9th October 2K19
Economic Times
Ø Daiichi-Ranbaxy: HC asks Soami to deposit Rs 6,000 cr
Ø White House eyes ways to limit capital flows to China
Ø World suffering 'synchronized slowdown': New IMF chief
Ø Amazon, Flipkart sales generate Rs 19,000 cr in 6 days
Ø NBFCs may see another quarter of moderating profits
Business Standard
Ø US using trade deals to shield tech giants from foreign regulations
Ø IL&FS case: CVC intervenes in Sebi's probe of credit rating agencies
Ø Sebi may liberalise norms for issuing offshore derivative instruments
Ø State Bank of India expects double-digit uptick in corporate loans
Business Line
Ø ECBs for working capital needs rise 10-fold in H1 FY20
Ø Coking coal shipments rise 15% at 12 ports in Apr-Sep
Ø Mineral exploration to help improve KIOCL’s revenue
Ø GMR Energy in talks with JSW Energy for divesting stake in GMR Kamalanga
Ø Minda to acquire Germany based lighting company Delvis Gmbh in multi-million Euro deal
Mint
Ø HKEX abandons £29.6 billion bid for LSE
Ø RBI not looking at liquidity facility for NBFCs: Dy Guv Vishwanathan
Ø Multiples PE in talks to lead investment round in Kissht
Ø Fintech start-up Shubh Loans gets NBFC licence from RBI
Ø Deutsche Bank plans about half of 18,000 job cuts outside Germany
Financial Express
Ø Supreme Court declines Oil Ministry request to stay sharing of documents on Reliance penalty
Ø US, Japan sign trade agreements on agriculture and digital export
Ø Good possibility of a trade deal with China, says Donald Trump
Ø Mobile tower installation at 60% of annual target due to permission delays: COAI
Deccan Chronicle
Ø US, Japan sign trade agreements on agriculture and digital export
Ø Foodgrain output at 140.5 million tonne in FY20 on monsoon boost
Ø Maruti cuts production for 8th straight month in September
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Conditions to opt for lower income tax rate @22% u/s 115BAA
Recently the government announced a reduced rate of tax @22% (plus applicable surcharge and cess), for all corporations and firms provided they will not avail any exemption/Concessions/Tax Holidays as enjoying presently. As it is an option to the corporations and not mandate, taxpayers can continue with the existing rate of tax with availment of existing tax incentives as earlier.
However, who will opt for such concessional or reduced rate of tax, they have to adhere with the conditions specified in Sec. 115BAA i.e. such Companies should not avail any exemptions/incentives under different provisions of income tax. Therefore, the total income of such company shall be computed without:
Claiming any deduction especially available for units established in special economic zones under section 10AA.
Claiming additional depreciation under section 32 and investment allowance under section 32AD towards new plant and machinery made in notified backward areas in the states of Andhra Pradesh, Bihar, Telangana, and West Bengal.
Claiming deduction under section 33AB for tea, coffee and rubber manufacturing companies.
Claiming deduction towards deposits made towards site restoration fund under section 33ABA by companies engaged in extraction or production of petroleum or natural gas or both in India.
Claiming a deduction for expenditure made for scientific research under section 35.
Claiming a deduction for the capital expenditure incurred by any specified business under section 35AD.
Claiming a deduction for the expenditure incurred on an agriculture extension project under section 35CCC or on skill development project under section 35CCD.
Claiming deduction under chapter VI-A in respect to certain incomes, which are allowed under section 80IA, 80IAB, 80IAC, 80IB and so on, except deduction under section 80JJAA.
Claiming a set-off of any loss carried forward from earlier years, if such losses were incurred in respect of the aforementioned deductions.
Claiming a deduction for depreciation under section 32, except the additional depreciation as mentioned above.
Claiming of MAT credit u/s 115 JB.
Advice on tax planning:
As it is an option and there is no timeline to opt for such lower tax rates, companies can choose to exhaust all the brought forward balances first and then opt for such reduced corporate tax rates.
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UDIN once generated can be revoked or cancelled with narration. If any user had searched that UDIN before revocation, an alert message will go to him about revocation of the UDIN. After revocation of the UDIN, anybody searches for that UDIN, appropriate narration indicated by Member with the date of revocation will be displayed.
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👉Clamping down on irregularities, SEBI on Monday barred stock broker BRH Wealth Kreators and seven entities, including three individuals, from the securities market till further directions.
👉The rupee depreciated by 14 paise to close at 71.02 against the US dollar on October 7 as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.
👉With GST compensation cess falling short, states may agree to raise rates at the lower end.
👉The NCLAT has held that the Adjudicating Authority under the Insolvency and Bankruptcy Code,2016 (IBC) i.e. NCLT has no power to straightaway order an investigation to be conducted into the affairs of a Corporate Debtor by the Serious Fraud Investigation Office (SFIO) in terms of 213 of the Companies Act, 2013.
👉The RBI directs all state level bankers' committees to find out one district each on a pilot basis to expand digital payments ecosystem.
👉NCLT calls for Metalyst Forgings rebid.
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Indirect tax board had removed a “controversial” circular that imposed GST on post-sale discounts by dealers, but it has done little to clear the confusion around the many issues that arose with the circular.
In June, the CBIC had issued a circular which said that dealers will have to pay 18% GST on the post-sale discount that they get from the suppliers of goods, if the supplier asks them to pass on the concessions to the end consumer.
The circular came out with different situations where GST should be paid and where it should not.
For instance, imagine that a company sells a car to a dealer for Rs 10 lakh and later gives a discount of Rs 50,000. In doing so, the firm did not put any obligation on the dealer to pass on the benefit. So, the dealer need not pay any GST on Rs 50,000. However, if the Company asks the dealer to pass on the benefit to the customer, then the dealer has to pay GST on the entire amount, including Rs 50,000.
The Confederation of Indian Industry (CII) had said This had irked industry, particularly the auto sector, which has already been reeling under the pressure of subdued demand. this circular violated the cardinal principle of GST that the tax cost is to be borne by the ultimate consumer.
This principle means that the supply of goods or service should suffer the tax only to the extent of consideration paid by the ultimate consumer,” the CII had said, demanding that this provision in the circular be changed. It said additional discounts are generally given to liquidate the old inventories or push products under weak market conditions.
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👉SEBI may liberalise norms for issuing Offshore Derivative Instruments (ODIs), allowing Foreign Portfolio Investors (FPIs) to issue these instruments with derivatives as underlying if they take up a separate registration specifically for ODI issuances.
👉SEBI has devised a scheme to nab those involved in insider trading, by announcing a reward of up to Rs 1 crore to informants. Under the scheme, the monetary reward will be 10 % of the amount disgorged by the wrongdoer or Rs 1 crore, whichever is lower.
👉RBI Governor Shaktikanta Das has said till the growth is revived, the RBI will continue to remain in an accommodative mode and therefore a conclusion on what is the minimum repo rate where the central bank will take a pause cannot be concluded at this stage and will again depend on the next deliberations of the MPC.
👉The economy, which has largely been subdued in the past few quarters and signs of a slowdown have cropped up, is likely to face several more risks in the near term, according to RBI.
👉Shares of J Kumar Infraprojects rallies 20% as SEBI clears firm from charges of misrepresenting books.
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Duty-free shops at Mumbai airport eligible for GST input tax credit refund: Bombay HC:
READ MORE- https://www.gststation.in/duty-free-shops-at-mumbai-airport-eligible-for-gst-input-tax-credit-refund-bombay-hc/
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