1st December 2K20
Ø S&P retains India's growth forecast at (-)9 per cent this fiscal
Ø India may impose anti-dumping duty on tyre imports from Thailand
Ø India's consumer spending to return to growth in 2021: Fitch Solutions
Ø Economists upgrade GDP forecasts after Q2 surprise
Ø Sidbi to handhold MSMEs for free in formulating restructuring plans
Ø Banks in India to see capital decline over 2 years without fresh infusion: Moody's
Ø Tata Sons may raise stake to over 76% in AirAsia India by 2020-21 end
Ø Oil prices slip as investors turn cautious ahead of OPEC+ meeting
Ø Tesla gets permission from China to sell Shanghai-made Model Y SUV
Ø Shapoorji's $1.2 bn deal with ADIA on hold over debt issues, coronavirus
Ø 5G connection to reach 3.5 bn globally, 350 mn in India by 2026: Report
Ø Taj group, Ambuja Neotia tie up to roll out 5 new hotels
Ø Goodricke Group keen to buy more tea estates in Assam
Ø Govt decision to drop out of RCEP will benefit steel cos
Ø Uttam Value Steels delisting leaves investors in lurch
Ø Six debt schemes of Franklin Templeton get ₹1,895 cr
Ø IndiGrid to buy 74% stake in Parbati Koldam Transmission
Ø GM, Nikola announce reworked agreement; Nikola shares fall 22%
Ø ECLGS 2.0 can infuse over ₹40,000 crore liquidity: Report
Ø Sandeep Kataria becomes first Indian to be appointed as global CEO of Bata
Ø DoorDash aims for up to $27 billion valuation in IPO
Ø India Ratings and Research projects 40-45% decline for apparel retailers in FY21
Ø UK launches new telecom strategy to tackle Huawei dominance
Ø Bank credit growth to remain slower in near term: Report
Ø China’s factory activity expands at fastest pace in over 3 years
Ø Gold set for worst month in four years on vaccine-led stocks rally
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⚫PM visited the Zydus Biotech Park in Ahmedabad, Bharat Biotech in Hyderabad and Serum Institute of India in Pune to review the development and manufacturing process of coronavirus vaccines at facilities in these cities. The PM expressed pride in the fact that Indias indigenous vaccine development has progressed at such a rapid pace so far. He spoke on how India is following sound principles of science in the entire journey of vaccine development, while also asking for suggestions to make the vaccine distribution process better.
⚫With India being an attractive destination for foreign funds despite the pandemic, FDI inflow rose 15% during the April-Sept period to $30 billion. During the same period last fiscal, total FDI inflow stood at $26 billion.
⚫Retirement fund body EPFO has extended the deadline for submission of life certificates by pensioners till February 28, a move which would benefit over 35 lakh persons who could not submit the document by November due to coronavirus.
⚫Cox & Kings money laundering case: ED detects fund diversion of Rs 7,000 cr.
⚫Sebi has barred NDTV promoters Prannoy Roy and Radhika Roy from the securities market for two years and also directed them to disgorge illegal gains of over Rs 16.97 crore for indulging in insider trading more than 12 years ago, while the company denied the charges saying it will immediately appeal against the ruling.
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👉 Important Announcement - Nivar Cyclone - (25-11-2020)
https://resource.cdn.icai.org/61931exam251120.pdf
👉 The Lakshmi Vilas Bank Ltd. branches to operate as DBS Bank India Ltd. branches from November 27, 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50713
👉 Accelerating Financial Market Reforms in India - Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - November 26, 2020 - at the 4th Annual Day of Foreign Exchange Dealers’ Association of India (FEDAI)
https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1102
👉 CBDT press release on UDIN validation,update and validity of CA uploaded audit reports/certificates if not linked with UDIN. Click here to view
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/validate_UDIN_generated_from_ICAI_portal_26_11_20.pdf
👉 Corrigendum:Filing of Immovable/ Movable Property Return by officers/ officials.Pdf(207 KB)
http://www.mca.gov.in/Ministry/pdf/CorrigendumNoticeFiling_27112020.pdf
👉 Office Memorandum:Filing of Immovable/ Movable Property Return by officers/ officials.Pdf(341 KB)
http://www.mca.gov.in/Ministry/pdf/OfficeMemorandumNoticeFiling_27112020.pdf
👉 Invitation of applications for post of General Manager in Investor Education and Protection Fund Authority established under Section 125 of Companies Act, 2013.Pdf(73 KB)
http://www.mca.gov.in/Ministry/pdf/VacancyCircuarEN_27112020.pdf
👉 Important Announcement - Nivar Cyclone - (25-11-2020)
https://resource.cdn.icai.org/61931exam251120.pdf
👉 IMPORTANT ANNOUNCEMENT : OPT OUT DUE TO COVID 19 - (27-11-2020)
https://resource.cdn.icai.org/61935exam50370.pdf
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Penalty waived for non compliance to QR code provisions if complied by April 01, 2021
✅ Much awaited Notification
🎯 NN 89/2020 dated 29.11.2020 -Penalty waived for non compliance to QR code provisions if complied by April 01, 2021 for default during the period 01-12-2020 to 31-03-2021.
🎯 NN 14/2020 dated 21.03.2020-an invoice issued by a RP, whose AT in a FY exceeds five hundred crore rupees to an unregistered person (hereinafter referred to as B2C invoice), shall have Dynamic Quick Response (QR) code. Applicable w.e.f. 01-10-2020.
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⚫The CBIC has instructed field officers to verify authenticity of business of entities that have been granted registration under the GST framework without Aadhaar between Aug 21 and Nov 16. This standard operating procedure is part of the Govt’s efforts to check fake invoices.Those that have been given registration without Aadhaar authentication will be taken as deemed registration.The list of deemed registrations will be circulated zone-wise to the field officers for confirmation. The confirmation needs to be completed within three weeks.
⚫Thousands of farmers protesting the new farm laws rejected the Centre’s “conditional” offer for talks, saying they would block all five entry points to Delhi.
⚫RBI likely to pause rate this fiscal, take call on liquidity surplus. Economists say inflation would average above 6% this fiscal, and is unlikely to come down below 5% before March.
⚫Pesticide industry body has claimed that the Pesticides Management Bill 2020 has over a dozen drawbacks and the proposed legislation should be sent to a select committee of Parliament.
⚫A recent search conducted by the I tax Dept's in 16 premises across Chennai, Mumbai, Hyderabad & Cuddalore, resulted in the detection of an undisclosed income of more than Rs 450 crore. The search was conducted in the case of an IT SEZ developer, its ex-director and a prominent stainless steel supplier from Chennai.
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List of Fake invoice issuer from July 2017 to March 2020, Total 9757 GSTIN have been detected.
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✒ Uttar Pradesh Governor has promulgated an ordinance on unlawful conversion days after it was passed by the State Cabinet.
✒ Supreme Court has noted that the proceedings under Section 34 of the Arbitration and Conciliation Act, 1996 is not maintainable to challenge a foreign award since the Arbitration Act, 1996 has accepted the territoriality principle which has been adopted in the UNCITRAL Model Law.
✒ Delhi High Court has declined to extend the interim bail of one month granted to Unitech Ltd promoter Ajay Chandra due to the illness of his wife who was suffering from COVID-19.
✒ Gauhati High Court has stayed the carpet ban* on the sale of dog meat in Nagaland that was imposed on July 2.
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⚫S&P Global Ratings retained its forecast of 9% contraction in the Indian economy for the current fiscal, saying even though there are now upside risks to growth but it will wait for more signs that COVID infections have stabilised or fallen. S&P, in its report on Asia Pacific, projected the Indian economy to grow at 10% in the next fiscal.
⚫Moody's Investors Service said the bank capital will moderately fall in emerging Asia over the next two years, with India seeing larger capital decline without further infusion. In a report, Moody's said the uncertain trajectory of asset quality is one of the biggest threats for emerging market banks, as operating conditions remain challenging amid the current pandemic.
⚫The Emergency Credit Line Guarantee Scheme being extended by the Centre for eligible companies in 26 stressed sectors can potentially infuse Rs 40,000 crore of liquidity for rated firms, and should be more than enough to fund their cash-flow decline.
⚫The finance ministry has proposed giving the development finance institution tag to India Infrastructure Finance Company Limited in a bid to support long-term financial needs of infrastructure projects.
⚫The Delhi Govt ordered all private laboratories to reduce the price of RT-PCR tests in the national capital to Rs 800 from Rs 2,400.
⚫A day after the agitating farmers threatened to block all entry points to the national capital, the Delhi Police enhanced security deployment at all the borders points connecting the city with neighbouring states of Haryana and UP.
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👉🏻SIDBI launches a portal to help MSMEs
(SIDBI said it has launched a web portal to help micro, small and medium enterprises (MSMEs) take benefit of the Reserve Bank of India’s one-time debt restructuring.
👇🏻 👇🏻 👇🏻
https://bit.ly/3g0vnY0
👉🏻Tax Audit Checklist - Clause by Clause Discussion of Income Tax Audit Form 3CD - Part 3
(Tax Audit Checklist - Clause by Clause Discussion of Income Tax Audit Form 3CD | 3CA | 3CB - *Part 3*)
👇🏻 👇🏻 👇🏻
https://bit.ly/39CilOW
👉🏻RTGS fund transfer service to be available 24X7 from Dec. 2020
(RBI of India has said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from Dec.2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/2HTPUAI
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👉 Update on auto-population of e-invoice details into GSTR-1
https://www.gst.gov.in/newsandupdates/read/421
👉 Change of Examination Centre in Hyderabad / Secunderabad / Lucknow - (29-11-2020)
https://resource.cdn.icai.org/61941exam291120.pdf
👉 IMPORTANT ANNOUNCEMENT - Last Date for Payment of Membership/COP Fee is further Extended to 15th December 2020 - (30-11-2020)
https://www.icai.org/post/extension-last-date-for-payment-of-membership-cop-301120
👉 Last date extended till 15th December,2020 to apply for 14th ICAI Awards being organised by Committee for Members in Industry & Business (CMI&B) - (30-11-2020)
https://awards.icai.org
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