⚫The economy happened at the fastest pace in January during the current fiscal year. Net subscription to the Employees’ Provident Fund touched the highest number at 1.33 million in January, leaving the September’s number at 1.26 million behind.
⚫A parliamentary panel has recommended that the stressed assets of banks must be transferred to the proposed bad bank at book value as the more time such assets are left on the lenders’ balance sheet the more is the prospect of their value eroding.The Union Budget 2021-22 proposed setting up an asset reconstruction and asset management company led by banks to take on and consolidate the existing stressed debt, which would manage and dispose the assets to alternate investment funds.
⚫Foreign trade policy 2021-26 to focus on MSMEs, new export potential. Online data will be available to govt, industry; will help domestic producers analyse market potential for goods.
⚫Govt considers blocking IP addresses of cryptocurrency exchanges. Two months ago, the Govt had said it intended to bring a Bill to ban and introduce India's own digital currency in line with what China and other countries had done
⚫India on Sunday reported 43,846 new active coronavirus cases.With 2540449 more people getting Covid-19 vaccine shots on Saturday, India’s total count of those inoculated reached 4.46 crores.
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✅ ICAI: "Guidance Note on Audit of Banks 2021 edition" - https://www.icai.org/post/guidance-note-on-audit-of-banks-2021-edition
✅ For bank audit - Previous Auditor Communication
https://casango.org/download/letter-of-communication-with-previous-auditor/
✅ ICAI has announced the results of CA Exams 2021. The results of the Chartered Accountants Final Examination (Old Course & New Course) and Foundation Examination held in January 2021 have declared. The results can be accessed on website icaiexam.icai.org.
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⚫The Govt will set up an empowered committee for manufacturing on high technology area.The move is expected to facilitate investments and promote manufacturing in technology intensive sectors including semiconductors.
⚫Amid a sharp spike in coronavirus cases in the country and surge in aviation turbine fuel prices, Union Civil Aviation Ministry decided to increase the minimum air fares by 5% and continue with existing 80% cap on capacity.
⚫Net new enrolments with retirement fund body EPFO grew 27.79% to 13.36 lakh in January compared to the same month in 2020.
⚫Maharashtra reported 27126 new COVID-19 cases, the highest one day rise since the outbreak of the pandemic. Pune city recorded highest 3,200 new cases, followed by 2,982 in Mumbai and 2,873 in Nagpur city.
⚫Delhi reported over 800 COVID-19 cases for the first time this year on Saturday.
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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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The CBDT has inserted a new rule 29BA and Form no. 15E to operationalise the provisions of section 195(2). Section 195(2) was amended by the Finance (no. 2) Act, 2019 to empower the board to prescribe the form and manner of filing the application to determine the appropriate proportion of such sum so chargeable and upon determination tax to be deducted as per section 195 on that proportion only.
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🔰 Instructions w.r.t. SCNs issued by DRI to be kept pending until further directions
📍 The CBIC issued instruction No.04/2021-Customs dated March 17, 2021 directing that all the Show Cause Notice (SCN) dated March 19, 2019 issued by the Directorate of Revenue Intelligence (DRI) against Sh. Anil Aggarwal and 11 others to be kept pending until further directions.
The Instruction can be accessed at: http://www.a2ztaxcorp.com/instructions-w-r-t-scns-issued-by-dri-to-be-kept-pending-until-further-directions/
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⚫The Rajya Sabha passed the bill to hike FDI in the insurance sector to 74%. The new structure allows at least 50% to be independent directors, percentage of profits being retained as a general reserve and majority of key management persons and directors on the board would be Indians.
⚫The Ministry of Road Transport and Highways aims to set up 75 fitness centres across the country by March 2023.
It will also look to set up 50 scrapping centres across India by Dec 2023, as part of the new vehicle scrappage policy.
⚫Over 10.75 lakh houses have been constructed under the Pradhan Mantri Awas Yojana (Urban) during the pandemic so far, and Uttar Pradesh tops the chart with more than 2.55 lakh such units.
⚫Centre may sell stake in Rail Vikas Nigam through OFS this month.
⚫India reported 39,643 fresh Covid-19 cases on Thursday. Maharashtra breached the 25,000 mark, the numbers were the highest reported so far since the onset of pandemic.
⚫LIC said policyholders can deposit their maturity claim documents at their nearest LIC office anywhere in the country till the end of the month.
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💡📍MCA Update on Director's Remuneration 18.03.2021
The Company act has made the amendment in schedule V of companies Act 2013 regarding the *maximum limit in Director Remuneration* vide notification dated 18/03/2021 as follows :
http://www.mca.gov.in/Ministry/pdf/AmendmentNotification_18032021.pdf
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👉🏻Panel recommends structural changes to boost GST revenues
(In light of the prevailing economic scenario, the committee would, therefore, urge the government to initiate all possible measures, both structural and enforcement related, to increase GST collections)
👇🏻 👇🏻 👇🏻
https://bit.ly/38UkbtF
👉🏻Delhi HC asks Finance Ministry and RBI to consider parity between IBC and Sarfaesi Act
(The High Court was hearing a writ petition filed by asset reconstruction company UVARCL against a show cause notice issued by the RBI in which the regulator had threatened to cancel its ARC license)
👇🏻 👇🏻 👇🏻
http://bit.ly/3r2pZXY
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GST Update....
Rule 21A(2A): A new sub-rule 2A has been inserted which states that if a proper officer finds any discrepancies:
i. On comparing details of outward supplies furnished under Form GSTR-1 and Form GSTR 3B
ii. On comparing details of inward supplies reflecting in the Form GSTR-2B with the Form GSTR-3B
iii. Any other analysis
He can issue form GST REG-31 for intimating such discrepancies to the taxpayer on the portal or via communication to the registered email-id. He will also mention that if a proper explanation is not provided on these discrepancies, the registration may get cancelled.
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⚫India plans to unveil a new tourism policy soon, Tourism Minister said the country has embarked on a journey to achieve the top ranking in the sector by 2024 despite challenges.
⚫Acreage of summer crops saw a sharp increase during the week ended March 19, as sowing continued unabated in other regions of the country. The data shows that till March 19, summer crops have been sown over 5.09 million hectares of land, which is 15.34% more than the same period last year.
⚫The railways generated 14.14 lakh mandays employment under the Centre's Garib Kalyan Rojgar Abhiyaan in identified districts of 6 states to expeditiously restart economic activities post lockdown.
⚫PSBs will need more capital infusion from the Govt for business growth and to meet regulatory norms and this must go hand in hand with their privatisation, the RBI said.
⚫Govt to announce forensic auditing norms, bring clarity in fraud detection. Standards used now are not clear, resulting in hundreds of cases across India courts filed by borrowers, companies & individuals.
⚫Investment by NRIs on non-repatriation basis in an Indian company will be treated as domestic investment for the purpose of calculating indirect overseas inflows.
⚫Maharashtra & Punjab issued strict guidelines for businesses as well as public to prevent another Covid wave. Maharashtra on Friday recorded 25,681 new Covid-19 cases, the second highest one-day rise since the pandemic began last year.
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