ICAI - Educational Material on Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers - (17-08-2018) - https://www.icai.org/new_post.html?post_id=15052&c_id=240
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ICAI - Appeal - ICAI Kerala Flood Relief Fund - (17-08-2018) - https://www.icai.org/new_post.html?post_id=15053&c_id=240
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Income tax department eyes over Rs 100 bn from 'struck off' firms
The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year. The tax department is in the process of filing a petition before the National Company Law Tribunal (NCLT) for restoration of registration in as many as 50,000 such companies. The RoCs had struck off 300,000 companies after it was found they had not filed their statutory returns. Directors of these companies have been prohibited from holding directorships in any other company.
Read more at:
https://www.business-standard.com/article/economy-policy/income-tax-department-eyes-over-rs-100-bn-from-struck-off-firms-118081800025_1.html
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Resolution under IBC: Creditors recover Rs 50k cr
Creditors have recovered Rs 49,783 crore, or almost 56 per cent of their admitted claims, from 32 stressed companies where insolvency resolution plans were approved by the National Company Law Tribunal (NCLT) by the end of June, showed data compiled by the Insolvency and Bankruptcy Board of India.
Despite the average 44 per cent haircut that the creditors in general had to take in these cases, analysts said the Insolvency and Bankruptcy Code (IBC) has performed much better than the earlier system where the recovery process was strenuous and yielded too little. Of course, the headline numbers are good primarily because of Bhushan Steel, which accounted for close to 64 per cent of the total claims by these 32 firms and an equal amount in recovery.
Read more at:
https://indianexpress.com/article/business/banking-and-finance/resolution-under-ibc-creditors-recover-rs-50k-cr-5312649/
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*NCLAT : In Jagmohan Bajaj vs. Shivam Fragrances Pvt. Ltd. & Ors.*
*_I&B Code is a special law having an overriding effect on any other law as mandated under Section 238 of I&B Code. Triggering of Insolvency Resolution Process cannot be defeated by taking resort to pendency of internal dispute between Directors of Corporate Debtor on allegations of Oppression and Mismanagement._*
*_Read full case law at :_* https://dasgovernance.com/2018/08/20/nclat-in-jagmohan-bajaj-vs-shivam-fragrances-pvt-ltd-ors/
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✅ Insurers to cover mental illness under medical insurance policy: IRDAI
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- Insurance Regulatory and Development Authority (IRDAI) has asked insurers to cover mental illness under medical insurance policy from immediate effect, treating it at par with physical illness. At present, insurers exclude mental illness from ambit of medical insurance policies.
✔️ Key Facts
- IRDAI’s directive follows Mental Healthcare Act, 2017 enacted by Parliament and came into force from May 2018.
- The section 21(4) of said Act mandates every insurer to make provision for medical insurance for treatment of mental illness on same basis as available for treatment of physical illness.
- According to provisions of the Act, mental healthcare includes analysis and diagnosis of person’s mental condition and treatment as well as care and rehabilitation of such person for his mental illness or suspected mental illness.
✔️ Mental illness
- As per Ministry of Law and Justice, mental illness is defined as substantial disorder of thinking, mood, perception, orientation or memory that grossly impairs behaviour, judgment, capacity to recognise reality or ability to meet ordinary demands of life.
- It also includes mental conditions associated with abuse of alcohol and drugs, but does not include mental retardation which is condition of arrested or incomplete development of mind of person, specially characterised by subnormality of intelligence.
✔️ Significance
- Bringing mental illness under medical insurance policy, will ensure life of dignity to those who have mental health issues. It will help to create awareness, acceptance and inclusion of mental illness as any other ailment.
- Moreover, it will bring mental health disorders at par with physical illnesses, which will normalize diagnoses, reduce associated myths and stigma related mental health disorders.
- It will be in lines with global practice, as globally, companies cover mental illness after initial waiting period of two-three years.
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Income Tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18: CBDT. A record number of 6.92 crore I-T returns were filed, which was 1.31 crore more than 5.61 crore returns filed in 2016-17.
The Maharashtra Appellate Authority for Advance Ruling for Goods and Services Tax (AAAR-GST) has ruled that ‘money’ is not ‘goods’. Accordingly, it decided against giving Input Tax Credit (ITC) to CMS Info Systems on purchase of motor vehicles, that is, cash-carrying vans that are purchased and used for cash management business and supplied, post usage, as scrap.
SEBI is looking at the prospect of allowing mutual funds to make use of covered calls as part of their equity strategy. Covered calls are an options strategy where an investor holds a long position in an asset and writes (sells) call options (having the right but no obligation to buy) on that same asset to generate an income stream.
The Employees Provident Fund Organization (EPFO) has initiated a facility, which allows an EPF subscriber to download the EPF passbook using his UAN (Universal Account Number) http://trk.fantasticindiaa.com/bag/index.php/campaigns/za681kmkpe3c3/track-url/mf827n8cqnfdb/de24491a2fc3b4fc6dad478cbf21474928c2d42c
ICAI has issued "Draft list of Voters as on 01.04.2018" and "List of Proposed Polling Booths" for the Elections of the Regional Council and Central Council of The ICAI to be held on 7th and 8th of Dec., 2018. https://icai.org/post.html?post_id=15045
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Relief to Non-Salaried Taxpayers: CBDT defers GAAR, GST Reporting till March 2019* [Read Order]
Read more at: http://www.taxscan.in/relief-non-salaried-taxpayers-cbdt-defers-gaar-gst-reporting/27280/
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*Constitution of GSTAT Prima Facie inconsistent with SC Ruling: Madras HC* [Read Order]
Read more at: http://www.taxscan.in/constitution-gstat-prima-facie-inconsistent-sc-ruling-madras-hc/27265/
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Kerala Floods: Govt announces Tax Exemption to Goods imported by Charitable Organization / Red Cross Society* [Read Notice]
Read more at: http://www.taxscan.in/kerala-floods-govt-announces-tax-exemption-goods-imported-charitable-organization-red-cross-society/27273/
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IBC LEGAL UPDATES
1.NCLAT held that 'Dispute' has to be in between the Corporate Debtor and the Operational Creditor and inter se dispute between two groups of shareholder of the Corporate debtor does not consititute a dispute in reference to the operational creditors under IBC.
*Jai lakshmi solvents (P.) Ltdm and Another*
*MANU/NL/0092/2018*
2 . NCLT dismissed application filed by the suspended director of the Corporate Debtor seeking that the Committee of Creditors' decision of disallowing him from praticipation in CoC meetings be set aside. It draws out a difference between 'Participants' and 'Members' under the code pertaining to the CoC meetings. And also held that these kind of application shall not be entertained by the tribunal, as it is difficult for the Resolution professional as well as CoC to complete the process within time limits.
*LSI-248-NCLT-2018(MUM)*
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Govt. invites Comments on Proposed Amendments to Income Tax Rules, 1962* [Read Draft Notification]
Read more at: http://www.taxscan.in/govt-invites-comments-proposed-amendments-income-tax-rules/27296/
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Letter to GST council by Gujarat Sales Tax Bar Association*
*read more*
- https://thetaxtalk.com/2018/08/20/letter-to-gst-council-by-gujarat-sales-tax-bar-association/
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Actual Sale Consideration shall be subjected to Tax when an Affidavit Declaration is made by Assessee: ITAT* [Read Order]
Read more at: http://www.taxscan.in/actual-sale-consideration-tax-affidavit-declaration-assessee-itat/27310/
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Capital Market Updates
💍Markets regulator Sebi today imposed a fine totalling Rs 10 lakh on Omkar Overseas Ltd and its former officials for the delay in disclosure of the company's quarterly result, among others, to stock exchanges
🕯It has levied a fine of Rs 5 lakh on Omkar Overseas, besides, a collective fine of Rs 5 lakh on its then CMD Champalal Gopiram Agarwal, director Shankarlal Gopiram Agarwal, and compliance officer Subhashchandra Omkarmal Agarwal, the regulator said in an order.
🕯A probe conducted by Sebi found that the firm had failed to disclose its quarterly results within 45 days from the end of the quarter for three months ended September 2009, December 2009, March 2010 and June 2010 to BSE.
🍇Further, the firm had not given prior intimation to the bourse about its board meeting to be held on October 30, 2009, and January 30, 2010, in which September and December 2009 financial results were being considered and did not inform outcome of such meetings.
⛱ By this, the firm has violated Listing Agreement.
https://m.economictimes.com/markets/stocks/news/sebi-fines-rs-10-lakh-on-omkar-overseas-3-officials/articleshow/65477106.cms
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Point which is not clarified or debatable is not considered as mistake
*'A point which is debatable cannot be termed as a mistake, but when a point is covered by a decision of the Supreme Court or concerned High Court, either rendered prior to or subsequent to the order proposed to be rectified, then the point ceases to be a debatable point._*
*_Read full case law at :_* https://dasgovernance.com/2018/08/21/point-which-is-not-clarified-or-debatable-is-not-considered-as-mistake-2/