© orporate Updates on 4.9.2019
Ø Allow FPIs to buy Bad Loans from Banks: RBI Panel
Ø NPAs may come down to Rs 9.1 lakh Cr by FY20: Report
Ø Donald Trump warns China about delaying Trade talks
Ø ESIC ties up with SBI for DBT facility
Ø RBI task-force moots central corp loan contract registry
Ø Govt. hikes Ethanol Procurement Price for fuel blending
Ø NSEL an 'Employee Fraud', could be resolved in 6 weeks: Jignesh Shah
Ø Ind-Ra lowers outlook on Steel Sector on sluggish demand expectation
Ø Government approves over Rs 9,000 Cr Capital infusion in IDBI Bank
Ø At $4.8 Trn, Japan Inc has more cash than most nations' GDP sitting idle
Ø Reliance Power, Japan's JERA to set up 750 MW Power Plant in Bangladesh
Ø L&T's Construction arm bags contract for Navi Mumbai International Airport
Ø Government weighs privatisation of a few Maharatna and Navratna PSUs
Ø TVS Motor sales down 15 per cent in August
Ø MCA sets up Expert committee for Valuation Professionals
Ø Dredger owned by Mercator sinks near Mangalore Port
Ø NMDC revokes cancellation of Chhattisgarh project contract to BHEL
Ø Maruti Suzuki records cumulative sales of 1 Million utility vehicles
Ø RBI Panel recommends self-regulatory agency for secondary markets
Ø CPSE Exchange traded fund lags Nifty in 2019
Ø IT Outsourcing Sector faces heat from Global in-house units
Ø CCI clears Capgemini's acquisition of Altran Technologies
Ø Bank merger woes: Bank officers associations to launch protests
Ø Ashok Leyland plans light commercial vehicles range in sub-5 Tonne Segment
Ø Tractor Volume set for 5-7% De-growth this fiscal, says report
Ø Centre may soon come out with measures to boost Real estate sector
Ø Jaypee Infratech Insolvency : Supreme Court asks NBCC for fresh plan
Ø Two-wheeler makers pushing excess stock, says FADA
Ø Rupee tanks 97 paise to 9-month low on weak macro data, strong dollar
Ø Gold Prices gain Rs 538 to Rs 38,987 per 10 gm
Ø SENSEX crashes 770 Points following weak macroeconomic data
Ø Anil Ambani’s Reliance Naval & Engineering Ltd faces insolvency
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As per the new guidelines issued by ICAI effective from 01.07.2019 every statutory auditor shall upload the particulars of statutory audit report on UDIN portal of ICAI. UDIN stands for Unique document identification number.
To meet the notice period requirement of holding Annual General Meeting (AGM) a notice of 21 days is required thereofore the balance sheet as on 31.03.2019 must be signed on or before 05.09.2019 and the statutory audit report should contain UDIN issued by the institute.
For this purpose UDIN portal require following three certified figures namely:-
(a) Amount of gross turnover/gross receipt
(b) Amount of Shareholder fund/owner fund
(c) Amount of net block of property, plant and equipment
In alternative, if the balance sheet is not ready by 05.09.2019, on the requisition of shareholders not less than 95%, the AGM can be called at a shorter notice and in that case the balance sheet be signed by 25.09.2019 and UDIN generated on the same date. Requisition for calling AGM at shorter notice be kept ready, if alternative is chosen as above.
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Latest update effective from 1st Sept 2019
1. IRCTC e-tickets- E-tickets bought through IRCTC will get costlier as the Indian Railways has decided to restore service charges from September 1, according to an order. Indian Railways will levy a service charge of Rs 15 per ticket for non-AC class and Rs 30 for AC class, including first-class, according to the August 30 order issued by IRCTC. Apart from this, Goods and Services Tax (GST) will be applicable separately.
2. 2% TDS on cash withdrawals- The revenue department announced that the 2 per cent tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1. The Central Board of Direct Taxes (CBDT) further stated that if a person has already withdrawn Rs 1 crore or more in cash up to August 31, 2019, in the current fiscal, the two per cent TDS shall apply on all subsequent cash withdrawals.
3. Simplified US visa process for Indians- The United States (US) is working on making the visa application process simplifier for the Indians. Starting September 1, 2019, certain applicants can apply for a waiver from the mandatory interview. It may be noted that this will make the visa application process shorter for the Indians.
4.If you buy or renovate your house- The amount of TDS will increase when you buy a house as now payments for amenities such as club membership or car parking will be included in the cost of the property. If you are renovating your house then while making payments for more than Rs 50 lakh a year, you will have to deduct 5% TDS.
5. If you go for shopping- Uptil now the bank only required to report your transactions of more than Rs 50,000 to the income tax department. But from September 1, banks can be asked to report even small transactions in order to verify your income tax return.
🛠️6. Increased penalties under amended Motor Vehicles Act- The ministry of road transport and highways notified that the provisions of the Motor Vehicles Amendment Act 2019 will be applicable from September 1, 2019. The 63 clauses notified by the government deal with penalties, licenses, registration and National Transport Policy, among others. The new Motor Vehicles Act with penalties, one may have to pay up to Rs 25,000 as fine.
7. New facility on credit, debit cards- Reserve Bank of India (RBI) has allowed card issuers to offer the e-mandate facility to its customers. This means that the apex banks will allow the customers to make recurring payments of less than Rs 2,000 without the two-factor authentication process by giving an e-mandate.
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👉🏻Auditors will have to file annual reports to NFRA
(Government is set to notify a new form that will require auditors to file key findings in respect of companies and any adverse comments and observations, among other details)
👇🏻 👇🏻 👇🏻
http://bit.ly/2ly7YF1
👉🏻MCA sets up expert committee for valuation professionals
(MCA has set up a eight member 'Committee of Experts' to examine the need for an institutional framework for regulation and development of valuation professionals)
👇🏻 👇🏻 👇🏻
http://bit.ly/2lXjZEi
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FMCG companies under scanner of GST authorities:
READ MORE- https://www.gststation.in/fmcg-companies-under-scanner-of-gst-authorities/
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GST dispute resolution programme to be held in Coimbatore on Sept 6:
READ MORE- https://www.gststation.in/gst-dispute-resolution-programme-to-be-held-in-coimbatore-on-sept-6/
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GST Council may cut tax on hybrid vehicles as auto sector battles slowdown:
READ MORE- https://www.gststation.in/gst-council-may-cut-tax-on-hybrid-vehicles-as-auto-sector-battles-slowdown/
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GST frauds on rise: GST Council to take urgent measures to curb fraudulent tax evasion:
READ MORE- https://www.gststation.in/gst-frauds-on-rise-gst-council-to-take-urgent-measures-to-curb-fraudulent-tax-evasion/
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Modi government faces GST revenue crisis: analysts:
READ MORE- https://www.gststation.in/modi-government-faces-gst-revenue-crisis-analysts/