25th December 2K19
Economic Times
Ø RBI caps lending on P2P platforms at Rs 50 lakh
Ø ArcelorMittal to sell 50% stake in GCL to DryLog
Ø Indiabulls sells assets to Blackstone for Rs 810 cr
Ø PFRDA wants government to double tax benefit under NPS to Rs 1 lakh
Ø New reserves need to be identified faster: Coal Secy
Ø Decarbonising economy can drive growth in downturn
Business Standard
Ø RBI conducts first simultaneous OMO, buys more bonds than it sells
Ø Post NCLT extension, Jet Airways' creditors decide to seek fresh bids
Ø Amid legal battle, ONGC takes over physical control of PMT from RIL & Shell
Ø General insurers want FDI raised to 74%, valuation remains a concern
Ø PMS asset growth outpaced client additions in 2019, shows Sebi data
Business Line
Ø Some green shoots are sprouting in the economy, says RBI chief
Ø Tata Power bags electricity supply contract from Odisha
Ø RInfra wins ₹1,250-cr arbitration award
Ø HomeLane raises $30 m in Series D funding
Mint
Ø Bain Capital in talks to buy ice cream maker Dinshaw’s
Ø Tesla secures more than $1.4 billion in financing from China: Report
Ø Realty sales up 6%, new launches down 14% in 2019: JLL
Ø Worker unrest hits three Coca-Cola bottling plants
Ø Iran and India agree to speed up Chabahar port project
Financial Express
Ø CIL starts buying coal from OCPL’s captive block in Odisha
Ø Federal Bank, Magicbricks tie up for disposal of repossessed properties
Ø India to supply eco-friendly oil to Bangladesh through Friendship Pipeline soon
Decccan Chronicle
Ø RoC moves NCLAT to drop ‘illegal’ in order
Ø Tata Power to get licence for distribution, supply of power in 5 circles in Odisha
Ø Gold prices soar Rs 187, silver also jumps Rs 495
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Circular issued detailing Standard guidelines for non-filers of returns-
1. System generated reminder to be sent 3 days before the due date for filing the return
2. Auto generated mail to be sent after the due date to all the non-filers
3. Within 5 days, notice GSTR 3A would be issued electronically to file returns within 15 days
4. After 15 days, best judgement assessment (in ASMT 13) is done with the available details
5. Returns filed within 30 days from the date of assessment in ASMT 13, would be deemed to be dropped
6. Recovery proceedings would be initiated against non-filers
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1. Income Tax: 31.12.2019 is the due date to file Income tax Return (ITR) with Late Fees of INR 5,000 for income earners exceeding INR 5,00,000.
2. 31.12.2019 is the due date to LINK PAN with AADHAAR for the persons where having AADHAAR is mandatory. Note - No need to link in case you are a resident of J&K, Assam or Meghalaya, Non-Citizen or aged 80 years or more.
3. CBDT has extended the due date to pay Advance Tax (IIIrd Installment) from 15.12.2019 to 31.12.2019 for North Eastern States.
4. GST Council has decided to waive 100% LATE FEES for delay in filing GSTR-1 since 01.07.2017 till November, 2019 if such taxpayers file the pending GSTR-1 till 10.01.2020.
5. Central Board of Indirect Taxes and Customs ( CBIC ) has extended due date for filing of GSTR-3B for the month of November 2019 has been extended to December 23rd, 2019. GSTR-3B is a monthly return. All regular taxpayers need to file this return till June 2018. Taxpayers can file their return on GST Portal.
6. GST: 31.12.2019 is the due date to file application for *Sabka Vishwas Scheme, 2019 for resolution of pending Excise Duty and Service Tax.
7. Bonus Payment due date : 31.12.2019 is the due date to pay Bonus for FY 2018-19 as per Payment of Bonus Act.
8. MCA: 31.12.2019 is the due date to file MGT-7 (Annual Return) for the year ended March 31, 2019.
9. MCA: 31.12.2019 is the due date to hold FIRST AGM in case of Companies incorporated between 01.01.2018 to 31.03.2018.
10. MCA: 31.12.2019 is the due date to hold EXTENDED AGM in case extension of 3 months have been taken by any Compa
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👉🏻NBFC supervision to cover auditors, banks, rating companies
(RBI has extended supervision to auditors, banks and rating companies to prevent defaults and ensure broader financial stability.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2sitC3U
👉🏻RBI introduces new Prepaid Payment Instrument for your daily grocery payments
(RBI has given Indian consumers a new option to make their daily payments at local shops and retail outlets for the purchase of daily household goods and services)
👇🏻 👇🏻 👇🏻
http://bit.ly/397aMgG
👉🏻NFRA to rope in consultants for audit report review and other allied work
(Audit regulator NFRA has decided to hire consultants to assist the regulator in identifying the audit reports that need to be taken up for review.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2Mossuj
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👉 Cyrus Mistry, who was recently reinstated as the executive chairman of the Tata Group by National Company Law Appellate Tribunal, is unlikely to pursue the position, Mistry had initially sought to be reinstated as chairman in National Company Law Tribunal but subsequently dropped it. Meanwhile, sources said Tata Sons, Tata Group companies may appeal against the NCLAT order in the Supreme Court.
👉 Home buyers willing to take the developer to an insolvency court, will now have to ensure that a minimum of 100 home buyers or 10 per cent of the total home buyers file for bankruptcy against the developer, as per the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, tabled in the Lok Sabha on December 12.
👉 NCLT admits TBZ & Sons Retail for insolvency proceedings
• The resolution process of the company is expected to be completed by 12 June, 2020
• In an order dated 16 Dec, the tribunal ordered all creditors of the company to submit their financial claims with proofs to the resolution professional of the company by 3 Jan
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👉Payment of Membership/COP Fees for the year 2019-20 is further extended to 31st December, 2019. - (29-11-2019). https://www.icai.org/new_post.html?post_id=16134
👉Online Registration Portal for ICITSS (IT/OC) and AICITSS (AIT/MCS) Courses on All India Basis. https://www.icaionlineregistration.org/
👉 The creditors of shuttered Jet Airways have decided to seek fresh initial bids for the airline. The Committee of Creditors (CoC) would seek fresh Expression of Interest (EoI), according to a regulatory filing on Monday.
👉 Adding another chapter to the Tata- Mistry saga, the Registrar of Companies (RoC) has moved the National Company Law Appellate Tribunal (NCLAT) to implead in the case. RoC which falls under the Ministry of Corporate Affairs (MCA) seeks deletion of the words - 'illegal' and 'with the help of the RoC' used by the NCLAT in its last week order.
👉 NBCC to acquire Jaypee Infra, work on stalled projects to start in 6 months
The actual work on the project is expected to commence by the first week of May.
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👉🏻New registrations by taxpayers being verified by GST council
(The new taxpayers, who are 66.7 lakh in number, hardly pay 15% of tax. So, whatever taxes we are getting from them is only 15% of taxes, which is about Rs 10,000 Cr)
👇🏻 👇🏻 👇🏻
http://bit.ly/2ZjM3B9
👉🏻Glitches in ITR processing lead to bloated tax liability on capital gains
(Hundreds of taxpayers are believed to have received notices from the income tax department whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for TDS)
👇🏻 👇🏻 👇🏻
http://bit.ly/2Zpx7BF
👉🏻GSTR 9C Utility available on GSTN Postal
(Updated GSTR 9C Utility for F.Y. 2017-18 available on GSTN portal.
Last date for GSTR -9 and GSTR-9C is 31st Jan 2020)
👇🏻 👇🏻 👇🏻
http://bit.ly/36Wldlo
👉🏻Technical limitations cannot be ground to deny input tax credit under GST - HC
(Delhi High Court has said that the rights of GST assessees ‘cannot be subjugated’ to the poor and inefficient software systems adopted by the authorities
👇🏻 👇🏻 👇🏻
http://bit.ly/37eSlVN
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#incometax and a #general update
👩🏻🎓As per [Notification No. 103/2019/F. No. 370149/159/2019-TPL] in respect of the undisclosed income, under section 183, if a person had disclosed the income but not paid amount yet may make the payment of such amount on or before the 31st day of January, 2020, along with interest on such amount, at the rate of one per cent. for every month or part of a month comprised in the period commencing on the date immediately following the due date notified earlier.
👨🏻🎓 Notification shall come into force with effect from the 1st day of June, 2016.
👩🏻🎓 Registrar of Companies (RoC) has moved a review petition before the National Company Appellate Law Tribunal (NCLAT) in the Tata-Mistry dispute. It has sought the removal of the words "illegal" and “with the help of RoC" in the tribunal’s order pertaining to Tata Sons'
👨🏻🎓 Interestingly Tata Sons have not yet taken any action for challenging order in Supreme Court of India.
Thanks for reading
