17th March 2K21
Ø RBI strengthening institutional mechanism to prevent bank frauds: FM
Ø Bharat Forge forms special purpose vehicle to hold its EV business, future acquisitions
Ø CSR funds not used for implementing govt schemes: MoS Finance
Ø 40% more jobs generated in current fiscal under MGNREGA: Govt
Ø India's exports during March 1-14 up 17% at USD 14 billion
Ø Performance of unsecured loans worsening, says India Ratings
Ø Cabinet clears Bill on setting up DFI with capital infusion of Rs 20,000 cr
Ø IOC to sell hydrogen plants to monetise non-core assets
Ø Google halves Play billing fee to 15% for developers on first $1 mn revenue
Ø Carlyle to sell 4% stake in SBI Cards
Ø Ind-Ra revises fiscal year 2022 steel sector outlook to stable
Ø Bain Capital-owned Diversey aims for $6.38 billion valuation in US IPO
Ø Icra upgrades Titan's long term rating to 'AAA' with stable outlook
Ø Govt notifies vehicle recall policy, to be effective April 1
Ø French shipping group ‘calls off’ plan to sell stake in Mundra terminal to Chinese firm
Ø BPCL bets on clean energy, to hike share of gaseous fuel in total sales
Ø IOCL declares ₹3 second interim dividend
Ø Gland Pharma inks pact to supply 252 million doses of Sputnik V vaccine
Ø GMM Pfaudler buys assets of HDO Technologies in liquidation
Ø IndiGrid plans to raise up to ₹5,300 cr through term loans, NCDs
Ø Goldman, Cerberus buy rare Indian junk-bond by Kesoram Industries offering 21%
Ø Wipro, Tech Mahindra collaborate with Finnish firms to develop 5G in India
Ø Suryoday Finance Bank raises ₹170 cr from anchor investors ahead of IPO
Ø Godrej Properties raises ₹3,750 crore via QIP issue
Ø Piramal Capital to raise up to ₹3,000 crore via NCDs
Ø Rs 3 lakh cr boost for infra development: Cabinet OKs DFI, govt to leverage pension, sovereign funds
Ø TCS launches platform to secure enterprises from cyber risk
Ø Nationwide bank strike continues to impact PSB services on Day 2
Ø A dozen countries suspend AstraZeneca shots over fears of blood clots
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HC sets aside service tax notice issued on the basis of infoamation retrieved from income tax record
A recent Bombay High Court (HC) ruling. The issue in the writ petition involved was whether show cause-cum-demand notice can be issued basis the information retrieved by the department from income tax record.
The petitioner is a partner in a firm. Basis the information collected from the income tax return filed by the firm, Revenue formed a view that the remuneration received by petitioner from the firm was subject to service tax. Accordingly, a show cause-cum-demand notice (notice) was issued.
Aggrieved, the petitioner filed a writ petition before the HC.
Revenue, in its reply affidavit, admitted that activities undertaken by the petitioner as a partner (profit sharing) or salaried individual were not liable to service tax under the Finance Act, 1994. Thus, to this extent, the notice may be withdrawn. However, certain clarifications were still needed from the petitioner regarding income from other sources.
Petitioner submitted that in view of Revenue’s admission, the notice should either be withdrawn or quashed. Basis the material if any, for clarifications on other issues, department can issue a fresh notice.
Accordingly, HC set aside and quashed the notice, clarifying that department may be at liberty to issue a fresh show cause notice in such case.
Comments:
In the past, notices were being issued to businesses basis the data mismatch between income tax and service tax records. The observation of the Court that service tax cannot be demanded merely basis information collected from income tax and without verifying the taxability of the transaction, may help in reducing unwarranted litigation.
It is pertinent to note that the Revenue has admitted the position that partner’s remuneration (profit share or salary) is not liable to service tax. The same position may also hold good under Goods and Services Tax (GST).
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It is proposed that the last date for filing of belated or revised returns of income, as the case may be, be reduced by three months. Thus the belated return or revised return could now be filed three months before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier
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These amendments will take effect from 1st April, 2021 and will accordingly apply to the assessment year 2021-22 and subsequent assessment years.
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⚫India and Finland announced a digital partnership in information and communications technology, future mobile technologies and digital education at a virtual summit. The Ministry of External Affairs also announced sustainability partnership involving renewable and clean energy, circular economy and sustainable mobility.
⚫The Cabinet cleared a Bill to set up a Govt owned development finance institution with initial paid-up capital of Rs 20,000 crore so that it can leverage around Rs 3 trillion from the markets in a few years to provide long-term funds to infrastructure projects as well as for development needs of the country.
⚫There is no proposal of faceless scrutiny assessment of GST returns as the Goods and Services Tax rule already provide for electronic filing and assessment, MOS for Finance said.
⚫India reported 28,869 fresh Covid-19 cases on Tuesday, Maharashtra reported 17,864.
⚫The cumulative number of vaccine doses administered in the country has crossed 3.48 crore with19,11,913 people inoculated on Tuesday.
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