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Individuals to get bankruptcy protection soon Centre Begins Framing Rulesc The government has begun work on laying down a process for individuals to be declared bankrupt, which will help them deal with a financial crisis rather than be bogged down by it. The rules being framed will help a defaulter repay the money in a structured way, rather than being forced to cough it up to banks in one go. Sources said the idea is to make the process more humane as the rules would deal with a host of individuals — from farmers and kirana shop owners to a salaried middle class person who may be struggling to repay a loan for reasons like loss of job.“There is huge social stig-resolve and recover dues quickly ma attached to this. So, you cannot be punitive. People should be allowed to restructure their lives, ” said Sumant Batra, managing partner and head of the insolvency, secured transactions & corporate law practice at law firm Kesar Dass B & Associates. From this year, Saudi Arabia ha

Sebi to turn the heat on audit committees Regulator’s board meeting on Sept 18; to take stock of action against 331 suspected shell firms Capital markets regulator the Securities and Exchange Board of India (Sebi) is likely to tighten norms pertaining to constitution and functioning of the audit committees for listed companies. These committees act as independent oversight bodies responsible for transparency and accuracy in functioning of company and the board. According to sources, the markets regulator plans to look at how India Inc is appointing members on the audit committee, their qualifications and whether they are discharging their duties, without undue influence of the promoters. ‘Proceedings of audit committee and reconstitution of the same’ is among the top agenda of the Sebi board meeting scheduled on September 18, said sources. Other agenda items include the surveillance action report on 331 suspected shell companies, changes to infrastructure investment trust (InvIT) n

Global auditors feel the heat, may face tighter scrutiny The move is expected to give a fillip to Indian audit firms and designed to fill the gaps the big four have allegedly misused, including with the help of their huge network and financial muscles, a top regulatory official said. Global auditing firms may come under greater scrutiny for any wrong-doing as regulators mull ways to make them more accountable, with the role of such auditors -- especially the Big Four -- coming under the lens in various corporate misdoings. The move is expected to give a fillip to Indian audit firms and designed to fill the gaps the big four have allegedly misused, including with the help of their huge network and financial muscles, a top regulatory official said. Prime Minister Narendra Modi has also talked of the need for Indian audit firms growing to join the ranks of global giants. A big area of concern pertains to the big guns seeking to wash off their hands whenever their names crop up in any

When GST heads to the courtroom Compliance requirements, valuation, classification, transfer of input tax credit are likely to lead to tax litigation, say experts. SAYAN GHOSAL writes Two months after coming into effect, India’s new indirect tax has already begun making its rounds in the courtrooms. Tax professionals and corporate lawyers are gearing up for a swathe of increased litigation, given the large influence that the goods and services tax (GST) has on economic participants. “The GST has caused and continues to have some teething problems as to its applicability and compliance requirements. The concerns arising from these issues are reflected in the various writ petitions filed in high courts across the country,” says Nishant Shah, partner, Economic Laws Practice. According to experts, several issues related to enhanced compliance requirements, valuation, classification and the availability and transfer of input tax credit are expected to take centrestage in tax litigation

I-T dept to appoint 7600 more TRPs to cover entire country Every district of the country will soon have at least one trained personnel to assist small taxpayers in filing ITRs, with the Income Tax Department proposing to appoint 7,600 additional experts whose services will also be available on mobile application. The Central Board of Direct Taxes (CBDT), the apex policy-making body of the tax department, has decided to enlarge the ambit of the 2006 Tax Return Preparer Scheme (TRPS) by making the service "digital" and covering all the 708 districts of the country. "It is proposed to provide sufficient number of Tax Return Preparers (TRPs) in every district by scaling up of number of TRPs from a total 5,400 to 13,000 in the country," according to an I-T department blueprint, accessed by PTI. "It is proposed that every district in the country should have at least three TRPs," it added. A senior official working on the project said the aim was to ensure ha

Sebi advisory panel to discuss extension of trading hours An advisory committee of market regulator Securities and Exchange Board of India (Sebi) is likely to discuss a proposal for extending stock market trading hours, even as several brokers feel any such move would increase costs and logistics burden for them. Currently, the stock market in India opens at 9 am and closes at 3.30 pm, but there is a view — including among stock exchanges — that the trade hours could be extended till up to 7.30 pm to better align domestic trading with global markets. The proponents of this proposal feel extended hours can help boost trade volumes, thus generating greater revenue for exchanges, and help deepen the equity markets in the country. The proposal is likely to be discussed by Sebi’s Secondary Market Advisory Committee. The Business Standard , New Delhi, 11th September 2017

Now, taxmen to snoop on social networking sites to trace black money A photo of your shiny new luxury car on Instagram or a costly watch on Facebook may lead the taxman to your door as the tax department from next month will begin amassing virtual information to trace black money. 'Project Insight', likely to be launched next month, will use big data analytics to match information from social media sites to deduce mismatches+ between spending pattern and income declaration. The tax department will analyse mismatches in income declarations and spending patterns to trace tax evasions and black money, an official said. The government has also made the linking of PAN with Aadhaar mandatory to get a 360 degree view of a person's income and assets. The tax department had last year signed a pact with L&T Infotech for the implementation of Project Insight, which is designed to strengthen the non-intrusive information driven approach for improving tax compliance. "Curre