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Insolvency Bill Eases Rules For SME Promoters A Bill to replace an Ordinance amending the Insolvency and Bankruptcy Code offers promoters of small and medium enterprises (SMEs) undergoing insolvency proceedings a one-month window to repay their overdue loans. The Insolvency and Bankruptcy Code (Amendment) Bill, 2017, tabled in the Lok Sabha, also seeks to give some relief to promoters in general by tweaking the definition of "one year of nonperforming assets" on the basis of which they are disqualified to bid for their companies also excludes asset reconstruction companies, alternative investment funds and banks from the definition of connected persons, protecting these entities from becoming ineligible for bidding. The Bill also tweaks the language of the Ordinance to bar promoters or those in the management or control of companies with over from bidding.It broadens the definition of from bidding.The Bill proposes a 30 day for promoters who had bid for undergoing ins

Get capital gains benefit in case of project delay Only the amount invested during the stipulated time mentioned in the law will be eligible Recently, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled if a taxpayer invests capital gains of one house property into an under-construction flat, it should be considered at par with him constructing his own house, rather than a purchase The ruling brings relief to taxpayers facing project delays, by giving them an additional year. Section 54 of the I-T Act deals with capital gains from a house property. It says taxpayers can get the capital gains tax benefit only if they invest in a new property one year before the sale of an old one or two years after it. When a person is constructing his own house, he needs to invest the money within three years and complete the property in this period “Tribunals have taken the view that when an individual buys a property in an under-construction project, it can be considered as ‘

Sebi defers norms for loan default disclosure by listed firms Sebi decides to hold further discussions on its proposed norms mandating listed companies to make immediate disclosure about their loan defaults The Securities and Exchange Board of India (Sebi) on Thursday decided to hold further discussions on its proposed norms mandating listed companies to make immediate disclosure about their loan defaults.The new rules were to come into effect initially from October but deferred at that time and a revised proposal was presented before the Sebi board at a meeting. The board, however, decided to defer a decision and felt further discussion was required, the Sebi officials said after the meeting. Earlier, Sebi had put off implementation of its directive “until further notice” that required listed firms to inform exchanges if they default on loan payments to banks and financial institutions, just a day before it was supposed to be implemented on 1 October.Banks had asked for more t

Govt moves amendments to plug loopholes in insolvency law The Insolvency and Bankruptcy Code (Amendment) Bill 2017 allows defaulting promoters to be part of the debt resolution process, provided they repay dues in a month The government on Thursday moved amendments to the Insolvency and Bankruptcy Code (IBC), seeking to streamline the law and plug loopholes.The Insolvency and Bankruptcy Code (Amendment) Bill 2017, introduced by finance minister Arun Jaitley in the Lok Sabha, allows defaulting promoters to be part of the debt resolution process, provided they repay dues in a month. This will aid promoters who had submitted resolution plans before the enactment of an ordinance that barred them from taking part in the resolution process of the companies.Further, it has paved the way for asset reconstruction companies, alternative investment funds (AIFs) such as private equity funds and banks to participate in the bidding process. Many of these entities acquire distressed assets

Parliament passes bill amending Forest Act The Parliament passed on Wednesdayabill to exclude bamboo from the definition of tree under the Indian Forest Act, claiming it would improve the earnings of tribals and dwellers living around forests.The Indian Forest (Amendment) Bill, which was adopted by the Lok Sabha on December 20, was passed byavoice vote in the Rajya Sabha, amidawalkout by member of the Congress, Biju Janta Dal and the Samajwadi Party. The Business Standard, New Delhi, 28th December 2017

Tax payers can see status of returns filed on GSTN portal Tax payers can now view the status of the returns filed by them on the GST Network portal, the company handling the technology backbone of the new indirect tax system said on Wednesday. "All users logging on the GST portal can now see the status of their returns filed for all the returns like GSTR1 or GSTR3B at one place," GSTN CEO Prakash Kumar said. The Business Standard, New Delhi, 28th December 2017

LS passes bill for GST cess hike on luxury cars to 25% The Lok Sabha approved on Wednesday a bill to hike cess on luxury vehicles from 15 per cent to 25 per cent with a view to enhance funds to compensate states for revenue loss following the rollout of GST. The GST (Compensation to States) Amendment Bill, 2017, was passed by the Lower House amid uproar by the opposition over controversial comments made by Union Minister Anant Kumar Hegde on secularism and the Constitution. The Business Standard, New Delhi, 28th December 2017