SECTION 244A OF THE INCOME-TAX ACT, 1961 - REFUNDS - INTEREST ON
Interest on delayed interest : Under section 244A interest on delayed refund becomes part of principal amount and, thus, delayed interest not only includes interest for not refunding principal amount but also interest on delayed refund - Principal Commissioner of Income-tax v. Ambuja Darla Kashlog Mangoo Transport Co-operative Society - [2020] 114 taxmann.com 527 (Himachal Pradesh)
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👉🏻Bank branches could be shut for 4 days next week due to strike, holidays
(Bank branches could be open only for three days next week due to a day-long bank strike and other bank holidays. To protest against the mega merger plan of 10 PSU banks into four larger banks,)
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http://bit.ly/2QoKr5T
👉🏻President Assents Direct Tax Vivad se Vishwas Act, 2020
(President Assents Direct Tax Vivad se Vishwas Act, 2020 on 17th March, 2020 the Act will help Govt to reduce Litigation on Direct Taxes and also offer an Opportunity to Taxpayers to get rid of Litigation)
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http://bit.ly/2TZcjQh
👉🏻Govt set to overhaul Audit regime to check lapses in governance
(MCA is set to make major changes to the framework of statutory audits to ensure that managements cannot arm-twist or tempt auditors into overlooking governance lapses.)
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👉 LIST OF FINALIZED CANDIDATES FOR getting empanelled on Mediation and Conciliation,South East Region,FOR THE YEAR 2020 Pdf formatNew link image
http://www.mca.gov.in/Ministry/pdf/Notice1_17032020.pdf
👉 Sale Notice in the matter of Triveni Infrastructure Development Company Limited(In Liqn.)
http://www.mca.gov.in/Ministry/pdf/Notice_17032020.pdf
👉 RBI Working Paper No. 04/2020: Macroeconomic Effects of Uncertainty: A Big Data Analysis for India
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49529
👉 Publication of RBI-Occasional Papers-Vol. 40, 2019
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49530
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Vivad se Vishwas Scheme 2020 notified. A golden opportunity to settle Income tax related disputes. Avail this by 31st March, 2020 to avoid higher payment at a later date.
The government garnered Rs 16.89 lakh crore of tax revenue (net of refunds) in the first 11 months of the fiscal, compared with Rs 16.87 lakh crore in the same period last year. Due to corporate tax cut announced in September last year, the total direct tax collection for the April-February period came in 3.5% lower at Rs 8.14 lakh crore. However, indirect tax collection, which includes GST, saw a growth of 3.8% at Rs 8.75 lakh crore.
Union Minister of Finance informed that due date for filing the annual return and the reconciliation statement for the financial year 2018-19 to be extended till 30th June 2020.
Ministry of Corporate Affairs (MCA) has conducted an inspection on a bitcoin company through Registrar of Companies and prosecutions have been filed for violations under various provisions of the Companies Act.
MCA has tightened compliance norms for Nidhi companies, a kind of NBFCs, which are created to borrow and lend money among its members. The move comes in the backdrop of the government revising corporate norms to ensure that investors are not duped through fraudulent activities.
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👉 NCLAT: The government is ramping up the capacity of the National Company Law Tribunal (NCLT) Benches to boost decision-making and reduce delays.
It will set up dedicated Benches for insolvency and bankruptcy cases and add 40 new positions for NCLT, said Injeti Srinivas, secretary, corporate affairs ministry to the standing committee on finance.
“When the NCLT was set up, IBC was never in the picture. It was only set up as a company law court. The IBC has now sort of dominated,” Srinivas said.
Because of the increase in IBC cases, which are getting primacy at the NCLT, company cases are getting badly delayed. The government is also planning to set up specialised Benches for competition law to reduce the burden of the appellate tribunal, which is referred to on all matters from company law and IBC to competition law and the national financial reporting authority.
The corporate affairs ministry has finalised the recruitment rules for NCLT Benches. The total sanctioned strength for regular staff in NCLT is 320. Around 725 people are engaged on outsource mode in NCLT. Separately, three to four law clerks have been engaged for each Bench.
👉 JSW Steel had offered to pay Rs 19,350 crore to the financial creditors, implying a near 60% haircut for lenders of the total exposure of Rs 47,150 crore.
Lenders to Bhushan Power and Steel (BPSL) will have to wait beyond the March quarter to receive payment of Rs 19,350 crore from the approved bidder as JSW Steel has missed the payment deadline of March 16 and is unlikely to make payment this month, sources close to development told FE. This comes as a big jolt to banks who were pinning hopes on a major chunk of recovery coming due to BPSL resolution in March quarter. The lead lender State Bank of India (SBI) alone was expecting to recover around Rs 4,000 crore from BPSL resolution.
The National Company Law Appellate Tribunal (NCLAT) had approved bid of JSW Steel for acquisition of troubled BPSL. However, the erstwhile promoter of the company Sanjay Singhal had moved Supreme Court against NCLAT’s approval of the BPSL resolution plan. The apex court refused to stay the resolution plan, but admitted the plea against BPSL resolution. “We were hoping payment from BPSL by March 16 as per payment schedule but now it is unlikely in Q4,” a senior banker told FE. JSW Steel had earlier submitted in Supreme Court through its counsel Kapil Sibal on March 5 that they should not be declared as defaulter in the case of payment not being made by them for BPSL as there is no clarity.
👉 The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Kerala Ayurveda challenging an NCLT order that held claims by Tata Global Beverages (now Tata Consumer) against the company as 'financial debt.
A two-member NCLAT bench headed by Acting Chairperson Justice B L Bhat said that the Kochi bench of the National Company Law Tribunal (NCLT) is yet to pass any final order over the insolvency plea filed by Tata Global Beverages Ltd (TGBL) against Kerala Ayurveda Ltd (KAL).
The appellate tribunal said it was "premature" to decide about the claim at this stage, as the NCLT would pass order over insolvency only after considering debt along with default and can appeal against that order before it.
"The appeal is accordingly, dismissed as being premature leaving it open to the learned Adjudicating Authority (NCLT) to decide the application on merit and in the event of the Appellant being aggrieved of order of admission passed under Section 7, it shall be open to the Appellant to raise all issues in appeal," said NCLAT.
KAL had challenged the order of NCLT, which had on February 10, 2020 held a default of Rs 4.25 crore claimed by TGBL as financial debt.
