26a: Winner of the Orange Award for New Writers

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Any unpaid moratorium debts and some pre- moratorium debts without a payment holiday, described as “priority pre-moratorium debts”, then get super priority in a subsequent insolvency or restructuring procedure, and there are amendments to the relevant sections of the IA 1986 to reflect this. The Act includes a new restructuring process as Part 26A of the Companies Act 2006 which will enable directors to propose a Restructuring Plan to compromise the claims of creditors and/or members. Authorize Membership Number of Accountant (4) : Deductor, after ascertaining the membership number of the accountant who is to certify Annexure A of Form 26A, needs to authorize such accountant by entering his membership number in respect of each of the Short-Deduction and Non-Deduction transact ions(in one or more sessions) and submit these authorizations. If the status is “Processed” Traces will re-calculate the short deduction and late deduction interest will be generated accordingly by the TRACES, which can be viewed by the Deductor.

The monitor may give consent to a payment only if the monitor thinks it will support the rescue of the company. Once the request successfully proceeds and validate, it will be sent to E-filing for further processing and the status will update to ‘Sent to E-filing’. The Act introduces criminal liability of directors if they commit an offence of fraud in anticipation of the moratorium or false representation to obtain a moratorium. He/she must monitor the company’s affairs for the purpose of forming a view as to whether it remains likely that the moratorium will result in the rescue of the company as a going concern.We feel that this is the way our clients want us to work, and that specialisation leads to the provision of a better service. Once those documents are filed the moratorium is extended to the twentieth business day after the initial period ends. Suppliers are likely to look to insert earlier triggers for termination in contracts as a result to preserve their ability to terminate the contract if the company shows initial signs of financial difficulties. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.

Provided 75% of each creditor class agrees to the Plan’s terms, the court has the power to make it legally binding on all parties involved. The proposed monitor needs to confirm that, in their view, it is likely that a moratorium for the company would result in the rescue of the company as a going concern. Whilst the moratorium prohibits secured creditors from appointing an administrator and enforcing their security, payments falling due to lenders during the moratorium need to be made, and the support of lenders will therefore be key to any proposed restructure. However, the law recognises that sometimes these rights and interests can diverge so much that the law should place creditors in separate classes when negotiating the outcome of a restructuring process. I believe that it is not “HE” (Payer assessee) but the payee who should file ITR and pay tax and it is the payer to get the certificate of CA.

In case of non-deduction or non-payment of tax deducted at source (TDS) from certain payments made to residents, the entire amount of expenditure on which tax was deductible is disallowed under section 40(a)(ia) for the purposes of computing income under the head “Profits and gains of business or profession” the disallowance shall be restricted to 30% of the amount of expenditure on which TDS is not deducted. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts.