30th July 2K20
Ø Govt to wind up exports incentive scheme
Ø IL&FS: Deloitte partner banned for 5 years
Ø Telecom industry loses 82 lakh subscribers in April, pressure to continue: Report
Ø Piramal plan to sell non-core glass business to raise funds, eyes $1 billion
Ø Airtel posts Rs 15,933 crore loss in Q1
Ø NTPC achieves highest-ever daily gross generation of 977.07 million units on July 28
Ø India has more scope for policy support despite limited fiscal space: IMF
Ø Wholesale-retail inflation gap in perishables highest during lockdown
Ø YES Bank issues possession notice for Reliance Infra's properties
Ø Sebi extends regulatory norms compliance timeline for RTAs, others
Ø Hong Kong economy shrinks 9% in latest quarter over Covid-19, security law
Ø CIL's coal allocation for non-power sector in Q1 rises 3-fold to 6.66 MT
Ø Maruti Suzuki posts first quarterly loss in at least 15 years
Ø SpiceJet reports Rs 807.1-cr loss in Q4
Ø Govt weighs job protection to BPCL staff for 3-5 years post-privatisation
Ø India's gloomy economic outlook darkens recovery path
Ø IndiGo posts ₹2,844 crore loss in June quarter
Ø CEAT posts consolidated net loss of Rs 35.24 crore in Q1
Ø Ceat reports net loss of ₹35 cr in June quarter
Ø TVS Motor Company reports ₹139 crore loss in Q1FY21
Ø Fixing power sector stress and economic recovery interlinked: Arvind Subramanian
Ø Auditors raise concern as SpiceJet posts ₹807 crore loss during Q4FY20
Ø Punjab National Bank wins UK court battle over unpaid dues
Ø Mindspace REIT's ₹4,500 cr IPO subscribed 13 times
Ø ICT tariff case: WTO to set up dispute panels against India on request of Chinese Taipei, Japan
Ø ADB approves $3 million grant to India to combat COVID-19
Ø Dr Reddys PAT down in Q1; to launch COVID-19 drugs in August
Ø Sensex ends 422 points lower, Nifty at 11,200; RIL down 4%
Ø Indian refineries face shutdowns as fuel demand drops
Ø International air travel plunges 98%, cargo demand falters: AAPA
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New Education Policy 2020 is announced
1. 10+2 board structure is dropped
2. New school structure will be 5+3+3+4
3. Upto 5 pre school, 6 to 8 Mid School, 8 to 11 High School , 12 onwards Graduation
4. Any Degree will be 4 years
5. 6th std onwards vocational courses available
6. From 8th to 11 students can choose subjects
7. All graduation course will have major and minor
Example - science student can have Physics as Major and Music as minor also. Any combination he can choose
8. All higher education will be governed by only one authority.
9. UGC AICTE will be merged.
10. All University government, private, Open, Deemed, Vocational etc will have same grading and other rules.
11. New Teacher Training board will be setup for all kinds of teachers in country, no state can change
12. Same level of Accreditation to any collage , based on its rating collage will get autonomous rights and funds.
13. New Basic learning program will be created by government for parents to teach children upto 3 years in home and for pre school 3 to 6
14. Multiple entry and exit from any course
15. Credit system for graduation for each year student will get some credits which he can utilize if he takes break in course and come back again to complete course
16. All schools exams will be semester wise twice a year
17. The syllabus will be reduced to core knowledge of any subject only
18. More focus on student practical and application knowledge
19. For any graduation course if student complete only one year he will get a basic certificate, if he complete two years then he will get Diploma certificate and if he complete full course then he will get degree certificate. So no year of any student will ve vested if he break the course in between.
20.All the graduation course feed of all Universities will be govern by single authority with capping on each course.
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✅ SEBI update- Extension of time for submission of financial results for the quarter/half year/ financial year ended 30th June 2020.Extension of time from 14th August to 15th September for results for quarter ended June. - https://www.sebi.gov.in/legal/circulars/jul-2020/extension-of-time-for-submission-of-financial-results-for-the-quarter-half-year-financial-year-ended-30th-june-2020_47183.html
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🗣️ ```Important Tax Update```
👉🏻 CBDT extends FY 18-19 income tax return filing deadline till September 30, 2020
👉🏻 This is the third extension given by the government for taxpayers to file both original and revised tax returns for FY 2018-19.
👉🏻 'In view of the constraints due to the Covid pandemic & to further ease compliances for taxpayers, CBDT extends the due date for filing of Income Tax Returns for *FY 2018-19 (AY 2019-20)* from 31st July, 2020 to *30th September, 2020*,' the Income Tax Department said in a tweet.
👉🏻 Taxpayers are advised to take the benefit of this extended date.
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🌺 The 9th revised back ground material on GST by ICAI dated 28th July 2020 is attached.
https://drive.google.com/file/d/18O10XX6NOU7GZSjAQiT4fgBFrv4RJm4u/view?usp=sharing
🌺 GST Weekly update is attached
https://drive.google.com/file/d/1N-8nm5sYyxI2u6P5HnB4KwpP6WVZwOUC/view?usp=sharing
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Dear colleagues
Various arrangements made by the Committee for Members in Practice (CMP) of ICAI are available on the below link.
https://www.icai.org/post/arrangements-committee-for-members-in-practice
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