1st July 2K20
Economic Times
Ø US could reach 100,000 new cases a day, warns country's top Health Expert t
Ø Direct investment rises in FY20,Portfolio Investment declines: RBI
Ø Opec, Russia seen easing oil production cuts from August: Sources
Ø New India Assurance Q4 Results : Posts Net Profit at Rs 127 Crore
Ø B Capital Group makes final close of Fund-II at $820 Million
Ø India's Essar Group places bid for Petrobras' Bahia refinery: Report
Ø Bridgestone ties up with Microsoft to develop tyre Damage Detecting System
Ø Loan recasts to only defer problem, NPAs may zoom up to 14pc due to COVID-19: S&P
Business Standard
Ø Markets log best Quarterly gain in 11 years due to surge in foreign flows
Ø Future group eyes insurance biz sale to SBI General, Premji Invest
Ø Relief for Pharma firms as Govt starts clearing API imports from China
Ø PM Narendra Modi extends free foodgrains scheme for poor till Nov-end
Ø Core Sector Output shrinks for third straight month in May, shrinks 23.4%
Ø Jindal Steel sells entire stake in Oman plant for over $1 Billion
Ø Spain's Solarpack Corp quotes lowest tariff of Rs 2.36/unit for Solar Power
Ø ONGC posts loss of Rs 10,529 cr in Q4 over falling crude prices, lockdown
Ø Microsoft to set up north India campus in Noida, to have capacity of 4,000
Ø Public debt accounts for 91% of Centre's Rs 94-trillion liabilities
Ø April-May fiscal deficit at 58.6% of fiscal year target as revenue slumps
Ø Covid-19 crisis: Banking Credit shrinks 1.7% in May as lockdown bites
Ø Banks sanction over Rs 1 trn in loans to 300,000 MSMEs under credit scheme
Financial Express
Ø US FCC issues final orders declaring Huawei, ZTE National Security threats
Ø TCS to announce Q1 results on July 9
Ø L&T builds key cryostat for world’s largest nuclear fusion reactor in France for $20 Billion
Ø Sebi seeks clarification on CAMS IPO
Ø Marine Fish Production sees marginal jump in 2019
Ø Govt amends income-tax rules: No tax on discounted shares of stressed firms
Ø India needs to increase fiscal stimulus to revive economy, says ex-chief statistician Pronab Sen
Ø Retail Inflation for Industrial workers eases to 5.1 per cent in May
Ø China Factory Activity improves in June but Exports weak
Mint
Ø Vodafone loss widens in Jan-Mar, firm reiterates survival depends on SC Order
Ø Private Coal Mining may see weak investor sentiment: ICRA
Ø India’s Telephone Subscriber base fell to 1.17 billion in December Quarter
Ø Wary of future stress, lenders set aside more money than RBI prescribes
Ø US Govt to release Guidelines for approval of Coronavirus Vaccine
Ø India plans to buy more Spice-2000 bombs amid China stand-off
Ø Fitch cuts India Growth Projection to 8% for FY22
Ø India's Chinese app ban seen jolting $1 Billion expansion of ByteDance
Ø Philips introduces Mobile ICUs for India
Ø Swiggy introduces Digital wallet in Partnership with ICICI Bank
Ø Rupee continues upward. omentum against US Dollar
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File TDS Statements for March & Jun 2020 quarters by 31.7.2020. Issue form 16 for FY 19-20 & Form 16A etc for March & Jun 2020 quarters by 15.8.2020.
CBDT has issued a notification amending rules to allow taxpayers who are opting for the new tax regime to claim exemption for allowance to meet cost of travel and daily expenses on transfer, tour allowance for travel for official purposes to meet the travel and daily expenses, and conveyance allowance for meeting conveyance expenditure incurred in course of performing official duties. Besides, transport allowance for handicapped employee to commute to and from office is also tax exempt.
CBDT notification clarifies that except free meals/ beverages/ meal coupons, tax treatment of other perquisites specified under Rule 3, such as rent free accommodation, motor cars, free/ concessional education facility, telephone, concessional loan, gifts, club membership, etc. provided by employer will remain the same, both under old scheme as well as under new scheme.
CBIC has mandated the Builders payment of 18% GST if procurement of materials from registered dealers falls short of the threshold. builders will now have to pay a higher rate of goods and services tax if they haven’t bought at least 80% of the construction material from registered dealers.
Bombay High Court declared the registered trademark ‘ISKCON’ of the religious organisation International Society for Krishna Consciousness as a ‘well-known mark in India (ISKCON v. Iskcon Apparel Pvt. Ltd. & Anr). Well-known trademarks enjoy broader protections than ordinary trademarks, in view of their widespread reputation and recognition.
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🏹 GSTN Will re-credit the late fees collected
CBIC had vide Noti 57/2020 has stated that that maximum Late Fee for Form GSTR 3B has been capped at Rs. 500 for tax period July 2017 to July 2020 subject to returns being filed before 30th September 2020.
But portal was not updated and it has levied late fees as per old calculation. Hence, GSTN Tech twitter posted that "The change in late fee amount made vide notification no. 57/2020 dated 30-06-2020 has been incorporated on the GST portal. Late fee paid in excess than prescribed in the notification shall be re-credited in due course."
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Late Fee Waiver GST Update
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GST Tech (@Infosys_GSTN) Tweeted:
The change in late fee amount made vide notification no. 57/2020 dated 30-06-2020 has been incorporated on the GST portal. Late fee paid in excess than prescribed in the notification shall be re-credited in due course.
👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻
https://t.co/xPn5vla8HA https://twitter.com/Infosys_GSTN/status/1278286180618928128?s=20
GST Tech (@Infosys_GSTN) Tweeted:
Dear Taxpayers, the late fee changes notified last night have been successfully updated on the GST portal. It took a little longer than expected. Thank you for your patience.
👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻👇🏻 https://twitter.com/Infosys_GSTN/status/1278271230810877954?s=20
Source- Twitter Handle of Infosys GST
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👉 The insolvency court has reserved its order on the plea filed by the State Bank of India (SBI) against Anil Ambani to recover over Rs 1,200 crore.
The public sector lender had approached the Mumbai-bench of the National Company Law Tribunal (NCLT) under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP) to assess and submit a report on the assets owned by Ambani.
On Tuesday, a division bench of a judicial member Mohammed Ajmal and a technical member Ravikumar Duraisamy had reserved its order after hearing both the sides.
Senior counsel Venkatesh Dhond along with Ryan Dsouza is representing SBI, while Anil Ambani is represented by senior advocate Harish Salve.
The public sector lender had moved the insolvency court to recover more than Rs 1,200 crore under the personal guarantee clause of the bankruptcy law. The lender had said Ambani had personally guaranteed loans taken by Reliance Communications, currently undergoing insolvency proceedings, which the state-owned lender is trying to recover.
"As regards the proceedings filed by SBI, this also does not relate to any personal borrowing but arose out of a guarantee given for a loan which was availed by Reliance Communications and Reliance Infratel, way back in 2016 to repay the debts of Chinese and certain other Indian Banks," said Anil Ambani on June 23, during the AGM of one of the Reliance ADA Group Companies.
👉 New Delhi [India], June 30 (ANI): The Delhi High Courton Tuesday granted more time to the Central government to file its reply on a PIL challenging the appointment of Justice (Retd) Bansi Lal Bhat as the officiating chairperson of the National Company Law Appellate Tribunal (NCLAT).
The counsel for the Centre, appearing on behalf of the Ministry of Corporate Affairs, Ministry of Law and Justice, and Ministry of Finance sought more time to file their reply on the matter, after which the matter was listed for further hearing on July 21.
A division bench of Chief Justice DN Patel and Justice Prateek Jalan had earlier issued notice to the Ministry of Corporate Affairs, Ministry of Finance, and Ministry of Law and Justice on the plea seeking to quash the appointment notification dated March 12.
The Ministry of Corporate Affairs, through the notification, had appointed Justice (Retd) Bansi Lal Bhat as officiating Chairperson of the NCLAT.
The plea, filed by lawyer Fozia Rahman through senior advocate Rajeev K Virmani and advocate M Qayam-Ud-Din, said that the notification appointing Justice (Retd) Bansi Lal Bhat as officiating Chairperson of the National Company Law Appellate Tribunal is contrary to and in violation of the provisions of the Companies Act, 2013 as well as the Tribunal, Appellate Tribunal and other Authorities Rules, 2020.
The plea submitted that the appointment is not in compliance of the Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) Rules, 2020 and Section 415 of Companies Act, 2013.
The petitioner has made a representation dated June 8, 2020, to the Ministry of Corporate Affairs but no response has been received and it is apprehended that no response will be given, and in the meantime, the acting/officiating chairperson will continue to carry out functions of the office, which may later be under a cloud and of questionable legality if his appointment is ultimately set aside, the plea stated.
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ICAI to open Representative Offices in Jurisdiction where currently ICAI overseas Chapters cannot be formed
Read more at: https://www.taxscan.in/icai-to-open-representative-offices-in-jurisdiction-where-currently-icai-overseas-chapters-cannot-be-formed/62900/
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CBIC extends validity of AEO Certification till Sep 30, 2020 [Read Circular]
Read more at: https://www.taxscan.in/cbic-extends-validity-of-aeo-certification-till-sep-30-2020/62859/
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DGGI books case against Unregistered Pan Masala/Gutkha manufacturing unit
Read more at: https://www.taxscan.in/dggi-books-case-against-unregistered-pan-masala-gutkha-manufacturing-unit/62872/
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