27th July 2K20
Ø Govt amends Indian Accounting Standards
Ø PNB Housing Finance to give Rs 13k-cr loan
Ø India hikes exposure to US govt securities
Ø 403 projects show cost overruns of Rs 4.05L cr
Ø Action against risky exporters who attempted to claim Rs 2,020 cr IGST refunds: FinMin officials
Ø India Inc seeks a boost in public infrastructure funding to tide over the pandemic
Ø Tata Steel offers UK taxpayers 50% stake in Port Talbot plant: Report
Ø Credit risk erosion likely to weigh on debt business of mutual funds
Ø NCDEX to launch 'options in goods' contract in 3 farm commodities on Monday
Ø India Ratings downgrades GoAir's debt, highlights liquidity concerns
Ø ArcelorMittal moves HC against Gujarat govt, Essar over Hazira port licence
Ø US visa ban could shift more work to MNC captives in India
Ø Allcargo Logistics revamps Gati board after buying controlling stake
Ø Tata Steel proposes £900 million bailout from the UK government: Report
Ø Lupin, Granules India recall 9.71 lakh bottles of diabetes drug in the US market
Ø BPCL offers VRS to employees ahead of privatisation
Ø Bitcoin jumps above $10,000 for first time in six weeks
Ø Moderna gets $472 million from US govt for coronavirus vaccine development
Ø India to announce financial assistance package for Maldives' economic recovery
Ø L&T, reeling from shortage of sub-contracted labour, expects normalcy in Q2
Ø Grofers advances IPO lisiting target to 2021-end
Ø FPIs withdraw ₹86 crore from Indian market in July so far
Ø CBIC invites suggestions on reviewing Customs exemptions, laws by August 21
Ø FATF review of India’s anti-money laundering & terror financing regime pushed to 2021 due to COVID
Ø Special resolution framework for MSMEs soon, to have ‘better acceptance’ of genuine failures: IBBI chief
Ø Two-wheeler sales rebound, three-wheelers to take longer: Bajaj Auto
Ø China's crude imports from Saudi hit fresh high in June
Ø Diesel prices increased by 15 paise, petrol unchanged
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MCA has notified Companies (Ind AS) Amendment Rules, 2020 on July 24, 2020 which shall come into force on the date of their publication in the Official Gazette. Primarily there are amendment in Ind AS 1, Ind AS 8, Ind AS 10, Ind AS 34, Ind AS 37, Ind AS 103, Ind AS 107, Ind AS 109 and Ind AS 116. Following are the list of major amendments:
1. Ind AS 1 & 8 : Definition of “Material has been amended (applicable from April 1, 2020 prospectively)
2. Ind AS 10: Apart from disclosure of nature of non-adjusting event, the disclosure of an estimate of its financial effect, or a statement that such an estimate cannot be made
3. Ind AS 37: clarification on accounting for restructuring plans
4. Ind AS 103: The business has been defined in more detail and an optional test to identify concentration on Fair value is given.
5. Ind AS 107: Disclosures for uncertainty arising from interest rate benchmark reform.
6. Ind AS 109: Temporary exceptions from applying specific hedge accounting requirements.
7. Ind AS 116: The clarifications on rent concessions to be accounted for as a lease modifications or not has been given.
The detailed notification is attached for your ready reference.
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Government to introduce Form GSTR 2B
Government is planning to continue with its existing GST return system. The proposed new GST return system with return Forms ANX-1, ANX-2, RET-1 and RET-2 is no longer being launched as per the information available. Rather, the existing return shall be modified and its advanced version shall soon be made available. A new form GSTR 2B is being launched in respect of Input Tax Credit. The amended versions shall allow matching of input tax credit, linking output and input tax between GSTR 3B and GSTR-1 and GSTR 2A respectively. The amended version of existing returns would basically link the existing forms and introduce stronger controls against tax evasion.
Govt. likely to announce Advance version of existing GST Return Filing system by October 1, 2020
By - On July 24, 2020
Advance version - GST Return Filing system - Taxscan
Advance version - GST Return Filing system - Taxscan
The Central Government plans to improve the existing GST return filing system instead of rolling out a new model.
The new system was supposed to be launched on 1 October this year.
“The move is aimed at making compliance much easier,” Yogendra Garg, Principal Commissioner, GST Policy at CBIC, while speaking at a webinar hosted by Assocham said.
The Goods and Service Tax Network (GSTN), the IT support of the GST regime, is working on modifying and improving the current returns and will soon announce an advanced version of the existing system.
In this advanced version of the existing GST return filing the new form GSTR 2B will be introduced. Just like form GSTR 2A, Form GSTR 2B will have details of purchases of the company or business with added information on input tax credits
(ITC).
The existing GSTR 1 form, which captures sales-related information, will be more detailed. The Form GSTR 3B, which gives the tax computation, will be auto-populated.
New features likely to be added in the new improved version of the existing return system include a matching tool for comparison of GSTR 2A with purchase register, the communication channel between buyer and seller, and an improved comparison table of tax liability and input tax credit (ITC) after incorporating ITC on IGST paid on imports.
“The e-invoicing, a form of electronically-authenticated invoices, will be implemented from 1 October only for businesses with a turnover of Rs 500 crore or more. Earlier, it was planned to implement e-invoicing for businesses with a turnover of Rs 100 crore or more in a year,” Yogendra Garg said
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No Cancellation Charges on Consumers cancelling after confirming purchase: Central Govt. notifies New E-Commerce Rules, 2020*
Read more at: https://www.taxscan.in/no-cancellation-charges-on-consumers-cancelling-after-confirming-purchase-central-govt-notifies-new-e-commerce-rules-2020/65687/
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Madras HC asks Govt to regulate Virtual Games like Online Rummy, Spartan Poker, Ace2Three [Read Order]
Read more at: https://www.taxscan.in/madras-hc-asks-govt-to-regulate-virtual-games-like-online-rummy-spartan-poker-ace2three/65880/
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There is some confusion going on about the due date of filing statement of TDS/TCS of Q1 ( April to June,2020) of current FY 2020-21.
📍 In this regards it is to be noted that the due date of filing TDS return for Q1 ( April to June,2020 and Q2( July to Sept 2020) of current FY year 2020-21 stand extended till 31.3.2021 as per para VIII of Press Release by PIB dated 24th June,2020.
✨The professionals probably are getting confused while reading Para VII of this press release whereby the due date of furnishing statement of TDS/TCS for FY 2019-20 has been extended till 31st July,2020 only
✨The due date for issue of TDS/TCS certificate has been extended to 15th August,2020 only.
However this Para VII is not applicable for current Financial Year 2020-21. This para VII is applicable for FY 2019-20 only and not to current FY 2020-21.
For ready reference these Para VII and VIII of this press release read as under:-
“VII. The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare their return of income for FY 2019-20, the date for furnishing of TDS/ TCS statements and issuance of TDS/ TCS certificates pertaining to the FY 2019- 20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.
VIII. The date for passing of order or issuance of notice by the authorities and various compliances under various Direct Taxes & Benami Law which are required to be passed/ issued/ made by 31st December, 2020 has been extended to 31st March, 2021. Consequently, the date for linking of Aadhaar with PAN would also be extended to 31st March, 2021.”
In para VII it has been clarified that this shorter extension for FY 2019-20 is being given as these statements and certificates are prerequisite for filing income tax return by deductee for FY 2019-20 I.e Asstt year 2020-21 which due date has been extended till 30th, November,2020 only .
Para VIII of this press release is very clear extending due date of various compliances under various Direct Taxes has been extended to 31st March,2021. Here compliances will include compliance of filing quarterly statements of TDS/TCS and issue of TDS/TCS certificates. Further had that not been the intention, there would not have been any need to specify in para VII that due date of statement of TDS/TCS of FY2019-20 is being extended.
It may also be noted that utility for filing Q1 TDS/TCS return of FY 2020-21 apparently has also not been updated by CBDT as certificate of lower rate of TDS/TCS has also not been updated with the result in uploading statement of Q1 ( April to June,2020)of FY 2020-21, the system shows short deduction and deductor as assessee in default , despite certificate of lower TDS/TCS being applicable to deductee.
In view of the above there is no need to file TDS/TCS statement of April to June,2020 Q1, in hurry. Statement not only of Q1 but also of Q2 can be filed up to 31st, March,2021.
However it may be noted that there is no extension of due date of depositing TDS/TCS. Accordingly make sure to deduct and deposit TDS/TCS in time.
In view of this press release the TDS/TCS statements and certificates for Q1 (April to June,2020)Q2 ( July to Sept,2020) can be filed/ issued by 31st March , 2021. Further for Q3 due date is 15th January,2021 which is beyond 31st Dec,2020, there is no extension under this press release.
📌So interestingly as on date due date for filing statements of TDS/TCS of Q3 of FY 2020-21 will be 15th January,2021 and due date for Q1 and Q2 of FY 2020-21 will be 31st March,2021.
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