21st September 2K20
Ø EPFO records 8.45 lakh new enrolments in July
Ø Banks not asked by RBI to raise capital to brace for possible NPAs: MoS Finance Anurag Thakur
Ø Yamaha Motor expects India sales to be 10-year low in 2020
Ø Thermal, coking coal imports at major ports dip 28% to 46 mn tonnes in Apr-Aug: IPA
Ø Lok Sabha passes Bilateral Netting of Qualified Financial Contracts Bill, 2020
Ø 21 states opt for Rs 97,000-crore RBI window to meet GST shortfall
Ø Govt's decision to hike duty on TV cells to further increase prices
Ø G20 Trade and Investment Working Group virtual meeting begins
Ø Paytm accuses Google of trying to dominate India's digital ecosystem
Ø Internet user base up 3.4% at March-end; Jio commands over 52% market: Trai
Ø CarVal to seal Uttam Galva deal next month
Ø India’s fuel demand to contract 11.5 per cent in 2020: Fitch
Ø Urea imports up 22% in 2019-20 at 91.23 lakh tonnes
Ø 5% Customs duty back on key TV component from Oct 1
Ø CAMS raises ₹667 crore from anchor investors
Ø Bill seeking to amend FCRA introduced in Lok Sabha
Ø Plastic recycling units in SEZ: Centre to consider plan for five-year extension
Ø Despite near-decade-low yields, RBI may need to binge on govt bonds
Ø ₹3,090-cr infra projects to be ready before Dec 2021 in Noida
Ø Acme Solar looking to sell 4.84 GW of solar projects
Ø Public sector banks report frauds worth over ₹19,964 cr in April-June: RBI
Ø Nearly ₹70,590 cr worth of loans sanctioned to discoms under liquidity package
Ø Govt collects Rs 84,023 cr non-tax revenue in FY21 so far
Ø India’s external debt up nearly 3% to $559 billion at March-end
Ø Modi govt’s crackdown on shell firms: Nearly 4 lakh companies struck off RoC records
Ø Only 7 pc of target street vendors get loan assistance
Ø Govt may allow companies with over 300 workers to fire staff without its nod
.
========>
.
LEGAL KNOWLEDGE CAPSULE
✒️ Supreme Court has observed that the penalty of ten times prescribed under Section 40(1) (b) of the Indian Stamp Act cannot be mechanically imposed.
✒️ IBBI has issued the IBBI (Annual Report) Rules, 2020 prescribing dates for submission of the annual report referred to in rule 3 of annual accounts for audit leading to the issue of Audit Certificate by the C&AG and for submission to the MCA for timely submission.
✒️ Supreme court has observed that compensation for loss of future prospects can be awarded in cases of permanent disablement incurred as a result of a motor accident.
✒️ Bombay High Court has held that the rule of reservation prescribed for State quota seats does not apply to the seats reverted from All India Quota, though such seats are available to the State for allotment.
.
========>
.
⚫PM appealed to farmers to not be “misled by vested political interest” and assured them that the MSP system would continue.
Defending the farm sector reform Bills, PM said the Bills brought “freedom” to farmers and give them a “protection shield”
⚫The Govt proposed to extend the faceless assessment scheme to almost all proceedings under the income tax law, including for collection and recovery of tax and gathering of information. It proposed faceless assessment of income escaping assessment, faceless rectification, amendments and issuance of notice or intimation,faceless revision and effect of orders and faceless approval or registration.
The legislation also proposes faceless inquiry or valuation and faceless collection of information.
⚫Beginning Monday, importers need to furnish proof of 35% value addition in goods from the country of origin to claim duty concession under free trade agreements. While the move is aimed at plugging duty evasion through routing exports to India under FTAs.
⚫The Central Govt has barred co's from countries, which do not allow Indian co's to participate in their Govt procurement, from participating in any Govt procurement tenders in India.
⚫India on Friday recorded 90,000+ cases. Caseload in the country has reached 5,305,387. Death toll has surged to 85,621.
⚫Three of the nearly 30 coronavirus vaccine candidates in India are in advanced stages of clinical trials, while four are in pre-clinical development stage, said Health Minister.
⚫The IPL will start today in the UAE with the final slated on Nov 8.
.
========>
.
Direct Taxes
High lights of the RACP Bill 2020 introduced in Lok Sabha (Bill no- 116 of 2020)
1) ITR filing for AY 2019-20 is to be Extended from 30th Sep to 31-3-2021.
2) ITR filing for AY 2020-21 is to be Extended from 30th Nov. to 31-3-2021.
3) The new provisions for charitable trusts for reregistration etc Approval
u/s 10(23)(C),
Re registration u/s 12A/ 12AA and 80G is proposed to come in to force from 01-04-2021 from earlier extended date of 1-10-2020.
4) TDS/TCS returns for Feb & March-20 and Q4 for March 20 (as the case) under all sub sections are to be extended to 31-3-2021.
5) Furnishing of certificate u/s 192 is to be extended from 15th Aug to 31-3-2021.
6) Sections 54 to 54GB
a)The time limit for completion or compliance is to be extended from 29th Sep to 31-12-2021.
b) For making such completion or compliance is to be extended from 30th Sep to
31-3-2021.
7) Chapter - VI A under heading B -
a) The time limit for completion or compliance is to be extended from 30th July to 31-12-2020,
b) For making such completion or compliance the date is to be extended from 31st July to 31-3-2021.
8) Vivad se vishvas act-20
a) Time limit to be extended from 30th Dec 20 to 31-12-2020.
b) For completion or compliance is to be extended from 31-12-2020 to 31-3-2021.
9) No extension of payment of taxes.
10) Interest rate for late payment of taxes 3/4% pm or part of there of.( Only if tax payable is above Rs.1 lac)
11) No penalty will be levied & No prosecution shall be sanctioned for the delay period for payment of taxes.
Explanation- The period of delay means the period between the due date and the time of payment.
Plus
There are other amendments are also proposed in Income tax Act.
.
========>
.
LEGAL KNOWLEDGE CAPSULE
✒️ Supreme Court has observed that the penalty of ten times prescribed under Section 40(1) (b) of the Indian Stamp Act cannot be mechanically imposed.
✒️ IBBI has issued the IBBI (Annual Report) Rules, 2020 prescribing dates for submission of the annual report referred to in rule 3 of annual accounts for audit leading to the issue of Audit Certificate by the C&AG and for submission to the MCA for timely submission.
✒️ Supreme court has observed that compensation for loss of future prospects* can be awarded in cases of permanent disablement incurred as a result of a motor accident.
✒️ Bombay High Court has held that the rule of reservation prescribed for State quota seats does not apply to the seats reverted from All India Quota, though such seats are available to the State for allotmemt.
.
========>
.
⚫The net direct tax collection in April-August period of the current fiscal was 31.1% lower on YoY basis at over Rs 1.92 lakh crore, according to Minister of State for Finance.
⚫The Cabinet may soon take up and approve the new strategic disinvestment policy, which would include the banking and insurance sector.The Govt may consider the closure of central PSUs even if they have been approved for strategic disinvestment on a case-to-case basis.
⚫NBFCs want the Govt to set up a dedicated fund through which they can get loans with tenures of three to five years, as it will help the cash-strapped sector maintain a healthy asset-liability match.
⚫Lok Sabha passed a bill to further amend the Companies Act and decriminalise various non-compoundable offences and promote ease of doing business. Around 48 sections of the Companies Act, 2013 will be amended to decriminalise various offences
⚫PM will lay the foundation stone of nine highway projects in Bihar through video conference on Monday and also inaugurate optical fibre internet services through which the state's all 45,945 villages will be connected.
.
========>
.
Companies (Amendment) Bill, 2020.
The Lower House of Parliament, the Lok Sabha has passed The Companies (Amendment) Bill, 2020. The Bill seeks to amend the Companies Act, 2013.
Major changes in CAB 2020 are as follows:
1. Decriminalization of Section 48
2. New Chapter for Producer Company
3. Change in Definition of Listed Company
4. CSR Related Changes
5. Payment to Independent Director and NED
6. New NCLAT Bench
7. Listing in Foreign Jurisdiction
8. In-house Mechanism for Penalty to de-clog NCLT
9. Reduced Penalty for Small Companies, OPC and Start-Up Companies
.
========>
.
👉🏻ITR 1 for AY 2020-21 | Changes in ITR 1 form for AY 2020-21
New ITR 1 Form for the AY/FY 2020-21/2019-20 and New Schedule ‘Schedule DI - Details of Investment’ notified in ITR-1
👇🏻 👇🏻 👇🏻
https://youtu.be/5auqJZ6ZIxI
👉🏻ITR 2 for AY 2020-21 | Changes in ITR 2 form for AY 2020-21
New ITR 2 Form for the AY/FY 2020-21/2019-20 and New Schedule ‘Schedule DI - Details of Investment’ notified in ITR-2
👇🏻 👇🏻 👇🏻
https://youtu.be/ibzAfcV-IJw
👉🏻 ITR 3 for AY 2020-21 | Changes in ITR 3 form for AY 2020-21
New ITR 3 Form for the AY/FY 2020-21/2019-20 and New Schedule ‘Schedule DI - Details of Investment’ notified in ITR-3
👇🏻 👇🏻 👇🏻
https://youtu.be/slaosWGZQUQ
👉🏻ITR 4 for AY 2020-21 | Changes in ITR 4 form for AY 2020-21
New ITR 4 Form for the AY/FY 2020-21/2019-20, New Schedule ‘Schedule DI - Details of Investment’ notified and New changes in ITR-4.
👇🏻 👇🏻 👇🏻
https://youtu.be/rtU-Je4czBo
.
========>
.
⚫The Bills to allow farmers freedom to trade outside the mandis and facilitate contract farming was passed in the Rajya Sabha.This was amid vehement protest by the Opposition, who questioned the haste in which the legislations were approved, bypassing proper scrutiny. Farmers staged demonstration in Haryana, while protests have been continuing in Punjab since the last few days. Farmer groups have called for a nation bandh on September 25 in protest against the passage of the Bills.
⚫As economic activity returns to normalcy, higher expectations on sales and exports in the second quarter have boosted the overall sentiment, according to the Business Confidence Index of the CII
⚫Lok Sabha passed a bill to amend the Factoring Regulation Act that seeks to help MSME's by providing additional avenues for getting credit facility.
⚫The Lok Sabha passed a taxation Bill aimed at expanding the faceless assessment scheme and to provide compliance related relief to taxpayers.The legislation includes extension of deadlines for return filing and linking of PAN and Aadhaar.The sunset clause for claiming a tax holiday for already approved special economic zones units has been extended by another year to March 31, 2021.
⚫The sixth round of Corps Commander talks between the armies of India and China is scheduled to be held on Monday with a sole focus on the implementation of a five-point agreement reached between the two countries on disengagement of troops and de-escalation of the volatile situation in eastern Ladakh.
⚫Hong Kong has banned Air India flights from Sunday to October 3 after a few passengers on its flight on Friday tested positive for Covid-19 post arrival.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
