"Like the muscle in our bodies, the brain gets strong in the places where we train it." Here is your Daily dose of professional updates 05.03.2020

1. M A R C H 0 5 , 2 0 2 0 | T H U R S D A Y I S S U E 1 8 0
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 | CPA, Australia
WHAT'S NEW IN
PROFESSIONAL/
BUSINESS
WORLD TODAY:
Goods & Service Tax
Direct Tax Code
Income Tax
Economy | Finance
Insolvency 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
 Know all about refunds of integrated tax paid on zero rated supplies.
CBIC-E flyer download here
 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] 114
taxmann.com 400
Rajkumar
Maheshwari
v. Union of India
R/SPECIAL CIVIL
APPLICATION NO.
17015 OF 2019
JANUARY 9, 2020
Gujrat High Court Section
129 and
130
Where Competent
Authority had
detained vehicle of
assessee under
transport as well as
goods loaded therein
on ground that there
was no document
prescribed under Act,
said authority was to
be directed to release
vehicle on assessee
depositing Rs. 7.50
lakhs as tax & penalty.
 News/Latest Developments/Other updates
 DGGI HQ books case against 3 firms for issuance of fake invoices without actual
supply of goods worth Rs 4,198 crores.
Directorate General of GST Intelligence (DGGI) Headquarters booked a case on
3rd March 2020 against M/s Fortune Graphics Limited, M/s Reema Polychem
Private Limited & M/s Ganpati Enterprises.
Fin Min Release

4. Page 2 of 7
 Income Tax
 Notifications/Circulars/Instructions/Press releases/FAQs by Board/Government
 CBDT release Income Tax Return Statistics Assessment Year 2018-19, Version 1.1
Dated October 2019
The objective of publishing this statistic is to encourage wider use and analysis
of Income-tax data by Departmental personnel and academicians.
Download complete report here
 The Direct Tax Vivad Se Vishwas Bill, 2020 (Bill No. 29-C of 2020) passed by
parliament on 04.03.2020.
Here is copy of the bill

5. Page 3 of 7
 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 8
DCIT
(Exemptions),
Circle 2,
Ahmedabad v.
Surat Urban
Development
Authority (SUDA)
IT APPEAL NOS.
2429 TO 2431
(AHD.) OF 2017
[ASSESSMENT
YEARS 2009-10,
2010-11 AND 2011-
12]
JANUARY 16, 2020
Ahmedabad
Tribunal
Section 11,
read with
section
147 of the
Income-
tax Act,
1961 .
Where assessee had
submitted complete
books of accounts
with bills and
vouchers at time of
completion of
assessment under
section 143(3),
reopening of
assessment denying
benefit of section 11
on basis of change of
opinion was not
justified.
 News/Latest Developments/Other updates
 TDS Surveys by Income Tax Department unearths huge defaults in deduction
and deposit.
In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income
Tax Department has unearthed default of TDS of Rs 324 crore in the case of a
major Telecom Operator in Delhi. The company did not make the required TDS
of 10% u/s 194J of the Income-tax Act, 1961 on technical contracts worth Rs 4,000
crore. The amount is further liable to go up once the enquiry is completed.
CBDT Press Release
 Announcement by ICAI
 ICAI issues Guidance Note on Audit of Banks 2020 edition.
Download here

6. Page 4 of 7
 GST & Indirect Taxes Committee of ICAI is organising a Live Webcast on
Classification Concepts relevant to GST on 13th March, 2020 to support the
members as well as other stakeholders.
details of the webcast here
 Committee for Members in Practice (CMP), ICAI made an arrangement of
Tally.ERP9 Gold software (Multi-user) for the benefit of the Practising
Members of ICAI (without FRN) /CA firms of ICAI and enhancement of the
Practice Portfolio.
Details of offer here
 Committee for Members in Practice (CMP), ICAI made an Arrangement of ‘All
–in-One Accounting’ software – A cloud based Accounting and Compliance
solution for Members in Practice/CA Firms
For more details, visit here
 Announcement by ICSI
 Join Class Room teaching Centres of ICSI and be amongst the Top 25 Rank
holders of the CS Examination of the Institute.
Here is announcement
 Corporate Laws
 The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi
approves Companies (Second Amendment) Bill, 2019
This bill is to amend the Companies Act, 2013. The Bill would remove criminality
under the Act in case of defaults which can be determined objectively and
which, otherwise, lack the element of fraud or do not involve larger public
interest. This would also lead to further de-clogging of the criminal justice
system in the country.
MCA Press Release here
 MCA launched LLP settlement Scheme, 2020
This scheme Shall allow a One-time condonation of delay in filing statutorily
required documents with the Registrar Scheme shall come into force on the 16th
March, 2020 and shall remain in force up to 13th June, 2020.
Finance Ministry Press Release here
Complete scheme here

7. Page 5 of 7
 The Insolvency and Bankruptcy Law
 Notification/Circular/Press release/ Write-ups/Newsletters by IBBI/Government
 IBBI’s Invitation for IP Conclave - “Building the Institution of Insolvency
Professionals” scheduled on 16th March 2020 at Mumbai.
More details 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 State Bank of India
v. Videocon
Industries Ltd.
MA 1306/2018, MA
1416/2018, MA
393/2019, MA
115/2019, MA
1574/2019, MA 774
/2019, MA
778/2019, MA
1583/2018
Order date-
08/08/2018
NCLT
Mumbai
[copy of
order here]
Section 60
and
section 7
Setting A Benchmark for
Group Insolvency
For the purpose of the
corporate insolvency
resolution process, the
foreign oil and gas assets
and properties, including
any claim, interest
therein, of Videocon
Group held through the
foreign subsidiaries of the
Corporate Debtor will be
regarded as the property
of the Corporate Debtor.
 News/Latest Developments/Other updates
 Creditors can choose to stop supplies to companies under IBC: House Panel
A parliamentary panel said suppliers of a company cannot be burdened with
“overly restrictive conditions” in the hope of a probable revival under the
Insolvency and Bankruptcy Code (IBC). In a report on proposed amendments to
the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, the
standing committee on finance, chaired by BJP member Jayant Sinha, expressed
hope of recovery percentage increasing significantly in the near future.
ET Report

8. Page 6 of 7
 Three Members of IBC Panel Dissent Against Curtailing Homebuyers Right to
Initiate Insolvency.
Bloomberg report
 New acts notified/Bills introduced in parliament or Executive
orders by President
 Further to amend the Banking Regulation Act, 1949, finance minister
Introduced the Banking Regulation (Amendment) Bill, 2020 in loksabha on
04.03.2020.
Here is copy of the bill
 Economy & Finance
 Cabinet approves Mega Consolidation in Public Sector Banks {PSBs} with
effect from 1.4.2020
Government transforms PSB landscape with consolidation of ten PSBs into four
with effect from 1.4.2020. Amalgamations to enable creation of digitally driven
consolidated banks with global heft and business synergies.
Cabinet approved the mega consolidation of ten PSBs into four which include
the –
(a) Amalgamation of Oriental Bank of Commerce and United Bank of India into
Punjab National Bank
(b) Amalgamation of Syndicate Bank into Canara Bank
(c) Amalgamation of Andhra Bank and Corporation Bank into Union Bank of
India (d) Amalgamation of Allahabad Bank into Indian Bank
Union Cabinet Press Release here | Complete notified scheme here
 New Export Incentive Scheme
The Government is formulating a Scheme for Remission of Duties and Taxes on
Exported Products (RoDTEP) under which a mechanism would be created for
re-imbursement of taxes/ duties/ levies, which are currently not being refunded
under any other mechanism, at the central, state and local levels, but which are
incurred in the process of manufacture and distribution of exported products.
RoDTEP is based on the principle that taxes and levies borne on the exported
products should be either exempted or remitted to exporters unlike the
Merchandise Exports from India Scheme (MEIS), which is an export incentive
scheme. RoDTEP Scheme is being conceptualized keeping in view the WTO
provisions, particularly the Agreement on Subsidies and Countervailing
Measures (ASCM).
MOCI Release here

9. Page 7 of 7
 Taxmen threaten to stall work in protest if working conditions don't change
Indian tax officials on Wednesday threatened to cut their workloads in protest
over working conditions, a move that could dent New Delhi's tax collection just
as the government scrambles to fill coffers before the fiscal year ends on March
31. In a statement on Wednesday, two unions representing some 97% of tax
officials said they were beginning action for improved working conditions,
including the resolution of "pay anomalies" and set contracts for casual
workers. If demands are not met, the unions are planning to stop submitting
certain reports and halt search and seizure operations on March 12, before
putting an end to overtime work on March 15. "We go beyond our limits and
work for the government. There should some recognition at least for that," said
Dipak Gupta, general secretary at the Income Tax Gazetted Officers'
Association's Mumbai unit.
Business Standard report
 Vivad se Vishwas scheme: I-T officials up in arms over CBDT diktat
Tax officials have threatened to go for a series of protests against the Central
Board of Direct Taxes' (CBDT’s) demand of bringing 100 per cent disputed cases
under the Vivad se Vishwas scheme and linking its success with the performance
of the officials. The move comes after the direct tax body put out a directive,
asking officials to bring all the disputed cases under the scheme, failing which
they would be assessed adversely and their future posting made accordingly.
Business Standard Report
 I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme.
The income tax (I-T) department has so far approached 5,627 entities to avail of
the Vivad se Vishwas, or direct tax dispute settlement, scheme. Those
approached include large taxpayers, mostly foreign banks, which have disputes
relating to international taxes. Of this, a total 1,730 assessees, involving a tax
demand of Rs 1, 578 crores, have agreed to come under the scheme, according
to a preliminary report prepared by the I-T department.
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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