Corporate Snippets on Jan 7
Ø DHFL: Fixed deposit claims worth Rs 4,800 cr admitted
Ø Petrol, diesel prices up for 4th straight day
Ø India Inc's overseas borrowing up 6.5%
Ø NHAI downsizes toll-operate-transfer-4 bid by Rs 2,000 Cr
Ø Govt. plans financial statement reporting norm for unlisted cos
Ø Wipro, Infosys hit by fresh discrimination suits in US
Ø NPS for traders fails to gain traction, only 25,000 registrations till now
Ø Switzerland sends notices to Indians for trusts set up in tax havens
Ø BSNL filed details of 14 properties of Rs 20,160 cr for monetisation: CMD
Ø Vedanta to raise up to Rs 2,000 cr through non-convertible debentures
Ø Discoms owe Rs 81,085 cr to power producers in Nov 2019, amount up 45%
Ø Further escalation in US-Iran tension may affect India’s exports: FIEO
Ø Eight states finalise action plan for agri export policy: Govt
Ø DuPont develops RO-based water treatment plant
Ø Tesla meets lower end of 2019 target for vehicle deliveries
Ø States may face ₹1.23 trillion revenue gap post withdrawal of GST compensation
Ø 'India, China should set aside rivalries to rewrite global economic rules'
Ø HDFC to raise up to ₹5,000 crore on January 7
Ø Six of top-10 Indian firms lose ₹26,624 crore in m-cap, ICICI Bank worst hit
Ø Govt. unlikely to announce capital infusion for PSU banks in Budget 2020
Ø FPIs pull out Rs 2,418 crore in first three trading sessions of 2020
Ø World Bank’s ease of doing business: DPIIT focusing on 6 parameters to push India’s ranking
Ø HUL wins latest round of water purifier patent battle against Tatas
Ø Fiscal woes: Centre set to cut spending by nearly Rs 2.2 lakh crore
Ø Soon, 150 private trains on Indian Railways network; Mumbai-Delhi, Patna-Delhi among 100 routes discussed
Ø Indian bonds gain as RBI widens special open market operation
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Income Tax Returns form 1 and 4 for AY 2020-21 notified
Following are some changes in new ITR 4Sugam AY 2020-21 :-
[ ] If having Passport, its number is to be given
[ ] If incurred aggregate expenses exceeding Rs. 2 lakh on foreign Travel for self or for others, then amount to be specified
[ ] If deposited aggregate amount exceeding Rs. 1 crore in one or more current accounts then aggregate of amount deposited in all such accounts to be specified.
[ ] If spent amount exceeding Rs. 1 lakh on electricity consumption then specify such aggregate amount.
[ ] If any assessee owns property in co-ownership then he will not be eligible to file ITR 1 Sahaj or 4 Sugam.
[ ] In case of 44AD or 44ADA or 44AE now the assessee will be required to give opening balance of cash in hand and opening balance of bank accounts and also will be required to give total amount received in cash during the year total Amount deposited in bank during the year, total amount of cash outflow out of cash balance during the year, total amount of withdrawal from Bank during the year and closing balance of cash in hand and closing balance of banks.
[ ] Now there will be no need to provide figures of unsecured loans, sundry debtors, sundry creditors, amount of closing stock, etc. as was required in earlier years
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# Revised norms/policy of C&AG empanelment. Kindly read full on link.
http://care.cag.gov.in/policy/Policy.htm
# The monthly wages limit under Employee's Compensation Act, 1923 has been revised to Rs.15,000/- w.e.f. 03.01.2020.
# UDIN generation time limit reduced to 15 days from *01-01-2020.
# 07.01.2020 is the due date to pay TDS/TCS for the month of Dec, 2019
# 10.01.2020 is the due date to file GSTR-1 for the period July, 17 to Nov, 19 for filing the *Return without LATE FEES.
# Wef 11.01.2020, e-way bill will not be generated even if GSTR-1 is pending.
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CBDT Further Extension of time limit of 12 months for applying for Compounding of Offences under Income Tax Act till 31.1.2020. Circular 1/2020-Income Tax of 3.1.2020.
CBDT has notified Rule 119AA of Income tax Rules, 1962 mandating businessmen with Turnover more than INR 50 crores to have facility to accept payment through Rupay Debit Card, BHIM-UPI, UPI QR Code w.e.f. 01.02.2020 otherwise penalty may be levied for INR 5,000 per day.
GST amendments have been made effective w.e.f. 01.01.2020:
Aadhar Authentication has been made mandatory for GST Registrations.
Mandatory online modes of accepting payment also inserted in GST as inserted in Section 269SU of Income tax Act.
Transfer of Cash Ledger balances on the common portal within Major and Minor Heads has been allowed.
Penalty of 10% has been introduced under anti-profiteering provisions.
New SEZ Registrants needs to provide SEZ related information in REG-01.
TRAN-1 and TRAN-2 dates extended for taxpayers facing “technical issues” to 31.03.2020 and 30.04.2020 respectively.
GST: As a one-time measure to enable taxpayers to clear the backlog of all #GSTR-1 which have not been filed from July 2017 to Nov 2019, a late fee waiver till 10.01.2020 (vide NN 74/2019 dt. 26.12.2019) has been provided.
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👉 Debt investors of Reliance Home Finance (RHFL), a unit of Reliance Capital are planning legal action that may include a request for initiating recovery proceedings in the National Company Law Tribunal against the stressed financier, which defaulted on bond repayments due earlier this month.
👉 The country's largest mortgage lender HDFC Ltd on Thursday said the company and its subsidiary HDFC ERGO have got approvals for acquiring a majority shareholding in Apollo Munich Health Insurance Co Ltd. According to the acquisition deal, HDFC will acquire majority stake in Apollo Munich from the Apollo Hospitals Group for Rs 1,347 crore and will merge the company with its arm HDFC ERGO.
👉 The cumulative share of operational creditors in companies admitted under Insolvency and Bankruptcy Code (IBC) has reduced to 48 per cent at the end of Q2 from 50 per cent in Q1 of FY20. Correspondingly, the share of financial creditors has risen from 40 per cent to 43 per cent in the same period, data from the Insolvency and Bankruptcy Board of India (IBBI) showed.
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👉🏻 MCA amends the Rule 8A and provides that every private company which has a paid up share capital of ten crore rupees or more shall have a whole -time company secretary."
👉🏻 Further, the MCA has also amended the Rule 9 to extent the scope of Secretarial Audit Report and now it is mandatory also for every company having outstanding loans or borrowings from banks or public financial institutions of one hundred crore rupees or more. Earlier, there were only two criteria viz.
1. Paid-up share capital of fifty crore rupees or more; or
2. Turnover of two hundred fifty crore rupees or more.
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👉🏻CBDT extends deadline for compounding of income tax offences till Jan 31
(CBDT has extended till January 31 the last date for taxpayers to avail a "one-time" facility to apply for compounding of income tax offences)
👇🏻 👇🏻 👇🏻
http://bit.ly/2QJD5tb
👉🏻E-commerce cos may get to upload GST e-invoice for vendors
(In a significant relaxation for the ecommerce sector, the government could allow online platforms to upload e-invoice for vendors under GST framework)
👇🏻 👇🏻 👇🏻
http://bit.ly/36mtaQN
👉🏻Bank employees to go on nationwide strike on Jan 8
(Normal banking services at bank branches and ATMs are likely to be impacted as major bank unions have decided to resort to an all-India general strike on January 8)
👇🏻 👇🏻 👇🏻
http://bit.ly/2MTfOUB
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Revenue Secretary will hold a day-long meeting on January 7 with tax commissioners to discuss ways for streamlining the GST system and plugging leakages due to fraud. Besides, this meeting with Commissioners of State Tax and Chief Commissioners of Central Tax will also deliberate on enhancing GST compliance by plugging loopholes and discourage tax evaders, that gaming or misusing the system.
SEBI with an intent further strengthen the conduct of investment advisers has issued a circular to all Investment Advisors and instructed them to do proper risk profiling of clients and obtain their consent on the same before providing any advice to such investors.
RBI announced its third round of simultaneous purchase and sale of government securities under the special open market operation (OMO). The RBI said it will purchase two new long-term government securities, maturing in 2024 and 2026, in addition to the 10-year bond maturing in 2029.
State Bank of India intends to appoint Concurrent Auditors for Currency Chest verification, on contract basis for their business unit spread all over the country. Last date for receipt of application for Appointment of CA firms is extended up to 10.01.2020.
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👉 The corporate affairs ministry on Friday told the company law appellate court that the registrar of companies (RoC) did not commit any illegality in granting permission to convert Tata Sons into a private company. The submission came in response to a petition by the RoC seeking modification of the order by the National Company Law Appellate Tribunal (NCLAT) that reinstated Cyrus Mistry as chairman of Tata Sons and quashed the conversion of Tata Sons into a private company from a public company.
👉 The State Bank of India (SBI) has asked Reliance Industries (RIL) to complete its proposed takeover of bankrupt textile company Alok Industries by paying up its equity share so that the long pending resolution process can be completed, a person directly aware of the communication said.
👉 Hinduja, Synergy, Dubai fund may bid for Jet Airways –
• Lenders are unwilling to give more time and have set a final deadline of 15 Jan for expressions of interest
• The Hinduja group is looking to acquire Jet Airways if it is indemnified from the airline’s legal liabilities
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Vehicle can’t be Detained for Non-Filing of GST Returns: Kerala HC [Read Order]
Read more at: https://www.taxscan.in/gst-returns-vehicle-detained-kerala-hc/43210/
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Registered Person making Zero Rated Supply eligible to Claim IGST Refunds: Madras HC [Read Judgment]
Read more at: https://www.taxscan.in/igst-refunds-registration-zero-supply-claim-madras-hc/43114/
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