23rd September 2K20
Ø Tata Group offers to buy out Mistry family stake in shares dispute
Ø National Textile Corporation not operationally profitable despite revival scheme: Smriti Irani
Ø Israel and India sign MoU to collaborate in tech innovation & start ups
Ø NBFC-MFIs' loan disbursement drops 96 pc to Rs 570 cr in June quarter
Ø Trai for a rulebook to ensure net neutrality
Ø Sebi enhances IL&FS case penalty on ICRA, CARE and IndRa to Rs 1 crore
Ø India's current account to register surplus of $30 bn in FY21: Report
Ø Lenders seek higher cover from property developers over Covid-19 issue
Ø Covid-19 effect: Banks may recast Rs two trillion loans, says SBI
Ø Sebi to prescribe stress tests, liquid holdings for debt mutual funds
Ø US economy highly uncertain despite marked improvement: Fed's Powell
Ø NTPC invites EoI for setting up manufacturing facilities in its plants
Ø ‘DHFL used 2.6 lakh fraud a/cs in fake branch to siphon funds’
Ø Parliament gives its approval to Taxation Bill
Ø TCS bags contract from UK supermarket chain Morrisons
Ø Chemcon Speciality Chemicals IPO subscribed 12.65 times on second day
Ø Power Ministry proposes Standard Bidding Document for Discom privatisation
Ø Gear import duty: Inox Wind under DRI lens for ‘false’ claims
Ø Sebi rule on multi-caps brings investors to the drawing board
Ø Kharif food production estimated at a record 145 million tonnes
Ø HC dismisses plea by HCC's invocation of bank guarantee by NHPC worth ₹214 cr
Ø Sebi debars 12 DHFL promoters for frauds causing ₹17,000-cr impact on accounts
Ø India's natural gas production down 13% year-on-year in April-August
Ø ‘Labour reforms intend to put India among top 10 nations in ease of doing business
Ø US household wealth hits record even as economy struggles
Ø Public telcos to procure equipment as per amended GFR: Dhotre
Ø Parliament removes cereals, pulses and oilseeds from Essential Commodities Act
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📢 ✅ GST Updates: Three Important GST Notifications:
🌴Waiver and Capping of late fees of Rs. 500/- for the registered persons who fails to furnish
GSTR-10 (Final Return) by due date but furnishes the said return between the period from 22.09.2020 to 31.12.2020 vide NN. 68/2020-CT dt. 21.09.2020.
🌴Waiver of late fees for filing GSTR 4, having NIL tax Liability and Capping of Rs. 500/- for those who are having tax liability for quarters in July, 2017 to March, 2020, if furnishes the said return in a period 22.09.2020 to 31.10. 2020 vide NN. 67/2020 dt. 21.09.2020.
🌴Time limit for issuing invoice if falls between 20.032020 to 30.10.2020 in respect of goods sent outside India on approval for sale or return basis, now extended to 31.10.2020 NN. 66/2020-CT dt. 21.09.2020.
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1. CBDT has issued Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2020-21 and conduct of assessment proceedings in such cases. Keeping in view of the Faceless Assessment Scheme, 2020 implemented by the Department and the difficulties being faced amid COVID-19 pandemic, the parameters for compulsory selection of returns for Complete Scrutiny during Financial Year 2020-21 and conduct of assessment proceedings in such cases are prescribed.
2. Central Government has introduced Taxation and Other Laws (Relaxation and Amendment
of Certain Provisions) Bill, 2020 to replace the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 and to regularise certain extensions made vide CBDT Notifications and to introduce faceless income-tax administration.
3. Last date to file GSTR-3B of Jun 2020 is 23/25 September & of July 2020 is 27/29 September for turnover upto 5 cr. File till 30 September with interest @ 9% pa & late fee of 500.
4. Late fee for GSTR-4 waived off / reduced from July 17 to March 2020. Condition: GSTR-4 needs to be filed between 22 Sept to 31 Oct, 2020.
Waiver Type: 1.) If Tax Payable is NIL - Late fee waived off fully 2.) If Tax Payable exists - Only Rs 250 late fee will be levied. Notification No. 67/2020
5. GST Network(GSTN) Chief Executive Officer Prakash Kumar on said that GST-registered businesses will soon get a pre-filled Return form, GSTR-3B. Mr. Kumar proclaimed that GSTN is moving towards providing taxpayers with a pre-filled GSTR-3B form so that they can pay their taxes at ease.
6. Lok Sabha has passed the Companies (Amendment) Bill, 2020 through voice vote. The Bill to further amend 48 sections of the Companies Act, 2013 by decriminalizing various non-compoundable offences in case of defaults, but not involving frauds, omitting imprisonment for various offences which were considered procedural and technical in nature.
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The key highlights of the MEF- 2020-2021 are:
👉 1. Display of Common Partners details and their association.
👉 2. OTP based Validation of Declaratio.
👉 3. Disclosure of reason of ineligibility.
👉 4. Capturing the Lat-long of the head office through google map.
👉 5. All change through SSP Portal only.
👉 6. Introducing the Part B- Experience details for Other Panels.
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LEGAL KNOWLEDGE CAPSULE
✒️ Delhi High Court stayed the order of the Delhi Government dated 12/09/20 whereby private hospitals in Delhi were directed to reserve 80% beds in ICU for COVID19 patients.
✒️ Rajya Sabha has passed the Companies (Amendment) Bill, 2020 to decriminalize minor procedural or technical lapses under the Companies Act, 2013, into civil wrong, with an aim to enhance the ease of doing business in India.
✒️ Supreme Court has ordered status quo against Mistry firms & Shapoorji Pallonji Mistry on raising capital against security of their shareholding in Tata Sons, by pledging, transferring or any further action in relation to the shares.
✒️ Guwahati High Court has while completing a writ petition has held that Judges enjoy"absolute protection" under the Judges (Protection)Act, 1985.
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MEF 2020-21
SUBMISSION OF FINANCIAL DOCUMENTS
The Financial Documents are to be submitted by all the applicants of MEF (Firm and continuing Partners), failing which the application cannot be submitted.
The applicants are required to upload the Financial documents before the submission of MEF by clicking on the icon.
The following Financial Documents for Financial Year 2018-19 are to be submitted:
Partnership Firms:-
° Income Tax Return of the firm
° Statement of Computation of Total Income of the firm
° Balance Sheet as at 31st March 2019 along with Schedules
° Income & Expenditure account along with schedules.
°Personal Income Tax Returns of the Partners
°Statement of Computation of Total Income of the Partners.
Sole Proprietor / Individual practicing in individual name:-
° Income Tax Return
° Statement of Computation of Total Income
° Balance Sheet as at 31st March 2019 along with Schedules
°Income & Expenditure account of the Proprietary Concern / Individual along with schedules.
Applicants may be required to submit further details, if any by PDC.
Please make sure that all these documents are available before filing of MEF.
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⚫A majority of retailers expect festive season business this year to be down by 25% compared to last year due to the impact of coronavirus pandemic and many of them are considering cancelling or deferring orders due to reduced festive forecasts.
⚫Union Health Minister said the Ayushman Bharat scheme has provided free treatment to more than 1.26 crore beneficiaries since its launch in September 2018. Also, 57% of the total amount utilised under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana has been for tertiary procedures related to treatment of major illnesses like cancer, cardiac ailments, orthopaedic problems, and neo-natal.
⚫The RBI and the Govt are in the right direction to keep the economy moving and signs of revival in the banking industry are visible with people starting to repay their liabilities, Axis Bank MD and CEO said.
⚫India's kharif foodgrains production is expected to be in excess of 144 million tonnes in the 2020-21 crop season that started from July and which could pull down prices in the absence of adequate demand further enraging farmers. In foodgrains, rice production is estimated to be 0.37% more than 2019-20.The production of pulses is expected to be almost 21% more than 2019-20.
The output of oilseed is expected to be 15.28% more than 2019-20.
⚫A total of 40,955 fraudulent Aadhaar numbers have been cancelled up to August 31, 2020. As on August end, a total of 126.17 crore Aadhaar numbers have been generated against the projected population of about 137.05 crore.
⚫Chinese virologist Dr Li-Meng Yan claimed that the COVID-19 virus was developed in a Govt laboratory in Wuhan and said that the WHO is very much part of the cover-up. She also said that the Chinese Govt was aware of the spread of COVID-19.
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✅ ITR 6 form is released at Income Tax Site. Now all companies can file ITR for AY 2020-21 (FY 2019-20)
✅ The Multi-Purpose Empanelment Form (MEF) for 2020-21 is now live.
You can register for the same at https://meficai.org/
The Last date for registration is 12th October, 2020.
✅ Waiver of late fees for filing GSTR 4, having NIL tax Liability and Capping of Rs. 500/- for those who are having tax liability for quarters in July, 2017 to March, 2020, if furnishes the said return in a period 22nd Sept to 31st Oct, 2020 vide NN. 67/2020 dt. 21.09.2020.
✅Waiver and Capping of late fees of Rs. 500/- for the registered persons who fail to furnish the return in FORM GSTR-10 (Final Return) by due date but furnishes the said return between the period from 22nd September, 2020 to 31st December, 2020 vide NN. 68/2020-CT dt. 21.09.2020.
👉 Invitation of Comments on Exposure Drafts of Forensic Accounting and Investigation Standards(FAIS) - 110, 120, 130, 140, 220 and 230 - (19-09-2020)
https://www.icai.org/post/invitation-comments-ed-fais
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