January 01, 2019 – January 31, 2019

Issue No. – 022/ 2019

FROM THE CHIEF EDITOR’S PEN

At the outset, through this column, I want to take a moment and thank you all for appreciating and encouraging WINS. In this edition of our e-newsletter “WINS” (acronym for Whitespan Information and News Services) we have covered the recent updates from RBI, SEBI, MCA, CBDT and various other miscellaneous laws. We have also brought for you an article on Transfer Pricing. Hope we not only help you keep updated but also save your time by bringing a brief summary of all the updates through our section on Editor’s Quick Take.

Our Editorial Board comprises the following professionals:1. Mr. Vinay Shukla - Mr. Vinay Shukla, a Fellow Member of The Institute of Company Secretaries of India (ICSI), a

graduate in Law, Commerce and Management is Co-founder of WsA having more than twenty five years’ experience inwide spectrum of corporate functions.

2. Mr. Mayank Rai – LL.M, M.Phil, is a practicing advocate having more than 26 years of experience also an Asst. Professorin Dept. of Law, V.S.S.D.College, Kanpur.

3. Ms. Jaya Yadav - Ms. Jaya Yadav, a practicing company secretary based at Gurgaon is an associate member of TheInstitute of Company Secretaries of India (ICSI) and a graduate in law and Commerce from Delhi University.

4. Mr. Himanshu Gupta - Mr. Himanshu Gupta is a General Counsel, an associate member of The Institute of CompanySecretaries of India (ICSI) and a graduate in law and Commerce.

5. Ms. Trishna Choudhary - Ms. Trishna Choudhary is an associate member of The Institute of Company Secretaries ofIndia (ICSI) and a graduate in commerce from Delhi University.

6. Ms. Ankita Pandey – Ms. Ankita Pandey is a commerce graduate from Kanpur University and an associate member ofThe Institute of Company Secretaries of India (ICSI).

7. Ms. Divya Shukla- Ms. Divya Shukla is presently pursuing law from Christ University, Bangalore.

In this issue we have covered the following:

Corporate Updates from MCA, RBI, SEBI, CBDT, CBEC and other miscellaneous laws An article on Transfer Pricing

Compliance checklist for the month of February 2019.

We hope all these would be of interest to you.

We invite articles on topics of professional interest. Please do ensure that the article is original, written in good style and adds value for the reader.

Your candid feedbacks are valuable: appreciation will encourage us; criticism will help us improve! Feedbacks can be sent at the following email id:

vinay@whitespan.in

With warm regardsWINS (Whitespan News and Information Services)January 31, 2019

INDEX

S.No Section Page No.

1 Ministry of Corporate Affairs (MCA) 5-12

2 Securities Exchange Board of India (SEBI) 13-25

3 Reserve Bank of India (RBI) 26-30

4 Central Board of Excise and Customs (CBEC) 31-32

5 Central Board of Direct Taxes (CBDT) 33-34

6 Miscellaneous Laws 35-39

7 Case Laws on IBC 40-44

8 Article on Corporate Governance 45-54

9 Compliance Checklist 55-60

1. THE NATIONAL COMPANY LAW TRIBUNAL (AMENDMENT) RULES, 2019Date of Notification: January 15, 2019 Effective Date: Date of Publication in the Official Gazette Above Notification is available at the following link:http://www.mca.gov.in/Ministry/pdf/NCLTAmendmentRules_18012019.pdf

Editor’s Quick Take:

MCA vide its notification dated January 19, 2019 has notified the National Company Law Tribunal(Amendment) Rules, 2019 by amending Rule 71 of the National Company Law Tribunal Rules, 2016. Fromnow on while making an application for consolidation and division of share capital of the company, theApplicant Companies are now required to serve, by registered post with acknowledgement due, a noticetogether with the copy of the application to the Regional Director (instead of CentralGovernment), Registrar of Companies and to the Securities and Exchange Board of India, in the case oflisted companies and to the regulatory body, if the company is regulated under any other Act.

2. THE COMPANIES (ACCEPTANCE OF DEPOSITS) AMENDMENT RULES, 2019

Date of Notification: January 22, 2019 Effective Date: Date of Publication in the Official Gazette Above notification is available at the following link:http://www.mca.gov.in/Ministry/pdf/AcceptanceDepositsAmendmentRule_22012019.pdf

Editor’s Quick Take:

MCA vide its notification dated January 22, 2019 has notified the Companies (Acceptance of Deposits) Amendment Rules, 2019 by amending the Companies (Acceptance of Deposits) Rules, 2014:

• It is clarified that Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company.

• Every company other than Government company shall file a onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to the date of publication of this notification in the Official Gazette, as specified in Form DPT-3 within ninety days from the date of said publication of this notification along with fee as provided in the Companies (Registration Offices and Fees) Rules, 2014.

3. THE SPECIFIED COMPANIES (FURNISHING OF INFORMATION ABOUT PAYMENT TO MICRO AND SMALL ENTERPRISE SUPPLIERS) ORDER, 2019Date of Notification: January 22, 2019 Effective Date: Date of Publication in the Official Gazette Above notification is available at the following link:http://www.mca.gov.in/Ministry/pdf/MSMESpecifiedCompanies_22012019.pdf

Editor’s Quick Take:MCA vide its notification dated January 22, 2019 has notified the Specified Companies (Furnishing ofinformation about payment to micro and small enterprise suppliers) Order, 2019 directing all companies,who get supplies of goods or services from micro and small enterprises and whose payments to micro andsmall enterprise suppliers exceed forty five days from the date of acceptance or the date of deemedacceptance of the goods or services as per the provisions of section 9 of the Micro, Small and MediumEnterprises Development Act, 2006 (27 of 2006) (hereafter referred to as “Specified Companies”), to submita half yearly return to the Ministry of Corporate Affairs stating the following:(a) the amount of payment due; and (b) the reasons of the delay;

Every specified company shall file in MSME Form I details of all outstanding dues to Micro or smallenterprises suppliers existing on the date of notification of this order within thirty days from the date ofpublication of this notification.

Every specified company shall file a return as per MSME Form I annexed to this Order, by 31st October for theperiod from April to September and by 30th April for the period from October to March.

4. THE COMPANIES (PROSPECTUS AND ALLOTMENT OF SECURITIES) AMENDMENT RULES, 2019Date of Notification: January 22, 2019 Effective Date: Date of Publication in the Official Gazette Above notification is available at the following link:http://www.mca.gov.in/Ministry/pdf/CompaniesProspectusAllotmentRule_23012019.pdf

Editor’s Quick Take:

MCA vide its notification dated January 22, 2019 has notified the Companies (Prospectus and Allotmentof Securities) Amendment Rules, 2019 by amending the Companies (Prospectus and Allotment ofSecurities) Rules, 2014. Earlier the Rule was applicable to every Unlisted Public Company without anyexemption given to any class of such Company, however, the amendments are made to exempt unlistedPublic Companies which are either Nidhi Companies or Government Companies or Wholly OwnedSubsidiary (WOS) Companies from mandatory provisions of Dematerialization of shares.

5. THE COMPANIES (AMENDMENT) ORDINANCE, 2019Date of Notification: January 12, 2019 Effective Date: November 02, 2018 Above notification is available at the following link:http://egazette.nic.in/WriteReadData/2019/195181.pdf

Editor’s Quick Take:

MCA vide its notification dated January 12, 2019 has notified the Companies (Amendment) Ordinance,2019 to amend the Companies Act, 2013. The Companies (Amendment) Ordinance, 2018 waspromulgated by the President on the 2nd day of November, 2018 and the Companies (Amendment) Bill,2019 to replace the Companies (Amendment) Ordinance, 2018 has been passed by the House of Peopleon the 4th day of January, 2019 and is pending in the Council of States. Further, the Companies(Amendment) Bill, 2019 could not be taken up for consideration and passing in the Council of States andthe Companies (Amendment) Ordinance, 2018 will cease to operate on the 21st day of January,2019. It isconsidered necessary to give continued effect to the provisions of the Companies (Amendment)Ordinance, 2018.

6. E FORM INC 20A – DECLARATION FOR COMMENCEMENT OF BUSINESS Effective Date: January 26, 2019 Above e form is available at the following link:http://www.mca.gov.in/MinistryV2/companyformsdownload.html

Editor’s Quick Take:

MCA vide has notified the e form INC 20A i.e. the declaration for commencementof business. The said form is required to be filed by all companies incorporated onor after 02-11-2018 within 180 days from the date of incorporation.

7. NOTIFICATION OF SECTION 465 OF THE COMPANIES ACT, 2013 Date of Notification: January 30, 2019 Effective Date: January 30,2019Above notification is available at the following link:http://www.mca.gov.in/Ministry/pdf/NotificationSection465_31012019.pdf

Editor’s Quick Take:

MCA vide its notification dated January 30 , 2019 has notified provisions of section465 of the Companies Act 2013 insofar as they relate to repeal the Companies Act,1956.

Section 465 - Repeal of certain enactments and savings

1. DISCLOSURES BY STOCK EXCHANGES FOR COMMODITY DERIVATIVES

Date of Circular: January 04, 2019Effective Date: January 04, 2019Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/jan-2019/disclosures-by-stock-exchanges-for-commodity-derivatives_41545.html

Editor’s Quick Take:

SEBI vide its circular dated January 04, 2019 has in order to enhance transparency to the public inCommodity Derivatives Markets and also based on the recommendations of Commodity DerivativesAdvisory Committee (CDAC) advised all recognised stock exchanges to make additional disclosures on theirwebsites with respect to trading in commodity derivatives. The formats such disclosures are placed atcircular issued by SEBI in this regard.

Annexure I - Format for disclosure of Open Interest and turnover for various categories of participants atCommodity as well as market level.

Annexure II -Commodity wise format of disclosure for top participants, members and market wide positionlimits.

2. REPORTING FOR ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML)APPLICATIONS AND SYSTEMS OFFERED AND USED BY MARKET INTERMEDIARIESDate of Circular: January 04, 2019Effective Date: Quarter ending March 2019Above circular is available at the following link: https://www.sebi.gov.in/legal/circulars/jan-2019/reporting-for-artificial-intelligence-ai-and-machine-learning-ml-applications-and-systems-offered-and-used-by-market-intermediaries_41546.html

Editor’s Quick Take:

SEBI vide its circular dated January 04, 2019 has in view of increasing usage of AI (Artificial Intelligence) and ML (MachineLearning) as product offerings by market intermediaries and participants is conducting a survey and creating an inventory ofthe AI / ML landscape in the Indian financial markets to gain an in-depth understanding of the adoption of such technologiesin the markets and to ensure preparedness for any AI / ML policies that may arise in the future.

Applicability:

All registered Stock Brokers / Depository Participant offering or using applications or systems as defined in the circular, arerequired to participate in the reporting process by completing the AI / ML reporting form.

All registered Stock Brokers / Depository Participant using AI / ML based application or system will be required to fill in theform as provided in the circular and make submissions on quarterly basis within 15 calendar days of the expiry of the quarter.

Stock Exchanges and Depositories will be required to consolidate and compile a report on such applications and submit toSEBI within 30 calendar days of the expiry of the quarter, starting from quarter ending March 2019 in soft copy only.

3. ACCEPTANCE OF PROBATE OF WILL OR WILL FOR TRANSMISSION OF SECURITIES HELDIN DEMATERIALIZED MODE

Date of Circular: January 04, 2019Effective Date: January 04, 2019Above circular is available at the following link:

https://www.sebi.gov.in/legal/circulars/jan-2019/acceptance-of-probate-of-will-or-will-for-transmission-of-securities-held-in-dematerialized-mode_41548.html

Editor’s Quick Take:

SEBI vide its circular dated January 04, 2019 has in view of harmonization of procedures for transmission of securities in dematerialized mode with that of transmission of securities in physical mode, decided that transmission of securities held in dematerialized mode shall be dealt in line with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018.

From now on the succession certificate or probate of will or will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925 been prescribed as documentary requirement for transmission of securities held in physical mode.

4. PORTFOLIO CONCENTRATION NORMS FOR EQUITY EXCHANGE TRADED FUNDS(ETFS) AND INDEX FUNDS

Date of Circular: January 10, 2019Effective Date: January 10, 2019Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/jan-2019/portfolio-concentration-norms-for-equity-exchange-traded-funds-etfs-and-index-funds_41588.html

Editor’s Quick Take:

SEBI vide its circular dated January 10, 2019 with a view to address the risk related to portfolioconcentration in ETFs and Index Funds decided that the index shall have a minimum of 10 stocks as itsconstituents.

For a sectoral/ thematic Index, no single stock shall have more than 35% weight in the index. For otherthan sectoral/ thematic indices, no single stock shall have more than 25% weight in the index.

The weightage of the top three constituents of the index, cumulatively shall not be more than 65% of theIndex.

The individual constituent of the index shall have a trading frequency greater than or equal to 80% and anaverage impact cost of 1% or less over previous six months.

5. CYBER SECURITY AND CYBER RESILIENCE FRAMEWORK FOR MUTUAL FUNDS /ASSET MANAGEMENT COMPANIES (AMCS)

Date of Circular: January 10, 2019Effective Date: April 01, 2019Above circular is available at the following link:

https://www.sebi.gov.in/legal/circulars/jan-2019/cyber-security-and-cyber-resilience-framework-for-mutual-funds-asset-management-companies-amcs-_41589.html

SEBI vide its circular dated January 10, 2019 based on the recommendation of SEBI’s HighPowered Steering Committee - Cyber Security prescribed that the framework on cyber securityand cyber resilience also be made applicable to all Mutual Funds / AMC. Accordingly, all MutualFunds / AMCs will note be required to comply with the provisions of Cyber Security and CyberResilience as placed in the annexure to this circular.

Editor’s Quick Take:

6. UNIFORM MEMBERSHIP STRUCTURE ACROSS SEGMENTS

Date of Circular: January 11, 2019Effective Date: April 01, 2019Above circular is available at the following link: https://www.sebi.gov.in/legal/circulars/jan-2019/uniform-membership-structure-across-segments_41617.html

Editor’s Quick Take:

SEBI vide its circular dated January 11, 2019 prescribed that sub-brokers as an intermediary shall cease to

exist with effect from April 01, 2019. All existing sub-brokers would migrate to become Authorised Persons

(APs) or Trading Members if the sub-brokers meet the eligibility criteria prescribed under Stock Exchange

bye-laws and SEBI Regulations and by complying with these Regulations. The circular also provides for the

course of action to be followed in order to implement uniform membership structure across equity cash

and derivatives segments,

7. GUIDELINES FOR PUBLIC ISSUE OF UNITS OF INVITS – AMENDMENTS

Date of Circular: January 15, 2019Effective Date: January 15, 2019Above circular is available at the following link: https://www.sebi.gov.in/legal/circulars/jan-2019/guidelines-for-public-issue-of-units-of-invits-amendments_41642.html

Editor’s Quick Take:

SEBI vide its circular dated January 15, 2019 has amended the guidelines for public issue of units of InvITs”(InvIT Guidelines) by making following changes it:

Change in definition of Institutional Investors

In case of force majeure, banking strike or similar circumstances, the InvIT, for reasons to be recorded inwriting, may extend the bidding (issue) period disclosed in the offer document, for a minimum period ofthree working days, subject to total bidding period not exceeding thirty days.

The merchant bankers shall submit a compliance certificate in respect of news reports appearing for theperiod between the date of filing the draft offer document with the Board and the date of closure of theissue in accordance with the Clause (11) of Schedule IX of SEBI (Issue Of Capital And DisclosureRequirements) Regulations, 2018.

8. NORMS FOR INVESTMENT AND DISCLOSURE BY MUTUAL FUNDS IN DERIVATIVES

Date of Circular: January 16, 2019Effective Date: January 16, 2019Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/jan-2019/norms-for-investment-and-disclosure-by-mutual-funds-in-derivatives_41670.html

Editor’s Quick Take:

SEBI vide its circular dated January 16, 2019 has decided to permit mutual funds to write call options under acovered call strategy as elaborated in the said circular.

Mutual Fund schemes (except Index Funds and ETFs) may write call options only under a covered callstrategy for constituent stocks of NIFTY 50 and BSE SENSEX subject to the conditions listed in the circular.

For schemes intending to use covered call strategy, the risks and benefit of the same, must be disclosed inthe Scheme Information Document.

For existing schemes, writing of call options shall be permitted subject to appropriate disclosure andcompliance with Regulation 18 (15A) of SEBI (Mutual Funds) Regulations, 1996.

9. GUIDELINES FOR PUBLIC ISSUE OF UNITS OF REITS - AMENDMENTS

Date of Circular: January 15, 2019Effective Date: January 15, 2019Above circular is available at the following link: https://www.sebi.gov.in/legal/circulars/jan-2019/guidelines-for-public-issue-of-units-of-reits-amendments_41643.html

Editor’s Quick Take:

SEBI vide its circular dated January 15, 2019 has amended the

Guidelines for public issue of units of REITs” (“REIT Guidelines”)

Neither the merchant bankers(s) nor any associate of the merchant bankers, other than mutual funds sponsored by entitieswhich are associate of the merchant bankers or insurance companies promoted by entities which are associate of themerchant bankers or pension funds of entities which are associate of the merchant bankers or Alternate Investment Funds(AIFs) sponsored by the entities which are associate of the merchant bankers or FPIs other than Category III sponsored bythe entities which are associate of the merchant bankers, shall apply under the Anchor Investors category in case of forcemajeure, banking strike or similar circumstances, the REIT, for reasons to be recorded in writing, may extend the bidding(issue) period disclosed in the offer document, for a minimum period of three working days, subject to total bidding periodnot exceeding thirty days.

The merchant bankers shall submit a compliance certificate in respect of news reports appearing for the period between thedate of filing the draft offer document with the Board and the date of closure of the issue in accordance with Clause (11) ofSchedule IX of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

10. REVISED MONTHLY CUMULATIVE REPORT (MCR)

Date of Circular: January 22, 2019Effective Date: April 2019

Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/jan-2019/revised-monthly-cumulative-report-mcr-_41759.html

Editor’s Quick Take:

SEBI vide its circular dated January 22, 2019 has revised the format of the Monthly CumulativeReport (MCR). From April 2019 onwards, AMCs shall submit the MCR to SEBI in the revisedformat by the 3rd working day of each month. The circular further clarified that the investingscheme shall exclude the same while reporting the data on AUM in the MCR

11 Clarifications in SEBI (depositories and participants) regulations, 2018

Date of Circular: January 22, 2019Effective Date: April 2019

Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/jan-2019/revised-monthly-cumulative-report-mcr-_41759.html

Editor’s Quick Take:

SEBI vide its circular dated January 22, 2019 has revised the format of the Monthly Cumulative Report (MCR). From April 2019 onwards, AMCs shall submit the MCR to SEBI in the revised format by the 3rd working day of each month. The circular further clarified that the investing scheme shall exclude the same while reporting the data on AUM in the MCR

12 Alignment of trading lot and delivery lot size

Date of Circular: January 23, 2019Effective Date: January 23, 2019Above circular is available at the following link:https://www.sebi.gov.in/legal/circulars/jan-2019/alignment-of-trading-lot-and-delivery-lot-size_41804.html

Editor’s Quick Take:

SEBI vide its circular dated January 23, 2019 has in view of disadvantageous for positions caused for theparticipants by the practice of different trading and delivery lot sizes. An exception to the above may beprovided on case to case basis, subject to the recognized stock exchanges submitting detailed rationaleincluding physical market practices, feedback from stakeholders etc., for keeping different lot size for tradingand delivery with respect to any contract, to SEBI for approval.

1. GOLD MONETIZATION SCHEME, 2015

Date of Notification: January 09, 2019Effective Date: January 09, 2019The above notification is available at the following link:https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11450&Mode=0

Editor’s Quick Take:

RBI vide its notification dated January 09, 2019 has amended the Reserve Bank of India (Gold MonetizationScheme, 2015) by amending the definition of “Persons eligible to make a deposit” under the scheme.

The amended definition of “Persons eligible to make a deposit” is as follows:

Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including MutualFunds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, charitableinstitutions, Central Government, State Government or any other entity owned by Central Government orState Government] can make deposits under the scheme. Joint deposits of two or more eligible depositorsare also allowed under the scheme and the deposit in such case shall be credited to the joint depositaccount opened in the name of such depositors. The existing rules regarding joint operation of bank depositaccounts including nominations will be applicable to these gold deposits.

2. INTEREST EQUALISATION SCHEME ON PRE AND POST SHIPMENT RUPEEEXPORT CREDIT

Date of Notification: January 11, 2019Effective Date: January 02, 2019Copy of the above notification is available at the following link:https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11453&Mode=0Editor’s Quick Take:

RBI vide its notification dated January 11, 2019 has in view of operational instructions issued on interestEqualisation Scheme on Pre and Post Shipment Rupee Export Credit has decided to include merchantexporters under the ongoing Interest Equalisation Scheme for Pre and Post Shipment Rupee Export Creditand allow them interest equalisation at the rate of 3% on credit for export of products covered under 416tariff lines identified under the Scheme.

3. EXTERNAL COMMERCIAL BORROWINGS (ECB) POLICY – NEW ECB FRAMEWORKDate of Notification: January 16, 2019Effective Date: January 16, 2019Copy of the above notification is available at the following link:https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11456&Mode=0

Editor’s Quick Take:

RBI vide its notification dated January 16, 2019 has with a view to rationalise the extant framework for ECB and Rupee Denominated Bonds in light of the experience gained to improve the ease of doing business, set out a new framework which would further strengthen the AML/CFT framework.

The salient features of the new framework are as under:1.Merging of Tracks2.Eligible Borrowers 3.Recognised Lender4.Minimum Average Maturity Period (MAMP)5.Late Submission Fee (LSF) for delay in ReportingECB up to USD 750 million or equivalent per financial year, which otherwise are in compliance with the parameters and other terms and conditions set out in the new ECB framework, will be permitted under the automatic route not requiring prior approval of the Reserve Bank.

4. THE FOREIGN EXCHANGE MANAGEMENT (ESTABLISHMENT IN INDIA OF A BRANCH OFFICEOR A LIAISON OFFICE OR A PROJECT OFFICE OR ANY OTHER PLACE OF BUSINESS)(AMENDMENT) REGULATIONS, 2019Date of Notification: January 21, 2019Effective Date: Date of Publication in the Official GazetteCopy of the above notification is available at the following link:http://egazette.nic.in/WriteReadData/2019/195706.pdf

Editor’s Quick Take:

RBI vide its notification dated January 16, 2019 has notified the Foreign Exchange Management(Establishment in India of a branch office or a liaison office or a project office or any other place ofbusiness) (Amendment) Regulations, 2019 by amending the Foreign Exchange Management (Establishmentin India of a branch office or a liaison office or a project office or any other place of business) Regulations,2016. The Amendments to Regulation 5(c) for the existing proviso is being carried out to provide moreclarity by inserting that the approval of the Reserve Bank of India is not required in case the approval orlicense/permission by the concerned Ministry/Regulators as the case may be, if the principal business ofthe applicant falls in the four sectors namely Defence, Telecom, Private Security and Information andBroadcasting

1. RECOMMENDATIONS MADE BY THE GST COUNCIL IN ITS 32ND MEETING HELD TODAYUNDER THE CHAIRMANSHIP OF THE UNION MINISTER OF FINANCE & CORPORATE AFFAIRS,SHRI ARUN JAITLEY

Date of Press Release January 10, 2019

Above press release is available at the following link:http://gstcouncil.gov.in/32nd-gst-council-meeting#

Editor’s Quick Take:

The GST Council in its 32nd Meeting held under the Chairmanship of the Union Minister of Finance &Corporate Affairs, Shri Arun Jaitley in New Delhi took major decisions which included relief to MSME(including Small Traders) and revamp of the Composition Scheme by including service providers.Increase in Turnover Limit for the existing Composition Scheme to Rs 1.5 crore and compliance underComposition Scheme shall be simplified.Higher Exemption Threshold Limit for Supplier of Goods from Registration and Payment of GST for thesuppliers of Goods i.e. Rs 40 lakhs and Rs 20 lakhs. A Composition Scheme for Services shall be madeavailable for Suppliers of Services with a Tax Rate of 6% (3% CGST +3% SGST) having an Annual Turnover inthe preceding Financial Year up to Rs 50 lakhs. They would be liable to file one Annual Return withQuarterly Payment of Taxes (along with a Simple Declaration) and shall be made operational from the 1st ofApril, 2019.GST Council approved Levy of Cess on Intra-State Supply of Goods and Services within the State of Kerala ata rate not exceeding 1% for a period not exceeding 2 years.

1. CBDT IDENTIFIES NON-FILERS THROUGH NON-FILERS MONITORINGSYSTEM(NMS) BY USING DATA ANALYTICS

Date of Press Release: January 22, 2019 Above press release is available at the following link:https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/744/PressRelease_CBDT_identifies_Non_filers_NMS_22_1_19.pdf

Editor’s Quick Take:

CBDT vide its press release dated January 22, 2019 has announced that it had carried out ananalysis to identify non-filers about whom specific information was available in the databaseof the Department. The sources of information include Statement of Financial Transactions(SFT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS), information aboutforeign remittances, exports and imports data etc. The Non-filers Monitoring System (NMS)aims to identify and monitor persons who enter into high value transactions and havepotential tax liabilities but have still not filed their tax returns. Data analysis has identifiedseveral potential non-filers who have carried out high value transactions in Financial Year2017-18 but have still not filed Income Tax Return for Assessment Year 2018-19 (relating toFY 2017-18). The Department has enabled e-verification of these NMS cases to reduce thecompliance cost for taxpayers by soliciting their response online. Non-filers are requested toassess their tax liability for AY 2018-19 and file the Income Tax Returns (ITR) or submit onlineresponse within 21 days.

1. EXTENSION OF LAST DATE OF FILLING MANDATORY ONLINE ANNUAL RETURNS FORTHE FY 2017-18 UNDER THE FOREIGN CONTRIBUTION (REGULATION) ACT, 2010Date of Circular December 26, 2018Effective Date December 26, 2018Above circular is available at the following link:https://fcraonline.nic.in/home/PDF_Doc/fc_notice_29122018.pdf

Editor’s Quick Take:

Ministry of Home Affairs vide its circular dated December 26, 2018 has extended the Last Date of FillingMandatory Online Annual Returns for the FY 2017-18 under the Foreign Contribution (Regulation) Act,2010. As per Section 18(1) of The Foreign Contribution (Regulation) Act, 2010 (FCRA, 2010) read withRule 17(1) of The Foreign Contribution (Regulation) Rules, 2011 (FCRR, 2011), persons / associationsregistered under the FCRA, 2010 are required to submit electronically online their Annual Return in FormFC-4 with scanned copies of income and expenditure statement, receipts and payment account, balancesheet etc. for every financial year within nine months of the closure of the financial year i.e. for FY 2017-18latest by 31.12.2018. Considering the representations of several Associations facing difficulties in generatingUnique ID under the DARPAN Portal due to various reasons, it has been decided to extend the last date offiling mandatory online Annual Returns for FY 2017-18 from 31.12.2018 to 31.03.2019.

2. AMENDMENT IN FOREIGN TRADE POLICY 2015-2020

Date of Notification January 10, 2019Effective Date January 10, 2019 Above notification is available at the following link:http://dgft.gov.in/sites/default/files/Notification%20No.%2053%20English%2010-01-2019_0.pdf

Editor’s Quick Take:

DGFT vide its notification dated January 10, 2019 has made amendments in the foreign trade policy 2015-2020 in the following areas:

• Details of Duties exempted and relating to Actual User Condition for Advance Authorisation under Foreign Trade Policy 2015-20.

• Amendments are being carried out to remove pre-import condition to avail exemption from Integrated Tax and Compensation cess and exemption from Integrated Taxes and Compensation cess is also extended to deemed supplies.

3. SEBI Directions w.R.T. Listed shell companies – update

Date of Notice January 11, 2019Effective Date January 11, 2019

Above notification is available at the following link:https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20190111-17

Editor’s Quick Take:

BSE vide its notice dated January 11, 2019 has directed the participants to take note of the following process for dealing withsuspected shell companies not having any operation for a long period:1. Companies shall be given time of one year from the date of present notice to revive their operations within 1 year and untilthen trading in the securities of these companies shall continue to remain in Stage VI of GSM framework.2. During the period of 1 year, if company demonstrates revival of its operations, then following actions shall be initiated:a. Move out the security of the company out of Stage VI of GSM Framework, post announcement of minimum 2 quarterly

financial results which reflects re-commencement of operation by the company.b. Appoint Independent Auditor to conduct Forensic Audit covering the period of revival of operationc. Observation of Independent Auditor, if any, shall be dealt in accordance with the process indicated in the Exchange noticeno. 20181029-18 dated October 29, 2018.3. Companies which fail to demonstrate revival of their operations within the stipulated one year period, then trading in thesecurities of such company shall be suspended, followed by initiation of compulsory delisting process in accordance withprovisions of SEBI (Delisting of Equity Shares) Regulations, 2009 read with provisions of Securities Contracts (Regulation) Act,1956 and Securities Contracts (Regulation) Rules, 1957.

4. THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FORCORPORATE PERSONS) (AMENDMENT) REGULATIONS, 2019Date of Notice January 24, 2019Effective Date: Date of Publication in the Official Gazette Above notification is available at the following link:https://ibbi.gov.in/webadmin/pdf/whatsnew/2019/Jan/CIRP%20amendment%20regulation%2024-01-2019%20-4_2019-01-24%2019:07:55.pdf

Editor’s Quick Take:

IBBI vide its notification dated January 24, 2019 has notified the Insolvency and Bankruptcy Board of India(Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019. From now on:• The request for resolution plans shall require the resolution applicant, in case its resolution plan is

approved by the committee of creditors, to provide a performance security. The Resolution Professionalshall attach the evidence of receipt of performance security while submitting the resolution plan to theAdjudicating Authority for approval. Such performance security shall be forfeited if the resolutionapplicant of such plan, after its approval by the adjudicating authority, fails to implement or contributesto the failure of implementation of the plan.

• The resolution plan shall include a statement as to whether the resolution applicant or any of its relatedparties has failed to implement or contributed to the failure of implementation of any resolution planapproved by the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 at any time inthe past. The amendment enables a creditor, who is aggrieved by non-implementation of a resolutionplan approved by the Adjudicating Authority, to apply to the Adjudicating Authority for appropriatedirections.

Case Laws on IBC

Swiss Ribbons Pvt. Ltd. & Anr VS.Union of India & Ors.

The present petition assail the constitutional validity of various provisions of the Insolvency andBankruptcy Code, 2016 [Insolvency Code or Code].

1. Members of the National Company Law Tribunal and certain members of the NationalCompany Law Appellate Tribunal , apart from the President, have been appointed contrary tothis Court‘s judgment in Madras Bar Association v. Union of India, (2015).

2. The administrative support for all tribunals should be from the Ministry of Law and Justice.However, even today, NCLT and NCLAT are functioning under the Ministry of Corporate Affairs.

3. If the powers of the High Court are taken away, the NCLAT, as an appellate forum, should havethe same convenience and expediency as existed prior to appeals going to the NCLAT. Since theNCLAT, as an appellate court, has a seat only at New Delhi, this would render the remedyinefficacious in as much as persons would have to travel from Tamil Nadu, Calcutta, and Bombayto New Delhi, whereas earlier, they could have approached the respective High Courts in theirStates.

4. There is no real difference between financial creditors and operational creditors. First andforemost, unless they amount to 10% of the aggregate of the amount of debt owed, they have novoice in the committee of creditors. In any case, Sections 21 and 24 of the Code arediscriminatory and manifestly arbitrary in that operational creditors do not have even a singlevote in the committee of creditors which has very important functions to perform in theresolution process of corporate debtors.5. Section 12A now derails the settlement process by requiring the approval of at least ninety

per cent of the voting share of the committee 6 of creditors. Unbridled and uncanalizedpower is given to the committee of creditors to reject legitimate settlements entered intobetween creditors and the corporate debtors.

6. Vested rights of erstwhile promoters to participate in the recovery process of a corporatedebtor have been impaired by retrospective application of Section 29A.

As against these submissions, Shri K.K. Venugopal, the learned Attorney General for India, andShri Tushar Mehta, learned Solicitor General for India, appearing for the Union of India, and ShriRakesh Dwivedi, learned Senior Advocate, appearing for the Reserve Bank of India, countered allthe aforesaid submissions.

They argued that the legislature must get the maximum free play in the joints to experiment andcome up with solutions to problems that have seemed intractable earlier.When it came to classification between financial and operational creditors, they argued that thedifferentiation between the two types of creditors occurs from the nature of the contractsentered into with them. Financial contracts involve large sums of money given by fewer persons,whereas operational creditors are much larger in number and the quantum of dues is generallysmall.Insofar as Section 12A is concerned, they argued that once an application by a creditor isadmitted by the Adjudicating Authority, the proceeding becomes a proceeding in rem and is nolonger an individual proceeding but a collective proceeding. This being the case, it is importantthat when a resolution process is to begin and a committee of creditors is formed, it is thatcommittee that is best equipped to deal with applications for withdrawal or settlement afteradmission of an insolvency petition.They argued that the resolution professional has no adjudicatory powers under the Code or theRegulations, but is only to collate information.When it comes to Section 29A of the Code, they argued that Section 29A does not disturb anyvested or existing rights, as a resolution applicant does not have any vested or existing rights thatcan be disturbed.

ORDER OBSERVATION

The BLRC Report, which led to the enactment of the Insolvency Code, in dealing withthis aspect of the matter, has stated: The Committee has recommended to keep theright of the Central and State Government in the distribution waterfall in liquidation ata priority below the unsecured financial creditors in addition to all kinds of securedcreditors for promoting the availability of credit and developing a market forunsecured financing (including the development of bond markets). In the long run,this would increase the availability of finance, reduce the cost of capital, promoteentrepreneurship and lead to faster economic growth.

It will be seen that the reason for differentiating between financial debts, which aresecured, and operational debts, which are unsecured, is in the relative importance ofthe two types of debts when it comes to the object sought to be achieved by theInsolvency Code.

Note that in the working of the Code, the flow of financial resource to the commercialsector in India has increased exponentially as a result of financial debts being repaid

TRANSFER PRICING

INTRODUCTION:

Transfer pricing is the setting of the price for goods and services sold between controlled (or related) legalentities within an enterprise. For example, if a subsidiary company sells goods to a parent company, thecost of those goods paid by the parent to the subsidiary is the transfer price. Legal entities consideredunder the control of a single corporation include branches and companies that are wholly or majorityowned ultimately by the parent corporation. Certain jurisdictions consider entities to be under commoncontrol if they share family members on their boards of directors. Thus, transfer pricing can be defined asthe price paid for goods transferred from one economic unit to another, assuming that the two unitsinvolved are situated in different countries, but belong to the same multinational firm.

Transfer pricing issues arise when entities of multinational corporations resident in different jurisdictionstransfer property or provide services to one another. These entities do not deal at arm’s length and, thus,transactions between these entities may not be subject to ordinary market forces. Where the transferprice is different from the price which would have been charged if the enterprises were not associated andthe difference gives rise the tax advantage, the tax is calculated on the basis of arm’s length price.

In some cases, the transfer of goods and services from one country to another within an interrelatedcompany transaction can allow a company to avoid tariffs on goods and services exchanged internationally.The international tax laws are regulated by the Organization for Economic Cooperation and Development(OECD), and auditing firms within each international location audit financial statements accordingly.

APPLICABILITY

Section 92 to 92F (i.e. transfer pricing provisions) have been first introduced vide Finance Act, 2001 in theIncome-tax Act, 1961. The Finance Act, 2012 has made significant changes in the transfer pricing regulationsuch as introducing the provisions related to Advance Pricing Agreement (APA), expansion of TransferPricing Officer's (TPO's) Power, amendments relating to penalties, etc. Also, a new section 92BA has beenintroduced that covers certain specified domestic transaction within the ambit of transfer pricing regulation.

Under the provisions of Sections 184, 188 and 189 of the Companies Act, 2013, there are requirements ofdisclosure, compliance and approval with respect to certain arrangements entered into by the company,transactions carried out by the company and receipts from / Payments to certain persons by the company,as also maintenance of certain registers in the format prescribed.

Accounting Standard (AS) 18 which deals with related party disclosures for companies following IndianGAAP and IND AS 24 for companies following Ind AS (Converged IFRS). AS 18 as well as IND AS 24 is moreconcerned with the disclosure of the transactions with a view to ensure transparency, and it is notconcerned whether such transaction take place at arm’s length price, but only require that necessaryinformation about such transactions to be disclosed.

ARM’S LENGTH TRANSACTION:

Article 9 of the OECD Model Tax Convention is dedicated to the Arms Length Principle (ALP). It says that the

transfer prices set between the corporate entities should be in such a way as if they were two independent

entities. A framework has been provided by the OCED in the Transfer Pricing Guidelines issued by it which

provides details regarding the arm’s length price.

ALP is based on real markets and provides the Multinational Enterprise’s (MNE) and the governments a

single international standard for the contracts that allows various different government entities to collect

their share of tax at the same time creating enough room for the MNE’s to avoid the double taxation.

Example:USAco., a local company, makes small engines available to be purchased both in the United States andabroad. Outside deals are made through FOR co.(Foreign Company), a wholly owned foreign company.USAco's engines cost $600 to make and $100 to market, and offer for $1,000 abroad. Notwithstanding thetransfer prize utilized for deals by USA co to FORco, the consolidated income from a remote deal is $300 perengine [$1,000 final sales price -$600 manufacturing cost -$100 selling expense]. Be that as it may, transferprices do influence the designation of that joined profit amongst USA co and FORco.

At one end, a transfer price of $600 would designate the consolidated profit of $300 totally to FORco, as takes after:

At the other extreme, a transfer price of $900 would designate the combined benefit of $300 totally to USAco, as follows.

For income tax purposes, MNCs must assign worldwide profits amid the various nations in whichthey function. The ideal allocation would authorize each country to tax a correct range of thetaxpayer's whole profit while evading taxation of the equivalent income by more than onenation. When tax rates differ across nations, transfer pricing can have a noteworthy effect on thetaxpayer's overall tax costs.

For example, the foreign tax credit restriction prevents U.S. companies operational in high-tax external

jurisdictions from demanding a credit for those additional foreign taxes. These non-creditable foreign taxes

upsurge the worldwide tax rate on distant earnings above the U.S. company rate of 35%. A local corporation

may be able to circumvent these greater foreign taxes by changing its transfer prices to shift income out of

these high-tax dominions. For example, a U.S. producer may be able to decrease a foreign marketing

subsidiary share of universal profits by exercising higher prices for measured inventory sales.

Now, assume that the U.S. tax rate is 35% and the appropriate foreign tax rate is 45%. Given this rate

differential, the USAco. group can decrease its worldwide taxes by using superior transfer prices for its

controlled sale. For example, if a transfer price of $600 is applied for sale by USAco to FORco, the $300 gross

profit is assigned entirely to FORco, and the entire tax on that profit equals the overseas tax of $135 [$300 of

income X 45% external tax rate]. If a transfer price of $900 is applied for the controlled sale, the $300 gross

profit is billed entirely to USAco, and the total tax on that profit parallels the U.S. tax of $105 [$300 of income

x 35% U.S. tax rate].

Likewise, transfer pricing also is a pertinent issue for U.S. companies with operations in low-tax foreign

jurisdictions. In these circumstances, a U.S. parent company has an incentive to move income to its low-tax

foreign ancillary, for example, using lesser transfer prices on controlled inventory sales. Though shifting

income to a low-tax foreign subsidiary does not everlastingly avoid the outstanding U.S tax on those low-

taxed foreign earnings,what it does is defer that tax till the foreign subsidiary repatriates those profits

through a dividend distribution.

A true example that shows how Google used transfer pricing to its advantage:

The regional headquarter of Google is in Singapore and it has a subsidiary in Australia. The sales andmarketing support services are provided by the Australian subsidiary to users and Australian businesses andalso provides research services to Google worldwide. The billing for Australian activities is done in Singaporeand the payment is received from the Google entities.

In 2012-13 Google Australia earned $46 million as profit on revenues of $ 358 million. The corporate taxpayment was A$7.1 million, more so, as they had claimed a tax credit of $ 4.5 million.

Ms. Maile Carnegie, the Managing Director of Google Australia was asked to respond on why GoogleAustralia did not pay more corporate tax in Australia. She replied by saying that the lion’s share of the taxeswas paid to the country where they were headquartered. She was talking about the intellectual capital thatGoogle owns which drives their business and it was owned outside of Australia.

Google declared that it paid US$ 3.3 billion as tax globally in 2014 on revenues of US$ 66 billion. Theeffective tax rate came up as 19%, while the statutory federal rate of 35% applied on Google in the US. HadGoogle been paying most of the tax in US, it would follow that it was not paying much taxes on the revenuesthat is generated from other countries.

In 2013, in Singapore US$ 4 million was paid by Google in corporate tax on undisclosed revenues from theAsia – Pacific countries as well as Australia. Compared to this, Google Australia made a payment of A$7.1million as tax, and they did not account for most of that revenue that was booked in Singapore.Moreover, the details of the sources of revenue that was generated from Australia was not provided byGoogle.It was seen that some of the multinational companies were involved in tax minimisation using the taxincentives that were offered in accordance with the overseas jurisdiction to them which led to the evasion oftax in Australia.OBJECTIVES OF TRANSFER PRICING:• Competitiveness in the international market• Reduction of taxes and tariffs• Management of cash flows• Minimisation of foreign exchange risks• Avoidance of conflict with home and host governments over tax issues and repatriation of profits• Internal Concerns – goal congruence or subsidiary manager motivation

BENEFITS OF TRANSFER PRICING:1. Transfer pricing helps in reducing the duty costs by shipping goods into high tariff countries at minimal

transfer prices so that duty base associated with these transactions are low2. Reducing income taxes in high tax countries by overpricing goods that are transferred to units in those

countries where the tax rate is comparatively lower thereby giving them a higher profit margin3. Facilitating dividend repatriation when dividend repatriation is curtailed by government policy by

inflating prices of goods transferred

CHALLENGES OF TRANSFER PRICING:

1. There can be a disagreement among the organizational division managers as what the policies should beregarding the transfer policies.

2. There are a lot of additional costs that are linked with the required time and manpower which isrequired to execute transfer pricing and help in designing the accounting system.

3. It gets difficult to estimate the right amount of pricing policy for intangibles such as services, as transferpricing does not work well as these departments do not provide measurable benefits.

4. The issue of transfer pricing may give rise to dysfunctional behaviour among managers of organizationalunits. Another matter of concern is the process of transfer pricing is highly complicated and time-consuming in large multi-nationals.

5. Buyer and seller perform different functions from each other that undertakes different types of risks. Forinstance, the seller may or may not provide the warranty for the product. But the price a buyer wouldpay would be affected by the difference. The risks that impact prices are as follows

• Financial & currency risk• Collection risk• Market and entrepreneurial risk• Product obsolescence risk• Credit risk

CONCLUSION

Legal compliance, ongoing financial scrutiny and control, and fulfilling accountability requirements arefundamental features of good corporate governance. However, it is the strategic management andleadership that the Board provides that will drive performance of a company.

The Companies Act, 2013 has recognized the position of Company Secretary (CS) in governance process.There is thus a statutory requirement for CS for performing their role in governance and supporting theBoard of Directors in their efforts to ensure governance, but with the added responsibility andaccountability, an urgent need is felt for bridging the triangular gaps in performance, expectations andrewards.

Companies that have global presence will have to pay attention to Transfer Pricing concepts,documentation, management of the relations between Associated Enterprises and managing taxcompliance in all jurisdictions. This is very much crucial for achieving success in ensuring bottom lines.

ACS Ayushi Agarwal Bhubaneshwar

S. No Activities Sections/Rules/ Clauses, etc.

Acts/Regulations etc.

Compliance Due Date

To whom to be submitted

Income Tax Related Compliances

1 Due date for deposit of Tax deducted/ collected

for the month of January, 2019.

Section 192 Income-tax Act,

1961

7th February,

2019Income Tax

Authorities

2 Due date for issue of TDS Certificate for tax

deducted under section 194-IA, section 194-

IB in the month of December, 2018

194-IA, 194-IB Income-tax Act,

1961

14th February

2019

Income Tax

Authorities

3 Quarterly TDS certificate (in respect of tax

deducted for payments other than salary) for the

quarter ending December 31, 2018

Income-tax Act,

1961

15th February

2019

Income Tax

Authorities

4 Due date for furnishing of Form 24G by an office

of the Government where TDS/TCS for the

month of January, 2019 has been paid without

the production of a challan

Form 24G Income-tax Act,

1961

15th February

2019

Income Tax

Authorities

RBI Related Compliances

5 Monthly statement of short term dynamic liquidity

in Form ALM-I

DNBS

(PD).CC.No.15

/02.01/2000-

2001 dated June

27, 2001

Circular 10th of Next

month

RBI

S. No Activities Sections/Rules/ Clauses, etc.

Acts/Regulations etc.

Compliance Due Date

To whom to be submitted

6 Monthly return (NBS-6) on exposure to capital

market

Para 13B NBFC Prudential

Norms (Reserve

Bank)

Directions,

1998

07th of Every

Month

RBI

7 Monthly Return on Important Financial Parameters DNBS (RID) C.C.

No.57/02.05.15/

2005- 06 dated

Sep 6, 2005

Circular 07th of Every

Month

RBI

Economic, Industrial & Labour Law Related Compliance

8 Monthly payment of Provident Fund (PF) (Non

Corporate)

(a) Paragraph 38 of

Employees

Provident Funds

Scheme, 1952

(a) Employees’

Provident Funds

and Misc.

Provisions Act,

1952 (b)

Exempted

Scheme

15th Of Next

month

Provident Fund

Authorities

Trustees of

Provident Fund

9 File monthly return for employees leaving / joining

during the previous month (Form No.5)

Paragraph 20(2)

read with

Paragraph 36(1) &

(2)

The Employees

Pension Scheme,

1995 (For

exempted

establishments

under Employees

Provident Fund and

Misc. Provisions

Act, 1952)

15th of Next

Month

Provident Fund

Commissioner

S.No Activities Sections/Rules/ Clauses, etc.

Acts/Regulations etc.

Compliance Due Date

To whom to be submitted

10 File monthly return for employees

leaving / joining during the previous

month (Form No.5)

Paragraph 20(2) read

with Paragraph 36(1)

& (2)

The Employees

Pension Scheme, 1995

(For exempted

establishments under

Employees Provident

Fund and Misc.

Provisions Act, 1952)

15th of Next

Month

Provident Fund

Commissioner

11 i) File monthly Return of employees

entitled for membership of Insurance

Fund (Form No.2(IF))

ii) File monthly Return for members of

Insurance Fund leaving service during

the month of April (Form no. 3(IF))

iii) File monthly return of members

joining service during the month of April

(Form no.F4(PS)

Paragraph 10 The Employees

Deposit Linked

Insurance Scheme,

1976 (For exempted

establishments under

Employees Provident

Fund and Misc.

Provisions Act, 1952)

15th of Next

Month

Provident Fund

Commissioner

MCA Related Compliances

12 Furnishing of information about

payment to micro and small enterprise

suppliers.

MSME Form 1 Specified Companies

(Furnishing of

information about

payment to micro and

small enterprise

suppliers) Order,

2019.

20thFebruary MCA

S.No Activities Sections/Rules/ Clauses, etc.

Acts/Regulations etc.

Compliance Due Date

To whom to be submitted

13 Payment of ESI contribution for the previous

month

Regulation 31 Employees’ State

Insurance Act,

1948 and

Employees State

Insurance (Gen.)

Regulations, 1950

21st of Next

Month

ESIC

Authorities

14 Monthly return of Provident Fund for the

previous month Provident funds

Paragraph 38 of

Employees’

Provident Act, 1952

Employees

Provident Funds

and Misc. Scheme,

1952

25th of

Next Month

Provident Fund

Authorities

15 Monthly return of Provident Fund for the

previous month with respect to International

Workers.

Paragraph 36 The Employees'

Provident Funds

Scheme, 1952

25th of

Next Month

Provident Fund

Authorities

S. No Activities Sections/Rules/ Clauses, etc.

Acts/Regulations etc.

Compliance Due Date

To whom to be submitted

Good and Service Tax Related Compliances

16 Details of outward supplies of taxable goods and

/or services effected (for the month of January

2019)

GSTR-1 Extension of Due

date for GSTR-1 in

case of taxpayers

with turnover upto

Rs 1.5 crores

in previous FY or

Current FY

10th

February

2019

Registered

Taxable

Supplier

* GSTR-2 and GSTR-3 filing currently suspended

17 (for the month of January 2019) GSTR-3B All businesses have

to file GSTR-3B by

20th of next month

until March 2019.

20th

February,

2019

GST Taxpayer

For further information please contact:

vinay@whitespan.in

NCR OF DELHI MUMBAI LGF, 152P, Sector 38, 506, Arcadia, 195, Nariman Point, Near Medanta, the Medicity, Mumbai – 400 023 Gurgaon 122-002 Telephone – 0124-2204242, 63

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