21 February 2K20
Ø Telecom sector broken, Voda Idea on brink: Ex secy
Ø Govt panel for ban on export of 12 drug formulations
Ø Kotak Bank gets RBI nod for trimming promoters' stake
Ø CCI finds no collusion by IndiGo, SpiceJet, others
Ø 'Consumer durables growth to pick in last qtr of FY20'
Ø NSDL plans to raise over Rs 1,000 crore via IPO
Ø Slow economy, weak sentiment to continue weighing on auto sales: Fitch
Ø DoT still working on final AGR dues due to varying accounting practices
Ø US DoJ drops charges against Droom founder in insider trading case
Ø BHEL bags battery energy storage system order under TERI consortium project
Ø Dish TV-Bharti Airtel deal called off due to differences over valuation
Ø Transition to BS-VI fuel on track, say auto/oil industry bodies
Ø AGR risk remains for GAIL, Oil India and Power Grid, says Fitch Ratings
Ø Arnab Goswami owns over 82% of Republic TV: Company
Ø Reliance, Aramco accelerate refinery stake sale talks
Ø NHAI extends ₹260 crore to Reliance Infra subsidiary P S Toll Road
Ø Telecom sector under stress for 3.5 years: Sunil Mittal
Ø Renault and Nissan to maintain their alliance in India: Fabrice Cambolive
Ø Swiggy raises $112 million in ongoing funding round led by Naspers
Ø Govt approves ₹4,558 cr scheme for the dairy sector: Prakash Javadekar
Ø India ranks 131 on flourishing index: Report
Ø Govt considering compulsory registration for paper imports
Ø Govt to formulate national action plan on business and human rights
Ø Govt invites Germany’s state-run KfW to fund transmission projects
Ø PMO holds meeting on merger of 10 public sector banks
Ø Accelerating women entrepreneurship in India can generate 150–170 million jobs
Ø Kiran Mazumdar Shaw fears shortage of drugs due to Covid-19 outbreak
Ø Four social enterprises helping to curb air pollution in India
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✅# GSTN has enabled the option to file Annual Return i.e. GSTR-9 & Reconciliation Statement i.e. GSTR-9C for the F.Y 2018-19. Now the taxpayers can download the system computed draft Annual Return i.e. GSTR – 9 for the F.Y 2018-19.
✅# MCA has issued a Consultation paper to examine existing provisions of law related to enhancing audit independence and accountability.
http://www.mca.gov.in/Ministry/pdf/Comments_08022020.pdf
ICAI invites suggestions/comments from members on various questions framed in this regard at https://forms.gle/uwDoPdgEL7ucsYyy7
✅# PAN-Aadhaar Inter-Linking: As per New Rule 114AAA of the Income Tax Rules, if a PAN is not linked with Aadhaar No at the Website of the Income Tax Dept ; then such PAN shall become inoperative from April-01-2020. The PAN shall again become active upon the intimation of Aadhaar Number to the ITD.
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Itax update- CBDT vide Circular No. 6/2020 dated 19.02.2020 condones the delay in filing the Return of Income by Trust for the Assessment Year 2016-17 onwards under Section 119(2)(b) of Income Tax Act 1961 where form 9A & From 10 has been filed and, the Return of Income has been filed on or before 31st March of respective Assessment Year 2016-17, 2017-18 & 2018-19.
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👉 Companies (Registration Office and Fees )Amendment Rules, 2020 Pdf1.8 MB)
http://www.mca.gov.in/Ministry/pdf/rule_19022020.pdf
👉 This stock rose 155% last year, but still below IPO price
https://economictimes.indiatimes.com/markets/stocks/news/this-stock-rose-155-in-last-one-year-but-still-trades-below-ipo-price/articleshow/74218864.cms
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👉🏻CGST wing detects Input Tax Credit fraud of more than Rs 214 Cr in Delhi
(Over 35 entities are involved in the bogus transactions, involving fake invoicing to the tune of Rs. 214.74 crores and tax evasion of Rs. 38.05 Cr)
👇🏻 👇🏻 👇🏻
http://bit.ly/39NOcJr
👉🏻Canada Largest Express Entry draw ever issues 4,500 invitations
(Invitations to apply for Canadian Permanent Residence have been issued to 4,500 Express Entry candidates in the largest draw ever held by the Govt of Canada on February 19)
👇🏻 👇🏻 👇🏻
http://bit.ly/2P9uvEh
👉🏻Interest Calculation under GST - Gross Vs Net
(Interest Calculation under GST - Gross Vs Net explained by CA. Bhavesh Mittal with latest Case Laws. Confusion after CBIC Tweets)
👇🏻 👇🏻 👇🏻
http://bit.ly/2HH1XxM
👉🏻ESB of ICAI selected Faculties from Northern Region
(Ethical Standard Board of ICAI organised Two days Faculty development program in Oct 2019 and selected 10 eminent speakers as faculties for Code of Ethics)
👇🏻 👇🏻 👇🏻
http://bit.ly/38Jy5g2
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Madras High Court in a recent order has opined that the faceless tax-assessment system “can lead to erroneous assessment, if officers are not able to understand the transactions and statement of accounts of an assessee without a personal hearing”. The court, however, said electronic-assessment — introduced to curb cases of corruption and harassment of tax payers by officials— was a laudable initiative.
Central Board of Indirect Taxes & Customs (CBIC) has instructed its officers to initiate measures to recover interest payable for delayed filing of monthly returns (GSTR-3B). As per FE (February 13), the instruction from Member of the Board puts the figure at over Rs 46,000 crore.
Bombay High Court has held that an application made for withdrawal of an amount deposited with the court does not amount to a suit/proceeding/execution within Section 14 of IBC, and therefore, the party that deposited the amount cannot oppose such an application merely because it is undergoing moratorium.
MCA has allowed the Filing of forms in the registry of MCA-21 by the Insolvency Professional (IP), Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator as appointed under Insolvency Bankruptcy Code, 2016.
SEBI has notified the new norms & Guidelines governing Portfolio Managers and their services. The SEBI has mandated that portfolio managers cannot charge an upfront fee, either directly or indirectly, from clients and the only brokerage at actuals should be charged to clients as an expense.
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👉 NCLT The National Company Law Tribunal reserved its order on a plea by a former director of Dewan Housing Finance Corporation Ltd. seeking to allow him to be a part of the committee of creditors’ meetings.
A two-member bench comprising judicial member Rajasekhar VK and technical member Ravikumar Duraisamy declined to pass any interim direction or provide any immediate relief to Dheeraj Wadhawan but reserved the matter for orders.
Wadhawan had moved the tribunal after the Reserve Bank of India-appointed administrator rejected his plea to attend the CoC meetings.
The central bank superseded the home financier’s board in November under the Reserve Bank of India Act, 1934. The Section 45-IE of the act grants power to the RBI to supersede the board of any non-banking financial company if its affairs are conducted in a manner detrimental to the interest of its depositors or creditors. This supersession can last for a maximum period of five years.
👉 The National Company Law Appellate Tribunal has referred the ongoing dispute between General Electric and Triveni Turbines over their joint venture back to the Bengaluru bench of the National Company Law Tribunal (NCLT).
An interim order by the NCLAT bench which permitted GE to sell its stake in subsidiary Baker Hughes, as long as the deal would not affect the business of GE Triveni will remain in effect till the NCLT decides on the matter. The interim order had also noted that the obligations of Baker Hughes and GE towards the joint venture would remain unchanged and that any stake sale would be subject to the decision of the tribunal.
Triveni Turbines had opposed the proposed stake sale, stating that it would “de-link” GE from the joint venture in violation of the terms of their deal and its obligations to provide GE Triveni with technology, marketing services and access to its international sales network.
Ø Telecom sector broken, Voda Idea on brink: Ex secy
Ø Govt panel for ban on export of 12 drug formulations
Ø Kotak Bank gets RBI nod for trimming promoters' stake
Ø CCI finds no collusion by IndiGo, SpiceJet, others
Ø 'Consumer durables growth to pick in last qtr of FY20'
Ø NSDL plans to raise over Rs 1,000 crore via IPO
Ø Slow economy, weak sentiment to continue weighing on auto sales: Fitch
Ø DoT still working on final AGR dues due to varying accounting practices
Ø US DoJ drops charges against Droom founder in insider trading case
Ø BHEL bags battery energy storage system order under TERI consortium project
Ø Dish TV-Bharti Airtel deal called off due to differences over valuation
Ø Transition to BS-VI fuel on track, say auto/oil industry bodies
Ø AGR risk remains for GAIL, Oil India and Power Grid, says Fitch Ratings
Ø Arnab Goswami owns over 82% of Republic TV: Company
Ø Reliance, Aramco accelerate refinery stake sale talks
Ø NHAI extends ₹260 crore to Reliance Infra subsidiary P S Toll Road
Ø Telecom sector under stress for 3.5 years: Sunil Mittal
Ø Renault and Nissan to maintain their alliance in India: Fabrice Cambolive
Ø Swiggy raises $112 million in ongoing funding round led by Naspers
Ø Govt approves ₹4,558 cr scheme for the dairy sector: Prakash Javadekar
Ø India ranks 131 on flourishing index: Report
Ø Govt considering compulsory registration for paper imports
Ø Govt to formulate national action plan on business and human rights
Ø Govt invites Germany’s state-run KfW to fund transmission projects
Ø PMO holds meeting on merger of 10 public sector banks
Ø Accelerating women entrepreneurship in India can generate 150–170 million jobs
Ø Kiran Mazumdar Shaw fears shortage of drugs due to Covid-19 outbreak
Ø Four social enterprises helping to curb air pollution in India
.
============>
.
✅# GSTN has enabled the option to file Annual Return i.e. GSTR-9 & Reconciliation Statement i.e. GSTR-9C for the F.Y 2018-19. Now the taxpayers can download the system computed draft Annual Return i.e. GSTR – 9 for the F.Y 2018-19.
✅# MCA has issued a Consultation paper to examine existing provisions of law related to enhancing audit independence and accountability.
http://www.mca.gov.in/Ministry/pdf/Comments_08022020.pdf
ICAI invites suggestions/comments from members on various questions framed in this regard at https://forms.gle/uwDoPdgEL7ucsYyy7
✅# PAN-Aadhaar Inter-Linking: As per New Rule 114AAA of the Income Tax Rules, if a PAN is not linked with Aadhaar No at the Website of the Income Tax Dept ; then such PAN shall become inoperative from April-01-2020. The PAN shall again become active upon the intimation of Aadhaar Number to the ITD.
.
============>
.
Itax update- CBDT vide Circular No. 6/2020 dated 19.02.2020 condones the delay in filing the Return of Income by Trust for the Assessment Year 2016-17 onwards under Section 119(2)(b) of Income Tax Act 1961 where form 9A & From 10 has been filed and, the Return of Income has been filed on or before 31st March of respective Assessment Year 2016-17, 2017-18 & 2018-19.
.
============>
.
👉 Companies (Registration Office and Fees )Amendment Rules, 2020 Pdf1.8 MB)
http://www.mca.gov.in/Ministry/pdf/rule_19022020.pdf
👉 This stock rose 155% last year, but still below IPO price
https://economictimes.indiatimes.com/markets/stocks/news/this-stock-rose-155-in-last-one-year-but-still-trades-below-ipo-price/articleshow/74218864.cms
.
============>
.
👉🏻CGST wing detects Input Tax Credit fraud of more than Rs 214 Cr in Delhi
(Over 35 entities are involved in the bogus transactions, involving fake invoicing to the tune of Rs. 214.74 crores and tax evasion of Rs. 38.05 Cr)
👇🏻 👇🏻 👇🏻
http://bit.ly/39NOcJr
👉🏻Canada Largest Express Entry draw ever issues 4,500 invitations
(Invitations to apply for Canadian Permanent Residence have been issued to 4,500 Express Entry candidates in the largest draw ever held by the Govt of Canada on February 19)
👇🏻 👇🏻 👇🏻
http://bit.ly/2P9uvEh
👉🏻Interest Calculation under GST - Gross Vs Net
(Interest Calculation under GST - Gross Vs Net explained by CA. Bhavesh Mittal with latest Case Laws. Confusion after CBIC Tweets)
👇🏻 👇🏻 👇🏻
http://bit.ly/2HH1XxM
👉🏻ESB of ICAI selected Faculties from Northern Region
(Ethical Standard Board of ICAI organised Two days Faculty development program in Oct 2019 and selected 10 eminent speakers as faculties for Code of Ethics)
👇🏻 👇🏻 👇🏻
http://bit.ly/38Jy5g2
.
============>
.
Madras High Court in a recent order has opined that the faceless tax-assessment system “can lead to erroneous assessment, if officers are not able to understand the transactions and statement of accounts of an assessee without a personal hearing”. The court, however, said electronic-assessment — introduced to curb cases of corruption and harassment of tax payers by officials— was a laudable initiative.
Central Board of Indirect Taxes & Customs (CBIC) has instructed its officers to initiate measures to recover interest payable for delayed filing of monthly returns (GSTR-3B). As per FE (February 13), the instruction from Member of the Board puts the figure at over Rs 46,000 crore.
Bombay High Court has held that an application made for withdrawal of an amount deposited with the court does not amount to a suit/proceeding/execution within Section 14 of IBC, and therefore, the party that deposited the amount cannot oppose such an application merely because it is undergoing moratorium.
MCA has allowed the Filing of forms in the registry of MCA-21 by the Insolvency Professional (IP), Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator as appointed under Insolvency Bankruptcy Code, 2016.
SEBI has notified the new norms & Guidelines governing Portfolio Managers and their services. The SEBI has mandated that portfolio managers cannot charge an upfront fee, either directly or indirectly, from clients and the only brokerage at actuals should be charged to clients as an expense.
.
============>
.
👉 NCLT The National Company Law Tribunal reserved its order on a plea by a former director of Dewan Housing Finance Corporation Ltd. seeking to allow him to be a part of the committee of creditors’ meetings.
A two-member bench comprising judicial member Rajasekhar VK and technical member Ravikumar Duraisamy declined to pass any interim direction or provide any immediate relief to Dheeraj Wadhawan but reserved the matter for orders.
Wadhawan had moved the tribunal after the Reserve Bank of India-appointed administrator rejected his plea to attend the CoC meetings.
The central bank superseded the home financier’s board in November under the Reserve Bank of India Act, 1934. The Section 45-IE of the act grants power to the RBI to supersede the board of any non-banking financial company if its affairs are conducted in a manner detrimental to the interest of its depositors or creditors. This supersession can last for a maximum period of five years.
👉 The National Company Law Appellate Tribunal has referred the ongoing dispute between General Electric and Triveni Turbines over their joint venture back to the Bengaluru bench of the National Company Law Tribunal (NCLT).
An interim order by the NCLAT bench which permitted GE to sell its stake in subsidiary Baker Hughes, as long as the deal would not affect the business of GE Triveni will remain in effect till the NCLT decides on the matter. The interim order had also noted that the obligations of Baker Hughes and GE towards the joint venture would remain unchanged and that any stake sale would be subject to the decision of the tribunal.
Triveni Turbines had opposed the proposed stake sale, stating that it would “de-link” GE from the joint venture in violation of the terms of their deal and its obligations to provide GE Triveni with technology, marketing services and access to its international sales network.
.
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.
👉 Invitation for public comments on the Competition (Amendment) Bill,2020 Pdf(1.4 MB)
http://www.mca.gov.in/Ministry/pdf/rule_20022020.pdf
👉 Companies (Registration Office and Fees )Amendment Rules, 2020 Pdf1.8 MB)
http://www.mca.gov.in/Ministry/pdf/rule_19022020.pdf
👉 Minutes of the Monetary Policy Committee Meeting February 4 to 6, 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49424
👉 Coronavirus impact: Why 2020 could be yr of rate cuts
https://economictimes.indiatimes.com/markets/stocks/news/coronavirus-impact-dollar-equities-and-gold-rally-why-2020-could-be-a-year-of-rate-cuts/articleshow/74234950.cms
👉 Stock, forex markets shut today for Maha Shivratri
https://economictimes.indiatimes.com/markets/stocks/news/stock-bond-and-forex-markets-shut-today-for-maha-shivratri/articleshow/74230079.cms
👉 Hindujas, Cerberus may partner for YES Bank stake
https://economictimes.indiatimes.com/markets/stocks/news/hindujas-cerberus-may-partner-to-bid-for-yes-bank-stake/articleshow/74224923.cms
Thanks for reading