Recent notifications and updates from CBDT, MCA, and SEBI

Recent notifications and updates from CBDT, MCA, and SEBI

The Central Board of Direct Taxes launched an e-portal for reporting tax evasion, ‘benami’ assets

The Central Board of Direct Taxes (CBDT) had launched an e-portal for filing complaints concerning tax evasion, ‘benami’ properties as well as any undisclosed assets overseas.

CBDT stated that taking another step towards e-governance and inspiring participation of people as stakeholders in the reduction of tax evasion, the CBDT had launched an automated dedicated e-portal on their e-filing website of the Department [Income-Tax] towards receiving and processing complaints of tax evasion, foreign undisclosed assets as well as complaints concerning ‘benami’ properties.

Individuals now can file a tax evasion petition via a link on the e-filing website of the department -- https://www.incometaxindiaefiling.gov.in -- under the criteria of "File complaint of tax evasion/undisclosed foreign asset/benami property" in the website.

The new facility permits for filing of complaints by individuals who are existing PAN and Aadhaar holders along with those having no PAN or Aadhaar. After an OTP-based validation procedure (mobile and/or email), the complainant could file complaints with regard to violations of the Income Tax Act, 1961, Black Money (Undisclosed Foreign Assets and Income) Imposition of Tax Act, 1961, and Prevention of Benami Transactions Act (as amended) in three distinct forms intended for the purpose.

On the successful filing of the complaint, the department would assign a unique number towards each complaint and the complainant can view the status of the complaint on the website of the department. 

This e-portal is yet an additional initiative of the IT Department in order to generate improved ease of interaction with the department, also strengthening its resolve towards e-governance.

MCA had announced the publication of CFSS-2020 Form

The Ministry of Corporate Affairs had published the due date on which the CFSS-2020 Form. CFSS-2020 Form would be available for filing from 16th January 2021. The E-form would be filed through the stakeholders electronically afterward.

SEBI relaxed the compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 because of the COVID-19

Due to the COVID-19 pandemic, the Securities and Exchange Board of India (SEBI) had relaxed the compliance with some provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 related to general meetings, pursuant towards relaxations by the Ministry of Corporate Affairs. 

The Ministry of Corporate Affairs through a circular dated 31st December 2020, had further extended relaxations towards firms to carry out their Extraordinary General Meeting (EGM) via Video Conferencing (VC) or via other audio-visual means (OAVM) up to 30th June 2021. Furthermore, through a circular dated 13th January 2021, the Ministry of Corporate Affairs had also extended these relaxations towards the Annual General Meeting (AGMs) of corporations due in the year 2021, i.e., till 31st December 2021.

The Board with regard to sending physical copies of annual reports towards shareholders and condition of proxy for general meetings held through electronic mode had been extended for listed entities, till 31st December 2021.

This Circular came into force on 15th January 2021.

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