Statutory updates

Order of NCLT in modification of earlier Order dated 12th May 2020 regarding filing of default record from the IU for application under section 7 of the Code

Revised Valuation Guidelines For Valuation Of Securities under NPS Schemes and other Pension Scheme(s) administered by PFRDA

Foreign Exchange Management Export and Import of Currency Amendment Regulations 2020

The Reserve Bank of India issues the Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2020.

Income-tax 19th Amendment Rules 2020 for Specified Funds

The Central Board of Direct Taxes amends the Income-tax Rules 1962 to exempt certain non-resident investors in specified funds from PAN and higher tax deduction requirements.

Designation of Special Courts for Income-tax Act in Maharashtra

The Central Government designates specific courts of Magistrates of First Class as Special Courts in the State of Maharashtra.

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 07.08.2020)

SEBI IFSC Guidelines 2015 Shareholding Amendment for Clearing Corporations

The Securities and Exchange Board of India amends the eligibility and shareholding limits for clearing corporations operating in International Financial Services Centres.

Dispensing with Physical Signature on Proposal Forms

Life insurers can obtain customer consent without a wet signature on physical proposal forms for business solicited by agents and intermediaries.

IBBI (Liquidation Process) Regulations, 2016 (Amended upto 05.08.2020)

IBBI (Voluntary Liquidation Process) Regulations, 2017 (Amended upto 05.08.2020)

Exemption from Physical Policy Issuance for Life Insurers

Life insurers receive an exemption from the requirement to issue physical policy documents and copies of proposal forms.

Relaxation from Submission of Hard Copy of Regulatory Returns

The Insurance Regulatory and Development Authority of India allows life insurers to skip the physical submission of quarterly investment returns.

Issuance of Digital Surveyor and Loss Assessor Licenses

The Authority issues digitally signed Surveyor and Loss Assessor Licenses starting from 03/08/2020.

Central Goods and Services Tax Ninth Amendment Rules 2020

The Central Government amends the Central Goods and Services Tax Rules, 2017 to substitute FORM GST INV-01 with a new e-invoice format and schema.

Amendment to E-Invoice Class of Registered Persons

Notification 61/2020-Central Tax amends Notification No. 13/2020-Central Tax to alter the class of registered persons for e-invoices.

Income Tax Act 1961 Section 138 Specification for Competition Commission of India

The Central Government specifies the Director General or Secretary of the Competition Commission of India under section 138 of the Income-tax Act, 1961.

Extension of Income Tax Due Dates and Advance Tax Treatment

The Central Board of Direct Taxes amends notification number 35/2020 to extend specific compliance due dates to 30th September 2020.

Income-tax (18th Amendment) Rules, 2020 for Section 115UB

The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to issue rules and update forms for reporting income paid or credited by an investment fund to its unit holder…