Important Updates

MCA:

The Ministry of Corporate Affairs has notified the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. These Rules shall apply to matters relating to the corporate insolvency resolution process. They shall come into force from the 1st day of December, 2016. The rules provides norms for Application by financial creditor, Demand notice by operational creditor, Application by operational creditor, Application by corporate applicant, Withdrawal of application, Interim resolution professional, Filing of application and application fee.

MCA:

The Ministry of Corporate Affairs has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. These Regulations shall come into force on 1^st December, 2016. These Regulations shall apply to the corporate insolvency resolution process. The rules provides norms for Eligibility for resolution professional, Access to books, public announcement, proof of claims, committee of creditors, meetings of the committee, voting by the committee, conduct of corporate insolvency resolution process, insolvency resolution process costs and resolution plan. 

 Updates:

1. CBDT vide its notification dated 29th November, 2016 has issued rules provide that in case of any capital asset the period of holding shall be reckoned from the date on which such property is acquired only if the date of acquisition is evidenced by a deed registered with any authority. In any other case it shall be reckoned from the 1.6.2016.
2. After SC judgment there is 90% chance that Govt. of West Bengal issue notice for the collection of due entry tax from the dealers who are not paying.
3. Govt clarifies that jewellery with household which is acquired-out of disclosed sources or exempted income shall become taxable under proposed Taxation Laws (Second Amendment) Bill, 2016, is totally unfounded and baseless.
4. Input tax credit on capital goods can be claimed in first year except for telecom towers in case of telecom companies where available in 3 years.
5. MCA notified provisions of Insolvency and Bankruptcy Code, 2016 from 1st December, 2016 (1) clause (a) to clause (d) of section 2 (except with regard to voluntary liquidation or bankruptcy.
6. RBI has given power to fix limit for cash withdrawal at counter & from ATM from time to time: The government is gearing up to facilitate Aadhaar number-enabled financial transactions through mobile phones as part of its drive to convert the country into a cashless economy.

Cost Audit and XBRL: For any help and assistance in Cost Audit and XBRL, Please contact CMA Raj Kishore Kaushik at Mob. 9811285012