MCA:
MCA has notified Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. These two regulations inter alia provide for the eligibility norms to be a professional member of an insolvency professional agency and also for eligibility norms to be registered with the Insolvency Bankrupcy Board of India as an insolvency professional agency. Under the regulations, a Company registered under Section 8 of the Companies Act, 2013 — having minimum net worth of Rs 10 crore — would be eligible to be an insolvency professional agency.
CBDT:
CBDT has clarified the ambiguity that whether Keyman Insurance Policy incurred on a partner of a firm shall be treated as an expenditure or not. Basis the judgement of the High Court of Punjab and Haryana in the case of M/s. Ramesh Steels, CBDTclarified that a premium paid by the partnership firm on the Keyman Insurance Policy of a partner, to safeguard the firm against a disruption of the business, is an admissible expenditure under section 37 of the Income Tax Act, 1961.
News from NIRC of ICSI
Registration open for Master Classes on “GST – Goods& Service Tax” to be held from 13th December, 2016 to 17th December, 2016 daily from 5 PM onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 750/- for all participants including Corporate Members of NIRC; Online Payment / Registration Facility Available; Program Credit Hours: 02 per day.
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