8th July 2K20
Ø India-EU plans next edition of the Summit mid-July
Ø Tech Mahindra to bid for BSNL 4G tender
Ø Rural markets faring better amid pandemic: Maruti
Ø Power demand slump narrows to 2.6% in July beginning
Ø Software consulting services provided to Indian company's foreign client liable to GST: AAR
Ø Govt's cost-cutting drive: Proposal to merge CBDT, CBIC back on the table
Ø From Tata to Adani, private players train sights on railways privatisation
Ø Rs 12.4 trn-e-way bills generated in Jun; 77% of pre-lockdown level reached
Ø DHFL defaults on NCD repayments of Rs 50 cr over moratorium restrictions
Ø YES Bank to auction Avantha, RHC Holdings' assets to recover Rs 1,000 cr
Ø Exporters want flexibility in fixing rates under new RoDTEP duty refund scheme
Ø India-Bangladesh trade resumes at Petrapole after West Bengal Govt. allows import cargo to come in
Ø Danfoss sees big opportunity in cold chain infrastructure
Ø Higher Customs duty sought on solar module, cell imports from China
Ø ICICI Bank Board to meet on July 8 to discuss fund raising through equities
Ø Banks are grabbing all the Indian bonds foreigners dump
Ø Ability of firms to service loans deteriorates in March quarter
Ø Buffett’s Berkshire ends deal drought with Dominion bet
Ø Economic revival now hinges more on services sector
Ø PFC-REC loan amount for discoms may increase to Rs 1.25 lakh crore
Ø Edelweiss Group books Rs 2,245 cr net loss on upfront COVID provisioning
Ø Telecom tariff hike inevitable, two rounds of increases likely in 12-18 months: EY
Ø Finmin may review capital requirement of PSU banks after second quarter
Ø Top-10 firms add Rs 1.37 lakh cr in M-Cap; TCS, RIL top gainers
Ø Port sector to witness cargo volume contraction, project delays: ICRA
Ø Bank fraud: ED slaps biggest ever FEMA notice of Rs 7,220 crore on Kolkata firm
Ø India is about a break a spell on trade front
Ø Economic package have begun showing results: Survey
Ø H1-B visa ban to have Rs 1,200-cr impact on IT firms
Ø UK watchdog asks big 4 to separate audit practices
Ø Banks, NBFCs report mixed Q1 performance amid Covid blues
Ø Covid-19 may turn extra Rs 1.67 trn debt into delinquent assets: Ind-Ra
Ø MCX gets Sebi approval, to launch Gold Mini Options from July 10
Ø SAT backs Sebi's fresh show-cause notices to rating agencies in IL&FS case
Ø TVS Motor's Singapore arm invested $16.57 million in US-based start-ups
Ø Breather for Hindustan Unilever: Emami asked to give 7-day notice
Ø Railways, BHEL tie up for solar power generation
Ø Power Mech Projects secures orders worth ₹1,507 crore
Ø Jindal slams corporate leaders vouching for Chinese imports
Ø India’s exports of solar modules, cells nearly double to ₹1,506 crore in FY20
Ø Autocomponents firm, SSWL bags new orders worth over $1 m from US
Ø Max Healthcare Q4 net soars 75% despite lockdown woes in March
Ø Bajaj Finance says it may take more covid-19 provisions
Ø World Bank, India sign $750 million emergency response programme for MSMEs
Ø Ampere Vehicles acquires Noida-based e-rickshaw firm Bestway Agencies with 74 pc
Ø KKR, Actis in talks to acquire 435 MW solar assets from CDPQ-backed Azure
Ø IOC, ONGC, other PSUs implementing Rs 3.57 lakh cr projects
Ø Govt not considering merger of CBDT, CBIC: FinMin
Ø Russian economy will shrink 6% in 2020, World Bank forecasts
Ø $12 billion worth Chinese imports under government lens; customs duty may be hiked
Ø Mercedes to recall 6,60,000 vehicles in China for oil leak
Ø Chipmaker SMIC plans biggest China’s IPO in a decade
Ø Oil prices mixed as virus spike casts shadow over demand
Ø Kuwait's new expat bill may force 8 lakh Indians to leave the country
Ø Deutsche-led group exits race for GVK’s power plant
Ø Equalisation levy deadline may not be extended
Ø FM asks heads of 23 CPSEs to boost capex plans
Ø U.S. hiring races to record high in May, layoffs abate
Ø U.S. firms in India may not be ready to pay digital tax
Ø Sebi may allow futures trade in petrol, diesel
Ø Sebi extends compliance deadline for municipal bonds
Ø India's Sovereign Pharma dispatches first batch of remdesivir to Cipla
Ø YES Bank files prospectus with RoC to raise up to Rs 15,000 cr via FPO
Ø PE investments drop 65% to $1.45 billion in June quarter: Refinitiv data
Ø AIIB extends $50 mn loan to L&T Infra Finance for Renewable Energy
Ø Tata Power subsidiary completes sale of three ships for $212.76 million
Ø Adani Ports to raise $1.25 billion through dollar bonds to part-fund Krishnapatnam deal
Ø UltraTech Cement sells Chinese arm for ₹900 crore
Ø ECLGS: Loan sanctioned touch ₹1.14-lakh crore
Ø CG Power’s current debt default at ₹1,023 cr
Ø IL&FS case: SEBI can increase penalties imposed on India Ratings, rules SAT
Ø BP to invest $70 million in Green Growth Equity Fund
Ø Sitharaman asks CPSEs to meet capex target of ₹1.65 lakh cr to fuel growth
Ø Sebi tightens norms for advisers, restricts use of terms like IFAs
Ø India Inc's earnings may see sharp spike in downgrades post Q1
Ø Indian pharma compliance standards improving, regulatory risks here to stay: Ind
Ø Amazon India unit gets fresh fund infusion of ₹2,310 crore from parent
Ø China’s forex reserves expand in June to over USD 3 trillion
Ø Covid to push share of stressed debt to 18.2% from 11.6%: India Ratings
Ø SC grants interim bail to Unitech promoter Sanjay Chandra
Ø Infosys brings back 200 employees, their families from US; vacates its largest international market
Ø India reviewing around 50 investment proposals from Chinese firms
Ø Mylan Pharma to launch remdesivir in India at Rs 4,800 per 100 mg vial
Ø WB, India sign Rs 5,600 crore support to COVID-19 hit MSMEs
Ø Court grants relief to Hindustan Unilever over 'Glow & Handsome' trademark
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👉🏻SEBI considers allowing futures trading in Petrol, Diesel
(SEBI is also looking at re-allowing futures trade in tur and urad, which were banned in 2007 after a spike in prices of these commodities)
👇🏻 👇🏻 👇🏻
https://bit.ly/2AC3HZ0
👉🏻Further Extension of the last date of filing of Form NFRA-2
(Time limit for filing of Form NFRA2, for the reporting period FY 2018-19, will be 270 days from the date of deployment of this form on the website of NFRA)
👇🏻 👇🏻 👇🏻
https://bit.ly/2ZKCGv2
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✅ GST Updates: GSTR-3B April-2020
🌴 Aggregate Turnover upto Rs. 5 Cr in preceding FY
🎯 Whose principal place of business is in the States of 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.
🎯Note: If GSTR-3B is filed after 09.07.2020 but upto 30.09.2020, then Interest @9% p.a. and Late Fees Upto Rs. 500 shall be levy.
🎯Important Note: If GSTR-3B is filed after 30.09.2020, then Interest @18% p.a. and Late Fees shall be Rs. 50/20 per day w.e.f. 25-05-2020.
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CBDT and SEBI sign MoU to share data of transactions
A formal Memorandum of Understanding (MoU) was signed between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. The MoU was signed by Smt. Anu J. Singh, Pr. DGIT (Systems), CBDT and Smt. Madhabi Puri Buch, Whole Time Member, SEBI in the presence of senior officers from both the organizations via video conference.
The MoU will facilitate the sharing of data and information between SEBI and CBDT on an automatic and regular basis. In addition to regular exchange of data, SEBI and CBDT will also exchange with each other, on request and suo moto basis, any information available in their respective databases, for the purpose of carrying out their functions under various laws.
The MoU comes into force from the date it was signed and is an ongoing initiative of CBDT and SEBI, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group has also been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.
The MoU marks the beginning of a new era of cooperation and synergy between SEBI and CBDT.
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👉🏻PM launches Aatmanirbhar Bharat Innovation Challenge to identify the best Indian Apps
(PM has urged people of the tech community to participate in Aatmanirbhar Bharat App Innovation Challenge. This will run in two tracks- Promotion of Existing Apps and Development of New Apps)
👇🏻 👇🏻 👇🏻
https://bit.ly/31HMgS5
👉🏻TDS on cash withdrawals - Section 194 N of Income Tax Act,1961
(Scope of TDS on cash withdrawal has been extended. Amendment of Section 194N will be with effect from 01 July 2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/3gwY1it
👉🏻Public, Private Sectors banks sanctioned loans worth over Rs 1.10 lakh cr under ECLGS
(Public and Private Sectors banks have sanctioned loans worth over one lakh ten thousand crore rupees so far under Emergency Credit Line Guarantee Scheme)
👇🏻 👇🏻 👇🏻
https://bit.ly/2C2PMvw
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TDS on Cash Withdrawal – Amendment In Section 194N
New rule for Cash withdrawal Effective From 01-07-2020
1. The Finance Bill 2020 ( Bill) introduced vide Union Budget 2020-21 is
passed by both Houses of Parliament, with few amendments on 27th March 2020 and also received President’s assent .
2. One of the amendment which will effect a large number of people is change in scope of TDS on cash withdrawal under sec 194N of Income Tax Act.
3. Clause 84 of Finance Act 2020 For section 194N of the Income-tax Act, the following section shall be substituted with effect from the *1st day of July, 2020.
4. Who are liable to deduct?:
Bank, Co-operative bank or Post Office
5.Threshold limit:
If aggregate payment in cash from one or more accounts during a previous year to an account holder exceeds the threshold limit given below:On or after 01.07.2020
Customer who have not filed their tax returns for the previous 3 years and for which the due date for filing tax return has expired:
a. exceeding Rs. 20 lakh but not exceeding Rs. 1 crore:-TDS Rate-2%
b. exceeding Rs. 1 crore:- Rate-5%
Customers other than mentioned above:
a. up to Rs. 1 crore:- 0%
b. exceeding Rs. 1 crore:-. 2%
The applicability of new provision as per amendments in the Finance Act 2020.
The cash withdrawal limit for this F/Y will be considered from 01.04.2020.
Deductible: Tax is deductible at the time of payment of cash.
6. Non Applicability : Sec 194N will not apply to withdrawals made by following taxpayers:-
Government Body
Bank including co-operative banks
Business correspondent of a banking company
White label ATM operator of any bank
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✅ Daily GST Analysis No. 7: Form GST CMP-08
🌴 Composition Tax payers shall furnish a statement of containing the
details of payment of self-assessed tax in FORM GST CMP-08 for quarter ended 31st Mar, 2020 to 7th Jul, 2020
🎯 What is the penalty for not filing CMP-08 within the due date?
🌴 If a taxpayer fails to furnish his returns on or before the due dates mentioned above, he/she must pay a late fee of INR 50/day.
🌴 In case of NIL tax liability, late fee shall be Rs. 20/day.
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👉🏻Software consulting services provided to Indian company's foreign client liable to GST - AAR
(Firms providing information technology software related services to overseas client of an Indian business would be liable to pay 18 per cent GST)
👇🏻 👇🏻 👇🏻
https://bit.ly/31QMO85
👉🏻Revised Guidelines on Classification of MSMEs and MSME Registration under Udyam
(MSME Notification dated 26/06/2020 regarding classification of enterprises as Micro, Small or Medium Enterprises, Udyam Registration for MSME w.e.f 01st July 2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/2VUPldJ
👉🏻Extension of timeline for finalization of audited accounts - RBI
(Every applicable NBFC shall finalise its balance sheet within a period of 3 months from the date to which it pertains or any date as notified by SEBI)
👇🏻 👇🏻 👇🏻
https://bit.ly/2O0H3Nh
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Income tax department has amended the TDS form, making it more comprehensive and mandating deductors to state reasons for non-deduction of tax. As per the amended form, banks will also have to report Tax Deducted at Source (TDS) for cash withdrawals above Rs 1 crore. CBDT has amended Income Tax Rules to include TDS on e-commerce operators, dividend distributed by mutual funds and business trusts, cash withdrawals, professional fees and interest.
Wef 1.7.20, TDS @ 2% u/s 194N for cash withdrawal from bank a/cs of 20 lac to 1 cr & 5% above 1 cr if ITRs for 3 years not filed. For others, @ 2% above 1 cr.
CBIC issued a Notification No. 57/2020 – Central Tax dated June 30, 2020 that All the Taxpayers who have failed to furnish the return in FORM GSTR-3B for the months of Feb, 2020 to July, 2020, by the due date but have furnished the said return till September 30, 2020, the total amount of late fee shall stand waived which is in excess of INR 250. Also said fees shall stand fully waived for the taxpayers where the total amount of tax payable is nil.
IBBI has notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020 which shall come into force on the date of publication in the Official Gazette i.e.30/06/2020.
India’s latest e-commerce policy draft includes steps that could help local startups and impose government oversight on how companies handle data. The government has been working on the policy for at least two years amid calls to reduce the dominance of global tech giants like Amazon.com Inc., Alphabet Inc.’s Google and Facebook Inc. Under rules laid out in a 15-page draft seen by Bloomberg, the government would appoint an e-commerce regulator to ensure the industry is competitive with broad access to information resources.
RBI through an announcement on the Foreign Liabilities and Assets Information Reporting (FLAIR) system website has extended the due date of filing of Foreign Liabilities and Assets (FLA) Return for FY 2019-20to 31st July, 2020.
Thanks for reading
