Learn with RJ 🙋♂️📚
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3rd October 2K19
Economic Times
Ø Coal India to pay Rs 64,700 festive bonus to each worker
Ø No MAT credit if you chose new tax rates: CBDT
Ø Corp tax cuts alone will not stimulate pvt capex
Ø PMC's suspended MD blames 'superficial auditing'
Ø India can become one of the largest EV markets: Report
Ø Oil market ignoring geopolitical risks; trade talks next big trigger
Business Standard
Ø Airtel drives telecom sector's AGR to 5-quarter high to 8.8% in Q1FY20
Ø Religare to sell entire stake in NBFC arm to TCG Advisory for Rs 330 cr
Ø Parliamentary panel on energy to review the need for uniformity in tariff
Ø Opening up of commercial coal mining to 100% FDI unlikely to boost sector
Ø Infra companies consider monetising litigation claims for offshore assets
Business Line
Ø Corporate tax cut is a signal to structural reforms: CEA
Ø Steel industry frets as Govt inches close to signing RCEP
Ø FACT’s sales in Sept hit record high of 1.33 lakh tonnes
Ø Welspun India eyes home textiles in premium segment
Ø Piaggio receives BS-VI certification for three-wheeler CNG engine
Ø Zydus successfully conducts clinical trials of Saroglitazar Magnesium for liver
Mint
Ø DLF settles ₹8,700 crore amount payable to JV with GIC
Ø British PM Boris Johnson's 'final' Brexit deal stirs sterling rebound
Ø BSE’s startups platform steps up bid to get more firms listed
Ø WTO approves US tariffs on $7.5 billion of EU goods in Airbus retaliation
Ø EESL planning an IPO at ₹5,000 cr valuation
Financial Express
Ø Developing country debt jumps to $7.8 trillion in 2018: World Bank
Ø India, US will fix their trade disputes: S Jaishankar
Ø GST collection falls to the lowest in 19 months
Ø MTNL, BSNL revival on cards as govt seeks clarity from high-level panel
Ø Lakshmi Vilas Bank’s independent director resigns citing personal reasons
Deccan Chronicle
Ø Bharat-22 ETF's 4th tranche to open on Thursday; govt expects to raise Rs 8,000 cr
Ø 34 functional teams to smoothen merger of UBI, PNB, OBC
Ø PMC Bank created over 21,000 fake accounts to hide loans: complaint
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CBDT has issued a clarification circular no 29/2019 dt. 2nd October denying benefit of MAT Credit to those companies which opt for new tax rate of 22%. It had advised such companies having MAT credit to continue under existing rate of 30% in case it intends to avail MAT credit. The implication of this will be that a company will be required to compute its tax liability at the effective rate which is 34.944% and liability on account of MAT which under new rate of MAT will be 17.47%. The difference of these two I.e 17.47 % will be eligible MAY credit. This will compel companies having substantial MAT credit to continue under old rates .
For companies liable for tax at 25% under old scheme I.e where turnover is not more than Rs. 400 crores in FY 2017-18 the effective tax rate on 25% is 29.12 % and after MAT liability of 17.47% the credit allowed will be 11.65% only.
However, that company can switch over to 22% options after utilising the complete MAT.
Exactly similar is the situation of additional depreciation portion of loss carry forward, where company can switch over to 22% option after utilising that portion of carried forward loss.
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- Ministry of Law and Justice issues corrigenda to Tax Law Ordinance 2019 to correct S. 115BA by replacing 115BAB by 115BAA- http://lunawat.com/Uploaded_Files/Attachments/F_4382.pdf
- Amends Rule 37BA to provide credit for TDS deducted u/s 194N shall be given in the AY in which tax is deducted - http://lunawat.com/Uploaded_Files/Attachments/F_4381.pdf
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ICAI: MEDICLAIM INSURANCE FOR CA MEMBERS AND STUDENTS - For CA members and students, medical insurance is available in concessional rate with New India Insurance. for details, visit below link. https://icai.newindia.co.in/Account/Home
CBDT have changed ITR preparation Utilites (EXCEL and JAVA) of ITR 3,5,6,7 on 30th September 2019 after due date extension. Update your software before filling.
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Only 7% taxpayers will be required to submit monthly GST returns:
READ MORE- https://www.gststation.in/only-7-taxpayers-will-be-required-to-submit-monthly-gst-returns/
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Gujarat High Court issues notice to Centre, GST Council, CBIC:
READ MORE- https://www.gststation.in/gujarat-high-court-issues-notice-to-centre-gst-council-cbic/
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GST: On September 30, 2019 vide Notification No. 22/2019-Central Tax (Rate), Notification No. 22/2019-Union Territory Tax (Rate) and Notification No. 21/2019-Integrated Tax (Rate), CBIC has specified services under reverse charge mechanism prescribed under Section 9(3) of the CGST Act, 2017 provided by an author by way of transfer or permitting the use of a copyright to publisher, renting of motor vehicle to a body corporate and other services.
Sebi is planning to ease its norms for buyback of shares by listed companies, especially those having subsidiaries in housing finance and NBFC sectors. According to top officials, a proposal in this regard is expected to be discussed by Sebi's board at its meeting this week.
Punjab and Maharashtra Cooperative (PMC) Bank crisis as an "eye opener", Minister of State for Finance Anurag said the banking sector regulator RBI is looking into various aspects, including lapses on part of auditors.
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👉Frustrated by delays in the resolution process under the insolvency law, a clutch of state-owned lenders sought to sell bad loans worth Rs 25,000 crore .
👉Govt. is mulling to cut the personal income tax rates to boost demand and revive investment in the economy. CBDT member Akhilesh Ranjan-led panel recommended introducing a 10 per cent tax rate slab for annual income between Rs 2.5 lakh and Rs 10 lakh followed by a 20 per cent slab for the Rs 10-20 lakh income bracket and a 30 per cent, or higher, slab for higher income levels.
👉RBI may cut rates again as fiscal measures fail to cheer. RBI is predicted to lower its key lending rate or the repo rate by 25 basis points (bps) to 5.15%.
👉MCA extends the time limit for filing e-form DIR-3 KYC for FY- 2018-19 till 14th October 2019.
👉Lakdawala & Co., the auditor of troubled Punjab and Maharashtra Cooperative (PMC) Bank, has come under the scanner after the Institute of Chartered Accountants of India (ICAI) initiates action against the firm.
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👉🏻No Postponement of CA November 2019 Exams - ICAI
(CA exams slated for Nov. 2019 will be commence from 1st November 2019 as per schedule mentioned in the ICAI announcement)
👇🏻 👇🏻 👇🏻
http://bit.ly/2o0SsmJ
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Tax cuts to impact revenue collection of States, says RBI report:
READ MORE- https://www.gststation.in/tax-cuts-to-impact-revenue-collection-of-states-says-rbi-report/
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DGGI unearths Rs 10 cr tax evasion by two Vadodara firms:
READ MORE- https://www.gststation.in/dggi-unearths-rs-10-cr-tax-evasion-by-two-vadodara-firms/
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✳RBI UPDATES:-
▶RBI has issued a new notification regarding to be Auction of Government of India Dated Securities.
▶RBI has issued a new notification regarding to be Sovereign Gold Bond Scheme (SGB) 2019-20 Series V/VI/VII/VIII/IX/X.
✳DIRECT TAX CASE LAW:-
▶Directorate of Elementary Education vs. Pramod Kumar Sahoo (Supreme Court) Source: ITAT Online
▶A concession given by Counsel, if it is a concession in law and contrary to the statutory rules, is not binding on the litigant for the reason that there cannot be any estoppel against law (see also Himalayan Cooperative Group Housing Society Vs. Balwan Singh (2015) 7 SCC 373 Bharat Heavy Electricals Ltd vs. Mahendra Prasad Jakhmola & V. Ramesh vs. ACIT (Madras High Court)
Thanks for reading 😃