27 February 2021 Updates

👉🏻High Court refuses to extend last date for GST Annual Returns

(The Bombay high court on Friday declined to extend the last date for filing annual returns of Goods and Services Tax (GST) for 2019-20)

👇🏻 👇🏻 👇🏻

http://bit.ly/3swlBBJ

👉🏻CBDT further extends deadline for filing declarations under Vivad Se Vishwas scheme

(CBDT extended the deadline for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30)

👇🏻 👇🏻 👇🏻

http://bit.ly/3sC0f6d

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LEGAL-KNOWLEDGE CAPSULE

✒ Supreme Court held that wife levelling allegations affecting career & reputation of Husband amounts to mental cruelty against him for seeking divorce.

✒ Delhi High Court held that no adverse orders to be passed by district courts if advocates does not appear physically..

✒ Delhi High Court asks DHCBA to arrive at consensus on nature of hearings.

✒ Madras High Court held that the arbitration Court not empowered to embark on fact-finding exercise while deciding application for setting aside Arbitral Award.

✒ Central Government tells Delhi High Court that No fundamental right of same-sex marriage, legal recognition can't be given by court.

✒ NCLAT held that the period for which the orders were reserved by the Adjudicating Authority on the application is justifiably required to be excluded while counting and computing the period of CIRP.

✒ Supreme Court held that Setting up an untenable plea should not in and by itself invite the penal consequences which emanate from the exercise of the contempt jurisdiction.

✒ Delhi Court extends interim protection from arrest granted to Shantanu Muluk in Toolkit case.

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⚫The Govt’s fiscal deficit soared to Rs 12.34 trillion, or 66.8%, of the Revised Budget Estimates at the end of January of the current fiscal year.

⚫The core sector index, which measures output of eight infrastructure industries, rose marginally by 0.1% in January, indicating a wobbly recovery from the pandemic shock.

⚫Gross fixed capital formation, a measure of investment demand, grew 2.6% in the third fiscal quarter. This is a sharp recovery after 6.7% contraction in Q2 & Q1.

⚫Govt extended Vivad Se Vishwas filing date to March 31. Payment date extended to April 30.

⚫The nationwide vaccination drive will be expanded to all citizens above 60 years of age, and those within the age bracket of 45 to 59 years with specified co-morbidities from March 1, 2021. The private sector hospitals will also be involved as vaccination centres to harness their potential to expand the vaccination capacities.

⚫India’s huge capacity to make vaccines is helping the country take on China in the battle to gain political influence across the developing world.

⚫The MCA has signed a MoU with the CBIC for exchanging data such as import/export transactions and financial statements of co's registered in the country.

⚫FM lauded the reform of faceless assessment for direct and indirect taxes, saying that tax terrorism will be a thing of the past. Now technology has been brought in a big way and we hope that no official will call you up and say come and meet me and bring something.

⚫Domestic airlines have seen 10-12% drop in bookings as state Govts have tightened measures to prevent the spread of Covid-19. West Bengal joined Maharashtra and Karnataka on insisting on negative RT-PCR tests for travellers from certain states in a move that has dampened sentiment. Passengers from Maharashtra and Karnataka will have to undergo 7 days' home quarantine in Tamil Nadu under the new rules. The Delhi government too is expected to order RT-PCR tests for passengers from affected states.

⚫The strategic sale of stake in state-run oil refiner BPCL, national carrier Air India and two units of steel producer SAIL are at an advanced stage as the Govt moves ahead with its privatisation push to improve public finances.

The Govt has also fixed a target to monetise assets worth Rs 17,000 crore by selling stakes in oil refiners GAIL, IOCL in the next financial year, as part of its plan to divest stakes.

*Current Affairs*

⚫The Govt announced new IT rules to curb misuse of social media platforms. It mandated firms to appoint grievance officer, and disclose the first originator of the mischievous information and remove it as early as possible but not later than 36hours. The rules also said that content depicting nudity or morphed pictures of women need to be removed within 24 hours.

⚫MoS for Finance informed the Lok Sabha that a total of 72 Indians charged with frauds or financial irregularities are currently abroad and efforts are being made to bring them back to the country.

⚫President's Rule was imposed in Puducherry by the Union Cabinet after a Congress-led Govt lost power in a vote of confidence.

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Ministry of Corporate Affairs

MCA & CBIC sign MoU for exchange of data for enhancing Ease of Doing Business in India and improve overall regulatory enforcement

Posted Date:- Feb 25, 2021

The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, here today signed a Memorandum of Understanding (MOU) for data exchange between the two organisations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA, and Shri B. B. Gupta, ADG, CBIC, in the presence of Shri Rajesh Verma, Secretary, MCA and Shri M. Ajit Kumar, Chairman, CBIC.

The MoU is in line with the vision of MCA and CBIC to harness data capabilities to ensure effective enforcement. Both the organisations are going to benefit from access to each other’s databases which include details of import-export transactions and consolidated financial statements of companies registered in the country. The data sharing arrangement gains significance in light of development of MCA21 Version 3 which will utilise state of the art technology for enhancing ease of doing business in India and improve the regulatory enforcement and similar steps by CBIC like the launch of ADVAIT (Advanced Analytics in Indirect Taxation) a 360-degree taxpayer profiling tool. AI/ML, data analytics will play a critical role in achieving this synergy.

The MoU will facilitate the sharing of data and information between MCA and CBIC on an automatic and regular basis. It will enable sharing of specific information such as details of Bill of Entry (Imports), Shipping Bill (Exports) Summary from CBIC and financial statements filed with the Registrar by corporates, returns of allotment of shares. The MoU will ensure that both MCA and CBIC have seamless linkage for regulatory purposes. In addition to regular exchange of data, MCA and CBIC will also exchange with each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.

Technology and data will play a critical role going forward in fulfilling the Government’s vision of minimum government, maximum governance and both MCA and CBIC are well placed to fulfill this vision.

The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and CBIC, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.

The MoU marks the beginning of a new era of cooperation and synergy between the two organisations.

 

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RM/KMN

Release Id :-1700715

👉🏻L&T fined Rs 30 Cr in alleged Fake GST invoice case

(L&T had to deposit Rs 30 crore with the GST department after it was found to be allegedly involved in a fake invoicing case)

👇🏻 👇🏻 👇🏻

http://bit.ly/2ZP6DL3

👉🏻Ministry of Corporate Affairs and CBIC sign MoU Delhi for data exchange

(Ministry of Corporate Affairs and Central Board of Indirect Taxes and Customs signed a Memorandum of Understanding for data exchange between the two organisations)

👇🏻 👇🏻 👇🏻

http://bit.ly/37P7VKc

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25 February 2021 News and Updates

25th February 2K21

Ø  Cabinet approves PLI scheme for pharma

Ø  Mexico's Grupo Bimbo buys iconic bread brand Modern Foods

Ø  Reliance prices coal gas from Madhya Pradesh at minimum USD 6

Ø  Nirav Modi extradition case to come up on Thursday

Ø  Number of ultra-high networth individuals to rise 63% to 11,198 in 5 years in India: Report

Ø  Power Ministry reduces discom penalties to 5% over SBI lending rate

Ø  Sebi, Finmin seek detailed report from NSE as trading halts due to glitch

Ø  PM Modi says govt committed to selling non-strategic PSUs

Ø  India's foodgrain production to rise 2% in 2020-21: Government

Ø  Indian corporate bond market can double March 2025 : Crisil

Ø  SoftBank-backed Berkshire Grey to go public via $2.7 bn SPAC deal

Ø  Piramal Enterprises sets up new alternative fund management business

Ø  Cabinet approves PLI scheme worth ₹7,350 cr for laptops, tablets, servers

Ø  IOC to set up fuel ethanol, EV battery plants

Ø  ReNew Power inks pact to merge with RMG Acquisition Corp II

Ø  Strides gets USFDA nod for Ibuprofen OTC oral suspension

Ø  NMPT signs 7 MoUs with stakeholders

Ø  NTPC inks pact to buy GAIL's 25.1 per cent stake in RGPPL

Ø  NSE halts trade for 4 hrs due to tech snag, markets rise 2% in extended session

Ø  Govt allows private sector banks to participate in all govt businesses

Ø  Govt to set up national asset monetization pipeline for sale of CPSE assets

Ø  CBDT issues refunds of over 1.95 cr to more than 1.93 cr taxpayers in FY21

Ø  Bidders for PSBs should have deep pockets: RBI

Ø  India’s foodgrain output to rise 2% in 2020-21 to record 303.34 million tonnes: Govt

Ø  Hong Kong to spend $15.4 billion to stabilise coronavirus-ravaged economy

Ø  German economy grew 0.3% in Q4, better than thought

Ø  IT sector continues to see sequential growth in hiring in January: Report

Ø  Govt to bring amendments to two Acts to enable privatisation of PSU banks

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⚫PM said that many countries in the world have joined the International Solar Alliance initiative started by the country. India has placed the idea before the world & embodied it. 

⚫India's GDP may turn positive at 1.3% in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus, as the number of cases is falling and public spending has started rising.The Govt will release the GDP numbers for the Oct-Dec quarter of the current fiscal on Friday.

⚫Petroleum Minister has urged GST Council to bring petroleum products under GST purview as early as possible.

⚫Govt expect high GST collections in Feb as well,  due to anti evasion measures undertaken.

⚫State OMCs spent Rs 1.96 trillion in excise duty in April-Dec FY21. Excise duty payment by OMCs rises 66% YoY, despite 30% decline in net sales.

⚫The demand for smartphones and rising device costs may push the local smartphone market beyond the record Rs 2-trillion mark in 2021.

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LEGAL-KNOWLEDGE CAPSULE

✒ Supreme Court held that sale of defective car due to dealer's default will not make car manufacturer liable unless knowledge can be proved.

✒ Supreme Court held that giving *extra chance in UPSC exams to a few will have a cascading effect to other examinations.

✒ Supreme Court held* that the *pledge holder is not a financial creditor.

✒ Calcutta High Court held that removal of a blind person from the job solely on the ground of disability violative of the rights undrer PwD Act, 2016.

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⚫PM said, The Govt has vision to support the country's enterprise and business, but the Govt itself running the enterprise or continue to be its owner is something that is not needed in this age. Neither it is possible. He further added that the Govt has no business to be in business and should focus on welfare scheme & developmental projects.

⚫The Centre has lifted the restrictions on the grant of Govt businesses to private banks. All private sector banks now will be allowed to conduct govt-related banking transactions, such as tax and pension payments. FM said that private banks can now be equal partners in the development of the economy, furthering Govt social sector initiatives, and enhancing customer convenience.

⚫The Centre said it has transferred over Rs 1.15 lakh crore directly to bank accounts of more than 10.75 crore farmers under the PM-KISAN scheme and asked states to ensure that all eligible beneficiaries are covered in this flagship programme.

⚫The Cabinet approved the Production Linked Incentive Scheme worth Rs 15,000 crore in pharmaceuticals & about Rs 7,350 crore over four years for information technology hardware products.

⚫IIFL Securities has won the bid to acquire about 1.1 million demat accounts held by Karvy Stock Broking, while Axis Securities has emerged as the successful bidder for trading accounts held by Karvy. 

⚫Delhi recorded 200 fresh COVID-19 cases on Wednesday, the highest number of single-day incidences in February

⚫Delhi Govt is likely to ask travellers from Maharashtra, Kerala and Punjab, to show negative COVID-19 test report before entering the national capital.

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👉🏻Gujarat High Court reprieve for exporters on GST exemptions

(DRI had begun issuing notices to exporters in the last few months, raising questions around benefits claimed under the GST framework for advance authorisation scheme)

👇🏻 👇🏻 👇🏻

http://bit.ly/3qWCWDM

👉🏻Applicability of Dynamic QR Code on B2C invoices & compliance

(CBIC  clarify  in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance)

👇🏻 👇🏻 👇🏻

http://bit.ly/301tB1H

👉🏻GST Latest Updates for Taxpayers

(Opt in Composition Scheme | Payment through GST Challan | Due Dates for GSTR-3B | Furnish LUT | Levy of Handling Fees)

👇🏻 👇🏻 👇🏻

https://bit.ly/3qRpAII

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👉Advisory on Annual Return (GSTR-9)

https://www.gst.gov.in/newsandupdates/read/454

👉Tax saving: How section 80C of the Income-tax Act works

https://economictimes.indiatimes.com/wealth/tax/tax-saving-how-section-80c-of-the-income-tax-act-works/articleshow/81150504.cms

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23 February 2021 News and Updates

23rd February 2K21

Ø  L&T wins power transmission, distribution orders worth up to Rs 5,000 cr

Ø  Liberty Steel signs MoU for hydrogen-based steel making in France

Ø  Rising Sun Energy emerges winner in NTPC auction

Ø  State Bank of India joins JPMorgan's blockchain-based payment network

Ø  Tata Motors to tap JLR synergy for SUVs

Ø  RIL announces O2C biz demerger ahead of Aramco deal

Ø  India, Mauritius ink landmark economic cooperation agreement

Ø  Relief for HDFC Bank as SAT stays Sebi directive on Rs 160 cr transfer

Ø  Alphabet-backed Oscar Health eyes as much as $6.7 bn IPO valuation

Ø  Airtel, L&T and TCS to see huge passive inflows as global indices rejig

Ø  DHFL auditor unearths another fraudulent transaction worth Rs 6,182 cr

Ø  SC stays Future Retail-Reliance deal; issues notice to companies

Ø  Four firms in the fray to pick up Blackstone’s stake in Mphasis

Ø  Kinara Capital get $10 mn funding from IndusInd Bank; also 100% guarantee from US Int’l DFC

Ø  Petrol and diesel consumption fall in January as prices shot up

Ø  Snap hits $100-bn market value after doubling in four months

Ø  IPO-bound Zomato raises another $250 million

Ø  Goodyear to buy Cooper Tire for $2.8 billion, nearly doubling China presence

Ø  LVMH's Moet Hennessy buys 50% of Jay-Z’s champagne brand Armand de Brignac

Ø  Input inflation, muted demand drags on earnings growth

Ø  CCI approves stake purchase by Panatone Finvest in Tata Communications Ltd

Ø  China urges US to lift trade restrictions, stop interference

Ø  Pandemic will force 18 million Indians to find a new occupation by 2030: Report

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⚫Launching a slew of projects in the power and urban sectors in Kerala, PM said India is devoting great importance to solar energy to ensure a stronger fight against climate change and also connect the country's farmers with the solar sector.

⚫The agriculture ministry has been permitted to use drones for remote sensing data collection under PM Fasal Bima Yojana.This will allow ministry to use drones for remote sensing data collection in agricultural areas of 100 districts of the country for gram panchayat level yield estimation.

⚫The country's foreign exchange reserves fell by $249 million to $583.697 billion in the week ended February 12.

⚫Traders' bodies were divided on the Bharat bandh call on February 26 against provisions of the GST as a national-level organisation of small businessmen on Friday said it is opposed to the move.

⚫ED intensifies Amazon probe, govt seeks info. This follows report claiming e-commerce giant dodged Indian regulations.

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💡GST Updates 20.02.2021

📌Facility to opt for Composition scheme for FY 21-22 has been enabled at the GST common portal. Last date is 31.03.21.

📌BSE oil & gas index at new 52-wk high; Modi commits to bring gas under GST

https://www.financialexpress.com/market/3-oil-modi-commits-to-bring-gas-under-gst/2197854/.

📌Housing societies, clubs rush to rework GST dues over retro amendment.

https://timesofindia.indiatimes.com/city/mumbai/hsg-societies-clubs-rush-to-rework-gst-dues-over-retro-amendment/articleshow/81096788.cms

📌GST Audit for the FY 2019-20 due date is 28th Feb, 2021.

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⚫The 6th meeting of the NITI Aayog Governing Council concluded with states along with the Centre deliberating on various steps such as to reduce compliance burden on firms to boost manufacturing, initiating reforms at the state level, promoting exports through district level competition and increased public investment to complete projects under the National Infrastructure Pipeline. PM made a strong case for repealing archaic laws and making it easier to do business in India, stating that the Centre and states need to work closely to boost economic growth.

⚫The new enrolments with retirement fund body EPFO grew by 24% to 1.25 million in December compared to the same month in 2019.

⚫The RBI has imposed a withdrawal cap of Rs 1,000 on customers of Deccan Urban Coop Bank and barred the lender from granting fresh loans or accepting deposits.

⚫Petrol price touched an all-time high of Rs 97 per litre in Mumbai while diesel rate crossed Rs 88 mark. Petrol price was hiked by record .39p/litre and diesel by .37p/litre.

⚫Maharashtra reported more than 6,000 new coronavirus cases for the 2nd day in a row. While Kerala & Maharashtra continue to report a surge in cases, a trend of rise in infections is also being observed in Punjab, Chhattisgarh and Madhya Pradesh.

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⚫As many as 448 central sector infra projects have reported a cost overrun of over Rs 4.02 lakh crore as of February 21, 2021.The monthly Report by the Ministry of Statistics  Program Implementation said that 539 projects are running behind schedule.

⚫Venture capital funded start-ups, especially in edtech, logistics and gig economy will be key drivers of the job market in 2021, with companies willing to pay a premium for talent with knowledge and experience in new-age digital skills such as AI, ML, data science.

⚫The Nabard is planning to raise up to Rs 40,000 crore through long-term bonds. The money raised will be mostly used for rural development program run by the Govt.

⚫RBI scoops up Rs 26,000-crore bonds anonymously in a single day. This shows that the RBI is pumping in enough liquidity in the system.

⚫Maharashtra CM on Sunday announced that in view of the rising Covid cases, all political, religious and social gatherings will be prohibited in the state from Monday. He also said that political agitations will not be allowed for the next few days as they attract crowd.

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👉 Filling up of posts of Driver in NFRA at New Delhi on Deputation/Re-employment.Pdf(2.25 MB)

http://www.mca.gov.in/Ministry/pdf/NoticeNFRA_19022021.pdf

👉 Companies (Specification and definitions details) 2nd Amendment Rules 2021Pdf(77 KB)

http://www.mca.gov.in/MinistryV2/homepage.html

👉 Important Announcement for May 2021 CA Examinations - (19-02-2021)

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

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⚫India signed a landmark Comprehensive Economic Cooperation and Partnership Agreement with Mauritius, making the strategically-located country a launch-pad for business expansion into the huge African continent.

⚫PM said that Govt’s announcement last August of a “negative list”, consisting of 101 defence items embargoed progressively for import, was actually a “positive list” under the Aatmanirbhar Bharat programme.This is a positive list that will increase our mfg capacities, generate new employment, reduce dependence on imports, and will give a guarantee to the products being manufactured in India to be consumed in India.

⚫The Labour Bureau is all set to launch its five major surveys, including on migrant and domestic workers, across the country by April 1 as two out of three mandated pre-testings of the studies yielded "encouraging and positive results".

⚫The Bihar Govt presented a Rs 2.18 lakh crore budget for 2021-22 fiscal in the Assembly, with no new tax and a thrust on infrastructure and social sectors.

⚫The UP Govt has made a provision of Rs 1,175 crores in the state budget presented in the assembly on Monday for different metro rail projects.

⚫The cumulative number of COVID-19 vaccine doses administered to healthcare and frontline workers in the country has crossed 1.14 crores.

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MCA has notified on its website for the information of all the Stakeholders that the MCA will be extending some of provisions of the Companies Act, 2013 to LimitedLiability Partnerships (LLP) with modification and adaptation soon. As per the proposal, MCA may extend provisions of Section 90 (Significant beneficial Ownership), Section 164 (Disqualification & Appointment of Directors), Section 165 (Maximum No. of LLP for an individual), Section 167 (Vacation of Office of Director), Section 206 (Power of Central Government to call for Inspections), Section 207 (Conduct of Inspection & Inquiry), Section 252 (Appeal to NCLT for Restoration of Name) and Section 439 (Offence to be Non-Cognizable) of the Companies Act, 2013 to limited liability Partnerships with modification and adaptation soon. Accordingly, limited liability Partnerships, Partners and Designated partners thereof are advised to take note of the same for appropriate action. The final notification, amendments and circulars in this regard is awaited.

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👉🏻CBIC provides facilitation for exporters having IGST refund issues

(CBIC has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to ICEGATE due to GSTR1 and GSTR3B mismatch error)

👇🏻 👇🏻 👇🏻

http://bit.ly/2NysQuf

👉🏻DHFL transaction auditor unearths another fraudulent transaction worth Rs 6,182 Cr

(Dewan Housing Finance Corporation (DHFL) said its transaction auditor has reported another fraudulent transaction of Rs 6,182 Cr in the company)

👇🏻 👇🏻 👇🏻

http://bit.ly/3dEz9XU

👉🏻Can a Chartered Accountant Sign the Provisional / Projected Balance Sheet / Financial Statement?

(Can a Chartered Accountant Sign the Provisional / Projected Balance Sheet / Financial Statement discussed by *CA. Vivek Khurana*)

👇🏻 👇🏻 👇🏻

https://bit.ly/2P2Fsu2

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19 February 2021 News and Updates

19th February 2K21

Ø  Oil India teams up with Engineers India to bid for BPCL’s 61.65% stake in Numaligarh Refinery

Ø  Foodgrain production to hit record high in 2020-21

Ø  RBI tightens payments security norms for banks, digital payment operators

Ø  Iran keen to lift whole leaf teas from India, ready to pay good price

Ø  NCLT approves Rs 707.70 cr claim of IL&FS's FSEL from NHAI

Ø  Government's initiatives brings back loan growth to pre-Covid levels

Ø  Pumping in $33.8 bn so far this fiscal, FPIs' holding at record $592.5 bn

Ø  DLF Cyber City completes acquisition of 51.8% stake in Fairleaf Real Estate

Ø  L&T arm to build 2 units of Kudankulam Nuclear Power Project

Ø  PE/VC investments drop by 35% in January to $1.6 bn: EY-IVCA data

Ø  GAIL buyback offer to open for 6,97,56,641 fully paid-up equity on Feb 25

Ø  P-Note investment surge is no cause for concern: SEBI chief

Ø  Cotton exports may increase 30% as global market surges

Ø  RBI approves Piramal's resolution plan for DHFL

Ø  Ambuja Cement net rises 34% on better realisation

Ø  Phillips Carbon Black commissions speciality black lines in Gujarat

Ø  Airtel's earnest money deposit at ₹3K cr, Jio's ₹10K cr for spectrum auction

Ø  RailTel IPO subscribed 42 times on final day of bidding

Ø  NMDC resumes mining at Donimalai mine in Karnataka

Ø  Indian IT sector can double in 4-5 yrs: HCL Tech CEO

Ø  IDFC First Bank board approves raising up to ₹3,000 cr via securities

Ø  Petrol at Rs 100: India asks OPEC to ease production cuts

Ø  Cairn CEO meets finance secretary over arbitration ruling, says meeting constructive

Ø  India PC market clocks 27% growth in Q4 to 2.9 million units: IDC

Ø  Amazon to make Fire TV sticks in India

Ø  Tata Electronics to set up component-making plant in TN

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⚫FPIs have pumped in a whopping $33.8 billion into domestic equities and debt till February 15, the highest since FY15, taking their net outstanding investments to a record $592.5 billion.

Of the total FPI assets of $592.5 billion, $537.4 billion were in equities and $51.38 billion in debt.

⚫PM met key stake holders of power and renewable energy sector to push for the reforms planned in the sector and their implementation across states. The PM said, a policy and regulatory framework for discoms is in the offing. “Consumer should be able to choose his supplier as per performance like any other retail commodity.

⚫The health insurance segment has grown 14.59% to Rs 48,501 crore, capturing 29.5% market of the non-life business. This is mainly due to a surge in demand for health products since the onset of pandemic.

⚫The RBI came out with a Master Direction for banks and card-issuing entities laying down common minimum standards to ensure security of digital payments.The directions lays down guidelines for internet banking, mobile payments, card payments, customer protection and grievance redressal mechanism.

⚫In view of the rising COVID-19 cases, the district administration announced a weekend lockdown in Amravati, from 8 pm on Saturday to 7 am on Monday, a period during which markets and other establishments will remain shut.

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📍💡MCA mega update for LLPs⚖️✍️

📌Stakeholders are hereby informed that the Central Government, in Ministry of Corporate Affairs, under section 67(1) of LLP Act, 2008 will be extending Sub- sections (1) to (11) of section 90, Sub- sections (1) and (2) of section 164 , Sub-sections (1) and (3) to (6) of section 165, Sub-section (1) to (3) of section 167, Sub-section (5) of section 206, sub-section (3) of section 207, Sub-sections (1) to (3) of section 252 and Sub-sections (1) to (4) of Section 439 of the Companies Act, 2013 to limited liability Partnerships with modification and adaptation soon.

📌 Accordingly, limited liability Partnerships, Partners and Designated partners thereof are advised to take note of the same for appropriate action.

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Government is in no mood to relent in its fight to recover $1.2 billion in tax claims from Cairn and is looking to appeal against the international tribunal’s verdict or get the British company to seek a settlement under ‘Vivad Se Vishwas’ scheme. The tough posture comes despite Cairn approaching a US district court to press for the arbitration award, which sources dismissed as posturing given that the government has time until the third week of March to appeal against the order. 

Gujarat High Court has passes an interim order directing the central Board of Indirect Taxes and Customs (CBIC) to bar field units from making on the spot recovery in any during search operation or inspections. The order says strict disciplinary action should be taken against officers who do not follow this directive.ET has seen a copy of the order.

NO recovery in any mode by cheque,cash,epayment or adjustment of Input tax credit Should be made at the time of Search or inspection proceedings under Section 67 of the Central Gujarat Goods and Service Tax Act,2017 under any circumstances, the division bench said in its order.

 If complaint or grievance is filed by Assessee and officer is found to have acted in defiance of the aforestated directions, then strict disciplinary action should be initiated against the concerned officer,” the bench said. The bench, However, said the directions have been proposed by the court and it will await the response of the government through the additional Solicitor General.

Government is contemplating to levy income-tax (I-T) and goods and services tax (GST) at the rate of 18 percent on gains and trading of bitcoins or related cryptocurrencies, a report in the Business Standard has said. Ahead of the presentation of Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Budget session of Parliament, as has been reported by several media publications, the report further added that both the taxes will be levied for the current fiscal year.

MCA mega update for LLPs: Stakeholders are hereby informed that the Central Government, in MCA under section 67(1) of LLP Act, 2008 will be extending Sub- sections (1) to (11) of section 90, Sub- sections (1) and (2) of section 164 , Sub-sections (1) and (3) to (6) of section 165, Sub-section (1) to (3) of section 167, Sub-section (5) of section 206, sub-section (3) of section 207, Sub-sections (1) to (3) of section 252 and Sub-sections (1) to (4) of Section 439 of the Companies Act, 2013 to limited liability Partnerships with modification and adaptation soon.

RBI came out with a slew of directions related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others, for housing finance companies (HFCs). 

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👉🏻SC asks Centre to file affidavit on technical glitches in GSTN

(Supreme Court has asked the Centre to file an affidavit on technical glitches faced by taxpayers while filing forms for transferring their input tax credit in the Pre-GST period to the current GST system)

👇🏻 👇🏻 👇🏻

http://bit.ly/3avFEdy

👉🏻Govt directs LLPs to disclose their Beneficial Owners

(Besides disclosure on significant beneficial ownership/owners, the notification also suggests individuals will have to limit their role as a partner to only a prescribed number of LLPs)

👇🏻 👇🏻 👇🏻

http://bit.ly/3bnu6Io

👉🏻E-Invoice and QR Code under GST*

(Is QR Code Mandatory In E-invoicing Process?)

👇🏻 👇🏻 👇🏻

https://bit.ly/3az8Mk2

👉🏻RBI sets rules for digital payments in India

(These rules are directly applicable for scheduled commercial banks, small finance banks, payment banks and credit card-issuing NBFCs)

👇🏻 👇🏻 👇🏻

http://bit.ly/3k31ecD

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Delhi HC order Govt to include Advocate for incorporation of Company and LLP in MCA

The below order was passed by Delhi High Court

1. This hearing has been done through hybrid mode (physical and virtual hearing).

2. The present petition has been filed challenging the non-providing of a field for Advocates to register companies and LLPs on the current Ministry of Corporate Affairs’ (hereinafter. ‘MCA‘) portal.

3. The case of the Petitioner is that in 2007, the MCA portal permitted Chartered Accountants, Company Secretaries and Cost & Work Accountants to register as practising professionals and undertake incorporation of companies and LLPs for their clients. An amendment took place in the Companies Act, 2013 in 2014 by which even Advocates were permitted to file documents for incorporation of companies. For the said purpose, an Advocate would have to first register himself/herself as a practicing professional.

However, the said amendment was not implemented in the tool kit which is used by the MCA, Therefore, even today, Advocates are unable to register companies/LLPs on behalf of their clients. Hence, the Petitioner prays that consequential amendment be carried out in the MCA tool kit permitting Advocates who are enrolled with the Bar Council to register as professionals in the MCA portal.

4. A perusal of Section 7(1) (b) of the Companies Act, 2013, clearly shows that Advocates can file documents for incorporation of a Company. This would be true even in the case of LLPs. The MCA’s portal is however stated to have no provision made for Advocates who are members of Bar Councils and Bar Councils are not provided as an option in the list of Councils. If this is the position, the same would be discriminatory qua Advocates and would need to be rectified.

5. Mr. Ajay Digpaul. Id. CGSC to seek instructions in the matter and to file an affidavit on record within two weeks. Let a decision be taken by the appropriate authority on this issue and be placed before the Court.

6. List on 23rd March. 2021.

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LEGAL-KNOWLEDGE CAPSULE

✒ Supreme Court held that litigants who settle disputes without court intervention under section 89 of CPC entitled to refund of court fees. 

✒ NCLT Mumbai held that an arbitral order passed post admission of CIRP against the corporate debtor is in violation of objective of the code and is in contravention of moratorium under section 14 of the code.

✒ Madras High Court held that hunger strike is not a suicide attempt, cannot attract offence under section 309 of IPC.

✒ Delhi Court sends Disha Ravi to three days judicial custody in Toolkit FIR.

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18 February 2021 News and Updates

18th February 2K21

Ø  RBI issues draft guidelines for CDS, derivative contracts

Ø  Oxford Economics ups India growth forecast to 10.2% for 2021

Ø  Reserve Bank of India issues directions for housing finance companies

Ø  India has one of the world’s most engaged and resilient workforces: Survey

Ø  US private equity fund buys major stake in Accolite Digital

Ø  India recorded $1422 mn FDI inflow from UK in 2019-20: Grant Thornton report

Ø  Cabinet approves economic cooperation pact between India, Mauritius

Ø  Sebi eases listing rules for large IPOs, paving way for LIC's mega float

Ø  Sri Lanka to re-acquire 99 oil tanks leased to Indian Oil Corp: Minister

Ø  Govt approves over Rs 12000 cr manufacturing push for telecom equipment

Ø  India emerges as Asia's biggest destination for fintech deals

Ø  Pfizer's Covid-19 vaccine supply to the EU 30% below plans: Report

Ø  Oil PSUs spent ₹34,000 crore on BS-VI upgrade: Pradhan

Ø  JSW Energy to invest ₹11,000 cr in fresh capacity of 1,800 MW

Ø  FinMin unearths more than 9,000 fake GSTIN

Ø  CITU workers lay siege to BEML Palakkad unit against disinvestment

Ø  Amara Raja Batteries announces ₹500-cr capex plan

Ø  Dr Reddy’s Labs launches Capecitabine tablets in US market

Ø  Adar Poonawalla group firm makes open offer to buy 26% stake in Magma Fincorp

Ø  RailTel Corp IPO subscribed 6.65 times on Day 2

Ø  JLR unveils strategy to boost parent Tata Motors' valuation

Ø  Foreign forex trading platforms are illegal in India

Ø  Airtel to acquire 20% stake in Bharti Telemedia from Warburg Pincus

Ø  Dish TV India to raise up to Rs1,000 crore

Ø  India to be among fastest growing emerging economies in FY22, rating hinges on deficit, debt

Ø  Non-food credit growth slips below 6%: RBI data

Ø  Govt to infuse Rs 1,500 cr into Exim Bank next fiscal

Ø  Airtel sets up special panel to rejig company’s structure

Ø  Amazon to make Fire TV sticks in India

Ø  Tata Electronics to set up component-making plant in TN

Ø  Job prospects look up for freshers: Surve

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⚫The Govt is planning to spend around Rs 7.5 trillion to build oil and gas infrastructure over the next five years. It is our collective duty to work towards clean and green sources of energy and reduce energy dependence, said PM, adding that Govt is sensitive to the concerns of the middle class and thus, India is increasing focus on clean and green sources and ethanol to help farmers and consumers. 

⚫The Union Cabinet approved a production linked incentive scheme worth Rs 12,195 crore for telecom equipment manufacturing.

⚫The SEBI eased the listing norms for large companies, apparently paving the way for the much-awaited mega float of LIC of India. It said large companies can now divest a minimum 5% in the IPO, instead of 10%. Further, they will get five years, instead of three, to raise the public float to 25%.

⚫With 276943 more vaccinations across India on Tuesday, the total count of those inoculated reached 8,999,230. The count of recovered coronavirus cases across India, reached 97.33% of total caseload 

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👉🏻RBI issues directions for housing finance companies

(RBI came out with a slew of directions related to maintenance of liquidity coverage ratio, risk management, asset classification and loan-to-value ratio, among others, for housing finance companies)

👇🏻 👇🏻 👇🏻

https://bit.ly/3s07Efh

👉🏻KYC Norms for Chartered Accountants

(Mandatory Client KYC forms for Practicing CA's discussed by CA. Vivek Khurana)

👇🏻 👇🏻 👇🏻

https://youtu.be/1Z0lT1B81Po 

👉🏻PM reaffirms plan to include natural gas under GST regime

(PM Said, Govt. is committed to bringing natural gas under the ambit of GST, to reduce the cost of natural gas and boost its usage across the country)

👇🏻 👇🏻 👇🏻

https://bit.ly/3qANXu8

👉🏻Taxability of Interest earned on PF contributions

(How is PF Interest Income taxed? discussed by CA. Satuti Mahajan.)

👇🏻 👇🏻 👇🏻

https://youtu.be/zgi5ETWT0-Y

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📲 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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17 February 2021 News and Updates

17th February 2K21

Ø  India's Q3 GDP growth at "mild and uneven" 0.7%: ICRA

Ø  NBFCs' stressed assets may touch Rs 1.5-1.8 lakh crore by March-end: Report

Ø  Nestle’s e-commerce sales surge to more than double over last year

Ø  Govt could raise Rs 28,600 crore if it fully exits Bank of India & IOB: CARE Ratings

Ø  Denmark plans to explore setting up of wind energy hubs in India

Ø  FMCG industry grows 7.3% in Oct-Dec, rural sales up 14.2%: Nielsen

Ø  Govt set to clear new Chinese investment proposals in coming weeks: Report

Ø  Tatas to buy 68% in BigBasket for Rs 9,500 cr, deal likely in 4-5 weeks

Ø  Sitharaman addresses RBI board, explains priorities of government

Ø  Credit default swaps to be reported in 30 minutes with deal intent: RBI

Ø   ICICI to buy over 9% stake in fintech startup Thillais Analytical Solutions

Ø  Ashok Leyland picks 26% stake in Prathama Solarconnect for Rs 19 cr

Ø  RBI board reviews current economic situation

Ø  India’s exports to US decline 11.3% in 2020, register record growth in December

Ø  Adani Ports, JM Baxi Group co among firms to submit bids for building stations

Ø  Oil PSUs spent ₹34,000 crore on BS-VI upgrade: Pradhan

Ø  IRFC open to fund extended network of ‘bullet train’

Ø  Adani Ports completes acquisition of Dighi Port for ₹650 crore

Ø  Cairn Energy files case in US to push India to pay $1.2 billion award

Ø  L&T Finance’s ₹3,000 cr rights issue oversubscribed

Ø  Bitcoin races past $50,000 as crypto asset goes mainstream

Ø  RailTel IPO subscribed 2.6 times on Day-1 led by retail investors

Ø  Nureca IPO subscribed 14.77 times on second day

Ø  Gibraltar Technologies buys HCL Infotech for ₹147 crore

Ø  January exports growth hits 22-month high: Commerce ministry data

Ø  RBI permits residents to make remittances to IFSCs under LRS

Ø  Infosys McCamish acquires platform from STEP Solutions

Ø  Chinese investor in Koo's parent firm on way out

Ø  Amazon to make Fire TV sticks in India

Ø  Tata Electronics to set up component-making plant in TN

Ø  Govt to bring amendments to two Acts to enable privatisation of PSU banks

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⚫S&P Global Ratings said Indian economy is on track for a recovery in the next fiscal year beginning April 1, as consistent good performance of the farm sector, flattening Covid-19 infection curve, and a pickup in Govt spending are all supporting the economy. It said the budget for fiscal 2021-22, will also support the recovery, with higher than expected expenditures. India's improving growth prospects are critical to its ability to sustain the higher deficit associated with its more aggressive fiscal stance.

⚫MoS for Food Processing Industries said the Pradhan Mantri Formalisation of Micro Food Processing Enterprises scheme offers golden opportunities to micro food entrepreneurs.

The scheme aims to bring in new technology, apart from affordable credit to help small entrepreneurs penetrate new markets.

⚫The Road Transport Ministry has taken the initiative to explore alternative fuels like lithium ion batteries and hydrogen cells for electric vehicles in the wake of increasing fuel prices. Also on the anvil were aluminium-ion and steel-ion batteries.

⚫The finance ministry asked departments and ministries to surrender of savings anticipated in the Grants if any, for the current year 2020-21 by March 20.

⚫The Haryana Govt will bring patients of the state suffering from cancer, HIV and serious kidney ailments under the ambit of its social security pension scheme and will be given a pension of Rs 2,250 per month.

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No recovery in any mode by cheque, cash, e­payment or adjustment of input tax credit should be made at the time of search/inspection proceedings under Section 67 of the Central/ Gujarat Goods and Services Tax Act, 2017 under any circumstances: GUJRAT High Court.

Ministry of Finance has issued a Press Release regarding 15th Instalment of Rs.6,000 crore released to the States to meet the GST compensation shortfall. A total amount of Rs.90,000 crore released so far to all States and UTs with legislature This is in addition to additional borrowing permission of Rs.1,06,830 crore granted to the States.

ICAI 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.

Empanelment of Chartered Accountant firms/LLPs with the O/o C&AG of India for the year 2021-2022 (17 Dec 2020). The online application along with detailed instructions in this regard will be available on the website www.cag.gov.in from 1 January 2021 to 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. After filling/updating the data, the firms/LLPs will be required to generate online acknowledgement letter for the year. If the firms/LLPs fail to generate online acknowledgment letter, their application would not be considered for empanelment. Further, the firms/LLPs will also be required to submit a printout of the acknowledgement letter generated online and also hard copies of the documents in support of their online application in the Office of the Comptroller and Auditor General of India at 9, Deen Dayal Upadhyaya Marg, New Delhi – 110 002 latest by 26 February 2021.

Tender Document For Appointment Of GST Auditors For The Financial Year 2019-20 with National Textile Corporation Limited (NTCL).Core IV, SCOPE Complex, 7, Lodhi Road, New Delhi – 110003 Tel. No. 011- 24360101/Extn:2679, website: www.ntcltd.org

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👉🏻RBI permits residents to make remittances to IFSCs under LRS

(RBI permitted resident individuals to make remittances under the Liberalised Remittance Scheme (LRS) to International Financial Services Centres (IFSCs) in the country)

👇🏻 👇🏻 👇🏻

http://bit.ly/3jXk0C3

👉🏻Cryptocurrencies trade may attract Income Tax, GST

(Finance Ministry sees tax implications in crypto-currency trading. However, it is clear that levying a tax does not mean the Govt. is legalising private crypto-currencies)

👇🏻 👇🏻 👇🏻

http://bit.ly/2Zmb13E

👉🏻Appointment of GST Auditors for NTCL

(National Textile Corporation Limited invites applications for appointment of Gst Auditors for the Financial Year 2019-20)

👇🏻 👇🏻 👇🏻

http://bit.ly/3qn6eel

👉🏻Empanelment for Special Audit with Delhi GST department

(Expression of Interest for Empanelment of Special Audit with Department of Trade & Taxes, Govt. of NCT of Delhi)

👇🏻 👇🏻 👇🏻

http://bit.ly/37lfyIm

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

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16 February 2021 News and Updates

16th February 2K21

Ø  India's exports rise 6.16 pc in January; trade deficit narrows to USD 14.54 bn

Ø  States' fiscal deficit to narrow to 4.3 percent of GDP in FY22, says India Ratings Report

Ø  RBI sets up panel to suggest steps for strengthening, consolidating urban co-operative banks

Ø  Cairn Oil & Gas seeks bids for gas from Rajasthan block

Ø  India shifts oil imports from Middle East to Africa, North America due to OPEC cuts

Ø  CIL's overall expenditure drops to Rs 54,241 crore in Apr-Dec 2020 period

Ø  Govt to set up intelligence unit to tackle pesky calls, financial frauds

Ø  Govt shortlists four mid-sized state-run banks for privatisation: Report

Ø  IT sector to grow by 2% to $194 bn, add 138,000 employees in FY21: Nasscom

Ø  Byju's set to acquire edtech rival Toppr for $150 million: Report

Ø  JLR's $3.5 bn plan to take all Jaguars, 60% Land Rovers electric by 2030

Ø  Oil and gas giant ONGC to scale up KG basin gas output this year

Ø  WPI inflation rises to 2.03% in January

Ø  States’ fiscal deficit to moderate to 4.3% of GDP in FY22: India Ratings & Research

Ø  Future Retail to defend petition filed by Amazon in Supreme Court

Ø  Medanta to get ₹100 crore from ADB

Ø  Garware Technical Fibres Q3 net profit rises 49% to ₹43.2 cr

Ø  Srei reports loss of ₹3,810 crore in Q3

Ø  Bank credit grows by 5.93%, deposits by 11.06%

Ø  International experts to participate in SEBI-NISM Research Conference

Ø  SBI MF to sell off Franklin assets through segregated platform

Ø  Wipro signs 5-year partnership with Telefónica Germany / O2

Ø  Amazon had asked for $40 mn as compensation for RIL deal: Future Group

Ø  Singapore’s GDP shows signs of recovery, to grow by 4-6 per cent in 2021

Ø  Japan extends economic recovery as exports, capex shake off COVID hit

Ø  Nirmala Sitharaman to address post-Budget RBI board meet on Tuesday

Ø  US car giant Tesla to set up manufacturing unit in Karnataka: CM

Ø  Global trade recovers in December quarter

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👉 Handbook on Role of Women Directors as brought out by CL&CGC and WMED ICAI - (11-02-2021)

https://resource.cdn.icai.org/63019clcgc50975.pdf

👉 Frequently Asked Questions on SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as brought out by CL&CGC ICAI - (11-02-2021)

https://resource.cdn.icai.org/63014clcgc-sebilodr.pdf

👉 Exposure Draft of Standard for Audit of Smaller and Less Complex Entities issued by the Auditing and Assurance Standards Board - (13-02-0221)

https://resource.cdn.icai.org/63069aasb51028.pdf

👉 Extension of the Last Date for submission of application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2021-22 - (15-02-2021)

https://www.icai.org/post/extension-last-date-for-submission-app-empanelment-cafirms-llps-2021-22

👉 Investment in NBFCs from FATF non-compliant jurisdictions

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12027&Mode=0

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⚫India Ratings expect the aggregate fiscal deficit of states would likely to be at 4.3% of GDP for the next fiscal year compared with 4.6% in the current fiscal year.

⚫The telecom ministry will set up an intelligence unit and a consumer protection system as part of continuing efforts to tackle the menace of pesky calls as well as to take strict action against financial frauds perpetrated using telecom resources.

⚫Bank credit grew 5.93% to Rs 107.05 lakh crore, while deposits rose 11.06% to Rs 147.98 lakh crore in the fortnight ended January 29.

⚫Govt has shortlisted Bank of Maharashtra , BOI, IOB and CBOI for privatisation, under a new push to sell state assets & shore up revenues.

⚫Auto fuel and cooking gas prices have zoomed in the first fortnight of Feb, touching record high levels across the country. The premium petrol being sold at above Rs 100 in Bhopal, and three districts in Rajasthan.

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👉 RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51129

👉 RBI announces constitution of an Expert Committee on Primary (Urban) Co-operative Banks

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51130

👉 Margin for Derivative Contracts

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12028&Mode=0

👉 ICAI issued Handbook on Certification of Form CSR_1

https://resource.cdn.icai.org/62996csr50957handbook.pdf

👉 ICAI CMP Committee has taken up various initiatives for the benefit of the Practicing Members of ICAI/CA firms of ICAI and enhancement of the Practice Portfolio.  visit to avail benefits 

https://cmpbenefits.icai.org/

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

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Thanks for reading

15 February 2021 News and Updates

15th February 2K21

Ø  ONGC takes leaf out of Reliance's book, floats subsidiary to buy own gas

Ø  Government eases curbs on steel for highway construction to reduce cost

Ø  Non-life insurers direct premium rises by 6.7% in January

Ø  Finance Ministry to infuse Rs 3,000 crore in general insurance companies this quarter

Ø  GST officers to immediately suspend taxpayer's registration for 'significant anomalies' in sales return

Ø  MG Motor eyes 30% share of India's Electric Vehicle market

Ø  RBI to issue new 40-year benchmark bond on Thursday, raise Rs 7,000 crore

Ø  Foreign exchange reserves decline by $6.24 billion to $583.94 billion

Ø  Grasim Industries net profit rises 2 times to Rs 1,384 crore in Q3

Ø  Nalco posts net profit at Rs 240 crore; revenue up 14% to Rs 2,378 crore

Ø  Apollo Hospitals Q3 profit rises 42% to Rs 130 cr, revenue down 5%

Ø  Domestic mutual funds trim holdings in Reliance Industries, Infosys

Ø  Global sales of EVs increased by 39% YoY in 2020: Report

Ø  IGX hopes to trade 5% domestic gas

Ø  Soaring steel prices: Road Ministry takes steps to widen steel supplier base

Ø  ONGC floats new subsidiary to buy own gas

Ø  Srei reports loss of ₹3,810 crore in Q3

Ø  Price rigging down, insider trading up

Ø  Private-equity deals for IT soar as companies modernize infrastructure

Ø  Mexico gets AstraZeneca doses from India, expects more Pfizer vaccines

Ø  Tata Motors invites Baleno, i20 for a 'crashdate' with Altroz

Ø  Issue Digilocker to policyholders to preserve documents: Irdai to insurers

Ø  NCLAT asks Devas Multimedia shareholder to approach NCLT

Ø  No RBI, ED probe launched into alleged FDI violation in Flipkart-Aditya Birla Fashion deal: MoS Commerce

Ø  Indiabulls Housing Fin to raise Rs 5,000 cr from securitisation in current quarter

Ø  US car giant Tesla to set up manufacturing unit in Karnataka: CM

Ø  Global trade recovers in December quarter

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👉 Know more about “QRMP scheme and how to furnish details in IFF”

https://www.gst.gov.in/newsandupdates/read/449

👉 Due dates for filing of Form GSTR-3B from the Tax Period of January, 2020

https://www.gst.gov.in/newsandupdates/read/450

👉 QRMP & IFF-Answers to Frequently Asked Questions

https://www.gst.gov.in/newsandupdates/read/451

👉 Frequently Asked Questions on SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as brought out by CL&CGC ICAI - (11-02-2021)

https://resource.cdn.icai.org/63014clcgc-sebilodr.pdf

👉 Handbook on Role of Women Directors as brought out by CL&CGC and WMED ICAI - (11-02-2021)

https://resource.cdn.icai.org/63019clcgc50975.pdf

👉 Technical Guide on Valuation (Revised Edition- 2021) as brought out by VSB ICAI - (11-02-2021)

https://resource.cdn.icai.org/63028vsb50999.pdf

👉 Underwriting Auction for sale of Government Securities for ₹22,000 cr on February 11, 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51099

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GST: Writ petition not maintainable if petitioner got alternative efficacious remedy of appeal. Case Name : Tata Steel Bsl Ltd Vs Union of India ((Orissa High Court)

Reserve Bank of India’s strategy to shift some of its currency intervention to the forwards market is adding to its problems.

Its balancing act to keep the rupee stable amid heavy foreign inflows while also keeping excess liquidity in check is flooding the market with more foreign funds, prompting a vicious cycle of interventions.

Centre’s latest indication on revising and providing further clarifications to foreign direct investment (FDI) rules for e-commerce firms is expected to cause further uncertainty, pushing the latter to review their holding structures for seller entities in which they have an indirect stake. 

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⚫Economic & business indicators such as unemployment rate, stock market, GST collections, mfg PMI, forex reserves, railway freight, merchandise exports, exchange rate and passenger vehicle sales have shown positive sequential growth in January 2021. Expectations that the country's GDP would record growth in the third and fourth quarters of 2020-21 are getting stronger on account of various reforms undertaken by the Govt in the last ten months.

⚫FM said that the Govt, undeterred by pandemic, has been pursuing reforms for achieving sustained long-term growth in a bid to make India one of the top economies of the world in the coming decades.

⚫RBI to issue new 40 year benchmark bond on Thursday, raise Rs 7,000 crore. The 40-year bonds are the highest tenured bonds issued by the Govt

⚫Budget proposal of collecting Rs 30,000 crore through Agriculture Infrastructure and Development Cess will go to states so that mandi infrastructure can be improved. 

⚫Haryana Govt is planning to bring a law under which protesters will have to pay for the damage to public properties during any protest.

⚫The Delhi Govt will launch a month long campaign for registration of construction workers with Welfare Board to enable them to avail benefits of its schemes.

⚫The Ministry of Labour has finalised rules under the four labour codes paving the way for making reforms a reality by notifying those for implementation soon. The four broad codes on wages, industrial relations, social security and occupational safety, health & working conditions have already been notified after getting the President's assent.

⚫The Govt announced that all kinds of steel will be allowed for highways provided these meet the quality parameters. Earlier, the contract provisions required use of steel produced by primary/integrated steel producers only. The move is aimed at ensuring cost reduction in highways construction using steel.

⚫To revive the business sector and boost investor confidence with a business friendly environment, the J&K administration has approved a series of measures for simplifying business establishment process. The pre requisite NoCs or approvals have been relaxed for setting up of a business unit.

⚫The Finance Ministry will infuse Rs 3,000 crore capital into state-owned general insurance co's during the current quarter in a bid to improve their financial health.

⚫FASTag has been made mandatory for all vehicles from Feb 15 midnight. Vehicles not fitted or without functional FASTag entering into the FASTag lane will pay two time equivalent fee of the fee applicable.

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👉 Handbook on Role of Women Directors as brought out by CL&CGC and WMED ICAI - (11-02-2021)

https://resource.cdn.icai.org/63019clcgc50975.pdf

👉 Frequently Asked Questions on SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 as brought out by CL&CGC ICAI - (11-02-2021)

https://resource.cdn.icai.org/63014clcgc-sebilodr.pdf

👉 Exposure Draft of Standard for Audit of Smaller and Less Complex Entities issued by the Auditing and Assurance Standards Board - (13-02-0221)

https://resource.cdn.icai.org/63069aasb51028.pdf

👉 Extension of the Last Date for submission of application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2021-22 - (15-02-2021)

https://www.icai.org/post/extension-last-date-for-submission-app-empanelment-cafirms-llps-2021-22

👉 Investment in NBFCs from FATF non-compliant jurisdictions

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12027&Mode=0

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.

📲 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

12 February 2021 News and Updates

12th February 2K21

Ø  Targeting to conclude BPCL strategic sale by June: DIPAM Secretary

Ø  Larsen & Toubro wins metro contract in Mauritius

Ø  Government to spin-off NDR into separate co to boost oil, gas exploration

Ø  Government seeks Parliament nod for additional gross expenditure of Rs 6.28 lakh crore

Ø  BFSI has among the best risk management practices: ICICI Lombard

Ø  Gems, jewellery exports dip 7.8 pc to USD 2.7 billion in January: GJEPC

Ø  ITC consolidated net profit declines 11.4% to Rs 3,587 crore in Dec quarter

Ø  Data traffic in India increased 60 times in 5 years, says Nokia report

Ø  Karur Vysya Bank Q3 profit up 133% at Rs 35 cr, net NPA down at 2.55%

Ø  Sebi allows Thomas Cook to withdraw buyback offer, cites Covid impact

Ø  Sebi examines feasibility to introduce freight derivatives contracts

Ø  Oil India reports higher Q3 profit over significant tax reversal

Ø  Passenger vehicle sales in January grow 11% YoY to 2,76,554 units

Ø  Finance Bill fineprint can squeeze firms’ working capital

Ø  Economic recovery allaying fears over banks’ asset quality: Moody’s

Ø  ACC net up 73% in Dec quarter on tax write-back

Ø  MRF’s Q3 profit more than doubles to ₹512 cr

Ø  Ashok Leyland posts ₹19-cr loss in Q3 on VRS cost

Ø  Grofers mulls indirect listing in US via SPAC route

Ø  Govt paves way to allow FPIs to debt finance REITs, InvITs

Ø  Piramal Enterprises Q3 profit up 10% at ₹799 crore

Ø  Yield on 10 year G-sec falls back to below 6%

Ø  Ashok Leyland reports net loss of ₹19.4 cr in Q3FY21

Ø  EU rebuffs UK call to reset their post-Brexit relationship

Ø  Sun Pharma settles whistle-blower complaints, to pay ₹ 2.36 crore

Ø  Malaysia’s economy posts biggest annual decline since 1998 crisis

Ø  Growth prospects to drive India’s rating: Fitch

Ø  Petrol, diesel prices at fresh highs as rates up for 2nd straight day

Ø  Amazon moves Supreme Court in Future-Reliance deal dispute

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⚫PM said that the private sector is as important as the public sector for development, in one of the most forceful endorsements by a senior policymaker of the role that businesses can play to distribute wealth and create jobs. If India is able to serve humanity, it is also due to the role of the private sector said.

⚫The Govt expects Twitter to fully comply with its legal notice in the matter of taking down accounts that were tweeting “ince­ndiary” hashtags related to the ongoing farmers protests. It strongly said that “lawfully passed orders are binding on any business entity”.

⚫The Govt plans to sell 20% of its stake in National Fertilizers through an offer for sale. The Govt holds 74.71% stake in the company, which is the second largest producer of urea in the country. The sale could fetch the Govt around Rs 408 crore.

⚫SBI proposes within next 10 years to scale its home loan portfolio from Rs 89,000 crore to Rs 5 trillion.

⚫Intensifying their agitation against the three new agricultural laws, protesting farmer unions announced a four hour nationwide 'rail roko on Feb 18 and also announced that toll collection will not be allowed in Rajasthan from February 12.

⚫With 352,553 more vaccinations across India on Tuesday, the total count of those inoculated reached 6,611,561. The count of recovered coronavirus cases across India, reached 10561608 or 97.27% of total caseload.

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👉🏻SC asks CBDT to decide on exemption to NRIs from paying income tax

(The Supreme Court directed a representation to be made to the CBDT on relief to be given to NRIs in terms of the payment of tax under the Income Tax Act for FY21 amid Covid-19)

👇🏻 👇🏻 👇🏻

http://bit.ly/2Z4XIVh

👉🏻GST Rule 36(4) - Restriction in claiming Input Tax Credits under GST

(An analysis of Rule 36(4) - Validity of ITC restriction (20/10/5%) under Rule 36(4)

👇🏻 👇🏻 👇🏻

https://youtu.be/B2QeSII_9ms

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⚫Exporters urged the Govt to provide support measures in the next foreign trade policy, being formulated by the commerce ministry, to boost the country's outbound shipments.

Gems and Jewellery Export Council  said to announce a jewellery repair policy as it will help promote shipments of jewellery.They also include efficient mechanism for duty drawback scheme; continuation of EPCG and action plan to promote exports from districts.

⚫The Govt has approved applications from several medical devices manufacturers under the Production Linked Incentive scheme for the promotion of domestic mfg. The setting up of these plants will lead to a total investment of Rs 729.63 crore by the co's and employment generation for about 2,304 persons.

⚫With India getting back to work, the hiring activity saw sequential growth in certain sectors including education, real estate and banking, financial services and insurance in January.

⚫The Govt is targeting to conclude the privatisation of BPCL in the first quarter of next fiscal year (Q1FY22).

⚫The number of healthcare and frontline workers vaccinated against Covid-19 reached 7.43 million on Thursday, the 27th day of the countrywide inoculation programme.

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CBDT has said that there will be no extension for the above group of ITR filers for AY 2020-21. Replying to an RTI query,  CBDT told the Gujarat High Court that there was no such plan. It also apprised the Gujarat HC that the due date for Audit Report filing has already been extended till 15th February 2021.

income tax department said it has issued over Rs 1.91 lakh crore worth refunds to over 1.87 crore taxpayers so far this fiscal. Of this, personal income tax refunds of Rs 67,334 crore have been issued to over 1.84 crore taxpayers and corporate tax refunds of Rs 1.23 lakh crore have been made in 2.14 lakh cases. 

Supreme Court directed the apex tax body Central Board of Direct Taxes (CBDT) to respond to a representation from an NRI, who may be exposed to higher tax, for having overstayed in India due to Covid-19.

MCA amends the Rules w.e.f. 1.4.2021 to give effect to much awaited announcement in Budget 2021 speech related to :Definition Rules to increase the small company limits, Incorporation Rules to give effect to OPC and Resident Director stay limits. 

Absence of field for Lawyers for Registration as Professionals on Ministry of Corporate Affairs (MCA) website is Discriminatory:Case Name : Shikha Sharma Bagga Vs Union of  india and anr (Delhi high court)

Sebi is considering a proposal to introduce a framework to ascertain the incidents of technical glitches whereby compensation would be given to investors. Besides, the regulator is also looking to devise a methodology and calculation of compensation. Further, to improve the efficacy of liquidity enhancement measures such as market making, Liquidity Enhancement Scheme (LES) and call auction mechanism for illiquid securities, Sebi would review the existing framework. 

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10 February 2021 News and Updates

⚫India's energy demand will increase more than that of any other country over the next two decades, the International Energy Agency said forecasting India overtaking the European Union as the world's third-largest energy consumer by 2030.

⚫Govt to bring forward a Crypto Bill soon: Clear definitions, no grey areas. Operationalising the ban is being fleshed out by Centre.

⚫The Govt has decided to close two pharma PSU's namely Indian Drugs & Pharmaceuticals Ltd and Rajasthan Drugs & Pharmaceuticals Ltd and disinvest the other three namely, Hindustan Antibiotics Ltd, Bengal Chemicals & Pharmaceuticals Ltd, and Karnataka Antibiotics & Pharmaceutical Ltd.

⚫86% of the accounts opened under the PMJDY are functional. In absolute terms, as many as 417.5 million accounts have been opened under PMJDY, of which 359.6 million accounts are functioning.

⚫The death toll in the Uttarakhand disaster has risen to 32 with six more bodies being recovered, as multiple agencies race against time to reach about 30 workers trapped inside a tunnel at a power project site and 174 people remained missing.

⚫GST officers have busted a network of 46 fake firms which used to generate fake invoices and fraudulently avail ITC worth Rs 82.23 crore.

⚫The Indian markets surged for a sixth day on Monday, with the Nifty50 closing above the 15,000 mark for the first time. The rally, triggered by the Budget, has seen the benchmark indices climb nearly 11% is just six sessions.

⚫Shareholding of FPIs in listed co's is at the highest level in five years. FPIs held 22.74% stake in NSE-listed firms at the end of December 2020. The increase comes on the back of Rs 1.42 trillion foreign capital flows into domestic stocks in last few months. 

⚫After witnessing a decline in new business premiums for two consecutive months, January saw life insurers recording a 3.7% rise in NBP to Rs 21,389.7 crore.

⚫PM again offered to hold talks with agitating farmers, while expressing the Centre’s willingness to amend the three farm laws in a bid to end the protests at Delhi’s borders. PM assured the agitating farmers that MSP and mandis won’t go away. Cheap ration given to over 800 million people will continue. 

⚫The health ministry has advised all states to give the first dose of vaccination to all health workers by Feb 20 and do mop-rounds to cover those left behind by Feb 25 even as India crossed the 5.6 million mark for overall vaccinations in the country so far.

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.📜⚖️EPF/GPF Taxation

‘No retro taxation on interest earned for EPF/GPF contributions of over ₹2.5 lakh

📝Crux

Interest of more than ₹2.5 lakh earned annually from contribution to Employees Provident Fund (EPF) or Government Provident Fund (GPF) will not be taxed retrospectively, Expenditure Secretary TV Somanathan clarified.

🕹️Announcement was made at

BusinessLine webinar on ‘De-coding the Budget 2021-22’.

The webinar was powered by HDFC Bank with BSE as an associate sponsor.

✍️EPF taxation

EPF is the only saving instrument where one gets tax exemption at the time of contribution, then on the accumulation and, finally, at the time of withdrawal. This is called EEE (Exempt-Exempt-Exempt) mechanism.

 

🛡️Additional info - Exemption

📌GPF and EPF flows into an account above ₹2.5 lakh will be directed to a separate sub-account. 

📌The primary account including your past balance as on March 31, 2021 will always remain tax free; 

📌Interest will also not have to be declared.

⛓️🧲Source

https://www.thehindubusinessline.com/economy/policy/no-retro-taxation-on-interest-earned-for-epfgpf-contributions-of-over-25-lakh/article33762741.ece

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👉 Results of the Chartered Accountants Intermediate Examination (Old course & New Course) and Foundation Examination held in November 2020 declared. - (08-02-2021)

https://www.icai.org/post/results-ca-intermediate-exam-and-foundation-exam-nov2020

👉 RBI announces Open Market Operations (OMO) Purchase of Government of India Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51092

👉 RBI releases Annual Report of Ombudsman Schemes, 2019-20

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51095

👉 Special Auction of Government of India Dated Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51097

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8 February 2021 News and Updates

8th February 2K21

Ø  Disinvestment aimed at growth, not to plug fiscal deficit: DIPAM Secretary

Ø  Govt to work with RBI for execution of bank privatisation plan: Sitharaman

Ø  Business confidence improves with rollout of vaccines: NCAER

Ø  Major port trusts, AAI out of the scope of PSE strategic divestment policy

Ø  With $590 billion forex reserves in kitty, India now "net creditor": MoS Thakur

Ø  Emami scouting for acquisitions to strengthen footprint, says company's director

Ø  Higher deficit shouldn't put pressure on India's sovereign rating: DEA Secy

Ø  Reliance buys two-thirds of own gas from KG-D6; GAIL, Shell among buyers

Ø  Confident of reducing fiscal deficit to 4.5% of GDP by FY26: Exp secy

Ø  FPIs remain net buyers at Rs 12,266 cr in first 5 trading sessions of Feb

Ø  PNB expects Rs 3,800 cr recovery from Bhushan Power resolution: CEO

Ø  Centre asks Kerala to start acquiring land for Rs 64,000 cr rail project

Ø  India's coal import rises by 15 per cent in December

Ø  A steady rise in goods and services procurement from GeM platform

Ø  Power demand remains higher in first week of February 2021

Ø  Sun Pharma recalls testosterone injection in the US for labelling error

Ø  Petroleum Min hopes to resolve issue without impacting Barmer

Ø  M&M Q3 profit surges 228% sequentially

Ø  'India exporting Covid shots to 14 countries, set to meet 70% of world's needs'

Ø  Edelweiss Wealth Management targets to raise ₹1,000 cr for equity-focused AIF

Ø  NTPC’s Tapovan Vishnugad hydropower project damaged in Uttarakhand floods

Ø  Mumbai International Airport: Adani Airports acquires 23.5% for ₹1,685 crore

Ø  Sitharaman’s tariff increases are based on a new economic gambit

Ø  India's coal import rises by 15% in December

Ø  Nabard disburses Rs 16,500 crore under RIDF in first 10 months of FY21

Ø  Ministries of defence, railways, CPSEs among largest buyers from GeM platform

Ø  11 merchant bankers in fray for managing Govt’s 26.12% stake sale in Tata Comm

Ø  Seeing positive signs, but Indian aviation sector still in eye of storm: Airbus India

Ø  CM Jagan writes to PM seeking revival of Vizag steel plant

Ø  RBI appoints external firm to audit HDFC Bank's IT infra in view of service outages

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⚫Union Civil Aviation Minister said his ministry has set a target of operationalising 100 unserved and underserved airports and starting at least 1,000 air routes under the UDAN scheme.He also said that privatisation is required in the field of aviation as it is not the Govt's specialisation to run airports.

⚫FM said the country required at least 20 institutions of the size of the nation’s largest lender, SBI, to be able to meet its aspirations.

⚫Continuing the selling spree for the eighth consecutive month, mutual funds pulled out Rs 12,980 crore from equities in January as surge in markets provided an opportunity to book profits.

⚫FPIs pumped money into capital goods, auto sectors before Budget. 

⚫PhonePe has, once again, emerged the top UPI app in January, with 968.72 million transactions worth Rs 1.91 trillion, accounting for 42% of the UPI market alone.

⚫Over 150 people are feared dead due to a flash flood, following a glacier coming apart and an avalanche on the Alaknanda river in Uttarakhand. The privately owned Rishi Ganga power project (130 Mw), was the first to face the brunt of the avalanche.Tapovan (520 Mw), Pipal Koti (4x111 Mw), the hydro project of state-owned THDC, and Vishnuprayag (400 Mw) of Jaypee Group also faced damages.

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👉 Final Bank Branch Auditors' Panel of Chartered Accountants/firms for the year 2020-21 - (07-02-2021)

https://www.icai.org/post/final-bank-branch-auditors-panel-ca-firms-2020-21

👉 Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) - Extension of Relaxation

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12021&Mode=0

👉 Credit to MSME Entrepreneurs

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12022&Mode=0

👉 Basel III Capital Regulations- Review of transitional arrangements

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12023&Mode=0

👉 SLR holdings in HTM category

https://www.rbi.org.in/Scripts/BS_CircularIndexDisplay.aspx?Id=12024

👉 Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR)

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12025&Mode=0

👉 Financial Literacy Week 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51089

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7 February 2021 News and Updates

⚫The Nabard said it has sanctioned Rs 30,200 crore and disbursed Rs 16,500 crore for various rural infrastructure projects across the country under the Rural Infrastructure Development Fund in the first 10 months of the current financial year.

⚫The voluntary scrapping policy for old and unfit vehicles announced in the Union Budget for 2021 -22 will help create jobs for 25 lakh people and lower the price of auto components by 40%, said  Union Road Transport and Highways Minister.

⚫India now has forex reserves of over $590 billion, the highest ever, while the external debt is $554 billion, making the country a "net creditor".

⚫India has so far supplied COVID-19 vaccine to 15 countries and another 25 nations are in the queue at different levels for the jab.

⚫Paddy procurement at MSP has risen by 18% so far this kharif marketing season to 614.27 lakh tonnes, valuing nearly Rs 1.16 lakh crore, amid farmers protest at Delhi-borders against three new agri marketing reform laws.

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The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that Market Linked Focus Product Scrip (MLFPS) received is to be treated as a capital receipt only.

The assessee, Bharat Rasayan Ltd. claimed a weighted deduction under section 35(2AB) amounting to Rs.1.21 Cr. The Assessing Officer (AO) held that in the absence of Form 3CL, such deduction is not allowable. The Commissioner of Income Tax (Appeals)(CIT(A)) supported the contention of the AO reiterating that in the absence of Form 3CL, the claim of the assessee cannot be quantified and verified. While denying the deduction, the CIT (A) held that since Section 35(2AB) allows two times deduction of actual expenditure, it is necessary to have the quantification available before the AO and verify the quantum of the claim. Judicial Member Bhavnesh Saini and Accountant Member Dr. B. R. R. Kumar relied upon the order passed in Supreme Court in the case of Ponni Sugars and Chemicals Ltd. (306 ITR 392.) and stated, “We have gone through the entire facts and preposition of the law and find that the issue is squarely covered by the said order of the Tribunal which was based on the judgment of the Hon’ble Apex Court. The MLFPS received by the assessee is to be treated as a capital receipt only. Hence, we hereby allow the plea of the assessee on this ground.”

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👉 Payment of Tax by Fixed Sum Method under QRMP Scheme

https://www.gst.gov.in/newsandupdates/read/447

👉 Announcement of Campus Placement Programme for Newly Qualified Chartered Accountants February-March, 2021. - (03-02-2021)

https://cmib.icai.org/postedcontent/adminuploads//Announcement%20%20FM-21.pdf

👉 Certificate Course on Public Finance & Government Accounting 9th Online Batch (Morning) - (03-02-2021)

https://resource.cdn.icai.org/62966cpgfm50919batch-9th.pdf

👉 Certificate Course on Public Finance & Government Accounting 10th Online Batch (Evening) - (03-02-2021)

https://resource.cdn.icai.org/62967cpgfm50919batch-10th.pdf

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Compliance Calendar affected due to COVID-19 for February-21

📙 INCOME TAX

▪️07th February 2021- TDS deducted /TCS collected for the month of January, 2021

▪️28th February 2021- Furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194-IB/194M for the month of January, 2021

▪️ 15th February 2021- Due date for filling of Income tax return for FY 19-20 for Audited cases. 

▪️ 31st March 2021- TDS/TCS Quarterly return for Q1 and Q2 ending on 30.06.2020 and 30.09.2020

▪️ 31st March 2021-  Opt for Vivad se vishwas

▪️  31st March 2021- Date for linking of Aadhaar with PAN

📙 GST

▪️11th February 2021-Due date of filling GSTR-1 for the month of January- 2021 who does not opt QRMP (Quarterly Return Filing and Monthly Payment of Taxes) Scheme under GST.

▪️13th February 2021-Due date of filling Sales Invoice / Credit Notes for the month of January- 2021 who opted QRMP (Quarterly Return Filing and Monthly Payment of Taxes) Scheme under GST (Optional Filing)

▪️20th February 2021-Due date of filling GSTR-3B by registered person having a turnover above Rs. 5 Crores in the previous Financial Year for the month of January,2021 (for Maharashtra and Chattisgarh state)

▪️22nd February 2021- Due date of filling GSTR-3B by registered person having a turnover of upto Rs. 5 Crores in the previous Financial Year for the month of January, 2021 (for Maharashtra and Chattisgarh state) not opted for QRMP Scheme

▪️25th February 2021- GST Payment for the month of January 2021 under QRMP Scheme.

▪️28th February 2021- Due date of filing of GST audit Form 9/9c for FY 19-20

 📙 ROC COMPLIANCE FOR COMPANIES:

▪️15th February 2021- Due date of Annual filing for companies with ROC based upon AGM held.  (AOC-4 for financial statement) 

▪️27th February 2021- Due date of filing of form MGT-4 (Annual return of companies) based on AGM held.

📙 ESI/PF

▪️15th February 2021- Due date for payment of Provident Fund, ESI contribution for employers who have paid wages to their employees for January 2021.

▪️25th February 2021- Due date of filing of return for month of January.

📙 PROFESSIONAL TAX

▪️28th February 2021- Due date for payment of PT for the month of January where tax liability is more than Rs.100,000/-.

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⚫The RBI kept its policy rates unchanged,assured an 'accommodative' stance for as long as necessary and ample liquidity for the bond market, but what is being touted as a game changer, the central bank proposed to give retail investors direct access to the Govt bond market.  

⚫Agriculture Minister defended the laws in a speech in the Rajya Sabha, saying the farmers unions and Opposition parties haven’t been able to point out any flaws in the laws.

⚫Covid vaccinations for those in the 50-plus age bracket could start between the second and fourth week of March.

⚫With banks hesitant to issue kisan credit cards to livestock and dairy farmers, Animal Husbandry Secretary said he has taken up the issue with his counterpart in the finance ministry to fix target for banks for issuing KCC to this category of farmers.

⚫The Delhi Govt to slash circle rates for residential, commercial and industrial properties in Delhi by 20% flat until September 30, 2021.

⚫A total of 52,90,474 beneficiaries were vaccinated through 1,04,781 sessions, as per the provisional report.

⚫High speed mobile internet services are being restored in the Jammu and Kashmir, exactly 18 months after it was suspended in August 2019.

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New procedure of assessment:

The Budget 2021-22 proposes a completely new procedure of reassessment. 

1. Under the new Sec 148A, the AO shall make enquiries and give the assessee a reasonable opportunity to be heard before passing an order for issuing notice for reopening U/S 148. This procedure is not applicable to search or requisition cases. 

2. Time limit for issuing notice for reopening is 3 years except when the income escaping assessment is Rs 50 L or more, the time limit is 10 years. 

3. If the assessment, reassessment, search or requisition cases are initiated by 31st March 2021, the above section and time period shall not be applicable. 

4. The authority for approving enquiries shall be principal commissioner or commissioner or principal director or director it 3 years or less have elapsed, otherwise the authority is principal chief commissioner or principal director or chief commissioner or chief director. 

New procedure of assessment:

1. Assessment under section 143(1) and Section 144 had to be completed within a period of one year from the end of the financial year in which the return of income was filed.

2. Now the time limit for completion of assessment under Section 143 and Best Judgment Assessment under Section 144 is proposed to be further reduced by 3 months.

3. Now, the time for completion of assessment shall be 9 months from the end of the assessment year in which the income was first assessable. (Amendment in Sec 153(1))

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GST on Transactions by Association to its Members

✅ The Scope of Supply under Section 7 of CGST Act is proposed to be amended through Finance Bill, 2021 so as to *include the activities or transactions, by a person, other than an individual, to its members* or constituents or vice versa, for cash, deferred payment or other valuable consideration.

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1. Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of around Rs. 170 crore for two financial years in the name of 17 bogus entities. All the 17 parties have confessed in the statements recorded during the course of search and seizure operation, that they were unaware of any such business concerns in their name. 

Enhancements in e-Way Bill System: 

2. Recipient GSTIN should be registered and active, on the date of preparation of the document by the supplier.

3. Document Nos. are case sensitive for e-Waybill generation.

4. In the Bulk Upload, if the Pin-to-Pin distance is not known, distance may be passed as zero. The system will automatically populate the distance, if available. However, if the distance is not available then error is returned. For such cases, user has to pass the distance.

5. If Pin code does not exist in the EWB system then at-least the first 3 digits of the pin code must match with the State selected.

6. In Bulk upload, 96 can also be passed as state code for ‘Other Country’.

7. In case EWB is generated from e-Invoice System, then IRN is displayed in the e-Waybill print

8. Supreme Court transferred to itself the petitions pending before 3 High Courts namely Kerala, Madras and Calcutta High Courts challenging Constitutional validity of Accounting Standards framed by the Institute of Chartered Accountants of India (ICAI). In the writ petitions, which are sought to be transferred, writ petitioner, ICAI have challenged validity of Chapter VI of Guidelines No.1- CA(7)/02/2008 dated August 8, 2008 issued by the Council of ICAI on the ground that the same is violative of Article 19(1)(g) of the Constitution of India.

9 Read more at: https://www.taxscan.in/supreme-court-transfers-to-itself-a-plea-challenging-constitutional-validity-of-accounting-standards-framed-by-icai/88329/ 

10. DHFL Kapil Wadhawan has written to the Reserve Bank and Sebi alleging that 63 Moons Technologies is hampering the company's insolvency resolution process. While lenders are looking to auction DHFL assets to recover Rs 83,000 crore of unpaid loans, Jignesh Shah-founded 63 Moons Technologies has filed a writ petition in the Madras High Court seeking attachment of DHFL assets to recover its dues of Rs 200 crore.

11. Supreme court orders all Investigation Agencies, including DRI/  NCB/ ED/ NIA/ CIA, having the power to interrogate and arrest, to install CCTV cameras and recording equipments and record the same when interrogation takes place.

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Imagine the new section 83 if SC has this to say on old section  83...indeed compellingly grave 

M/s RADHA KRISHAN INDUSTRIES Vs THE STATE OF HIMACHAL PRADESH & ORS.

GST – Sec. 83 - Recovery of Tax - Provisional attachment - Challenge to proceedings initiated under section 83 of CGST Act – Provisional attachment of the amount receivable by the petitioner from its customer by issuing Form DRC-22 - availability of efficacious alternative remedy by way of appeal under section 107 of the CGST Act…………High Court Held - When a statutory forum is created by law for redressal of grievance writ petition should not be entertained ignoring the statutory dispensation - the writ petitioner has not only efficacious and alternative remedy under the GST Act - the writ petition is dismissed on ground of its maintainability……….SC: Petitioner submitted that the power to order a provisional attachment under Section 83 is a draconian power - Issue notice - List on 19 February 2021

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