E India CA

Professional Updates for Chartered Accountants

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SBI cuts MCLR across all tenors by 5 bps

The State Bank of India (SBI), announced on Friday that it has reduced its marginal cost-based lending rate (MCLR) by 5 bps across all tenors. According to a press release issued by the bank, after the 5 bps cut, the 1-year MCLR will come down from 8.5 percent per year to 8.45 percent. "As a result, interest rates on all loans linked...

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Independent directors face mandatory e-registration

All independent directors may have to register as part of a new initiative by the ministry of corporate affairs (MCA), which also plans to introduce online training modules on various issues that these board members deal with. While registration is proposed to be made mandatory through an online facility, the training through electro...

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Policy to boost exports on anvil as trade deficit hits new high of $176 bn

The Central Board of Indirect Taxes and Customs (CBIC) has set up a working group to look into export promotion policy,the impact of free trade agreements (FTAs) signed by India,tariff concessions vis-à-vis non-tariff barriers faced by exporters, and facilitating e-commerce exports. “We are looking into issues faced by exporter...

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Attention Income Tax Return filers! Are you aware of these 5 changes

The last date for filing Income Tax Return (ITR) for the assessment year 2019-20 is July 31, 2019. After the refund is determined, it is processed by the tax department. It can be checked online either through the income tax e-filing portal or through the NSDL website. ITR filing required various documents which is why it is impo...

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Annual DIR 3 (KYC) Due Date extended to 30 June: MCA Notification dt. 30 April 2019

MCA has notified that the Deadline for Annual Filing of Form DIR 3 ((KYC of Directors) has been Extended from 30 April to 30 June, of the immediately next financial year, i.e. the due date for filing of DIR 3 (KYC of Directors) for Financial Year 2018-19 has been extended from 30 April 2019 to 30 June 2019. G.S.R. (E).- In exercise ...

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ACTIVE deadline extended, companies get time till June 15 to meet new disclosure norms

The government has extended the deadline for uploading photos of business premises to June 15, giving corporates more time to comply with a provision aimed at spotting shell companies. “It has been decided to extend the date to June 15,” confirmed a corporate affairs ministry official. The disclosure norms, which came into effe...

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Passport Cannot Be Suspended For Non-Appearance In FEMA Investigation : Delhi HC

The High Court of Delhi has held that non-appearance in investigation proceedings under Foreign Exchange Management Act, 1999 is not a valid ground to suspend passport under Section 10(3)(c) of the Passports Act. Section 10(3)(c) provides for suspension of passport "in the interests of the sovereignty and integrity of India, the s...

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Corporate Affairs ministry withdraws memorandum that barred LLPs from manufacturing activities

The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum issued by the ministry earlier this month, wherein LLPs were restricted from manufacturing and allied activities. ...