The government on Monday issued a public notice, asking all the news websites, portals, aggregators and agencies to comply with the 26% foreign direct investment (FDI) policy for digital news media in a bid to check foreign influence and interference in domestic affairs, investigate Chinese and other overseas funding in news sites, and create a level-playing field for all media.
This implies that the companies with more than 26% foreign investment will have to bring it down by October 15th, 2021.
Faceless Appeal Scheme Not Available in Serious Fraud, International Tax Cases
The Income Tax faceless appeal scheme is not available in cases relating to serious fraud, major tax evasion, international tax and those under black money Act and benami property, the Finance Ministry said. The faceless appeal scheme was launched on September 25 and provides a fully faceless procedure for appeals to Commissioner (Appeals).
It allows taxpayers to file their documents in an electronic mode and thereby saves them from the hassle of physically visiting the Income Tax Office. Under the scheme, appeals would be randomly allotted to any officer, whose identity would remain unknown to the appellant.
Blocking of EWB generation facility for all taxpayers from December
In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is liable to be restricted, in case the taxpayer fails to file their FORM GSTR-3B returns / Statement in FORM GST CMP-08, for tax periods of two or more. From 1st December, 2020, onwards, the blocking of EWB generation facility would be made applicable to all the taxpayers (irrespective of their Aggregate Annual Turnover (AATO)) In terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, on the EWB Portal.
Due date extended for filing belated documents under expended LLP settlement scheme
In order to provide greater ease of doing business, the Ministry of Corporate Affairs (MCA) has extended the timeline for filling the belated documents under Limited Liability Partnership (LLP) Scheme from 30 March, 2020 to 30 November, 2020. As a result, the provision has been amended and all other provisions shall remain unchanged.
In view of large scale disruption caused by the COVID-19 pandemic and after due examination, it has been decided to extend the date on applicability to defaulting LLP and therefore belated documents due for filing till 30th November 2020 shall be considered. All other requirements provided in the said circulars shall remain unchanged.
Laxmi Vilas Bank Rescue Gets Underway With Withdrawal Cap, Merger Plan
The government initiated the process of rescuing the beleaguered Lakshmi Vilas Bank (LVB) on Tuesday by placing it under a moratorium for one month, and capping withdrawals from its customers’ accounts at ₹ 25,000 a month. The move to freeze the bank accounts was in view of the Tamil Nadu-based private sector lender’s deteriorating financial health. The Reserve Bank of India (RBI) proposed a plan to merge Lakshmi Vilas Bank with DBS Bank India, a subsidiary of Singapore-based DBS Bank, due to failure to find a suitor for the troubled bank in the past.
Guidance Note issued on Accounting for Share- based Payments, 2020
Recognizing the need for updating the scope and accommodating various types of share-based payments, Guidance Note on Accounting for Share based Payment, 2020 has been issued covering the financial accounting and reporting principles for ESOPs, ESPSs, appreciation rights as well as share-based payment plans provided to non-employees, which was not covered in the previous guidance note. This Guidance Note applies to share-based payment plans the grant date in respect of which falls on or after April 1, 2021.