7th September 2K20
Ø More than Rs 10 lakh crore loans may avail restructuring benefit: Bankers
Ø Small positive growth may not be ruled out in FY21, says Rangarajan
Ø Vodafone Group says no to infuse new equity in Voda Idea
Ø Tata Steel production back at 100 pc capacity, says T V Narendran
Ø Thriveni Earthmovers bags Rs 31,428 cr contract to develop, operate NTPC's coal mine in Chhattisgarh
Ø Japanese bank MUFG takes on lease 30,000 sqft space at BKC from Adani Realty
Ø Telecom, automobile companies lead earning downgrades, shows data
Ø BPPI Q1 sales turnover up 94.21% to Rs 146.59 cr amid Covid-19 crisis
Ø Biocon set for bigger insulin play, aims to reach one in five diabetics
Ø HDFC clears Rs 47,000 cr loans to 200,000 home buyers under subsidy scheme
Ø PNB fraud: Nirav Modi's extradition trial to resume in UK court on Monday
Ø Lakshmi Vilas Bank plans to raise Rs 1,500 crore to fund biz growth
Ø India’s commitment to reform being taken seriously by foreign investors: FM
Ø Nod for trials of Bt Brinjal varieties revives GMO concerns
Ø Borrow more to stimulate demand, revive economy: Chidambaram to Government
Ø Axis Global Equity Alpha FoF is diversified option, consider existing fund also
Ø Draft guidelines on advertising released
Ø Govt asks auto industry to cut imports, raise exports
Ø RIL details plan to carve out O2C assets
Ø Hinduja Global Solutions Q1 net profit up 21.7% at Rs 49.2 cr
Ø SBI moots voluntary retirement scheme to optimise costs, about 30,000 employees eligible
Ø Crude output dips 6.1% in FY21, gas hit harder
Ø Amul forays into edible oil segment, to invest Rs 1,500 crore for processing plants
Ø Aatmanirbhar Shipping: Centre asks major ports to use only Indian made tug boats
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⚫Finance Secretary said that when the world was turning faceless and digital, it was time for tax administration to also go faceless and eliminate the physical interface between the taxpayer and the I-Tax dept. He said that the tax system was going to be entirely data-driven and seamless tax reforms would change the way taxes are paid in the country.The objective of this reform is to remove harassment and corruption that people used to criticise earlier.
⚫The Centre assured support to leaders of the auto industry which has been severely hit by the pandemic. Union Cabinet ministers listed out a series of possible measures such as a scrappage incentive scheme and reduction in the GST rate to revive the auto sector.
⚫The RBI said loans of up to Rs 50 crore towards start-ups would qualify for the priority sector, alongside renewable energy used for agriculture. The central bank also doubled the overall limit for such renewable energy and health care as part of its revision to priority sector guidelines.
⚫The finance ministry has banned the creation of new posts in the central Govt, except those approved by the expenditure dept under the ministry.
⚫With over 87,000 new cases, India's tally has now surged past the 4-million mark. This is the third consecutive day when the country has recorded over 80,000 cases in a single day.
⚫State-owned BSNL has issued a directive to all its units to curtail expenditure on contract works which is likely to result in retrenchment of around 20,000 workers engaged with the telecom firm through contractors.
⚫The Centre is close to finalise the ambitious automobile scrappage policy. The scheme is expected to receive Centre's approval in a month's time or even earlier.The policy is expected to encourage customers to go in for new purchases which will be backed-up by Govt incentives in lieu of their old vehicles.
⚫The Central Board of Excise and Customs has decided to roll out the faceless assessment at an all India level in all ports of import and for all imported goods by Oct 31.This includes faceless or anonymised assessment, self registration of goods by importers, automated clearances of bills of entry, digitisation of Customs documents.
⚫The RBI came up with revised long format audit report (LFAR) norms with a view to improving efficiency of internal audit and risk management systems.
The LFAR, which applies to auditors of banks, has been updated keeping in view the large scale changes in the size, complexities, business model and risks in the banking operations,
⚫The recent surge in COVID-19 cases in Delhi is attributable to doubling of testing, CM asserted that the situation in the city is completely under control and there is no need to panic.
⚫The Indian Railways will start conducting examinations for 1.4 lakh posts for which it received applications, from December 15 this year.
⚫MNCs approach tax dept, seek revision of agreements due to Covid-19. These companies are reaching out to the direct tax board to seek clarity on revising the advance pricing agreements.
⚫The Govt has come out with comprehensive set of draft guidelines on advertising under which 'disclaimers' that are not easily noticeable by or legible or easily understandable to an ordinary consumer will be treated as misleading advertisements under the Consumer Protection Act. According to the draft guidelines, a disclaimer ot should be clearly visible to a normally-sighted person reading the marketing communication once, from a reasonable distance and at a reasonable speed.
⚫Banks may restructure loans of more than Rs 10 trillion largely attributed to 5-6 critical sectors, including aviation, commercial real estate and hospitality, that have been severely hit by the Covid-19 outbreak.
⚫SBI has planned a VRS under which about 30,190 employees are eligible.
⚫India, which is the worst-hit nation after the US, recorded its highest single-day spike of 91,723 coronavirus cases on Monday. The total number of cases in the country now stand at 4,202,562. India has the second-highest number of active cases and ranks 3rd in Covid death toll.
⚫Indian and Chinese militaries held another round of talks in eastern Ladakh in an attempt to calm tensions even as the situation remained "delicate" with both sides further rushing in additional troops and weapons following last week's confrontations.
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The Government of India has introduced a new Section 206C(1H) of the Income Tax Act, 1961 with regards to “Tax Collection at Source”.
Applicable to all sellers of goods whose turnover for the preceeding Financial Years exceeds Rs. 10 Crores rupees.
Example:-
If during FY 2019-20, turnover was exceeded ₹10 Crores , then For FY 2020-21 w.e.f 01.10.2020, this provision will applicable to such sellers.
Applicable from 01.10.2020
1. Every seller who has received any amount as sale consideration above Rs. 50 lakhs has to collect additional 0.075% of bill amount, collect PAN and pay as TCS every month.
2. TCS returns have to be filed as like TDS returns are filed.
3. So everyone is advised to complete accounting for half year till 30.09.2020 and separate parties with whom sale of Rs. 50 lakhs is made.
4. From every sale after 01.10.2020 to such parties levy 0.075% TCS in every bill and keep record of the same
Accordingly sellers will need to add 0.075% to the bill value and deposit with the government on receipt of the payment from buyers.
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✒️ Supreme Court has observed that, in Motor Accident Compensation claims, *Consortium can be awarded to children and parents also.
✒️ IBBI has issued guidelines for appointment of IP as Administrator under SEBI(Appointment of Administrator and Procedure for refunding of the investors) Regulations , 2018
✒️ Supreme Court has directed States & Union Territories to file a detailed affidavit within 4 weeks stipulating measures to ensure that Senior Citizens who are living alone amidst the COVID-19 pandemic are given proper care.
✒️ Madras High Court has explained the procedure to be adopted by the Courts during Inquiry/ Trial for an offence, allegedly committed by *a person of unsound mind.
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