31st January 2K20
Ø SBI Q3 profit set to double on Essar Steel resolution
Ø US economy misses Trump's 3% growth target in 2019
Ø India on target list for post-Brexit UK trade campaign
Ø China demand for Land Rover boosts Tata Motors
Ø PSU banks employees to go on 2-day strike from Friday
Ø Trai extends deadlines on net neutrality rules paper
Ø Power Finance Corporation, REC merger hits a wall
Ø Govt plans to sell 15% stake in HAL via offer for sale, bid by Feb 21
Ø Coal India production not to exceed 640 million in FY20: Official
Ø SAT directs Irdai to recalculate unlawful gains in SBI Life Insurance case
Ø India's food ministry seeks over $28 billion for food subsidies: Report
Ø Bank of England holds interest rate at 0.75% after slowdown fears allay
Ø Tata Motors Q3 net profit at Rs 1,756 cr
Ø FinMin summons Infosys on GST tech glitches
Ø Textile exporters bleed as Govt asks them to repay sops availed
Ø Domestic airline industry may post net loss of ₹ 7,800 crore: ICRA
Ø Bajaj Auto posts 8.32% rise in net profit
Ø Dabur India consolidated profit rises 8.7% in Q3
Ø India on target list for post-Brexit UK trade campaign
Ø Global firms queue up to board private trains
Ø Colgate-Palmolive (India) Q3 net profit up 3.6%, volume growth slips to 2.3%
Ø Marico reports 11% rise in Q3 profit at Rs272 crore
Ø Prime Venture Partners to back up to six firms in fintech, SaaS, healthcare
Ø SC allows transportation of iron ore mined till March 2018
Ø HAL disinvestment: Govt plans to sell 15 per cent stake in defence firm via offer for sale
Ø Sri Lanka in third rate cut after Easter bombings
Ø UK economy seeks to balance Brexit with global strains
Ø Torrent Power facing land, tariff issues in executing 600 MW Gujarat wind projects
Ø Axis Bank to raise up to Rs 4,175 crore via NCDs
Ø India's gold demand falls 9 pc on record prices in 2019: WGC
Ø Asian currencies fall as worries mount over coronavirus epidemic
Ø Facebook warns revenue growth slowing, costs remain high
Ø Britain to finally exit the European Union on Friday
Ø Govt. notifies rules for winding up of cos under Cos Act
Ø Ind-Ra keeps YES Bank on rating watch negative
Ø IRDAI slaps Rs 1 cr penalty on ICICI Lombard, Tata AIG
Ø NCLT extends Videocon's insolvency resolution process
Ø Cognizant-led consortium wins deal from Network Rail
Ø Ind-Ra expects states fiscal deficit to touch 3% of GDP in FY21
Ø DHFL diverted Rs 12,700 cr into 79 shadowy firms linked to promoters: ED
Ø Banks looking to restructure major chunk of Rs. 2-trn MSME loans by March
Ø Vedanta to raise up to Rs. 2,500 crore through non-convertible debentures
Ø Coffee Day posts Q2 net loss of Rs 190 crore, revenue dips to Rs 843 crore
Ø Saudi Telecom looking to expand, in talks to buy 55% stake in Voda Egypt
Ø Pharma exports post highest-ever growth in third-quarter at 14.6%
Ø Birla Corp’s Q3 profit jumps over 200%
Ø India Venture Capital market ended on a high note in 2019
Ø Sundram Fasteners posts drop in Q3 net, revenue; opens ₹110-cr unit in Sri City
Ø NTPC to be consultant for 300-MW solar power projects in West Africa
Ø Jubilant FoodWorks Q3 net up 7.5% at Rs. 103.7 crore
Ø IndiGrid acquires another Sterlite transmission line for ₹1,020 crore
Ø Bajaj Finance posts 52% rise in Q3 profit, sets aside ₹85 crore for Karvy loan
Ø RBI fines HDFC Bank ₹1 crore for non-compliance of KYC norms
Ø Tata Power PAT rises as it dials down Mundra losses
Ø FICCI survey projects FY20 GDP growth at 5%, to improve to 5.5% in FY21
Ø States fiscal deficit seen jumping to 3% in FY21
Ø DHFL’s administrator orders three transaction audit reports
Ø IDBI Bank to raise Rs 1,500 crore via bonds
Ø Cargo traffic at non-major ports grew 4.8 pc to 447.21 MT in Apr-Dec
Ø Reliance seeks to counter India plastics pushback with new road project
Ø Apple logs double-digit growth in iPhone sales in India in Dec qtr
Ø Tata Sons may bank on TCS to clear telecom arms' AGR dues
Ø Tata takes charge to build EV ecosystem
Ø Govt directs banks to address pending disciplinary cases
Ø IRDAI issues norms to help merging PSBs' customers
Ø Pharma industry likely to grow at 10-13 pc in FY'21
Ø Bharti’s $3 billion fundraising settles viability concerns
Ø MCA notifies winding-up rules: Shutting business now easier for small firms
Ø Tata Steel, JSW, Adani likely to bid for Neelachal Ispat's Odisha plant
Ø Alembic Pharma gets final nod from USFDA for infection treatment drug
Ø Five banks willing to invest Rs 2.5 trillion in highway projects: Gadkari
Ø Infosys completes divestment of its stake in Unsilo A/S for over $800,000
Ø Cochin Shipyard mulls cautious expansion, to grow ship repair business
Ø Maruti Q3 profit rises 4% to ₹1,587 crore amid cost cuts, lower expenses
Ø US-based DEP unveils EV scooter prototype for Indian market
Ø Coal India posts double-digit growth in output in January
Ø Abhijit Banerjee bats for wealth tax to combat inequality
Ø Tube Investmentsposts ₹78 cr PATin third Quarter
Ø Airtel Africa’s Q3 profit after tax falls 21% to $103 million
Ø FinMin eases pressure on PSB heads in fraud probes
Ø Indian online food delivery market to hit $8 bn by 2022: Report
Ø Prestige Group to raise $300-400 million before REIT listing
Ø Allcargo increases stake in Gati to 20.8%
Ø India for elimination of trade-distorting subsidies on agriculture in WTO
Ø India begins dumping probe into chemical imported from China
Ø India’s crude steel output rises 1.8 per cent to 111.2 MT in 2019, says report
Ø Commerce ministry puts Bharti Airtel in denied entry list
Ø HDFC plans to invest Rs 100 cr per year in tech startups: Parekh
Ø India renews push to sell Air India, puts entire stake on the block
Ø India's crude steel output rises 1.8 pc to 111.2 MT in 2019: report
Ø IndiGo cuts capacity growth forecast for second straight quarter
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Income tax department issues list of all official emails and SMS ids and inform taxpayers to not trust messages from any other source
Here is a full list of all official emails, SMS ids and websites used by the income tax department
The list of all email ids, SMS sender ids and even websites used by the taxman to communicate with taxpayers. To avoid any phishing attempts, the income tax department has asked all taxpayers to not open any messages from any sender other than the ones mentioned in the list.
"Always check, before you click. Trust only these sources," reads an email sent out to taxpayers and also warns them to never disclose their personal or financial details. Several taxpayers have reported phishing messages to the income tax department. Such fraudulent attempts made through SMSes and emails are often done to extract sensitive information from taxpayers by posing as officials from the income tax department.
List of official emails used by the income tax team:
@incometax.gov.in
@incometaxindiaefiling.gov.in
@tdscpc.gov.in
@cpc.gov.in
@insight.gov.in
@nsdl.co.in
@utiitsl.com
The last two email ids belong to NSDL and UTIITSL, the only two agencies authorised by the I-T department to issue PAN cards.
List of SMS source code or sender IDs used by the income tax dept:
ITDEPT
ITDEFL
TDSCPC
CMCPCI
INSIGT
SBICMP
NSDLTN
NSDLDP
UTIPAN
The last three ids are meant for PAN card related communication while the rest are used the I-T officials to send out various messages, reminders, etc to taxpayers.
Apart from this, the income tax department has two official websites -- www.incometaxindia.gov.in and www.incometaxindiaefiling.gov.in. The first one is a departmental website while the other one is meant for e-filing of income tax returns (ITR).
The I-T department also runs www.tdscpc.gov.in which gives out all information related to TDS (tax deduction at source). Other sites include www.insight.gov.in (compliance and reporting portal), www.nsdl.co.in and www.utiitsl.com (both for PAN cards).
"If you receive an e-mail for find a website you think is pretending to be of income tax department, forward the e-mail or SMS or website URL to webmanager@incometax.gov.in or incident@cert-in.org.in," the income tax department says.
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# New Functionality in your Income Tax Profile available > Under Compliance > namely "Prescribed Payment Modes"
In order to comply with Section 269SU, Taxpayers with Turnover above INR 50 Crores have to report as to how/What prescribed mode of Electronic Acceptance of Payment they have made available. Failure to comply with Section 269SU shall lead to a Penalty of INR 5,000/= Per Day.
# ICAI: On-line facility for seeking change of Centre/Group/Medium for appearing in CA examinations - Correction Window. - https://resource.cdn.icai.org/58072exam47355.pdf
# SEBI revises Margin Framework for Commodity Derivatives Segment - Circular No.SEBI/HO/CDMRD/DRMP/CIR/P/2020/15 dated 27/01/2020.
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👉 NCLT clears SNJ's takeover of Empee Distilleries - Homegrown liquor maker SNJ Group's bid to acquire the beleagaguered Empee Distilleries for Rs 475 crore, has been approved by the National Company Law Tribunal (NCLT), Chennai bench. Empee Distilleries, promoted by MP Purushothaman, has intere sts across liquor, hospitality, power and sugar. It ran into rough weather on the back of expansion into hospitality and glut in sugar business. Union Bank of India dragged the com pany to NCLT under Corporate Insolvency Resolution Process (CIRP) to hammer out a reconstruction package.
👉 Two Indiabulls Group entities have moved the NCLT against IDBI Trusteeship Ltd. to recover dues against loans assigned to them by Dewan Housing Finance Ltd. DHFL, a non-banking finance company, had entered into an arrangement for assignment of loans with Indiabulls Commercial Credit Ltd. and Indiabulls Housing Finance Ltd. for a consideration. As per the arrangement, the Indiabulls entities beca me assignee of the loans and DHFL ceased to hold any rights in such loans after the assignment. The non-b ank lender continued to act as a collecting agent for the two Indiabulls entities. It deposited the collections with IDBI Trusteeship. As per the arrangement, IDBI Trusteeship was entitled to 20 percent of the collections deposited with it against certain loans.
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Net direct tax collections so far this financial year were Rs 7.3 lakh crore against Rs 7.7 lakh crore in the corresponding period in FY19, finance ministry officials said. This implies a shortfall of about Rs 40,000 crore or over 5%.
Penalty for Non – Filling of GSTR-9C within due date the taxpayer has to pay Rs. 25000/- as no specific clause for it. thus general penalty RS 50000/- 9C and Gstr-9( 100+100=200) per day max. Upto 0.25% of total turnover of that year including amendment made by dealer(Gstr-9 penalty)
Central Board of Indirect Taxes and Customs (CBIC) has frozen tax credits of around Rs 40,000 crore as the returns did not match, exposing alleged fraud by close to 2,000 entities, apart from cases where returns were not filed.
Gujrat High Court in the case of Mohit Mineral Pvt. Ltd. v. UOI has declared levy of IGST on ocean freight & corresponding notifications as ultra-vires the IGST Act, 2017 for lacking legislative competence and also declared these notifications as unconstitutional. It is concluded that no IGST is leviable on the ocean freight for the services provided by a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India up to the customs station of clearance in India.
MCA is expected to take a major step to revamp the auditor’s report that accompanies company balance-sheets, placing more onus on statutory auditors to fulfill their professional responsibilities. The move is expected in February. Besides overhauling the Companies Auditors Report Order (CARO), the government is also likely to make changes to the secretarial audit reporting that is mandated under the company law.
National Company Law Tribunal, Cuttack has granted post-facto approval in terms of Section 33(5) of Insolvency & Bankruptcy Code, 2016 to a Liquidator for initiation of a legal proceeding on behalf of the corporate debtor.
SEBI has specified the uniform structure for imposing fines as a first resort for non-compliance with LODR regulations and the standard operating procedure for suspension and revocation of trading of specified securities.
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Supreme Court stays the operation of IBC ordinance which restricted the right of home buyers to approach NCLT . The ordinance mandated at least 100 home buyers or 10% for a project to file jointly before NCLT.
The said ordinance being arbitrary was challenged by PSP Legal through Piyush Singh Adv and Aditya Parolia Adv by way of a writ petition no. 47/2020.
The said writ petition was listed today and Supreme Court has intervened and stayed the ordinance. The impact will be all cases can now continue before NCLT which were filed by single home buyer.
This is a huge victory for home buyers as there were over 1000 cases pending before NCLT of single home buyers and in case this ordinance would not have been stayed then all cases would have been deemed dismissed on 28 January 2020.
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# New optional field to enter UDIN details for Tax Audits and CA attestations on E filing website
# Companies (Winding Up) Rules 2020 Notification Dated 24th January 2020
http://www.mca.gov.in/Ministry/pdf/Rules_28012020.pdf
# Due Date this week
# 31.01.2020 is LAST DATE to pay ICAI membership & COP Fees for FY 2019-20 for all CAs.
# 31.01.2020 is the due date to file TDS Return (24Q, 26Q, 27Q) for QIII of F.Y. 2019-20.
# 01.02.2020 is the due date to IMPLEMENT mandatory payment facility through “RUPAY, BHIM-UPI” for businesses with turnover *more than INR 50 crores.
#GST 31.01.2020 is the due date to file GSTR-9/9C for F.Y. 2017-18.
# 31.01.2020 is the due date to file GSTR-1(turnover upto INR 1.50 crores) for Q3 (2019-20).
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👉 Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May, 2020 - (30-01-2020) https://resource.cdn.icai.org/58105exam47430.pdf
👉 ANNOUNCEMENT FOR ICAI-CAMPUS (February- March, 2020) ASPIRANTS.
https://cmib.icai.org/postedcontent/adminuploads//ANNOUNCEMENT%20FOR%20ICAI%20Campus%20Aspirants.pdf
👉 Brochure Campus Placement Programme Feb- March,2020
https://cmib.icai.org/postedcontent/adminuploads//ICAI%20Campas%20Programme%2019-12-2019.pdf
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CBIC (@cbic_india) Tweeted:Taxpayers may kindly note that the last date of filing Annual Return in FORM GSTR-9 and GSTR-9C for 2017-18 is 31.01.2020. https://twitter.com/cbic_india/status/1222120912910049280?s=20
CBIC (@cbic_india) Tweeted:
Over 80000 GSTR-9 and over 38000 GSTR-9C filed on 28th January 2020 alone. https://twitter.com/cbic_india/status/1222544262052495360?s=20
GST: Late Fee for delayed filing of GSTR 9 is likely to be waived. There is no late fee for non-filing or delayed filing of GSTR9C except the levy of Penalty of Rs.50000 (cgst 25 gst 25) which can be initiated only through process of issue of Show Cause Notice which is also expected to be waived.
SEBI has further tightened norms for commodity futures trading by categorising commodities based on its volatility and imposing identical margins across exchanges. Due to wide variation in liquidity and volatility among different commodity derivatives, SEBI has categorised commodities as per their realised volatility and has prescribed floor values of initial margin and IMPOR (initial margin period of risk) depending upon their categories.
Manufacturing companies in India may need to fulfil 1,984 compliances under various central and state laws, which are time-consuming and increase the cost of doing business, industry lobby group Ficci has told top government functionaries ahead of the Union Budget.
IBC: Supreme Court has held that there is no requirement under the Insolvency and Bankruptcy Code that the resolution plan should match the liquidation value of the corporate debtor in the case of Maharashtra Seamless Ltd (MSL) v Padmanabhan Venkatesh and others.
MCA: 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.
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👉 EPC lenders move NCLT against Mauritian bidder - In November 2019, the Mumbai bench of the NCLT approved a resolution plan by Mauritius-based Royale Partners for EPC Constructions to revive the company that was previously known as Essar Projects India. The foreign investor had offered to put in around Rs 900 crore to revive the company, which owed more than Rs 7,700 crore to its financial and operational creditors.
👉 NCLT extends Videocon's insolvency resolution process - "This is for the extension of the CIRP process as it ends on 4th of February. Public notices are being given for the submission of bids on 31st of Jan and we see a lot of it coming in, so we request the CIRP process be extended further," said the counsel representing Videocon Industries. Videocon Group had sought EoIs for its 13 group companies.
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👉🏻MCA may soon tighten reporting norms for Auditors
(MCA might tweak the Companies Auditors Report Order (CARO) and the audit reporting standards as mandated under the Companies Act.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2GAmC68
👉🏻MCA notifies rules for winding up of Companies under Companies Act
(MCA notified rules for winding up of companies, making it easier for smaller firms to wind up businesses without taking approval)
👇🏻 👇🏻 👇🏻
http://bit.ly/2t86k0Y
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👉 EPC lenders move NCLT against Mauritian bidder - In November 2019, the Mumbai bench of the NCLT approved a resolution plan by Mauritius-based Royale Partners for EPC Constructions to revive the company that was previously known as Essar Projects India. The foreign investor had offered to put in around Rs 900 crore to revive the company, which owed more than Rs 7,700 crore to its financial and operational creditors.
👉 NCLT extends Videocon's insolvency resolution process - "This is for the extension of the CIRP process as it ends on 4th of February. Public notices are being given for the submission of bids on 31st of Jan and we see a lot of it coming in, so we request the CIRP process be extended further," said the counsel representing Videocon Industries. Videocon Group had sought EoIs for its 13 group companies.
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LATE FEE GSTR-9 & GSTR-9C
GSTR-9
Late fees is mentioned in Section 47(2) of the Act, i.e
Section 47(2):- Any registered person who fails to furnish the return required under section 44 by the due date shall be liable to pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum amount calculated at a quarter percent of his turnover in the state or union territory.
Hence for GSTR-9 the Late fees both under SGST and CGST is Rs. 200 per day subject to the maximum as mentioned above.
GSTR-9C
There is No late fee for delayed filling of GSTR-9C and further there is no specific penalty for GSTR-9C in the GST Act. However it may be serve by General Penalty Section 125.ie
Section 125:-Any person, who contravenes any of the provisions of this Act or any rules made thereunder for which no penalty is separately provided for in this Act, shall be liable to a penalty which may extend to twenty-five thousand rupees.
The penalty under section 125 is not a mandatory penalty and the amount is not fixed because it may extend to Rs. 25000.00 i.e. from Re.1 to 25000.00
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MCA Update
Form AOC-4 NBFC (Ind-AS) and Form AOC-4 CFS NBFC (Ind-AS)
MCA will deploy two new eForms Form AOC-4 NBFC (Ind-AS) and Form AOC-4 CFS NBFC (Ind-AS) from January 31 and February 17 respectively. The last date for filing these forms are March 31 for F.Y. 2018-19 without late fees.
Official Circular: http://www.mca.gov.in/Ministry/pdf/Circular_30012020.pdf
Thanks for reading