Corporate Snippets on Jan 14
Ø FM may announce capital infusion for non-life insurers
Ø India aiming at USD 250 bn maritime economy by 2024
Ø 7 out of top 10 firms add Rs 32,000 crore to m-cap
Ø FPIs pull out Rs 2,415 cr from domestic market in Jan
Ø $5 tn goal unimaginably ambitious, says economist
Ø Forensic audit finds no fraud at Reliance Home Fin
Ø Farm loan write-offs touch Rs 4.7 trillion in last 10 years, says report
Ø Auto industry seeks bold fiscal measures in the Budget to revive growth
Ø Firms in China remain cautious despite progress in US trade deal
Ø Aramco raises IPO to $29.4 bn via greenshoe option, sells 450 mn shares
Ø Commerce Ministry moving to put in place institutional structure to turn districts into export hubs
Ø Partnership with Hero Future Energies is much deeper: Masdar
Ø Tata Motors global sales dip 3% to 97,348 units in December
Ø Rashesh Shah rejects allegations of FEMA violations
Ø Tata Global Beverages' UK subsidiary sells 100% stake in Czech arm for Rs 31.7 cr
Ø Oil comes back to haunt Asian currencies as volatility increases
Ø China to buy $200 billion more products part of trade deal phase 1: Mnuchin
Ø Adani Gas seeks $350 million from promoter group firms
Ø Realty investors look to build portfolios in India’s logistics sector
Ø Granules India recalls over 2.3 crore ranitidine tablets from US market
Ø Non-life insurers log 12% rise in premium at ₹15,981 crore in Dec 2019
Ø India is in talks with Mongolia and Russia for importing coking coal: Dharmendra Pradhan
Ø STEM-related job postings rise 44 per cent in 3 years: Report
Ø Discoms’ dues to power producers rise by 45% to Rs 81,000 crore
Ø Indian government to seek RBI dividend boost as revenue drops
Ø Tax officials conduct surprise search at SoftBank-backed Oyo
Ø Siemens to support Adani’s Australian coal project
Ø Voda Idea to use rights issue funds to pay AGR dues
Ø Revenue department detects 931 GST fraud cases
Ø STEM jobs in India increase 44% in 2016-2019
Ø TV broadcasters move HC against TRAI's new tariff order
Ø ICICI Bank seeks recovery of amounts from Kochhar
Ø China to buy $200 bn US products for 2 years: US
Ø Retail inflation rises sharply to 7.35% in Dec 2019 from 5.54% in Nov
Ø SEBI blinks, gives India Inc two more years to split CMD position
Ø India's textile and apparel exports to reach $300 bn by FY25: Invest India
Ø IOC to take call on bidding for Govt's stake in BPCL: Chairman Sanjiv Singh
Ø Cement capacity in India expected to cross half a billion tonne this year
Ø Tata Elxsi Q3 net profit up over 14 per cent to Rs 75.4 crore
Ø Health Ministry pulls up Nestle arm for ‘sponsoring’ Apollo conference
Ø Nusli Wadia withdraws suit against Ratan Tata, others
Ø Excess monsoon trims kharif rice production by 8%, says NBHC
Ø Maharashtra sugar output may double next year
Ø JSW Steel crude steel production declines 5% in Q3
Ø Deals in growth-stage startup space climb to a record $3.1 billion in 2019
Ø All GST refund claims on products with imperfect tax structure under scrutiny
Ø 'Value-conscious millennials helping reinvent the Indian travel sector'
Ø India needs a counter-cyclical fiscal response to the ongoing slowdown
Ø Bengaluru bank blames 62 dud loans for crisis, chairman says money '100% safe'
Ø Economic slowdown hits deal market! M&As plunge 34.4 per cent to $67 billion
Ø India imposes anti-subsidy duty on imports of copper wire rods from 4 nations
Ø Airbus inks contract with city startup for talent acquisition
Ø Antitrust probe ordered against Amazon, Flipkart
Ø RBI buys net USD 6.93 billion in currency market in November: report
Ø Tata Motors global sales dip 3 pc dip to 97,348 units in December
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Income tax department now wants to know not only about your earnings and investments but also about your expenses in new income tax return (ITR) forms. Although the finance ministry has relaxed eligibility conditions for filing ITR-1 and ITR-4 forms, yet no changes have been made in the new ITR forms which were notified last week.
GST: Banks, airlines, insurance companies, armed forces and telecom service providers are likely to be exempted from mandatory issuing of e-invoices under goods and services tax.
IL&FS has submitted a fresh affidavit to the National Company Law Appellate Tribunal (NCLAT), asking the tribunal to direct all financial creditors of the relevant IL&FS group entities, including group lenders, to be part of the committee of creditors.
The amendments in the IBBI regulations will prevent backdoor entry of former promoters in companies under liquidation by covering the "loopholes" in the law and are in line with the objective of the Insolvency and Bankruptcy Code (IBC),
Reserve Bank of India (RBI) has curbed a Bengaluru-based private co-operative bank Sri Guru Raghavendra Sahakara Bank from doing business with immediate effect for alleged irregularities in transactions.
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👉🏻SC exempts retrospective petitions from IBC amendment
(SC gave a status quo order regarding the amendment of section 3 of IBC that home buyers set stringent conditions for individual financial creditors to approach the bankruptcy court)
👇🏻 👇🏻 👇🏻
http://bit.ly/386pO4O
👉🏻Applicability of Sec 68, 69A and 115BBE on cash deposited during demonetisation
(Applicability of Sec 68, 69A and 115BBE in the cases of cash deposited during demonetisation explained by CA. Rajiv Jain)
👇🏻 👇🏻 👇🏻
https://youtu.be/3Vq6jKNjYLI
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Latest GST matters to be keep in mind in 2020
👩🏻🎓 E-invoice : New E-invoicing system is going to be implemented in GST which is mandatory from 1st April 2020 for taxpayers having an annual turnover exceeding Rs. 100 crore and then gradually to all B2B suppliers in the future. A mechanism for the continuous upload of revenue invoices on a real-time basis. This is the most remarkable change coming in Indian Book Keeping.
👨🏻🎓 New IRP in GST: Invoice Registration Portal would be introduced this new year. IRP shall make an e-invoice of the invoices uploaded by the supplier. IRP shall send the e-invoice to the supplier and recipient. IRP shall send e-invoices data to GSTN portal
👨🏻🎓 New Return: New simplified auto-mated GST returns would be implemented from 1st April 2020 for all taxpayers. This new returns system will increase compliance and reduce tax evasion to a larger extent.
👩🏻🎓 Annexure 1 and Annexure 2: Anx-1 of Outward Supplies and Anx-2 of Inward Supplies will be the future base for filing of all GST Returns, thus these 2 reports will be the key for future reports of GST which will replace GSTR 1 and GSTR-2A.
👨🏻🎓 Restriction on claim of ITC: With effect from 01/01/2020, ITC in respect of invoices or debit notes that are not reflected in taxpayer’s FORM GSTR-2A shall be restricted to 10 percent of the eligible ITC reflected in his FORM GSTR-2A. Earlier the restriction was 20%. A major change in ITC availment.
👩🏻🎓 E-way Bill and GSTR-1: From 11th January, 2020 non-filing of GSTR-1 for two consecutive periods would block generation of E-way Bill. Thus, regular filing of GSTR-1 and GSTR-3B in year 2020 should go hand in hand.
👨🏻🎓 Waiver of late fees for Non-filing of GSTR-1: If the taxpayer has failed to file GSTR-1 from July 2017 to November 2019, then the taxpayers can file such returns till 10 January, 2020 and the late fees for the same has been waived of. This will also affect GSTR-2A of the recipient to claim ITC.
👩🏻🎓 GST Audit and Annual Return: The due date for filing GST Annual Return and Audit Report for F.Y. 2017-18 has been further extended to 31st January, 2020.The due date for filing GST Annual Return and Audit Report for F.Y 2018-19 has been extended to 31st March, 2020. For F.Y 2019-20 new format may be brought in because of inherent limitation in current forms.
👨🏻🎓 DIN notices and E-scrutiny: Due to decline in collection of revenue from GST, large scale e-scrutiny and e-assessment notices with DIN for the returns from July 2017 may be taken up. It would be done in order to check significant deviations in returns.
👩🏻🎓 GSTN Network is proposed to be reengineered for more taxpayer-centric services like reminder of return filing, status of refund, ITC matches and mismatches, etc.
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👉A trustee to Reliance Home Finance’s bondholders has approached the National Company Law Tribunal (NCLT), seeking to recover Rs 3,500 crore of investment after the Reliance Capital unit missed repayments. IDBI Trusteeship Services filed the application under the Companies Act, since this doesn’t require it to first seek the Reserve Bank of India’s permission, a requirement to move under the Insolvency and Bankruptcy Code against a financial services company. Taking the IBC route through the RBI would be time-consuming and it “is not actively under consideration for now”, a person in the know said.
👉NCLAT reserves order over NCLT's jurisdiction to implead auditors in IFIN case- Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR & Associates, the NCLAT on Friday reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&FS.
👉 The National Company Law Tribunal (NCLT) has ordered insolvency resolution process against a company in probably the first such case in India where the petitioner that approached the bankruptcy court alleging payment default is a firm that had earlier provided it services on insolvency resolution.
The NCLT’s Hyderabad bench has ordered the proceedings at Sri Yadadri Life Sciences (SYLS) for the alleged default in payments to Adroit Financial Services (AFS) for advice given on insolvency resolution and services towards capital structuring and settlement of debt through a one-time settlement (OTS) with its lender.
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👉The date of waiver of late fee for GSTR-1 of tax periods (Monthly/Quarterly) starting from July, 2017 to November, 2019, has been extended to 17th January, 2020.
👉Filing ITR1 for FY2019-20? Check latest eligibility norms set by CBDT.
Read more at:
https://economictimes.indiatimes.com/wealth/tax/filing-itr1-for-fy2019-20-check-latest-eligibility-norms-set-by-cbdt/articleshow/73185524.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
👉Important tax dates in the year 2020.
#Jan-15 Quarterly statement of TCS deposited for quarter ending December 31, 2019.
#Jan-30 Issue of Quarterly TCS certificate in respect of tax collected for the quarter ending December 31, 2019.
#Jan-31 Quarterly statement of TDS deposited for the quarter ending December 31, 2019.
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ITR 1 & 4 AY 2020-21 can be used if assessee owns joint property. ITR-1 can be used if electricity/travel expenses or deposits in current accounts exceed threshold.
Finance Ministry on Friday extended deadline to avail waiver of late fee chargeable on GSTR-1 pertaining to period from July 2017 to November 2019 from 10 January to 17 January.
Sebi came out with guidelines for entities for operating as investment advisers in International Financial Services Centre (IFSC), under which such advisers need to have a net worth of at least USD 1.5 million. The decision has been taken following the representations received from various stakeholders, the Securities and Exchange Board of India (Sebi) said in a circular.
Sebi is considering relaxing the March 31 deadline for listed companies to separate the positions of chairman and managing director (CMD). While the market regulator gave ample time to India Inc to adhere to the rule, not many corporate houses have complied with it.
RBI decided to permit video-based KYC (Know Your Customer) which will be a huge relief to map remote customer authentication, as opposed to physically on boarding customers. The provision allows an officer of the institution to remotely vet a customer’s identity through PAN or Aadhaar and a few questions.
ICAI MEF 2019-20 Draft Bank Branch Auditors’ Panel of Chartered Accountants is available at www.meficai.org. In case, if the query at https://app.meficai.org/complaints on or before 13th January, 2020 which will be resolved after due verification as per the norms or call at 011-30110440 or 011-30110480 or write at mefpdc@icai.in
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👉🏻RBI extends recurring payments feature to UPI
(RBI notified that the same guidelines on recurring payments currently applicable for the above-mentioned instruments will apply for UPI payments as well.
👇🏻 👇🏻 👇🏻
http://bit.ly/2FF173C
👉🏻Ontario issues first Express Entry-linked invitations of 2020
(A Provincial nomination results in an additional 600 CRS points, raising the recipient’s score well above the typical score threshold for Express Entry draws and effectively guaranteeing an invitation to apply for Canadian PR)
👇🏻 👇🏻 👇🏻
http://bit.ly/2FGEv2E
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SECTION 68 OF THE INCOME-TAX ACT, 1961 - CASH CREDITS
Share capital : SLP dismissed against High Court ruling that once genuineness, creditworthiness and identity of investors are established, no addition could be made as cash credit on ground that shares were issued at excess premium - Principal Commissioner of Income-tax v. Bharat Securities (P.) Ltd. - [2020] 113 taxmann.com 32 (SC)
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SECTION 263 OF THE INCOME-TAX ACT, 1961 - REVISION - OF ORDERS PREJUDICIAL TO INTEREST OF REVENUE
Conditions precedent : Where Assessing Officer issued detailed questionnaire, in reply to which records were filed, but Assessing Officer did not apply his mind nor did he conduct an enquiry while accepting claim of assessee although he recorded in note-sheet that reply filed by appellant was not satifactory and did not explain all facts, assessment order was to be revised - Nagal Garment Industries (P.) Ltd. v. Commissioner of Income-tax - [2020] 113 taxmann.com 4 (Madhya Pradesh)
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CESTAT quashes Show Cause Notice issued after 5 Years [Read Order]
Read more at: https://www.taxscan.in/cestat-quashes-show-cause-notice-issued-after-5-years/43897/
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Income tax department has given the facility to download “CPC Intimation Orders” at e-filing portal. Now, there will be no requirement to raise a request to receive the same on e-mail.
CBEC has extended the due date of GSTR-1 amnesty scheme from 10.01.2020 earlier to 17.01.2020 for pending GSTR-1 for the period from July, 2017 to November, 2019.
RBI amended the KYC norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers remotely.
MCA has amended Rule 8A of KMP Rules to EXEMPT Private Companies having paid up share capital upto INR 10 crores from Appointment of a Company Secretary from earlier limit of INR 5 crores.
NCLAT reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&FS Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR & Associates.
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👉 Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR & Associates, the NCLAT on Friday reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&FS.
👉 IL&FS will seek directions from the NCLAT for removal of Power Finance Corporation (PFC) as one of the top five creditors, due to the transfer of wind power assets.
👉 In a significant change in the liquidation framework, the Insolvency and Bankruptcy Board of India (IBBI) has prohibited secured creditors from selling assets of a company to any person restricted from submitting an insolvency resolution plan.
