Newsletter on daily professional updates- 29/03/2020

M A R C H 2 9 , 2 0 2 0 | S U N D A Y I S S U E 1 9 8
THE DAILY
LIFELINE
Official Newsletter of Diucon
BIGGEST CHALLENGE-
HOW TO KEEP UPDATED
ON DAILY BASIS
Laws are changing frequently in India, there are big
developments and announcements on daily basis in
Economic & Finance world and many other reforms are on
the way. This newsletter will keep you updated on daily
basis along with documents taken from authentic sources.
By Pradeep Goyal, FCA | CFA | CPA, Australia |
Registered Valuer | Insolvency Professional |
ID-IICA | ICAI Certified GST Expert
WHAT'S NEW IN
PROFESSIONAL/
BUSINESS
WORLD TODAY
Goods & Service Tax
Direct Tax Code
Income Tax
Economy | Finance
Insolvency Laws
Corporate Laws

INDEX
UPDATES RELATED TO
 New Direct Tax Code
 Goods & Service Tax & Other Indirect Taxes
 Income Tax
 Announcements by ICAI
 Announcements by ICSI
 Corporate Laws
 The Insolvency and Bankruptcy Law
 Security and Exchange Board of India (SEBI)
 Director General of Foreign Trade (DGFT)
 Start-ups
 Micro, Small & Medium Enterprises
 Reserve Bank of India
 New acts notified/Bills introduced in parliament or Executive
orders by President
 Economy & Finance.
[From Monday to Friday 5 days a week as Saturdays and Sundays being holiday and
closure of all government departments hence no updates]

of 8
Keeping in mind the need for having a dedicated national fund with the primary objective of
dealing with any kind of emergency or distress situation, like posed by the COVID-19 pandemic,
and to provide relief to the affected, a public charitable trust under the name of ‘Prime
Minister’s Citizen Assistance and Relief in Emergency Situations Fund’ (PM CARES Fund)’ has
been set up. Prime Minister is the Chairman of this trust and its Members include Defence
Minister, Home Minister and Finance Minister. This fund will enable micro-donations as a result
of which a large number of people will be able to contribute with smallest of denominations.
Citizens and organisations can go to the website pmindia.gov.in and donate to PM CARES Fund
using following details:
Name of the Account: PM CARES
Account Number: 2121PM20202
IFSC Code: SBIN0000691
SWIFT Code: SBININBB104
Name of Bank & Branch: State Bank of India, New Delhi Main Branch
UPI ID: pmcares@sbi
Following modes of payments are available on the website pmindia.gov.in.
Debit Cards and Credit Cards
Internet Banking
UPI (BHIM, PhonePe, Amazon Pay, Google Pay, PayTM, Mobikwik, etc.)
RTGS/NEFT
Donations to this fund will be exempted from income tax under section 80(G).
Use think link to know more
Use think link to pay online

of 8
 Goods & Service Tax & other Indirect taxes
 Notifications/Circulars/Press releases/FAQs/Portal Updates/Write-ups by
CBIC/Government.
 GSTN launch facility for tracking GST Refund Application Status on the GST
Portal and PFMS portal
The functionality to track the status of refund application has been available on
the GST portal. By utilising this functionality, the taxpayers can know the stage
at which the refund application is pending with the tax-officer/ taxpayer.
Read here for more | To download the detailed advisory, Click Here.
 Appeal and review mechanism in GST.
Download CBIC E-flyer
 Legal updates- Advance Ruling Authorities/Tribunals/High Courts/Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed the
order
Details of decision
Provisions
discussed
Decision
1 [2020] 116
taxmann.com 3
National Plywood
Industries Ltd.
v. Union of India
W.P. (C). NO. 1059
OF 2020
FEBRUARY 17,
2020
Guwahati
High Court
Section 61
of CGST
Act
Where GST Authority
passed assessment order on
assessee and imposed tax
and penalty; whereas an
order of moratorium had
already been passed against
assessee, matter required to
be remanded back to GST
Authority for a fresh
consideration by examining
aspect as to whether order
of moratorium also covered
proceeding pending before
GST Authority

of 8
 Income Tax
 Notifications/Circulars/Instructions/Press releases/FAQs by Board/Government.
 OECD releases 2nd peer review report assessing countries efforts on
preventing treaty shopping.
OECD has released the second peer review assessing countries efforts to
implement the Action 6 minimum standard as agreed under the OECD/G20 BEPS
Project. The report has revealed that a large majority of members of the
OECD/G20 Inclusive Framework on BEPS (IF) are translating their commitment
on treaty shopping into actions and are modifying their treaty network.
Read here for more details
 Legal updates- Tribunals, High Court & Supreme Court judgements
Sr.No. Key to find the
document
Authority
who
passed
the order
Details of decision
Decision
1 [2020] 114
taxmann.com
639
Dena Bank
v.
Principal
Commissioner of
Income-tax - 2,
Mumbai
IT APPEAL NO.
2159 (MUM.) OF
2018
[ASSESSMENT
YEAR 2014-15]
JANUARY 23,
2020
Mumbai
Tribunal
No Sec. 263 revision to disallow penalty paid
for violation of KYC norms if AO had
conducted detailed enquiry
Where revision was invoked against assessee
to question deduction allowed towards bad
debts written off in respect of non-rural
advances under section 36(1)(vii), payment
made towards contribution to gratuity fund,
penalty payment to RBI for violation of KYC
norms and provision for wage arrears, since
Assessing Officer had conducted detailed
enquiry in respect of all these issues during
assessment proceedings and assessee had
also furnished a detailed reply and relief was
allowed only after making required enquiries,
impugned revision was unjustified.

of 8
 Announcement by ICAI
 Restoration of Membership/COP of ICAI.
Referring to communication sent by the Institute regarding removal of
Membership for the year 2019-20 due to non-payment of Membership Fee. ICAI
requested its members to file online Form 9/Form 101 for restoration of
Membership/COP to avoid any chance of discontinuance of Membership/COP on
the Self Service Portal (SSP) latest by 31st March 2020.
Use this link to submit forms
Detailed announcement here
 ICAI Appeal to contribute in ICAI Covid 19 Relief Fund
Use this link to contribute
 Announcement by ICSI
 ICSI Appeal to members for voluntary Contribution for COVID-19 and inform
about Supportive measures undertaken by ICSI.
Link to contribute online
 Corporate Laws
 Any contribution made by companies to PM Cares Fund shall qualify as CSR
Expenditure.
MCA OM dated 28/03/2020
 The Insolvency and Bankruptcy Law
 Notification/Circular/Press release/ Write-ups/Newsletters by IBBI/Government
 IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency
Professionals) Regulations, 2016 by notifying the Insolvency and Bankruptcy
Board of India (Insolvency Professionals) (Amendment) Regulations, 2020
which shall come into force on the 28th March, 2020.
Copy of amendment regulation here

of 8
Details of amendments-
 AMENDMMENT-1
Clause (ca) of Regulation 7(2) requires IP to pay to the Board, a fee
calculated at the rate of 0.25 percent of the professional fee earned for
the services rendered by him as an insolvency professional in the
preceding financial year, on or before the 30th of April every year, along
with a statement in Form E of the Second Schedule.
Now a proviso is inserted, which provides that for the financial year 2019-
2020, an insolvency professional shall pay the fee under this clause on or
before the 30th June, 2020.
 AMENDMMENT-2
Clause (b) of Regulation 13(2) requires that the insolvency professional
entity shall inform the Board, within seven days, when an individual cease
to be its director or partner, as the case may be, in Form F of the Second
Schedule along with a fee of two thousand rupees.
Now proviso is inserted to provide that when an individual cease to be
its director or partner, as the case may be, on and from 28th
March 2020
and ending on the 31st
December 2020, the insolvency professional entity
shall inform the Board, within thirty days of such cessation.
 AMENDMMENT-3
Clause (c) of Regulation 13(2) requires that the insolvency professional
entity shall inform the Board, within seven days, when an individual join
as its director or partner, as the case may be, in Form F of the Second
Schedule along with a fee of two thousand rupees.
Now proviso is inserted to provide that when an individual join as its
director or partner, as the case may be, on and from 28th
March 2020 and
ending on the 31st
December 2020, the insolvency professional entity
shall inform the Board, within thirty days of such joining.
 AMENDMMENT-4
Clause (ca) of Regulation 13(2) requires that the insolvency professional
entity shall pay to the Board, a fee calculated at the rate of 0.25 percent
of the turnover from the services rendered by it in the preceding financial
year, on or before the 30th of April every year, along with a statement in
Form G of the Second Schedule.
Now proviso is inserted to provide that for the financial year 2019-2020,
an insolvency professional entity shall pay the fee under this clause on
or before the 30th June, 2020.

of 8
 IBBI amends the Insolvency and Bankruptcy Board of India (Model Bye-Laws and
Governing Board of Insolvency Professional Agencies) Regulations, 2016 by
notifying the Insolvency and Bankruptcy Board of India (Model Bye-Laws and
Governing Board of Insolvency Professional Agencies) (Amendment)
Regulations, 2020 which shall come into force on the 28th March, 2020.
Copy of amendment regulation here
Details of amendments-
 AMENDMMENT-1
Amendment in Sub-clause (5) of Clause 12A of schedule. “Model Bye-Laws
0f an Insolvency Professional Agency”.
Sub-clause (5) says that If the authorisation for assignment is not issued,
renewed or rejected by the Agency within fifteen days of the date of
receipt of application, the authorisation shall be deemed to have been
issued or renewed, as the case may be, by the Agency.
Now proviso is inserted to provide that, for an application received on
and from 28th
March 2020 and ending on the 30th September 2020, if the
authorisation for assignment is not issued, renewed or rejected by the
Agency within thirty days of the date of receipt of application, the
authorisation shall be deemed to have been issued or renewed, as the
case may be, by the Agency.
 AMENDMMENT-2
Amendment in Sub-clause (7) of Clause 12A of schedule. “Model Bye-Laws
0f an Insolvency Professional Agency”.
Sub-clause (7) says that an applicant aggrieved of an order of rejection of
his application by the Agency may appeal to the Membership Committee
within seven days from the date of receipt of the order.
Now proviso is inserted to provide that where an application for issue of
authorisation for assignment has been rejected by an insolvency
professional agency, on and from 28th
March 2020 and ending on the
30th September, 2020, the applicant aggrieved of an order of rejection
may appeal to the Membership Committee within thirty days from the
date of receipt of order.

of 8
 News/Latest Developments/Other updates
 UK to change insolvency rules to protect businesses
Wrongful trading law to be suspended to protect directors who pay staff and
suppliers.
Financial Times Report
 UK Business Secretary announces insolvency rule changes to allow business to
bounce back.
Business Secretary Alok Sharma says the government told workers and business
leaders that he “appreciates just how tough the situation is.
UK Business Matters Report
 Security and Exchange Board of India (SEBI)
 SEBI issued its Bulletin – March 2020
Download here
 Reserve Bank of India
The Amalgamation of certain banks into Indian Bank Scheme, 2020, issued by
the Government of India sanctioning the Amalgamation which will come into
force on the 1st day of April 2020.Consequently, all branches of below banks
will function as branches of given banks from April 1, 2020. Customers including
depositors of these banks, will be treated as customers of new bank with
effect from April 1, 2020: -
 Branches of Allahabad Bank to operate as branches of Indian Bank from April 1,
2020
 Branches of Andhra Bank and Corporation Bank to operate as branches of
Union Bank of India from April 1, 2020
 Branches of Oriental Bank of Commerce and United Bank of India to operate as
branches of Punjab National Bank from April 1, 2020
 Branches of Syndicate Bank to operate as branches of Canara Bank from April
1, 2020
Visit here for more details

of 8
 Economy & Finance
 CII requests Govt to allow passing resolutions without board meeting
The Confederation of Indian Industry (CII) met Corporate Affairs Secretary Injeti
Srinivas on Friday and asked for some relaxations. It requested that firms be
allowed to pass circulars, resolutions without the requirement of conducting a
board meeting up to June 30. Currently, board meetings are required for matters
such as deciding on buy-back of securities, investing funds of the company, borrow
monies, taking over a company or acquiring a substantial stake in another firm. The
chamber also called for relaxing the requirement of holding board meeting in
physical presence for appointment of directors and independent directors in casual
vacancies. The Centre has allowed holding board meetings through video
conference.
Business Standard Report
 Keep banking channels up and running; maintain smooth cash withdrawals: FM
The Union government has asked all banks to ensure that their banking channels
— branches, ATMs, and the business correspondent network — are up and running
across India for transactions, especially cash withdrawals. Banks are expected to
witness a surge in transactions across channels next week, owing to salary
payments to employees. Pensioners will also be visiting branches in the first few
days of April. The beneficiaries of the direct benefit transfer (DBT) scheme are also
likely to withdraw money from their accounts, senior public sector bankers said.
Finance Minister Nirmala Sitharaman held one-to-one interaction with chief
executives of banks on Saturday. The nationwide lockdown to prevent the spread
of Covid-19 has led to disruptions in banking operations in the field. Banking
services have been declared as essential services.
Business Standard Report
SAVE WATER || SAVE UNIVERSE

=============================================
About Scribbler
PRADEEP GOYAL
 Fellow Member of the Institute of
Chartered Accountants of India.
 Associate member of Professional
Accounting Body of Certified
Practising Accountants (CPA),
Australia.
 Registered Valuer with IBBI- Asset
Class- Securities or Financial Assets
 CFA (Corporate Finance)- Columbia
Business School, USA | EMERITUS
Institute of Management, Singapore.
 Certified Goods & Service Tax
Practitioner from ICAI & Ministry of
Micro, Small & Medium Enterprises,
Government of India.
================================
Connect
pradeep@pgaa.in +91-9811777103
[Double click on icons to open]
Page
http://www.pgaa.in
Knowledge shared= Knowledge2
Profile

Newsletter on daily professional updates- 29/03/2020

More Related Content

What's hot (20)

Similar to Newsletter on daily professional updates- 29/03/2020 (18)

More from CA PRADEEP GOYAL (20)

Recently uploaded (20)

Newsletter on daily professional updates- 29/03/2020