p>\n<p style=\"text-align: justify;\">This notification shall be applicable in respect of financial statement prepared in respect of the financial years ending on or after the 31&#8217;t March, 20-t6.<\/p>\n<p style=\"text-align: justify;\">The MCA has released <span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/mca.gov.in\/Ministry\/pdf\/Rules_09092015.pdf\"><strong>the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015<\/strong><\/a>,<\/span> which shall come into force from the date of their publication in the Official Gazette. Through these Rules, applicability of Extensible Business Reporting Language\u00a0(XBRL) and its Taxonomy has been prescribed.<\/p>\n<p style=\"text-align: justify;\">Accordingly, all listed companies and their Indian subsidiaries, Companies having paid-up capital of rupees five crore or above or turnover of rupees hundred crores or above shall file their financial statement and other documents under section 137 of the Act, with the Registrar in e-form AOC-4 XBRL for the financial years commencing on or after 1<sup>st<\/sup>\u00a0April 2014.<\/p>\n<p style=\"text-align: justify;\">Further, \u00a0all companies which were hitherto covered under the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011 shall continue to file their financials in XBRL mode and exemptions have been provided for Banking, insurance, Power Sector and Non-Banking Financial companies are exempted from XBRL filing.<\/p>\n<p style=\"text-align: justify;\">A MCA has released the <span style=\"color: #3366ff;\"><strong>Form CRA-4 (Form for filing Cost Audit Report with the Central Government) is available for filing w.e.f11th Sep 2015<\/strong>.<\/span> A company required to furnish a cost audit report and other documents to the Central Government under sub-section (6) of section 148 of the Act and rules made thereunder, shall file such report and other documents using the XBRL taxonomy for the financial years commencing on or after 1<sup>st<\/sup>\u00a0April, 2014 in e-Form CRA-4 specified under the Companies (Cost Records and Audit) Rules, 2014.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CBDT\"><\/span><span style=\"color: #3366ff;\"><strong>CBDT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">A Committee on Direct Tax matters chaired by Justice A. P. Shah was constituted with the initial mandate to examine the matter relating to<span style=\"color: #3366ff;\">\u00a0<a style=\"color: #3366ff;\" href=\"https:\/\/www.incometaxindia.gov.in\/Lists\/Press%20Releases\/Attachments\/382\/Press%20Release%20on%20MAT%2001.09.2015.pdf\"><strong>levy of MAT on FIIs\/FPIs for the period prior to 01.04.2015<\/strong><\/a>.<\/span><\/p>\n<p style=\"text-align: justify;\">The Committee has submitted its final report on applicability of MAT on FIIs\/FPIs for the period prior to 01.04.2015 to the Government on 25.08.2015.<\/p>\n<p style=\"text-align: justify;\">Committee has recommended that section 115JB of the Income-tax Act may be amended to clarify the in-applicability of MAT provisions to FIIs\/FPIs.<\/p>\n<p style=\"text-align: justify;\">\u00a0The government has accepted the recommendation of the Committee to clarify the in-applicability of MAT to FIIs\/FPIs and has decided that an appropriate amendment to the Income-tax Act will be carried out. Pending such amendment, CBDT will convey to the field formations the decision of the Government to accept the recommendation.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"BDT_%E2%80%93_Income_Tax\"><\/span><span style=\"color: #993300;\"><strong>BDT &#8211; Income Tax<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">Ministry of Finance has clarified through a press release that<span style=\"color: #3366ff;\"><strong>\u00a0<\/strong><a style=\"color: #3366ff;\" href=\"https:\/\/pib.nic.in\/newsite\/PrintRelease.aspx?relid=126732\"><strong>No Extension of Date for Filing of Returns due by\u00a030th September\u00a0for Assessment Year 2015-16<\/strong><\/a>\u00a0<\/span>for Certain Categories of Assessees including Companies, and Firms and, Individuals Engaged in Proprietary Business\/Profession etcwhose Accounts are required to be Audited\u00a0shall be granted.<\/p>\n<p style=\"text-align: justify;\">The audit report is also required to be filed by the said date.\u00a0The Government has received representations from various stakeholders seeking extension of date for filing of returns and tax audit reports beyond\u00a030th September 2015.<\/p>\n<p style=\"text-align: justify;\">reasons cited are delay in notifying the returns and related delay in availability of forms on the e-filing website.<\/p>\n<p style=\"text-align: justify;\">\u00a0After consideration of all facts, it has been decided that the last date for filing of returns due by\u00a030th September 2015\u00a0will not be extended. Taxpayers are advised to file their returns well in time to avoid last minute rush.<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DVAT\"><\/span><span style=\"color: #993300;\"><strong>DVAT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">DVAT Authorities have designed and developed a<span style=\"color: #3366ff;\">\u00a0<a style=\"color: #3366ff;\" href=\"https:\/\/dvat.gov.in\/website\/home.html\"><strong>new simplified online form namely Form Delhi Sugam-2 (in short &#8216;DS2,) in place of Form T-2<\/strong><\/a><\/span>\u00a0for providing information to the Department in respect of goods purchased or received as stock transfer or received on consignment agreement from outside by the registered dealers of Delhi.<\/p>\n<p style=\"text-align: justify;\">All dealers are now instructed that the details of Invoices and Goods Receipt (GR) Notes in respect of all goods purchased or received as stock transfer or received on consignment agreement basis from outside Delhi shall be submitted online, in Form Delhi Sugam-2 (DS2), before physical entry of the goods in Delhi.<\/p>\n<p style=\"text-align: justify;\">This Notification shall come into force with effect from the\u00a015th September, 2015\u00a0in\u00a0supersession\u00a0of all previous notifications on this subject.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>NCLT \/ NCLAT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">In continuation of the Ministry&#8217;s circular dated 10-08-2015, the MCA has extended the last date of receipt of applications for the post of<span style=\"color: #3366ff;\">\u00a0<a style=\"color: #3366ff;\" href=\"https:\/\/clb.nic.in\/orders\/Filling%2002_Posts%20of%20Technical%20Member(NCLAT).pdf\"><strong>Technical Member (2 Post) in NCLAT<\/strong><\/a>,\u00a0<a style=\"color: #3366ff;\" href=\"https:\/\/clb.nic.in\/orders\/Filling%2018_Posts%20of%20Judicial%20Member.pdf\"><strong>Judicial Member (18 Post) in NCLT<\/strong><\/a>\u00a0and\u00a0<a style=\"color: #3366ff;\" href=\"https:\/\/clb.nic.in\/orders\/Filling%2010_Posts%20Technical%20Member.pdf\"><strong>Technical Member (10 Post) in NCLT<\/strong><\/a>\u00a0<\/span>from 01-09-2015 to\u00a028-09-2015.<\/p>\n<p style=\"text-align: justify;\">Those who have already applied earlier are need not required to apply again and other terms and conditions will remain the same.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>RBI<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">RBI has decided to grant\u00a0<span style=\"color: #3366ff;\"><a style=\"color: #3366ff;\" href=\"https:\/\/www.rbi.org.in\/Scripts\/BS_PressReleaseDisplay.aspx?prid=35010\"><strong>\u201cin-principle\u201d approval to the 10 applicants to set up small finance banks<\/strong><\/a><\/span>\u00a0under the\u00a0\u201cGuidelines for Licensing of Small Finance Banks\u00a0in the private sector\u201d (Guidelines) issued on November 27, 2014.<\/p>\n<p style=\"text-align: justify;\">The \u201cin-principle\u201d approval granted will be valid for 18 months to enable the applicants to comply with the requirements under the Guidelines and fulfill other conditions as may be stipulated by the RBI.<\/p>\n<p style=\"text-align: justify;\">On being satisfied that the applicants have complied with the requisite conditions laid down by it as part of \u201cin-principle\u201d approval, the RBI would consider granting them a license for commencement of banking business under Section 22(1) of the Banking Regulation Act, 1949.<\/p>\n<p style=\"text-align: justify;\">Until a regular license is issued, the applicants cannot undertake any banking business.<\/p>\n<p><strong>Read the related blogs below;<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/sebi-introduces-onetime-settlement-scheme-sebi-settlement-scheme-2020.html\">SEBI introduces onetime settlement scheme SEBI settlement scheme-2020<\/a><\/strong><\/li>\n<li><strong><span style=\"color: #0000ff;\">The <\/span><a href=\"https:\/\/carajput.com\/blog\/sebi-guidelines-dvat-provisions-cbecs-move-towards-gst\/\"><span style=\"color: #0000ff;\">SEBI<\/span> guidelines for DVAT Provision<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/sebi-extends-time-line-for-june-quarter-results-to-15-sept-2020\/\">SEBI extended timelines for june quarter<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/security-exchange-board-in-india-consultancy-service.html\">Service regarding SEBI<\/a><\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Professional update on MCA, RBI, CBDT, DVAT MCA MCA has exempted the Government Companies producing Defense Equipment\u00a0including the Space Research subject to fulfillment of conditions prescribed relating to Additional information of the General Instruction for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013. The Board of Directors of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,11],"tags":[3188,3189,3185,3190,3187,3186],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/443"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=443"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/443\/revisions"}],"predecessor-version":[{"id":18959,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/443\/revisions\/18959"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}