MM TAX CLUB

— In exercise of the powers conferred by sub-section (4) of section 1 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993), the Central Government hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance, Department of Financial Services S.O. 4312(E) dated the 6 th September, 2018, published in the Gazette of India, Extraordinary Part II, section 3, sub- section (ii), dated the 6th September, 2018, namely:-

In the said notification, after the words “but shall continue to apply to debts in respect of which an application for recovery has been filed before the Debts Recovery Tribunal prior to the date of publication of this notification, that is to say, the 6th day of September, 2018”, occurring at the end, the words, figures and letters “and to debts in respect of which an application for recovery has been filed before the Debts Recovery Tribunal between the period, that is to say, 26th September, 2018 to 30th June, 2019” shall be inserted.

The Central Board of Direct Taxes (CBDT), has issued Circular No. ­­­07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 (the ‘Act’) upto 30^th June, 2024.

CBDT had earlier extended the due date for filing Form 10A/ Form 10AB by trusts, institutions and funds multiple times to mitigate genuine hardships of the taxpayers. The last such extension was made by Circular No. 06/2023 extending the date to 30.09.2023.

Considering the representations received by CBDT requesting for further extension of due date for filing of such Forms beyond the last extended date of 30.09.2023, and with a view to avoid genuine hardships to taxpayers, CBDT has extended the due date of filing Form 10A/ Form 10AB upto 30^th June, 2024, in respect of certain provisions of section 10(23C)/ section 12A/ section 80G/ and section 35 of the Act.

CBDT further clarifies that, if any such existing trust, institution or fund had failed to file Form 10A for AY 2022-23 within the extended due date, and subsequently, applied for provisional registration as a new entity and received Form 10AC, can also now avail this opportunity to surrender the said Form 10AC and apply for registration for AY 2022-23 as an existing trust, institution or fund, in Form 10A till 30^th June 2024.

 It is also clarified that those trusts, institutions or funds whose applications for re-registration were rejected solely on the grounds of late filing or filing under wrong section code, may also submit fresh application in Form 10AB within the aforesaid extended deadline of 30^th June, 2024.

In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, ‘Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam’ (PAN:AAATK3080E), a Board constituted by the Government of Kerala, in respect of the following specified income arising to the said Authority, namely:-

(a) Grant received from State Government of Kerala.

(b) Contribution received from the workers registered as members in the Scheme.

(c) Contribution received from self-employed persons and employers for workers, registering as members of the Scheme.

(d) Registration fee.

(e) Interest earned on bank deposits.

2. This notification shall be effective subject to the conditions that Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam,-

(a) shall not engage in any commercial activity;

(b) activities and the nature of the specified income shall remain unchanged throughout the financial years; and

(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C) of section 139 of the Income-tax Act, 1961.

3. This notification shall be applied for assessment years 2024-2025, 2025-2026, 2026-2027, 2027-2028 and 2028-2029 relevant for the financial years 2023-24, 2024-2025, 2025-2026, 2026-2027 and 2027-2028 respectively.

The Competition Commission of India (CCI) has approved subscription to Compulsory Convertible Debentures (CCDs) of Napino Auto and Electronics Limited (Napino) by International Finance Corporation (IFC).

IFC is an international organisation, established in 1956 to further economic growth in its developing member countries by promoting private sector development. It is a member of the World Bank Group. IFC helps developing countries achieve sustainable growth by financing private sector investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.

Napino is engaged in the business of automotive electronics and components in India. It manufactures electrical and electronic products primarily for 2-wheeler and a small segment of 3-wheeler and 4-wheeler vehicles. Further, Napino is also engaged in certain ancillary businesses pertaining to Internet of Things (IoT), smart data devices, prototyping, hardware designing, digital solutions, etc. Napino through its affiliates also provides certain Electronic manufacturing services (EMS)/Original Design Manufacturing (ODM) services, data collection devices and data center network infrastructure and related implementation/managed services.

Detailed order of the CCI will follow.

The Government of India (GoI) has announced the sale (re-issue) of (i) “7.10% Government Security 2034” for a notified amount of ₹20,000 crore (nominal) through price based auction using multiple price method and (ii) “7.46% Government Security 2073” for a notified amount of ₹12,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to ₹ 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on April 26, 2024 (Friday).

Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on April 26, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m.

The result of the auctions will be announced on April 26, 2024 (Friday) and payment by successful bidders will be on April 29, 2024 (Monday).    

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.