Corporate Snippets on July 16
Ø Google to put in Rs 33,737 crore to buy a 7.7 percent stake in Reliance Jio
Ø Reliance to replace auto fuels by 2035
Ø Global financial system still at risk of liquidity stress: FSB
Ø CCI approves Aceso's acquisition of 58.92% stake in HealthCare Global Enterprises
Ø Trade balance turns surplus after 18 yrs, steep contraction in imports rings alarm bells
Ø PSBs buy bonds, CPs worth Rs 14,667 cr by 67 NBFCs under credit scheme: FM
Ø India's vehicle sales to take 3-4 years to return to peak levels: Auto body
Ø SBI to raise Rs 25,000 crore in AT1, tier II capital in current fiscal
Ø SEBI relaxes compliance norms for entities planning to list debt securities
Ø Russia exports more gold than gas for the first time in 30 years
Ø L&T Infotech's PBT rises 16.9% to Rs 558.9 cr in Q1, revenue rises 18.7%
Ø Infosys Q1 profit grows 11.5% to ₹4,272 crore
Ø RIL approached by global petrochem giants for strategic partnerships
Ø FIMI estimates ₹4 lakh-cr hit to exchequer by changes in National Mineral Index
Ø Cochin Shipyard wins autonomous electric ferry order from Norway
Ø Jio ready with 5G solution, ropes in Google for affordable smartphone
Ø Rossari Biotech's Rs. 496 crore IPO subscribed 79 times
Ø India Energy Modelling Forum to facilitate exchange of ideas: Niti Aayog
Ø Yes Bank’s ₹15,000 crore FPO subscribed 24% on first day
Ø Infosys guides 0-2% revenue growth for FY21 on healthy deal pipeline
Ø RIL aims to become net carbon-zero by 2035: Mukesh Ambani
Ø Uttam Galva Steels Apr-Jun net loss narrows to ₹159.6 cr
Ø Exports fall 12.41%, imports by 47.5% in June
Ø Apple wins EU court case over $15 billion in claimed taxes
Ø Indian airlines staring at Rs 1.1-1.3 lakh crore revenue loss over 3 years: CRISIL
Ø GoM recommends hike in sugar MSP to Rs 33/kg; asks Food Min to move cabinet note
Ø Maruti Suzuki recalls 1,34,885 units of WagonR, Baleno to fix faulty fuel pumps
Ø RIL-Aramco deal not progressed as per timelines, Ambani says committed to partnership
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We should not wait till 30/11/2020 for ITR filing
ITR filing date has been increased from 31/07/2020 to 30/11/2020 but payment dates of advance tax kept unchanged. Hence interest u/s 234B and 234C will continue to be levied for violation of advance tax provisions. Yes, Rate is reduced from 1.5% to 0.75% Per Month( 9% PA instead of 18%).
It may also be noted that last date of payment of self assessment tax is 30/09/2020 and not 30/11/2020, if balance tax liability is more than Rs 100000.00. Again, one shall be liable for interest at reduced rate of 0.75% Per Month (instead of 1.50%) in case of delay.
Hence one may be advised to file his/ her ITR at the earliest possible opportunity considering :
1. Early filing means early processing and timely payment of refund, if any.
2. It avoid interest u/s 234 A, B and C, one has to compile and calculate his/her tax liability and ITR filing is only the next step to this. Then why not discharge the
burden of return filing also.
3. To avail various deductions u/s 80 C to 80 U, Date of deposit has been extended from 31/03/2020 to 31/07/2020. One can find out the additional deposit requirements only after doing the full computation work.
4. The extension is one time offer and from next year original dated will continue. So why to disturb own set of discipline. This may create confusion next year and cause late fee and disturb the regular habits.
Note:
Meaning of Self-assessment tax :
It refers to any balance tax that has to be paid by an assessee on his assessed income after the TDS and advance tax have been taken into account before filing the return of income.
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