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Seeks to amend Notification No. S.O. 3755(E), dated the 27th November, 2017
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Finance Commission appointment: Ajay Narayan Jha named Member replacing former member under constitutional provision and enabling statute.
Pursuant to the constitutional provision governing finance commissions and the Finance Commission (Miscellaneous Provisions) Act, 1951, Shri Ajay Narayan Jha is appointed as a Member of the Fifteenth Finance Commission with effect from 1st March 2019, substituting the earlier entry in the principal order published vide S.O. 3755(E) dated 27th November, 2017, following acceptance of the resignation of the prior Member.
Eligibility criteria for an entity to be considered as Startup w.e.f. 19-2-2019
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Startup recognition criteria enable DPIIT certification and tax exemptions, subject to investment restrictions and revocation for noncompliance.
Entities incorporated or registered in India as private limited companies, partnership firms, or limited liability partnerships qualify as Startups if they meet temporal, turnover and innovation/scalability criteria and are not reconstructions of existing businesses. Recognition is granted by DPIIT upon online application with incorporation proof and a business write-up; the Inter-Ministerial Board may issue tax benefit certificates on application. Recognised Startups may obtain exemption from the share-premium taxation provision if they meet a paid-up capital ceiling, avoid specified asset investments for seven years, and file the required declaration; noncompliance permits revocation with retrospective effect.
Amendments in the notification of the Ministry of Corporate Affairs notification number G.S.R 787(E), dated the 15th October, 2015
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Appointment of Presiding Officer: notification substitutes Ms Zoya Hadke as presiding officer in Election Tribunal notification.
Amendment substitutes the Presiding Officer entry in G.S.R. 787(E) by designating Ms. Zoya Hadke, Additional Secretary, Department of Legal Affairs, as Presiding Officer, made under the Central Government's powers under sub section (1) of section 10B and pursuant to rule 3 of the Cost and Works Accountants (Election Tribunal) Rules, 2006.
Modification Notification No. G.S.R. 364 (E)dated April 11, 2018
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Startup share issuance approval process updated: investor eligibility, capital thresholds, Form-2 filing and CBDT decision timeline clarified.
The notification revises approval procedures for DIPP-recognised startups seeking exemption under clause (viib) of section 56(2) by defining CBDT's role, setting capital-threshold and investor eligibility conditions, requiring submission of Form-2 to DIPP with detailed share, shareholder and valuation information, and mandating transmission to CBDT which must decide within forty-five days; audited accounts, startup tax returns, and investor income-tax returns and net worth certificate are required.
Commencement date of the Constitution (One Hundred and Third Amendment) Act, 2019
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Commencement appointment: Constitution (One Hundred and Third Amendment) Act activated by government-specified commencement notification.
The Central Government, invoking the enabling provision in section 1(2) of the Constitution (One Hundred and Third Amendment) Act, 2019, designates 14th January 2019 as the date on which the Act's provisions shall come into force by notification S.O. 292(E).

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Acts Income Tax