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To encourage listing of startups, the Securities and Exchange Board of India (Sebi) on Friday proposed an easier framework that allows more investor categories, relaxed shareholding norms and reduced trading lot amount. In this regard, the markets regulator has mooted changes to the framework of institutional trading platform (ITP), which has not seen much traction, even though it was put in place in August 2015. The rules were brought in to encourage Indian startups and entrepreneurs to remain within the country rather than go abroad for raising funds. Seeking to widen the eligibility ambit for getting listed on ITP, Sebi has proposed increasing the category of eligible investors when it comes to shareholding before the listing. Besides QIBs ( qualified institutional buyers), family trusts or systematically important non- banking financial companies ( NBFCs) registered with the Reserve Bank of India, intermediaries registered with Sebi and category III FPIs ( Foreign Portfolio

The Securities and Exchange Board of India ( Sebi) on Friday proposed changes to the Institutional Trading Platform (ITP), to draw more companies to it. Comment on the discussion paper has been invited till August 14. Introduced in 2013, the platform allows companies, particularly in information technology ( IT), to list without necessarily doing an Initial Public Offer of equity. So far, only around 40 companies are listed on the ITP platforms of the BSE or the National Stock Exchange. IT companies to qualify on this platform need Qualified Institutional Buyer ( QIB) shareholding of at least 25 per cent; other companies need 50 per cent. Sebi has proposed to expanded the definition of QIBs to investors such as family trusts and individual foreign investors. Also, to do away with the 25 per cent cap on single investors listed on the platform. Further, it proposes to reduce the minimum institutional investor participation, from 75 per cent to 50 per cent. Also, to increase the c

The Union government on Friday extended the deadline for government officials as well as employees of non- profit organisations to file income and asset details. The last date to file these details was July 31, which has now been extended to December 31. This is the sixth extension for the roughly five million government employees following apending court case, where the wife of a senior bureaucrat has challenged the government order asking the spouses and dependents of civil servants to disclose their income and assets. This was the first extension for employees of non- government organisations and trusts, who through a recent notification were brought under the ambit of the Lokpal and Lokayuktas Act, 2013, thus being treated on a par with public servants. According to the new rules, NGOs receiving government funding of Rs.1 crore and foreign donation of Rs. 10 lakh should file returns disclosing their assets and liabilities. Business Standard New Delhi,30 july 2016

The last date for filing incometax (I- T) returns has been extended to August 5. Tax returns for 2015- 16 (assessment year 2016- 17) were originally to be filed by July 31. But in view of the day- long strike at public sector banks, the deadline has been extended to August 5. For Jammu and Kashmir, the deadline will be August 31 in view of the ongoing turmoil in the state. “In view of Friday’s bank strike and disturbance in J& K, the due date of I- T return filing is being extended,” Revenue Secretary Hasmukh Adhia tweeted on Friday. This extension is given to avoid any inconvenience to the taxpayers, while making payments pertaining to returns of income for assess ment year 2016- 2017 by July 31, 2016, due to bank strike on July 29 and July 31 being a bank holiday, stated the finance ministry. Business Standard New Delhi,30 july 2016

The government on Friday listed the Goods and Services Tax ( GST) Constitution amendment Bill for discussion and passage in the Rajya Sabha for the week starting Monday. Asked about the prospects of its passage, Finance Minister Arun Jaitley said: “I am keeping my fingers crossed.” Sources speculated the Bill might be taken up on Tuesday. However, government strategists refused to confirm this. Parliamentary Affairs Minister Ananth Kumar said: “ We will take up the Bill when confident that a consensus exists.” Senior government strategists were unwilling to say more than that, lest any comments might vitiate the hard- fought consensus, which the government hopes will last enough days for the much awaited Bill to sail through the Upper House of parliament. On any more outreach to the Congress and other political parties, a senior minister said all the negotiations and consultations had been concluded. On the contentious subject of whether the Centre or state governments will have

www.caonline.in News... 1. MCA releases Companies (Incorporation) Third Amendment Rules, 2016. MCA Notification dated 27.07.2016. 2. MCA issues The Companies (Accounts) Amendment Rules, 2016. MCA Notification dated 27.07.2016. 3. Person attaining age of 60 or 80 years on 1st April shall be considered Senior/Very senior citizen for immediately preceding  financial year. CBDT Circular 28 of 27-7-16. 4. 15-08-16 is the last date for Issue of TDS certificates in form 16A for quarter ended 30-6-16 by all deductors. 5. Extension of last date of filing of Income tax  returns for the FY 2015-2016 (AY 2016-17) from 31.07.2016 to 05.08.2016. For J&K assessees last date is 31.08.2016.

The last date for filing incomes tax returns for salaried individuals and those whose earnings don’t need to be audited is July 31. Should you file returns if your earnings are below the taxable amount? Yes, as there are several benefits of filing returns within the due date. In cases where the salary income is more than the basic exemption limit, but after deductions is not taxable, returns have to be filed, says Amarpal Chadha, mobility leader, people advisory services, EY. For example, if you have salary income of Rs.3.5 lakh ( which is above the basic exemption limit) and have investments under Section 80C amounting toRs. 1.25 lakh, the taxable income would be Rs. 2.25 lakh, which is below the exemption limit. In such case, you are required to file tax return as the total salary income before deductions is more than Rs. 2.5 lakh. If the tax deducted at source ( TDS) is wrong, filing tax return is the only way to get refund, says Vishvajit Sonagara, founder, Quicko, an online