Corporate Snippets on Dec 26
Ø Govt. forms expert panel to resolve oil, gas disputes
Ø FinMin notifies GST grievance redress panel
Ø Saudi Aramco lauds Saudi-Kuwait accord
Ø DPIIT to clarify on 26% FDI in digital media sector
Ø RBI warns banks over focus on retail loans
Ø Wipro's got a new plan to double its revenue
Ø Digital banking initiatives of PSBs under merger likely to be delayed
Ø India's rough diamond imports fall sharply in 2019 over liquidity crunch
Ø Start-up funding slows down in 2019 after a two-fold surge previous year
Ø Cyrus Mistry unlikely to take up a board position, may appoint nominees
Ø Privatisation may affect SCI's decision-making powers, shipping market
Ø NFRA to rope in consultants for audit report reviews
Ø Inverted duty structure may cost govt ₹20,000 cr a year
Ø EU wants a separate investment protection pact with India
Ø Govt. constitutes expert panel to resolve oil, gas disputes
Ø Steel prices to go up by ₹1,000 a tonne in Jan
Ø Piramal Enterprises to raise ₹2,750 cr by issuing bonds
Ø GST body holds Johnson & Johnson guilty for profiteering
Ø Johnson & Johnson cleared in baby powder-cancer litigation case in US
Ø Mutual funds add over ₹4 lakh crore to asset base this year
Ø Piramal Enterprises to raise ₹2,750 crore by issuing bonds
Ø RBI sees corporate governance 'fault lines' at some lenders
Ø NTPC to invest Rs 50,000 crore to add 10GW solar energy capacity by 2022
Ø CARE Ratings lowers FY20 power production outlook
Ø Greenfield route: Govt wants states, PSUs to help boost steel capacity
Ø Renewable sector to create peak capacities in CY20
Ø Banks see 74 per cent rise in frauds
Ø NCLAT dismisses IT dept plea against Reliance Jio on demerger of tower
Ø IRDAI rebukes Cardif for selling stake in SBI Life without its nod
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Accrued Tax Credits could not be Denied on Account of Procedural Defect: Kerala HC allows to upload Form GST TRAN-1 [Read Order]
Read more at: https://www.taxscan.in/accrued-tax-credits-procedural-defect-kerala-hc-form-gst-tran-1/41180/
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👉 CBIC Circular No. 129/2019 dt. 24-12-2019 : Standard Operating Procedure to be followed in case of Non Filers of Returns
http://cbic.gov.in/htdocs-cbec/gst/circular-cgst-129.pdf
👉 National E-assessment Centre Extends time limit for filing of response to notices issued under section 142(1) of the Income-tax Act, 1961 under E-assessment Scheme-2019 up to 10-01-2020 or time given in such notices whichever is later.
👉CBIC Circular No. 128/47/2019-GST, dt. 23-12-2019 : Mandatory quoting of DIN for all communications sent to taxpayers by CBIC officers
http://cbic.gov.in/htdocs-cbec/gst/circular-cgst-128.pdf
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👉🏻Bank frauds rise 74 per cent to Rs 71,543 Crore in 2018-19 - RBI
(Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent increase as against Rs 41,167 crore in the previous financial year)
👇🏻 👇🏻 👇🏻
http://bit.ly/2QnbNJ1
👉🏻FinMin notifies GST grievance redress panel for tax payers
(Finance Ministry notified setting up of a GST grievance redress committee at zonal/state level after it was approved in the last GST Council meeting this month)
👇🏻 👇🏻 👇🏻
http://bit.ly/2sbsoaN
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Income Tax Section 148 notice in the name of deceased assessee is invalid. Case Name : Pranav Ravindrabhai Shah Vs ITO (Gujarat High Court)
Income Tax Section 271C applies to both situations failure to deduct and pay TDS to the Government. Case Name : Eswar Exports Vs Add. CIT (ITAT Visakhapatnam)
Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019. The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016.
Last Date Extended to Apply for 13th ICAI Awards being organized by Committee for Members in Industry & Business (CMI&B) to 26th December, 2019.
ICAI Code of Ethics,2009 has been been revised and applicable from 1st April, 2020.It has been revised after a gap of 10 years and various new provisions, clauses, sections has been inserted like Responding to Non-Compliance of Laws and Regulations (NOCLAR) etc.
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Special CBI Court convicts a Chartered Accountant and Six Others for TDS Fraud [Read Judgment]
Read more at: https://www.taxscan.in/special-cbi-court-convicts-chartered-accountant/41188/
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👉 Individuals who have been declared insolvent might soon be prohibited from holding or running for public office, There is also a plan to disallow insolvent individuals from being the personal guarantor to any company.
👉 Scheduled commercial banks in India recovered a total of Rs 70,819 crore in Financial Year (FY) 2018-19 under the Insolvency and Bankruptcy Code (IBC), compared to Rs 4,926 crore recovered in FY 2017-18
👉 Indian Overseas Bank aims to exit PCA soon - We are strengthening our asset recovery management branches with relatively high value advances. We have tried to pool stressed assets in these branches, so that they get special focus with the help of equipped staff. Unless we bring the net NPA percentage below 6, we will not be able to come out of PCA, right now it’s less than 10%
Thanks for reading
