18th December 2K20
Ø Indian companies' oil & gas output from overseas fields drops 11%
Ø Advance corporate tax mop-up jumps 49 per cent to Rs 1.09 lakh crore in Q3: CBDT source
Ø Natco Pharma launches anti blood clot medication, Rivaroxaban, in India
Ø L&T slated to win orders worth Rs 13,000 crore from HPCL JV: Sources
Ø India plans $60-bn investment in gas infrastructure: Dharmendra Pradhan
Ø PE/VC investments decline 27 pc in November at USD 3.9 billion: Report
Ø BPCL board approves buying out Oman Oil's stake in Bina refinery
Ø Icra narrows its GDP decline forecast for FY21 to 7.8% from 11% earlier
Ø S&P affirms Union Bank's long, short term rating, revises SACP to 'BB-'
Ø Sebi suggests relaxing of norms to boost listing of start-ups
Ø India's smartphone market up 42% in Oct with shipment of 21 mn units: IDC
Ø US jobless claims rise to 885,000 amid resurgence of coronavirus
Ø ICRA assigns its first rating for electric bus project in India
Ø Tata Motors buys out Brazil’s Marcopolo S.A in bus JV for ₹100 crore
Ø DAC approves procurement worth ₹28,000 crore
Ø Sugar production up by 60% at 74 lakh tonnes till Dec 15
Ø BPCL likely to merge Bharat Oman Refineries after buying out
Ø Bombay Rayon hives off Tarapur unit as part of revival plan
Ø Pfizer hits snags registering vaccine for emergency use in Brazil
Ø Mutual fund assets to touch ₹50 lakh crore by 2025: Crisil
Ø RBI to conduct 3rd OMO purchase of SDLs aggregating ₹ 10,000 cr on Dec 23
Ø Walmart partners with TikTok to sell merchandise while livestreaming
Ø UK says chances of Brexit trade deal below 50%, despite EU optimism
Ø Govt to press ahead with PSU stake sale: FM Nirmala Sitharaman
Ø India’s economy showing signs of bottoming out: Credit Suisse
Ø Google wins EU antitrust nod for $2.1 billion Fitbit deal
Ø Apache to build a Rs. 70-crore leather industry in Pulivendula.
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Mandatory Validation of UDIN by CBDT
There are Lot of Queries with regard to Validation of UDIN by CBDT. From 27th November the CBDT has made it Mandatory to Mention the UDIN alongwith Tax Audit Reports/ Other Forms uploaded on e-filing portal, Either at the time of Uploading the Forms or Update the UDIN within 15 Days from the Filing of the Form. The Tax Reports / Forms will be treated valid only if their UDINs have been validated by CBDT E-filing Portal.
It is being observed that some members though might have generated UDIN for IT Forms well in time but some-how missed to update the same on e-filing portal.
To remove this difficulty the CBDT has given a one-time relaxation by allowing them to update UDINs latest by 31st December, 2020.
In view of the same, such members are requested to update the UDINs on the e-filing Portal at the earliest but not later than 31st December, 2020 for all such IT Forms which have been uploaded by them from 27th April, 2020 onwards till 26th November, 2020.
The procedure to update the UDIN is as under
Step-1
Login to Income Tax Portal through ARCA Login Credentials
Step-2,
Click on the Tab -- My Account – View/ Update UDIN
Step-3
Enter PAN No. of the Client
Step-4
Enter UDIN and Press Update UDIN
||Gyan-Kranti Abhiyan ||
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M/s ARYAN TRADELINK Vs THE UNION OF INDIA
GST - Validity of blocking of credit ledger under Rule 86A of the Central Goods and Services Tax Rules, 2017 without assigning any reason – HELD - Rule 86A mandates that the Commissioner or Officer who is authorized, can block credit ledger if there are reasons to believe that any of the circumstances enumerated under the Rules exist and such officer must record reasons - In the present case, no reasons have been assigned and as such, the blockage of the credit ledger and the impugned order cannot be sustained – Respondent is directed pass a detailed reasoned order as required under Rule 86A of the CGST Rules - for the purposes of Rule 86A(3) which stipulates that the blockage shall cease to have effect after the expiry of a period of one year from the date of blocking, the effective date shall continue to the date of blocking of credit ledger - The writ petition is disposed of
[17/12, 11:30 pm] +91 93111 62970: It has also decided on 'MSME Lending' as the theme for the third cohort, details of which it will announce in due course. "To encourage innovation and broad base the eligibility criteria, the enabling framework has been modified by reducing net worth requirement from the existing Rs 25 lakh to Rs 10 lakh, as also including Partnership firms and Limited Liability Partnership (LLPs) to participate in the RS," the RBI said in a statement.
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System generated summary is a summary of FORM GSTR-3B which will be generated for every registered person based on the following:
a. Liabilities in tables-3.1 & 3.2 of GSTR-3B, except pertaining to inward supplies liable to reverse charge, are computed on the basis of details of outward supplies as filed by you in FORM GSTR-1 for the period.
b. Input Tax Credit (ITC) details and details of inward supplies liable to reverse charge, to be reported in Tables-4 and 3.1 (d) respectively, are computed as per your system generated FORM GSTR-2B for the period.
2. Values are auto-populated in GSTR-3B for the assistance of taxpayers. Consequently, the auto-populated values can be edited by the taxpayers, if required. The system will prompt the taxpayers with an alert in cases where the variance of the edited values from the auto-populated values is higher than a particular threshold. However, the taxpayers may continue their filing with the edited values, and system will not restrict the same.
3. If any invoice and credit note have been issued in same month, then both have to be reported separately.
4. In case net ITC available in table 4C is in negative, then such negative value shall be considered as liability.
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✒ Supreme Court has issued notices to the centre on two public interest litigations seeking uniform grounds of divorce and payments of maintenance and alimony to women across religion.
✒ Supreme court grants Ekta Kapoor interim protection from arrest in FIR over web series "XXX" stating "We don't like the High Court Order".
✒ Delhi High Court has held that sex on promise of marriage doesn't constitute rape if a woman has consensual sex over a long period.
✒ Madras High court has rejected the plea seeking direction against authority to pay 15% interest towards seized travelers cheques on the ground of undue delay or laches in claiming the same.
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⚫Indicating a sharp revival in direct tax, advance tax paid by co's in the December quarter rose by 50% compared with the corresponding period last year, owing to a low base effect. The robust revenue collection reinforces hope of a good economic performance in Q3FY21 after the surprising pickup seen in Q2. At Rs 1.41 trillion, overall advance tax collection, including corporation and personal income tax, rose by 33% in Q3.
⚫The Supreme Court asked the attorney general of India if the Central Govt could give a commitment that the contentious farm laws would not be put into effect while the petitions seeking the removal of farmers from protest sites to facilitate negotiations were being heard.
⚫FM said that strong decisions taken by the Govt have ensured steady flow of FDI into the country which is far greater than what comparable economies have attracted during the pandemic. She reminded that FDI is not hot money but reflects the commitment of investors to remain invested in India.
⚫India reported 24037 new infections on Thursday, taking its total to 9.96 million, the second highest in the world.
⚫India will have to spend $1.4 billion to $1.8 billion in the first phase of a coronavirus vaccination programme, even after getting support under the COVAX global vaccine sharing scheme.
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👉🏻Email ID to register grievance under Faceless Assessment Scheme
(Exclusive email ID- "feedback.notice.neac@incometax.gov.in" enabled to register grievance regarding S. 142(1) notices (including roving questionnaires) issued under the Faceless Assessment Scheme)
👇🏻 👇🏻 👇🏻
http://bit.ly/3alpunf
👉🏻GST - ITC Claims auto-populated in GSTR-3B
(Big Relief in GSTR-3B, GSTN enables auto-populated GSTR-3B return, GST - ITC Claims auto-populated in GSTR 3B.)
👇🏻 👇🏻 👇🏻
https://bit.ly/3msJ4Aj
👉 CAI-Empanelment of Chartered Accountant firms/LLPs with the O/o C&AG of India for the year 2021-2022 (17-12-2020)
https://www.icai.org/post/empanelment-ca-firms-llps-with-cag-2021-2022
👉 The ones who are desirous in giving Observer ship Duty for Cycle II (21st January 2021 to 7th February 2021) Examinations ; may visit Observer Portal i.e. http://observers.icaiexam.icai.org
and make online application to act as Observer.
👉 IT Dept - One time relaxation to update UDIN Kindly update the UDIN before 31st December, 2020 of audit report/certificates to avoid invalidation.
👉 Due dates for filing of Form GSTR-3B for the Tax Periods from October, 2020 till March, 2021
https://www.gst.gov.in/newsandupdates/read/413
👉 Filling up of the posts in the Competition Commission of India (CCI) on deputation basis.Pdf(373 KB)
http://www.mca.gov.in/Ministry/pdf/VacancyCircularCCI_17122020.pdf
👉 Empanelment of Chartered Accountant firms/LLPs with the O/o C&AG of India for the year 2021-2022 - (17-12-2020)
https://www.icai.org/post/empanelment-ca-firms-llps-with-cag-2021-2022
👉 Announcement for Registration to 3rd batch of Certificate Course on CSR - (17-12-2020)
https://www.icai.org/post/reg-3rdbatch-cc-csr
👉 Reserve Bank announces opening of Second Cohort under the Regulatory Sandbox
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50814
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