Wish you a very Happy New Year 🎈🎁
Corporate Snippets on Dec 31, 2019
Ø RBI may tighten lending norms for co-op banks
Ø Rs 1.12 lakh crore paid as IGST refunds to exporters
Ø PMO proposes waiving carbon tax on coal
Ø Govt. might breach fiscal deficit target in FY20: Report
Ø Reliance, BP pay $36 mn for exit of Niko in KG block
Ø DHFL: Resolution professional shares plan with lenders
Ø Huawei gets Govt's approval to participate in 5G trials in the country
Ø Billionaire Hinduja brothers set to bid for Jet Airways by Jan 15: Report
Ø Cold chain firm Snowman Logistics buy diversifies Adani Ports portfolio
Ø Govt. working on strategy on import regulation of non-essential items
Ø RBI buys Rs 10,000 cr worth long-term govt securities in second special OMO
Ø NTPC to shell out ₹15,000 crore to buy out NEEPCO, THDCIL from Centre
Ø India improves three positions on SDG Index
Ø SBI cuts external benchmark-based rate by 25 bps
Ø HPCL, EESL to set up public charging infrastructure for National Electric Mobility Programme
Ø Coal India chalks out strategy to meet 660 MT production
Ø QIP fundraising doubles to ₹35,238 crore, backed by large deals
Ø Tata group stronger, more resilient and future ready: N Chandrasekaran
Ø Govt. to review free trade agreements, says Piyush Goyal
Ø Venture Catalysts-backed 54 startups invested ₹500 crore in 2019
Ø Record nine startups get unicorn status amid shift in investor sentiment
Ø Oil regulator PNGRB seeks consultant to rationalise gas pipeline tariff
Ø India’s exports may touch $330-340 billion this fiscal: FIEO
Ø Vodafone Idea mobile customer base drops by 3.63 crore in November
Ø NPA crisis not over yet: SBI may see corporate bad loans rise in second half of FY 20
Ø Loans to realtors rise after 2018 crisis, double in last four years
Ø Bad loans to rise in 2020, says RBI
Ø Indian pharma 'sunrise' segment, year 2020 prognosis positive for healthcare sector
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Assessment of dead person :-
Hon’ble Mumbai High Court in the case of Sumit Balkrishna Gupta. v.Assistant Commissioner of Income-tax, Circle 16(2), Mumbai 103 taxmann.com 188 held that the notice issued on a dead person is invalid unenforceable in law. We extract the relevant part of the order of Hon’ble Bombay High court in Sumit Balkrishna Gupta supra which reads as under:
“7. The issue of a notice under Section 148 of the Act is a foundation for reopening of assessment. The sine qua non for acquiring jurisdiction to reopen an assessment is that such notice should be issued in the name of the correct person. This requirement of issuing notice to a correct person and not to a dead person is not a merely a procedural requirement but is a condition precedent to the impugned notice being valid in law. Thus, a notice which has been issued in the name of the dead person is also not protected either by provisions of Section 292B or 292BB of the Act. This is so as the requirement of issuing a notice in the name of correct person is the foundational requirement to acquire jurisdiction to reopen the assessment. This is evident from Section 148 of the Act, which requires that before a proceeding can be taken up for reassessment, a notice must be served upon the assessee. The assessee on whom the notice must be sent must be a living person i.e legal heir of the deceased assessee, for the same to be responded. This in fact is the intent and purpose of the Act. Therefore, Section 292B of the Act cannot be invoked to correct a foundational / substantial error as it is meant so as to meet the jurisdictional requirement. Therefore, both the impugned notice dated 29.3.2018 and the impugned order dated 13.11.2018 are quashed and set aside. It is made clear that this order will not prohibit the Revenue from issuing a fresh notice for reassessment, if requirement of Sections 147/ 148 of the Act are satisfied, including the limitation period therein.”
[30/12, 9:51 pm] CA Rohit Jaiswal: The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020.
Notification no.107 of 2019 dated 30/12/2019 issued by CBDT.
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👉 The Reserve Bank of India-appointed administrator of the crippled Dewan Housing Finance Ltd (DHFL) called for a meeting of its creditors for the first time on Monday after the mortgage lender was admitted for insolvency proceedings.
The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process.
👉 Around half of the claims under the Insolvency and Bankruptcy Code (IBC) were settled in 2018-19, the latest RBI report showed, helping banks recover stressed assets more quickly. Against Rs 1.66 lakh crore claims involved under IBC, the recovery was Rs 70,819 crore. Through the Sarfaesi mechanism, it stood at Rs 41,876 crore. Recoveries through DRTs and Lok Adalats were Rs 10,575 crore and Rs 2,816 crore, respectively.
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Today is last day of 2019 and also for some statutory compliances -
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. CBDT has extended the due date to pay Advance Tax (IIIrd Installment) from 15.12.2019 to 31.12.2019 for North Eastern States.
3. 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.
4. Bonus Payment due date : 31.12.2019 is the due date to pay Bonus for FY 2018-19 as per Payment of Bonus Act.
5. MCA: 31.12.2019 is the due date to file MGT-7 (Annual Return) for the year ended March 31, 2019.
6. 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.
7. MCA: 31.12.2019 is the due date to hold EXTENDED AGM in case extension of 3 months have been taken by any Company.
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Some relaxation :
The Last date for complying with the CPE hours requirement for the Calender Year 2019 and for the Block 2017-2019 has been extended from 31,Dec 2019 to 31, Jan 2020.
Due date for linking PAN with AADHAAR extended to 31st March 2020.
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👉🏻Extension of last date of filing of CRA-4 (cost audit report) for FY 2018-19
( Last datc of filing of CRA-4 (cost audit report) for all eligible companies for the FY 2018-19, without payment of additional fee, has been further extended till 29.02.2020)
👇🏻 👇🏻 👇🏻
http://bit.ly/39ryggJ
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No anticipatory bail, GST violators can be arrested without FIR, clarifies SC
https://timesofindia.indiatimes.com/india/no-anticipatory-bail-gst-violators-can-be-arrested-without-fir-clarifies-sc/articleshow/69569233.cms?utm_campaign=andapp&utm_medium=referral&utm_source=native_share_tray
SEBI has notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2019 which shall come into force on the date of their publication in the Official Gazette i.e 26-12-2019.
