28th October 2K20
Ø US consumer confidence falls as outlook turns gloomy: Survey
Ø Tata Motors sees better second half even as it prepares for hard Brexit
Ø Overseas direct investment plans to face stricter scrutiny
Ø Patel Engineering bags Rs 1,564 cr order to build 2GW hydro project in Arunachal Pradesh
Ø Economy saw growth rebound through Q2FY21: Nomura
Ø Harley Davidson partners with Hero MotoCorp to sell motorcycles in India
Ø Global FDI flows fell 49% in first half of 2020 due to Covid-19: UNCTAD
Ø GAIL, ONGC look to firm up strategies for low oil and gas price regime
Ø Near zero GDP today, among fastest growing next year: FM on Indian economy
Ø Foreign ownership limits: MSCI India to see passive inflow of $2.5 billion
Ø Cochin Shipyard, Italy's Fincantieri sign deal for business development
Ø Bharti Airtel Q2 net loss shrinks 97%, posts highest-ever rise in revenue
Ø Loan moratorium: Lenders to credit ‘interest on interest’ to borrowers by Nov 5, Centre tells SC
Ø US senators seek removal of high tariff on pecans imports by India
Ø CAIT raises concerns on Flipkart-ABFRL deal
Ø TGV SRAAC in equity, power supply deal with APGPCL
Ø Angel Broking records highest ever quarterly PAT at ₹74.6 crore in Q2
Ø ICICI Bank says SEC to not take action in provisioning probe
Ø Treebo raises ₹10 cr from Vijay Shekhar Sharma and others
Ø MakeMyTrip Q2 loss narrows to $12.9 million
Ø Almost 200 European airports face insolvency, airports body ACI Europe says
Ø Bharti Airtel to exit Ghana business
Ø Strong sales of drugs, vaccines, propel Merck in Q3
Ø Global FDI flows fell 49% in first half of 2020 due to COVID-19: UNCTAD
Ø COVID-19 to erode 3 years of fiscal consolidation gains of states: RBI
Ø Spike in internal remittance, new EPFO registrations indicate recovery: Report
Ø Airtel plans to exit Ghanaian telecom market
Ø Aditya Puri retires; Sashidhar Jagdishan takes over as HDFC Bank MD and CEO
Ø India sees pick up in consumer demand during festival season: Sitharaman
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Following additional fields have been made mandatory now by ICAI while generating UDIN for GSTR 9C:-
1.Additional GST declared in GSTR 9
2.Additional Interest on account of above accrued to the Government
3.Total ITC Reversed if any
New data asked by UDIN portal for generating UDIN in case of GST Audits.
1. No reference numbers given as to data of which sr no is to be put. If such data is not given, how is user of document expected to match this data to verify UDIN?
2. What is the need to give all of this data when user could have easily matched earlier data and verified UDIN?
3. Sr no 4 asks for data from GSTR 9. CA is certifying GSTR 9c, not GSTR 9, how can such data be asked?
4. There is no field in GSTR 9 which clearly shows Data asked ast Sr no 4 i.e. additional liability. It is merged with the existing data of assessee, so how does ICAI think a user of UDIN will match this data since its nowhere visible?
5. Sr no 5 and Sr no 6: data can be GSTR 9 also and 9C also and both data can be different. No guidance on which data to be used.
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1️⃣✅Govt. notifies December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020;
Also, extends timeline from December 31st, 2020 to March 31st, 2021 for making payment without additional amount.
2️⃣✅ICAI issued Checklist on Tax Audit under section 44AB of the Income tax Act, 1961.
The said Checklist can be downloaded from the link:
For Pdf: https://resource.cdn.icai.org/61602dtc-taqrb50133a.pdf
For word: https://resource.cdn.icai.org/61603dtc-taqrb50133b.docx
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⚫The Commerce and Industry Ministry is working with states and local bodies to make it easier for businesses to get licences, permissions and approvals. The Govt is looking at addressing problems of quality so that domestic products can be recognised for high quality.
⚫The Centre amended the Jammu and Kashmir Development Act, 1970 for setting up an industrial development corporation for rapid establishment, growth and development of industries in the union territory.
⚫The Govt further extended the date for making payment without any addition under Vivad se Vishwas scheme by three months till March 31, 2021. However, declaration by taxpayers for opting dispute settlement under the scheme must be made by December 31, 2020.
⚫States may see a massive cut in capital expenditure in FY21 due to the revenue impact of the pandemic, the RBI said in its annual study of state finances.The report found that states drastically cut their capex by Rs 1.26 trillion, or nearly 0.6% of the country’s GDP, in the previous fiscal year 2019-20.
⚫With 36,469 new COVID-19 cases, India's total cases surged to 79,46,429.The recovery rate is at 90.62%.
⚫Delhi recorded 4,853 fresh COVID-19 cases on Tuesday, the highest single-day spike here till date.
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👉🏻Income tax department raids expose Rs 500-crore racket of fake bill entry operation
(Income tax department carried out search and seizure action on a large network of individuals running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing)
👇🏻 👇🏻 👇🏻
https://bit.ly/3jC0Pf4
👉🏻Latest Changes in Tax Audit Report - Form 3CD
(Form 3CD revised wef 01.10.2020 vide Notification No. 82/2020-Income Tax Dated: 1st October, 2020 but Schema for the same changed on 22.10.2020 - What Would be the Impact?)
👇🏻 👇🏻 👇🏻
https://youtu.be/tr-aMbG_QXQ
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