“A hero is an ordinary individual who finds the strength to persevere and endure in spite of overwhelming obstacles.” Here is your Daily dose of professional updates 21.03.2020

1. M A R C H 2 1 , 2 0 2 0 | S A T U R D A Y I S S U E 1 9 2
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

2. 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]

3. Page 1 of 7
 Goods & Service Tax & other Indirect taxes
 Notifications/Circulars/Press releases/FAQs/Portal Updates/Write-ups by
CBIC/Government.
 Registration under GST Law- CBIC E-flyer
In any tax system registration is the most fundamental requirement for
identification of tax payers ensuring tax compliance in the economy.
Registration of any business entity under the GST Law implies obtaining a unique
number from the concerned tax authorities for the purpose of collecting tax on
behalf of the government and to avail Input tax credit for the taxes on his inward
supplies. Without registration, a person can neither collect tax from his
customers nor claim any input tax credit of tax paid by him.
Download e-flyer here
 Income Tax
 Notifications/Circulars/Instructions/Press releases/FAQs by Board/Government
 CBDT advises taxpayers to check their outstanding demands and follow below
instructions-
For more details and process, watch this video

4. Page 2 of 7
 Pr. DGIT(Systems) issued Notification on procedure to filing online Form 1 and
Form 2 under Direct Tax Vivad Se Vishwas scheme.
Download copy of notification here
 CBDT notifies DTVSV Rules, 2020
Download Form 1,2,3, 4, & 5 here
 Legal updates- Tribunals, High Court & Supreme Court judgements
Sr.No. Key to find the
document
Authority who
passed the order
Details of decision
Provisions
discussed
Decision
1 [2020] 115
taxmann.com 330
Rajasthan State
Electricity Board
v. DCIT
CIVIL APPEAL NO.
8590 OF 2010
MARCH 19, 2020
Supreme Court 143(1A) Section 143(1A) can
only be invoked when
lesser amount stated
in return filed by
assessee is a result of
an attempt to evade
tax lawfully payable
by assessee, thus,
where there was no
observation to effect
claim of 100 per cent
depreciation by
assessee, 25 per cent
of which was
disallowed was with
intend to evade tax,
section 143(1A) could
not have been
applied.

5. Page 3 of 7
 Announcement by ICAI
 ICAI’s LIVE Webcast on “Issues in the Direct Tax Vivad se Vishwas Act, 2020” on
23rd March, 2020 (Monday) from 04:00 p.m. to 06:00 p.m.
 Opening remarks and background of the subject:
CA. Tarun Jamnadas Ghia, Chairman, Direct Taxes Committee, ICAI
 Address by:
CA. Atul Kumar Gupta, President, ICAI
 Address by Chief Guest:
Shri Pramod Chandra Mody, Chairman, CBDT
 Address by CBDT Official:
Shri Rajesh Kumar Bhoot, Joint Secretary (TPL) – II, CBDT
Detailed announcement here
 Indian Institute of Insolvency Professionals of ICAI’s Invitation to Participate in
Editorial Sub-Groups - Expression of Interest.
Read here for more details
 IIIPI Invites Online Applications from Competent Professionals for the Position
of EDITOR on Contract basis.
See this announcement
 Exemption from Completion of Management and Communication Skills Course
(MCS Course) & Advanced Information Technology Training (Adv.ITT) to
appear in Final May 2020 Examination
Detailed announcement here
 Exemption from Completion of Orientation Course (OC) and Information
Technology Training (ITT) before admission in Practical Training on or before
30th April, 2020.
Detailed announcement here
 ICAI’s request for Information for comprehensive review of IFRS for SMEs
Standard issued by the IASB for comments.
Detailed announcement here
 Announcement by ICSI
 ICSI’s Certificate Course on Forensic Audit for its members and students–
Registration open
Click here for more

6. Page 4 of 7
 Facilitation measures undertaken by Regulatory Authorities
Developments arising due to the spread of the COVID-19 virus have warranted
the need for temporary relaxations in compliance requirements and other
facilitation measures. The measures undertaken by both, the Ministry of
Corporate Affairs and the Securities and Exchange Board of India are placed
herein as per this announcement of ICSI
 The Insolvency and Bankruptcy Law
 Notification/Circular/Press release/ Write-ups/Newsletters by IBBI/Government
 IBBI’s advisory on Educational Course and Continuing Education under the
Companies (Registered Valuers and Valuation) Rules, 2017.
In the wake of COVID-19, it may be difficult for RVOs to deliver educational courses
and continuing education through class room sessions. To minimise difficulties for
the registered valuers and valuer members, it has been decided that educational
courses completed online and continuing education undertaken online shall be
considered valid. Therefore, the RVOs are encouraged to deliver educational
courses and continuing education online for their professional members.
Detailed Advisory here
 IBBI’s announcement regarding pre-registration Educational Course under the
IBBI (Insolvency Professional) Regulations, 2016.
A pre-registration educational course completed online before 30th September,
2020 will be considered for registration for application submitted before 31st
October, 2020.
Detailed announcement here
 Suspension of enrolments for the Limited Insolvency Examination and the
Valuation Examinations from 21st March 2020 to 31st March 2020.
In view of the Advisory on Social Distancing Measure in view of spread of COVID-
19 disease, all enrolments for the Limited Insolvency Examination and the
Valuation Examinations from 21st March 2020 to 31st March 2020 have been
suspended. The candidates will be allowed option to reschedule their enrolments.
Announcement here
 IBBI’s Appeal to Insolvency Professionals in view of spread of COVID-19 disease.
Read it here

7. Page 5 of 7
 MCA’s notification under section 5(15) of the Insolvency and Bankruptcy Code,
2016.
MCA notifies a debt raised from the Special Window for Affordable and Middle-
Income Housing Investment Fund I, for the purposes of the said clause i.e.
Interim Finance.
Download here
 Extent of the Insolvency and Bankruptcy Code, 2016 to whole of India.
Government deleted proviso to section 1(2) of IBC, 2016 to apply IBC, 2016 to
whole of India vide clause 23 of the Jammu and Kashmir Reorganisation
(Adaptation of Central Laws) Order, 2020.
Notification here
 Order in the matter of Mr. Tarun Jaggi, Insolvency Professional
Disciplinary Committee of IBBI imposed on Mr. Tarun Jaggi a monetary penalty
of Rs. 1,00,000/- (Rs. One Lakh only) and not to accept any new assignment as
an IP till deposit this penalty.
Full order here
 Legal updates- NCLT | NCLAT | SUPREME COURT
Sr.No. Key to find the
document
Authority who
passed the
order
Details of decision
Provisions
discussed
Decision
1 [2020] 114
taxmann.com 669
S. Balasubramanian
v. Sheltrex
Developers (P.) Ltd.
IBA/889/2019
DECEMBER 10,
2019
NCLT Chennai Section
5(8), read
with
section 7
Where applicant paid
certain amount as
advance to
respondent-builder
for purchase of flat, in
view of respondent's
failure to complete
housing project
within specified time,
and its failure to even
refund amount
received as advance,
application filed
under section 7 was
to be admitted.

8. Page 6 of 7
 Security and Exchange Board of India (SEBI)
 Regulatory measures taken by SEBI in view of ongoing market volatility.
These measures will kick-in w.e.f. the beginning of trading on March 23, 2020
and will be in effect for a period of one month. The position would be reviewed
thereafter and appropriate view taken thereupon.
Press Release here
 Economy & Finance
 Ministry of Commerce & Industry releases data of Special Economic Zones in
the Country.
There were 7 Central Government Special Economic Zones (SEZs) and 12
State/Private Sector SEZs prior to the enactment of the SEZ Act, 2005. In
addition, 421 proposals for setting up of SEZs in the country have been accorded
formal approval under the SEZ Act, 2005. Presently, 354 SEZs are notified, out
of which 240 SEZs are operational.
Read detailed release here
 Govt’s initiatives to strengthen Intellectual Property Rights (IPR) Regime in
India.
Intellectual Property (IP) intensive industry is not defined. However,
Department for Promotion of Industry and Internal Trade has taken various
initiatives to strengthen Intellectual Property Rights (IPR) Regime in India like,
legislative improvements, modernisation of IP offices, manpower
augmentation, use of IT and technology in e-filing of applications, acceptance of
email in all Indian Patent Office (IPO) transactions, online delivery of certificates
of grant/registration of patent, trademark and designs in digital format, use of
video-conferencing for hearing of IP applications, SMS alert to give updates,
expedited examination of IP applications, spreading awareness in IPR, India’s
accession to the World Intellectual Property Organization (WIPO) administered
treaties and signing of pilot Patent Prosecution Highway (PPH) project with
Japan in the month of December 2019.
Impacts of the initiatives taken during last 5 years are given in this press release
of MOCI.

9. Page 7 of 7
 Supreme Court stays Kerala HC order on deferring recovery process.
The Supreme Court on Friday stayed a Kerala High Court (HC) order that directed
tax departments and financial institutions to defer recovery proceedings till
April 6 in light of the coronavirus pandemic. A Bench headed by Justice A M
Khanwilkar took note of the submissions of Solicitor General Tushar Mehta, who
appeared for the Centre, that the Kerala HC order needed to be stayed. Mehta
said a similar order had been passed by the Allahabad High Court. Explaining the
case, Harpreet Singh, tax partner at KPMG, said the Kerala HC, taking suo moto
note of the prevailing “precarious” situation of the pandemic, had directed the
income tax authorities, authorities dealing with the goods and services tax and
value-added tax, financial institutions, banks, etc. to defer the recovery
proceedings or coercive measures till April 6.
Business Standard Report
 Scrap LTCG, tax on buybacks, dividends: What Street wants amid market gloom
The Street is abuzz with calls for doing away with the tax on long-term capital
gains, share buybacks, and dividend income received by shareholders as a last-
ditch effort to improve the dismal sentiment among market participants. Many
have taken to social media to express their demands Mohandas Pai, former CEO
and board member at Infosys, made a pitch for removing the tax on share
buybacks. “Investors have lost Rs 35 trillion but bad tax policies are penalising
open market buybacks of shares by companies," he said in a tweet on
Wednesday.
Business Standard Report
SAVE WATER || SAVE UNIVERSE

10. =============================================
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.
================================
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