24th February 2K20
Economic Times
Ø RBI reviewing monetary policy framework: Das
Ø Officials meet to discuss relief for AGR-hit telcos
Ø IndiGo in talks with Jetstar, Qantas for partnership
Ø USFDA reopens investigation of Aurobindo’s facility
Ø AGR test checks standard audit procedure: COAI
Ø Pine Labs to deploy 1.5L Android POS devices by next yr
Business Standard
Ø US surpasses China as India's biggest trading partner at $87.95 billion
Ø Govt keen to sell stake in THDCIL, NEEPCO to NTPC this fiscal: Report
Ø Natural gas prices in India likely to be cut by steep 25% from April
Ø RCom creditors meet on Monday, may vote on Jio bid for Rs 4,700 cr assets
Ø Adani's Rs 400 crore bid for posh Aditya Estates in Delhi gets NCLT nod
Business Line
Ø Reliance Retail tops list of 50 fastest growing retailers globally
Ø Coal-fired power falls 3% in April-Dec 2019
Ø Ruias gear up for Essar 2.0 with investment-led growth plan
Ø Coal imports at major ports drop 15% in April-January
Ø Trade ‘protectionism’ to figure in US talks
Mint
Ø G-20 finance chiefs on alert with world economic growth at risk
Ø US and India to discuss 5G during Donald Trump's visit
Ø IndianOil expected to ink agreement with ExxonMobil & Chart Industries
Ø Central Bank of India plans to exit housing finance subsidiary
Ø FPIs remain bullish on India, invest ₹23,102 crore in Feb so far
Financial Express
Ø Coronavirus puts global economy recovery at risk, says IMF to G20
Ø Court restrains firm from using trade secrets of popular e-commerce player
Ø Crisil downgrades PNB Housing Finance’s NCDs, bank loans
Ø RBI monitoring four banks’ efforts under PCA scheme
Deccan Chronicle
Ø Reserve Bank of India devises new plan for fin inclusion
Ø Telecom companies' owe Rs 22,600 crore as licence fees, rest is interest-cum-penalty
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CBDT has released a notification called the Income-tax (4th Amendment) Rules, 2020 which shall come into effect on April 1, 2020. The CBDT has introduced Forms 10-IC and Form 10-ID to opt for reduced tax rates as declared under Section 115BAA and Section 115BAB respectively for domestic companies.
Indirect tax department wants the software companies to value the global brand names and logos used in India, charge a fee on that and pay 18% goods and services tax (GST) on top of it, Industry trackers said currently there is no valuation mechanism for global technology companies in India.
Foreign portfolio investors (FPIs) seem to like the Indian market compared to other emerging markets, going by the relatively high inflows for the second consecutive month. The impact of coronavirus on other emerging markets and buying in the primary markets are the main reasons for FPI inflows.
MCA: The acquirer making an application should deposit at least 50 percent of the total consideration to be payable pursuant to takeover offer at the time of making an application to the NCLT.
MCA has notified the Companies (Registration Offices and Fees) Amendment Rules, 2020 which shall come into force on the date of their publication in the Official Gazette i.e 19-02-2020.
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👉 Direct Taxes Committee of ICAI is organizing a LIVE Webcast on “Vivad Se Vishwas Bill 2020 - Issues & Challenges” on 25th February 2020 (Tuesday) from 3:00 p.m. to 5:00 p.m. at ICAI, HO, New Delhi.
https://www.icai.org/new_event.html?event=5127
👉 Empanelment of Concurrent Auditors through ... - Andhra Bank
https://customer.andhrabank.in/audit/
Last date for filing of Online Application is 29.02.2020.
👉 22.02.2020 – Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep
👉 24. 02.2020 Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi
👉 25-02-2020– PF Return filling for Jan 2020 (including pension & Insurance scheme forms.
👉 28-02-2020-GST– Details of Inward Supplies to be furnished by a person having UIN and claiming refund – GSTR 11 for January.
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CBDT has released a notification called the Income-tax (4th Amendment) Rules, 2020 which shall come into effect on April 1, 2020. The CBDT has introduced Forms 10-IC and Form 10-ID to opt for reduced tax rates as declared under Section 115BAA and Section 115BAB respectively for domestic companies.
Indirect tax department wants the software companies to value the global brand names and logos used in India, charge a fee on that and pay 18% goods and services tax (GST) on top of it, Industry trackers said currently there is no valuation mechanism for global technology companies in India.
Foreign portfolio investors (FPIs) seem to like the Indian market compared to other emerging markets, going by the relatively high inflows for the second consecutive month. The impact of coronavirus on other emerging markets and buying in the primary markets are the main reasons for FPI inflows.
MCA: The acquirer making an application should deposit at least 50 percent of the total consideration to be payable pursuant to takeover offer at the time of making an application to the NCLT.
MCA has notified the Companies (Registration Offices and Fees) Amendment Rules, 2020 which shall come into force on the date of their publication in the Official Gazette i.e 19-02-2020.
[24/02, 12:16 am] +91 91058 87186: *Guidelines for Selection of Cases for Scrutinty*
The CBDT has issued the parameters for manual selection of returns vide F.No.225/169/2019/ITA-11 dated 05th September, 2019 by which it has laid down the procedure and criteria for compulsory manual selection of returns/cases requiring scrutiny during the financial-year 2019-2020. It is also stated that cases are also being selected under CASS-2019 (Computer Aided Scrutiny Selection) on the basis of broad based selection filters and in a non-discretionary manner in two categories of Limited Scrutiny & Complete Scrutiny.
The details are as under:
(1) Guidelines for selection of cases for Income Tax scrutiny
1. Cases involving addition in an earlier assessment years(s) on a recurring issue of law or fact of following amounts: the
in excess of Rs. 25 lakhs in eight metro charges at Ahmedabad, Bengalurti, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune, while at other charges, quantum of such addition should exceed Rs. 10 lakhs
for transfer pricing cases, quantum of such addition should exceed Rs. 10 crore and where:
a) such an addition in assessment has become final as no further appeal was/has been filed; or
b) such an addition has been confirmed at any stage of appellate process in favour of revenue and assessee has not filed further appeal; or
c) such an addition has been confirmed at 1st appeal stage in favour of revenue or subsequently and further appeal of assessee is pending.
2. All assessments pertaining to Survey under section 133A of the Income-tax Act, 1961 (‘Act’) should exclude following cases:
where books of accounts, documents etc. were not impounded and returned income (excluding any disclosure made during the Survey) is not less than returned income of preceding assessment year.
Further, please note that, where the assessee retracts from disclosure made during the Survey, such cases will not be covered by this exclusion.
3. Assessments in search and seizure cases to be made under section (s) 158B, 158BC, 15881), 153A & 153C read with section 143(3) of the Act and also for the returns filed for the assessment year relevant to the previous year in which authorization for search and seizure was executed u/s 132 or 132A of the Act.
4. Return filed in response to notice u/s 148 of the Act.
5. Cases where registration/approval under various sections of the Act such as 12A, 35(1)(ii)/(iii), 10(23C) etc. of the Act have not been granted or have been cancelled/withdrawn by the competent authority, yet the assessee has been claiming tax-exemption/deduction in the return. However, where such order of withdrawal of registration/approval has been reversed/set-aside in appellate proceedings, those cases will not be selected under this clause.
6. Cases in respect of which specific and verifiable information pointing out tax-evasion is given by any Government Department/Authority. However, before selecting a case for scrutiny under this criterion, Assessing Officer shall take prior administrative approval from the concerned jurisdictional Pr. CIT/Pr.DIT/CIT/DIT.
(2) *CASS (Computer Assisted Scrutiny Selection)*
Cases are also being selected under CASS 2019 on the basis of broad based selection filters and in a non-discretionary manner in two categories. Limited Scrutiny and complete Scrutiny in a centralized manner.
List of such cases is being separately intimated by Pr.DGJT (system) to the jurisdictional authorities for further action in these cases.
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CBDT has notified Rule 114AAA u/s 139A(2) for notifying date to make PAN inoperative if the same is not linked to Aadhar of the PAN holder up to 31.3.2020, except those who are not eligible to obtain Aadhar number and those who are exempted to link u/s 139AA(3).
High Court Allows Filling of Tran-1 despite absence of any evidence of technical glitches.
Samrajyaa and Company Vs DCCE (Madras High Court).
Reserve Bank of India Governor Shaktikanta Das has said the central bank has already initiated discussions with some institutions and efforts are on for inclusion of government bonds in global indices as quickly as possible.
DHFL draft forensic report by KPMG had found the lender had disbursed loans and advances to inter-connected entities, which were likely linked to the promoters.
Supreme Court In the matter of PNB- Nirav Modi scam, the has granted relief to Usha Ananthasubramaniam, former MD and CEO of Punjab National Bank, by setting aside the order passed by NCLT by which her assets were frozen.
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👉 24.02.2020 GSTR 3B for the month of January 2020 should be furnished by February 24, 2020 for all the taxpayers from 22 States/UTs GSTR-3B
👉 Cash Flow Statement is not required to be prepared for SMALL COMPANY (Turnover INR 2 crores AND Paid up Capital of INR 50 lakhs), OPC, Dormant Company and Start-up Company
👉 Production of Books not Relevant in Cheque Bounce Cases | Section 138 | NI Act. D. K. Chandel Vs Wockhardt Ltd. & Anr. (Supreme Court)
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👉 Vodafone Idea can exit only after NCLT okays, Registrar of Companies records deal - Vodafone Idea (VIL) will not be able to cash out of the Bharti Infratel-Indus Towers merged entity early enough to generate money to help pay off a bigger part of its huge adjusted gross revenue (AGR) dues by March 17, the deadline set by the Supreme Court, said industry executives and analysts.
There are two more steps left before the deal can be closed and these would take another two-three months, they said. The merger will have to be first cleared by the National Company Law Tribunal-Chandigarh and then taken on record by the Registrar of Companies.
👉 Adani's Rs 400 crore bid for posh Aditya Estates in Delhi gets NCLT approval - Business conglomerate Adani group has won a bid to acquire Aditya Estates Pvt Ltd, which holds a posh 3.4 acre residential property near Mandi House in the heart of the national capital, through an insolvency process for a total deal value of Rs 400 crore. The Delhi-based Principal bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of Adani Properties to acquire Aditya Estates for Rs 265 crore. Another Rs 135 crore would go towards meeting the statutory charges, taking the total deal value to Rs 400 crore.
The Committee of Creditors (CoC) of Aditya Estates led by ICICI Bank PLC had already approved by 93.01 per cent vote share, Adani's Rs 400 crore offer, which includes an upfront payment of Rs 265 crore.
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