20th April 2K20
Ø DGCA bars airlines from booking tickets beyond May 3, 2020
Ø Lockdown to have huge impact on heavy appliances sector: Godrej
Ø "SMEs need to be prudent, avoid over-leveraging"
Ø CBDT revising ITR forms to reflect timeline extension
Ø Competition Commission cautions businesses against unfair practices amid coronavirus pandemic
Ø Sebi may scan Cayman, Singapore investment hubs for Chinese links
Ø SMEs to gain maximum from Rs 1-trn RBI liquidity boost to NBFCs, HFCs
Ø India could use 3-5% of GDP stabilising economy: World Bank economists
Ø Govt reverses stance on e-commerce, disallows sale of non-essential items
Ø Steel demand to contract 7.7% in 2020 over coronavirus crisis: ISA
Ø Finance Act 2020: Subtle yet significant changes in income-tax rules
Ø PPP port operators set to invoke force majeure in concession pacts
Ø TVS Motor buys UK's iconic premium bike brand Norton
Ø Centre proposes National Renewable Energy Policy
Ø Covid-19: Lockdown period not to be counted for liquidation process related tasks
Ø Kotak Mahindra Bank looks to raise ₹8,000 crore via promoter stake sale
Ø PM Modi urges industry to adopt new business models, work culture
Ø No tax on provident fund (PF) after five years of service
Ø Norton acquisition brings TVS Motor face-to-face with Royal Enfield
Ø Govt transfers Rs 36k crore during lockdown so far in bank accounts of this many beneficiaries
Ø Kotak Mahindra Bank board to consider fundraising proposal this week
Ø Govt-backed credit guarantee needed to ensure banks overcome risk averseness while lending: CII
Ø Moratorium: 10 per cent provisioning may shave Rs 35,000 crore off bank profits
Ø India will import drugs with less than 60 pc shelf life, condition apply
Ø FPIs pull out Rs 12,650 cr in April amid covid19 crisis
Ø Cabinet likely to approve package for power distribution utilities due to low demand
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👉🏻GST Refund worth Rs. 5575 Cr processed in 15 days
(CBIC on Friday reported settling GST refund claims worth Rs,5,575 Cr in 15 days)
👇🏻 👇🏻 👇🏻
https://bit.ly/2xvknjD
👉🏻RBI gives NPA classification reprieve to accounts under 3-month moratorium
(This effectively means that the bad loan classification period changes to 180 days for all such accounts from 90 days)
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https://bit.ly/2Vjkc3V
👉🏻Appointment of Internal Auditors for RailTel
(Internal Audit for its Corporate Office at New Delhi and its Regional offices at Mumbai, Kolkata, Hyderabad and New Delhi)
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https://bit.ly/2RKncUQ
👉🏻Procedure for Registration of Charitable and Religious entities
(Procedure for Registration of Charitable and Religious entities (Trust or Societies) under Income Tax Act as per the Finance Act, 2020 discussed by CA. Vidhu Duggal)
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https://bit.ly/2VRbZ6b
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👉 State-owned Punjab & Sind Bank on Saturday said it has declared the non-performing account of Golden Jubilee Hotels, involving an outstanding amount of over Rs 86 crore, as "fraud".
"It is informed that an NPA account viz Golden Jubilee Hotels Pvt Ltd with book outstanding of Rs 86.40 crore and 100 per cent provisioning has been declared as fraud and reported to the RBI as per regulatory requirement," it said in a filing to exchanges.
Golden Jubilee Hotels Pvt Ltd is a public-private partnership (PPP) with the Department of Tourism and Youth Advancement, Tourism & Culture, Government of Telangana, according to the hotel's website.
The hotel group was admitted for Corporate Resolution Insolvency Process (CRIP) on February 27, 2018, at the Hyderabad bench of the National Company Law Tribunal (NCLT), by a consortium of eight public sector lenders led by Bank of Baroda.
👉 The government must hold the operation of the Insolvency and Bankruptcy Code (IBC) in abeyance for at least six months, in view of the Covid-19 lockdown and the extraordinary curtailment of business and revenue, and low valuation of assets it has forced. An Ordinance should be issued, to apply this ban on all those eligible to file for insolvency proceedings — financial or operational creditors, and defaulting companies.
Rightly, the government has raised the size of the loan default that can trigger insolvency to a minimum of Rs 1 crore from Rs 1lakh, to help small borrowers.
As a corollary to the forbearance announced earlier of a three-month moratorium by banks on debt service by their borrowers, the Reserve Bank of India (RBI) has now told banks that the moratorium period will not count for classifying aloan as non-performing. This should avert a huge surge in bad loans. Already, the Insolvency and Bankruptcy Board of India (IBBI) has excluded the period of lockdown from the timelines mandated to complete the resolution process. But the resolution of distressed assets needs more time, given that the deteriorating economic condition is also likely to see fewer potential bidders for distressed companies.
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Outward supplies in FORM GSTR-1 & ITC in GSTR-2A should be linked to FORM GSTR-3B: Nandan Nilekani
https://studycafe.in/2020/03/outward-supplies-in-form-gstr-1-itc-in-gstr-2a-should-be-linked-to-form-gstr-3b-nandan-nilekani.html
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Physical verification of premises to be done before passing of the ITC in case of new GST registrations
https://studycafe.in/2020/03/physical-verification-of-premises-to-be-done-before-passing-of-the-itc-in-case-of-new-gst-registrations.html
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SECTION 244A OF THE INCOME-TAX ACT, 1961 - REFUNDS - INTEREST ON
Interest on delayed interest : Under section 244A interest on delayed refund becomes part of principal amount and, thus, delayed interest not only includes interest for not refunding principal amount but also interest on delayed refund - Principal Commissioner of Income-tax v. Ambuja Darla Kashlog Mangoo Transport Co-operative Society - [2020] 114 taxmann.com 527 (Himachal Pradesh)
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SECTION 14A OF THE INCOME-TAX ACT, 1961 - EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME
Recording of satisfaction : Where Assessing Officer rejected suo motu disallowance made by assessee under section 14A without recording any dissatisfaction, Tribunal was justified in holding that rule 8D could not be invoked - Principal Commissioner of Income-tax-14 v. Godrej Investment Ltd. - [2020] 114 taxmann.com 581 (Bombay)
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👉🏻SEBI seek essential service status for Auditors of listed companies
(SEBI has written to MCA to take up the matter of permitting auditors of listed companies to operate from April 20, 2020 with MHA)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Vm68Xh
👉🏻CBDT revised return forms for FY 2019-20 to be notified by end of this month
(CBDT has initiated necessary changes in the return forms so that taxpayers could take benefits of their transactions carried out during the COVID period in the return forms)
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https://bit.ly/34R1Ytq
👉🏻RBI Circular | Assets Classification and Provisioning | NPA Identifications
(RBI Latest Circular on Assets Classification and Provisioning and Identification of NPA for Bank Audits discussed by CA. Ashish Gupta.)
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https://bit.ly/3cwg8Tt
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👉 The Insolvency and Bankruptcy Board of India(IBBI), on Friday, issued Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020.
The Insolvency and Bankruptcy Board of India(IBBI) seeks to amend liquidation processregulations by inserting a new regulation 47A into the principal regulations called Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 to exclude the period of lockdown in the liquidation process. For calculating any timeline for any task which could not be completed, the period of lockdown will be excluded.
In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, after Regulation 47, Regulation 47A shall be inserted, namely, “Exclusion of period of lockdown. Subject to the provisions of the Code, the period of lockdown imposed by the Central Governmentin the wake of COVID-19 outbreak shall not be counted for the purposes of computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process.”.
👉 Last month, while announcing relief packages for covid-19 pandemic, finance minister Nirmala Sitharaman also announced that the threshold for defaulting companies under the Insolvency and Bankruptcy Code (IBC) has been raised, with immediate effect, to ₹1 crore from ₹1 lakh earlier. Earlier, creditors had the right to file a case under IBC if a company defaulted on payment of ₹1 lakh or above, now this limit has been raised to ₹1 crore
A few months ago, the government made another amendment under IBC introducing a minimum threshold of 100 or 10% of the homebuyers, whichever is lower, to take a defaulting developer to the National Company Law Tribunal (NCLT). We asked experts how these amendments will impact the rights of homebuyers, who are considered as financial creditors under IBC.
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CBDT is revising the return forms for FY 2019-20 dated 19.04.2020. To enable benefits of various timeline extensions granted by the Government of India due to Covid-19 pandemic situations, the CBDT is revising the return forms for FY 2019-20 (Assessment Year 2020-21) which shall be notified by the end of this month.
CBDT informed that it has already issued over 10.2 lakh refunds totalling to around Rs. 4,250 crore as on 14th April 2020. These refunds are over and above the 2.50 crore refunds already issued in FY 2019-2020 till 31st March 2020 totalling Rs 1.84 lakh crore. The CBDT further informed that about 1.75 lakh more refunds are in the process of issuance which would get credited directly to the taxpayer bank account in 5-7 business days from issuance.
Central Board of Indirect Taxes and Customs (CBIC) said that it had issued Rs 5,575 crore as refunds since March 30, by processing 12,923 applications. Of this, 7873 application claims worth Rs 3,854 crore have been processed in the last week.
CBIC has issued Circular No. 19/2020- Customs dated April 13, 2020 for electronic communication of PDF based Gatepass and OOC Copy of Bill of Entry to Custom Brokers/Importers. Board has now decided to enable electronic communication of PDF based Final eOoC (electronic Out of Charge) copy of BoE and eGatepass to the importers/Customs Brokers. This electronic communication would reduce interface between the Customs authorities and the importers/Customs Brokers.
ICAI issues Revised Minimum Recommended Scale of Fees for The Professional Assignments done by professionals
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