R.C. JAIN & ASSOCIATES LLP
Crave the RESULT so INTENSELY that the WORK is
IRRELEVANT!!
Head Office:
622-624, The Corporate Centre, Nirmal Lifestyles, L.B.S. Marg, Mulund (W), Mumbai – 400080. Email: [email protected]
Phone: 25628290/91, 67700107
Website: www. rcjainca.com
NEWSLETTER
R. C. Jain and Associates LLP
INDEX
1. Income Tax ____________________________________________ 01
2.GST___________________________________________________ 06
3.RBI& FEMA____________________________________________ 19
4.Corporate Law__________________________________________ 22
EDITORIAL TEAM EDITOR
CA R. C. Jain
MEMBERS SUPPORT TEAM
CA Devangi Thosani Akhil Laxmeshwar Ulhas Jain
CA Bijal Gajra SharadaHariharan Rohini Veer
Supriya Shelatkar EktaPamnani MangeshKolekar
Shilka Santhosh Hitesh Motwani
Heena Kausar Khan Shimpee Rai
Sumeet Makhija
The contents provided in this newsletter are for information purpose only and are intended,
but not promised or guaranteed, to be correct, complete and up-to-date. The firm hereby
disclaims any and all liability to any person for any loss or damage caused by errors or
omissions, whether such errors or omissions result from negligence, accident or any other
cause.
1 R. C. Jain and Associates LLP
DIRECT TAX
Income Tax
1. CBDT extends date for linking of Aadhaar with PAN
CBDT had allowed time till 31st March, 2018 to link PAN with Aadhaar
while filing the Income Tax Returns. Upon consideration of the matter,
CBDT, further extends the time for linking PAN with Aadhaar till 30th
June, 2018.
(Press Release Dated 27th March, 2018)
2. Section 90 if the Income – Tax Act, 1961 – Double Taxation Agreement –
Cabinet Approves Agreement for Avoidance of Double Taxation and
Prevention of Fiscal Evasion between India and Iran.
The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has
approved an Agreement for the Avoidance of Double Taxation and the
Prevention of Fiscal Evasion with respect to taxes on income between
India and Iran.
The Agreement will stimulate flow of investment, technology and
personnel from India to Iran & vice versa, and will prevent double
taxation. The Agreement will provide for exchange of information
between the two Contracting Parties as per latest international standards.
It will thus improve transparency in tax matters and will help curb tax
evasion and tax avoidance.
The Agreement is on similar lines as entered into by India with other
countries. The proposed Agreement also meets treaty related minimum
standards under G-20 OECD Base Erosion & Profit Shifting (BEPS)
Project, in which India participated on an equal footing.
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DIRECT TAX
3. Section 90 if the Income – Tax Act, 1961 – Double Taxation Agreement –
India and Hong Kong Sign Double Taxation Avoidance Agreement
(DTAA)
On 19.03.2018, Government of India and the Hong Kong Special
Administrative Region (HKSAR) of People's Republic of China have
signed an Agreement for the Avoidance of Double Taxation and the
Prevention of Fiscal Evasion with respect to taxes on income.
The Agreement will stimulate flow of investment, technology and
personnel from India to HKSAR & vice versa, prevent double taxation
and provide for exchange of information between the two Contracting
Parties. It will improve transparency in tax matters and will help curb tax
evasion and tax avoidance. The Agreement is on similar lines as entered
into by India with other countries.
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DIRECT TAX
ITAT
1. Expenses Incurred to keep the Status of Company Active is Eligible for
Deduction
Facts:
1) Assessee in the instant case is a private limited company engaged in the
business of manufacturing / assembling, buying, selling, exchanging,
dealing in vacuum cleaners, washing machines, mixers, juicers etc.
2) The assessee during the year had claimed expenses of Rs. 43,850/- in its
profit and loss account but the same was disallowed by the AO on the
ground that there was no business activity carried on by the assessee.
Thus, the amount disallowed for Rs. 43,852 was added to the total income
of the assessee.
3) Aggrieved assessee preferred an appeal to learned CIT (A). The assessee
before the learned CIT(A) submitted that the expenses were incurred
towards bank charges, professional charges, audits remuneration and
general expenses including depreciation.As per the assessee, these
expenses were necessary to be incurred to keep the status of the company
active.
4) CIT (A) disregarded the contention of the assessee and confirmed the
order of the AO.
Being aggrieved by the order of learned CIT (A), assessee went for second
appeal.
Held:
1) The division bench held “that a private limited company being a body
corporate has to incur certain expenses to keep its status active. In
support of this statement, bench pressed the decision of Calcutta High
Court in the case of CIT vs. Ganga Properties Ltd, where it has been
held that the expenses incurred were wholly and exclusively for the
activities to earn income was a reasonable conclusion to claim the
deduction.
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DIRECT TAX
2) Accordingly, the tribunal bench held that the decision of CIT (A) is bad
in law; such expenses are eligible for the deduction to maintain the
status of company Active.
M/s Kesha Appliances Pvt. Limited vs.ITO Ward-14(3) New Delhi
Supreme Court
1. Non-occupancy charges received by assessee-co-operative societies
from its members which were used for mutual benefits would be
governed by doctrine of mutuality and, thus, same were not exigible to
tax
Facts:
1) The assessing officer held that receipt of non-occupancy charges by the
society from its members, to the extent that it was beyond 10% of the
service charges/maintenance charges permissible under the notification
dated 09.08.2001, stands excluded from the principle of mutuality and
was taxable. The order was upheld by the Commissioner of Income Tax
(Appeals).
2) The Income Tax Appellate Tribunal held that the notification dated
09.08.2001 was applicable to cooperative housing societies only and did
not apply to a premises society .It further held that the transfer fee paid
by the transferee member was exigible to tax as the transferee did not
have the status of a member at the time of such payment and, therefore,
the principles of mutuality did not apply.
3) The High Court set aside the finding that payment by the transferee
member was taxable while upholding taxability of the receipt beyond
that specified in the government notification.
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DIRECT TAX
Held:
1) The basis of the Principle of mutuality it was held that non occupancy
charges, transfer charges, common amenity fund charges received by
assessee-co-operative societies from its members which were used for
mutual benefits of the members (irrespective whether member is
continuing or not) towards maintenance of premises, repairs,
infrastructure and provision of common amenities is not chargeable to
tax.
ITO vs. Venkatesh Premises Co-operative Society Ltd.
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INDIRECT TAX
GST
Notification
1. Notification No. 20/2018 – Central Tax Dated 28th March, 2018
The government hereby extends the due date for filing of application for
refund under section 55 by notified agencies. Any specialised agency of the
United Nations Organisation or any Multilateral Financial Institution and
Organisation notified under the United Nations (Privileges and
Immunities) Act, 1947 (46 of 1947), Consulate or Embassy of foreign
countries and any other person or class of persons as may be specified in
this behalf (hereafter in this notification referred to as the specified
persons) were supposed to file refund application of the ITC by the end of
six months from the last day of Quarter, the said time is extended to 18
months from the last day of quarter to which the refund relates. (Kindly
Refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-20-
2018-central_tax-English.pdf
2. Notification No. 19/2018 – Central Tax, Dated 28th March, 2018
The government hereby extends the due date for filing in GSTR-6 i.e
returns of Input Service Distributor of July 2017 to April 2018 till 31st May,
2018. (Kindly Refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-19-
2018-central_tax-English.pdf
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INDIRECT TAX
3. Notification No. 18/2018 – Central Tax, Dated 28th March, 2018
The government hereby extends the time limit of furnishing GSTR-1 till
June 2018 and their due dates are as mentioned below:
Sr No Month Due Date
1 April,2018 31st May,2018
2 May,2018 10th June, 2018
3 June,2018 10th July,2018
The Corresponding due dates of GSTR-2 and GSTR-3 will be notified later.
(Kindly Refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-18-
2018-central_tax-English.pdf
4. Notification No. 17/2018 – Central Tax, Dated 28th March, 2018
The government hereby extends the time limit of furnishing GSTR-1 for
April to June 2018 quarter and its due date is 31st July, 2018.
The Corresponding due dates of GSTR-2 and GSTR-3 will be notified
later. (Kindly Refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-17-
2018-central_tax-English.pdf
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5. Notification No. 16/2018 – Central Tax, Dated 23rd March, 2018
The government hereby extends the time limit of furnishing GSTR-3B till
June 2018 and their due dates are as mentioned below:
Sr No Month Due Date
1 April,2018 20th May,2018
2 May,2018 20th June, 2018
3 June,2018 20th July,2018
(Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-16-
2018-central_tax-English.pdf
6. Notification No. 15/2018 – Central Tax, Dated 23rd March, 2018
The mandatory application of E Way bill is postponed to 1st April,2018.
(Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-15-2018-
central_tax-English.pdf
7. Notification No. 14/2018 – Central Tax, Dated 23rd March, 2018
The CGST Rules were amended to strengthen the anti profiteering rules
and amend the job work documentary evidences. (kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-14-
2018-central_tax-English.pdf
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INDIRECT TAX
8. Notification No. 13/2018 – Central Tax, Dated 7th March, 2018
The notification stating late fees for GSTR 5A is cancelled. (Kindly refer
link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification-13-2018-
central_tax-English.pdf
9. Notification No. 10/2018 – Central Tax Rate, Dated 23rd March,
2018
The government hereby extends the time limit of applicability of Reverse
Charge on purchases from unregistered dealer from 31st March, 2018 to 30th
June, 2018. Corresponding notification no 11/2018 – Integrated Tax (Rate)
dated 23rd March, 2018 is issued under IGST for inter state supply of goods
and services. (Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-10-2018-
cgst-rate-english.pdf
http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-11-2018-
igst-rate-english.pdf
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INDIRECT TAX
Circulars
1. Circular No. 40/14/2018– GST, Dated 6th April, 2018
Clarification on issues related to furnishing of Bond/Letter of
Undertaking for export:
The LUTs being submitted online in FORM GST RFD-11 on the common
portal are not visible to the jurisdictional officers of Central Board of
Indirect Taxes and Customs and of a few States and hence a circular has
been introduced to grant deemed lut in cases where lut has been applied
online and Application Reference Number (ARN) is generated for the
same. It may be noticed that if Exporter was ineligible for LUT, it may
stand rejected. (Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-40-
cgst.pdf
2. Circular No. 39/13/2018– GST, Dated 3rd April, 2018
Setting up of an IT Grievance Redressal Mechanism to address the
grievances of taxpayers due to technical glitches on GST Portal
IT Grievance Redressal Committee to be introduced and set-up. GST Tran-
1 is reopened but only for those who has submitted the details but could
not upload the form due to IT related problems. For those dealers the last
date of filing GST Tran-1 shall be 30th April, 2018 and their GSTR-3B shall
be 31st May, 2018. (Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-39-
cgst.pdf
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INDIRECT TAX
3. Circular No. 38/12/2018– GST, Dated 26th March, 2018
Clarification on issues related to Job Work
It may be noted that the responsibility of keeping proper accounts of the
inputs and capital goods sent for job work lies with the principal.
Moreover, if the time frame of one year / three years for bringing back or
further supplying the inputs / capital goods is not adhered to, the activity
of sending the goods for job work shall be deemed to be a supply by the
principal on the day when the said inputs / capital goods were sent out by
him.
There are many further clarification that is provided in relation to queries
raised by the trade. (Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/Jobwork_Circular_
38_of_2018.pdf
4. Circular No. 37/11/2018– GST, Dated 15th March, 2018
Processing of refund applications for Exporters:
Complete clarification for refund of ITC and duty drawback is issued by
the Department. Highlights of the same are as follows:
Non-availment of drawback: no refund of input tax credit shall be allowed
in cases where the supplier of goods or services or both avails of drawback
in respect of central tax.
Amendment through Table 9 of GSTR-1: the procedure for rectification of
errors made while filing the returns in FORM GSTR-3B has been provided.
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INDIRECT TAX
Therefore, in case of discrepancies between the data furnished by the
taxpayer in FORM GSTR-3B and FORM GSTR-1, the officer shall refer to
the said Circular and process the refund application accordingly.
Exports without LUT: the substantive benefits of zero rating may not be
denied where it has been established that exports in terms of the relevant
provisions have been made. The delay in furnishing of LUT in such cases
may be condoned and the facility for export under LUT may be allowed on
ex post facto basis taking into account the facts and circumstances of each
case.
And various other procedure is illustrated.
(Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-37-
cgst.pdf
5. Circular No. 36/10/2018– GST, Dated 13th March, 2018
Processing of refund applications for UIN entities:
The circular states the manner and forms in which one can apply for
refund of ITC by UIN. (Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-36-
cgst.pdf
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INDIRECT TAX
6. Circular No. 35/9/2018– GST, Dated 5th March, 2018
Taxable services provided by the members of the Joint Venture (JV) to the
JV and vice versa and inter se between the members of the JV-reg
The Service provided by member to Joint Venture is best illustrated with 2
examples:
i. Illustration A: There are 4 members in the JV including the operating
member and each one contributes Rs 100 as part of their share. A total
amount of Rs 400 is collected. The operating member purchases
machinery for Rs 400 for the JV to be used in oil production.
Illustration A will not be the subject matter of „ST/GST‟ for the reason
that the operating member is not carrying out an activity for another
for consideration. In Illustration A, the money paid for purchase of
machinery is merely in the nature of capital contribution and is
therefore a transaction in money.
ii. Illustration B: There are 4 members in the JV including the operating
member and each one contributes Rs 100 as part of their share. A total
amount of Rs 400 is collected. The operating member thereafter uses
its own machine and performs exploration and production activities
on behalf of the JV.
Illustration B, the operating member uses its own machinery and is
therefore providing „service‟ within the scope of supply of CGST Act,
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INDIRECT TAX
2017. This is because in this scenario, the operating member is
recovering the cost appropriated towards machinery and services
from the other JV members in their participating interest ratio.
(Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-35-
cgst.pdf
7. Circular No. 34/8/2018– GST, Dated 1st March, 2018
Clarifications regarding GST in respect of certain services:
The Clarification is provided in following matters:
Sr No Issue Clarification
1 Whether activity of bus
body building, is a supply
of goods or services?
In the case of bus body building
there is supply of goods and
services. Thus, classification of this
composite supply, as goods or
service would depend on which
supply is the principal supply which
may be determined on the basis of
facts and circumstances of each case
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INDIRECT TAX
2 Whether retreading of tyres
is a supply of goods or
services?
In retreading of tyres, which is a
composite supply, the pre-dominant
element is the process of retreading
which is a supply of service. Rubber
used for retreading is an ancillary
supply. Which part of a composite
supply is the principal supply, must
be determined keeping in view the
nature of the supply involved. Value
may be one of the guiding factors in
this determination, but not the sole
factor. The primary question that
should be asked is what is the
essential nature of the composite
supply and which element of the
supply imparts that essential nature
to the composite supply. Supply of
retreaded tyres, where the old tyres
belong to the supplier of retreaded
tyres, is a supply of goods
(retreaded tyres under heading 4012
of the Customs Tariff attracting GST
@ 28%)
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INDIRECT TAX
3 Whether Priority Sector
Lending Certificates
(PSLCs) are outside the
purview of GST and
therefore not taxable?
In Reserve Bank of India FAQ on
PSLC, it has been mentioned that
PSLC may be construed to be in the
nature of goods, dealing in which
has been notified as a permissible
activity under section 6(1) of the
Banking Regulation Act, 1949 vide
Government of India notification
dated 4th February, 2016. PSLC are
not securities. PSLC are akin to
freely tradeable duty scrips,
Renewable Energy Certificates, REP
license or replenishment license,
which attracted VAT. In GST there is
no exemption to trading in PSLCs.
Thus, PSLCs are taxable as goods at
standard rate of 18% under the
residuary S. No. 453 of Schedule III
of notification No. 1/2017-Central
Tax(Rate). GST payable on the
certificates would be available as
ITC to the bank buying the
certificates.
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INDIRECT TAX
4 (1) Whether the activities
carried by DISCOMS
against recovery of charges
from consumers under
State Electricity Act are
exempt from GST?
(2) Whether the guarantee
provided by State
Government to state owned
companies against
guarantee commission, is
taxable under GST?
(1) Service by way of transmission
or distribution of electricity by an
electricity transmission or
distribution utility is exempt from
GST under notification No. 12/2017-
CT (R), Sl. No. 25. The other services
such as, - i. Application fee for
releasing connection of electricity; ii.
Rental Charges against metering
equipment; iii. Testing fee for
meters/ transformers, capacitors
etc.; iv. Labour charges from
customers for shifting of meters or
shifting of service lines; v. charges
for duplicate bill; provided by
DISCOMS to consumer are taxable.
(2) The service provided by Central
Government/State Government to
any business entity including PSUs
by way of guaranteeing the loans
taken by them from financial
institutions against consideration in
any form including Guarantee
Commission is taxable.
(Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/circularno-34-cgst.pdf
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INDIRECT TAX
Orders
1. Order No 2/2018 dated 31st March,2018
Uniformity of GST Rate on Indian Railway Catering Services:
It is clarified with the approval of GST Implementation Committee, that
the GST rate on supply of food and/or drinks by the Indian Railways or
Indian Railways Catering and Tourism Corporation Ltd. or their licensees,
whether in trains or at platforms (static units), will be 5% without ITC.
(Kindly refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/order2-2018-
cgst.pdf
2. Order No. 1 /2018 – Central Tax dated 28th March, 2018
Extension of date for submitting the statement in FORM GST
TRAN-2
The due date of filing GST TRAN 2 is extended to 30th June,2018. (Kindly
refer link)
http://www.cbec.gov.in/resources//htdocs-cbec/gst/order1-2018-
cgst.pdf
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FEMA
FEMA
1. RBI/2017-18/139
A.P. (DIR Series) Circular No. 20
Discontinuance of Letters of Undertaking and Letters of
Comfort for Trade Credits
The above notification is addressed to all authorised dealer category – I
Banks. On a review of guidelines, it has been decided to discontinue the
practice of issuing letter of undertakings and letter of comfort for imports
into India by AD Category – I banks with immediate effect (from
March,13 2018).
However such directions are subject to master circular on “Guarantees
and Co-acceptances” by Department of banking regulation and
Permissions or approvals under any other law.
2. Notification No. FEMA.389/2018-RBI
Foreign Exchange Management (Cross Border Merger)
Regulations, 2018
In exercise of powers conferred b FEMA Act, 1999 Reserve bank has
issued regulations relating to merger, amalgamation and arrangement
between Indian companies and foreign companies
Scope of the regulation:
The scope covers all the transactions related to Outbound and Inbound
mergers and the treatment of the same.
In addition, it covers various matters such as Valuation, reporting and
other miscellaneous matters for Cross border mergers.
These provisions can be studied in detail in the below mentioned link:
https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11235&fn=5&Mode=0
20 R. C. Jain and Associates LLP
RBI
RBI
1. RBI/2017-18/129
DBR.No.BP.BC.100/21.04.048/2017-18
Reporting and Accounting of Central Government
Transactions of March 2018
1) The Government of India has decided that the date of closure of residual
transactions for the month of March 2018 be fixed as April 10, 2018 for the
Financial Year 2017-18. In view of the ensuring closing of government
accounts for the financial year 2017-18. Branches are instructed to use
special arrangements such as courier to pass challans, scrolls etc. to
nodal/focal point branches so that all collections made for central
government at the end of March could be accounted for in the same
financial year.
2) Certain procedures have been issued for focal point branches.
3) To sum up, the Nodal/Focal Point branches will be required to prepare
separate sets of scrolls, one pertaining to March residual transactions and
another for April transactions during the first 10 days of April 2018. The
Nodal/Focal Point branches should also ensure that the accounts for all
transactions (revenues/tax collections/payments) are effected at the
receiving branches up to March 31, 2018 in the accounts for the current
financial year itself and are not mixed up with the transactions of April
2018
21 R. C. Jain and Associates LLP
RBI
2. RBI/2017-18/146
FMRD.DIRD.7/14.03.025/2017-18
Taking over of valuation of Government Securities by FBIL -
valuation of portfolios
Under Statement on development and regulatory policies it has been
proposed that from now on FBIL namely, Financial Benchmark India Pvt
ltd. Will take on the responsibility for administering the valuation of
government securities currently being done by FIMMDA.
Accordingly, everyone required to value the government securities
should use FBIL prices with effect from March 31, 2018
22 R. C. Jain and Associates LLP
CORPORATE LAW
CORPORATE LAW
1. Companies Accounts Amendment Rules, 2018
Notification G.S.R. –
MCA vide its notification dated 27th February 2018 notifies Companies
Accounts Amendment Rules, 2018and introduces Form AOC-3A which is a
statement containing salient features of the financial statements under
Division II –Schedule III to the Companies Act, 2013. It is divided in to
three parts i.e. Abridged Balance Sheet, Abridged Statement of Profit and
Loss and Abridged Cash Flow Statement.
As per the proviso Companies which are required to comply with
Companies (Indian Accounting Standards) Rules, 2015 shall file their
financial statements in Form AOC-3A.
http://www.mca.gov.in/Ministry/pdf/CompaniesAccountsAmmendmen
tRule_01032018.pdf
3. Companies (Filing of documents and Forms in Extensible
Business Reporting Language ) Amendment Rules, 2018
Notification G.S.R. -
As per Rule 3 of Companies (Filing of Documents and Forms in Extensible
Business Reporting Language) Rules, 2015, following companies are
required to file their financial statements and other documents in E-Form
AOC-4 XBRL.
(i) all companies listed with any Stock Exchange(s) in India and their
lndian subsidiaries; or
(ii) all companies having paid up capital of rupees five crore or above
(iii) all companies having turnover of rupees hundred crore or above;
(iv) all companies which were hitherto covered under the Companies
23 R. C. Jain and Associates LLP
CORPORATE LAW
(Filing of Documents and Forms in Extensible Business Reporting Language)
Rules, 2011Provided that the companies in Banking' lnsurance' Power Sector
and Nonbanking Financial companies are exempted from XBRL filing'
1. The Central Government vide MCA notification dated 8th March 2018, hereby
makes the following rules further to amend the Companies (Filing of
Documents and Forms in Extensible Business Reporting Language) Rules, 2015
2. The Companies (Filing of Documents and Forms in Extensible Business
Reporting Language) Rules, 2015, rule 3, shall be numbered as sub-rule (1) of
rule 3
(a) Companies which have earlier filed Financial Statements earlier as per sub
rule (1) in XBRL format shall continue to file their Financial Statements in
XBRL even if in the succeeding years ,they do not fall in the class of
companies which are required to file their financial statements in XBRL.
(b) The companies which have filed their financial statements under the
erstwhile rules, namely the Companies (Filing of Documents and Forms in
Extensible Business Reporting Language) Rules, 2011, shall continue to file
their financial statements and other documents as prescribed in sub-rule (1)
though they do not fall under the class of companies specified therein.
http://www.mca.gov.in/Ministry/pdf/CompaniesXBRL0803rule_15032018.
3. Commencement Notification
As per the Companies Act, 2013, Central Government, hereby appoints 21st
March, 2018 as the date on which sub section (3) and subsection (11) of
Sec.137 of Companies Act, 2013 shall come in to force.
Sec.137 of Companies Act, 2013 talks about Constitution of National
Financial reporting Authority (NFRA)
http://www.mca.gov.in/Ministry/pdf/commencementNotification2103_21
032018.pdf
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CORPORATE LAW
4. National Financial Reporting Authority (Manner of Appointment
and other terms and conditions of service of chairperson and
Members) Rules, 2018
MCA vide its notification dated 21st March 2018, The Central Government
hereby makes the following rules:
The above rules consist of the composition of National Financial Reporting
Authority (NFRA), Manner of appointment of members, terms of office,
resignation, removal from office etc.
http://www.mca.gov.in/Ministry/pdf/commencementNotificati
on2103_21032018.pdf
5. Companies (Incorporation) Second Amendment Rules, 2018
The Central Government hereby makes the following rules to amend The
Companies (Incorporation) Rules, 2014 :
An application for reservation of name shall be made through the web
service available at www.mca.gov.in using RUN (Reserve Unique Name)
along with the fee. The application may either be approved or rejected, as
the case may be by the registrar, Central Registration Centre after allowing
re-submission of such application within fifteen days for rectification of
defects, if any.
http://www.mca.gov.in/Ministry/pdf/CompanyRule2303_23032018.pdf
6. Companies (Indian Accounting Standards) Amendment Rules,
2018
The Central Government, in consultation with the National Advisory
Committee on Accounting Standards, hereby makes the following rules
further to amend the Companies (Indian Accounting Standards) Rules, 2015,
w.e.f. MCA notification dated 28th March 2018
http://www.mca.gov.in/Ministry/pdf/INDAsEngRule2018_29032018.pdf
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