CA Rohit Jaiswal: January 2021

Sunday 31 January 2021

31 January 2021 News and Updates

⚫PM expressed confidence that the Budget for 2021-22 would be seen as part of the packages announced by FM over the past 10 months to offset the impact of Covid induced lockdowns.

⚫PM told leaders of various political parties that his Govt has been continuously trying to resolve the issues raised by protesting farmers through talks.

⚫Uttar Pradesh has received over Rs 1,88,000 crore investment in the last three and a half years. The kind of work done by the CM ever since he came to power in shaping up investment friendly policies is the reason why nationally and internationally reputed co's are now willing to set up their units in the state.

⚫The Govt has suspended Internet connectivity for two days in Singhu & Tikri border, & Ghazipur border for two days at the request of Delhi Police.

⚫With 571,974 more vaccinations across India on Thursday, the total count of those inoculated reached 3,500,027. The count of recovered coronavirus cases across India, reached 96.98% of total caseload.

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NICAI Updates:

1. CBDT has made it mandatory to update UDIN on all IT Forms related to Tax Audit or any other Income Tax Reports else these forms will become null and void. avail this one-time opportunity to generate UDIN (if missed) and update on the e-filing Portal at the earliest but not later than 15th Feb., 2021 to avoid invalidation.

2. Income Tax Section 12AA registration cannot be denied without recording dissatisfaction about objects of trust. Case Name : Balika Vidyalaya Educational & Cultural Trust Vs CIT (Exemptions) (ITAT Cuttack)

3. 31.1.21 (Sunday) is last date to apply for Quarterly Return Monthly Payment Scheme for Jan-Mar quarter by taxpayers having turnover upto 5 cr in 19-20 & 20-21.

4. GST: Uploading Show Cause Notice and Order on GST Portal is Mandatory. SCN and order sent via email only is invalid: High Court of MP In the matter of M/S. SHRI SHYAM BABA EDIBLE OILS vs THE CHIEF COMMISSIONER AND ANOTHER (W. P. No. 16117/2020 dated 19th November, 2020).

5. Taxation on incomes from the mutual funds are similar to incomes from non-mutual funds under the head long term/ short terms capital gains and dividends for the corporate/ non-corporates and NRIs. Read more: http://femainindia.com/Image/01.%20Taxation%20on%20Incomes%20from%20the%20Mutual%20Funds%20in%20India.pdf

6. ROC EXTENSION AOC 4 for AGM 2020 can be filed till 15 FEB 2021 without additional Fee vide MCA circular today.

7. RBI asked banks to step up disclosures on customer complaints and cost of redressal, cautioning lenders that fail to improve their redress mechanism quickly will be charged.At the end of March 2020, the total number of complaints across various offices of RBI stood at 3,08,630. This is a steep rise from 1,95,901 complaints outstanding at the ombudsman offices, as per data from the Trends and Progress Report of the RBI.

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Sayar Devi Baid v. ITO

Decision: In assessee's favour.

Income from undisclosed sources--Addition under section 69A--Alleged unexplained cash deposit--Assessee successfully explained source of cash deposit

Facts:

AO came to know that assessee deposited cash in her saving bank account and accordingly, the assessee was asked to explain the source of cash deposit. Assessee stated that she had been doing business of procuring Papad and snacks from manufacturer and selling the same in retail trading. It was explained that the source of cash deposit was her trading business in Papad and snacks. However, the explanation of the assessee did not find any favour with the AO, who was of the firm belief that the assessee failed to discharge the onus of explaining the source of cash deposit. Accordingly, the AO made addition of the same under section 69A.

Held:

AO accepted the return of the assessee thereby accepting the turnover from the sales of Papad and snacks. Since the business of the assessee had been accepted by the AO by accepting her return of income, there should not be any doubt in accepting the source of cash deposit, which was assessee's trading business. Further, the assessee successfully explained that the source of cash deposit was her trading business, therefore, the addition made under section 69A on account of unexplained cash deposit would not be sustainable and hence, the same was deleted.

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✅ CA Final Nov 2020 Exam Result likely to be declared on 1st Feb (evening) or 2nd Feb 2021:ICAI

✅ One-time Condonation Scheme to regularize UDINs was ending on TODAY 31st January.

🔮 Note : UDIN is required on MCA forms, Internal and Concurrent Audit, Prospective and Provisional Financial Statements as per SAE 3400 and SRS 4410 respectively, separate for Form 29 B and Form 10 CCB of IT Act, 1961 etc., so in case, you have missed generation of any UDIN for the said period, you are requested to make use of this scheme which is available till 31st January, 2021 only.

Extension

However, This has reference to the Condonation Scheme to regularize UDINs announced by the ICAI vide its announcement dated 28th December 2020. As per the scheme, the documents signed between 1st Feb.2019 till 31st Dec. 2020 the UDINs can be generated during 1st Jan. 2021 to 31st Jan. 2021. The requests have been received from Practicing Chartered Accountants from different parts of the country for extension of the time limit for compliance with the UDIN requirement under Condonation Scheme as they could not take advantage of the scheme due to various statutory compliances. Further many members were in the impression that the UDINs can be generated till 31st Jan. 2021 for the documents issued from 1st Jan. 2021 till 16th Jan. 2021 also. In view of above, it is being informed to the members that all the missed UDINs between the period 1st Feb. 2019 to 31st Jan. 2021 can now be generated upto 28th Feb. 2021 and this be taken as extension of the Condonation Scheme announced previously. However, it may be noted that for all the documents signed from 1st Feb. 2021 onwards, the original guidance for generation of UDIN i.e on the same day or within 15 days will have to be followed.

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👉 Release of Educational Material on Ind AS 23, Borrowing Costs - (27-01-2021)

https://www.icai.org/category/announcements

👉 Declaration of Results of Assessment for Certificate Course in CSR held on 10.01.2021. - (27-01-2021)

https://resource.cdn.icai.org/62865csr50857.pdf

👉 RBI Working Paper No.03/2021: Monetary Policy Transparency and Anchoring of Inflation Expectations in India

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51023

👉 RBI releases framework for strengthening the grievance redress mechanism in banks

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51029

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⚫India's economy is likely to grow by 11% in the fiscal year beginning April 1 as a vaccine drive and rebound in consumer demand help it emerge from the carnage inflicted by a strict coronavirus lockdown. The rebound will follow an estimated 7.7% contraction in the GDP in the current financial year ending March 31.

⚫The output of eight core infrastructure sectors contracted for the third month in a row by 1.3% in December, dragged down by poor show by crude oil, natural gas, refinery products, fertiliser, steel and cement sectors.

⚫Power generation in the country would continue to grow in fourth quarter of this fiscal year on the back of revival of electricity demand and adequate coal stocks at power plants.

⚫Govt's fiscal deficit soared to Rs 11.58 trillion or 145.5 per cent of the Budget Estimate at the end of December, as revenue realisation was hit by disruptions in normal business activities. According to the Controller General of Accounts, the fiscal deficit at the end of December in the previous fiscal year was 132.4% of the BE of 2019-20.

⚫In the quarter ending December, corporate profits have doubled for a sample of 379 Co's analysed. Without banks, the growth in profit after tax still stands at a robust 34%. Employee costs, which were growing faster when profits were falling, are growing slow now, but way ahead of the economic growth curve. These developments may bring in strong direct tax revenue in the second half of FY21.

⚫With 572,060 more vaccinations across India on Thursday, the total count of those inoculated reached 2,928,053. The count of recovered coronavirus cases across India, meanwhile, reached 10,394,352 – or 96.96% of total caseload – with 20,746 new cured cases being reported on Friday.

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To benefit small and micro units, MCA panel suggests creation of small LLPs

▶️Suggests LLPs be allowed to issue NCDs to entities regulated by SEBI and RBI

▶️ If this reform of allowing LLPs to issue NCDs gets Parliamentary assent, then AIFs, including private equity funds, will be able to pump funds into several Special Purpose Vehicles that operate under the LLP structure in the infrastructure and real estate sector, say economy watchers.

▶️creation of a new category of ‘small LLP’ is expected to enable ease of living for corporates and its stakeholders and also be beneficial for small and micro enterprises as it will reduce the cost of compliance, and subject such classof LLP to lesser penalties in the event of default as has been done in the case of companies under Companies Act 2013.

▶️The panel, headed by MCA Secretary Rajesh Verma, has recommended that LLPs with capital contribution of up to ₹25 lakhand turnover not exceeding ₹40 lakh in a financial year be allowed to opt for small LLP structures.

https://www.google.com/amp/s/www.thehindubusinessline.com/economy/to-benefit-small-and-micro-units-mcapanel-suggests-creation-of-small-llps/article33610368.ece/amp/

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Highlights of the economic survey 2020-21:

1. The survey expects the Indian Economy to grow by 11 per cent during 2021-22 which is close to the growth forecast of 11.5 per cent made by the IMF.

2. The gross tax revenue earned by the government during the period April to November 2020 fell by 12.6% to ₹10.26 lakh crore which can be attributed to the contraction of the economy.

3. Disinvestment which was targeted at ₹2.1 lakh crore has only been ₹15,220 crore (7.2%).

4. The fiscal deficit has also gone up and as of January 8, the union government borrowed a total of ₹10.72 lakh crore, 65% more than same period in the last year.

5. In the 2nd half of the fiscal year, government consumption is expected to grow by 17%, while private consumption is expected to contract by 0.6%.

6. In this year, agriculture sector is expected to grow by 3.4%.

7. GST collections have also increased in the 2nd half of the year.

8. Bank credit growth as of January 1 stood at 6.7%. Since September 2019, bank credit growth has been in the single digits. Credit growth to the services sector accelerated to 9.5% in October 2020 from 6.5% in October 2019. Adequate capitalisation of banks is called for.

9. Inflation between April and December 2020 stood at 6.6% on account of high food inflation of 9.1%.

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⚫Power generation in the country would continue to grow in fourth quarter of this fiscal year on the back of revival of electricity demand and adequate coal stocks at power plants.

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👉🏻Govt to introduce bill to ban cryptocurrency in Budget Session

(Govt is to introduce a bill to ban, with exceptions, the trading in cryptocurrencies in India and also put in place the framework for an official digital currency)

👇🏻 👇🏻 👇🏻

http://bit.ly/3r8CgKT

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Reducing Impact of Surcharge: New manufacturing companies are eligible for income tax @ 15%. Even the Corporate Tax in general has been reduced to 22% without any capping (effectively tax rate – 25.18% with surcharge and Cess). However, the rate of personal Income Tax is still at 30% for all income above Rs 10 Lakh or Rs. 15 Lakh (as per the optional schemes offered to the individual taxpayers). In addition to 30% of tax rate & 4% of Cess, there is a surcharge (better known as the Super Rich Tax) if income exceeds Rs. 50 Lakh. The surcharge ranges from 10% to 37%. The effective tax rate for High Net worth Individual (HNI) goes up to 42.75%. High rates of tax acts as a discouragement for taxpayers and results in tax evasions/ avoidance. The tax rates including all Cess & surcharges need to be capped in the range of 30% to 35% for better sentiments & tax compliances.

Rationalizing the Tax Rates of Firm/LLP:

Due to administrative cost & convenience, the number of firms/LLP’s are much higher as compared to the Companies registered in India. The lower tax rates for companies as compared to Firm & LLP looks little unfair & discriminatory. Lowering the tax rates for such entities will be the real sentiment booster for the economy. Hope, the income tax rates will be aligned in line with the corporate tax rates.

Lower rate of TDS:

The liquidity crunch in the business is likely to continue in the FY 2021-22. The reduction of TDS rate by 25% was announced for FY 2020-21 due to prevailing pandemics Covid -19. It may be continued in the FY 2021-22 as well. This will ensure better cash flow amongst the taxpayers.

Disallowance for Cash Payment Exceeding Rs. 10,000/-:

Any payment exceeding Rs. 10,000/- is disallowable u/s 40A(3) of the Income Tax Act – 1961. Though the aim is to promote digitized mode of payment, still there are situations where transactions in cash is the only option. The disallowance in such cases may be restricted to 20% as against 100% at present.

Tax under Sec. 115 BBE

Section 115BBE provides for levy of tax on certain income @ 60% which is further subject to surcharge @ 25% & Cess @ 4%, resulting in aggregate tax rate of 78%. If the addition is done by the Assessing Officer then penalty @ 10% of tax is also attracted U/s 271AAC resulting in total liability of 84%. The rate was enhanced from 30% to take care of the unexplained deposit of cash during demonetization. This huge tax rate is only adding to the tax litigations and disputes, resulting in piling of appeal cases. It needs to be restored to the original tax rate of 30%.

Upward revision of Personal Income Tax Slab:

Lower tax rate results in better tax compliances and discourages tax evasions & avoidance. The personal income tax exemption limit has not yet been changed since long though the alternate tax regime for personal *taxation U/s 115BAC was offered in the last Budget – 2019*. Basic exemption limit, tax rate & tax slab may be revisited in following way:

a) Basic exemption limit should be enhanced to Rs. 5 Lakh for all categories of the taxpayers.

b) Income in the range of Rs. 5 Lakh to 10 Lakh should be made taxable @ 10%.

c) Income in the range of Rs. 10 Lakh to Rs. 25 Lakh should be subject to tax @ 20%.

d) Income exceeding Rs.25 Lakh should be subject to tax @ 25%.

Needless to say, reduction in the maximum rate of taxation @ 25% would help in developing a better tax compliant society.

Enhance the threshold limit under Section 80C of the Act:

In a country where there is no system of social security, investment habits need to be promoted by offering tax sops. Further, the overall maximum deduction limit of Rs. 1.50 Lakh u/s 80C towards LIC/PPF/Tuition fees, etc was fixed long back & has not been revisited since then. It needs to be enhanced to at least Rs 2.50,000/-.

Taxation u/s 50C, 43CA & 56(2)(x) vs, Removal of taxation on Notional Basis

Section 50C, 43CA & 56(2)(x) provides for taxation of immovable property transactions on notional basis wherein if the property is sold / purchased below its stamp duty valuation, the difference between actual sale consideration & stamp duty valuation is liable for income tax in the hands of seller as well as buyer. There are various situations like distressed sale, sale of encroached property, sale of disputed property, sale of mortgaged assets by banks & various other factors which make it impossible to sell the property at FMV. Exclusions for such situations need to be provided in all above sections.

Further, reference to DVO option is presently available only to the Assessing officer which can happen only after the transaction is completed i.e., the sale deed is executed. It is suggested that the option be given to the assessee to approach the AO for getting a DVO report even before the transaction is executed. It could be subject to payment of prescribed fee to the DVO. This option is going to remove the contingency involved in the property transactions.

Why Not remove Notional Scheme of Taxation

Levying tax on real income is the right of the Government & is also considered by the taxpayers as their duty. However, levying tax hypothetical income makes the tax environment complicated & burdensome for the taxpayers, more so when the department is flooded with information and well equipped with the system of checking/cross checking the transactions. It calls for revisiting all the notional tax provisions which were introduced as an anti-abuse measure. It’s only the actual income received by an assessee which should be chargeable to tax.

Increase in the limit of Standard Deduction for Salaried Taxpayers

With lowest cost of collection & lesser possibility of tax evasion, salaried taxpayers are left with little choice to save tax. They need to be respected by increasing the amount of standard deduction limit from Rs. 50,000/- to Rs. 1 Lakh at least for taxpayers with income exceeding Rs. 10 Lakh.

Taxpaying population is very less as compared to the size of the country. There is no recognition & incentives to the taxpayers. With the advent of Information Technology, special incentives & privileges can be offered to taxpayers by offering priority on various fronts like railway reservation, court cases, healthcare services, etc. Hope 2021 Budget lays down the roadmap of recognizing the taxpayers of the country.

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Friday 29 January 2021

29 January 2021 News and Updates

29th January 2K21

Ø Competition Commission approves Indo Gulf Fertilizers-Indorama deal

Ø Power generation may further improve in fourth quarter, says Ind-Ra

Ø NALCO to buy back Rs 749-cr shares

Ø India's rank slips to 86th in corruption perception index 2020

Ø Amazon urges HC to enforce Singapore emergency arbitrator's award restraining Future-Reliance deal

Ø India explores major investments in hydrocarbons & renewables in Russian Arctic region

Ø Global public debt could touch 98% of GDP in 2020 amid Covid crisis: IMF

Ø PE/VC investments in 2020 at par with 2019 at $47.6 billion, says EY-IVCA

Ø India's FDI inflows grew by 81% in Nov 2020 to $10.15 bn, equity at $8.5 bn

Ø India's gold demand hits 25-yr low in 2020 amid lockdowns, high prices: WGC

Ø US jobless claims drop; still at 847,000 as pandemic continues rages

Ø US economy contracts in 2020; worst performance since 1946

Ø L&T’s arm flags off world’s heaviest reactors for HPCL

Ø Maruti Suzuki consolidated Q3 net up 26% at ₹1,997 crore

Ø Bharti Airtel pips RJio to announce 5G readiness

Ø IDBI Bank back in black, posts ₹378-cr net profit in Q3

Ø Apple roughly doubled its business in India last quarter: Tim Cook

Ø Bharat Electronics posts 25% rise in Q3 profit to ₹278 crore

Ø Sundaram Asset Management acquires Principal Asset Management for ₹338.5 crore

Ø Microfinance loan waiver talks in Assam, West Bengal may impact MFIs

Ø Amazon faces ED probe for FEMA violations in Future Retail deal: Report

Ø RBL Bank reports ₹147 crore in Q3 as provisions decline

Ø TVS Q3 net rises 120% to ₹266 cr, declares interim dividend of ₹2/share

Ø PowerGrid files draft papers for InVIT; plans to raise over Rs 5,000 cr

Ø Mukesh Ambani’s Reliance Jio ranked 5th strongest brand globally

Ø Canara Bank Q3 profit dips 9% YoY to Rs 696cr as provisions rise 61%

Ø SAIL planning to set up India's first gas-to-ethanol plant in Chandrapur

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👉 Announcement of Companies (CSR Policy) Amendment Rules, 2021 - (24-01-2021)

https://www.icai.org/post/csr-policy-amendment-rules-2021

👉 Change of Examination Centre for January / February 2021 at Madhubani (Bihar) w.e.f. 27th January 2021 onwards - (25-01-2021)

https://www.icai.org/post/change-of-examination-centre-madhubani-bihar-25jan2021

👉 1st Online Batch of Certificate Course on Derivatives from 6th February 2021 - (25-01-2021)

https://resource.cdn.icai.org/62843ccmip50844.pdf

👉 Announcement regarding commencement notification of certain provisions of Companies (Amendment) Act, 2020 w.e.f. 22nd January, 2021 by CL&CGC ICAI - (25-01-2021)

https://resource.cdn.icai.org/62854clcgc50849.pdf

👉 Release of Standard on Assurance Engagements (SAE) 3410 - Assurance Engagements on Greenhouse Gas Statements. - (27-01-2021)

https://resource.cdn.icai.org/62857srsb50843.pdf

👉 RBI releases Booklet on Payment Systems in India

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51020

👉 RBI Working Paper No.02/2021: Regional Economic Convergence in the Manufacturing Sector: An Empirical Reflection

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51021

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⚫India and Japan reviewed progress of various ongoing projects in the North-eastern region in areas of connectivity, hydropower, sustainable development and harnessing of water resources. The review was carried out at the fifth joint meeting of the India Japan Act East Forum.

⚫India provides a "predictable environment" for doing business and its commitment to economic self-reliance will strengthen globalization, said PM as he addressed World Economic Forum's online Davos Agenda Summit.

⚫India's FDI saw a significant jump in Nov 2020. FDI data shows that total FDI in the month of Nov 2020 grew by a whopping 81% to USD 10.15 billion against USD 5.6 billion in Nov 2019. FDI equity has also jumped to USD 8.5 billion as against USD 2.8 billion in November 20.

⚫BJP has promised a game changing budget to revive the pandemic-hit economy. FM is likely to increase spending by more than 15% yoy in 2021-22 with an emphasis on infrastructure and healthcare, as she looks to reinvigorate an economy projected to contract 7.7% in the current fiscal year.

⚫India is considering a proposal to raise levies on a range of imported goods, with a view to boosting local manufacturing in line with the Govt’s focus on self-reliance.

⚫The Ghaziabad administration has given an ultimatum to protesting farmers to vacate UP Gate or else they would be removed. The crowd at the protest sites in Delhi's Singhu and Tikri borders was visibly thin.

⚫India has flattened its COVID-19 graph & 146 districts have reported no new case of the viral disease in the last seven days.

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Income Tax Department said it has issued over Rs 1.81 lakh crore worth refunds to more than 1.74 crore taxpayers so far this fiscal year. Of this, personal income tax refunds of Rs 62,231 crore have been issued to over 1.71 crore taxpayers and corporate tax refunds of Rs 1.19 lakh crore have been issued in 2.12 lakh cases.

GST system has added a new Facility of “Communication Between Taxpayers” on the GST portal. This facility will enable a taxpayer (whether supplier or recipient) to send a message to another registered person (whether supplier or recipient) through the GST portal itself. Counterparty can send his reply using the same feature. This facility is available for all registered persons except those registered under TDS, TCS and Non-resident Tax payers (NRTP).

Foreign direct investment (FDI) into India increased by 37 per cent to USD 43.85 billion during April-November 2020, according to data by the commerce and industry ministry. Total FDI inflows (including reinvested earnings) during the eight-month period of the current fiscal grew by 22 per cent to USD 58.37 billion.

India’s indigenous payment network RuPay has cornered a significant market share in the domestic card market since its launch. As of November 30, 2020, RuPay’s market share has increased to more than 60 per cent of total cards issued, from merely 17-per cent market share in 2017, revealed the data released by the Reserve Bank of India (RBI) in its booklet on Payment Systems in India (2010-20).

NRIs are permitted to have ‘most of the privileges’ on non‐repatriation and repatriation basis as are available for the residents of India, except not permitted to buy any agricultural and plantation properties. Read more: http://femainindia.com/Image/15.1_Privileges.pdf

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Thursday 28 January 2021

28 January 2021 News and Updates

28th January 2K21

Ø Government plans $41 billion reform to revive ailing power utilities

Ø India's new farm laws have potential to raise farm income: IMF

Ø Fertiliser sales up 12% year-on-year in April-December period

Ø Indian e-commerce industry poised to touch $90-100 billion in 3-4 years: Flipkart Group CEO

Ø Reliance signs USD 15 million deal with Israeli firm to distribute COVID-19 breath test kit

Ø No change in CRISIL rating grades for banks: RBI

Ø HUL Q3 profit jumps 19% YoY to Rs 1,921 crore; revenue rises 20%

Ø Axis Bank's net profit drops 36% in Q3 due to higher provisions

Ø India inks MoU with IEA for global energy security, sustainability

Ø China says Indian ban on apps violates WTO fair rules of business

Ø Private placement of debt hits all-time high of Rs 7.77 trn in 2020

Ø AT&T takes $15.5 billion charge on DirecTV, adds more phone customers

Ø ICICI Pru Life Insurance Q3 net profit up 1%

Ø Marico Q3 net profit rises 13 per cent to ₹312 cr

Ø Emami reports 37% rise in Q3 profit to ₹202 cr; revenue grows 13%

Ø Dr Reddy’s, GRA terminate Avigan study on hospitalised Covid cases in Kuwait

Ø Microsoft’s gaming revenue grew 51% in Q2 2021

Ø Twitter acquires newsletter service Revue

Ø One out of every five in informal sector are out of work during Oct-Dec: Survey

Ø Investors' wealth plunge over ₹8 lakh cr in four days

Ø Aditya Birla Fashion to acquire 51% in designer brand Sabyasachi

Ø GHIL enters into agreement to raise $300 million bond issue

Ø PNB Housing Finance Q3 result: Net profit nearly flat at ₹232 cr

Ø FinMin releases Rs 12,351 cr to 18 states for RLB grant

Ø Disinvestment: FY22 target to be around Rs 2 lakh crore

Ø Bank of Baroda Q3 profit at Rs 1,159 cr

Ø S&P revises Vedanta Resources outlook from ‘negative’ to ‘stable’

Ø PIL in Delhi HC seeks direction to e-commerce websites to display MRP, seller details

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⚫The Minister for Road Transport said dept has approved a proposal to levy a “Green Tax” on old vehicles. According to the proposal, transport vehicles older than 8 years could be charged Green Tax at the time of renewal of fitness certificate, at the rate of 10-25% of road tax and personal vehicles to also be charged the same levy at the time of renewal of Registration Certification after 15 years.

⚫The RBI said it is examining if there is a need to introduce central bank digital currency in the country and, if yes, how to operationalise it.

The RBI's statement comes against the backdrop of private digital currencies, virtual & crypto currencies gaining popularity in recent years. The RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said, releasing a booklet of payment systems in India.

⚫Capitalise PSBs, create bad bank to absorb NPAs, CARE Ratings said, given that bank credit growth would be higher in FY22 than in FY21, incremental credit would be Rs 10-11 trillion

⚫Govt missing the perfect opportunity for PSU privatisation: Centre should push PSU share sale as markets hit record high.

⚫Direct tax compliance set to be made easier in upcoming Budget. Budget may resolve issues related to administration.

⚫Delhi conducted its fifth sero-prevalence survey in January and the results have revealed that the Capital is inching closer towards attaining herd immunity against COVID-19.The latest survey has found that every second person in Delhi has developed antibodies against the novel coronavirus.

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Trusts and societies have till April 1 to register with MCA under CSR rules

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Each CSR project would be given a unique registration number upon submission of the Form CSR-1 which can be used to track the project

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➡️“It is a one-time registration in a simple single-page form where details of the members, PAN number etc has to be provided which can help us identify the implementing agencies on the MCA21 portal,” a senior government official told Business Standard.

➡️ this will also serve as a database of authentic implementation agencies and promote transparency in implementation of CSR activities, the senior official said.

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➡️company having average CSR obligation of Rs 10 crore or more in the three preceding financial years, will have to undertake an impact assessment study of its projects, through an independent agency.

➡️Such as study has to be done for projects with an outlay of Rs 1 crore or more, and which have been completed not less than one year before the impact study.

➡️The board has to ensure that the administrative overheads of CSR activity do not exceed five percent of total CSR expenditure of the company for the financial year.

➡️ Any surplus arising out of the CSR activities will also not form part of the business profit of a company and be ploughed back into the same project or transferred to the Unspent CSR Account.

Companies are also allowed to create or acquire capital assets through CSR in the name of beneficiaries or a public authority or registered trust, society or section 8 company.

➡️This has been done in line with sustainable development goals which talk about building partnerships.

➡️The company’s board has to mandatorily disclose the composition of the CSR Committee, and CSR policy and projects on their website for public access.

➡️Companies with CSR liability of less than Rs 50 lakh will not have to form a CSR committee. “For smaller companies we want to ease the burden of CSR compliances.”

https://www.google.com/amp/s/wap.business-standard.com/article-amp/companies/trusts-and-societies-have-till-april-1-to-register-with-mca-under-csr-rules-121012201321_1.html

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⚫India is considering easing foreign investment rules for sectors ranging from construction to animation to lure overseas capital needed to create jobs in an economy cratered by the pandemic

⚫Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection. Govt examining measures like the strengthening of the Central Economic Intelligence Bureau.

⚫The Indian Railways has done away with additional charges it levies on larger goods consignments moving through the dedicated freight corridors. This is being done to aid infrastructure projects and encourage more transport through the DFC.

⚫Home Minister had a high-level meeting of officials to assess the situation. After this 15 companies of central armed forces were deployed across the city while the Delhi Police commissioner has been asked to deal with the protesters strictly.

⚫Farmers breaking their commitment to a peaceful rally on the outskirts of the capital and rioting in the capital may have sealed the fate of their cause with this unacceptable breach of protocol on Republic Day. They may need to introspect on their endgame now.

⚫86 policemen have reported injured & several public & private properties have been damaged in this act of vandalism by the rioting mob. Delhi Police are keeping a close watch on the situation and also registering cases of violation of lawful directions, rioting, damage to public property & assault on police with deadly weapons.

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RBI predicts a disastrous GDP fall of 7.5%, yet the stock market has soared. The Sensex crossed 50,000 last week, up from 40,000 a year ago. Is this a bubble about to burst? Yes, it is a bubble. But it may last some time since it is part of a global bubble blown by major central banks printing money massively to combat the Covid-induced recession.

Compounding of Contraventions under the FEMA, 1999 in India. Now most of the contraventions under the FEMA, 1999 except sensitive or serious can be compounded by RBI without levying a maximum penalty @300%.

However Director of Enforcement (DOE) is permitted to initiate for

persecution where an imprisonment of maximum 7 years can be imposed

against sensitive or serious contravention. Read more: http://femainindia.com/Image/Compounding_15.pdf

Ministry of Finance has issued a Press Release dated January 15, 2021 regarding One held by CGST Delhi officials for fraudulently passing on fake ITC of Rs 14.30 crore. In the ongoing campaign against fake/bogus invoices and resultant availment of inadmissible ITC, officers of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have detected a case of issue of fake bills of Rs. 79.5 crore (approx).

Ministry of commerce and Industry has issued Trade Notice No. 36/2020-21 – dated January 4, 2021 Regarding Cyber fraud complaints from Indian Exporters - Trade Advisory.

UCO Bank invites bids for the appointment of consultant for the implementation of Internal Financial Controls over Financial Reporting for the FY 2020-21 onwards. Last date of bid submission: 27.01.2021 up to 04.00 PM

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⚫The Union Cabinet has paved the way for the much awaited policy on the privatisation of PSUs, and its details are expected to be announced in the Union Budget.

⚫India’s consumption economy will be the third largest globally by 2030, and it would scale to about $5 trillion, said CEO Flipkart Group. He expects that 75% of this consumption will be led by the middle-income segment.

⚫In 2006, less than 3% of people were shopping online. In 2019, about half of the population was online and more than 10% were shopping online.

⚫Amazon under ED lens over FDI rule breach. The action follows certain observations made by a Delhi High Court bench last month about Amazon in the Reliance Future Retail acquisition case.

⚫Farmer unions cancelled their planned foot march to Parliament on February 1 when the Budget would be presented in the House.

⚫The Delhi police have booked farmer leader Rakesh Tikait and 36 others, and also detained around 200 people in connection with incidents of violence and vandalism in various parts of Delhi.The Bharatiya Kisan Union (Bhanu) and the All India Kisan Sangharsh Coordination Committee have decided to withdraw from the ongoing agitation.

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Finance Minister launches “Union Budget Mobile App”

Union Budget 2021-22 which will be presented on 1st February 2021 will be the first budget in the history of India in the paperless form. Union Finance Minister Nirmala Sitharaman has launched a mobile application named “Union Budget Mobile App” which will provide quick easy and hassle-free access to Union Budget information to all stakeholders.

Union Budget Mobile App:-

- To download the App go to the Union Budget Web Portal (www.indiabudget.gov.in).

- The App has been developed by the NIC (National Informatics Centre)

- The App will be available on both Android and iOS platforms.

- The App will be available in English as well as Hindi language

- The App will have features of downloading, printing, searching, zooming in and out, bidirectional scrolling, table of contents and external links, etc.

- The App will provide complete access to 14 Union Budget documents including the Annual Financial Statement (commonly known as Budget), Demand for Grants (DG), Finance Bill etc. as prescribed by the Constitution.

- The Budget documents will be made available on the Mobile App after the Finance Minister completes the Budget Speech in the Parliament.

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Monday 25 January 2021

25 January 2021 News and Updates

25th January 2K21

Ø Reliance spins off oil-to-chemical biz unit

Ø BPCL expects to expand customer base 10-fold under new customer loyalty programme

Ø Gulf economies are scripting tighter expat rules amid oil gloom

Ø Irdai panel for separate payments of vehicle, insurance premium

Ø Luminous aims Rs 6,000-crore turnover by FY25, to invest Rs 500 crore over next 3 years for expansion

Ø Online grocery to grow 8 times in 5 years in India, JioMart big gainer

Ø Yes Bank at 'peak' of asset quality stress; has 'many positives': CEO

Ø FPIs remain net buyers with 18,456 crore investment in Jan so far

Ø NIIF equity investments average less than Rs 1,000 cr in past 5 years

Ø Faster withdrawal of global stimulus can impact markets: Vetri Subramaniam

Ø UltraTech net more than doubles on better realisation, lower cost

Ø Mindtree looking to buy companies with revenues of $50-100 million

Ø Select class of unlisted firms need to file results with RoC

Ø Stove Kraft raises ₹186 crore from 32 anchor investors

Ø Birla Corp Q3 profit surges 82% to ₹148 crore

Ø Fake GST invoice cases on rise, over 2,500 cases booked since mid-November

Ø Volkswagen looks to claim damages from suppliers over chip shortage: Report

Ø Oman bars expats from certain jobs amid economic downturn

Ø Tata Power Solar wins ₹1,200 cr order to set up 320 MW project

Ø India’s consumer internet market saw ‘swoosh-shaped’ recovery in 2020; to hit $250B GMV in 2025

Ø Hinduja Global Solutions acquires 100% stake in HGS Digital

Ø Kerala passes resolution against CAG’s audit report

Ø SAIL planning to set up India's first gas-to-ethanol plant in Chandrapur

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⚫The tribal affairs ministry launched a portal to collect data related to tribal migrant workers and link them with the existing welfare schemes.

⚫Power demand touched an all-time high of 187.3 GW on Friday, highlighting the growing strength of the economy.

⚫The CSR rules that came into effect from Friday have given time till April 1, 2021 to implementing agencies such as trusts and societies to register with the ministry of corporate affairs while also setting a three year time limit for any CSR project, among a series of other amendments introduced by the Govt.

⚫The RBI proposed to introduce a scale based regulatory framework for NBFC's to segregate larger entities & expose them to a stricter set of “bank-like” rules. This is aimed at protecting financial stability while ensuring that smaller NBFCs continue to enjoy light-touch regulations and grow with ease.

⚫The 11th round of talks between the protesting farmers & the Centre ended in a deadlock again, with the former sticking to their stand of complete repeal of the laws. Even the Govt hardened its stand, saying that the latest proposal of keeping the laws in abeyance for 12-18 months is the best it can do.

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👉 Filling up of Executive Director, Chief General Manager, General Manager, Dy. General Manager, Assistant General Manager, Manager & Assistant Manager level posts in NFRA at New Delhi on Deputation/Short term Contract basis.Pdf(67 KB)

http://www.mca.gov.in/Ministry/pdf/NoticeNFRA_22012021.pdf

👉 Companies (CSR Policy) Amendment Rules, 2021Pdf(1.43 MB)

http://www.mca.gov.in/Ministry/pdf/CSRAmendmentRules_22012021.pdf

👉 List of Award Winners - 14th ICAI Awards held on 20th January, 2021 - (22-01-2021)

https://resource.cdn.icai.org/62813cmib50825.pdf

👉 Register for 3rd online weekend Exclusive Batch for ICAI Members and Students of the French Language Course of 120 hours of A1 Level (includes A1.1 and A1.2) is starting from 20th February, 2021.- (22-01-2021)

https://www.icai.org/post/3rd-online-weekend-exclusive-batch-french-language-course

👉 Launching of Quarterly Industrial Outlook Survey (IOS): January-March 2021 (Round 93)

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51009

👉 Launching of 28th Round of Quarterly Services and Infrastructure Outlook Survey (SIOS)–Q4:2020-21

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51010

👉 RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51011

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⚫WHO chief thanked PM Modi for his support to the global COVID-19 response, saying acting together, including sharing of knowledge, will help in combating the novel coronavirus. India this week announced that it will send COVID-19 vaccines under grant assistance to Sri Lanka and seven other countries Bhutan, Maldives, Bangladesh, Nepal, Myanmar, Seychelles, Afghanistan and Mauritius.

⚫With 294 deals, venture capital investment in India reached $3.1 billion in the fourth quarter of 2020, compared to $3.6 billion in the previous quarter, said a KPMG report.

⚫Petrol and diesel prices in the country on Saturday touched new all time highs after rates were increased for the fourth time this week.

⚫Over two lakh tractors will be part of the Jan 26 'kisan parade' in the capital and around 2,500 volunteers will be deployed to facilitate the movement of the vehicles. The tractor parades will be taken out only after 12 pm, after the Republic Day parade concludes, according to the protesting farmer unions.

⚫Foreign portfolio investors remained net buyers to the tune of Rs 18,456 crore in January as global liquidity led to continued investment in emerging markets.

⚫India witnessed 19 IPO's worth USD 1.84 billion in the fourth quarter of 2020 and market sentiment remains positive in what could be a stellar 2021.

⚫The Govt may in the Budget next week announce formulation of a dedicated policy for the toys sector to boost domestic manufacturing. They said the policy will help in creating a strong ecosystem for the industry in the country and also attract startups.

⚫The Chairman of Hindustan Aeronautics Ltd said that a number of countries have shown keen interest in procurement of the Tejas aircraft and that the first export order is likely to come by in the next couple of years.

⚫The Supreme Court is scheduled to hear a plea seeking grant of one more chance to appear in the UPSC's civil services examination to those aspirants who could not appear in their previous attempt last year due to the COVID-19 situation.

==============>

📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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Thanks for reading

Friday 22 January 2021

22 January 2021 News and Updates

22nd January 2K21

Ø Indians saved additional $200 billion during Covid pandemic and lockdowns

Ø Vodafone Group may sell small stake in Indus Towers to inject capital into Vi

Ø French automaker Citroen to bank on SUVs to become a major player in India

Ø India expects participation of global oil majors in BPCL bidding: Oil minister Dharmendra Pradhan

Ø Indian real estate attracted $5 billion institutional investments in 2020: Report

Ø Government assures Coal India of 'full support', stresses on learning 'new things'

Ø Iraq cuts crude oil supplies for most Indian refiners in 2021: Report

Ø RBI remains net purchaser of US dollar in November, buys $10.261 bn

Ø PE investments in real estate down 40% at $4.06 billion in 2020

Ø Sebi penalises HDFC Bank for wrongly invoking pledge of securities

Ø Asian Paints Q3 profit surges 62% to Rs 1,238 crore, revenue grows 25%

Ø Sebi nod for Future, Reliance deal subject to court proceedings: Amazon

Ø JSPL posts ₹2,567-cr profit in Q3 on higher pent-up demand

Ø Bajaj Auto third-quarter net rises 44% to ₹1,716 crore

Ø Centre likely to give final push to urban housing scheme

Ø Oil, gas output show signs of recovery in Dec

Ø Raymond board approves raising up to ₹200 cr via NCDs

Ø US-based Humanscale targets WFH space in India

Ø NSE is world’s largest derivatives exchange for 2nd consecutive year

Ø Morgan Stanley fund invests $25 mn in LEAP India

Ø Home First IPO subscribed 1 times on Day 1; Indigo Paints 6.92 times on Day 2

Ø RBI imposes ₹2 crore penalty on Standard Chartered Bank

Ø No fall in COVID infections despite lockdown, finds UK study

Ø India’s GDP within striking distance of attaining positive growth: RBI

Ø Jet Airways engineers’ body files application with NCLT for speedy resolution

Ø SBI Cards’ net profit plunges 52 pc to Rs 210 cr in Dec quarter

Ø Reliance Power Q3 profit up 6 per cent at Rs 52 crore

Ø Karnataka tops in Niti Aayog's second Innovation Index again

Ø Biden signs 15 executive orders, reversing Trump's key policies

Ø Centre issues Letter of Comfort to Bharat Biotech for 45 lakh doses of Covaxin

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⚫The Indian technology industry has welcomed the US President Biden for his stand on immigration and the H1B visa. Biden is expected to send a Bill to the Congress that proposes to eliminate the per country cap for employment based green cards. All this is expected to help Indian IT professionals.

⚫Even as India's hiring activities declined last year due to the coronavirus, there is a sudden increase in demand with about 53% of co's saying they are planning to increase their headcounts in 2021.

⚫The RBI imposed a penalty of Rs 2 crore on Standard Chartered Bank India for delays in reporting of frauds to it.

⚫In a setback to the Centre’s effort to break the deadlock over the farm laws, the protesting farmers’ unions rejected the Govt’s offer to keep the laws on hold for around 18 months, saying that they will not settle for anything less than total repeal of the Acts and a legal guarantee for MSP.

⚫Five people died when a fire broke out inside the sprawling complex of the Serum Institute of India in Pune.

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Income Tax E-filing Wef AY 2020-21, file Form 10-IC electronically from PAN login, to exercise option of 22% tax u/s 115BAA by a domestic company with DSC/EVC.

Central Board of Direct Taxes in exercise of powers conferred under Para 3 of the Faceless Penalty Scheme, 2021 hereby directs that all the penalty cases initiated under the Income-tax Act, 1961, pending as well initiated subsequently, is assigned to the National Faceless Penalty Centre to be disposed by the National Faceless Assessment Centre (read as NeAC) in accordance with order under para 4 of the Scheme, dated 20.01.2021 (F. No 187/3/2020-ITA-I), except provided as hereunder :- i) Penalty proceedings in cases assigned to Central Charges; ii) Penalty proceedings in cases assigned to International Tax Charges; and iii) Penalty proceedings arising in TDS charges.

GST portal, after enter into an ‘Intimation of Voluntary Payment – DRC-03’ for voluntary payment of outstanding liabilities u/s 73 and 74 of the CGST Act, new option has been added in the cause of payment in DRC-03 for payments to be done on account of. 1. Liability mismatch – GSTR – 1 to GSTR -3B. 2. ITC Mismatch – GSTR -2A/2B to GSTR – 3B.

SEBI granted approval to the Future Group and Reliance Retail deal. In August 2020, Kishore Biyani led-Future Group had entered into a 24,713 crore agreement with Mukesh Ambani's Reliance Retail. As part of the deal, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures (RRVL).

Supreme Court upheld the Constitutional validity of the amendments made to the Insolvency and Bankruptcy Code (IBC) in 2020 that mandated a minimum of 100 home buyers to come together to file an insolvency application in the National Company Law Tribunal (NCLT) to trigger the IBC against a defaulting developer.

========>

==============>

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Thursday 21 January 2021

21 January 2021 News and Updates

21st January 2K21

Ø Corporate funding in solar sector globally soars to USD 8 billion in 2020: Report

Ø Crude oil production falls 3.6%, natural gas shrinks 7.1% in December

Ø NBFCs seek continued liquidity support in upcoming Budget

Ø Cabinet approves Rs 5,281.94 crore investment for 850 MW Ratle hydro power project in Kishtwar

Ø Cairn says engaged with Indian govt on adherence to arbitration award

Ø Telcos seek lower levies, taxes in upcoming Budget

Ø US remains key forex source for India, accounts for 15-17% of goods exports

Ø Indian insurers to withstand pandemic-led downturn: Moody's

Ø CCI okays Flipkart's Rs 1,500 cr stake in Aditya Birla Fashion and Retail

Ø DGTR recommends anti-dumping duty on newsprint for five years

Ø Fiscal deficit of states to hit peak of Rs 8.7 trn as tax collections slide

Ø Federal Bank third quarter profit declines 8% to Rs 404 cr

Ø Alstom bags €106-m contract for signalling systems from NCRTC

Ø Havells India Q3 profit jumps 75 per cent to ₹349 crore

Ø Phillips Carbon profit surges to ₹125 cr in Dec quarter

Ø Hindustan Zinc net up 36% on higher realisation

Ø LT Foods arm Nature Bio Foods BV buys 30 per cent stake in Netherland-based Leev

Ø South Korea’s Naver to acquire storytelling platform Wattpad

Ø HDFC AMC Q3 PAT up 5% to ₹369.26 crore

Ø T-bill rates start inching higher as RBI moves to control liquidity

Ø AI-startup AlphaICs raises $8 million in Series B funding

Ø IRFC IPO subscribed 3.49 times on final day; Indigo Paints 1.9 times on Day 1

Ø S&P 500, Nasdaq scale record highs as Netflix's shares surge, Biden takes office

Ø Bajaj Finserv Q3 consolidated net profit jumps 15% to ₹1,290 cr

Ø Cabinet approves MoU with Uzbekistan for cooperation in solar energy

Ø DBT scheme for fertiliser subsidy may be rolled out in FY22

Ø NCLT agrees to hear plea alleging mismanagement in Omaxe

Ø Telangana retains its top 4 slot for innovation

Ø WhatsApp delays new privacy policy by three months amid severe criticism

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⚫Joe Biden was sworn in as President of the US on Wednesday, offering a message of unity and restoration to a deeply divided country reeling from a battered economy and a raging coronavirus pandemic that has killed more than 400,000 Americans.

⚫Lofty earnings growth estimates, liquidity boom keep stocks afloat. Analysts are forecasting Nifty EPS to grow 60% by FY23.

⚫The I-Tax dept said it has issued over Rs 1.76 lakh crore worth refunds to over 1.65 crore taxpayers so far this fiscal.

⚫The tenth round of talks between the Centre and the representatives of farmers' unions concluded on January 20 with the Govt offering to suspend implementation of farm laws for one to one-and-half years.

⚫786842 healthcare workers have received Covid-19 vaccine jabs till the evening of the fifth day of the immunisation drive.

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👉🏻Govt set to amend LLP Act; seeks comments on panel's report

(The committee has proposed the concept of small LLP as well as provision for LLPs to issue non-convertible debentures)

👇🏻 👇🏻 👇🏻

http://bit.ly/3qAZUzr

👉🏻Empanelment of Concurrent Auditors for IDBI Bank

(IDBI Bank invites online applications from CA Firms in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank)

👇🏻 👇🏻 👇🏻

http://bit.ly/2XYDX1e

Life has many great options. don't pick what seems to be the best. Just pick what makes you happy and it will be the best.

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Income Tax Section 14A disallowance not sustainable if AO fails to records satisfaction about correctness of claim of assessee. Case Name : Ambuja Housing & Urban Infrastructure Co. Ltd Vs DCIT (ITAT Kolkata)

Ministry of Finance has issued a Press Release dated January 18, 2021 regarding One held by CGST Delhi East officials for availing fake input tax credit of Rs 82.23 crore.

GST: Hearing a case related to the Central Goods and Service Tax act the Gujrat high court asked the union government to take steps to stop provisionally attaching bank account of person after the GST departments raids over suspected tax evasion or other irregularities.

Haryana Deputy Chief Minister, launched a prototype of'GST-PV' app for Excise and Taxation Department. Through this App, all the Tax Inspectors of the Excise and Taxation Department will conduct physical verification of the premises of taxpayers with their smartphones.

Sebi extended relaxations for companies with regards to compliance with procedural norms pertaining to rights issues opening till March 31 amid the ongoing coronavirus pandemic. Earlier, this relaxation was given for rights issues opening till July 31, 2020, which was further extended till December 31, 2020.

==============>

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Wednesday 20 January 2021

20 January 2021 News and Updates

20th january 2k21

ø sbi, icici bank, hdfc bank remain systemically important banks: rbi

ø india's oil imports at near 3 year high in december

ø india seen contributing 15% of global growth by fy26

ø china's oppo says making huge r&d investments in india

ø nearly two-thirds of auto industry loan requirements met by private, foreign lenders: report

ø tata motors receives 98 patents in 2020

ø telcos to soon filter out unregistered smses

ø nbfcs, fintech companies urge fm sitharaman to enhance lending facilities

ø rbi to crack whip on recovery agents, calls for restricting messaging apps

ø sebi extends relaxations for compliance with rights issues till march 31

ø india accounts for 14% of global app installations: inmobi report

ø bill gates-led fund raises another $1 billion to invest in clean tech

ø vedanta resources settles copper mine pollution claim in zambia

ø alembic pharma q3 standalone net up 19% at ₹277 crore

ø privatisation force bpcl to halt work on ₹11,130-crore polyol plant in kochi

ø ceat q3 profit grows 27% to ₹132 crore on strong demand in replacement market

ø aai approves spicejet proposal to reduce dues by march 31

ø dunzo raises $40 mn in funding from google, lightbox and others

ø welspun one logistics parks launches first aif of ₹500 cr

ø tata communications q3 net profit jumps 428%

ø adani group signs concession agreements with aai for developing 3 airports

ø irfc ipo subscribed 1.22 times on day 2

ø goldman sachs q4 profits surge to $4.4 bn, topping estimates

ø govt to exit its holding in vsnl this fiscal, sell 26.12% stake

ø general motors teams up with microsoft on cruise self-driving vehicle

ø india must remain an integral part of global economy: niti aayog ceo amitabh kant

ø jan dhan accounts cross 41 crore: finance ministry

ø ntpc group records its highest-ever power generation on jan 18

ø bank of maharashtra q3 net up 14% to rs 154 cr

ø csb bank q3 net up 88%, provisions also soar

ø centre issues letter of comfort to bharat biotech for 45 lakh doses of covaxin

ø cochin airport commissions floating solar power plants

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legal-knowledge capsule

✒ supreme court uphold section 3,4 & 10 of ibc amendment act 2020.

✒ supreme court has reiterated that the prescription of a higher educational qualification as a qualification for promotion cannot be held as violate of article 14 and 16 of the constitution of india, 1949.

✒ delhi high court has issued notice to the central government in a writ petition filed seeking regulation and control of digital lending platforms to file a reply by 19th february, 2021.

✒ madras high court held that petition u/s 482 crpc seeking quashing of a domestic violence complaint is not maintainable .

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👉🏻sc upholds ibc amendments mandating minimum threshold for insolvency process against developers

(supreme court upheld amendments to the insolvency and bankruptcy code (ibc) that introduced a minimum threshold of 100 home buyers or 10% of the total allottees of a project)

👇🏻 👇🏻 👇🏻

http://bit.ly/3buozed

👉🏻rule 86b under gst - restrictions on use of amount available in electronic credit ledger

(misconceptions vs reality about rule 86b under gst, facts about 1% payment of tax liability in cash in gst under rule 86b)

👇🏻 👇🏻 👇🏻

https://bit.ly/2xvtq1t

👉🏻2 structured cpe hours vcm on do's and don't for cas under revised code of ethics and disciplinary mechanism

(by chandigarh branch of nirc of icai on 23.01.2021, saturday, 03:00 pm - 05:00 pm by ca. vivek khurana)

👇🏻 👇🏻 👇🏻

http://bit.ly/3buoqxl

==============>

📲 download my official android app "updates by carj" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

thanks for reading

Tuesday 19 January 2021

19 January 2021 News and Updates

19th January 2K21

Ø NABARD projects credit potential 15.46% higher than the previous year

Ø SBI initiates insolvency proceedings against Videocon promoters

Ø Hero Motors acquires strategic stake in Hewland Engineering for undisclosed amount

Ø L&T bags up to Rs 5,000 crore order from Rail Vikas Nigam in Uttarakhand

Ø Maruti Suzuki hikes prices of select vehicles by up to Rs 34,000

Ø Tata Motors ties up with private lenders for commercial vehicles financing

Ø IMF chief sees 'high degree of uncertainty' in global outlook due to Covid

Ø Adani Green Energy's promoter sells shares worth nearly Rs 3,309 cr

Ø Apollo Hospitals opens QIP with floor price of Rs 2,508.58 a share

Ø Yes Bank board of directors to meet on Friday to consider fund raising plan

Ø Irdai working group proposes 'traffic violation premium' in motor insurance

Ø UK SME fintech platform Tide announces plans to expand into India

Ø Motherson Automotive acquires 75% in Turkey-based Plast Met

Ø Godrej Fund Management raise $500 million through GBTC II

Ø Cure.fit acquires US-based digital fitness company Onyx

Ø Sugar production till Jan 15 up 31% at 143 lakh tonnes

Ø Daicel plans ₹230-cr airbag inflator unit in Chennai

Ø SpiceJet proposes two-fold plan to clear dues to AAI

Ø IRFC IPO subscribed 65% on Day-1

Ø L&T Finance to open ₹3,000 crore rights issue on 1 February

Ø Healthcare sector's revenue expected to grow 20% in 2021-22: Report

Ø Karnataka HC resumes hearing of case between CCI and Amazon, Flipkart

Ø Top-tier Indian banks lead digital change: S&P

Ø Mindtree Q3 net profit up 66%, sees healthy deal pipeline

Ø India, China set to lead vaccine distribution in APAC region: Moody's Analytics

Ø Economic activity tentatively returning to pre-COVID levels: Icra

Ø Mindtree net profit jumps 66% to Rs 326 crore; company sees strong pipeline ahead

Ø Cochin Airport commissions floating solar power plants

Ø WhatsApp delays new privacy policy by three months amid severe criticism

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👉🏻Policy of Empanelment of CA Firms/LLPs and Selection of Auditors from 2021-22 onwards

(This will be implemented from the empanelment year 2021-22 and onwards for the refusal received after notification of this policy)

👇🏻 👇🏻 👇🏻

http://bit.ly/39zFDU0

👉🏻Draft Bank Branch Auditors’ Panel for the year 2020-21

(Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2020-21 has been Hosted, You are requested to Please check the same. In case of any observation, please log a complaint)

👇🏻 👇🏻 👇🏻

http://bit.ly/3sA9Jje

👉🏻Future of Bank Branch Audit with Regards to latest RBI Guidelines

(Latest RBI Norms on eligibility, empanelment and appointment of Statutory Branch Auditors in Public Sector Banks from the year 2020-21 and onwards)

👇🏻 👇🏻 👇🏻

https://youtu.be/BjeGvx2IPj4

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CBDT has relaxed the requirement of remunerating fund managers of certain offshore funds because of the amended Rule 10V for availing the special taxation regime under Section 9A. The Section provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India.

Income tax department launches Faceless Penalty Scheme, 2021 to eliminate interface between AO & assessee. Notification 02 /2021 of 12.1.21.

GST Two new options are added to DRC 03.For payment of Difference amount between R1 and 3B and For payment ITC mismatch.

MCA will allow late applications for the Companies Fresh Start Scheme (CFSS) on a case-to-case basis but has ruled out a blanket extension of the scheme despite protests outside Registrar of Companies (RoC) offices across the country seeking an extension.

ICAI Invitation for empanelment as Checker for Verification of Answer Books of the Chartered Accountants Examinations held in November 2020. link at:

https://eservices.icai.org/EForms/configuredHtml/1666/68457/Registration.html.

The above-mentioned link will be made available from 14th January 2021 to 20th January 2021.

MEF Applicants can visit at https://meficai.org/ to view the category and other information related to their MEF Application. Any comments/ observations on the details and category can be shared by the MEF Applicants at https://app.meficai.org/complaints latest by 20th Jan., 2021.

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MCA Update in News

Reg. - LLP

Company Law Committee recommends decriminalisation of LLP Act, introduction of 'small LLPs'

The committee also suggested the introduction of the concept of a small LLP in line with small companies under the Companies Act, and provision for issuance of non-convertible debentures (NCDs) by LLPs to raise funds.

Small LLP

The CLC highlighted the need for the creation of a class of ‘small LLPs’ which would be subject to lesser compliances, fees and penalties to reduce the costs of compliance.

The proposed definition for small LLPs included conditions such as that the contribution of partners does not exceed Rs 25 lakh and an annual turnover not exceeding Rs 40 lakh.

Monday 18 January 2021

18 January 2021 News and Updates

18th January 2K21

Ø Bank credit grows 3.2 pc in first nine months of FY21

Ø Record construction of 534 km of national highways in one week: Government

Ø Banks parked Rs 2 trillion excess cash amid RBI signalling

Ø Indian economy may contract 25 per cent in current fiscal: Economist Arun Kumar

Ø Excise duty collection jump 48 per cent this fiscal on record hike in taxes on petrol, diesel

Ø DHFL resolution: Lenders approve Piramal's bid

Ø Banks to get 33% of dues spread over five years from DHFL resolution

Ø BharatPe raises Rs 139 crore in debt from Alteria Capital, ICICI Bank

Ø Franklin Templeton MF's 6 shut schemes generate Rs 13,789 cr since closure

Ø Metropolis Healthcare to buy Hitech Diagnostic Centre in a cash, stock deal

Ø Plea in Delhi High Court against Lakshmi Vilas Bank and DBS merger

Ø Newsprint cost up 20%; publishers seek duty waiver, govt support

Ø Govt targets to complete 11,000 km of national highways this fiscal

Ø Aurobindo Realty to buy 41.12 per cent stake in Kakinada Seaports

Ø IBBI moves the governance needle on IPAs

Ø HFCL to ramp up cable production by 30% in six months

Ø JNPT plans to attract ₹4,000 cr investment, to generate 72,600 direct jobs

Ø Rakesh Jhunjhunwala-backed Nazara becomes first Indian gaming firm to file IPO

Ø Govt procures paddy worth ₹1.06 lakh cr so far this kharif season

Ø GST scam: Haryana police recovers ₹112 crore; 89 arrested

Ø Lebanon signs with Pfizer for 2.1 million vaccine doses

Ø RBI remains steadfast to take any further measures to support growth: Shaktikanta Das

Ø Demand to rationalise GST on food delivery business to 5 per cent

Ø Road to Recovery: Imports rise for the first time in 10 months

Ø ‘World pharmacy’ India invited to UK’s G-7 meet

Ø Work on Chabahar port fast-paced as India begins handing over cranes to Iran

Ø Indian Banks to be resilient even if there is a 15% run on deposits: RBI report

Ø Essar Oil UK, Progressive Energy to set up £750 million hydrogen unit in UK

Ø FSDC sub-committee reviews developments in economy

Ø MCA permits funds spent by corporates on Covid vaccination drive awareness to count as CSR activity

Ø Sterlite Power completes merger of Sterlite Power Grid Ventures with itself

Ø Coal India raises capex budget by 30% to Rs 13,000 crore for FY21

Ø Infosys posts 16.6% net profit growth in Dec quarter, revises FY21 guidance

Ø Pension assets under management at Rs 5.49 trn as of Dec 2020: PFRDA

Ø Mutual Funds and FPIs were among the biggest traders of govt debt in 2020

Ø Govt approves proposal for mineral reforms to boost production: Report

Ø Need to increase capital outlay in road sector by at least 15%: Icra

Ø Sebi reduces application and registration fee for investment advisors

Ø Adani offers to buy out Bidvest, ACSA from MIAL for₹1,586cr

Ø Corporate funding in Solar sector up 24%: Report

Ø CARE lowers Centre’s fiscal deficit projection to 7.8% of GDP

Ø Tobacco farmers seek withdraw of COTPA Amendment Bill

Ø Tata Motors expects Altroz iTurbo to rev up sales volume

Ø Tiger Global, others invest $50 m in edtech platform Unacademy

Ø WHO awaits Serum Institute data to recommend Covid-19 vaccine for international use

Ø Government to raise ₹2,600 crore through stake sale in SAIL

Ø Mahindra sheds 'redundant' jobs at its North American subsidiary

Ø SEBI restrains business news anchor Hemant Ghai, family from trading

Ø IPO action kickstarts in 2021 with govt-run IRFC issue

Ø Volkswagen sold 9.3 million cars in pandemic year, down 15%

Ø Advisory clients cannot be charged broking fees: Sebi tells HDFC Securities

Ø Infosys to acquire assets, onboard employees of Australia’s Carter Digital

Ø Cabinet approves proposal for mineral reforms: Sources

Ø Wipro Q3 net profit up 20.8 per cent to Rs 2,968 cr

Ø Tesla reportedly in touch with five more states to set up operations in India

Ø Signal, Telegram grab 40 lakh new users in India amid WhatsApp row

Ø Company incorporations grow 20% year-on-year during April-December 2020: MCA

Ø US-India Business Council selects Kiran Mazumdar-Shaw as one of the vice chairs

Ø Indian apparel exports to be on growth path: ICRA

Ø PV sales in India at ten-year low, industry working hard to regain volumes: SIAM

Ø Govt notifies modified scheme on ethanol production

Ø Gem & Jewellery exports in Dec grows 6.3% to $2.49 billion

Ø DoT pares telecom revenue estimate by 70% to Rs 40,000cr

Ø Amazon urges Sebi not to issue NOC for $3.4 bn Future-Reliance deal

Ø Indiabulls Housing Finance in talks with PEs to sell 15-20% stake

Ø NBFCs urge RBI to relax compliance rules as they convert into banks

Ø SBI lists issuance of $600 mn foreign currency bonds on India INX

Ø US unemployment claims jump to 965,000 as Covid-19 virus takes toll

Ø L&T's construction arm receives multiple orders in domestic market

Ø Wholesale inflation down to 1.22% in December

Ø Automobile sales register 14 per cent growth in December

Ø NTPC arm makes 50 MW solar project in Kasargod commercially operational

Ø Indigo Paints IPO to open on Jan 20, sets price band of ₹1,488-1,490 per equity share

Ø HUL board to consider Q3 results on January 27

Ø Rapyd raises $300 mn in funding from Coatue, Tiger Global, others

Ø Delta calls 2021 year of recovery after first loss in 11 years

Ø Dow, Nasdaq hit record highs as focus turns to Biden's stimulus plan

Ø Google completes $2.1 billion acquisition of Fitbit

Ø BlackRock profit beats expectations as assets reach record high

Ø Budget session to begin from 29 January, Finance Bill to be tabled on 1 February

Ø UBS Fund pursues $400 million stake in SoftBank-backed Paytm

Ø German economy shrank 5% in pandemic year 2020

Ø China 2020 exports up despite virus; surplus surges to $535 billion

Ø EIU report: Vietnam rises as an alternative to China, beating India

Ø About 3 lakh healthcare workers to get Covid-19 vaccine shots on January 16

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⚫PM announced the launch of Rs 1,000-crore 'Startup India Seed Fund' to support startups & help budding entrepreneurs pursue innovative ideas.

⚫With economic recovery starting in Sept 2020 & the uncertainty of new coronavirus strains, the startups and MSMEs are seeing growth for their business and the necessary funds as the top challenge.

⚫The RBI is likely to propose stricter regulatory norms for shadow banks in a bid to strengthen solvency and sustainability of a sector that has been showing signs of stress in recent years. RBI began trying to move towards tighter norms for the sector after Infrastructure Leasing & Financial Services went bankrupt in 2018, and Dewan Housing Finance Corp & Altico Capital defaulted on payments in 2019.

⚫India gave coronavirus vaccine to more than 190,000 health workers across the country on the 1st day of vaccination drive, which went off fairly smoothly barring software glitches that delayed the exercise at many centres, a few minor adverse events following immunisation, and some doctors refusing to take the Covaxin shot.There was no post-vaccination hospitalisation reported in any of the centres.

⚫Former civil servants wrote an open letter to PM raising questions over transparency in the PM-CARES Fund, for reasons of probity and adherence to standards of public accountability, the financial details of receipts & expenditures be made available in order to avoid doubts of wrongdoing.

⚫Excise duty jumped 48% in the current fiscal on the back of a record increase in taxes on petrol & diesel. Corporation tax is down 35% at Rs 185,699 crore and income tax collection is 12% lower at Rs 235038 crore, the CGA data showed.

⚫Bank credit grew 3.2% to Rs 107.05 lakh crore in the first nine months of the current financial year, against a growth of 2.7% registered in the corresponding period of 2019-20. In the fortnight ended March 27, 2020, bank advances stood at Rs 103.72 lakh crore. Bank deposits rose 8.5% to Rs 147.27 lakh crore in the April-Dec 2020 period as against an increase of 5.1% a year ago.

⚫The finance ministry is looking at other avenues for affordable capital infusion, including setting up of a Bank Investment Company, as the RBI has raised concern over the issuance of zero coupon bonds for recapitalisation of public sector banks.

⚫India vaccinated over 17000 healthcare workers in 553 sessions on the second day of the Covid vaccination drive across six states, taking the total number of vaccinations to 224301. There were more than 400 adverse events following the jab, such as fever, headache and nausea.

⚫The road ministry said that a record 534 km of national highways was constructed in one week, beginning Jan 8, 2020. The ministry is hopeful that with such pace it should be able to cross construction target of 11000 km by March 31.

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👉🏻Names of Audit Firms approved for appointment as Statutory Central Auditors

(Names of Audit Firms approved for appointment as Statutory Central Auditors in the 12 Public Sector Banks for FY 2020-21)

👇🏻 👇🏻 👇🏻

http://bit.ly/35Hslng

👉🏻Applications for Empanelment of Special Auditors by Income Tax Department Kerala

(I.Tax Dept Kerala invites application from CA Firms for empanelment as Special Auditors to carry out audit in accordance with the provisions of sec. 142(2A) of I.T. Act, 1961)

👇🏻 👇🏻 👇🏻

http://bit.ly/35HwhEW

=========>

👉 Bank Branch Auditors’ Panel

Draft Panel of Chartered Accountants/firms for the year 2020-21 is now available in query mode at www.meficai.org

In case of any observations applicants may log a complaint with details at

https://app.meficai.org/complaints.

Draft Panel will be available up to 20th Jan., 2021 and till then members can lodge their complaint, thereafter the final panel will be sent to RBI.

👉 CFSS-2020 Form available for filing as eForm w.e.f 16th January 2021. Stakeholders may please take note and plan accordingly.

👉 Empanelment of Chartered Accountant firms/LLPs with the O/o C&AG of India for the year 2021-2022

The online application along with detailed instructions in this regard is accessible at www.cag.gov.in wef 1st Jan., 2021 and will be available till 15 February 2021. The applicant firms/LLPs will have to fill/update the data showing the status of their firm as on 1 January 2021.

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CBIC issued Circular No. 01/2021-Customs dated January 14, 2021 for transhipment of Import & Export Cargo via Sri Lanka and Bangladesh-Waiver of bank guarantee.

Reference is invited to CBIC Circulars No. 45/2005-Customs, dated 24.11.2005 and No. 8/2019-Customs, dated 26.02.2019 dealing with transhipment of import and export cargo and carriage of coastal cargo.

In this regard, representations have been received that Customs authorities at some ports are insisting that ship owners provide Bank Guarantee for carriage of EXIM containers for transhipment from East Coast to West Coast ports, via Colombo.

The matter has been examined. It is seen that Circular No. 45/2005, dated 24.11.2005 waives the requirement of execution of bank guarantee for the purpose of transhipment in respect of: Carriers of containerized cargo, who are handling more than 1000 TEUs as import containers in a financial year. This waiver would apply not only to shipping lines but also to ICDs/CFSs/other carriers and for carriage in all modes of transhipment, irrespective of their movement by road, coastal shipping or rail. Further, jurisdictional Commissioners of Customs in deserving cases have been empowered to exempt the requirement of furnishing Bank Guarantee in respect of carriers having annual transhipment volume below the limit of 1000 TEUs, but having good track record.

Further vide Circular No. 8/2019-Cus, dated 26.02.2019 movement of coastal goods through foreign territory of Sri Lanka and Bangladesh has been provided for, with a view to promote the movement of coastal goods through foreign territory.

In view of the above, Board has decided to extend the exemption from requirement of furnishing of Bank Guarantee by the carriers for carriage of EXIM cargo for transhipment through foreign territories of Sri Lanka and Bangladesh. This relaxation would apply,if the carrier fulfils the requirement of waiver of Bank Guarantee in a like manner, as provided for by Circular No. 45/2005-Customs, dated 24.11.2005.

The Circular can be accessed at: https://www.cbic.gov.in/resources/htdocs-cbec/customs/cs-circulars/cs-circulars-2021/Circular-No-01-2021-new.pdf;jsessionid=841ED53963F7766C3D04683D57059814

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CBIC issued Instructions No. 01/2021-Customs dated January 14, 2021 for the Requirement of filing of Bill of Coastal Goods (BCG).

Representations have been received that at various ports like Cochin, VoCPT (Tuticorin), Paradip, Haldia and Kolkata, Bill of Coastal Goods (BCG) is still required to be filed for pure coastal vessels operating from EXIM berths whereas, in terms of Notification 57/2016-Cus (N.T.), dated 27.04.2016, only a Manifest is required to be submitted for pure coastal vessels operating from exim berths.

The issue has been examined. All coastal vessels carrying exclusively coastal goods and operating from either coastal or EXIM berths has been exempted from the provisions of Sections 92, 93, 94, 95, 97 and 98(1) of the Customs Act, 1962 vide Notification No. 56/2016-Cus (N.T.), dated 27.04.2016.

Further, in respect of coastal vessels loading or unloading coastal goods at EXIM berths, provisions of Sections 30 & 41 of the Customs Act, 1962 have been made applicable and a new format for filing a coastal manifest in respect of such vessels has been notified vide Notification No. 57/2016-Cus (N.T.), dated 27.04.2016. Accordingly, the master of such vessel or his agent shall submit:

(a) coastal arrival manifest for the goods, which are unloaded or meant to be carried forward to other destination ports;

(b) coastal departure manifest for the goods loaded, including goods on board for other destinations

Therefore, it is reiterated that there is no requirement of filing a Bill of coastal Goods as was clarified as per para 4(a) of the CBIC Circular no. 14/2016-Cus, dated 27.04.2016 consequent to issue of CBIC Notification no. 56/2016(NT) dated 27.04.2016, if the coastal vessels are carrying exclusively coastal goods whether berthing at coastal berth or EXIM berth.

The Instructions can be accessed at: https://www.cbic.gov.in/resources/htdocs-cbec/customs/cs-instructions/cs-instructions-2021/cs-ins-01-2021.pdf;jsessionid=50649C19D362DB864255029AF1C00FA0

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✒ Supreme Court refered two cases to Mumbai centre for International Arbitration . Ranjan Gogoi J appointed sole arbitrator in one dispute.

✒ Supreme Court ruled that Builders has to pay interest if possession not delivered as per agreement to flat buyers.

✒ Delhi High court ruled that order terminating arbitration proceedings under section 32(2)(c) Arbitration Act not an award.

✒ Gujarat High court has rejected a plea seeking further extension of Income Tax Return filing date .

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⚫Imports moved into positive territory for the first time since March, sending the trade deficit to a 25 month high of $15.44 billion in Dec against $9.87 billion in the previous month.

⚫The much awaited policy to scrap 15-year old vehicles is likely to get Govt nod soon. On July 26, 2019, the Govt proposed amendments to motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electrical vehicles.

⚫Gross tax revenues likely to get back on track in FY22. Gross tax revenues may be projected at around Rs 23.65 trn in the Budget, back-of-the-envelope calculations suggest.

⚫The CBDT has relaxed the requirement of remunerating fund managers of certain offshore funds because of the amended Rule 10V for availing the special taxation regime under Section 9A.

⚫Highways ministry seeks nearly 40% hike in FY22 allocation. The allocation has gone up from Rs 83,015 crore last fiscal year to Rs 91,823.2 crore for the current year

⚫Protesting farmer unions stuck to their demand for a complete repeal of contentious farm laws at their ninth round of talks with three central ministers but while the Govt asked them to be more flexible in their approach and expressed willingness for necessary amendments, as the two sides decided to meet again on January 19.

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CBDT passes order u/s 119 of Income-tax Act,1961 in F No. 370153/39/2020-TPL dt 11th January,2021, disposing off the representations for extension of due date for filing of Audit Report u/s 44AB, in compliance with the order of hon'ble Gujarat High Court dt 8th January,2021 .Order u/s 119 in F No. 370153/39/2020-TPL dated 11th January, 2021.

Income Tax special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores. The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates.

Reserve Bank of India announced its intention to “restore normal liquidity management operations in a phased manner.” It announced the resumption of variable rate reverse repo auctions, the first of which will be held on January 15, for an amount of Rs 2 trillion, and a tenor of 14 days.

Banks’ gross non-performing assets may rise to 13.5 per cent by September 2021, from 7.5per cent in September 2020 under the baseline scenario, according to Financial Stability Report (FSR) released by the Reserve Bank of India. If the macroeconomic environment worsens into a severe stress scenario, the GNPA ratio may escalate to 14.8 per cent.

ICAI last date for complying with the mandatory CPE hours’ requirement for the Calendar Year 2020 (either in physical/offline mode or in virtual mode through Virtual CPE Meetings/ Digital Learning Hub) has been extended from 31st December, 2020 to 31st January, 2021.

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⚫Ministry of Commerce and Industry said that India''s new Foreign Trade Policy 2021-2026, under formulation, will come into effect from April 1, 2021, for five years and will strive to make the country a leader in international trade and channelize the synergies gained through merchandise & services exports for growth and employment with a goal to make India a USD 5 Trillion economy.

⚫The Union Cabinet have approved a reform package for the mineral mining sector which would entail amendments to three existing laws, pricing formula for minerals, exploration of mines and several taxes and duties levied on mining. This will boost production and private investment in the sector.

⚫With frauds in digital lending space coming into sharp focus, the RBI has set up a working group to study digital lending activities of the regulated & unregulated players. The group will suggest steps to regulate digital lending including online lending platform and mobile lending.

⚫Agriculture Minister said 29 crore farmers have so far insured their crops under the Govt's Pradhan Mantri Fasal Bima Yojana and urged other growers who have not yet got one to enroll soon.

⚫Total assets under management in Govt's National Pension System and Atal Pension Yojana stood at Rs 5,48,913 crore at end Dec 2020, posting an year-on-year growth of 36.83%.

⚫In another step to eliminate physical interface between taxpayers and tax authority, the i-tax dept has come out with a ‘faceless penalty scheme’.

⚫Hospitals get ready for Covid shots ahead of vaccination drive on Jan 16. With SII dispatching the Covishield vaccine to 13 cities, the countdown to the vaccination day has begun, and hospitals are getting ready to administer the first shots.

⚫Over Rs 950 crore tax evasion by Flipkart unit, Swiggy: Tax concealment in case of Walmart owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings.

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👉 Clarification on spending of CSR funds for Awareness and public outreach on COVID-19 Vaccination programmePdf(183 KB)

http://www.mca.gov.in/Ministry/pdf/CSR2021_13012021.pdf

👉 New Publication - Compendium of Opinions - Volume XXXVII - (12-01-2021)

https://resource.cdn.icai.org/62747eac50736.pdf

👉 Reserve Bank constitutes a Working Group on digital lending including lending through online platforms and mobile apps

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50961

👉 26th Meeting of the FSDC Sub-Committee over Video Conference

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50963

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[1] Gujarat HC : In SCA No. 13653 of 2020, filed by AGFTC and CA S K Sadhwani V UOI, CBDT; after marathon arguments for more than 3 hours, Hon Gujarat HC concluded the hearing. Pronouncement of order will be made later on. Since Court is not functioning tomorrow, the order will be made available by uploading on websitetoday thursday 14/1/2021 between (3-6 p.m).............And (2)

Arguments on extending due date of TAR at Bombay HC started at 12.40 and still on.

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👉🏻18% GST on recovered pay for employees while leaving job without serving notice period

(Leaving job without serving the stipulated notice period will now cost employees 18% GST on the pay recovered for the notice period duration)

👇🏻 👇🏻 👇🏻

http://bit.ly/38J2RIq

👉🏻Income-Tax deptt brings out Faceless Penalty Scheme

(The Income Tax Deptt has brought out a "faceless penalty scheme" to handle recommendations for penalties issued under its faceless assessment programme)

👇🏻 👇🏻 👇🏻

http://bit.ly/2KdHYeX

👉🏻Legality of Notices Issued Based on Discrepancies Between STRs & ITRs.

(Legality of Notices Issued Based on Discrepancies Between Service Tax Returns & Income Tax Returns discussed by CA. Sarthak Garg with the help of various case laws)

👇🏻 👇🏻 👇🏻

https://youtu.be/0xqaXkH1SXI

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Gujarat High Court rejected the cases for extension

“In the result, both the writ applications fail and are hereby

rejected. At this stage, we may only observe that the CBDT may consider

issuing an appropriate circular taking a lenient view as regards the

consequences of late filing of the Tax Audit Reports as provided under

Section 271B of the Act. We leave it to the better discretion of the CBDT

in this regard.”

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✒ Supreme Court has taken suo moto cognizance on the issue of "remediation of polluted rivers" . Major causes observed was discharge of non treated/partially treated municipal waste and effluents of various states and cities.

✒ Supreme Court asks former judge and Nagaland Lokayukta to resign stating "how can a person be functional while sitting somewhere else just because its pandemic .

✒ Delhi High court ordered physical hearing of 11 High Court benches and lower courts to function on alternate days from 18th January , 2021 .

✒ Bombah High court has held that "No appellate body is over State Legislature" while dismissing challenge to election of Deputy Chairperson of Legislative Council .

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Gujarat AAR – GST on Notice Pay Recovery

(In Re: Amneal Pharmaceuticals Pvt. Ltd)

✅ It was observed that the transaction of the employer agreeing to the obligation of tolerating an act (quitting without any advance notice) on the part of the employee, for payment of a sum (notice pay), will be covered under Clause 5(e) to Schedule II to CGST Act 2017, as a declared service.

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⚫The wholesale inflation rate softened to a four-month low of 1.22% in Dec from 1.55% in Nov as food items entered the deflationary zone. However, core inflation rose to a two year high of 4.2% on metal and commodity prices that may not allow the monetary policy committee to go for any further rate cut in February.

⚫India's m-cap to GDP ratio crosses 100% for first time in over a decade. BSE-listed co's market capitalisation reached Rs 197.7 trillion on Thursday, against India's nominal GDP of Rs 190 trillion during 12 months ended Dec 2020.

⚫Govt borrowed heavily in FY21 to sustain the Covid-19 revenue shock. This may take India’s bulging debt pile to close to 90% of GDP. But as long term debt grows, interest payments rise in coming years. In FY21 till November, interest expenses were almost half of the revenue receipts.

⚫The Ministry of Home Affairs has extended the validity of registration certificates issued to NGOs under the Foreign Contribution (Regulation) Act, expiring between Sept 29, 2020 and May 31, 2021, till May 31 this year. It is mandatory for NGOs receiving foreign funding to register under the FCRA & decision is expected to be beneficial for several NGOs & other voluntary organisations whose registrations have expired since Sept 29.

⚫PM will launch India’s Covid-19 vaccination programme through video on Saturday.The vaccination will begin with 3,006 sites that will be virtually connected during the launch. Each centre will inoculate 100 people a day to begin with.

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👉🏻Names of Audit Firms approved for appointment as Statutory Central Auditors

(Names of Audit Firms approved for appointment as Statutory Central Auditors in the 12 Public Sector Banks for FY 2020-21)

👇🏻 👇🏻 👇🏻

http://bit.ly/35Hslng

👉🏻Applications for Empanelment of Special Auditors by Income Tax Department Kerala

(I.Tax Dept Kerala invites application from CA Firms for empanelment as Special Auditors to carry out audit in accordance with the provisions of sec. 142(2A) of I.T. Act, 1961)

👇🏻 👇🏻 👇🏻

http://bit.ly/35HwhEW

👉🏻Discussion on Future of Bank Branch Audit with Regards to latest RBI Guidelines

(On Sun., 17th Jan 2020 from 04:30 PM Onwards by CA (Dr) Adv. S. S. Sharma Ji and CA. Vivek Khurana Ji NO FEES)

👇🏻 👇🏻 👇🏻

https://youtu.be/BjeGvx2IPj4

==============>

📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

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