Guidelines

LLP must net-worth criteria to be eligible ‘angel investor’ despite partners meeting the same

Notification No. SEBI/HO/IMD/DF6/0W/P/2020/15440 (17/09/2020)

 LLP and its partner(s) are distinct persons. As per Regulations 19A(2), it is the LLP which should meet the minimum net-worth criteria of INR 10 Crores. Thus, an LLP not meeting the minimum net worth criteria of at least Rs. 10 Crores, would not be an eligible ‘angel investor’ even if its partners qualify as’angel [&he...

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Grant of Parole/Furlough to inmates & their premature release from Prison

F. No. 17013/23/2020-PR (03/09/2020)

Prison, as a deterrent and an institution of correctional administration, is a key constituent of criminal justice system. Imprisonment besides being a mode of punishment also aims at protecting the society from criminal activities. A balance is, therefore, considered essential between ensuring the rights of inmates and protecting the soc...

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Roll out of GST Investigation Module by CBIC – Phase-1 – Advisory

Advisory No. 11/2020 (28/08/2020)

Directorate General of Systems and Data Management, Bengaluru Zonal Unit has been given the mandate of development of Investigation (Enforcement) sub-module under the Dispute Settlement and Resolution (DSR) module of ACES-GST application. Directorate General of GST Intelligence - DGGI (then DGCEI) – CBIC is the Business owner of this su...

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Compliance officer should maintain restricted list of securities on a confidential basis

ISD/OW/2020/134921/1 (19/08/2020)

In terms of Clause 5 of Schedule C of PIT Regulations, compliance officer is responsible for maintaining restricted list on a confidential basis. Such restricted list shall be used by the compliance officer for approving or rejecting applications made for pre-clearance of trades....

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Guidelines to implement Faceless Assessment Scheme 2019

F. No.173/165/2020 -ITA-I (14/08/2020)

CBDT issues Detailed guidelines for the implementation of Faceless Assessment Scheme, 2019 and role of residual charges in this regard. F. No.173/165/2020 -ITA-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** New Delhi, dated 14th August, 2020 To, All PrCCsIT, Subject: Guidelines for the ...

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Avoidance Transactions – Red Flags | IBBI- RP | Liquidator

Facilitation/003/2020 (07/08/2020)

The Insolvency and Bankruptcy Code, 2016 (the Code) mandates the Resolution Professional (RP) and the liquidator to determine if the Corporate Debtor (CD) has been subject to Avoidance transactions such as preferential transactions, fraudulent transactions, undervalued transactions, and extortionate transactions in the past, and if so, ca...

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Mutual Agreement Procedure (MAP) Guidance by CBDT

MAP GUIDANCE/2020 (07/08/2020)

Though erstwhile rules 44G and 44H were in existence for a number of years, detailed information regarding MAP processes and guidance on issues related to such processes were not available in a comprehensive and consolidated manner....

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Guidance Note on SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015

NA (29/07/2020)

In terms of Regulation 29 of the Municipal Regulations, Guidance Note on SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 is being provided for benefit of Issuers and market participants....

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SEBI Clarifies on Angel Fund Regulations

SEBI/IMD/DoF-6/OW/2020/10786 (12/06/2020)

Whether the intent of the Angel Fund Regulations is to provide the option for investors to selectively participate in each Scheme of the Angel Fund? Whether each scheme of an Angel Fund is an independent vehicle with its own set of investors, who have approved to be part of such scheme?...

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Advisory on Amendments in SVLDRS Module

Athrisory No. 2/2020 (03/04/2020)

The Designated Committee Members can issue SVLDRS Form-3 to the taxpayers on or before 31.05.2020. After 31.05.2020. Designate Committee Members will not able to issue SVLDRS Form-3, in any However, the Designated Committee Members will be able to issue Rectified SVLDRS Form-3 after 31.05.2020....

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