Corporate Updates
MCA
MCA states the status of process for ‘reactivation’ of the DINs in respect of disqualified Directors
SEBI
SEBI issues circular to extend the date for implementing circulars on Prevention of Unauthorized Trading by Stock Brokers to April 01, 2018
TAXATION
CBDT issues circular w.r.t Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-l to 6 & applicability of Section 143(1)(a)(vi)
Reporting of U.S. Tax Identification Numbers (TINs) for pre-existing accounts by Financial Institutions
Company website.
www.acquisory.com
1. January 15, 2018
CORPORATE
MCA
MCA states the status of process for
‘reactivation’ of the DINs in respect of
disqualified Directors
MCA has issued circular on its website
stating that process for ‘reactivation’ of the
DINs in respect of disqualified Directors has
been completed and the status of the
relevant DINs are now reactivated.
Stakeholders are therefore requested to file
necessary ‘overdue documents’ as per the
scheme. They may further note that the
scheme is not applicable for those Directors
who may have been associated with a
company which was struck off under Section
248(1) of the Companies Act-2013 and DINs
for such individuals shall be re-activated only
upon receipt of orders for revival of the said
company, as per due process laid down
under Section 252 of the Companies Act-
2013.
SEBI
SEBI issues circular to extend the date for
implementing circulars on Prevention of
Unauthorized Trading by Stock Brokers
effective from April 01, 2018
SEBI had earlier issued circular dated
September 26, 2017 to prescribed guidelines
for prevention of unauthorised trading by
stock brokers and issued subsequent
clarification dated November 30, 2017. SEBI
has now received representations from BSE
Brokers Forum and Association of National
Exchanges Members of India, expressing
difficulties faced by stock brokers in the
implementation of the aforesaid circulars
and seeking extension for the
implementation of the same. SEBI has
decided to make the circulars on Prevention
of Unauthorized Trading by Stock Brokers
effective from April 01, 2018 and other
provisions shall remain unchanged and no
further extension shall be granted for the
implementation of the said circulars.
https://www.sebi.gov.in/legal/circulars/ja
n-2018/prevention-of-unauthorized-
trading-by-stock-brokers_37363.html
TAXATION
CBDT issues circular w.r.t Processing of
income-tax returns under section 143(1) of
the Income-tax Act which were filed in
Forms ITR-l to 6 & applicability of Section
143(1)(a)(vi)
CBDT has issued a circular w.r.t Processing of
income-tax returns under section 143(1) of
the Income-tax Act which were filed in
Forms ITR-l to 6 & applicability of Section
143(1)(a)(vi). As per the provisions of Section
143(1)(a)(vi), while processing the return of
income, prescribes that the total income or
loss shall be computed after making
adjustment for addition of income appearing
in Form 26AS or Form 16A or Form 16 (the
three Forms) which has not been included in
computing the total income in the return. It
has been decided that before issuing an
intimation of the proposed adjustment,
initially an awareness campaign would be
carried out to draw the attention of the
taxpayer to such differences, through e-mail
and SMS communication and requesting him
to submit response to the variation within
2. January 15, 2018
one month of receiving the communication
electronically. In case the taxpayer does not
respond within the available time-frame or
the response is not satisfactory, a formal
intimation u/s 143(1)(a)(vi) proposing
adjustment to the returned income would
be issued to him.
http://www.incometaxindia.gov.in/comm
unications/circular/circular1_2018.pdf
Reporting of U.S. Tax Identification
Numbers (TINs) for pre-existing accounts by
Financial Institutions
Ministry of Finance vide Press Release dated
15th January, 2018 has announced that The
US-IRS has issued guidelines through Notice
2017-46dated 25.09.2017 providing
relaxation to Foreign Financial Institutions
(FFIs) with respect to reporting of U.S.TIN for
calendar years 2017, 2018 and 2019. Now
the Competent Authority of USA will not
determine significant non-compliance with
the obligations under the IGA (Inter-
Governmental Agreement) solely because of
a failure of a reporting FFI to obtain and
report each required U.S.TIN, provided that
the reporting FFI:
(i) obtains and reports the date of birth of
each account holder and controlling person
whose U.S. TIN is not reported;
(ii) requests annually from each account
holder any missing required U.S. TIN; and
(iii) before reporting information that relates
to calendar year 2017 to the partner
jurisdiction, searches electronically
searchable data maintained by the reporting
FFI for any missing required U.S. TINs.
The Indian RFIs reporting pre-existing
accounts should, therefore, ensure that the
U.S. TIN is reported in respect of pre-existing
accounts for the year 2017 onwards.
However, in case the U.S.TIN is not available,
to avoid determination by the USA
Competent Authority of significant non-
compliance to the obligations of the IGA, the
RFIs are advised to insert nine capital letters
e.g. (i.e. AAAAAAAA) in the TIN field (for the
Account Holder or Controlling Person, as the
case may be), for such accounts in their
reports in Form 61B, provided that all the
three conditions listed above are met.
For any query: Contact – Sunaina Jhingan
Email – Sunaina.jhingan@acquisory.com