17th August 2K20
Economic Times
Ø RBI on media analysis ahead of MPC meet
Ø World eco to see worst contraction in 2020
Ø Diesel sales drop 19% in first half of August compared to previous month
Ø Media often captures sentiments correctly ahead of monetary policy: RBI study
Ø Indian economy may contract in FY21: Birla
Business Standard
Ø IDBI rejects investor's offer for Essar arm
Ø Steel demand to fall significantly in FY21 due to Covid-19: Chandrasekaran
Ø Gold imports dip 81% in April-July to $2.47 bn, silver imports down 56.5%
Ø Thermal, coking coal imports at major ports dip 31% to 37 MT in Apr-Jul
Ø Tata may sell stake in JLR, UK steel plant as talks with British govt fail
Ø Moratorium, economic downturn raising risks for asset-backed securities
Business Line
Ø Hit by lockdown, India Inc’s earnings plunge 42% in Q1
Ø Forex reserves surge to an all-time high of $538.191 billion
Ø Thermal coal, coking coal imports at major ports dip 31 per cent in April-July: IPA
Ø Peak power demand declines to 5.65 per cent in first fortnight of August
Ø Road Ministry proposes new norms for Construction Equipment Vehicles
Mint
Ø India sends team to Mauritius to tackle oil spill
Ø MCX to launch India's first bullion index on Aug 24
Ø All communication with taxpayers to be from NeAC under faceless assessment
Ø Six of 10 top valued firms lose ₹78,275.12 cr in m-cap
Ø Natural gas prices may be cut to decade low of $1.9, dent ONGC revenues
Ø Germany may soon join International Solar Alliance
Financial Express
Ø Federal Bank to launch independent credit card in a year: Official
Ø Re-examining business, operating models: Ashok Leyland chairman
Ø Crompton Greaves eyes inorganic growth opportunities to enter more product segments
Ø Infosys slaps fine on independent director Bobby Parikh for inadvertent trade
Ø Mauritius’ oil spill worsens as leaking ship splits in two
Ø Tens of thousands of government accounts hacked in Canada
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Relocation expenses in respect of Salary paid to employees who traveled abroad for business of American Express needs to be verified, says ITAT
Read More: https://www.taxscan.in/relocation-expenses-in-respect-of-salary-paid-to-employees-who-traveled-abroad-for-business-of-american-express-needs-to-be-verified-says-itat/68467/
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⚫The next few months will be "critical" for the country in the bid to revive economic activity and further fiscal measures may be warranted to ensure that recovery gathers pace, Niti Aayog Vice Chairman said.
⚫India’s exports contracted by 10.2% in July, as trade of major foreign-exchange earners such as petroleum, gems, electronics, and textiles remained subdued.
⚫The RBI will transfer Rs 57,128 crore of its surplus to the Union Govt for the fiscal 2019-20.
⚫Price Waterhouse, the auditor of GVK Infrastructure, resigned citing lack of information provided by the company to prepare financial statement for the financial year ended on March.
⚫India has recorded over 65,600 coronavirus cases in the past 24 hours, taking its total to 2,525,222. With over 1,000 fatalities reported on Friday, India's death toll has surged to 49,134.
⚫Bharat Electronics Limited announced the successful completion of manufacturing 30,000 numbers of ICU Ventilators in a 'record time' to help the Govt of India in its efforts in combating the COVID-19.
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Freedom from personnel appearance
1. Jurisdiction of income-tax authorities have been defined under section 120 of the Income-tax Act, 1961. Following the implementation of faceless assessment to all taxpayer as announced by the PM Shri Narendra Modi, the Central Board of Direct Taxes (CBDT) has amended jurisdiction of various designation of the Income-tax Authorities.
2. Address and GSTIN of recipient were missing on tax invoices at the time of filing of refund which are mandatory particulars to be furnished in tax invoice. Assessee submitted rectified invoices in reply to deficiency memo by typing such missing details on original invoices. The Additional Commissioner (Appeals) allowed assessee to submit rectified invoices before adjudicating authority for verification, who may sanction refund, if same is found in order.
3. Preparation of financial statement (as per Companies Act 2013) The framework of the Companies Act 2013 lays down the provisions relating to preparation and disclosure of financial statements prepared by any company. As per sub-Section (1) of section 129 of the Companies Act 2013, the financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under section133.
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When there is a conflict & no consensus is reached by the majority of voting share to appoint the IRP/RP so proposed by the Applicant, it is expedient to appoint an independent IRP/RP to break any kind of stalemate between the Financial Creditors – Allahabad Bank Vs. Anil Kumar IRP of KSL and Industries Limited – NCLT Ahmedabad
Case Citation: [2020] ibclaw.in 63 NCLT
NCLT held that as per Section 7 of the IB Code, the Financial Creditor has the prerogative to propose the name of the IRP/RP and thereafter, they may change it by filing an application under Section 22 of the IB Code. However, to resolve this issue and to end the stalemate between the secured and unsecured Financial Creditors, this Bench in exercise of power under Rule 11 of the NCLT Rules 2016, do hereby appoint Mr. Kiran Shah as the new IRP/RP and direct him to convene the COC meeting and complete the CIRP as early as possible. Further, the period which is consumed in deciding this Application as well as the lockdown period i.e. from 25.03.2020 to 31.05.2020, is exempted.
https://ibclaw.in/when-there-is-a-conflict-no-consensus-is-reached-by-the-majority-of-voting-share-to-appoint-the-irp-rp-so-proposed-by-the-applicant-it-is-expedient-to-appoint-an-independent-irp-rp-to-break-any-kin/
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Freedom from personnel appearance
1. Jurisdiction of income-tax authorities have been defined under section 120 of the Income-tax Act, 1961. Following the implementation of faceless assessment to all taxpayer as announced by the PM Shri Narendra Modi, the Central Board of Direct Taxes (CBDT) has amended jurisdiction of various designation of the Income-tax Authorities.
2. Address and GSTIN of recipient were missing on tax invoices at the time of filing of refund which are mandatory particulars to be furnished in tax invoice. Assessee submitted rectified invoices in reply to deficiency memo by typing such missing details on original invoices. The Additional Commissioner (Appeals) allowed assessee to submit rectified invoices before adjudicating authority for verification, who may sanction refund, if same is found in order.
3. Preparation of financial statement (as per Companies Act 2013) The framework of the Companies Act 2013 lays down the provisions relating to preparation and disclosure of financial statements prepared by any company. As per sub-Section (1) of section 129 of the Companies Act 2013, the financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under section133.
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Hats off to Justice Mishra's observation on AGR hearing at SC.
A spectrum is a Soverign Resource and Govt has the right over it any time.
Why not JIO pay the AGR dues of Rs.31000 crs of RCOM.
The Spectrum moved from RIL subsidiary to RCOM DURING Sibling Asset settlement in 2006 and found it's way back to RIL Subsidiary in 2016.
The movement is so beautifully schemed so that AGR payable to the Government becomes non payable in the entire process of spectrum usage till 2016 due to dispute in AGR calculation.
This was achieved by ensuring RCOM becomes insolvent so that AGR due are irrecoverable.
The investors of RCOM fell flat in the process of shift of spectrum resource usage.
Oil was struggling to keep cash registers tinkling and Data replaces OIL to maintain the cash flow of RIL.
Any product where the end price is under Govt control will result in ultimate death of that organisation. This is the history of India.
The foundation of SC judgement cannot be different based on a company existence or non existence.
We will write off the AGR from insolvent companies and collect AGR from companies in operation is not all acceptable.
VIL,BSNL,and Bharti had built the 2G and 3 G infrastructure by investing heavily on Spectrum and connectivity. They upgraded to 4G but still served the poor of the country who used 2G and 3G platform.
RIL in 2016 started using the spectrum of RCOM for meeting their needs of 2G and 3G customers.
JIO offered Voice as free as a marketing tool to woo the customers of other players in the market. 40 cr people migrated or added a second cell to reduce their expenses.
In the process all existing companies started to bleed since their revenue realisation for their customer dropped by 50%.
The sky was falling and earth was going up for these old players of definite future AGR liability and Low Revenue Realisation from its customers.
When we buy any property the first thing we verify is on the property Encumbarance. If it is there the ultimate buyer did not get the 100% ownership.
In this case also the spectrum of RCOM had an encumbarance of AGR dues and it is height of stupidity that DOT allowed transfer of Spectrum Usage to RIL without fixing in dues settlement.
RCOM also applied for Insolvency after an incubation period of 4 years for RIL to complete its foundation of JIO.
Any definition of operational or financial creditors cannot include the Soverign body THE GOVT OF INDIA at par with them.
The Sovereign body must have a precedence of claim over Spectrum since it is like a heart in a human body.
JIO kept an artificial heart at RCOM and transplanted the original heart called Spectrum for RIL Cash pumping Blood.
The business model of other players were destroyed in the process and it is leading to a virtual JIO Monopoly in Telecom sector.
This is 100% against the people of India.
Justice Mishra is 100% correct in demanding RCOM spectrum dues of Rs.31000 crs from JIO.
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▶️▶️ To provide more transparency, easiness and efficiency, some commitments have been made by the IT Department and expecting honesty and compliant from taxpayers through the Taxpayers’ Charter. For the compliance, Taxpayers can approach the Taxpayers’ Charter Cell.
▶️▶️ E-verification of Income Tax Return (ITR) of AY 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20* has been re-enabled upto 30.09.2020 for taxpayers who could not verify the ITR within the prescribed time.
2️⃣ Goods and Services Tax:
▶️▶️ Excel offline utility is now available to prepare form GSTR-4 (Annual Return) by the composition taxpayers in download tab of GST Portal.
▶️▶️ Taxpayers can now file application for revocation of cancellation of registration again, if previous revocation application is rejected.
3️⃣ Corporate & Allied Laws
▶️▶️ MSME has clarified that validity of existing registrations (i.e. EM Part-II, UAM) prior to 30.06.2020 shall continue till 31.03.2021. the facility of editing and amendment in existing registrations also can be done till the same date.
▶️▶️ It is also clarified that value of Plant & Machinery shall be taken Written Down Value (WDV) as at the end of financial year as defined by the Income Tax Act and not the cost of acquisition or original price for Udyam (MSME) Registration under the new criteria. 📢
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✒️ Supreme Court has held that the failure to lodge FIR complaining dowry & harassment before death of victim inconsequential.
✒️ Supreme Court has allowed registration for BS-IV vehicles whose sales details were uploaded on Vahan or those with temporary registration.
✒️ Supreme Court has set aside the direction issued by the Delhi High Court to Oriental Insurance Company Ltd to plant hundred trees in a claims matter.
✒️ Delhi High Court has refused to stay a pollution cess of Rs 50 Lakhs slapped on Delhi Development Authority by Delhi Pollution Control Committee for alleged water contamination of stormwater drains on the Samalkha-Dwarka Road.
✒️ prime Minister Narendra Modi has expanded the faceless assessment scheme to all taxpayers, unveiled a single-page Taxpayers’ Charter and promised a faceless appeal mechanism from September, 2020.
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⚫PM said that mammoth steps have been taken to make the country self-reliant in the defence sector, import of more than 100 military equipment has been stopped.From missiles to light military helicopters, from assault rifles to transport aircraft all will be made in India.
⚫Russian President greeted the Indian Govt on 74th Independence Day, India rightfully enjoys high prestige among the international community and the success achieved by India in economic, social and other spheres is widely acknowledged.
⚫The Govt withdraw a controversial tweet which talked about a proposal to bring transactions under the income tax scanner.The tweet was put up by mygovindia. According to the tweet the Govt proposed to include life insurance premium above Rs 50,000, health insurance premium over Rs 20,000, foreign travel, education-related fees, and donations above Rs 100,000 in a year in the list of Statement of Financial Transactions. Other transactions proposed to be included are purchase of white goods, jewellery and paintings over Rs 100,000, and demat accounts and bank lockers.
⚫The Manipur Govt extended the complete lockdown till August 31 to contain the spread of COVID-19 in the state.
⚫The small & medium textiles exporters assn has asked the Govt to introduce 'faceless assessments and faceless appeals' in the indirect tax regime as well so that exporters interaction with GST officials could be eliminated.
⚫Steel demand is expected to decline significantly in 2020-21 in line with a projected contraction in the global economy due to production cuts amidst ongoing lockdowns.
⚫The I-tax dept is undergoing a complete restructuring exercise with regional e-assessment centres set up across 20 cities, apart from the national centre in Delhi. Some 4,224 officers have been diverted to the faceless assessment unit, leaving about 2,000 officers in the residual jurisdiction, which will no longer carry out any assessment exercise.
⚫The Govt may not have to inject fresh capital into the PSBs as one-time loan restructuring by the RBI has reduced additional fund requirements by them.
⚫India is now the third most affected country by total cases and fourth by death toll, it added 431983 cases in the past 7 days alone. India left even the US and Brazil behind in seven-day average of daily new coronavirus cases.
⚫High-speed mobile Internet services were restored on a trial basis in one district each in Kashmir and Jammu regions over a year after the facility was suspended.
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INVOICE INCENTIVISATION
Mera Bill Mera Adhikaar is conceptualised as scheme which incentivises citizens & consumers to ask for genuine invoices from the seller when making business to consumer ( B2C) purchase of goods or services, which are under the purview of Goods and Services Tax. This would serve the objective of encouraging tax compliant behaviour, in the business to consumer (B2C) stage of the transactions, by the consumers & business across India.
GSTN, with it’s partner for this application (M/s e-connect Solutions Pvt. Ltd.), is developing a technology platform which will enable citizens to register themselves and upload invoices on a user friendly mobile application and portal . Robust technology will allow this mobile application & portal to automatically read the key details from printed invoices, like GSTIN, invoice number, amount paid & tax amount.
At the end of a month, few *lucky invoices would be identified by a process of draw of lots, and given reward as an incentive of observing tax compliant* behaviour. The draw of lots will be conducted by another Government agency. Since the draw of lots would be conducted on individual invoices, every invoice could be a potential future reward at the time of upload. Thus, uploading more invoices in a month would increase a consumer’s chance of winning the reward. Consequently, citizens would be incentivised to report maximum number of transactions on this system. The system would also facilitate verification of winning invoices before disbursal of reward, to ensure that only genuine invoices are given the reward.
This scheme would serve multiple objectives of incentivising and rewarding compliant behaviour by the consumers, encouraging tax compliant businesses, boosting consumer spending, and, checking tax evasion.
Source: GSTN
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