Corporate Snippets on Jan 23
Ø IMF cuts India’s FY20 growth forecast to 4.8%
Ø CCI approves Reliance's divestment of Jio tower assets
Ø India attracted $49 billion FDI in 2019: UNCTAD
Ø DoT seeks Rs. 48,000 crore from OIL in telecom dues
Ø NIC approves merger proposal with two other insurers
Ø Cut in duty-free liquor quota may hit Adani, Zurich
Ø Telcos to file plea in SC for time to pay AGR dues
Ø OMCs to be weak on refining front in Q3
Ø AGR dues: Telcos dial SC again, seek change in 90-day payment deadline
Ø 30,000 tonnes of palm oil stuck at Indian ports after curbs on Malaysia
Ø Indian Railway Finance Corporation files IPO draft papers with SEBI
Ø MCA unearths Rs. 700 cr scam in Unitech, says funds diverted to 16 shell cos
Ø OMCs float season's 2nd tender, seek 2.5 bn litres ethanol from sugar mills
Ø India still fourth-most attractive market, shows PwC Global CEO survey
Ø Finance Ministry to block ITC for entities caught using fake invoices
Ø BEL commissions real time train info system for Railways
Ø Hindustan Zinc net down 27% on lower realisation
Ø Tata International eyes ₹1,000-cr revenue from leather products
Ø Ashok Leyland sees pick up in demand for tippers and ICVs
Ø Power Exchange India upgrades its trading platform
Ø India's richest 1% holds over 40% of national wealth: Report
Ø IMF trims global economic outlook but tones down risk warnings
Ø Dubai's biggest bank goes after debt-laden Al Jaber’s land in finance hub
Ø Ujjivan Small Finance Bank eyes small businesses amid retreat by NBFCs
Ø Altico NPAs swell nearly 40% of total credit in Dec, lenders trying to cut debt
Ø Govt. cuts reserve prices of wheat, rice to make space for new crop yield
Ø Federal Bank profit surges 32% boosted by higher income, lower provisions
Ø Consumer spendings drop again in January amid concerns for economy
Ø India makes around Rs 33-crore payment to WTO for 2020 in advance
Ø World’s richest 2,000 people hold more than poorest 4.6 billion combined: Oxfam Report
Ø Interim dividend issue may come up in next RBI's board meeting
Ø No dearth of money, plan to spend Rs 5 lakh cr on infra: Gadkari
Ø Govt. plans to extend urad imports till June on likely domestic shortage: sources
Ø ITI's Rs 1,600-cr FPO to open on Friday
Ø South Indian Bank to raise Rs 500 crore from bonds
Ø Nominal GDP needs to grow above 10% for wage growth
Ø GAIL to invest Rs 45k cr to create gas-based economy
Ø Axis Bank Q3 profit up 4.5%, misses Street estimates
Ø Adani Group aims to be largest solar power by 2025
Ø SEBI cuts notice period for rights issue to 3 days
Ø SEBI to rope in independent agencies to dispose of attached assets
Ø State govts slash price of electricity generated by sugar mills by 50%
Ø Fee-charging advisors fear SEBI move on net worth may undermine business
Ø Telcos to miss Jan 24 AGR deadline, wait for 'modification' plea hearing
Ø New York's Interups plans to acquire assets worth $8 billion in India
Ø Japan's NTT to invest estimated $1.5 billion in data centres in India
Ø L&T profit rises 13.8% to ₹2,161 crore in December quarter
Ø IndiGrid Q3 profit jumps over 2-folds to ₹131.83 crore
Ø Apollo Tyres keen to burn rubber despite testing economic times
Ø Syngene Q3 profit rises 6% with 11% increase in revenue
Ø IndianOil signs MoU with Ghana’s National Petroleum Authority
Ø RBL Bank’s net drops 69% as provisions balloon
Ø TCS brand value grew nearly six-fold since 2010 to $13.5 bn in 2019: Report
Ø Sun Pharma recalls batches of anti-migraine drug, testosterone injection in US
Ø ReNew Power raises $450 million via dollar bonds
Ø Shriram Capital halts 3-way merger after RBI request
Ø DHFL depositors move Supreme Court seeking stay on plans to resume lending
Ø Telcos to take a call on paying AGR dues today
Ø US criticises CPEC, says no transparency in projects undertaken by China
Ø RBI allows NBFCs to auction gold pooled from multiple branches
Ø Cabinet approves closure of Hindustan Fluorocarbons Ltd
Ø Supreme Court stays recovery suit against Tata Steel BSL
Ø Housing sales down 9 pc, new supply falls 10 pc in Oct-Dec: report
Ø One-fifth taxpayers file returns on last day: GST Network
Ø Nirav Modi's seized assets to be auctioned
Ø Lebanese focus fury on banks amid severe financial crisis
Ø Global device shipments to grow 0.9 per cent in 2020
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Bombay High Court In the case of PCIT vs. Pinaki D. Panani Even if the purchases made by the assessee are to be treated as bogus, it does not mean that entire amount can be disallowed. As the AO did not dispute the consumption of the raw materials and completion of work, only a percentage of net profit on total turnover can be estimated (Favour of Assessee).
Jaipur ITAT quashes the final assessment order passed without issuing draft assessment order u/s 144C of the Income Tax Act, 1961 (‘Act’). Jaipur ITAT notes that the TPO had made additions pertaining to domestic transactions and assessee was an eligible assessee as defined u/s 144C(15). Further, it was held that service of draft order was not merely a procedural requirement but a mandatory procedure to be followed by the AO– Jhandewala Foods Limited vs ACIT
GST Taxpayer not entitled to additional GST due to faulty contract clauses. HC of Kerala dated 20th March, 2019 regarding levy and collection of tax in case of Jilmon John V. State of Kerala [2019] 112 taxmann.com 62.
GST :Goods and Transport vehicle cannot be detained by the department on the ground of non filing of GSTR 3B and GSTR 1 ( Ref : Relcon Foundation Pvt Ltd - Kerela High Court )
DIRECTORATE GENERAL OF GST INTELLIGENCE (HQRS) F.No. 587/CE/167/Po1/2019/11219-11269 dated 13.01.2020 regarding Blocking of Input Tax Credit under rule 86A(1)(a) of CGST.
Central Goods & Services Tax (CGST) administration has started blocking input tax credit (ITC) for assessees who availed credit against fake invoices, or against invoices without the receipt of goods or services, or both.
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👉CMI&B of ICAI is conducting 51st Campus Placement Programme in the month of Feb-March, 2020. https://www.icai.org/new_post.html?post_id=16245&c_id=240
👉RBI issues directions for permitting Rupee derivatives (with settlement in foreign currency) to be traded in International Financial Services Centres (IFSCs). https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49202
👉Money Market Operations as on January. https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49204
👉 With a view to ‘boost foreign investment’, GoI is reportedly planning to introduce a new law for ‘safeguarding’ the rights of foreign investors.
As per reports, the finance ministry has mooted a 40-page draft proposal that envisages the appointment of mediators and the setting up of fast-track courts to resolve disputes with foreign investors. While the proposal is being reviewed, it certainly would be a welcome step in rethinking the investor-State dispute regime.
👉 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.
The move will close doors on promoters regaining control of their insolvent firms during liquidation proceedings. The IBBI said it has notified changes to the regulations with effect from January 6. The amendment also provides for a stakeholder to withdraw from the corporate liquidation account.
👉Setting up of IFSC Banking Units (IBUs) – Permissible activities. https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11794&Mode=0
👉On-line facility for seeking change of Centre/Group/Medium for appearing in CA examinations - Correction Window. - https://resource.cdn.icai.org/58072exam47355.pdf
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👉🏻Income tax dept serves notices to over 44,000 cases under e-assessment scheme
(After the launch of e-assessment facility in October last year, out of 58,322 cases selected for faceless assessment, digitally signed notices were served in 44,285 cases)
👇🏻 👇🏻 👇🏻
http://bit.ly/2TLWcGj
👉🏻SEBI notifies norms, scraps upfront fees for portfolio management services
(SEBI notified its norms for portfolio managers, doubling the minimum investment amount to be taken from clients to Rs 50 lakh and asking such managers to raise their net worth to Rs 5 Cr within three years of notification)
👇🏻 👇🏻 👇🏻
http://bit.ly/38nLJom
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Several jewellers have been put under scrutiny by the income tax department in cases of alleged large and disproportionate cash deposits during the demonetisation period (November 9-December 30, 2016). In some cases, some of these jewellers have been found to have deposited nearly 1,000 times as much cash during this period compared to the year-ago period.
Bombay High Court In the matter of Madhuri Doulatram Choitram Vs Lachmandas Tulsiram Nayar (HUF) : a member of the family other than, or in the absence of, a Karta, may be permitted to prosecute the suit on account of special circumstances of a given case.
Income tax commissioners in Mumbai decided to allow “deserving” assessees pay in instalments the amount they are required to fork out after challenging a tax demand order. After receiving a demand order from the assessing officer of the Income Tax department, a tax payer has to pay 20% of the demand within a month once the order is challenged before the CIT (Appeals). This amount can now be paid in multiple instalments till end March.
Government may be losing Rs. 5 trillion in indirect tax revenue a year, amounting to 40% of its GST collection target, because of defaults and evasion, according to the Fifteenth Finance Commission (FFC), confirming policymakers’ fears that businesses are not paying their fair share of taxes.
NCLT order had cast doubt on debt resolutions of several companies including Videocon Industries and Essar Projects, where former bank officials are working as IRPs.
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IRDA has issued a circular yesterday wherein the earlier circular dated June 28, 2017 in which the effective date of implementation of Ind AS was deferred to FY 2020-21 stands withdrawn and the requirement of Proforma Ind AS financial statements being submitted on a quarterly basis also stands dispensed with.
Since, IASB has taken a considered view to amend IFRS 17: Insurance Contracts, due to the concerns raised around accounting treatments, operational complexity and implementation challenges raised by various stakeholders and indicated to issue the final amendments in mid-2020. Once the final standard (with amendments) is notified, the equivalent standard Ind AS 117 will be notified by MCA in India.
Hence, The effective date of implementation shall be decided after the finalization of IFRS 17 by IASB. Accordingly, the earlier circular dated 28th June 2017 stabds withdrawn.
Relevant circular is attached for ready reference
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# GSTR-3B due dates now rescheduled:-
1) For Annual Turnover Rs.5.00 crore & more in previous year - 20th of next month
2) For Annual Turnover up to Rs.5.00 crore in previous year -
A) 15 various states including MP, MH, CG, Guj etc. - 22nd of next month.
B) 22 various states including UP, Delhi, Raj, etc. - 24th of next month.
# The ICAI Board of Studies is pleased to launch the Intermediate Course e-books for May 2020 Examinations along with embedded video lectures and self-assessment quizzes. To avail, visit: https://learning.icai.org/elearning
In case of any queries, students may write to Helpdesk at boslearning@icai.in
# ICAI - Announcement for the 1st Batch of the
Certificate Course on Public Finance & Government Accounting - (21-01-2020) - https://www.icai.org/new_post.html?post_id=16246&c_id=240
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👉🏻Govt can’t invalidate PAN for lack of Aadhaar linkage - HC
(Gujarat High Court said that PAN does not become invalid for filing income tax returns and making transactions just because it is not linked to their Aadhaar card.
👇🏻 👇🏻 👇🏻
http://bit.ly/30WlvXP
👉🏻Canada invites 3,400 Express Entry candidates to apply for PR
(The Government of Canada issued 3,400 invitations to apply for Canadian Permanent Residence to Express Entry candidates in a draw held January 22.)
👇🏻 👇🏻 👇🏻
http://bit.ly/30IZ2gG
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Kerala High Court in the matter of Kannangayathu Metals decided that if transportation vehicle is carrying proper E way bill and Tax Invoice but the truck driver has taken some other route to reach the destination, vehicle and goods cannot be detained solely because driver has opted for a different route.
GST Network said a total of 65.65 lakh returns for December were filed till January 20, out of which 13.30 lakh returns were filed on the last day itself. “There have been few issues about one-time passwords (OTPs) being received with some time lag on account of delay by the email service provider or local internet issues.
Calcutta High Court held that the corporate insolvency resolution procedure enumerated under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be used as a tool to curtail any claim which arose prior to the commencement of the insolvency proceedings.
Allahabad High Court has upheld the constitutional validity of section 164(2) of the companies Act 2013, which stipulates that a Director whose company has not filed Financial Statements or Annual Returns for any continuous period of three financial years, shall be disqualified from holding the position for five years
Regards
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Mca Update
#MCA #SPICE #ROC #Company #Incorporation
Message
(i) Stakeholders may please note that as part of Government of India’s Ease of Doing Business(EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form.
(ii) SPICe+ would be an integrated Web form offering multiple services viz. name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account. It will also facilitate allotment of GSTIN wherever so applied for by the Stakeholders. After deployment of SPICe+ web form, RUN shall be applicable only for change of name of existing companies.
(iii) Upon notification & deployment, all new name reservations for new companies as well as new incorporations shall be applied through SPICe+ only
(iv) However, incorporation of companies for names reserved through the existing RUN service shall continue to be filed in the existing SPICe eform along with related linked forms as applicable and if marked under resubmission shall be resubmitted in SPICe eform.
(v) Resubmission of SPICe forms submitted prior to date of deployment of SPICe+ web form shall also be filed in the existing SPICe eform and related linked forms as applicable.
Thanks for reading