08 February 2020 News and Updates
Ø Lands of CPSEs to be sold at market rate: Govt
Ø IOC signs first term contract for importing Russian oil
Ø Govt. to finalise general insurers' merger by March
Ø Unemployment rate at 6.1 pc in 2017-18: New survey
Ø TTSL sets aside Rs 2,151 crores in Q3 for AGR dues
Ø State-run IRFC looks to raise $1 billion debt
Ø YES Bank turns ambitious, plans $2 bn fundraising
Ø I-T dept reverses stance on NCLAT's proposed demerger order of Reliance Jio
Ø Coal India planning to tap non-power sectors for incremental coal
Ø $118.3 bn received in remittances since 2018-19: Govt to Lok Sabha
Ø SEBI plans to amend investment manager eligibility norms for InvITs
Ø Adani Enterprises Ltd Q3 PBT rises by 318% to Rs 440 crore
Ø Customs duty hike impacts imports worth $8.9-billion
Ø Berger Paints net zooms 40% in third quarter
Ø Hopeful of listing LIC in next fiscal: DEA Secretary
Ø HPCL Dec quarter net trebles to ₹747 crore on inventory gains
Ø Shrachi Group bags ₹365-crore order from BHEL
Ø Apollo Tyres Q3 net profit declines 12 per cent to ₹174 cr
Ø Wipro moves out of top-20 most valued Indian firms list by M-cap
Ø India’s public cloud deployment to be $8 billion market by 2023: Report
Ø Vodafone Group says India business outlook still critical
Ø Cipla posts 5.7% rise in net profit to ₹351 crore for fiscal Q3
Ø ITI Ltd withdraws ₹1,400 crore FPO issue
Ø PSUs owe telecom ministry ₹2.65 lakh crore: MoS Sanjay Dhotre
Ø India slips to 40th position on International Intellectual Property Index
Ø Average spot power price falls 14 per cent to Rs 2.86 per unit in January on IEX
Ø Vodafone takes 200 million euro hit from Huawei 5G curbs
Ø SAIL commissions hot strip mill at Rourkela steel plant
Ø Russia's Rosneft keen to bid for BPCL
Ø India may issue USD 5 billion of bonds with no foreign investment cap: Sources
Ø India's service sector activity growth hits 7-year high in Jan: PMI
Ø GDP growth down largely on low growth in mfg: Govt
Ø BSNL, MTNL won't be closed: Govt in Rajya Sabha
Ø US has approved purchases of Venezuelan oil: RIL
Ø Hero MotoCorp Q3 profit rises 14% to Rs 880 crore
Ø Deposit cover hike won't hit banks' balance-sheets: RBI
Ø Aircraft market: Airbus, Adani Defence join hands
Ø Adani group firm raises $1 billion via dollar bonds
Ø RBI policy: Repo rate unchanged at 5.15%; MPC retains accommodative stance
Ø Hero MotoCorp Q3 consolidated net profit rises 17% to Rs 905 crore
Ø ArcelorMittal makes $1.6 bn equity contribution for Essar Steel acquisition
Ø Aurobindo Pharma Q3 PBT rises 6% to Rs 942.8 cr; revenues up 11.9%
Ø NMDC's Q3 consolidated net profit declines 12.75% to Rs 1,375 crore
Ø DLF Q3 profit before tax rises 55% to Rs 368.6 cr; total income falls 36%
Ø India Inc Q3 revenue growth slowest in sixteen quarters
Ø RBI estimates GDP to expand at 6% in FY21
Ø Total to invest $510 m for 50% stake in Adani’s solar biz
Ø ArcelorMittal reports $1.9-billion loss in December quarter on lower sales
Ø PM insists economy strong, no cause for despondence
Ø Emami sells cement unit to Nirma arm for ₹5,500 cr
Ø RBI decision to ease norms to repay project loans to bring relief to developers
Ø Sun Pharma Q3 profit down 26% at ₹914 crore as expenses rise
Ø DoT approves merger of Bharti Airtel, Tata Teleservices
Ø Lupin posts Rs835 crore loss in Oct-Dec on second Gavis impairment
Ø India needs to double credit growth to 15% to achieve $5 trn economy target
Ø India’s rice exports likely to dip by 18-20% in FY20: Report
Ø RBI announces incentive for lending to MSME, home, auto sectors
Ø RBI rules out printing more money to cover fiscal deficit
Ø India will now import oil from Russia; aims for price stability
Ø RBI has many other tools to revive growth, not just interest rates: Das
Ø Kia Motors denies move to shift unit out of Andhra Pradesh
Ø Our target is USD 5 billion of defence export in next five years: PM Modi
Ø Lands of CPSEs to be sold at market rate: Govt
Ø IOC signs first term contract for importing Russian oil
Ø Govt to finalise general insurers' merger by March
Ø Unemployment rate at 6.1 pc in 2017-18: New survey
Ø TTSL sets aside Rs 2,151 crores in Q3 for AGR dues
Ø State-run IRFC looks to raise $1 billion debt
Ø YES Bank turns ambitious, plans $2 bn fundraising
Ø I-T dept reverses stance on NCLAT's proposed demerger order of Reliance Jio
Ø Coal India planning to tap non-power sectors for incremental coal
Ø $118.3 bn received in remittances since 2018-19: Govt to Lok Sabha
Ø Sebi plans to amend investment manager eligibility norms for InvITs
Ø Adani Enterprises Ltd Q3 PBT rises by 318% to Rs 440 crore
Ø Customs duty hike impacts imports worth $8.9-billion
Ø Berger Paints net zooms 40% in third quarter
Ø Hopeful of listing LIC in next fiscal: DEA Secretary
Ø HPCL Dec quarter net trebles to ₹747 crore on inventory gains
Ø Shrachi Group bags ₹365-crore order from BHEL
Ø Apollo Tyres Q3 net profit declines 12 per cent to ₹174 cr
Ø Wipro moves out of top-20 most valued Indian firms list by m-cap
Ø India’s public cloud deployment to be $8 billion market by 2023: Report
Ø Vodafone Group says India business outlook still critical
Ø Cipla posts 5.7% rise in net profit to ₹351 crore for fiscal Q3
Ø ITI Ltd withdraws ₹1,400 crore FPO issue
Ø PSUs owe telecom ministry ₹2.65 lakh crore: MoS Sanjay Dhotre
Ø India slips to 40th position on International Intellectual Property Index
Ø Average spot power price falls 14 per cent to Rs 2.86 per unit in January on IEX
Ø Vodafone takes 200 million euro hit from Huawei 5G curbs
Ø SAIL commissions hot strip mill at Rourkela steel plant
Ø Russia's Rosneft keen to bid for BPCL
Ø India may issue USD 5 billion of bonds with no foreign investment cap: Sources
Ø India's service sector activity growth hits 7-year high in Jan: PMI
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👉 NCLAT sets aside insolvency proceedings of Vipul Limited - The Gurgaon-based company approached the court claiming it has reached a settlement with the financial creditors. The NCLAT, however, said that the insolvency proceedings can be resumed in case the company fails to clear its dues.
👉 A liquidator will have to deposit unclaimed dividends and undistributed proceeds in a separate account before seeking dissolution of a corporate debtor under the voluntary liquidation process, according to the IBBI.
The Insolvency and Bankruptcy Board of India (IBBI) has notified changes to the voluntary liquidation process regulations.
With the amendments, a liquidator has to deposit unclaimed dividends and undistributed proceeds in a liquidation process along with any income earned thereon into the Corporate Voluntary Liquidation Account (CVLA) before submission of an application for dissolution of the corporate person, a release said on Thursday.
The amendments also provide a process for a stakeholder to seek withdrawal from the Corporate Voluntary Liquidation Account.
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Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to Direct Tax, which provides for following:—
(a) Provisions of the Bill shall be applicable to appeals filed by taxpayers or Government, which are pending with CIT (Appeals), ITAT, HC or SC as on 31.01.2020 irrespective of whether demand in such cases is pending or has been paid;
(b) pending appeal may be against disputed tax, intt or penalty in relation to an assessment or reassessment order or against disputed interest, disputed feeswhere there is no disputed tax. Appeal may also be against the tax determined on defaults in respect of TDS or TCS;
(c) in appeals related to disputed tax, declarant shall only pay whole of disputed tax if payment is made before 31.03.2020 and for payments made after the 31.03.2020 but on or before the date notified by CG, amt payable shall be increased by 10% of disputed tax
(d) in appeals related to disputed penalty, disputed intt or disputed fee, amt payable by declarant shall b 25%. of disputed penalty, disputed intt or disputed fee, if payment is made on or before 31.03.2020. If payment is made after 31.03.2020 but on or before date notified by Central Government, amt payable shall b increased to 30% of disputed penalty, disputed intt or disputed fee.
GST: BIG Relief Direction to file GSTR 9 and 9C without late fees till 12th Feb by Hon’ble Rajasthan High Court in PIL filed by TBA, JODHPUR vs UOl In PIL No 1805/2020.
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👉🏻SLP Filed before SC against the order of Rajasthan HC
(SLP has been Filed before Supreme Court of India against the order of Rajasthan HC regarding acceptance of GSTR-9 and GSTR-9C without late fees till February 12, in the matter of Tax Bar Association Vs UOI.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2Oz8YUV
👉🏻Income tax dept launches e-calculator to compare due tax under new, old regime
(The Income-Tax Dept has launched an e-calculator for individuals to estimate their tax liability if they opt for the new tax slabs, without claiming deductions and exemptions)
👇🏻 👇🏻 👇🏻
http://bit.ly/31wGdh7
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👉 Application forms for ITL&WTO, INTT-AT Exams-May, 2020 - (05-02-2020)
https://www.icai.org/new_post.html?post_id=16279&c_id=219
👉 Exams : Intermediate(IPC), Intermediate Merit List Nov 2019 - (06-02-2020)
https://www.icai.org/new_post.html?post_id=16284&c_id=219
👉 Advanced ICITSS is Scheduled on Sundays, the 15th March, 2020 and 12th April, 2020 from 10.30 AM to 12.30 PM (IST). - (06-02-2020)
https://resource.cdn.icai.org/58197exam47492.pdf
👉 Draft National Company Law Appellate Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Staff Car Drivers) Rules, 2020 for comments. Pdf formatNew link image
http://www.mca.gov.in/Ministry/pdf/NCLATRuleDraft2020_04022020.pdf
👉 Call for Nomination(funded by MCA under its CDM scheme)for training on "Fintech for Leadership in the Digital World" scheduled during 12-14February,2020 at IIM Calcutta reg Pdf formatNew link image
http://www.mca.gov.in/Ministry/pdf/Notification_05022020.pdf
👉 Financial Literacy Week 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49349
👉 Liquidity facilities under revised Liquidity Management Framework
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49352
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Income Tax Appellate Tribunal (ITAT) has reversed decisions given in favour of seven companies by the Commissioner of Income Tax (CIT) appeals office at Nagpur, in cases involving allegedly suspicious entries of share capital and share premium.
Income Tax Appellate Tribunal (ITAT) of Bangalore has allowed a claim of deduction under section 54/54F of the IncomeTax Act on a house purchased by the assessee outside India.
Income Tax Amounts involved in personal income tax (PIT) disputes could jump by a massive Rs 2.5-3 lakh crore in the current financial year from close to Rs 4 lakh crore at the end of FY19 for the sole reason of post-demonetsation cash deposits in banks by about 90,000 individuals that have to date remained unexplained by them to the taxman’s satisfaction.
Direct Tax Vivad Se Vishwas Bill, 2020, seeks to cut down on nearly 4.8 lakh tax disputes involving an amount of Rs 9.32 lakh crore (up to November 30, 2019) by giving the taxpayers the facility to escape interest on the disputed tax amount and any penalty. All direct tax-related cases pending before the Commissioner (Appeals), Income Tax Appellate Tribunal, high courts or the Supreme Court as on January 31, 2020 are eligible for the scheme. The scheme provides that if a taxpayer avails it by March 31, 2020, then he would get complete waiver of interest and penalty.
Direct tax dispute settlement scheme will not cover cases related to undisclosed overseas assets initiated on the basis of information from another country. Neither will it apply to prosecutions under the Prevention of Money Laundering Act (PMLA), the Benami Transactions (Prohibition) Act and the income tax Act.
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👉 Shares of Tata Global Beverages (TGBL) hit all-time high on Monday after the National Company Law Tribunal (NCLT) approved the demerger of consumer products business of Tata Chemicals, vesting it with the company.
The company in an exchange filing on Friday said the sanction was given by the Kolkata and Mumbai bench of the NCLT
👉The National Company Law Tribunal (NCLT) on Thursday allowed Indiabulls to recover its dues originating from loans assigned to it by Dewan Housing Finance (DHFL), saying these transactions were completed before the moratorium kicked in.
The counsel representing Indiabulls said the diversified finance company wants to recover dues against loans assigned to it by DHFL as the assignment was done prior to the imposition of the moratorium.
The insolvency regulations specifically excludes third party assets held by a corporate debtor.
👉📝TCS Provision Under Income Tax Applicable From 1st Apr, 2020
TCS commonly known as Tax collection at source covered by Section 206(C) of Income Tax Act’1961. TCS is to be collected at the rate of 1% each ‘on alcoholic liquor for human consumption’, ‘on scrap’, ‘on minerals being coal or iron ore’, at the rate of 5% on ‘Tendu leaves’ and at the rate of 2.5% each on ‘timber’, ‘on any other forest produce’ respectively at the time of receiving the payment or debiting the buyer account, whichever is earlier. TCS provisions were also extended to every person who grants lease or license to another person other than public sector company for parking lot, toll plaza, mining and quarrying then he has to also collect the TCS at the rate 2% from the licensee at the time of receiving the payment or debiting the amount, whichever is earlier.
TCS on sale of Goods above Specified Limit
A seller those total sales/turnover/gross receipts exceeds Rs. 10 crore during the financial year immediately preceding financial year from the business carried on by it shall be liable to collect TCS at the rate of 0.1 % / 1% (non pan/aadhaar cases) on consideration received in excess of Rs. Fifty lakhs.
Let’s take an example to understand in more clear way:
*M/s XYZ Ltd. those turnovers for last financial year were 12.5 crore has made sale to M/s ABC ltd. in excess of Rs. 57 lakh and received consideration Rs. 52 lakh. Then in addition to 52 lakh XYZ ltd has to collect TCS of Rs. 200 i.e. 0.1% of 2 lakh ie in excess of 50 lakh. (assuming ABC ltd having PAN)
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