MCA Updates
Deployment and usage of change request form (CRF) on MCA-21:
The Change Request Form is intended to be used for purposes like correction in Master Data and to comply with certain directions of Courts/ Tribunals which cannot be complied with ordinarily through existing forms or services on Ministry Of Corporate Affairs-21 (MCA-21) system either at the Front Office Level (users of MCA-21 services) and Back-Office level(ROCs). Regulatory updates
It has been clarified that the Change Request Form:
- is to be used only in exceptional circumstances.
- is not a substitute for any application, reporting, or registry requirements as per the Companies Act, 2013 and LLP Act, 2008; incase if this form is submitted with the abovementioned intent, it shall be summarily rejected.
- shall not be used as a substitute for any approval-related and registration-related queries for which existing tickets and help desk facilities must be used.
The Form shall be processed by ROCs within 3 days of its filing, after which it shall be forwarded to the Joint Director (e-governance cell), who shall process and decide the matter within a maximum time of 7 days.
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Access of MCA Incorporation related services through the National Single Window System (NSWS): Regulatory Updates
MCA incorporation related services can also be accessed through the National Single Window System (NSWS) by accessing the following link.
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Relaxation of additional fees and extension of the last date of filing of form No. LLP BEN-2 and LLP form No.4D under the Limited Liability Partnership Act, 2008:
MCA notified Limited Liability Partnership (Significant Beneficial Owner) Rules, 2023 on 09 November 2023 and prescribed E-Form LLP BEN-2 to file the return to the ROC in respect of declaration under Section 90 of the Companies Act, 2013. Similarly, MCA has notified Limited Liability Partnership (Third Amendment) Rules, 2023 on 27 October 2023 and prescribed E-form LLP Form no. 4D to file a return to ROC in respect of the declaration of beneficial interest in contribution received by the LLP.
In view of the transition of MCA-21 from version-2 to version-3, it is notified that the aforementioned forms shall be made available in MCA-21 version-3 for filing purposes w.e.f 15 April 2024. In order to promote the compliance on part of reporting LLP, it is notified that such LLPs may file the aforementioned forms without payment of any additional fees up to 15 May 2024.
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SEBI Updates
Guidelines for returning of the draft offer document and its resubmission: Regulatory updates
As per Schedule VI of Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulations, 2018, the offer documents as filed by the issuers and lead manager(s) should be in line with Schedule VI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”), which specifies information for disclosure in the draft offer document or the draft letter of offer and the offer document or the letter of offer, as applicable.
In this regard, SEBI shall scrutinize the offer document based on the broad guidelines and if the offer document is found to be in non-compliance with schedule VI of SEBI ICDR, it shall be returned to the issuer for resubmission after rectifying the defects or providing appropriate clarifications.
The SEBI, to ensure the completeness of the offer document issued by the issuers, vide a circular dated 06 February 2024 has decided to issue ‘Guidelines for returning of the draft offer document and its resubmission’ as Annexure A to the said circular.
The relevant circular can be accessed at the following URL.
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Liberalization of FDI policy in India’s space sector: Regulatory updates
Aligning the vision and strategy under the Indian Space Policy 2023, the Union Cabinet has eased the FDI policy for the space sector by prescribing liberalized FDI thresholds for various sub-sectors/activities.
The existing FDI policy permits FDI in the establishment and operation of Satellites through the Government approval route. However, the amended policy aims to liberalize FDI provisions in the space sector by allowing 100% FDI in the space sector. The liberalized entry routes under the amended policy are aimed at attracting potential investors to invest in Indian companies in space.
The amended policy provides the liberalized entry route for the various activities as follows:
| Sl. No | Activities | Automatic Route | Approval Route |
| 1. | Satellites-Manufacturing & Operation, Satellite Data Products and Ground Segment & User Segment. | Up to 74% | Beyond 74% |
| 2. | Launch Vehicles and associated systems or subsystems, Creation of Spaceports for launching and receiving Spacecraft. | Up to 49% | Beyond 49% |
| 3. | Manufacturing of components and systems/ sub-systems for satellites, ground segment and user segment. | Up to 100% | – |
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Reserve Bank of India (Filing of supervisory returns) directions – 2024: Regulatory updates
The Reserve Bank of India issued a Master Direction on “Reserve Bank of India (Filing of Supervisory Returns) Directions – 2024”, to create a single reference for all Supervisory Returns and to harmonize the timelines for filing of returns for all Non-Banking Financial Companies-excluding Housing Finance Companies (‘NBFCs’), ARC’s, Primary (Urban) Co-operative Banks, Commercial Banks and Select All India Financial Institutions.
Some of the revisions to the timelines in the filing of supervisory returns of NBFCs are mentioned below:
Changes in instructions for NBFCs
| Return name | Existing guidelines | Revised guidelines |
| DNBS01, DNBS03, DNBS4A, DNBS07, DNBS11, DNBS12, DNBS13, and DNBS14 | Within 15 days from the Reference Date | Within 21 days from the Reference Date |
| DNBS02 | Frequency – Annual | Frequency – Quarterly |
| DNBS4B | Within 10 days from the Reference Date | Within 15 days from the Reference Date |
| DNBS08 – CRILC (Main) | Within 21 days from the Reference Date | Within 15 days from the Reference Date |
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Income Tax Updates
CBDT notifies changes in ITR-2, ITR-3 & ITR-5
The Central Board of Direct Taxes (CBDT) has notified several amendments in Income Tax Returns Forms which provide clarity in respect of claiming deductions for medical treatment of a dependent person with specified disability and benefit of exemption availed for capital gain arising on account of compulsory acquisition of land and building.
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CBDT orders for extinguishment of Outstanding Demand from AY 2010-2011 to AY 2015-2016
The CBDT has ordered for withdrawal of petty, non-verified, non-reconciled, or disputed direct tax demands up to Rs 25,000/- of the period up to financial Year 2009-10 and up to Rs 10,000/- for financial years 2010-11 to 2014-15.
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CBDT notifies changes in the hierarchical structures of Income Tax Officers
The Central Board of Direct Taxes has notified amendments to certain provisions under Section 118 of the Income Tax Act, 1961, aimed at refining administrative processes and clarifying hierarchical structures within the income tax department.
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Govt of India notifies Tax Information Exchange Agreement with Govt of Samoa
The Central Board of Direct Taxes notifies the tax information exchange agreement entered between India and Samoa, the agreement sets forth a robust framework for the exchange of information, promoting transparency and combating tax evasion.
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CBDT notifies ‘Panjab University, Chandigarh’ for the purpose of relief u/s 35 Regulatory updates
The Central Board of Direct Taxes notifies the approval of ‘Punjab University, Chandigarh’ under the category ‘University, College or other Institution’ for scientific research under sec 35 of the Income Tax Act, where any sum paid to such University for carrying out scientific research be eligible to claim a deduction of amount equivalent to the amount contributed/paid.
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IT Department announces E-Verification Scheme facility in the E-filing portal Regulatory updates
The Income Tax Department has announced that an on-screen functionality will be available in the Compliance portal of the e-filing website for taxpayers to respond. The Compliance portal is currently displaying information mismatches for the financial years 2021-22 and 2022-23. According to the Department’s records, taxpayers are also being notified of the mismatch via SMS and email.
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Direct Tax Collection Updates up to 10-02-2024 Regulatory updates
As per the reports direct tax collections up to February 10, 2024, reached Rs. 18.38 lakh crore, a 17.30% increase from the same period last year. Net collections, after refunds, stand at Rs. 15.60 lakh crore, 20.25% higher. Corporate Income Tax (CIT) grew by 9.16%, while Personal Income Tax (PIT) increased by 25.67%. Refunds disbursed during the period totaled Rs. 2.77 lakh crore.
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GST Updates
CBIC notifies “Public Tech Platform for Frictionless Credit” as Consent-Based Information Sharing System
The CBIC notifies the introduction of a “Public Tech Platform for Frictionless Credit” to ensure digital access to information from various sources. This platform facilitates a seamless credit ecosystem, benefiting both service providers and consumers.
