Team Bizsol

  FEMA and Banking The Ministry of Finance has permitted the reporting entity, namely ‘Aditya Birla Sun Life Mutual Fund’ , to perform authentication under the Aadhaar Act, 2016. The permission is granted only for the purpose of Aadhar authentication as required u/s 11A of the Money Laundering Act, 2002. Section 11A requires the verification …

FEMA and Banking: The Ministry of Finance has permitted the reporting entity, namely ‘Aditya Birla Sun Life Mutual Fund’ , to perform authentication under the Aadhaar Act, 2016.(05.12.2024) Read More »

FEMA and Banking RBI has revised the framework for small value digital payments in offline mode under UPI Lite. Earlier, the framework prescribed an upper limit of Rs. 500 for offline digital payment transaction, and a total limit of Rs. 2,000 for a payment instrument at any point in time. Now, the offline framework has …

FEMA and Banking: RBI has revised the framework for small value digital payments in offline mode under UPI Lite.(05.12.2024) Read More »

Insolvency and Bankruptcy Code To address administrative delays in appointing Insolvency Professionals (IPs), IBBI has introduced new guidelines providing the procedure for preparing panel of IPs to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees. The IP panel will be effective from 01.01.2025 to 30.06.2025. Further, Board will prepare a …

Insolvency and Bankruptcy Code: To address administrative delays in appointing Insolvency Professionals (IPs), IBBI has introduced new guidelines providing the procedure for preparing panel of IPs to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees.(05.12.2024) Read More »

Goods and Service Tax The CBIC has empowered more number of Additional Commissioners of Central Tax/ Joint Commissioners of Central Tax of specified Central Tax Commissionerates, with All India Jurisdiction for the purpose of adjudication of the show cause notices issued by the officers of DGGI. In this regard, amendment has been made in Circular …

Goods and Service Tax: The CBIC has empowered more number of Additional Commissioners of Central Tax/ Joint Commissioners of Central Tax of specified Central Tax Commissionerates, with All India Jurisdiction for the purpose of adjudication of the show cause notices issued by the officers of DGGI.(05.12.2024) Read More »

  Company and SEBI law SEBI has notified the SEBI (Depositories and Participants) (Third Amendment) Regulations, 2024. A new regulation 60A w.r.t nomination has been inserted. It states that every participant must provide an option to the beneficial owner to nominate a person to whom the securities held by him must vest in the event …

Company and SEBI law: SEBI has notified the SEBI (Depositories and Participants) (Third Amendment) Regulations, 2024.(05.12.2024) Read More »

Company and SEBI law Various queries have been raised in multiple news articles about obligation of digital platforms to get recognition as a Specified Digital Platform (SDP). In this regard, SEBI has clarified that it is not obligatory for any digital platform to be notified as SDP. A regulated entity can associate with or through …

Company and SEBI law: Various queries have been raised in multiple news articles about obligation of digital platforms to get recognition as a Specified Digital Platform (SDP).(05.12.2024) Read More »

Directorate General of Foreign Trade The time period for the export of Broken Rice (ITC(HS) 10064000) to Senegal and Gambia through NCEL, initially valid until 30th November 2024, has been extended by 2 months up to 31st January 2025. Notification No. 42/2024-25 dated 05.12.24  

Goods and Service Tax Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024 dated 04.12.24 The GSTN has issued an advisory to inform that GSTR-7 filing has been made sequential from the October tax period. Hence, GSTR-7 return is to be filed in chronological order, beginning with the return period of …

Goods and Service Tax: Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification(05.12.2024) Read More »

FEMA and Banking RBI has directed banks to take necessary steps urgently to bring down the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle-free. This includes enabling seamless updation of KYC through mobile/internet banking, non-home branches, Video Customer Identification Process, etc. Further, RBI has directed banks to …

FEMA and Banking: RBI has directed banks to take necessary steps urgently to bring down the number of inoperative/frozen accounts and make the process of activation of such accounts smoother and hassle-free.(04.12.2024) Read More »

Company and SEBI law SEBI has issued an updated master circular for Depositories. This master circular covers the relevant applicable circulars/communications pertaining to depositories issued by SEBI up to September 30, 2024. It enables the users to have access to all applicable circulars/directions at one place. The master circular consists of four sections, i.e. (a) …

Company and SEBI law: SEBI has issued an updated master circular for Depositories.(04.12.2024) Read More »

Company and SEBI law SEBI has amended guidelines for SMS and email alerts to investors by stock exchanges. It has been clarified that under exceptional circumstances, the brokers may, upload the same mobile number/Email address for more than 1 client provided such client belong to one family (in case of individual clients) or such client …

Company and SEBI law: SEBI has amended guidelines for SMS and email alerts to investors by stock exchanges.(04.12.2024) Read More »

Insolvency and Bankruptcy Code After considering representations from liquidators and agencies citing technical difficulties, the Insolvency and Bankruptcy Board of India has extended the deadline for filing liquidation and voluntary liquidation forms to 31.12.2024, previously set at 30.11.2024. Further, it has been clarified that for ongoing liquidation and voluntary liquidation cases, the responsibility for filing …

Insolvency and Bankruptcy Code: After considering representations from liquidators and agencies citing technical difficulties, the Insolvency and Bankruptcy Board of India has extended the deadline for filing liquidation and voluntary liquidation forms to 31.12.2024, previously set at 30.11.2024.(02.12.2024) Read More »

Company and SEBI law SEBI has notified the SEBI (Merchant Bankers) (Amendment) Regulations, 2024. As per the amended norms, a merchant banker, when called upon pursuant to an agreement for underwriting to subscribe to the securities of a body corporate, must subscribe to the said securities before finalizing the basis of allotment. Further, the merchant …

Company and SEBI law: SEBI has notified the SEBI (Merchant Bankers) (Amendment) Regulations, 2024.(02.12.2024) Read More »

Income Tax The Central Board of Direct Taxes (CBDT) has notified the Safe Harbour Rules for foreign companies engaged in the business of diamond mining. The Safe Harbour Rules apply to the business of selling raw diamonds in any notified special zone. Notification No. 124/2024 dated 29th November 2024  

Income Tax The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing the Return of Income for the Assessment Year 2024-25 for assessees required to furnish a TP report. The due date has been extended from 30th November 2024 to 15th December 2024. Circular No. 18/2024 dated 30th November 2024

GST Updates Government to authorize Additional and Joint Commissioners to adjudicate cases under GST Sections 67, 73, 74,76, 122, 125, 127,129 and 130 of Central Goods and Services Tax Act 2017 across India for notices issued by Directorate General of Goods and Services Tax Intelligence. It specifies jurisdiction for Principal Commissioners or Commissioners locations include …

GST Updates: Government to authorize Additional and Joint Commissioners to adjudicate cases under GST Sections 67, 73, 74,76, 122, 125, 127,129 and 130 of Central Goods and Services Tax Act 2017 across India for notices issued by Directorate General of Goods and Services Tax Intelligence.(27.11.2024) Read More »

GST Updates Date for furnishing the return in FORM GSTR-3B for the month of October 2024 till the 30th November, 2024, for the registered persons whose principal place of business is in the State of Manipur. [GST NOTIFICATION No. 29/2024 – CENTRAL TAX dated 27th November 2024]

GST Updates GSTN has prepared a consolidated document on authorized B2B e-Invoice verification apps available for download. The said document would serve as a reference to ensure that taxpayers have the most up-to-date information regarding approved B2B e-Invoice verification apps. [GST Advisory dated 27th November 2024]

DGFT Updates  Directorate General of Foreign Trade (DGFT) implements amendments to the Indian Trade Classification (Harmonized System) 2022 (ITC HS) Schedule-I, aligning import policies with the Finance Act, 2024. The updates include changes to specific codes, descriptions, and policy conditions for various goods, including natural menthol, aviation turbine fuel, ballistic protection items, and certain machinery …

DGFT: Directorate General of Foreign Trade (DGFT) implements amendments to the Indian Trade Classification (Harmonized System) 2022 (ITC HS) Schedule-I, aligning import policies with the Finance Act, 2024.(26.11.2024) Read More »