11th January 2K21
Ø Exports show signs of revival, up 16.22 pc during Jan 1-7: Official
Ø Tata Motors' bet on new models, safety pays dividend in 2020
Ø Indian economy heading towards V-shaped recovery in 2021: Assocham
Ø Currency in circulation rises Rs 3.23 lakh crore in first nine months of FY21
Ø MCA proposes prepack insolvency process to address Covid-related stress
Ø Reliance seals Karnataka rice deal, to pay above MSP
Ø RBI raises concerns over zero-coupon bond for PSB recapitalisation
Ø Top four steel players' production rises 6 pc to about 15 MT in Oct-Dec
Ø Bring natural gas under GST to push for gas-based economy: Industry
Ø India's coal import drops 17% to 137.16 mn tonne in Apr-Nov: mjunction
Ø Seven of the top 10 most valued firms add Rs 1.37 trn in market valuation
Ø Biyani sees quick approval of Future's $3.4 bn deal despite Amazon dispute
Ø Vedanta promoters make another bid to delist
Ø With profit up 7.1% at ₹8,727 cr, TCS posts its strongest Q3 in nine years
Ø DMart Q3 net profit rise 16.5 per cent to Rs 447 crore
Ø Rinfra completes sale of stake in PKTCL to Indigrid
Ø ‘High reserve price for spectrum can pose a challenge for telcos’
Ø Expect 2021 to be better in terms of sales: Toyota Kirloskar
Ø Nio launches first electric sedan model as Tesla delivers China-built SUV
Ø Govt creates special unit in I-T dept for probe into undisclosed foreign assets
Ø 80% want Tokyo Games cancelled or delayed - Japanese survey
Ø China, Vietnam showed how to deal with Covid even in absence of vaccine: IMF
Ø NCTC appeals to PM Modi seeking removal of anti-dumping duty on viscose staple fibre
Ø IMF says China recovering fast ahead of most big economies
Ø India’s retail king Biyani sees quick OK of Future’s $3.4 bn deal despite Amazon dispute
Ø Big steel, cement firms operating as a cartel; need to place regulator: Gadkari
Ø South Africa to store COVID-19 vaccines from India at secret place for fear of theft
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New RBI Guidelines with regard to appointment of Bank branch auditors may have adverse implications for branch auditors on account of following reasons÷
Firstly in earlier guidelines branches with advances above Rs. 20 crores were to be audited compulsorily and 1/5th of branches below that threshold were to be audited.Now the limit of Rs.20 crores has been done away with.
Secondly earlier no firm was entitled to audit more than 3 branches.This limit has been done away with.
Thirdly the definition of exclusive association with firm for branch auditors has been brought at par with SCAs.Presently ICAI allows an individual to have interest in more than one firm but only one of such firms can apply.But according to new norms in case of common partners/interest ,none of such firms will be entitled for appointment as branch auditors.
Fourthly an individual either as a proprietor or as partner will have to satisfy minimum income criteria so far applicable to SCAs only.
Fifthly there will be no cooling period for audit firms in any city.After four years the firm will be rotated in a different bank.
Message received and send.
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⚫India’s economy is showing decisive signs of a ‘V-shaped’ recovery in 2021 with the return of consumer confidence, robust financial markets, uptick in manufacturing, and exporters braving it out in the global market with never-say-die spirit, Assocham said.
⚫Income tax returns crossed 58 million on the last day for individuals to file returns for FY 2019-20, with close to 2 million returns filed during the day. As on January 9, 56.4 million returns were filed.
⚫Big players in the steel and cement industry are indulging in cartelisation to jack up prices, Union Road Transport Minister said, pitching to place a regulator for the sectors. He said, pointing out the target of investing Rs 111 trillion on infrastructure projects in the next five years to aid the economy. It can be noted that allegations of such cartelisation have been made in the past as well, especially by the real estate industry, which is impacted through higher input prices because of it.
⚫The GST Intelligence and the CGST Commissionerates have recovered more than Rs 700 crore and arrested 215 persons in the last two months in cases related to fake GST invoices that were used to illegally avail or pass on ITC. GST intelligence authorities have registered about 2,200 cases and unearthed more than 6,600 fake GSTIN entities during this period.
⚫A bird-flu outbreak has been confirmed in seven states Kerala, Rajasthan, Madhya Pradesh, Himachal Pradesh, Haryana, Gujarat and Uttar Pradesh, while the test results are awaited for the samples collected from Dlh & Maharashtra.
⚫The Supreme Court is scheduled to hear clutch of pleas challenging the new farm laws as well as the ones raising issues related to the ongoing agitation at Delhi borders.
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Income Tax: No capital gain tax liability on receipt of credit in partner’s capital account due to revaluation of firm. Case Name : Lupin Investments Private Limited Vs DCIT (ITAT Mumbai)
Ministry of Finance has issued a Press Release dated January 01, 2021 regarding GST Revenue collection for December 2020 recorded all time high since implementation of GST INR 1,15,174 crore gross GST revenue collected in December Revenues for December 2020 are 12% higher than the GST revenues in the same month last year.
Central Board of Indirect Taxes and Customs has issued a Notification No. 01/2021 – dated January 01, 2021 - Seeks to make amendment (2021) to CGST Rules, 2017:
Registered person shall not be allowed to furnish GSTR-1, if he has not furnished the return in FORM GSTR-3B for preceding two months;
Registered person, who is restricted from using the amount available in electronic credit ledger to discharge his liability towards tax in excess of 99%, shall not be allowed to furnish GSTR-1 if he has not furnished the return in FORM GSTR-3B for preceding tax period.
RCM IS APPLICABLE ON DIRECTOR FEES AS PER CIR 140/10/2020 AS WELL AS IF TDS IS DECDUTED ON DIRECTOR REMUNERATION U/S 194 J EVEN THOUGH RCM IS APPLICABLE UNDER GST.
Congratulations Reserve Bank of India announced operational guidelines for the Payments Infrastructure Development Fund (PIDF) scheme, aimed at encouraging deployment of more digital payments infrastructure across tier-3 to tier-6 centres. The fund will be used to subsidize banks and non-banks for deploying payment infrastructure, which will be contingent upon specific targets being achieved.
ICAI has clarified that under the provisions of Chartered Accountants Act,1949 it is not permissible to members to share client information with the CRAs, except if permitted by the Auditee client.
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NSDL latest e-TDS TCS RPU Version 3.5 and FVU from FY 2007-08 download
Key Features – Return Preparation Utility (RPU) version 3.5
1.Addition of Section code 194O for Form 26Q:-
194O –TDS on e-Commerce transactions
This section will be applicable for regular and correction statements pertaining to FY 2020-21 for quarter 3 onwards.
2.Addition of Section codes 206C-O, 206C-P, 206C-Q and 206C-R for Form 27EQ:-
206C-O-Collection at source on remittance under LRS for purchase of overseas tour program package
206C-P-Collection at source on remittance under LRS for educational loan taken from financial institution mentioned in section 80E
206C-Q-Collection at source on remittance under LRS for purpose other than for purchase of overseas tour package or for educational loan taken from financial institution
206C-R-Collection at source on sale of goods
These sections will be applicable for regular and correction statements pertaining to FY 2020-21 for quarter 3 onwards.
3.Addition of three new columns for Form 27EQ
New columns “Whether the payment by collectee is liable to TDS as per clause (a) of the fifth proviso to sub-section (1G) or second proviso to sub-section (1H) and whether TDS has been deducted from such payment (if either “F” or “G” is selected in 680)”
AND
“Challan Number”
AND
“Date of payment of TDS to Central Government” will be added under Annexure I (Deductee details)
The above will be applicable for regular and correction statements pertaining to FY 2020-21 for quarter 3 onwards.
4. Addition of new remark value ‘D’ for section code 206CQ of Form 27EQ
D –“No collection is on account of the first proviso to sub-section (1G) of section 206C”
The above will be applicable for regular and correction statements pertaining to FY 2020-21
5. Addition of new remark value ‘E’ for section code ‘206CO’, ‘206 CP’ and ‘206CQ’ of Form 27EQ
E -“No collection is on account of the fourth proviso to sub-section (1G) of section 206C”
The above will be applicable for regular and correction statements pertaining to FY 2020-21
6. Addition of new remark value ‘F’ for section code ‘206CO’, ‘206CP’ and ‘206CQ’ of Form 27EQ
F –“No collection is on account clause (i) or clause (ii) of the fifth proviso to sub-section (1G) or in view of notification issued under the clause (ii)”
The above will be applicable for regular and correction statements pertaining to FY 2020-21
7. Addition of new remark value ‘G’ for section code 206CR of Form 27EQ
G -“No collection is on account of the second proviso to sub-section (IH) of section 206C”
The above will be applicable for regular and correction statements pertaining to FY 2020-21
8. Addition of new remark value ‘H’ for section code 206CR of Form 27EQ
H –“No collection is on account of sub-clause (A) or sub-clause (B) or sub-clause (C), or in view of notification issued under sub-clause (c), of clause (a) of the Explanation”
The above will be applicable for regular and correction statements pertaining to FY 2020-21
9. Merger of Union territories “Dadra & Nagar Haveli” and “Diu Daman
”Union Territories of “Dadra & Nagar Haveli” and “Daman and Diu” have been merged with name “Dadra and Nagar Haveli and Daman and Diu”.
Incorporation of latest File Validation Utility (FVU) version 7.0 (applicable for TDS/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.166 (applicable for TDS/TCS statements from FY 2007-08 up to FY 2009-10).
This version of RPU is applicable with effect from January 2, 2021
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👉🏻RBI ask banks to align internal audit function with global best practices
(RBI asked banks to align their internal audit function with international best practices, like those issued by the Basel Committee on Banking Supervision (BCBS).
👇🏻 👇🏻 👇🏻
http://bit.ly/3nwcSNi
👉🏻e-Invoicing Generation System on Portal under GST
(e-Invoicing Generation System on Portal under GST - Step by Step Process)
👇🏻 👇🏻 👇🏻
https://youtu.be/SPMHLXeLrrM
👉🏻Norms on eligibility, empanelment and appointment of Statutory Branch Auditors in Public Sector Banks
(Norms on eligibility, empanelment and appointment of Statutory Branch Auditors in Public Sector Banks from the year 2020-21 and onwards)
👇🏻 👇🏻 👇🏻
http://bit.ly/35n6Rfr
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⚫The Centre’s fiscal deficit will touch at least 6.1% of GDP in FY21.This is based on the first set of advance growth estimates released by the Govt, ahead of the Union Budget.
⚫Gross Value Added for agriculture and allied activities is expected to grow at 3.4% at constant prices in the financial year 2020-21, lower than last year but the best growth among all other sectors battered in the pandemic.
⚫The Jammu and Kashmir administration announced a new industrial developmental scheme with a total outlay of Rs 28,400 crore to encourage new investment and to take industrial development to the block level.
⚫LIC launched a campaign where lapsed policies can be revived.
The insurance behemoth has launched a Special Revival Campaign starting from Jan 7 till March 6 for its customers to revive their lapsed individual policies subject to certain conditions.
⚫Petrol price climbed to Rs 84.20 a litre in the national capital on Thursday. This marks the highest ever price at which petrol has been sold in New Delhi.
⚫The I-tax dept is conducting surveys at Instakart, a group company of e-commerce giant Flipkart, and food delivery firm Swiggy in Bengaluru. The surveys are related to an alleged bogus input tax credit connected to the external vendors of these firms.
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⚫The benchmark indices rose on Friday, marking their tenth successive week of gains, the longest such streak since June 2009. The benchmark Sensex gained 689 points, reaching a fresh record of 48,782 points, and the Nifty rose by 210 points to end the session at a record 14,347.
⚫Foreign fund-raising activity by Indian entities has begun on a strong note with bank and financial institutions mopping up $2 billion in the first week of the new year. Many Indian corporate houses are in advanced stages of resource mobilisation, which may take the fund raise tally to $5 billion in by early February.
⚫PM defended reforms including controversial ones undertaken in the agriculture sector by his Govt. PM highlighted the faith shown by foreign investors in India's growth story with FDI growing by 11% between April and October despite global recession.
⚫The insurance regulator is in talks with the petroleum ministry to see if fuel pumps and cooking gas agencies can be used for selling simple insurance products.The motive is to provide access to motor insurance in rural and remote areas as all vehicles have fuel pumps as touch points.
⚫SBI announced an interest concession of up to 30 basis points on home loans and a 100 per cent waiver on processing fees.
⚫The eighth round of talks between protesting farmers and the Centre, was inconclusive with both the sides seemingly looking towards the Supreme Court for a way out and deciding to meet again on January 15.
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HC Due Date extension Order: 21 We are of the view that the respondent No.1 – Union of India,
Ministry of Finance should immediately look into the issue, more
particularly, the representation dated 12th October 2020 at Annexure : I
of the paper book (page 108) and take an appropriate decision at the
earliest in accordance with law. We, accordingly, direct the respondent
No.1 to do so. While taking an appropriate decision, the Union shall bear
in mind the observations made by this High Court in the two above
noted judgements, more particularly, the observations of the Supreme
Court in the case of Vaghjibhai S. Bishnoi (supra) that the powers
given to the CBDT are beneficial in nature to be exercised for proper
administration of fiscal law so that undue hardship may not be caused to
the taxpayers. The purpose is of just, proper and efficient management
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C/SCA/13653/2020 JUDGMENT
of the work of assessment and the public interest. One additional aspect
needs to be kept in mind before taking any appropriate decision that the
time period for the officials of the tax department has been extended
upto 31st March 2021 having regard to the current covid19
pandemic
situation. If that be so, then some extension deserves to be considered in
accordance with law. Let an appropriate decision be taken by 12th
January 2021.
22 Post this matter on 13th January 2021 on top of the Board.
23 Mr. Patel, the learned Senior Standing Counsel appearing for the
respondents Nos.2 and 3 shall apprise this Court of any decision or
development in the matter on the next date of hearing.
(J. B. PARDIWALA, J)
(ILESH J. VORA,J)
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