Ø Moody's downgrades India's ratings, keeps outlook negative
Ø Passenger vehicle sales crash to decades low in May
Ø Cabinet Decisions: MSP raised for 14 kharif crops
Ø Govt extends crop loan repayment date till August 31; prompt re-payers to benefit
Ø GST Council to discuss waiver of late fee for Aug '17 to Jan '20
Ø Adani Power, Adani Green seek shareholder nod
Ø RIL's Rs 53,000 cr rights issue fully subscribed, closes on June 3
Ø MFIs see 50% recovery in June as rural borrowers avoid using moratorium
Ø India's unemployment rate in May rises to 23.48%, show CMIE data
Ø Maruti Suzuki records 86% slump in total May sales at 18,539 units
Ø L&T Construction transforms healthcare units into COVID-19 care facilities
Ø ICRA continues its ‘negative’ outlook on the domestic passenger vehicle segment
Ø Manufacturing PMI touches 30.8 in May, points to challenges in recovery process
Ø Medical device industry to get over ₹3,000 crore boost
Ø Brokerage firms back InvIT, IndiGrid due to good recent performances
Ø Future Retail raises ₹200 crore via NCDs
Ø PSBs sanction ₹3,200 crore loan on June 1 under emergency credit line
Ø MCHI moves SC challenging RBI order for interest waiver during moratorium
Ø Hero MotoCorp registers wholesales of 1.12 lakh vehicles in May
Ø M&M Tractor domestic sales rise 2% in May; exports decline 72%
Ø World Bank: Palestinian economy could shrink by 11%
Ø Lockdown extension to have deep impact on Indian economy, says BofA report
Ø PFC plans to tap RBI borrowing as new low-cost funding source
Ø Oil prices slip even after OPEC meeting advanced
Ø DPIIT rejects Flipkart's plan to enter food retail sector
Ø Asia's factory pain deepens as China's recovery fails to lift demand
Ø Moody's rating downgrade not surprising: SBI report
Ø Banks need recapitalisation of Rs 4 lakh crore: Kotak
Ø Extension of moratorium may affect liquidity of NBFCs
Ø Modifications in NPS financially untenable: FinMin
Ø Lenders’ woes may be worse than thought: Moody's
Ø RIL rights issue oversubscription reaches 129.8%
Ø Coal India subsidiary asks customers to extend validity of bank guarantees
Ø Walmart-Flipkart deal: AAR rejects Tiger Global plea on withholding tax
Ø Adverse weather conditions, lockdown to hit output of Rabi crops: Report
Ø Vocal for local: India's $6.7 bn plan to boost electronics manufacturing
Ø Oil prices increase ahead of Opec+ meeting on extended output cuts
Ø Nearly 70% listed firms' turnover below new MSME threshold due to lockdown
Ø Tata Motors resumes manufacturing across all plants
Ø IndiGo reports net loss of Rs 870.8 crore in March-quarter
Ø Moody's downgrades 11 Indian infrastructure companies
Ø BEML dispatches prototype of mainline electric multiple unit to Railways
Ø IATA request govts to implement ICAO’s global guidelines
Ø Strides Pharma Global gets USFDA approval for ointment
Ø NRIs are not permitted to purchase any agricultural land in India
Ø Production at 80-90% of normative levels: Hindustan Unilever
Ø Biocon arm Syngene develops ELISA test kits, ties up with HiMedia for production
Ø FMCG revenue to de-grow 2-3% in FY21: Crisil Ratings
Ø Britannia Industries March quarter profit up 26%
Ø US economy: CBO projects coronavirus impact could trim GDP by $15.7 trillion
Ø Steel players’ operating profit to decline 20-30% in FY21: India Ratings
Ø Maruti, Hyundai, Mercedes offer teaser car loans as RBI softens stance
Ø Moody's cuts India's rating to lowest investment grade with negative outlook
Ø Carmakers tie-up with banks to offer low interest rate schemes to attract customers
Ø Guj HC stays Templeton's e-vote on winding up schemes
Ø Credit card spending falls 51% in April: Survey
Ø Cos with loan recast seek moratorium from banks
Ø HDFC offloads Rs 1,274 cr shares of HDFC Life
Ø Cabinet okays ordinance to amend insolvency law; defaults due to COVID out of IBC ambit
Ø Tata Steel to raise Rs 400 crore through NCDs
Ø PNB lowers rates on savings account deposits by 50 bps
Ø Govt sets up empowered group of secretaries to attract investments to India
Ø PSBs sanction loans worth Rs 10,362 cr under emergency credit scheme
Ø Global air passenger travel plunges 94.3% in April due to Covid-19: IATA
Ø Aurobindo Pharma Q4 PBT rises 32% to Rs1077.51 cr over higher revenue
Ø Coal India output falls 11% to 41 MT in May, coal offtake up at 39.95 MT
Ø RIL in talks with West Asian sovereign funds for Jio Platforms: Report
Ø Cabinet gives its nod to amend Essential Commodities Act
Ø Services PMI at 12.6 in May as activities contract sharply due to pandemic
Ø Tata Power’s Skill Development Institute trains 23k individuals in FY20
Ø RIL nearing deal with Abu Dhabi’s Mubadala: Report
Ø Healthcare firm IVF Access raises $5 million from Vertex Ventures
Ø Aurobindo Pharma hives off biosimilar business to subsidiary
Ø SC asks NBCC, SBI Caps, Receiver, UCO to file joint plan on Amrapali projects
Ø International Tractors report 19% growth in May sales
Ø Goods movement pickup in May signals revival of economic activity
Ø LIC may invest less in stocks as premium growth stalls
Ø Cabinet nod for ordinance to allow farmers to engage with processors, aggregators
Ø Only 5% Asia Pacific infra firms highly exposed to COVID-19 disruptions: Moody’s
Ø NCLAT dismisses plea seeking probe against Ola and Uber on price fixing
Ø Adani Power appoints merchant banker to evaluate delisting proposal
Ø Facebook uses Jaadhu to acquire Jio stake worth Rs 43,574 crore
Ø To expand WhatsApp into payments, Facebook invests in Indonesia’s Gojek after Jio
Ø Consumer confidence collapses, economy may contract by 1.5 per cent in FY21: RBI surveys
Ø 'Bank NPAs may worsen to 11.6% by end of this fiscal'
Ø Govt releases Rs 36,400 crore as GST compensation to states
Ø Competition commission approves PSA-FCA merger
Ø Unemployment rate fell to 5.8% in 2018-2019: Govt
Ø Sebi extends regulatory filing deadline for AIF, VCF
Ø Interest subvention on crop loans extended till August 31
Ø Agri sector may not be hit by lockdown; likely to grow 2.5% in FY21: Crisil
Ø SBI to raise up to $1.5 bn via overseas bonds this financial year
Ø PE investments doubled in May thanks to Reliance's Jio Platforms deals
Ø UK's Standard Life divests 2% stake in HDFC Life for Rs 1,985 crore
Ø Aurobindo's US manufacturing facility gets inspectional observations
Ø Charging interest during loan moratorium 'detrimental', says SC bench
Ø Amazon in talks to buy $2 billion stake in Bharti Airtel: Report
Ø Aurobindo Pharma Q4 net up 45% at ₹850 cr
Ø CCI approves Peugeot and Fiat Chrysler merger
Ø Inventory, forex troubles drive BPCL to ₹1,361-crore Q4 loss
Ø Bharti Infratel board to meet on Jun 11 for final call on merger with Indus Towers
Ø Govt mulling making large firms disclose MSME dues: Nitin Gadkari
Ø DoT revises demand from Power Grid to ₹13,614 crore
Ø India pledges $15 million to international vaccine alliance GAVI
Ø DLF posts ₹1,857 crore loss in Jan-Mar quarter
Ø Rights issue helps RIL relcaim ₹10 lakh crore m-cap
Ø Forced savings during coronavirus lockdown to aid India’s borrowings: HSBC
Ø CII cautions against increasing fiscal deficit to spur coronavirus-hit economy
Ø Govt extends anti-dumping duty on certain steel items till December 4
Ø Vijay Mallya may be extradited to India anytime soon
Ø India to let farmers sell produce directly to traders, retailers
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CBDT has notified the income-tax return forms for the financial year ended March 31, 2020 (assessment year 2020-21). The I-T return forms (ITR-1 to ITR-7) incorporate the recent announcement made by the finance minister to ease the burden on taxpayers owing to the Covid-19 pandemic.
ITR forms for AY 20-21 notified. Joint property owner can file ITR 1 & 4. ITR-1 can be used if electricity / travel expenses or deposits in current accounts exceed limit.
GST ITC-02A enabled at GST common portal for transfer of ITC in Credit Ledger to other registered entities/place of businesses in same state.
AAR gave an important ruling that AAR cannot decide on surrender of GST registration regarding validity of question asked to the Authority in case of Maneckji Cooper Education Trust [2019] 112 taxmann.com 290 (AAR- MAHARASHTRA)
ICAI will develop a framework for audit quality indicators that will also help Indian audit firms and auditors to compete globally. ICAI said that currently quality of audit is not being benchmarked, and the focus is to have customised audit quality indicators. The ICAI has also decided to open a Centre for Audit Quality at Jaipur.
GSTN said it has enabled new registration functionality on the GST portal for erstwhile registered entities who are now corporate debtors under the provisions of the Insolvency and Bankruptcy Code (IBC). This facility will benefit the companies that are undergoing the corporate insolvency resolution process and whose management affairs are being undertaken by IRPs or RPs.
Sebi has extended to August 1, 2020 the date for implementing norms pertaining to power of attorney given by clients to trading members or clearing members. The regulator had in February 2020 specified guidelines with regard to margin obligations to be given by way of pledge and re-pledge in the depository system. The provisions of the circular were to come into effect from June 1, 2020.
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Question no 1 on Treatment of Intangibles in GST
Whether Intangibles such as trademarks and copyrights would considerd to be goods?
Answer
Sec 2(52) Of CSGT ACT, Defines Goods as goods means every kind of movable property other than money and securities.
Sec 2(102) Defines Services, Services means anything other than goods, money and securities.
Analysis
Every kind of movable property is goods barring exclusions. But the term movable property is not defined in CGST Act so we can take inference from General Clauses Act 1897. As per Sec 3(36) of this Act, moveable property is defined as "property of every description except immovable property"
So, it's amply clear from this above discussion that intangibles such as trademarks and copyrights shall well come in the definition of movable property therefore it shall be categorised as "GOODS"
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Income tax department has released the ITR-1 utility (e-form) on its e-filing website. The ITR-1 form is available in Excel and Java formats. One point to note about the latest ITR-1 form is that it allows individuals to claim the deductions on tax-saving investments made between April 1, 2020 and June 30, 2020 under the DI Schedule.
AAR gave an important ruling regarding No GST payable on mobilization advance for WCS where invoice is issued in pre-GST period. in case of Shapoorji Pallonji & Company (P.) Ltd. [2020] 114 <http://taxmann.com/> taxmann.com 240 (AAR- TAMIL NADU)
Foreign branches of Indian banks and those located in the International Financial Services Centre (IFSC) in GIFT City traded in non-deliverable forwards (NDF) for the first time on Monday. The RBI in the past was against this market, but gave way when it was found that the offshore volume in rupee trading is higher than the onshore one.
Prime Minister launched the technology platform ‘Champions’ which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength.The ICT based system is aimed at making the smaller units big by solving their grievances, encouraging, supporting, helping and handholding.
MSME and farm sectors received major boosts on Monday as the Union Cabinet approved relief packages announced earlier by Finance Minister Nirmala Sitharaman along with a few new reliefs of Rs 20,000/- Crore.
Union cabinet has approved further changes to the definition of micro, small and medium enterprises, a Rs 20,000-crore fund to provide equity support to stressed entities in the sector, and equity infusion of Rs 50,000 crore into MSMEs through a fund of funds.
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👉🏻Be aware of imitated Emails in the name of Reserve Bank of India - RBI
(Members of public as well as financial institutions are therefore requested to be careful about such fraudulent activities before taking cognizance or any action on such mails.)
👇🏻 👇🏻 👇🏻
https://bit.ly/2MnigBU
👉🏻Eligibility, Activities not treated/allowed for MSME Registration | Definition | MSME Series -Part 3
(Eligibility, Activities not treated / allowed for MSME Registration and New Definition of MSME discussed by CA. Vivek Khurana.)
👇🏻 👇🏻 👇🏻
https://bit.ly/2yYNZGL
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Income Tax New disclosures asked in the new ITR forms 1to7 are: 1. House ownership: Individual taxpayers who are joint owners of house property cannot file ITR 1 or ITR4.
Passport: One needs to disclose the Passport number if held by the taxpayer. This is to be furnished both in ITR 1-Sahaj and ITR 4-Sugam. Hopefully, it will be made mandatory in other ITR Forms as and when they are notified.
Cash deposit: For those filing ITR 4-Sugam, it has been made compulsory to declare the amount deposited as cash in a bank account, if such amount exceeds Rs 1 crore during the FY.
Foreign travel: If you have spent more than Rs 2 lakh on travelling abroad during the FY, you need to disclose the actual amount spent.
Electricity consumption: If your electricity bills have been more than Rs 1 lakh in aggregate during the FY, you need to disclose the actual amount.
Investment details: Details of investment qualifying for deduction under chapter VIA with bifurcation of details of investment made during the period from April 1, 2020 to June 30, 2020.
For every assessment year, the last date for filing tax returns is July 31, However, this year ITR filing date has been extended till November 30, 2020 due to pandemic Covid-19.
Income Tax Exemptions and Deductions that you can claim under the New Tax Regime for FY 2020-21 (AY 2021-22): Withdrawal by an employee from the Employees' Provident Fund (EPF) is not taxable after 5 years of continuous service.
Withdrawal from National Pension Scheme (NPS) on maturity or premature closure up to 40% of the amount received on such withdrawal remains tax free for all. In case of partial withdrawal from NPS, up to 25% of the contributions made by the individual will be tax free. Employer’s contribution to NPS up to 10% of their basic salary and dearness allowance also remains tax free.
Under Section 10 (10D) of the Income Tax Act, the sum assured and any bonus paid on maturity or surrender of the life insurance plan is tax free. Maturity proceeds continue to be exempt under Section 10(10D) even in the new regime. The maturity amount including interest received on the Sukanya Samriddhi Yojana will not attract any tax.
Conveyance Allowance granted to meet expenditure incurred on conveyance in performance of duties of an office and any allowance granted to an employee to meet the cost of travel on tour or on transfer (including relocation) are tax free. Interest received from post office savings account balance up to ₹3,500 annually per individual will remain free from tax.
Any scholarship granted to meet education costs is tax exempt under Section 10 (16) of the Income Tax Act. Gratuity received from the employer up to ₹20 lakh after rendering 5 years of continuous service. Leave encashment received at the time of resignation or retirement up to ₹3 lakh.
Form 26AS will now be a complete profile of the taxpayer w.e.f. 01.06.2020, CBDT vide Notification dated May 28, 2020 amended Form 26AS in Sec 285BB w.e.f. 01.06.2020. Key takeaways are:
New form 26AS will also provide information in respect of “Specified financial transactions” which include transactions of purchase/ sale of goods, property, services, works contract, investment, expenditure, taking or accepting any loan or deposits of such value as may be prescribed but not less than of Rs 50,000.
Information about income tax demand, refund, proceedings pending, and proceedings completed which may include assessment, reassessment under section 148,153A 153C, revision, appeal will also be shared in this form 26AS.
Information on this form 26AS will not be a one-time affair at year end. This will be a live 26AS, as this will be updated regularly within 3 months from the end of the month in which such information is received.
Form 26AS will now be a complete profile of the taxpayer for that particular year as against earlier form 26AS which just provided the information about taxes paid by way of TDS/TCS or self-assessing. This form will also have mobile no, email I’d and Aadhar no. of the taxpayer.
Further an enabling provision has been notified empowering the CBDT to authorise DG Systems or any other officer to upload in this form, information received from any other officer, authority under any law. Thus any adverse action initiated or taken or found or order passed under any other law such as custom , GST , Benami Law etc. including information about Turnover , import , export etc. will also be put in this form 26AS so that not only the concerned taxpayer but also all the Income Tax authorities will know and have access to such information.
This form 26AS will also provide information received by Tax Deptt from any other country under the treaty /exchange of information about income or assets of the taxpayer located outside India.
The implication of this new form 26AS will be that banks , financial institutions or any other authority or customer , buyer etc. while carrying out due diligence of the person/ corporate concerned will now ask for form 26AS so as to be sure that there are not any major issues about such person/corporates.
This will now make difficult for any taxpayer to hide information from any bank / financial institution/ authority about any proceedings against under any law or tax demand, tax disputes etc.
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👉🏻Rs 2 lakh cr will be lost if interest is waived off during loan moratorium - RBI
( it estimated the interest payable on these loans to be Rs 2.01 lakh crore, or equivalent to 1% of India’s gross domestic product - RBI to SC)
👇🏻 👇🏻 👇🏻
https://bit.ly/2XWXBdn
👉🏻Understanding Transfer Pricing Fundamentals | Transfer Pricing Methods
(Understanding Transfer Pricing Fundamentals, Transfer Pricing Methods and their applicability discussed by CA. Pallavi Dinodia)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Muzk9n
👉🏻Appointment of Internal Auditors for Hindustan Copper Ltd.
(Appointment as Internal Auditors for Hindustan Copper Ltd. for FY 20-21, 21-22 & 22-23)
👇🏻 👇🏻 👇🏻
https://bit.ly/307Zmay
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Income Tax Department has notified forms for filing income tax returns with few changes. These forms include Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6 and Form ITR-7. ITR forms can be used by taxpayers to file their income tax return online.
Revised Form 26AS to contain details of specified financial transactions like those in property, shares etc. also. IT rule 114-l wef 1.6.2020.
India will provide relief to overseas companies with global income that may be subject to tax here because the presence of their key management personnel stuck in the country during the lockdown created a ‘permanent establishment’ or place of effective management in the country.
you may not get the income tax refund credited in your bank account, unless the account is pre-validated. For this, your bank account must be linked with your PAN and the name in the bank account must match with the name given in the PAN Card.
AAR gave an important ruling regarding GST applicability on GST on penalty @ 18%. amount in case of Parvatiya Plywood (P.) Ltd [2020] 115 taxmann.com 62 (AAR- UTTARAKHAND)
visit www.care.cag.gov.in for viewing the status and points awarded by O/o CAG for the Empanelment for the year 2020-21. The status is available upto 4th June, 2020 only. for rectification of clerical mistakes in the online data through email at sao2ca5@cag.gov.in . Call at 011-23509223/240.
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FM SITHARAMAN LAUNCHES SCHEME FOR INSTANT ALLOTMENT OF ONLINE PAN
Finance Minister Nirmala Sitharaman on Thursday launched a facility for instant allotment of online PAN on furnishing Aadhaar details.
The Budget 2020-21 had proposed to launch a system under which Permanent Account Number (PAN) shall be instantly allotted online on the basis of Aadhaar without filling up the detailed application form as it sought to further ease the process of PAN allotment.
In a statement, the Central Board of Direct Taxes (CBDT) said Finance Minister Nirmala Sitharaman on Thursday formally launched the facility.
The 'beta version' for instant allotment of PAN on trial basis was started on February 12, 2020 on the e-filing website of the Income-Tax Department. Since then, 6,77,680 instant PANs have been allotted with a turnaround time of about 10 minutes, till May 25, 2020.
[05/06, 11:38 am] SN > CA Raj Chawla-2: Confidence is better than perfection. Because Perfection means doing the best. But Confidence means knowing the best to handle the worst.
Whenever you are not feeling well without any reason. Spend time with someone special in your life. Because sometimes you don't need medicines. You just need the best times of life.
CBDT assigned jurisdiction to officers from its international tax division over assessees coming under the purview of ‘equalisation levy’ on e-commerce companies. Experts said the CBDT’s move is a sign that the government is moving ahead with the levy, which came into force on April 1, despite several representations from industry bodies on behalf of foreign companies calling for deferment of the tax due to the fear that the wide-ranging scope of the law may end up taxing even non-digital transactions, leading to possible double taxation.
GST: Co-operative society is not liable to deduct TDS where Government participation is less than 51%. AAR gave an ruling regarding clarification in respect of applicability of TDS in respect of Cooperative Societies in case of Tamil Nadu Coop. Silk Producers Federation Ltd [2019] 112 taxmann.com 7 (AAR - TAMILNADU)
Union Cabinet approved amendments to the Essential Commodities Act, removing APMC restrictions for farmers to deregulate agricultural commodities like cereals, pulses, oilseeds, onions and potatoes.
NCLT has decided to fix the dates of hearings for Principal Bench and for all its New Delhi Benches (Court No. II, III, IV, V & VI) effective from 15-06-2020. All matters listed for 24-03-2020, 25-03-2020, 26-03-2020 shall now be held on 15-06-2020, 16-06-2020, 17-06-2020 respectively and so on.
Union Cabinet has cleared the proposal to suspend Insolvency and Bankruptcy Code (IBC) proceedings for bank defaulters for six months with a provision to extend the period for up to one year.
Cabinet cleared an ordinance to amend the Insolvency and Bankruptcy Code (IBC) whereby fresh insolvency proceedings will not be initiated for defaults due to the COVID-19 pandemic.
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Form ITR 1 & 4 for the A.Y 2020-21(F.Y. 2019-20) is available on Income Tax e-filing Portal. Other ITRs will be available soon
🖋 ITR 1 - For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest, etc.), and agricultural income up to Rs.5 thousand and Not for an individual who is either Director in a company or has invested in unlisted equity shares.
🖋 ITR – 4 - For individuals, HUFs and Firms (other than LLP) being a resident having total income up to Rs.50 lakh and having income from business and profession which is computed under section 44AD, 44ADA or 44AE.
Individual who is either Director in a company or has invested in Unlisted Equity Shares are not eligible to file ITR 4.
Details Keytakeways in ITR 4 are as follows
1. A taxpayer who has a brought forward/carry forward loss from ‘Income from house property’ cannot use ITR-4 to file his income tax return for FY 2019-20 onwards.
2. In case the house property is rented out, the taxpayer will have to provide the name and PAN or Aadhaar of the tenant in the ITR-4.
3. A new disclosure has been added to Part A- General Information of ITR-1. Here, a taxpayer will have to disclose whether he/she has a valid Indian passport. If yes, he/she will have to provide the passport number.
4. The additional details required by the income tax department from the taxpayers using ITR-4 in FY 2019-20 are as follows:
• Has the taxpayer deposited an amount or aggregate of amounts exceeding Rs 1 crore in one or more current account during the previous year? If yes, the amount has to be reported.
• Has the taxpayer spent an amount or aggregate of the amount exceeding Rs 2 lakh for travel to a foreign country for himself/herself or for any other person? If yes, the amount has to be reported.
• Has the taxpayer incurred an expenditure exceeding Rs 1 lakh on the consumption of electricity during the previous year? If yes, the amount has to be reported.
5. In case ITR-4 is being filed by a representative, Aadhaar number of the representative is required to be provided in ITR-4 from FY 2019-20 onwards.
6. The taxpayers using ITR-4 will also have to disclose the following additional details in Part A- General information:
• Whether the taxpayer is a partner of a firm? If yes, he will have to furnish the name and PAN of the firm.
• Details of partners of the firm such as name, address, percentage of share in the firm, PAN, aadhaar number, rate of interest on capital and remuneration paid/payable.
7. The ‘Nature of Employment’ has been moved from the Part A- General Information to B1 of Part B- Salary Schedule of ITR-4.
8. The ‘Financial particulars of the business’ section of the ITR-4 has been replaced by “Particulars of cash and bank transactions relating to presumptive business”. Under this tab, the taxpayer will have to enter the opening balance of cash and bank (aggregate of all bank accounts), receipts during the year, and payments or withdrawals made in the previous year.
9. A separate column has been introduced under ‘Income from other sources’ for deduction u/s 57(iv) – in case of interest received on compensation or enhanced compensation under section 56(2)(viii).
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