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Tuesday, January 9, 2018

Some Key Information

Direct Tax Collections for F.Y. 2017-2018 show Growth of 18.2% up to December, 2017
The provisional figures of Direct Tax collections up to December, 2017 show that net collections are at Rs. 6.56 lakh crore which is 18.2% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for Financial Year (F.Y.) 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore during April to December, 2017. Refunds amounting to Rs.1.12 lakh crorehave been issued during April to December, 2017. 
An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Income Tax (CIT) Advance Tax is 10.9% and that in Personal Income Tax (PIT) Advance Tax is 21.6%. 


01-January-2018 17:55 IST
IBBI publishes syllabus, format and frequency of examinations for “valuers”; from 1st April 2018, only registered “valuers” can conduct valuations
The Insolvency and Bankruptcy Board of India has published the syllabus, format and frequency of the valuation examination for the three asset classes of “securities or financial assets”, “land and building” and “plant and machinery”. A person seeking to become a “valuer” requires to clear valuation examination in the respective area. These courses shall be delivered by Registered Valuers Organisations in not less than 50 hours.
The Central Government had issued the Companies (Removal of Difficulties) Second Order, 2017, to provide that valuations required under the Companies Act, 2013, shall be undertaken by a person having the necessary qualifications and experience and being a “valuer member” of a recognised valuer organisation, is registered as a “valuer” with the IBBI. A registered “valuer” may conduct valuations under any other law, if required or permitted under that law or the concerned authority.
With effect from 1st April 2018, it is mandatory for a “valuer” to be registered with the IBBI as a registered valuer. Notifications to this effect were issued by the Government of India under the Companies Act, 2013, and the Insolvency and Bankruptcy Code, 2016. A person currently rendering valuation services under the Companies Act, 2013, may continue without a certificate of registration up to 31st March 2018.
The IBBI had earlier on 27th December 2017 recognised two Registered Valuers Organisations, “the Institution of Estate Managers and Appraisers” in the asset class of “land and building” and “the IOV Registered Valuers Foundation” in all three asset classes of “land and building”, “plant and machinery” and “securities or financial assets”.
It is a pre-requisite before registering with the IBBI that the valuer must fulfil four pre-requisite conditions of:
a. Must have necessary qualification and experience
b. Enrolled as a valuer member with a Registered Valuer Organisation (RVO)
c. Complete a recognised educational course conducted by the RVO
d. Pass valuation examination conducted by IBBI
The details of educational courses and syllabus of valuation examinations are available on IBBI website www.ibbi.gov.in.


01-January-2018 14:39 IST
Insolvency Bankruptcy Board of India publishes syllabus and other details of educational courses and valuation examinations
The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18th October, 2017.

Vide a notification dated 23rd October, 2017, the Central Government issued the Companies (Removal of Difficulties) Second Order, 2017 to provide that valuations required under the Companies Act, 2013 shall be undertaken by a person who, having the necessary qualifications and experience, and being a valuer member of a recognised valuer organisation, is registered as a valuer with the Authority. Vide another notification on the same date, the Central Government delegated its powers and functions under section 247 of the Companies Act, 2013 to the Insolvency and Bankruptcy Board of India (IBBI) and specified the IBBI as the Authority under the Companies (Registered Valuers and Valuation) Rules, 2017.

These notifications require that with effect from 1st April, 2018, for conducting valuations required under the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016, a person is to be registered with the IBBI as a registered valuer. For registering with IBBI, a person must have necessary qualification and experience, has to be enrolled as a valuer member with a Registered Valuer Organisation (RVO), has to complete a recognised educational course conducted by the RVO, and pass valuation examination conducted by IBBI. A person, who is rendering valuation services under the Companies Act, 2013, may continue to do so without a certificate of registration up to 31st March, 2018.

A registered valuer may conduct valuations under any other law, if required or permitted under that law or the concerned authority.

In pursuance to the Companies (Registered Valuers and Valuation) Rules, 2017, IBBI, being the Authority, recognised on 27th December, 2017 two RVOs, namely, (a) The Institution of Estate Managers and Appraisers in the Asset Class of Land and Building, and (b) The IOV Registered Valuers Foundation in the Asset Classes of: (i) Land and Building (ii) Plant and Machinery, and (iii) Securities or Financial Assets.

IBBI, being the Authority, in pursuance of the first proviso to rule 5 (1) of the Rules specified the details of educational course for the Asset Class of ‘Securities or Financial Assets’ on 30th December, 2017. It has published today such details for the Asset Classes of (a) Land and Building, and (b) Plant and Machinery. These courses shall be delivered by the RVOs in not less than 50 hours.

In pursuance of the rule 5 (3) of the Rules, IBBI, being the Authority, published the syllabus, format and frequency of the valuation examination for the Asset Class of ‘Securities or Financial Assets’ on 30th December, 2017. It has published today such details for the Asset Classes of (a) Land and Building, and (b) Plant and Machinery. A person wishing to be a valuer needs to pass this valuation examination.

The details of educational courses and syllabus of valuation examinations are available on IBBI website www.ibbi.gov.in.

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