Due date extended for filing IT returns for AY 2019 - 20

The due date for filing income tax returns for the assessment year 2019 - 20 (financial year 2018 - 19) is extended to 30.09.2020 by the Central Board of Direct Taxes.

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Due date for submission of FLA for 2019-20

The due date for submission of FLA (Foreign liability and Assets) return for the year 2019 - 20 is extended to 14.08.2020 due to the difficulties faced in the website.

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Relaxations relating to procedural matters –Takeovers and Buy-back

SEBI vide Circular dated 14.05.2020, granted one time relaxation from strict enforcement of certain regulations of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy Back of Shares) Regulations, 2018 pertaining to open offers and buy back through tenders offers and buy back through tender offers opening up to 31.07.2020.

At the request of the stakeholders, SEBI further extend the above said validity of relaxation up to 31.12.2020 for open offer and buy back through tender offers. 

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Extension of last date for filing of Form NFRA - 2

Vide Circular No. 07/2020, dated 05.03.2020 the Ministry of Corporate Affairs decided that the time limit for filing of Form NFRA-2, for the reporting period Financial Year 2018-19, will be 150 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA).

Vide circular No. 19/2020, dated 30.04.2020 the Ministry of Corporate Affairs decided that time limit for filing of Form NFRA-2, for the reporting period Financial Year 2018-19, will be 210 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA) i.e., 60 days time extension was given.

Vide Circular No. 26/2020,dated 06.07.2020 the Ministry of Corporate Affairs decided that time limit for filing of Form NFRA-2, for the reporting period Financial Year 2018-19, will be 270 days from the date of deployment of this form on the website of National Financial Reporting Authority (NFRA) i.e., 60 days time extension was given.  Vide this circular another 60 days time extension was given. 

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Bharti Airtel GST case - Appeal before Supreme Court by Department

A two Judges Bench of Delhi High Court on 05.05.2020 allowed Bharti Airtel to rectify its mistake done in GSTR - 3B of the Financial year 2017-18 and claim refund of Rs.923 crores.

Against the judgment of Delhi High Court the Department moved to Supreme Court by filing appeal.

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EXEMPTION FROM GST

In re ‘The Leprosy Mission Trust India Bill Edgar Memorial Vocational Centre’ – 2020 (7) TMI 142 – Authority for Advance Ruling, West Bengal, (decided on 29.06.2020) the applicant is registered under section 12A of the Income Tax Act 1961. It is a Non-Governmental Organization which, among others, administers a Vocational Training Institute at Bankura named Bill Edgar Memorial Vocational Training Centre primarily for skill development of the underprivileged suffering from leprosy.   The applicant wants to know whether the service of providing vocational training courses at its Vocational Training Centre, Bankura is exempt under entry no 64 or 66 of Notification 12/2017 - Central Tax (Rate) dated 28/06/2017.

                         The Authority for Advance Ruling held that the applicant is not the Government or local authority. Entry No. 64 of the Exemption Notification is not, therefore, applicable.  Clause h(ii) of the Exemption Notification defines an “approved vocational course” as a modular employable skill course, approved by NCVT and run by a person registered with the Directorate General of Training, Ministry of Skill Development and Entrepreneurship. The applicant is registered with DGET and its courses on formal trade skills of diesel mechanic, welder and sewing technology are approved by NCVT. It is, therefore, imparting education as a part approved vocational education courses.  The applicant is, therefore, an educational institution in terms of clause 2(y)(iii) of the Exemption Notification, and its supplies to the students, faculty and staff relating to the courses imparting skills of diesel mechanic, welder and sewing technology are exempt in terms of Entry 66 (a) of the Exemption Notification.

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: Restricting the number of assignments to be handled by Insolvency professionals

The Insolvency and Bankruptcy Board of India released a 'discussion paper' on 01.07.2020,  on the  maximum number of assignments to be handled by an Insolvency Professional in Corporate Insolvency Resolution Process.    The Board proposes to limit the maximum numbers as detailed below-

• If the turnover of  the corporate debtor is less than Rs.1000 crores, the maximum number of assignments  is FIVE.
• If the turnover of the corporate debtor is more than Rs.1000 crores but less than Rs.5,000 crore  the maximum number of assignments is FOUR.
• If the turnover of the corporate debtor is more than Rs.5,000 crores  but less than Rs.10,000 crore the maximum number of assignments is THREE.
• If the turnover of the corporate debtor is more than Rs.10000 crore but less than Rs.50,000 crores the maximum number of assignments is TWO.
• If the turnover the corporate debtor is more than Rs.50,000 crore the assignment will be ONE.

The Board placed the above 'discussion paper' in www.ibbi.gov.in. for public comments.  The comments are to be submitted by 25.07.2020.

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