- RBI came up with the latest changes on ECB on the 27th of April 2018, which has been incorporated in the Master Directions. In light of the requests received from corporates for further relaxation of norms in the ECB regulations.
- Central Board of Direct Tax notifies the Protocol amending the Double Taxation Avoidance Agreement (DTAA) between India and Kuwait.
- The Government fixed minimum overseas capital requirement for certain class of unregistered and unregulated entities offering financial services under the foreign direct investment regime.
- CBDT to recognize transgender as independent gender, new category amended in PAN form. Now, there will separate column for male, female and transgender.
- RBI recent crackdown on crypto currencies has left investors, traders, and crypto exchanges in a fix, prompting them to tap alternative means to convert their crypto currency into rupees and exposing them to the risk of losing their holdings.
- The Payment of Gratuity (Amendment) Bill, 2018 has come into force on 29th March, 2018. The Act has increased the maximum limit of gratuity for private and public-sector employees from Rs 10 lakhs to Rs 20 lakhs.DGFT has launched of facility to check status of Importer Exporter Code (IEC) application made to DGFT by the stakeholders. As IEC is ready for Import/ Export of goods only after IEC details get successfully registered at DGFT and accepted by ICEGATE (Customs).
- SEBI allowed domestic stock exchanges to extend equity derivatives trading until 11.55 pm. The new timings will also allow a better alignment with commodity markets amid implementation of universal exchanges, which function until 11:55 pm.
- The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May 2018. Accordingly, in case the due date of filings of Annual Return or Annual Financial Statement of the Companies Act, 2013 expires after 30/06/2018, the additional fee @Rs.100 per day shall become payable in respect of MGT-7, AoC-4, AoC-4 XBRL and AoC-4 CFS.
- MCA( MINISTRY OF CORPORATE AFFAIRS) has amended the Companies (Meetings of the Board and its Powers) Rules, 2014. A new provision has been inserted to Rule 4 of the said rules providing that any other director may participate through video conferencing or other audio visual means if there is quorum in a meeting through physical presence of directors.
- The government is considering allowing 100 per cent foreign direct investment (FDI) in insurance intermediaries with a view to give a boost to the sector and attracting more funds
India: Tax & Professional updates For May 2018
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