⚫Home Minister called farmer leaders for a meeting in Delhi late evening to discuss reforms in India's agriculture market that have sparked protests. There is no midway. We will demand just 'yes' or 'no' from Home Minister at today's meeting," farmer leader said at a press conference at the Singhu border near Delhi.
⚫The Centre informed the Supreme Court that if it were to consider waiving interest on all the loans and advances to all categories of borrowers for the six-month moratorium period announced by RBI in view of pandemic, then the amount foregone would be more than Rs 6 lakh crore.
⚫Niti Aayog CEO said it is difficult to carry out tough reforms in India as there is 'too much of democracy', and emphasised that more reforms need to be done to make the country competitive.
⚫The Govt has once again invited EoIs from bidders to sell its 51% stake in Pawan Hans Ltd, after repeated attempts have failed to get a buyer.The suitors should have a minimum net worth of Rs 300 crore to be eligible to make bids, and will have to ensure the company continues its business of providing air transport services on a going-concern basis for three years.
⚫The monthly data released by AMFI brought good news and bad news for the MF industry. Equity schemes witnessed outflows in November. Net redemptions came in at Rs 12,917 crore, taking the outflow tally since July to nearly Rs 23,000 crore. On the positive side, the AUM for the industry touched the Rs 30 trillion milestone.
⚫Truecaller spots 145.4 bn calls; India still in top 10 most spammed list. About 8 out of 10 women in India receive sexual harassment or inappropriate calls and SMSes regularly, according to the new report by Truecaller.
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High Court slams AO for withholding refunds so as to window dress collection of tax revenue
Huawei Telecommunications (India) Company (P.) Ltd. v. Union of India - [2020] (Punjab & Haryana)
The issue before the Punjab & Haryana High Court was:
Whether refund can be withheld under section 241A without the conditions mentioned therein being fulfilled?
The High Court held that section 241A applies to the assessment year commencing on or after 01-04-2017. The refund due under section 143(1) can be withheld till assessment is made if: (i) there is a notice under section 143 (2); (ii) the Assessing Officer believes that revenue would be adversely affected in case of grant of refund; (iii) the Assessing Officer has to get previous approval of the Principal Commissioner or Commissioner; and (iv) the reasons are to be recorded in writing.
In cases where the above-said conditions are fulfilled, Section 241A empowers withholding of refund. The check mechanism is inbuilt in the provision i.e. for reasons to be recorded in writing. This ensures that opinion of the Assessing Officer is based on some material.
In the instant case, there was no reason recorded for concluding that the grant of refund was likely to adversely affect the revenue. As per the note of approval of the Principal Commissioner, the only reason mentioned was there was outstanding of Rs. 5 crores odd against the petitioner and for the said reason, the refund was withheld.
Pendency of demand of Rs. 5 crores wasn’t good enough to withhold the refund of more than Rs. 300 crores. In the instant case and also from the number of cases, it was evident that procedure for refund and withholding of refund was often being used as delaying tactics for various reasons including window dressing of collection of revenue.
The method adopted was a short-sighted vision. Apart from harassment to the assessee, it results in paying interest on the delayed amount of refund putting further burden on the exchequer
There cannot be the second opinion that the revenue collection and securing the interest of the revenue is of great importance, at the same time the revenue is to be collected like an apiarist extracts honey from a beehive without destroying it.
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👉 Winners of GST-n-You Contest, 2020 on Benefits of GST held by GSTN
https://www.gst.gov.in/newsandupdates/read/422
👉 Online filing of application by Taxpayers for unblocking E-Way Bill generation facility
https://www.gst.gov.in/newsandupdates/read/423
👉 FAQs on quoting of UDIN Click here
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/FAQ_On_UDIN.pdf
👉 Important Announcement for November 2020 Examinations - (07-12-2020)
https://resource.cdn.icai.org/62260exam50446.pdf
👉 Handbook on Social Activities by CAs amid COVID-19 - (08-12-2020)
https://www.icai.org/post/handbook-on-social-activities-by-cas-amid-covid-19
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👉🏻Govt’s criticism can’t be ground for penal action - Supreme Court
(Criticism of the government, even in the strongest terms, must be protected from criminal prosecution under charges of hate speech or public mischief, ruled the Supreme Court)
👇🏻 👇🏻 👇🏻
https://bit.ly/3mYceII
👉🏻Procedure of Job work under GST
(Procedure of Job work under GST discussed by CA. Shankara Narayanan V)
👇🏻 👇🏻 👇🏻
https://bit.ly/3grRJSk
👉🏻RBI cancels licence of Karad Janata Sahakari Bank
(RBI has cancelled the licence of Karad Janata Sahakari Bank, Karad, in Maharashtra, with effect from the close of business from Dec. 7)
👇🏻 👇🏻 👇🏻
https://bit.ly/36Y3f4M
👉🏻Quarterly Return Monthly Payment Scheme (QRMP Scheme) under GST
(Quarterly Return Monthly Payment Scheme (QRMP Scheme) under GST Applicable w.e.f. 01-Jan-2021 discussed by CA. Praveen Sharma)
👇🏻 👇🏻 👇🏻
https://bit.ly/39Ycm7p
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✒ Supreme Court held that State/Union Territories should not put warning posters outside houses of COVID-19 patients unless mandate by competent authority.
✒ Supreme court directs centre to compile data in Hospital fire safety audits in 3 days; state to reply on masks and social distancing protocol.
✒ Delhi High Court moved against CIC order directing disclosure of information on foreign visits by Prime Minister Narendra Modi and former Prime Minister Manmohan Singh.
✒ After Delhi High Court nudge, AAP govt. approves proposals by lower courts, sanction over 15 crore.
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⚫India could well be the fastest growing Asian economy in calendar year 2021 if Nomura’s forecasts are to be believed. The foreign research house expects the Indian economy, as measured by GDP to grow at 9.9% in 2021
⚫The Nifty continued its record-breaking run for the seventh straight session to touch yet another new high amid positive global cues.
The Sensex hit 46,164.10, while the Nifty touched 13,548.90 for the first time in intraday trade.The overall structure of the market continues to remain positive given abundant liquidity, developments on the vaccine front and signs of economic recovery.
⚫India's m-cap hits $2.5 trillion after soaring 91% from March 2020 lows. Earlier this week, the world market cap crossed the coveted $100-trillion milestone. It had slipped below $62 trillion in March amid widespread selling triggered by the Covid-19.
⚫To ensure seamless digital connectivity at affordable rates, the Govt approved a proposal to set up public Wi-Fi networks across the country, which will be called PM Wi-Fi Access Network Interface, or PM-WANI.
⚫The Centre offered to give agitating farmers a written assurance on continuing with the existing mechanism of MSP based procurement, as it sought to placate them, It also suggested a host of other changes in the new farm acts such as power to states to register and charge levy on private mandis outside the regulated APMCs and option to farmers to approach the civil courts if they aren't satisfied with the existing dispute resolution mechanism. Not satisfied with the proposals, farmers groups rejected the offer and demanded complete repeal of the acts.
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👉🏻SC transferred to itself Pleas Challenging Constitutional Validity of ICAI Guidelines regarding Tax Audit Limit For Chartered Accountants
(Supreme Court has transferred to itself the writ petitions pending before Kerala, Madras and Calcutta High Courts which challenge the constitutional validity of guidelines issued by ICAI limiting the number of Tax Audits of Chartered Accountants)
👇🏻 👇🏻 👇🏻
https://bit.ly/37OSNM9
👉🏻Ceiling on the No.of Audits can be done by Chartered Accountant
(Ceiling on No.of Audits (Tax Audit / Stat Audit) as per ICAI Central Council Guidelines / Directions)
👇🏻 👇🏻 👇🏻
http://bit.ly/2TpAdDk
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