20th July 2K20
Economic Times
Ø SBI to adopt 6-month MCLR, faster policy rate transmission expected
Ø US Varisities search for Google Tax Relief
Ø India gets sites ready for Ph-3 Vaccine Trials
Ø Back with capital, PE funds open doors to fresh talent
Ø Glenmark's pricing of Covid drug not in interest of poor
Ø Cognizant eyes phased return to office
Business Standard
Ø Low manufacturing capacity utilisation continues in unlock phase, says FICCI survey
Ø India revives initiative for Preferential Trade Agreement with S.African Customs Union
Ø Indian spices' exports up by 23 percent to USD 359 million in June, says Assocham
Ø Indian telecom showing potential: Deloitte
Ø Gold imports dip 94 per cent in April-June
Ø India may continue with the safeguard duty on solar cells imported from China, Thailand, Vietnam
Ø After April fiasco, MCX to allow negative price trading from July 27
Ø Bharat Biotech to Zydus: Seven Indian firms race to develop Covid vaccine
Ø Glenmark gets DCGI notice over 'false claims', price of Covid drug FabiFlu
Ø HDFC Bank gets shareholders' nod for raising Rs 50,000 cr via debt
Ø Indian Oil's 300,000 bpd east coast refinery to be shut for 3 weeks
Mint
Ø WTO to set up dispute panels against India on Japan, Taiwan’s request
Ø Amid steel sector slump, US fund CarVal may renegotiate ₹2,300-crore Uttam Galva deal
Ø India to monitor Chinese companies over its association with PLA: Report
Ø Rane Group reports revenue decline, net loss for first time in the last 6 years
Ø Carlyle sees India M&A accelerating on pharma, technology deals
Ø Canara Bank to raise up to ₹5,000 cr equity capital in FY21
Ø RBI's stance on AT1 bonds may deter investors
Ø Only 10% manufacturing units report higher output in Apr-Jun: Ficci Survey
Ø NCLAT order puts the spotlight on out-of-court bankruptcy settlements
Financial Express
Ø Voda Idea pays Rs. 1,000 cr more
Ø HDFC Bank net rises 19.6% y-o-y
Ø How Google stands to gain from Jio
Ø Taxpayers to get more info in new Form 26AS: CBDT
Ø Orient Electric launche UV Sanitech which kills coronavirus
Ø Govt's single-window clearance system for aviation sector
Deccan Chronicle
Ø Retail trade suffers Rs 15.5 lakh crore business loss due to Covid: CAIT
Ø Retail trade suffers Rs 15.5 lakh crore business loss due to Covid: CAIT
Ø Measures taken to avoid likely disruption in iron ore supply: Steel Ministry report
Ø Vodafone pays Rs 1,000 crore to DoT towards AGR dues
Ø Seven Indian pharma players race to develop vaccine for deadly coronavirus
Ø HDFC Bank's Aditya Puri is India’s highest-paid banker in FY20
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Similarly, applications pending as on 28 July shall be deemed approved on 31 July.
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👉🏻Income Tax Dept to launch e-campaign against individuals with high value transaction
(The department also has collected information related to GST, exports, imports and transactions in securities, derivatives, commodities, mutual funds, etc.)
👇🏻 👇🏻 👇🏻
https://bit.ly/2WAW9NX
👉🏻Big Update on GST Registration
(GST Registration in 3 Days - GST Registration Deemed Approval discussed by CA. Meenakshi Arora)
👇🏻 👇🏻 👇🏻
https://bit.ly/3fN7AK4
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Implication of new 26AS Form of Income Tax
Background:
On 18July20, Income Tax Dept informed that new 26AS form is implemented
New 26AS will now include certain high value transactions explained How does it impact u is what this explains
First let's start with basics
Q: What is Form 26AS Form?
Ans: Till now Form 26AS, was a statement that IT dept used to provide u to capture
(a) TDS deducted from u (For eg: Ur company deducting TDS on ur salary)
(b) TCS: Tax collected at source (house property etc)
Now what has changed?
Now Form 26AS, will have a new section known as Section E
Section E will also capture certain high value transactions that you do in a financial year
So at a glance it will help u see you large txns in a year. And we explain below which txns
Q: Tell me which txns & what do u mean by large txns (how large?)
Ans: For eg: if u invest in a mutual fund > 10 lacs in a year. That is a large txn and it will be captured in this statement
Not a single txn, but cumulative in a year if in a single MF u invest > 10 lacs
Q: Ok I get it, tell me more which all txns will be included?
Ans: 14 types of txns are included and here is the full list:
1) Fixed Deposits together in Bank > 10 lacs in a year
2) Credit Card Bills > 10 lacs (in a year) if paid by cheque
and > 1 lacs if paid by cash
3) If u buy bonds > 10 lacs in a year
4) If u buy shares > 10 lacs in a year
5) If u tender shares for buyback > 10 lacs in a year
6) If u buy Fx > 10 lacs in a year
7) If u buy MFs > 10 lacs in a year
8) Real Estate > 30 lacs
9) Purchase of Bank drafts > 10 lacs with cash
10) If u deposit cash in savings bank account > 10 lacs
11) Cash deposts or withdrawals from current account > 10 lacs
And some other routine ones (related to demonetisation)
All this will be shown in Section E in your Form 26AS of your previous years also!
Q: How does all this impact us?
Ans For honest tax payers, it is actually beneficial. Now we have a single point source of all large txns which will help us.
For those who evaded taxes - earlier also IT dept knew it - Now it is putting it in their face and telling IT knows
Q: So does it mean u should do txns < 10 lacs. For eg: Make a FD < 10 lacs or split it to keep those below 10 lakh?
Ans: First, this is not single txn value. Anyways all ur FDs (or other txns as detailed above) will be cumulatively (in a single bank) looked at,
So no point trying to make smaller txns or splitting it.
Q: I am worried will IT dept harass me now, if I spend too much on credit cards?
Ans: Again, honest tax payers need not worry.
But if someone is not paying any taxes saying negligible income but spends > 10 lacs, IT dept will surely Q him on how he can spend so much
Or for eg:, if u say u hv negligible income in ur tax return and make FDs in Bank of > 10 lacs or invest in MFs > 10 lacs , be ready for Q on without income, how can u save so much
In fact for last year, based on this data, people hv been identified already by IT dept
Q: Where can I check my Form 26AS?
Ans:
1) Log in to ur account
incometaxindiaefiling.gov.in
2) Go to My Account -> View Form 26AS
All previous years is already be updated with this. So u can look at it for the past
For 2019-20, data is yet to be updated
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FIEO demands stern actions against untraceable exporters TOI
Exporters body FIEO on Saturday demanded a stern action against 1,377 exporters who had claimed GST tax refunds of Rs 1,875 crore and are untraceable at their principal place of business.
The Federation of Indian Export Organisations (FIEO) president Sharad Kumar Saraf said that they would offer full support to the government as such activities impact the image of the exporting community.
"We request you to provide the details of 1,377 untraceable exporters to the ministry of commerce so as to further verify on the basis of information available. If they are not traceable, the DGFT (Directorate General of Foreign Trade) should initiate action to suspend/cancel their IEC (import export code) making them ineligible for further exports/imports," Saraf said in a letter to finance minister Nirmala Sitharaman.
According to an official, 1,377 exporters had claimed GST (Goods and Services Tax) tax refunds of Rs 1,875 crore and were untraceable at their principal place of business in a massive verification exercise the government initiated after identifying 7,516 "risky exporters".
Exporters are identified as "risky" on the basis of specific risk indicators based on customs, GST, income tax and DGFT data. The identified risky exporters' information is shared with the CGST formations for physical and financial verification.
According to trade experts, many exporters have stated that they have been categorised as "risky" as their suppliers or sub-suppliers have not deposited the GST.
"How long an exporter can go to check credentials of their suppliers. CGST Act provides for ratings of suppliers and such errant suppliers should have either been given a low rating or black listed forewarning exporters. Unfortunately, this has not been done in the last three years adding to exporters' problems and pushing them into a risky tag," an expert added.
Saraf said that while the number of untraceable exporters as a percentage of total number of exporters is not much yet untraceability of such a large number of businesses requires concerted efforts to trace them and bring them to books.
"Every exporter has a PAN and a bank account before he/she applies for IEC. For opening the bank account, necessary KYC is done by banks also besides introduction of account by another customer.
The DGFT also keeps their email, telephone and bank details including the photograph of the person who applies for IEC.
Exporters are also required to have GST registration providing email and mobile number, which is cross verified through electronic mode. The registration of exporters is also done at Customs and bank details are captured in which IGST amount is credited," he said.
He added that these exporters may also be members of some export promotion councils/authorities/commodity boards which can help in providing necessary information.
"We need to pool the information available, with all the agencies to locate them as a few black sheep should not dent the image of genuine exporters of the country, Saraf said.
He said that the government should further proceed in the matter by immediately issuing them suitable show cause notices.
"If they do not respond, DGFT should initiate action to suspend/cancel their IEC making them ineligible for further exports/imports and authorities should initiate proceedings against them to recover government money," he adeed.
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✅ GST Updates: GSTR-3B Jun-2020
🌴 Aggregate Turnover more than Rs. 5 Cr in preceding FY
🎯 All States and UT's
🎯Note: If GSTR-3B is filed after 20.07.2020 but upto 30.09.2020, then Interest @18% p.a. and Late Fees Upto Rs. 500 shall be levy.
🎯Important Note: If GSTR-3B is filed after 20.07.2020, then Interest @18% p.a. and Late Fees shall be Rs. 50/20 per day w.e.f. 21-07-2020.
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👉 Interim measure for filing revocation of cancellation order in appeal channel
https://www.gst.gov.in/newsandupdates/read/390
👉 Publication of RBI-Occasional Papers-Vol. 41, No.1, 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50091
CBDT issues press release on 'Verification of applicability u/s 194N' functionality in e-filing portal.
👉 http://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/Press-Release-CBDT-provides-Utility-to-ascertain-TDS-dated-12-07-2020.pdf
👉 Google tax mop-up at Rs 2.6K Cr Since ’16
https://economictimes.indiatimes.com/news/economy/indicators/google-tax-mop-up-reaches-rs-2600-cr-since-india-began-levying-equalisation-tax-in-2016/articleshow/77056189.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23
The timeline for receiving the proposals for Research studies on Corporate Governance has expired. It will be informed when applications are being accepted again.
👉http://www.mca.gov.in
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One More attempt for CS Exams Old Syllabus: Read Important decisions taken by ICSI Council
Read more at: https://www.taxscan.in/one-more-attempt-for-cs-exams-old-syllabus-read-important-decisions-taken-by-icsi-council/65214/
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ICMAI extends deadline for Submitting CAT Examination Application
Read more at: https://www.taxscan.in/icmai-extends-deadline-for-submitting-cat-examination-application/65264/
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Income Tax Update
👩🏻🎓 The Income Tax department’s data analysis has identified certain taxpayers with high value transactions who have not filed ITR for AY 2019-20 (i.e. FY 2018-19). In addition to the non-filers, another set of return filers have also been identified wherein the high-value transactions do not appear to be in line with their Income Tax Return.
👨🏻🎓 The Board said that the objective of the e-campaign is to facilitate taxpayers to validate their financial transaction information against information available with the IT department and promote voluntary compliance, especially for the assesses for the FY 2018-19 so that they do not need to get into notice and scrutiny process.
👩🏻🎓 Under this e-campaign the Income Tax Department will send email/sms to identified taxpayers to verify their financial transactions related information received by the I-T department from various sources such as Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source TCS), Foreign Remittances (Form 15CC) etc,” CBDT said.
👨🏻🎓It added that the department has collected information related to GST, exports, imports and transactions in securities, derivatives, commodities and mutual funds under information triangulation set up.
👩🏻🎓The campaign is scheduled for 11 days starting from July 20, 2020 and ending on July 31, 2020.
👨🏻🎓 With the new e-campaign, the taxpayers will be able to access details of their high value transactions on the designated portal. They will also be able to submit online response by selecting among any of these options:
(i) Information is correct,
(ii) Information is not fully correct,
(iii) Information related to other person/year,
(iv) Information is duplicate/included in other displayed information, and
(v) Information is denied.
Also, department has clarified that there would be no need to visit any Income Tax office, as the response has to be submitted online.
This is a dual way move of the department, on one side this will get more assessee under scrutiny and thus help in identifying defaulters. While on the other hand this will increase the speed of process and avoid unnecessary mental harassment of the assessee.
👩🏻🎓 Also, note that last date of filing the return or revising the return of AY 2019-20 (i.e. FY 2018-19) is now July 31, 2020.
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