20 October 2020 News and Updates
Ø Urban unemployment fell to 8.4% in July-September 2019: Government
Ø No more extension of BPCL privatisation bid deadline: DIPAM Secy
Ø Brookfield Asset Management acquires RMZ Corp’s assets for over Rs 15,000 crore
Ø Working hard to transform India into a digital society: Mukesh Ambani
Ø CBIC offers more relaxations to small taxpayers for FY20
Ø Air India bid deadline may be extended till Dec 15, govt to ease asset valuation norm
Ø India's 5G rollout investment plan to cost govt Rs 1.3-2.3 trn: Report
Ø Exporters feel pinch as sea freight to US and Europe rises by 30-40%
Ø Sebi releases guidelines for utilisation of fund created for farmers, FPOs
Ø Coal India subsidiaries to have autonomy in base e-auction price from Nov
Ø Top trader-retailer body moves govt against Amazon, Flipkart festive sales
Ø Govt may look at strategic sale of Hind Copper to meet disinvestment target
Ø OIL to go it alone in next oil/gas auction rounds
Ø ACC Q3 net profit surges 20 per cent to Rs 364 cr
Ø Duty-remission scheme for exports to start with 3 sectors
Ø L&T emerges as the lowest bidder for Mumbai-Ahmedabad Bullet Train project
Ø Century Textiles posts net loss of Rs 10.35 cr in Q2
Ø Britannia net jumps 23% to ₹495 crore in Q2
Ø Sebi forms committee to democratize data
Ø NHAI receives ₹5,011 cr from Cube Highways towards TOT third bundle
Ø Clerical error led to inadvertent data sharing on website, says Airtel
Ø ConocoPhillips buying Concho in $9.7 billion all-stock deal
Ø Blackstone looks to buyout L&T Mutual Fund, expand India financial services play
Ø Investment for all-India 5G rollout seen at Rs 1.3-2.3 lakh cr: Report
Ø IMF says nearly all Mideast economies hit by coronavirus pandemic recession
Ø APMC mandis lose grip on Maharashtra FPCs
Ø Adani Group, Piramal among 4 bidders for DHFL, lenders stare at over Rs 60,000 crore write-off
Ø Gold imports down 57% to USD 6.8 billion in H1 FY21
Ø DLF raises ₹2,400 crore from SBI through lease rental discounting
Ø Thermal, coking coal imports at major ports dip 25% to 55 MT in Apr-Sept: IPA
Ø IPOs, buybacks to fuel Government’s divestment plan: DIPAM Secretary
Ø Govt. may not extend ₹3 trillion credit guarantee scheme for MSMEs beyond Oct
Ø Higher NPAs hinder transmission of monetary policy actions: RBI paper
Ø Govt. move to notify GICs as Fin services at IFSC to spur MNC investment
Ø Bank of Japan has no plan to change inflation target, says Haruhiko Kuroda
Ø Recovery in sight, will invest for Make-in-India: Mitsubishi Electric
Ø India set to lose Farzad-B gas field in Iran as looks at domestic firms
Ø Kalrock-Jalan consortium plans to get Jet back in air by April
Ø OIL to go it alone in next oil/gas auction rounds
Ø Reliance Retail gets ₹5,512.50 crore subscription amount from GIC
Ø WHO lends support to IP-waiver proposal from South Africa, India
Ø ‘Serum India, Bharat Biotech to start trials in coming months’
Ø Tata Steel supplies 80% of steel for longest bridge in AP
Ø Power consumption grows 11.45% in first half of October
Ø Raw material crisis may lead to closure of many SME steel wire units: Official
Ø UK says door remains 'ajar' for post-Brexit trade deal
Ø Maruti Suzuki announces offers for Government, Public Sector Employees
Ø Passenger vehicle exports fall by over 57%: Report
Ø IMF chief says 'much more decisive' action needed to deal with debt problems
Ø China passes new law restricting sensitive exports
Ø Adani to complete 1,000 MW transmission line to Mumbai by Dec 2022
Ø Bank NPAs weaken monetary policy transmission, lower loan growth rate, says RBI paper
Ø Urban consumption sees worst decline in two decades
Ø Rough diamond imports grow after seven months as order come in
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CBDT issues stringent guidelines for coercive/intrusive tax recovery
✅CBDT, with immediate effect, by order u/s 119 restricts the coercive/intrusive powers of AO/TRO for tax recovery;
✅Allows coercive/intrusive measures only after exhaustion of other means of recovery;
✅Restricts recovery surveys to the non-responsive/non-traceable taxpayers;
✅ Reminds that Sec. 133A has been amended to allow survey only by Investigation and TDS wings;
✅Orders for setting up a 2 members collegium of Pr.CCIT/CCIT rank for screening of survey for cases other than TDS;
✅Excludes involvement of AO/TRO from surveys;
✅Mandates Pr.CCIT/CIT for monitoring of survey to ensure that it's restricted to the scope approved by the collegium;
✅ Survey team to prepare a report and share with ITBA and concerned AO/TRO;
✅ Presses for strict compliance with Second Schedule, Survey Manual, and Guidelines for attachment of movable/immovable properties
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Income Tax: No TCS u/s 206(1H) on receipt above 50 lacs in a FY from a party if TCS is already applicable like on motor vehicle, foreign remittance, scrap etc.
ITAT, Delhi has held that The A.O. did not provide any material collected at the back of the assessee-company by the Inspector of the Kolkata to the assessee and did not allow any cross examination to the assessee-company. The A.O. in the assessment order held that assessee has no absolute right to ask for the cross-examination or to seek report. Thirubala Chemicals Pvt. Ltd. vs. ITO (ITAT)
For FY 2019-20 also GSTR-9 compulsory for turnover above 2cr & GSTR-9C for turnover above 5 cr. Notification 77&79/2020-CT of 15.10.20. (Due date 31.12.20).
Reserve Bank on October 16 rationalised the risk weightage to LTV (loan to value) ratio for all new housing loans sanctioned up to March 31, 2022 In a bid to increase flow of credit to the real estate sector.
Punjab and Haryana High Court has repelled the challenge against the constitutionality of the condition for pre-deposit prescribed under section 43(5) of Real Estate Regulation and Development Act, 2016 for filing of an appeal by a promoter before the Appellate Authority against any direction of the adjudicating officer.
Supreme Court has reiterated that whatever stay has been granted by any Court including the High Court on Civil or Criminal proceedings will automatically expire within 6 months unless extension is granted for good reason within the next six months.
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The Confederation of GST Professionals and Industries (CGPI) filed the writ petition in the Bombay High Court for the extension of the due date for filing GSTR-9/9C.
On behalf of the CGPI, the advocates who appeared stated that the various problems which are being faced by professionals in view of severe restrictions on public transport and staff attendance in many places. Furthermore, the petitioner has submitted that Article 21 rights of professionals and their staff are being violated by the manifestly arbitrary and unreasonable decision to give a totally inadequate extension to the time limit.
After hearing the petition the Bombay High Court called for ASG to appear and tell them how the Union of India intends to resolve the problem for the benefit of the public.
On October 27, 2020, the matter is kept High on Board, and ASG is called to assist the Court.
The Court has specifically said that it will resolve issues if the Government does not figure out any solution
Approximately around 45 tax associations, professional forums, bar associations have filed for extension of Gst 9/9C, tax audit report and ITr extension dates at different levels across India
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