18th March 2K21
Ø NPAs expected to increase in first half of 2021: FICCI-IBA survey
Ø Parliamentary panel for early disposal of pending 205 FDI proposals
Ø Economic reforms to drive India sovereign rating, says K V Kamath
Ø Lok Sabha passes Appropriation Bill, completing two-thirds of budget exercise
Ø Vodafone Idea, Airtel may resort to indirect tariff hikes
Ø Migsun group to invest Rs 4,500 crore in three stuck projects
Ø India and Philippines most vulnerable to risks of a 'taper tantrum': S&P
Ø CA Rover Holdings sells 4.25% stake in SBI Cards for Rs 3,943 cr
Ø Oil prices slip for fourth day on Europe demand concern: IEA report
Ø China's Baidu raises $3.1 billion from Hong Kong secondary listing
Ø IOC, Israeli firm form JV to to manufacture metal-air batteries for EVs
Ø Vodafone Idea posts first subscriber addition in 15 months: Trai data
Ø Advance tax collections for corporate tax, income tax turn positive
Ø Rising demand from China to drive rubber prices further
Ø NCLAT orders KS Oils liquidation; raps NCLT for lapse of 981 days
Ø Hitachi ABB Power Grids bags ₹124-cr order from BALCO
Ø Adani Transmission wins second package of MP project
Ø KSSF invests ₹410 crore in DCW Ltd
Ø India's Hero Cycles to set up new global hub in London
Ø NSE invests in technology startup Capital Quant Solutions
Ø Retail investors latch on to Nazara's IPO; Kalyan Jewellers fully subscribed
Ø US yields hit 13-month high, stocks drop with Fed meet at hand
Ø Punjab National Bank incorporates new entity for credit card business
Ø BHEL emerges lowest bidder for NPCIL's ₹10,800 crore-tender
Ø Concessional 5% withholding tax continues for debt interest income of FPIs
Ø Square Yards acquires AI-based 3D visualisation platform PropVR
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Ministry of Finance
Clarification on continuation of concessional rate of tax on certain interest income of the FPIs
Section 115AD of the Income-tax Act, 1961 (the ‘Act’) inter alia contains provisions for taxation of income of FPIs. Proviso to section 115AD(1)(i) provides that the tax shall be chargeable at the concessional rate of 5% on interest income referred to in section 194LD.
There are reports in certain section of media that the said concessional tax rate of 5% has been withdrawn. It is hereby clarified that there is no change in the said proviso even after amendment of section 115AD vide Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and the concessional rate of tax of 5% shall continue to be applicable for interest income referred to in section 194LD of the Act.
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⚫India and the UAE discussed ways to strengthen energy cooperation, despite the nation asking its refiners to reduce their reliance on Middle Eastern oil.
⚫Direct tax mop up betters estimate for the first time in four years. With the payments of the last instalment, advance tax collection for FY21 was around 7% higher than last year's.
⚫The I-Tax dept said that concessional rate of tax of 5% shall continue for certain interest income of foreign portfolio investors referred to in section 194LD of the Act.
⚫The Madras High Court has allowed assessees to claim input tax credit for TDS pending from the VAT regime under the current GST system. The order, stated that any deduction made towards an anticipated tax liability assumes the character of tax.
⚫India reported 35,482 fresh Covid-19 cases on Wednesday. Maharastra reported as many as 23,179 new cases which is the highest single day infection count so far in 2021.
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👉 Due dates for filing of Form GSTR-3B from the Tax Period of January, 2021
https://www.gst.gov.in/newsandupdates/read/450
👉 Classification of Taxpayers
https://www.gst.gov.in/newsandupdates/read/457
👉 Important Announcement, May 2021 Exams - (16-03-2021)
https://resource.cdn.icai.org/63666exam51303.pdf
👉 Announcement for Members to Empanelment as Resource Persons for Conducting Investor Awareness Programmes (2021-22) - (16-03-2021)
https://www.icai.org/post/ccmip-announcement-for-members-to-empanelment-as-resource-persons
👉 Extension of Cheque Truncation System (CTS) across all bank branches in the country
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12039&Mode=0
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✅ CBDT issues clarification on Continuation of Concessional Rate of Tax on Interest Income of FPIs - Section 115AD of the Income-tax Act, 1961 inter alia contains provisions for taxation of income of FPls. Proviso to section 115AD(1)(i) provides that the tax shall be chargeable at the concessional rate of 5% on interest income referred to in section 194LD.
✅ ICAI Filling of fresh exam forms for May 2021 Exam Cycle is mandatory for Students appearing in May 2021 Exams including those who opted out of Nov 2020 Exam Cycle and had opted for May 2021 Exam Cycle.
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