28th November 2K20
Ø India can create USD 1 trillion of economic value using digital technology by 2025: Amitabh Kant
Ø Government cuts import duty on crude palm oil to 27.5 pc effective November 27
Ø Anti-dumping duty on yarn imports from China, Thailand extended till year end
Ø Brazil emerging as attractive destination for Indian investors
Ø Bombay HC refuses to stay merger of Lakshmi Vilas Bank, DBS
Ø PFC, REC to provide Rs 8,520 cr loan to SJVN's power project in Bihar
Ø Indian economy exhibited stronger pick up than expected: RBI Governor
Ø FinMin, Sebi look to ease curbs on NRI investment through FPI route
Ø Google India posts 35% jump in full-year revenue, profit climbs 24%
Ø India's wearables market soars by 165% in the third quarter: IDC
Ø Govt plan to set up bio-gas plants will boost bamboo production: IBF
Ø S&P downgrades DIAL's rating to 'B-' over heightened liquidity risk
Ø HDFC Bank, ICCI join hands to support SMEs, start-ups
Ø Laurus Labs to buy 72.55% stake in Richcore Life Sciences
Ø JSW Cement subsidiary to invest ₹1,500 crore in 1.36-mt clinker unit
Ø IL&FS to sell off energy advisory unit IEDCL
Ø Tube Investments to raise ₹350 cr via preferential issuance of shares
Ø JSW Steel moves Bombay HC against Goa govt cess of ₹156 crore
Ø DHFL promoter urges NCLT tribunal to reject Adani, Oaktree, Piramal offers
Ø RBI advises LVB to fully write down tier-2 bonds before DBS merger
Ø Arbitration filed by Amazon in SIAC to continue says Future Retail
Ø NPCI allows payment banks and fintechs to be shareholders
Ø Govt extends emergency credit guarantee scheme to stressed sectors
Ø IT department to reject tax audit reports filed without ICAI authentication
Ø RBI’s culpability in Lakshmi Vilas Bank’s failure needs to be looked into: AIBEA
Ø Adani Gas to change name to Adani Total Gas
Ø Operations at PSU banks partially hit due to trade union strike
Ø Germany may start giving COVID-19 vaccine shots as soon as next month
Ø US to distribute 6.4 million Covid vaccine doses in first tranche
Ø Govt looks to revamp key exports incentive scheme for services sector
Ø $271 bn consumer spending to shift from cash to cards, digital payments by 2023 in India: Accenture
Ø RBI extends bar on opening up of foreign law firm’s liaison offices
Ø RIL's Jio Platforms receives Rs 33,737 crore from Google
Ø Non-performing loans in Indian banking sector to rise in next 12-18 months: S&P
Ø AIBEA to join trade unions in nationwide general strike on Nov 26
Ø Banks' collection efficiency may not sustain, says rating agency S&P
Ø Domestic mining-construction equipment biz recovers 22% YoY in Q3CY20: Icra
Ø Bad loans in Indian banking sector to rise in next 12-18 months: S&P
Ø RBI rejects Muthoot Finance's plan to buy IDBI AMC over lack of consonance
Ø Reliance Industries seeks LNG cargo for December delivery: Report
Ø Oil prices hit highest since March on vaccine and Biden transition
Ø Jindal explores ₹20,000 crore investment in Maharashtra
Ø GMR evaluating options on arbitration award to subsidiary
Ø Biocon to buy 26% stake in Hinduja Renewables Two
Ø Centre clears 7 projects under agro-processing cluster scheme
Ø Diageo India to achieve net-zero carbon emissions by 2025
Ø EbixCash acquires BPO company AssureEdge Global Services
Ø Worried PE/VC industry expresses concerns to Sebi over investment committees
Ø Union Bank of India proposes to raise ₹1,000 crore from bonds
Ø SBI raises ₹2,500 cr from Basel-lll compliant bonds to fund business growth
Ø Trai fines Jio, Airtel, BSNL in Paytm vs telcos phishing case
Ø upGrad acquires The Gate Academy, forays into test preparation market in India
Ø Fintech firm Cashfree raises $35.3 million in series B funding
Ø Airlines set to lose $157 billion amid worsening slump: IATA
Ø German business confidence down for second consecutive month
Ø Highest tax payers get least facilities: GHMC polls disparity
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⚫India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5% and held out hopes for further improvement on better consumer demand. Manufacturing clocked a surprise 0.6% growth in July-Sept after it had shrunk by a massive 39% in the preceding quarter.
The agriculture sector grew by 3.4%, while the trade and services sector showed lower than expected contraction at 15.6%.
⚫The fiscal deficit touched 120% of the full year’s budget estimates in the first seven months of fiscal year 2020-21.
⚫The Supreme Court Friday directed the Govt to ensure that all steps be taken to implement its decision to forego interest on eight specified categories of loans paid upto Rs two crore in view of the pandemic.The eight categories of loans are MSME, Education, Housing, Consumer durable, Credit card, Automobile, Personal and Consumption.
⚫The Supreme Court Friday refused to permit reservation to doctors for admission in Super Specialty Medical Courses for the year 2020-2021.
⚫Delhi reported an increase of 5475 cases and 91 more deaths. In addition, a major mismatch has erupted between the number of deaths due to Covid-19 and the number of funerals conducted in the city.The municipal corporation has said over 10,300 such funerals were performed until Nov 23 while the official death toll was around 8,500
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Income Tax Updates
24.11.2020 | Tuesday
Instruction sheets for filling of ITR-2,3,5,6 & 7 revised for better clarity.
https://t.co/cZHCk0yhrS
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⚫The Centre will extend the e-way billing to co's with at least a Rs 100-crore turnover in January and for all co's in April next year for B2B transactions.
⚫The Central Govt has invited a group of farmers agitating against the farm Bills from Punjab for second round of talks on Dec 2, a section of the growers has decided to carry on with their march towards the national capital on November 26 and 27. Addressing a press conference the All India Kisan Sangharsh Coordination Committee said the farmers protest will continue indefinitely if the central Govt does not accede to their demands.
⚫More than 40 lakh new subscribers have been enrolled under the Atal Pension Yojana, Govt's pension scheme, so far this fiscal year. With the new additions, the total enrolments have crossed 2.63 crore,
⚫The Ram Janmabhoomi Teertha Kshetra Trust has decided to launch a massive nationwide fund collection drive from today through December 25, according to Pejavara Mutt seer Vishwaprasanna Teertha.
⚫Indian Railways will resume train services in Punjab while following Covid-19 protocols from today. Train services to and from Punjab had been disrupted for months due to farmers' protests on railway tracks against the new farm laws.
⚫Delhi reported 6,224 new COVID-19 cases, 4,943 recoveries, and 109 deaths in the last 24 hours, according to Delhi Health Department.
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👉 Session for taxpayers on e-invoicing and IRN generation
https://www.gst.gov.in/newsandupdates/read/error/system
👉 Instruction sheets for filling of ITR-2,3,5,6 & 7 revised for better clarity Click here to download
https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities
👉 Engagement of Young Professionals (YPs) in Ministry of Corporate Affairs on contract basisPdf(168 KB)
http://www.mca.gov.in/Ministry/pdf/VacancyCircularYPS_24112020.pdf
👉 CA Examinations, November 2020 - Nivar Cyclone - (24-11-2020)
https://resource.cdn.icai.org/61924exam50336.pdf
👉 Important Announcement - Nivar Cyclone - (24-11-2020)
https://resource.cdn.icai.org/61926exam241120.pdf
👉 ITR guide | Claiming deductions u/s 80C to 80U
https://economictimes.indiatimes.com/wealth/tax/how-to-claim-deductions-under-section-80c-to-80u-while-filing-itr-1/articleshow/64658166.cms
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SITI Networks: Decent upside possible
✅Revenue 880 Cr, Vast Reach, Strong established Brand, sound Assets, Robust business model Possible take over Target.
Siti Networks Limited (SNL) is a part of Essel group, which is one of India’s leading business houses with a diverse
portfolio of assets in media, packaging, entertainment, technology-enabled services, infrastructure development and
education. It has grown to be India’s largest Multi-System Operator (MSO) and a leading wired broadband service
provider. With 15 digital head ends and a network of more than 33,000 km of optical fibre and coaxial cable, it provides its cable services in India to ~580 locations and adjoining areas, reaching out to over 11.55 million digital viewers. SNL deploys State-of-the-art technology for delivering multiple TV signals to enhance consumer viewing experience. Its product range includes Digital & Analogue Cable Television, Broadband and Local Television Channels. SNL has been providing services in analogue and digital mode, armed with technical capability to provide features like Video on Demand, Pay per View, Over-The-Top content, Electronic Programming Guide and Gaming through a Set Top Box. All products are marketed under SITI brand name.
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NCC TP 60. NCC L1 in 9600 Cr order. Announcement Possible in Dec
✅Denofwealth estimate NCC can be in 3 Digits in 2021as Financials will show spectacular Growth
https://www.moneycontrol.com/news/business/stocks/buy-ncc-target-of-rs-60-hdfc-securities-6105941.html
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⚫PM asked states to develop a state-specific export strategy and reviewed development projects worth Rs 1.41 lakh crore spread across 10 states and union territories. Reforms are beneficial only when one performs, and this is the way forward to transform the country, Modi said as he chaired the meeting of PRAGATI -- an ICT-based multi-modal platform for Pro-Active Governance & Timely Implementation involving central & state Govts.
⚫Banking operations across the country may be impacted on Thursday as some bank unions would be joining the one day nationwide strike called by central trade unions.
⚫A day ahead of farmers slated protest march to Delhi against the Centre’s farm laws, Haryana heavily barricaded its borders with Punjab & suspended its bus service to the neighbouring state in a bid to foil the march. The police in Delhi, on the other hand, said it has rejected all requests received from various farmer organisations to protest in the national capital
⚫BSE has also declared Karvy Stock Broking as a defaulter and expelled the brokerage house from its membership after a similar action was taken by NSE. Without authorisation, Karvy had transferred securities of clients into its demat accounts by misusing PoAs given by its clients. The firm had misused client collateral for its own trades.
⚫India is now the 7th most affected country by active cases, 3rd by fatalities, and 2nd by total cases, India has added 309,309 cases in the past seven days.
⚫Delhi reported an increase of 6,224 cases and 109 more deaths in the past 24 hours.
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👉🏻Four arrested for GST fraud worth over Rs 2,400 Cr on 10th day of nationwide drive
(With this, the total number of arrests during the government’s nationwide crackdown against GST fraud has jumped to 62 in 10 days)
👇🏻 👇🏻 👇🏻
https://bit.ly/364Q1Te
👉🏻Whether a Chartered Accountant can Certify ITR as Certified True Copy
(Whether a Chartered Accountant can Certify Income Tax Return (ITR) as Certified True Copy? FaQ of ICAI)
👇🏻 👇🏻 👇🏻
https://bit.ly/2UPjdac
👉🏻Engagement of Internal Auditor in BBNL for the FY 2020-21
(Engagement of Internal Auditor in Bharat Broadband Network Limited (BBNL) for the FY 2020-21)
👇🏻 👇🏻 👇🏻
https://bit.ly/3fz4B8R
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⚫A nationwide strike by trade unions in protest against the BJP-led Centre's economic policies hit normal life in Kerala, parts of West Bengal, Assam and Telangana as public transport went off-road and banking services were disrupted. However, the SBI & private sector banks were functional.
⚫More than 1.4 crore cashless treatments worth over Rs 17,500 crore have been provided to poor citizens under central Govt's Ayushman Bharat - Pradhan Mantri Jan Arogya Yojna till date
⚫The Govt extended the Emergency Credit Line Guarantee Scheme to the health sector and 26 other sectors identified by the Kamath Committee. Under ECLGS 2.0 entities with outstanding credit above Rs 50 crore and not exceeding Rs 500 crore as on February 29, 2020, which were less than or equal to 30 days past due as on February 29, 2020 are eligible.
⚫SEBI look to ease curbs on NRI investment through FPI route. NRIs who aren't tax residents in India can invest in India focused offshore funds via the FPI route.
⚫The CBI has booked Delhi-based Amira Pure Foods Pvt Ltd and its top executives including promoter for allegedly cheating a consortium of a dozen banks led by Canara Bank to the tune of over Rs 1,200 crore.
The CBI after filing the FIR on the basis of a complaint from Canara Bank carried out a search operation at eight locations in Delhi and NCR at the premises of the accused named in the FIR.
⚫Delhi recorded 5475 fresh COVID-19 cases in a day, while 91 more fatalities pushed the city's death toll to 8811.
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👉🏻Canada sent 5,000 invitations for PRP
( Canada sent 5,000 invitations for Permanent Residence, The Express Entry cutoff score dipped below 470 for the first time in an all-program draw this year)
👇🏻 👇🏻 👇🏻
https://bit.ly/3ldcW3b
👉🏻CBDT to validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports
(Income-tax e-filing portal has completed its integration with the ICAI portal for validation of UDIN for documents certified/attested)
👇🏻 👇🏻 👇🏻
https://bit.ly/39jxZin
👉🏻Extension of Emergency Credit Line Guarantee Scheme through ECLGS 2.0 for the 26 sectors
(Govt has extended Emergency Credit Line Guarantee Scheme ( ECLGS) through ECLGS 2.0 for the 26 sectors identified by the Kamath Committee and the healthcare sector)
👇🏻 👇🏻 👇🏻
https://bit.ly/3q4WZQb
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