Due Date for Linking Aadhaar with PAN Extended
The Central Board of Direct Taxes (“CBDT”) on June 30, 2018, via an order under Section 119 of the Income Tax Act, 1961 has further extended the time for linking Aadhaar with PAN from the original extended deadline of June 30, 2018 to March 31, 2019.
Government to Carry out KYC of Company Directors
The Government of India is expected to require directors at companies to share their personal email IDs as well as their mobile numbers to verify their credentials, as part of its efforts to weed out bogus directorship. The corporate affairs ministry has decided to carry out the Know Your Customer (“KYC”) process for all directors at companies, including those who have been disqualified. According to the communication on the Ministry of Corporate Affairs (“MCA”) website, directors will be required to submit their details to the ministry through a new dedicated electronic form. Post the KYC deadline (yet to be notified), the MCA 21 system will mark all approved Director Identification Numbers that have been allotted on or before March 31 2018, against which DIR-3 KYC form has not been filed as ‘de-activated’.
Suspension of TDS and TCS Extended
The Central Board of Indirect Taxes and Customs (“CBIC”), upon recommendation by the Goods and Service Tax (“GST”) Council has, via a press release dated June 29, 2018, decided that provisions relating to tax deduction at source (TDS) and collection of tax at source (TCS) respectively, shall remain suspended under the GST regime until 30 September 2018.
Reverse Charge Deferred
The CBIC, via notification dated June 29, 2018, has deferred the reverse charge mechanism on supply of goods or services by unregistered person under GST until September 30, 2018.