Corporate Snippets on Feb 14 ❤️
Ø IMF sounds an alert over India's rising debt
Ø BPCL Q3 profit triples to Rs 2,051 crore
Ø PSBs hit by fraud cases of Rs 1.17 lakh cr in Apr-Dec
Ø SC to hear telcos’ pleas on AGR verdict on Friday
Ø India Ratings maintains negative outlook on real estate
Ø Veg oil imports down 6% at 11.96 lakh tonnes in Jan
Ø S&P retains India's rating at 'BBB-', says fiscal position precarious
Ø SEBI develops system to detect misuse of client securities by stock brokers
Ø Foreign investors turn net buyers in Dec quarter, pump in $ 6.3 bn
Ø PW India won't offer non-audit service to clients governed by NFRA
Ø TVS Motor increases stake in US-based Scienaptic Systems
Ø Nestle India net surges 38% to ₹473 crore in December quarter
Ø Vodafone Idea Q3 net loss rises to ₹6,438.8 crore
Ø Future Retail Q3 net profit down 16.7 per cent to ₹164.56 cr
Ø Govt. mulls imposition of import restrictions on television sets
Ø Air India Express profit rises 26% to ₹680 cr during April-Sept 2019
Ø RBI new asset recognition norms credit negative for banks: Moody's
Ø Reliance Jio tops 4G download speed chart, Vodafone leads in upload: Trai data
Ø Apollo Hospitals Q3 net profit surges 80% to Rs. 90 crore
Ø Long-term reverse repos to have fixed interest rate: RBI
Ø IMF wants India to focus on medium-term fiscal consolidation
Ø Shell, Reliance Industries win in English High Court against Govt in PMT oil, gas field dispute
Ø PE investment in real estate up 3 pc at Rs 43,704 cr during 2019: Report
Ø US gives Iraq sanctions waiver for vital Iranian gas imports
Ø Damanis to sell 2.3% in Avenue for over Rs 3,000 crore
Ø Edelweiss FoF to invest in US tech firms
Ø G&J exports hit by China shutdown
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👉 DHFL's former directors move NCLT seeking participation in CoC meetings - Former directors of Dewan Housing Finance Corporation Ltd on Wednesday filed an application in the National Company Law Tribunal seeking participation in the committee of creditors' (CoC) meetings.
The DHFL former directors were denied participation in the CoC meetings as its board was superseded by the Reserve Bank of India (RBI) in November 2019.
The participation in the CoC meetings cannot be allowed as the insolvency process was initiated by the RBI, the counsel representing the administrator said.
👉 Include Videocon foreign arms in insolvency process - The National Company Law Tribunal (NCLT) has ordered the inclusion of Videocon’s oil businesses in Brazil and Indonesia as part of insolvency proceedings being conducted in India, according to two people aware of the matter. The order is the first instance of overseas incorporated subsidiaries being brought under the ambit of local insolvency laws.
The assets include stakes in overseas oil blocks held through Videocon arms incorporated in the Cayman Islands and British Virgin Islands. These were purchased after Videocon entered an agreement with state-run Bharat Petroleum Corporation Ltd 14 years ago to search for foreign investment opportunities jointly. The two partners reportedly invested over $2 billion in development of the assets over the past six to eight years.
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👉 Instant PAN allotment in near to real time is available at free of cost. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail the PAN allotment facility.
https://www.incometaxindiaefiling.gov.in/e-PAN/index.html?lang=eng
👉 IT Return Preparation Software
https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities?lang=eng
👉 Exposure Draft of Guidance Note on Audit of Banks, 2020 edition issued by the Auditing and Assurance Standards Board - (11-02-2020)
https://resource.cdn.icai.org/58285aasb47553.pdf
👉 Companies (Issue of Global Depository Receipts) Amendment Rules, 2020Pdf1.8 MB)
http://www.mca.gov.in/Ministry/pdf/notices_13022020.pdf
👉 Empanelment of firms (Partnerships /Limited Liability Partnerships/Proprietary Concerns) of Practicing Chartered Accountants as Technical Reviewers(TRs)Pdf1.8 MB)
http://www.mca.gov.in/Ministry/pdf/notices_11022020.pdf
👉 RBI to conduct 14-day Variable Rate Reverse Repo auction under LAF on February 14, 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49399
👉 Clarifications / Frequently Asked Questions (FAQs) on LTROs
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49397
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👉🏻FinMin notifies common application form for FPI registration
(Finance Ministry has notified a common application form for registration of foreign portfolio investors in a bid to enhance operational flexibility and ease of access to the Indian capital market)
👇🏻 👇🏻 👇🏻
http://bit.ly/31PWApc
👉🏻Only 2,200 professionals declared income above Rs 1 Cr in FY19
(CBDT reiterated that only 2,200 professionals had indeed declared annual income above Rs 1 crore in FY19)
👇🏻 👇🏻 👇🏻
https://bit.ly/31X8qh9
👉🏻How to reply to the GST Dept Notices on ITC
(How to reply to the GST Dept Notices on ITC explained by CA. Mohit Gupta)
👇🏻 👇🏻 👇🏻
http://bit.ly/2u0eE3s
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Income Tax department will share all taxpayers' data like PAN information with Sebi in order to help the capital market regulator in its probe against various entities, including those involved in 'stock market manipulation',
Union Cabinet approved the Signing and Ratification of the Protocol amending the Agreement between India and Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
Instant PAN allotment in near to real time is available at free of cost. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail the PAN allotment facility.
Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered.
Union Cabinet gave its approval for amendment of the Direct Tax Vivad se Vishwas Bill, 2020, so that its scope can be widened to cover litigation pending in various debt recovery tribunals (DRTs). Also, in search and seizure procedures, where the recovery is up to ₹5 crore, this scheme can now be availed of once the Bill is amended.
CBIC has issued a Circular informing of implementation of PGA eSANCHIT a Paperless Processing under SWIFT by uploading of Licenses / Permits / Certificates / Other Authorizations (LPCOs) by PGAs.
DGFT has issued a Trade Notice to request exporters to submit fortnightly statements in the prescribed format on Statement of Origin issued. Further, to respond to the verification requests by EU within the prescribed time limit, failing which the Registered Exporter Number (REX) may be annulled.
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👉 Videocon Insolvency: NCLT Allows Venugopal Dhoot’s Plea To Consolidate Overseas Assets - The National Company Law Tribunal has allowed Venugopal Dhoot’s plea seeking a moratorium on the foreign petroleum assets of the debt-ridden Videocon Group and restraining its lenders from selling the conglomerate’s overseas assets Dhoot, founder of the Videocon Group, had also sought direction from the tribunal to declare assets of the group’s overseas petroleum subsidiary as property of Videocon Industries Ltd.
👉 The directors & officers’ (D&Os’) insurance policy, which compensates key management personnel of a company against legal actions, is seeing a surge in demand. The cover, which was earlier being purchased by businesses with a global exposure, is now being bought by companies with only domestic stakeholders as well.
The trigger for the renewed demand for this cover has been the amendment to the Companies Act last year. Under this, the government can ask the National Company Law Tribunal to hold directors and key management personnel responsible without any limit to liability in the event of fraud.
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📝2 New Income Tax Forms- (a) Form No. 10-IC and (b) Form No.10-ID Notified:
■ In order to choose the Option of Lower 22% Corporate Tax Rate for the AY 2020-2021, a Domestic Company shall be required to file Form No.10-IC as per the provisions of Section 115BAA; and;
■ In order to choose the Option of 15% Corporate Tax Rate, a New Domestic Manufacturing Company shall be required to file its Application on Form No.10-ID as per the provisions of Sec.115BAB.
Source: Income Tax (4th Amendment), Rules, 2020.
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