Ø FY20 GDP growth pegged at 5%; analysts wary
Ø ICT spending in India will reach $144 bn in 2023
Ø Ordinance to amend coal mining laws likely today
Ø Maruti only Indian firm to find place in Morgan Stanley arm's top-20 stocks
Ø Govt. set to breach fiscal deficit target, shows GDP advance estimates
Ø FMCG companies' Q3 volume growth may be slowest in ten quarters
Ø ITI zooms 15% on 12-fold jump in Q3 profit
Ø India-Iran trade dips 79.4 per cent in April-Nov.
Ø Cable TV bills set to fall by up to 14 per cent, new tariff changes to take effect from March 1: ICRA
Ø Religare Finvest's lenders might just have agreed to take a 49% haircut
Ø GoAir gets regulator’s rap for overworking more than 150 pilots
Ø Extremely close to tipping point of major recession, says Nobel Laureate Abhijit Banerjee
Ø RBI governor Shaktikanta Das calls for reforms in agriculture market
Ø India's oilmeals export drops over 79 per cent in December 2019
Ø India's per-capita income rises 6.8 per cent to Rs 11,254 a month in FY20
Ø SC rejects Centre's plea challenging refund of Rs 104 cr ordered by TDSAT to RCom
Ø Shah-led GoM's second meeting on Air India disinvestment likely today
Ø Adani takes aim at India's defence pie
Ø Telecom AGR dips 4.6% on quarter in July-Sept: TRAI
Ø Maruti production up 7.88% in Dec to 1,15,949 units
Ø Govt. to provide Rs 5,559 cr viability gap funding to set up gas grid in NE
Ø FMCG companies' Q3 volume growth may be slowest in ten quarters
Ø Adani Enterprises dips 4% as SC stays Bombay HC ruling
Ø Central Government imposes restrictions on import of refined palm oil
Ø Cabinet removes end use restrictions for participating in coal mine auctions
Ø Cut in tax on commodity deals, DDT likely in Budget
Ø Reliance Jio launches free voice calls over WiFi: How to enable it on your phone
Ø Over 87% GATI shareholders vote for sale to Allcargo
Ø Lodha Group clocks ₹2000 cr sales in Dec quarter backed by budget housing brand
Ø Bharti Airtel launches $2 billion QIP - qualified institutions placement
Ø Shriram Properties bets on coming Budget to start work on pending IPO of Rs 800 crore
Ø Jet Airways insolvency: IDBI Bank and IOB say cant fund the process further
Ø Telecom majors seek open court hearing in SC of their pleas on AGR
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Income Tax Reopening for taxing bogus share application money where investors have dubious character & are known to have engaged in the business of providing accommodation entries. Supreme Court Costs of Rs. 2L imposed on assessee for wasting Court's time (Favour of Revenue) RDS Project Limited vs. ACIT (Delhi High Court).
Sabka Vishwas dispute resolution scheme, about 87% of eligible taxpayers have opted for the scheme and committed to pay about Rs 35,000 crore as taxes to the government. This has come as a relief to the government, which is grappling with a huge shortfall in tax revenue this fiscal.
MCA has made it mandatory for unlisted companies, or private firms, with outstanding loans of Rs 100 crore or more to file their financial audit reports for financial year 2020-21 onwards. Such private companies will have to conduct a mandatory secretarial audit and submit the findings with the government.
Companies (appointment and remuneration of managerial personnel) Rules, 2020, which will come into effect from April 1, 2020, a private company that has a paid-up share capital of Rs 10 crore or more would have to have a company secretary (CS) on its rolls.
Reserve Bank of India (RBI) has revised supervisory action framework (SAF) for urban co-operative banks. A UCB may be placed under supervisory action framework when its net non-performing assets (NPAs) exceed 6% of its net advances.
Reserve Bank of India said select banks in India can offer forex rates to Indian clients beyond the inter-bank market hours, which now run from 5 a.m. to 9 p.m. In effect, this opens up the forex market in India round the clock, allowing Indians to hedge their foreign exchange risks at anytime of the day.
National Stock Exchange (NSE) said it has approached markets regulator SEBI for its initial public offering and hopes to launch the public issue by September this year subject to approvals.
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👉🏻IBBI amends liquidation process norms
(IBBI has amended the norms for liquidation process wherein a secured creditor is barred from selling assets of a company to any person restricted from submitting insolvency resolution plan.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2N6OUZp
👉🏻Homebuyers move SC against the IBC amendment introducing minimum threshold
(Govt brought in an amendment under IBC in mid December to introduce a minimum threshold of 100 or 10 per cent home buyers whichever is lower required to take a defaulting developer to the NCLT for starting the liquidation process)
👇🏻 👇🏻 👇🏻
http://bit.ly/2T1XVH1
👉🏻SEBI comes out with system audit framework for exchanges, clearing corporations
(SEBI came out with new framework on system audit for market infrastructure institutions (MIIs), stock exchanges, clearing corporations and depositories)
👇🏻 👇🏻 👇🏻
http://bit.ly/2T28Sbz
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👉 The National Company Law Tribunal’s order asking two directors of Nicco Parks & Resorts to vacate their positions may revive investor interest in the sale of Nicco Corp’s 25% stake in it, said Vinod Kothari, the liquidator appointed for the bankrupt Nicco Corp. The liquidation process, which started in October 2017, could not be completed due to poor interest from investors.
👉 Indian banks could be staring at bad-debt provisions of an estimated Rs 30,000 crore against loans to Dewan Housing FinanceNSE 4.73 % Corp (DHFL), the Anil Ambani-led Reliance Home Finance, KKR-backed Coffee Day Enterprises and CG Power. Resolution hasn’t been finalised in any of these accounts, which means the December quarter could possibly see a reversal in the brief fall in provisioning that occurred in the preceding three-month period.
The bulk of the provisions will be on account of DHFL, which entered the bankruptcy process in December.
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In a much awaiting step, a new code has now been allotted to the UT of Ladakh (UT code - '38') and accordingly, new GSTIN have been allotted to taxpayers located in UT of Ladakh after separation. In this regard, following points merit consideration:
- The new list of GSTINs can be accessed through https://tutorial.gst.gov.in/downloads/news/ladakh_taxpayer.pdf
- Above taxpayers need to use new GSTIN for all purposes under GST w.e.f. 01-01-2020.
- Also, entire input tax credit available till 31-12-2019 can be transferred to new GSTINs from 01-01-2020 through option for availment and reversal of ITC in GSTR-3B return.
- Balance of SGST would be transferred as balance of UTGST for UT of Ladakh
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👉Announcements - MEF 2019-20 - (08-01-2020).
https://www.icai.org/new_post.html?post_id=16212&c_id=240
👉Important dates
CMP-08(Oct-Dec, 2019) = Jan 18th, 2020.
👉GSTR-1 for registered persons with aggregate turnover up to ₹ 1.5 Crores.
GSTR-1(Oct-Dec, 2019)=Jan 31st, 2020.
👉A webinar has been scheduled on 9th January 2020 at 11.30 am IST on the topic Eway Bill blocking/unblocking for tax payers in Telugu. https://www.gst.gov.in/newsandupdates/read/348
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CBDT kick started the annual income tax return filing ritual recently. The new ITR forms for the assessment year 2019-20 come with a set of changes—essentially more detailed disclosures— taxpayers have to contend with.
Eligibility criteria for ITR- 1 reduced
ITR-1 for FY 2019-20 cannot be used by an individual having one house property in a joint ownership as well, ITR-1 cannot be used by an individual who is either director in a company, or has invested in unlisted equity shares. Also who have incurred expenses of Rs 2 lakh or more for travel to foreign country either on himself or any other person. Added to this, individuals who have deposited more than Rs 1 crore in one or more current accounts or/and paid electricity bill of more than Rs 1 lakh, too cannot use ITR-1.
TAN of your employer
This year's ITR-1 asks for detailed information of your employer. You will have to provide the Tax Deduction Account number (TAN) of the employer, mandatory if tax is deducted. Other details required are name, nature, address of the employer. these details will be pre-filled automatically, once TAN of the employer is filled by the taxpayer in ITR-1.
PAN or Aadhar details of your tenant
If you have rented out a property, then you will have to provide name and Aadhar or PAN details of your tenant, if available.
Passport details
In this year's ITR-1, taxpayers will have to provide their passport number (if they have one). This is a new addition. This form, however, cannot be used by individuals who have spent Rs 2 lakh or more on foreign travel expenses.
Complete address of your house
It is now mandatory that you have to provide the complete address of your house irrespective of whether it is - self-occupied, deemed to let-out or let-out. Earlier, these details were asked only in ITR-2 and ITR-3.
Provide details of unrealized rent
If during FY 2019-20, you have not received the rent which was due to you, then such details are also required to be provided. Taxpayer eligible to file ITR-1 is required to provide the rent which was due but not received in FY 2019-20.
Online filing of ITR mandatory
For FY 2018-19, only super senior citizens can now file ITR-1 or ITR-4 in paper form and others will have to file their ITR electronically.
Complete details of buyer to whom you have sold property
The buyer details have to be provided irrespective whether the capital gains accrued are of short-term or long-term in nature. The details of buyer will have to be given if TDS is deducted by your buyer while making payment.
Property wise details of rent arrears
For individuals with more than one house property, they are required to file their ITR using ITR-2.
Specifying the type of house property
While providing details of your one house property in ITR-1, you are required to specify whether the house is - 'Self Occupied', 'Let-out' or 'Deemed Let-out.' In the previous year's ITR-1, there was no such option of 'Deemed Let-out' in ITR-1.
Investment details in unlisted companies
If you are holding shares in an unlisted company then, you are required to disclose the details of your holdings in ITR-2. The details required are extensive - name of the company, PAN of the company, number and cost of acquisition at the beginning of the year, number of shares, face value, issue price (or purchase price) and date of purchase of shares acquired during the year, number and sale consideration of shares transferred during the year, number and cost of acquisition of shares held at the end of the previous year.
Full disclosure of interest income
Taxpayers will be required to specify the full bifurcation details of the interest income or any other income received by them. Income from other sources head in ITR-1 has been updated to provide details of the source from where interest or any other income is received.
Residential status
The new ITR-2 form asks individuals not only to specify the residential status as resident, resident but not ordinarily resident or non-resident, but also to provide additional information with respect to his residential status, such as, number of days of stay in India, jurisdiction of his residence and tax identification number in case he is a non-resident.
Mention of DIN number
If you are Director of a company, then you will be required to specify your DIN (Director Identification Number) in ITR-2 or 3 whichever is applicable. Along with this you will also be required to provide information - name of company, PAN, whether shares are listed or unlisted.
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👉 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.
👉An appellate tribunal has directed the Liberty House Group to file an affidavit outlining the implementation of its Rs 460 crore resolution plan for Adhunik Metaliks and Zion Steel, giving the UK-based company one more chance after it failed to make full upfront payment for the two entities in time.
👉The National Company Law Tribunal’s order asking two directors of Nicco Parks & Resorts to vacate their positions may revive investor interest in the sale of Nicco Corp’s 25% stake in it, said Vinod Kothari, the liquidator appointed for the bankrupt Nicco Corp. The liquidation process, which started in October 2017, could not be completed due to poor interest from investors.
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GST- Ten Matters to keep in mind in 2020
1. 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.
2. 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
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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 limitations in current forms.
9. 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.
10. 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.
