BUDGET 2018 _ HIGHLIGHTS

HIGHLIGHTS

Finance Minister Arun Jaitley presents his Budget for the year 2018-19 in Parliament. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in the country. Stay with Times of India for latest updates

* PAN to be used as Unique Entity Number for non- individuals from April 1.

* Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more.

* This budget will accelerate economic growth, it is focused on all sectors: PM Modi


* Prime Minister Narendra Modi praises his finance minister Arun Jaitley for delivering a budget that is "farmer friendly, common citizen friendly, business environment-friendly and development friendly."

* Govt's health scheme to cover 10 crore poor families is world's largest government-funded health protection scheme.

* Arun Jaitley proposed to tax long term capital gains exceeding Rs 1 lakh at 10 per cent without indexation.


* Electronic IT assessment will be rolled out across the country, leading to greater efficiency and transparency: FM

* Mobile phones set to become costlier as custom duty on them has been increased to 20 per cent.

* Health and education cess has been increased to 4 per cent.

* For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000: FM Jaitley

* FM Jaitley proposes to introduce tax on distributed income by equity oriented mutual funds at 10 per cent.

* Standard deduction of Rs 40,000 for salaried employees in lieu of transport and medical expenses: FM Jaitley


* Companies with turnover of up to Rs 250 crore to be taxed at 25 per cent: FM

* Arun Jaitley says that the government does not propose any changes in tax slabs for the salaried class this year.

* FM proposes a fiscal deficit of 3.3% of GDP for 2018-19.

* Finance Minister Arun Jaitley proposes revising emoluments as per the following structure:

-- Rs 5 lakh for the President of India
-- Rs 4 lakh for the Vice President
-- Rs 3.5 lakh for the Governors

* Jaitley also proposes automatic revision of emoluments of Parliamentarians every five years, indexed to inflation.


* We have already exceeded our disinvestment target, announces Arun Jaitley.
Disinvestment target for 2017-18 has been exceeded and will reach Rs 1 lakh crore. Target for 2018-19 is Rs 80,000 crore.

* 5 lakh WiFi hotspots will be set up in rural areas to provide easy internet access.

* Government will take all steps to eliminate use of cryptocurrencies which are funding illegitimate transactions.

* Govt announces Amrut program to focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth Rs 19,428 core will be awarded: FM


* NITI Aayog will establish a national programme to direct our efforts in the area of Artificial Intelligence towards national development: FM

* Airport capacity to be hiked to handle 1 billion trips every year.


* Arun Jaitley says that 4,000 km of new railway track will be laid down by 2019.

* All railways stations with footfall more than 25,000 to have escalators, says the Finance Minister.

* Mumbai transport receives Rs 40,000 crore.

* The government will undertake redevelopment of 600 major railway stations across the country.

* Arun Jaitley announces capital expenditure of Rs 1,48,528 crore for Indian Railways in 2018-19.

* National Heritage City Development Augmentation Scheme has been undertaken to preserve and protect heritage cities in the country, announces the Finance Minister.

* Government to contribute 12 per cent of EPF contribution for new employees in all sectors: FM

* Infrastructure is the growth driver of economy: Jaitley


* Target of 3 lakh crore for lending under PM Mudra Yojana: FM

* MSME enterprises are a major element for growth, says Jaitley. He also added that mass formalisation of MSME sector is happening after demonetisation and GST.

* Govt will launch health scheme to cover 10 crore poor families, Arun Jaitley says.

* The Government is slowly but steadily progressing towards universal health coverage: FM

* Government aims to bring 60 crore bank accounts under the Jan Dhan Yojana.

* Eklavya schools to be started for Scheduled Tribe populations: Finance Minister

* Rs 600 crore allocated to Tuberculosis patients undergoing treatment.

* Govt will set up two new Schools of Planning and Architecture, says Finance Minister Jaitley.

* To tackle brain drain, Jaitley announces scheme to identify bright students pursuing B Tech in premiere engineering institutes, and providing them higher-education opportunities in the IITs and IISc. These students will receive handsome fellowships, and will be expected to dedicate a few hours to teach in higher education institutions weekly.

* Specialised railway university to be set up at Vadodara.

* Jaitley proposed integrated BEd programme for teachers: "training of teachers during service is essential." Technology will be the biggest driver in improving the quality of education.

* Budget allocates money for social security and protection programme for all widows and orphaned children.

* We have a target to provide all Indians with their own homes by 2022, says Jaitley.

* Ujjwala scheme to amplify targets, will now provide 8 crore rural women free LPG connections.

* Air pollution in Delhi-NCR has been a cause of concern, govt has proposed subsidised machinery for in-situ management of crop residue in Punjab, Haryana, Uttar Pradesh and NCT Delhi.

* Govt of India will take necessary measures to put in place measures for the state government to purchase surplus solar power produced by local farmers at sutiable prices.

* Arun Jaitley proposes a sum of Rs 500 crore for 'Operation Green' on the lines of 'Operation Flood'.

* Food processing sector is going at an average of 8 per cent per annum.

* We have been saying it for years that India is primarily an agricultural country: Jaitley

* Arun Jaitley on Minimum Support Price of agricultural products: Only increasing the MSP is not enough, the government will fix the MSP of agricultural products at 1.5 times the market rate.

* Our emphasis is on generating higher benefits and productive employment for the farmers: Jaitley while addressing the agricultural sector in his Budget speech 2018.

* Our government has worked sincerely, and without weighing the political costs, hoping that benefits are delivered to people at their doorsteps. The Direct Benefit Transfer system of India is a success story that is reiterated across the world: Jaitley.

* This year's Budget will particularly focus on agriculture, says Jaitley.

* The finance minister also pointed out that India is one of the fastest-growing economies in the world.

* Indian economy has performed very well since our government took over in May 2014, says Arun Jaitley.

* Arun Jaitey recalls the measures -- like GST, FDI, demonetisation, etc. -- taken by the NDA government in the past four years that have impacted the economy of the country.

Budget 2018

Direct Taxes

The Budget 2018 updates with regards to direct taxation, had a plethora of initiatives:

• INR 6.4 Lakh Crore total tax collection in FY 2014-15 has increased to INR 8.47 Lakh Crore total tax collection in FY 2016-17
• Tax payer base has increased – 85.51 Lakh new tax payers who filed income tax returns in FY 16-17
• INR 80,000 Crore disinvestment target to be set
• 100% Tax Deduction to be provided to farmer producer companies with turnover of up to INR 100 Crore, for 5 years
• Reduced Corporate Tax of 25% to be extended to companies with turnover of up to 250 Crore
• Government to contribute 12% of new employee wages as part of EPF for next 3 years
• New women employees’ contribution to EPF to be reduced from 12% to 8%
• Personal income tax slabs to remain unchanged
• Standard deduction of INR 40,000 to be re-introduced in lieu of the medical reimbursement worth INR 15,000 and transport allowance worth INR 19,200 which are currently available. Thus the net benefit will only be INR 5,800, which will reach over 2.5 Crore tax payers
• Health And Education Cess to be increased from 3% to 4%
• Host of tax benefits to be provided for senior citizens
• Capital gains tax at 10% to be re-introduced on gains of over INR 1 lakh on long-term investments
• E-assessment platforms to be rolled out across all touch-points to reduce human intervention

Indirect Taxes

This was the first budget to be presented in the GST era, and also probably the first budget with no substantial indirect tax component, as most of the initiatives were already being notified by the GST Council from time to time. Nevertheless, a few Budget 2018 highlights pertaining to indirect taxes, are as follows:

• As per the budget news, the GST revenue shortfall is to be balanced by higher direct tax and disinvestment collections. Overall INR 21.57 Lakh Crore transferred as net GST to states as against projection of INR 21.47 Lakh Crore
• GST compensation cess has been budgeted at INR 90,000 Crore for FY 18-19, while revised estimates for FY18 are at INR 61,000 Crore. The GST compensation cess funds are to be kept under public accounts
• GST collections projection are pegged at INR 7.43 Lakh Crore in FY 18-19 as against INR 4.44 lakh Crore in nine months of the current fiscal
• Central Board of Excise and Customs to be renamed as Central Board of Indirect Taxes and Customs
• Excise Duty – As per the Budget 2018 highlights, the price of petrol and diesel has effectively come down by INR 2 per litre due to the cut in excise duty
• Imports & Customs Duty – A social welfare surcharge of 10% has now been introduced on imported goods. In addition, the following rate changes were declared:

Increase in Rates ⇑			Decrease in Rates ⇓
Item	Old Rate	New Rate	Item	Old Rate	New Rate
LCD / LED / OLED panels, parts of TV	7.5%	15%	Cashews	5%	2.5%
Smart watches, wearable devices, footwear	10%	20%	Solar Tempered Glass for manufacture of solar cells	5%	Exempted
Mobile Phones	15%	20%	–	–	–
Crude Vegetable Oils	20%	35%	–	–	–
Refined Vegetable Oil	15%	20%	–	–	–
Imitation Jewellery	15%	20%	–	–	–

In conclusion, Budget 2018 India Inc. was largely a pro-agriculture, pro-healthcare and pro-rural budget, which aims to improve the quality of life of the financially backward sections of the society. At the same time, as per the Budget 2018 highlights, the government will also be looking forward in terms of investment in modern fields – robotics, AI, block chain and cyber security, which will surely bolster the Indian economy in times to come.

To File Petition in NCLT contact CA. K S KOHLI, at Ph no: 9810012983

To File Petition in NCLT contact CA. K S KOHLI,  at Ph no: 9810012983

Presentation of petition – NCLT

In this post, we will discuss matter presentation of petition or appeal before National Company Law Tribunal. This post is written with a view that reader may check documents just before reaching at filing counter of the Tribunal.

PRESENTATION

According to Rule 23(1) of National Company Law Tribunal Rules, 2016 every petition, application, caveat, interlocutory application, documents and appeal shall be presented in triplicate by the appellant or applicant or petitioner or respondent, as the case may be.

Such petition, application, caveat, interlocutory application, documents and appeal shall be presented by the appellant or applicant or petitioner or respondent, in person or by his duly authorised representative or by an advocate duly appointed in this behalf.

Such petition, application, caveat, interlocutory application, documents and appeal shall be in the prescribed form with stipulated fee at the filing counter and non-compliance of this may constitute a valid ground to refuse to entertain the same.

NUMBER OF COPIES TO BE FILED

According to Rule 24, the appellant or petitioner or applicant or respondent shall file three authenticated copies of appeal or petition or application or counter or objections, as the case may be, and shall deliver one copy to each of the opposite party.

VERIFIED AND CERTIFIED COPIES OF DOCUMENTS

According to Rule 23(2), every petition or application or appeal may be accompanied by documents duly certified by the authorised representative or advocate filing the petition or application or appeal.

Such the authorised representative or advocate will certify these documents after duly verify from the originals.

INDEX OF DOCUMENTS

According to Rule 23(3), all the documents filed in the Tribunal shall be accompanied by an index in triplicate containing their details and the amount of fee paid thereon.

NUMBER OF COPIES

According to Rule 23(4), sufficient number of copies of the appeal or petition or application shall also be filed for service on the opposite party.

ADVANCE COPIES

According to Rule 23(5), in the pending matters, all applications shall be presented after serving copies thereof in advance on the opposite side or his authorised representative.

PROCESSING FEE

According to rule 23(6), the processing fee prescribed by these rules, with required number of envelopes of sufficient size and notice forms shall be filled alongwith memorandum of appeal.

Address for service of summons

According to rule 21, the address for service of summons shall be filed with every appeal or petition or application or caveat on behalf of a party and shall as far as possible contain the following items namely:-

(a) the name of the road, street, lane and Municipal Division or Ward, Municipal Door and other number of the house;

(b) the name of the town or village;

(c) the post office, postal district and PIN Code, and

(d) any other particulars necessary to locate and identify the addressee such as fax number, mobile number, valid e-mail address, if any.

Endorsement and scrutiny of petition or appeal or document

ENDORSEMENT

According to sub –rule (1) of rule 28, the person in charge of the filing counter shall immediately on receipt of petition or appeal or application or document affix the date stamp of Tribunal thereon and also on the additional copies of the index. Thereafter he will return the acknowledgement to the party. He shall also affix his initials on the stamp affixed on the first page of the copies. He will enter the particulars of all such documents in the register after daily filing and assign a diary number which shall be entered below the date stamp. Thereafter he will cause it to be sent for scrutiny.

SCRUTINY

According to rule 28 (2), on scrutiny, if the appeal or petition or application or document is found to be defective, such document shall be returned for compliance. For returning registry shall give notice to the party.

 If there is a failure to comply within seven days from the date of return, the same shall be placed before the Registrar who may pass appropriate orders.

POWER OF REGISTRAR

According to rule 28 (3), the Registrar may for sufficient cause return the said document for rectification or amendment to the party filing the same.

The Registrar, for this purpose, may allow to the party concerned such reasonable time as he may consider necessary. The Registrar also have power to extend the time for compliance.

POWER TO DECLINE TO REGISTER

According to rule 28 (4), where the party fails to take any step for the removal of the defect within the time fixed for the same, the Registrar may decline to register the pleading or document. For such decision the Registrar shall recorded the reason in writing.

Registration number of proceedings admitted

According to rule 29, on admission of appeal or petition or caveat or application, the same shall be numbered and registered in the appropriate register maintained in this behalf and its number shall be entered therein.

Calling for records

According to rule 30, on the admission of appeal or petition or application the Registrar shall, if so directed by the Tribunal, call for the records relating to the proceedings from any adjudicating authority and retransmit the same.

Please note: This blog post is not a professional advice but just a knowledge sharing initiative for mutual discussion.

To File Petition in NCLT contact CA. K S KOHLI,  at Ph no: 9810012983

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To File Petition in NCLT contact CA. K S KOHLI, at Ph no: 9810012983

To File in NCLT contact CA. K S KOHLI,  at Ph no: 9810012983

Filing of petition, appeals etc in National Company Law Tribunal
Procedure.-
(1) Every appeal or petition or application or caveat petition or objection or counter presented to the Tribunal shall be in English and in case it is in some other Indian language, it shall be accompanied by a copy translated in English and shall be fairly and legibly type written, lithographed or printed in double spacing on one side of standard petition paper with an inner margin of about four centimeter width on top and with a right margin of 2.5. cm, and left margin of 5 cm, duly paginated, indexed and stitched together in paper book form;

(2) The cause title shall state “Before the National Company Law Tribunal” and shall specify the Bench to which it is presented and also set out the proceedings or order of the authority against which it is preferred.

(3) Appeal or petition or application or counter or objections shall be divided into paragraphs and shall be numbered consecutively and each paragraph shall contain as nearly as may be, a separate fact or allegation or point.

(4) Where Saka or other dates are used, corresponding dates of Gregorian Calendar shall also be given.

(5) Full name, parentage, age, description of each party and address and in case a party sues or being sued in a representative character, shall also be set out at the beginning of the appeal or petition or application and need not be repeated in the subsequent proceedings in the same appeal or petition or application.

(6) The names of parties shall be numbered consecutively and a separate line should be allotted to the name and description of each party.

(7) These numbers shall not be changed and in the event of the death of a party during the pendency of the appeal or petition or matter, his legal heirs or representative, as the case may be, if more than one shall be shown by sub-numbers.

(8) Where fresh parties are brought in, they may be numbered consecutively in the particular category, in which they are brought in.

(9) Every proceeding shall state immediately after the cause title the provision of law under which it is preferred.

21. Particulars to be set out in the address for service.- The address for service of summons shall be filed with every appeal or petition or application or caveat on behalf of a party and shall as far as possible contain the following items namely:-
(a) the name of the road, street, lane and Municipal Division or Ward, Municipal Door and other number of the house;
(b) the name of the town or village;
(c) the post office, postal district and PIN Code, and
(d) any other particulars necessary to locate and identify the addressee such as fax number, mobile number, valid e-mail address, if any.

Initialing alteration.- Every interlineations, eraser or correction or deletion in any appeal or petition or application or document shall be initialed by the party or his authorized representative presenting it.

Presentation of petition or appeal -
(1) Every petition, application, caveat, interlocutory application, documents and appeal shall be presented in triplicate by the appellant or applicant or petitioner or respondent, as the case may be, in person or by his duly authorised representative or by an advocate duly appointed in this behalf in the prescribed form with stipulated fee at the filing counter and non-compliance of this may constitute a valid ground to refuse to entertain the same.

(2) Every petition or application or appeal may be accompanied by documents duly certified by the authorised representative or advocate filing the petition or application or appeal duly verified from the originals.

(3) All the documents filed in the Tribunal shall be accompanied by an index in triplicate containing their details and the amount of fee paid thereon.

(4) Sufficient number of copies of the appeal or petition or application shall also be filed for service on the opposite party as prescribed under these rules.

(5) In the pending matters, all applications shall be presented after serving copies thereof in advance on the opposite side or his authorised representative.

(6) The processing fee prescribed by these rules, with required number of envelopes of sufficient size and notice forms shall be filled alongwith memorandum of appeal.

Number of copies to be filed.- The appellant or petitioner or applicant or respondent shall file three authenticated copies of appeal or petition or application or counter or objections, as the case may be, and shall deliver one copy to each of the opposite party.

Lodging of caveat.- (1) Any person may lodge a caveat in triplicate in any appeal or petition or application that may be instituted before this Tribunal by paying the prescribed fee after forwarding a copy by registered post or serving the same on the expected petitioner or appellant and the caveat shall be in the form prescribed and contain such details and particulars or orders or directions, details of authority against whose orders or directions the appeal or petition or application is being instituted by the expected appellant or petitioner or applicant which full address for service on other side, so that the appeal or petition or application could be served before the appeal or petition or interim application is taken up: Provided, that the Tribunal may pass interim orders in case of urgency.

(2) The caveat shall remain valid for a period of ninety days from the date of its filing.

Endorsement and Verification.- (1) At the foot of every petition or appeal or pleading there shall appear the name and signature of the authorised representative.
(2) Every petition or appeal shall be signed and verified by the party concerned in the manner provided by these rules.

Translation of document.- (1) A document other than English language intended to be used in any proceeding before the Tribunal shall be received by the Registry accompanied by a copy in English, which is agreed to by both the parties or certified to be a true translated copy by authorized representative engaged on behalf of parties in the case or by any other advocate or authorized representative whether engaged in the case or not or if the advocate or authorized representative engaged in the case authenticates such certificate or prepared by a translator approved for the purpose by the Registrar on payment of such charges as he may order.

(2) Appeal or petition or other proceeding shall not be set down for hearing until and unless all parties confirm that all the documents filed on which they intend to rely are in English or have been translated into English and required number of copies are filed into Tribunal.

28. Endorsement and scrutiny of petition or appeal or document.-(1) The person in charge of the filing counter shall immediately on receipt of petition or appeal or application or document affix the date stamp of Tribunal thereon and also on the additional copies of the index and return the acknowledgement to the party and he shall also affix his initials on the stamp affixed on the first page of the copies and enter the particulars of all such documents in the register after daily filing and assign a diary number which shall be entered below the date stamp and thereafter cause it to be sent for scrutiny.

(2) If, on scrutiny, the appeal or petition or application or document is found to be defective, such document shall, after notice to the party, be returned for compliance and if there is a failure to comply within seven days from the date of return, the same shall be placed before the Registrar who may pass appropriate orders.

(3) The Registrar may for sufficient cause return the said document for rectification or amendment to the party filing the same, and for this purpose may allow to the party concerned such reasonable time as he may consider necessary or extend the time for compliance.

(4) Where the party fails to take any step for the removal of the defect within the time fixed for the same, the Registrar may, for reasons to be recorded in writing, decline to register the pleading or document.

Registration of proceedings admitted.- On admission of appeal or petition or caveat or application, the same shall be numbered and registered in the appropriate register maintained in this behalf and its number shall be entered therein.

Calling for records.- On the admission of appeal or petition or application the Registrar shall, if so directed by the Tribunal, call for the records relating to the proceedings from any adjudicating authority and retransmit the same.

Production of authorization for and on behalf of an association.- Where an appeal or application or petition or other proceeding purported to be instituted by or on behalf of an association, the person or persons who sign (s) or verify (ies) the same shall produce along with such application, for verification by the Registry, a true copy of the resolution of the association empowering such person(s) to do so: Provided that the Registrar may at any time call upon the party to produce such further materials as he deems fit for satisfying himself about due authorization:

Provided further that it shall set out the list of members for whose benefit the proceedings are instituted.

Interlocutory applications.- Every Interlocutory application for stay, direction, condonation of delay, exemption from production of copy of order appealed against or extension of time prayed for in pending matters shall be in prescribed form and the requirements prescribed in that behalf shall be complied with by the applicant, besides filing an affidavit supporting the application.

Procedure on production of defaced, torn or damaged documents.- When a document produced along with any pleading appears to be defaced, torn, or in any way damaged or otherwise its condition or appearance requires special notice, a mention regarding its condition and appearance shall be made by the party producing the same in the Index of such a pleading and the same shall be verified and initialed by the officer authorized to receive the same.

To File in NCLT contact CA. K S KOHLI,  at Ph no: 9810012983

Interlocutory applications: NCLT

Interlocutory applications:

The meaning of the word interlocutory is interim or provisional which is not finalized yet. The Interlocutory actions are taken by the courts only when a Question of Law has to be answered by an appellate court before a trail may proceed. Another reason for issuance of interlocutory order is prevention from irreparable harm that could be occurred to the person or property during the pendency of law suits or proceeding.

Draft Petition before NCLT to restore the Company under Section 252 of Companies Act 2013

National Company Law Tribunal - To get Draft Petition before NCLT to restore the Company under Section 252 of Companies Act 2013

Get in touch with :

CA. K S KOHLI, MOB. 9810012983
OFFICE : NARAINA, NEW DELHI

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