29th December 2K20
Ø Rs 3,500 crore sugar subsidy to help sustain exports at last year's level: Crisil
Ø Bangladesh reduces import duty on rice to 25%
Ø India office leasing continues recovery; Q4 absorption up 52% sequentially
Ø Axis Bank prunes overseas presence as it consolidates local business
Ø Dixon Technologies arm inks deal with Motorola Mobility LLC for manufacturing of smartphones
Ø India to benefit from shifting of global supply chains from China: Survey
Ø Container shortage affecting shipment schedules: TEXPROCIL
Ø Sebi's one-time settlement scheme for entities to end on Thursday
Ø DLF's rental subsidiary plans to put 'One Horizon Center' in REIT
Ø Tata Power subsidiary inaugurates 5 kilowatt biogas plant in Bihar
Ø Appellate body upholds I-T relief to 3 Tata Trusts
Ø CCI requests farmers to bring cotton crop in phased manner
Ø Rubber board to conduct Dry Rubber Content test training
Ø APSEZ-Terminal Investment JV raises $300 million in bonds to refinance debt
Ø Hero Electric partners with eBikeGo for last-mile connectivity
Ø Chinese regulators order Ant Group to rectify its businesses
Ø RBI paper, co-authored by MPC member, argues for inflation target at 4%
Ø Bitcoin on longest winning run since 2019 after topping $28,000
Ø PE firm Apax to acquire 3i Infotech’s software products business for Rs1,000 cr
Ø Debt recasts by banks to be lower than estimated at 2.5-4.5% of loans: Icra
Ø India’s mining sector to witness reforms, flurry of activities in 2021
Ø No takers for 18-GW solar power projects
Ø Gross NPAs of banks may rise to 10.1-10.6% by March 2021: Icra
Ø Skyroot Aerospace becomes first Indian company to test-fire solid-fueled rocket engine
Ø Tesla to start operations in India next year: Nitin Gadkari
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🌺 One-time Condonation Scheme to regularize UDIN
To reinvigorate the Profession of Accountancy in this fast changing digitalized World and to curb the prevalent malpractice of fake certificates forged by non CAs, an innovative concept of Unique Document Identification Number (UDIN) was introduced by the Council of ICAI as mandatory Council Guidelines in phased manner from *1st Feb., 2019 onwards for Certificates, GST/Tax Audit & all other Attest, Assurance and Audit functions.
👉 The UDIN Portal facilitates the Regulators and Stakeholders to check the authenticity of the repors, certificates, etc. on real-time basis. Gradually many Regulators and Stakeholders like SEBI, RERA, CBDT, RBI and Banks are insisting upon UDIN on all documents issued by CAs. Recently, CBDT has made mandatory validation of UDIN in all their IT Forms and Reports which are issued by members of ICAI.
👉 ICAI has been receiving representations from its Members that they have unintentionally missed to generate UDINs on their Audit and Assurance Reports and Certificates due to prolonged lockdown, closure of offices, non-availability of human resources in offices and therefore, allow them to generate UDIN after the expiry of the permissible time limit as a one-time measure. Few members have also requested to condone the delay in generation of UDIN due to unawareness or inadvertent error.
👉 Considering various representations and the fact that UDIN being a new initiative and by the time the members were becoming well-versed and accustomed to it, the life including office work got stucked due to this pandemic, the competent authority has decided to allow one-time condonation to its members for their earlier missed or late generated UDINs.
🌺 DECISIONS:
👉 1. As an One-time condonation scheme, to regularize the non-generation of UDIN, it has been decided that Members will be allowed to generate the earlier missed UDINs for the documents signed between 1st February 2019 to 31st December, 2020. The scheme will be made available from 1st January 2021 till 31st January, 2021.
👉 2. With this announcement, all delays in generation of UDINs by the members of ICAI for UDINs generated during 1st February 2019 till 31st December 2020 as an one-time measure stand condoned.
👉 3. Members may please note that the above one-time condonation scheme would not be applicable for the documents and forms where the respective Regulators or other stakeholders require UDIN on real-time or as per their specified requirement.
👉 4. Further, UDIN so generated has to be communicated to “Management” or “Those Charged with Governance” for disseminating it to the stakeholders from their end.
👉 5. UDIN generated under this scheme would be treated as UDIN generated without any violation of the Gazette dated 2nd August 2019 read with 15 days window allowed for exceptional circumstances and clause 4 as stated above.
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⚫PM said Indians must use domestically made products to replace foreign ones as their resolution for the New Year, reiterating his govt's plan to become "self reliant" in manufacturing. I appeal to you to make a list of goods of daily-use imported articles that have unconsciously become part of our lives and made us their captive. Let us find out their Indian alternatives and resolve to use products produced by the hard work of Indians.
⚫The Finance ministry today defended the recent move of asking co's above a threshold to pay at least 1% tax liability through cash under the GST, on the grounds that it will impact only risky or fly-by-night operators.The seriousness of this menace to GST ecosystem may even be understood by the fact that in the recent nationwide drive against GST fake invoice frauds that was launched in the second week of November and still going on, has resulted in the arrest of more than 175 fraudsters and more than 1800 cases are booked against 8000 fake entities in just 45 days.
⚫In search of Covid capital, co's raised Rs 1.7 trillion in 2020. Of this, Rs 1.44 trillion was raised through QIPs and rights issues.
⚫Gold gave 24% returns to investors in CY20, the highest since 2011. As global economies passed through one of their worst phases because of Covid, investors sought refuge in safe-haven assets, such as gold.
⚫Air India staff unions are protesting what they call an 'unfair' pay cut and have demanded continuation of medical benefits and payment of arrears before privatisation of the company takes place.
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GST Update-
1. Rule 86B (Restriction on use of Input Tax Credit for discharging the output liability) has been inserted into CGST Rules, 2017 vide notification no. 94/2020-Central Tax Dated 22nd December 2020 (Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020, to be implemented w.e.f.1st January, 2021. Announced at midnight, nonetheless.
2. This rule basically says that if the taxpayer’s taxable turnover exceeds above Rs.50,00,000/- in a given month, then in that month, the taxpayer is required to pay 1% of output liability of such taxable turnover by cash ledger i.e. ITC is restricted to 99% even though taxpayer may have sufficient balance in his credit ledger.
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ICAI has issued various publications on following topics:
1. Handbook on Finalisation of Accounts with GST perspective-23-12-2020
https://idtc-icai.s3.ap-southeast-1.amazonaws.com/download/pdf20/Handbook-on-Finalisation-of-Accounts-with-GST-perspective-23-12-2020.pdf
2. Handbook on Liability to Pay in Certain Cases under GST-23-12-2020
https://idtc-icai.s3.ap-southeast-1.amazonaws.com/download/pdf20/Handbook-on-Liability-to-Pay-in-Certain-Cases-under-GST-23-12-2020.pdf
3. Handbook on Returns and Payments under GST-23-12-2020
https://idtc-icai.s3.ap-southeast-1.amazonaws.com/download/pdf20/Handbook-on-Returns-and-Payments-under-GST-23-12-2020.pdf
4. Practical FAQ's under GST-23-12-2020
https://idtc-icai.s3.ap-southeast-1.amazonaws.com/download/pdf20/Practical-FAQ's-under-GST-23-12-2020.pdf
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Last date to file return for all companies is 31.01.2021 whether or not tax audit is required
There is some confusion going on amongst the professionals as to what is the last date for furnishing the return under section 139 in respect of companies in whose case there is no requirement to get the tax audit done. In this regard, it is to be noted that the last date to file return for all companies including such companies which are not subject to Tax Audit is the same i.e. 31.01.2021.
Vide clause (i) of third proviso to section 3(1) of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, the due date for furnishing the return of income in respect of all assessee’s was extended till 30.11.2020. Subsequently, vide Notification No. 88/2020 dated 29.10.2020, the due date of furnishing the return of income in respect of the assessees referred to in clauses (a) and (aa) of Explanation 2 to sub-section (1) of the section 139, has been extended to the 31.01.2021; whereas the due date in respect of all other assessees has been extended to 31.12.2020.
It may be noted that sub-clause (i) of clause (a) of Explanation 2 to section 139(1) includes a company. Thus, for all companies, the last date to file the return shall be the same i.e. 30.01.2021 whether or not there is any requirement to get the tax audit done.
Additionally, it may be noted that in respect of a person (other than a company) whose accounts are required to be audited under Income Tax Act or under any other law for the time being in force; or a partner of a firm whose accounts are required to be audited under Income Tax Act or under any other law for the time being in force, or in case of an assessee who is required to furnish TP report under section 92E, the last date to file the return of income shall also be 31.01.2021. In respect of all other assessee’s, the last date to file the return of income shall be 31.12.2020.
It may be clarified that in all the above cases where tax audit is required, the last date to file the tax audit report shall be 31.12.2020.
Further, it may also be clarified that the above said various extensions have been given only in respect of filing the return of income. The interest under section 234A shall continue to be leiviable in case the return is filed after the due date that is prescribed under the Act i.e. 30.11.2020 for companies and cases where audit is required and 30.07.2020 for all other cases, and where the amount of self-assessment tax payable exceeds Rs. 1 lakh
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⚫The Indian equity benchmark indices closed at yet another record high on the first day of the year's final week. Continuing FPI flows and positive global cues on US President signing a $2.3-trillion spending Bill, including a $900 billion coronavirus relief package, helped the benchmark Sensex to end higher and breach the 47,000-mark.
⚫Maintaining 4% inflation is appropriate for India as targeting a lower rate could impart deflationary bias to the monetary policy, said Reserve Bank. Under the current dispensation, the RBI has been mandated by the Govt to maintain retail inflation at 4% with a margin of 2% on either side.
⚫Sebi's one-time settlement scheme for the entities that executed reversal of trades in the stock options segment of BSE during 2014 and 2015 will end this Thursday. After the expiry of the scheme, entities who do not avail the one-time settlement opportunity will be liable for action.
⚫The construction of the Ram Temple complex in Ayodhya, including the main structure, is estimated to cost around Rs 1,100 crore and is expected to be completed in 3-1/2 years.
⚫More than 1500 telecom towers in Punjab have been damaged by farmers protesting against the three farm laws, disrupting services in some pockets. The farmers vented their anger on the infrastructure owned by Jio as they saw him along with Adani as major beneficiaries of the new laws. Neither Reliance group nor Adani's co's are into the business of procuring foodgrains from farmers.
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