Digital news media to comply with FDI Policy

The government on Monday issued a public notice, asking all the news websites, portals, aggregators and agencies to suits the 26% foreign direct investment (FDI) policy for digital journalism during a bid to see foreign influence and interference in domestic affairs, investigate Chinese and other overseas funding in news sites, and make a level-playing field for all media.
This implies that the businesses with quite 26% foreign investment will need to bring it down by October 15th, 2021.

Faceless Appeal Scheme Not Available in Serious Fraud, International Tax Cases
The tax faceless appeal scheme isn’t available in cases concerning serious fraud, major evasion , international tax and people under black money Act and benami property, the Finance Ministry said. The faceless appeal scheme was launched on September 25 and provides a totally faceless procedure for appeals to Commissioner (Appeals).
It allows taxpayers to file their documents in an electronic mode and thereby saves them from the effort of physically visiting the tax Office. Under the scheme, appeals would be randomly allotted to any officer, whose identity would remain unknown to the appellant.

Blocking of EWB generation facility for all taxpayers from December
In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is susceptible to be restricted, just in case the taxpayer fails to file their FORM GSTR-3B returns / Statement in FORM GST CMP-08, for tax periods of two or more. From 1st December, 2020, onwards, the blocking of EWB generation facility would be made applicable to all or any the taxpayers (irrespective of their Aggregate Annual Turnover (AATO)) In terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, on the EWB Portal.

Due date extended for filing belated documents under expended LLP settlement scheme
In order to supply greater simple doing business, the Ministry of Corporate Affairs (MCA) has extended the timeline for filling the belated documents under indebtedness Partnership (LLP) Scheme from 30 March, 2020 to 30 November, 2020. As a result, the supply has been amended and every one other provisions shall remain unchanged.
In view of huge scale disruption caused by the COVID-19 pandemic and after due examination, it’s been decided to increase the date on applicability to defaulting LLP and thus belated documents due for filing till 30th November 2020 shall be considered. All other requirements provided within the said circulars shall remain unchanged.

Laxmi Vilas Bank Rescue Gets Underway With Withdrawal Cap, Merger Plan
The government initiated the method of rescuing the beleaguered Lakshmi Vilas Bank (LVB) on Tuesday by placing it under a moratorium for one month, and capping withdrawals from its customers’ accounts at ₹ 25,000 a month. The move to freeze the bank accounts was in sight of the Tamil Nadu-based private sector lender’s deteriorating financial health. The Federal Reserve Bank of India (RBI) proposed an idea to merge Lakshmi Vilas Bank with DBS Bank India, a subsidiary of Singapore-based DBS Bank, thanks to failure to seek out a suitor for the troubled bank within the past.

Guidance Note issued on Accounting for Share- based Payments, 2020
Recognizing the necessity for updating the scope and accommodating various sorts of share-based payments, Guidance Note on Accounting for Share based Payment, 2020 has been issued covering the financial accounting and reporting principles for ESOPs, ESPSs, appreciation rights also as share-based payment plans provided to non-employees, which wasn’t covered within the previous guidance note. This Guidance Note applies to share-based payment plans the grant date in respect of which falls on or after April 1, 2021.