©orporate Updates on July 22, 2019
Ø Govt looks to cut stake in PSUs to up to 26%
Ø RBI has an advice for IMF, World Bank
Ø Modi govt sets sights on making India $5 tn economy
Ø 'LIC offers Rs 1.25L-cr line of credit to fund projects'
Ø Main gas fields in KG-D6 block in late life stage: Reliance
Ø FPIs withdraw Rs 7,712 crore from stocks in July so far
Ø Etihad, Hinduja Group back at the deal table for grounded Jet Airways
Ø After 12 years, RBI set to modify fit-and-proper norms for bank directors
Ø Jio to keep adding subscribers despite decline in average revenue per user
Ø Strong rupee, lower GDP likely to tame inflation in India to 4.1%: ADB
Ø Embassy likely to mop up additional 14% stake in Indiabulls Real Estate
Ø CII identifies 31 items with high export potential
Ø 345 infrastructure projects show cost overruns of Rs 3.28 lakh crore
Ø Cairn Oil opts for cluster approach, outsourcing model for new fields
Ø BHEL bags Rs 486 cr order from NPCIL for Kudankulam project
Ø Dr Reddy’s announces closure of transactions with Upsher-Smith Labs
Ø Canada’s pension fund OMERS seeks new green energy deals
Ø Railways seeks cabinet nod to build 3 freight corridors at ₹3 trillion
Ø Investcorp closes maiden India PE fund at ₹1,000 cr
Ø Post-$34 billion acquisition by IBM, Red Hat bets big on India
Ø Piramal raises ₹1,500 crore from StanChart Bank through NCDs
Ø IL&FS case: SEBI expands probe into role of 5 credit rating agencies
Ø SME credit lending grows at 15.6% YoY; Gujarat top state for MSME lending
Ø USFDA found different dietary, medicinal claims on Patanjali’s sharbat bottles
Ø Govt. to amend IBC to facilitate mediation for individuals
Ø Dip in India demand hits Russian diamond miner
Ø S’pore woes ring trade alarm bells
Ø Mukesh Ambani keeps salary capped at Rs 15 crore for 11th year in a row
Ø First time in a month, forex reserves fall by USD 1.11 billion
Ø Brookfield to invest Rs 25,215 cr in Reliance's telecom tower arm
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👉SEBI changes the formats for Limited Review and Audit Report of Listed Entities in order to align them with the revised auditing standards. "This circular shall be applicable with respect to the financial results for the quarter ending September 30, 2019 and after”. This would also be applicable to entities whose accounts are to be consolidated with the listed entity.
👉IL&FS case: NCLT allows Ministry of Corporate Affairs (MCA) to prosecute the auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins and BSR Associates — based on the investigation report filed by the Serious Fraud Investigation Office (SFIO). Other individuals allowed by the tribunal to be prosecuted include partners of audit firm Deloitte Udayan Sen, Kalpesh Mehta, and Sampath Ganesh, partner in BSR Associates. Surinder Singh Kohli and Subhalakshmi Panse, independent directors on the board of directors of IFIN, are also on the list. They were part of the audit committee of IFIN.
👉RBI Governor Shaktikanta Das asks Public Sector Banks to follow the new framework for the resolution of Stressed Assets and Speed Up Recovery Efforts, among other issues facing the country's banking sector.
👉RBI Governor Shaktikanta Das came down heavily on Public Sector Banks (PSBs) for not reducing their Lending Rates despite Liquidity Remaining Ample, Bond Yields being at a Multi-Year Low, and policy rates being lowered by 75 basis points (bps) in the past six months.
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Benami Transactions (Prohibition) Amendment Act, 2016 amending Benami Act, 1988 can’t have retrospective effect July 18, 2019 (Rajasthan)
BENAMI ACT : Benami Transactions (Prohibition) Amendment Act, 2016, amending Prohibition of Benami Property Transactions Act, 1988, enacted with effect from 1-11-2016 i.e. date determined by Central Government in its wisdom for its enforcement, cannot have retrospective effect
• Alleged benami transactions are of a date preceding 1-11-2016; in some of the matters, even prior to the commencement of unamended Benami Act of 1988, which came into effect on 5-9-1988 whereas sections 3, 5 and 8 of the unamended Benami Act, 1988 were deemed to have come into force on 19-5-1988 i.e with retrospective effect. The Benami Amendment Act, 2016 has been made applicable from the date appointed by the Central Government vide notification dated 25-10-2016. And the appointed date determined is 1-11-2016 on which as the date on which the provisions of the Benami Amendment Act, 2016, come into force.The instant writ applications projects a challenge to jurisdiction of the income tax authorities in initiation of proceedings under section 24 of the Prohibition of Benami Property Transactions Act, 1988 as amended vide Benami Transactions (Prohibition) Amendment Act, 2016 which came into effect on 1-11-2016.
• Held that Benami Transactions (Prohibition) Amendment Act, 2016 amending Prohibition of Benami Property Transactions Act, 1988 can't have retrospective effect.
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No need to enter Script wise details in ITR for LTCG- Clarifies IT Department
Today, on July 19, 2019, the Income Tax Department has issued a clarification that the taxpayers have an option to entre the aggregate value of long term capital gains or script-wise details whichever is preferred by them.
To arrive at Schedule CG, details of long term capital gain as per section 112A in Schedule 112A and 115AD(1)(iii) in Schedule 115AD(1)(iii) proviso needs to be provided. Based on the feedback of inconveniences faced by the taxpayers; the Government has issued a clarification for Taxpayers to give details of LTCG is either of the manners.
Either enter the scrip-wise details of long term capital gains in Schedule 112A and 115AD(1)(iii) so that the correct values are populated in the CG Schedule
Or enter the self-calculated aggregate value of long term capital gains directly under respective items in schedule CG in terms with Sec 112A or 115AD(1)(iii) without entering script-wise details.
Conclusion
CBDT has relaxed the requirement and given an option to the taxpayers to exercise either of the options as per their convenience. This will help taxpayers to reduce the burden and help in quick filing of return
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18% GST likely on back-end IT services as they don’t qualify as export:
READ MORE- https://www.gststation.in/18-gst-likely-on-back-end-it-services-as-they-dont-qualify-as-export/
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Higher GST for monthly maintenance above Rs 7,500:
READ MORE- https://www.gststation.in/higher-gst-for-monthly-maintenance-above-rs-7500/
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Banks face Rs 18,000 crore levy over unpaid GST, Service tax:
READ MORE- https://www.gststation.in/banks-face-rs-18000-crore-levy-over-unpaid-gst-service-tax/
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GST: Four held for input tax credit scam:
READ MORE- https://www.gststation.in/gst-four-held-for-input-tax-credit-scam/
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IAF protests Rs 100 crore GST bill on import of aircraft parts:
READ MORE- https://www.gststation.in/iaf-protests-rs-100-crore-gst-bill-on-import-of-aircraft-parts/
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Centre Plans to ease GST process for traders:
READ MORE- https://www.gststation.in/centre-plans-to-ease-gst-process-for-traders/