Daily Updates and News

MCA

MCA has amended Rule 4 relating to ‘CSR Activities’ of Companies (CSR Policy) Rules, 2014. The amended rules may be called as the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2016 and shall come into force on the date of their publication in the Official Gazette. The amendment states that board of a company may decide to undertake its CSR activities approved by CSR Committee, through: (a) a company established u/s 8 of Companies Act, 2013 / registered trust / registered society, established by the company, either singly or alongwith any other company, or (b) company established u/s 8 / registered trust / registered society, established by Govt. It further clarifies that if, Board of a company decides to undertake its CSR activities through, such company / trust / society shall have an established track record of 3 years in undertaking similar projects. 

CBDT

Central Board of Direct Taxes (CBDT) has issued Clarification on the Income Declaration Scheme, 2016. The said declarations were issued to cover large number of query by stakeholders. The clarification covers all the important queries that may be raised by an assessee regarding their undisclosed income. As clarifies that the information given by assesses shall be kept confidential; the Income should be declared as whole not in parts; It is not mandatory to file the valuation report of the undisclosed income represented in the form of investment in asset along with the declaration and where a search/ survey operation was conducted and the assessment has been completed but certain income was neither disclosed nor assessed, such undisclosed income can also be declared under the Scheme.

Thanks & Regards,

 Meetesh Shiroya