Daily Updates and News

MCA

MCA has issued advertisement inviting the applications for the post of Chairperson and three Whole Time Members in the Insolvency and Bankruptcy Board of India (hereinafter referred as ‘Board’) to be established under the Insolvency and Bankruptcy Code, 2016.  The Chairperson and Members of the Board (other than ex officio members) shall hold office for a term of five years from the date on which he enters upon his office or until he attains the age of 65 years, whichever is earlier. The Chairperson and Members shall be eligible for reappointment. The Central Government, on the recommendation of the Selection Committee constituted under the Code, is empowered to make such appointment. The eligibility for the appointment includes their capacity in dealing with the problems relating to insolvency or bankruptcy and having special knowledge and experience in the field of law, finance, economics, accountancy or administration.

CBDT

CBDT has issued draft norms for determining the quantum of distributed income arising out of buy back of shares of unlisted companies for levy of tax. The Finance Act, 2016 had amended the definition of “distributed income”, with effect from 01.06.2016, to mean the consideration paid by the company on buy back of shares as reduced by the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed. The amendment provides the methodology for determination of the amount received by the company under different circumstances in which the shares have been issued. Comments and suggestions of stakeholders and general public on the draft rules may be sent electronically by 31^st July, 2016.

Thanks & Regards,

Meetesh Shiroya