24th March 2K21
Ø Govt reintroduces clause on 5% withholding tax for FPIs
Ø RBI defers applicability of limits on non-centrally cleared derivative exposures for banks
Ø NCLAT closes insolvency proceedings against Jyoti Ltd after settlement with financial creditors
Ø Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest
Ø Saudi Aramco remains in discussion to pick stake in Reliance unit
Ø India files appeal against Cairn arbitration award
Ø Govt garners Rs 30,369 crore as dividend from PSUs so far this fiscal
Ø Bank NPAs declined to Rs 5.70 trillion at December-end: Anurag Thakur
Ø Oil tumbles 4% on concerns over Europe restrictions, vaccine rollouts
Ø Bharti Airtel picks up stake in Avaada's solar company
Ø Gas price for ONGC to inch up to $1.82, fall below $4 for Reliance
Ø PF deposit threshold limit raised to ₹5 lakh for earning tax-free interest
Ø JSW Steel raises ₹2,500 cr to fund BPSL deal
Ø IMPAL to buy ZF UK’s stake in Brakes India for ₹70 crore
Ø Ircon International expects ₹6,000-cr revenue
Ø Glenmark Pharmaceuticals gets $40-million Covid loan from IFC
Ø India, Afghanistan resolve to deepen economic and trade links
Ø Supreme Court refuses to extend moratorium, allows compound interest waiver
Ø Real estate worth $36 billion could be listed under REITs: JLL
Ø Govt to raise nearly ₹755 crore by selling 15% stake in Rail Vikas Nigam
Ø India Ratings upgrades long term issuer rating of JK Tyre to 'Stable'
Ø Niti Aayog to empanel transaction advisor for PSU assets monetisation, disinvestment
Ø Microsoft eyeing Discord acquisition for more than $10 billion: Report
Ø Adani Ports to acquire controlling stake in Gangavaram Port for Rs 3,604 cr
Ø West sanctions China over Xinjiang abuses, Beijing hits back at EU
Ø Capacity utilisation at RIL and a few state-run refineries declined in February
Ø Gold imports slip 3.3 per cent to USD 26.11 billion in April-February
Ø 449 infrastructure projects show cost overruns worth Rs 4.29 lakh crore
Ø Future Group moves division bench of Delhi High Court against order stalling deal with Reliance
Ø Reliance affiliate picks 3/4th of gas from own CBM block at $6 price
Ø Overall exposure of debt mutual funds to NBFCs below 10%: CARE Ratings
Ø At $36 bn, FPI inflows into equities at record high since FY13: RBI report
Ø Saudi Aramco's $75-bn dividend survives oil and earnings rout
Ø Banks to send more cases to bankruptcy courts even as old ones lie stagnant
Ø Airtel adds 6.9 million active users in January, extends gain: TRAI data
Ø Haldia Petro taking over NOCL breathes life into region
Ø As Aramco’s profit plunges 44.4% in 2020, a deal with Reliance looks tougher
Ø Zaara Biotech bags $10 million investment from UAE firm
Ø Industry divided over proposal to tweak FDI policy in e-commerce
Ø Gail buyback offer rakes in ₹747 crore
Ø Aramco likely to partner with China on blue hydrogen, CEO
Ø China's economy is continuing steady recovery this year, vice premier says
Ø Cargo traffic at 12 major ports falls for 11th month in Feb
Ø Skoda to challenge Japanese, Korean automakers with India 2.0 strategy
Ø 'Serum Institute to delay further vaccine shipments to Brazil, Morocco, Saudi'
Ø Household debt soars to 37.1% of GDP, savings plunge 10.4% in Q2: RBI report
Ø Taxpayers can use ITC to discharge GST dues for March: Finance Ministry
Ø Brazil watchdog fines Apple Rs 14.4 crores for not including charger with iPhone 12 series
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⚫Parliament cleared changes to the finance Bill 2021, doubling the minimum limit of employee contribution to PF to over Rs 5 lakh for the purpose of taxation with some riders, paving the way for the listing of LIC, exempting Indian owned assets sold on digital platforms from equalization levy, and giving tax holidays for the proposed development finance institutions.
⚫The Supreme Court ruled that banks cannot charge interest on interest for accounts that sought moratorium relief during the pandemic period last year and the amount so collected must be refunded in the next instalment of the loan account. Banks can also finally start declaring their bad loans, with the court vacating the interim relief granted earlier not to declare the accounts of borrowers as NPA.
⚫IBC activity likely to see gradual rise after resumption. The CIRP, which was suspended in light of the Covid related stress, covers a one-year period ending March 24, 2021.
⚫India records 47,264 fresh cases. The Govt has decided to open up its vaccination drive for all above 45 years of age from April 1.
⚫There will be no public celebrations in the national capital during upcoming festivals such Holi and Navaratri.
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👉🏻IBBI releases Handbook of Ethics for IPs
(IBBI has come out with a “Handbook on Ethics for Insolvency Professionals to stimulate the highest standards of ethics and professionalism)
👇🏻 👇🏻 👇🏻
https://bit.ly/3s5rzK6
👉🏻Taxpayers are free to utilise ITC available in their credit ledger
(Taxpayers are free to utilise Input Tax Credit available in their credit ledger as permissible by law to discharge their GST due for March month.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2PaBf7A
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🔰 No GST on delayed payment charges recovered from the client towards trading of securities
📍 The Hon’ble AAAR, Uttar Pradesh in the matter of SPFL Securities Ltd. [Order No. 06/AAAR/18/4/2019, dated April 18, 2019] held that Goods and Services Tax ( “GST”) is not liable to be paid on delayed payment charges recovered from the client towards trading of securities upon payment made by them beyond the time stipulated by the stock exchange and SEBI and for which payment is deducted by the stock exchange from the broker’s account.
The Complete Judgment can be accessed at: http://www.a2ztaxcorp.com/no-gst-on-delayed-payment-charges-recovered-from-the-client-towards-trading-of-securities/
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⚫The pandemic induced shocks to the economy which have already shaved off 15.7% of the GDP from the previous year, will delay the ambitious target of becoming the third largest economy by three years to 2031-32 now, says a report.
⚫The Govt notified the composition of an empowered committee for manufacturing in high technology areas.The objective of the committee is to facilitate investments & promote mfg in technology intensive sectors and make recommendations for seeking approvals of the competent authority.
⚫NHAI suffered a toll revenue loss of Rs 814.4 crore till March 16 on account of farmers protest in three states.
⚫The biggest business of non-life insurers, motor insurance, is still in contraction. Till February, the segment has shrunk 4% in premiums. In the same period, the health insurance premiums have grown by 13% with retail health rising 28%.
⚫The Supreme Court will pronounce verdict on a batch of pleas by various associations, including from real estate and power sectors, seeking extension of loan moratorium and other reliefs in view of the pandemic.
⚫India sees 40611 cases in 24 hrs. Maharashtra recorded 24,645 new cases. Delhi saw as many as 888 fresh cases.
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Re-registration of Charitable Trust from 1st April 2021
Finance Act, 2020 came with extensive changes regarding taxation and governance of existing as well as new, Charitable trusts and NGOs.
The new act has brought in a latest procedure for universities, hospitals, charitable trusts, educational institutions etc.
The modifications were related to the registration/re-registration procedure of all trusts under section 12AA of the Income-tax Act, 1961, renewal of registration, approval for deduction u/s 80G and issuing a statement of donations received to the Income Tax authorities.
A new section 12AB has come into action which will replace the provisions of registration under section 12A of the IT Act. It ordained
all charitable trusts registered under section 12A and 80G to make an application of re-registration from
1st October 2020 to 31st December 2020 but due to the current situation of the pandemic, the date has been postponed to 1st April 2021.
The Income-tax Act grants tax exemptions to institutions involved in authentic charitable activities but when these tax exemptions are provided, many are likely to exploit the provisions in the name of charitable trusts, hence to get over this hurdle, all the trusts have to renew their registration after every
5 years as against the perpetual period offered earlier.
Also, every institution registered under section 80G shall be required to present a statement of
donations received.
The whole procedure of registration under section 12AB will be online; not faceless though.
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🌺 Few important Company Compliance Forms List For F.Y. 2020-21
As a Financial Year end is approaching on 31st March, 2021. A company management is required to make sure to comply various compliances on time from *1st April, 2021.
The Companies Act 2013 read with relevant rules governs various provisions which a company is required to comply. And omitting to file any of mandatory compliance will lead to levy of heavy penalty/fees on company as well as Officer in defaults. Here, it has been prepared a compiled list of mandatory compliances to be done by company after 1st April, 2021.
👉 1) E-form MSME FORM I
Applicability: All companies, who get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty-five (45) days from the date of acceptance or the date of deemed acceptance of the goods or services.
⏰ Due date for filing: By 31st October for the period from April to September and by 30th April for the period from October to March.
🚨 Penalty for Non-Compliance: the company and every officer of the company who is in default shall be liable to a penalty of twenty thousand rupees and in case of continuing failure, with a further penalty of one thousand rupees for each day after the first during which such failure continues, subject to a maximum of three lakh rupees.
👉 2) E-FORM DIR-3 KYC
Applicability: Every individual who has been allotted a Director Identification Number (DIN) as on 31st march of a financial year.
⏰ Due date for filing: It required to filled on or before 30th April of immediate next financial year. For example, the Directors having DIN on or before 31st March, 2021 are required to file DIR-3 KYC on or before 30th April, 2021.
🚨 Penalty for Non-Compliance: 1) The DIN shall be inactive and the DIN holder will not eligible to appoint or resign in/from any company.
2) After 30th April, the penalty for filing DIR-3 KYC will be flat INR Five thousand 5000/-.
👉 3) E-FORM DPT-3
Applicability: 1) Annual return of Deposits by Companies who have accepted deposits.
2) Annual return particulars of transaction not considered as deposit or both by every company other than Government company.
⏰ Due date for filing: It required to filled on or before the *30th day of June*, of every year, file with the Registrar.
🚨 Penalty for Non-Compliance: Every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years and with fine which shall not be less than twenty-five lakh rupees but which may extend to two crore rupees.
👉 4) E-FORM AOC-4
Applicability: Form for filing financial statement and other documents with the Registrar for Previous Financial Year ended.
⏰ Due date for filing: It required to filled within thirty (30) days from the Date of Annual General Meeting (AGM), of every year, file with the Registrar.
🚨 Penalty for Non-Compliance: 1) The Company is required to Pay additional duty of INR Hundred (100/-) per days after the expiry of Thirty (30) days from the Date of Annual General Meeting (AGM).
2) The managing director and the Chief Financial Officer of the company, if any, and, in the absence of the managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of fifty thousand rupees.
👉 5) E-FORM MGT-7/7A
Applicability: Form for filing annual return by every company.
⏰ Due date for filing: It required to filled within sixty (60) days from the Date of Annual General Meeting (AGM), of every year, file with the Registrar.
🚨 Penalty for Non-Compliance: 1) The Company is required to Pay additional duty of INR Hundred (100/-) per days after the expiry of Sixty (60) days from the Date of Annual General Meeting (AGM).
2) If any company fails to file its annual return before the expiry of the period such company and its every officer who is in default shall be liable to a penalty of ten thousand rupees and in case of continuing failure, with further penalty of one hundred rupees for each day during which such failure continues, subject to a maximum of two lakh rupees in case of a company and fifty thousand rupees in case of an officer who is in default.
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👉 1st Online Batch of the Certificate Course on Working Paper Management from 15th-26th April, 2021 - (19-03-2021)
https://resource.cdn.icai.org/63825cmp190321.pdf
👉 Announcement regarding Amendment to the Schedule V of the Companies Act, 2013 by CL&CGC ICAI - (19-03-2021)
https://resource.cdn.icai.org/63824clcgc51351c.pdf
👉 Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Remuneration of Non-Executive Director w.e.f. 18th March, 2021 by CL&CGC ICAI - (19-03-2021)
https://resource.cdn.icai.org/63823clcgc51351b.pdf
👉 Announcement regarding Establishment of Central Scrutiny Centre (CSC) for carrying out scrutiny of Straight Through Processes (STP) e-forms filed by the Companies under the Act w.e.f. 23rd March 2021 by CL&CGC ICAI - (19-03-2021)
https://resource.cdn.icai.org/63822clcgc51351a.pdf
👉 Technical Guide on Audit of Internal Financial Controls in Case of Public Sector Banks issued by the Auditing and Assurance Standards Board - (19-03-2021)
https://resource.cdn.icai.org/63820aasb51350.pdf
👉 RBI Bulletin - March 2021
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51299
👉 588th Meeting of Central Board of the Reserve Bank of India
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51300
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👉🏻Govt considers blocking IP addresses of cryptocurrency exchanges
(Govt is considering the blocking of internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening)
👇🏻 👇🏻 👇🏻
https://bit.ly/398LEYv
👉🏻1.38 lakh new companies registered in India in pandemic year - Govt
(1,38,051 new companies registered in the current Financial Year from April 2020 to February 2021 while 10,113 of Companies have been struck off )
👇🏻 👇🏻 👇🏻
https://bit.ly/317ZSEH
👉🏻E-invoicing under GST
(E-Invoice for B2B supply of Goods or Services or both is mandatory w.e.f April 01, 2021 whose aggregate turnover exceeds Rs.50 Cr in a FY)
👇🏻 👇🏻 👇🏻
https://youtu.be/urQqkzkPdj4
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LEGAL-KNOWLEDGE CAPSULE
✒ Supreme Court orders that there shall be full waiver of interest on interest under the interest in loan moratorium case.
✒ Supreme Court issue notice to CG on pleas for *compensation for Victims of Wrongful Prosecution in light of Vishnu Tiwari Case (Person acquitted in Rape case after 20 years jail.
✒ Delhi High Court Clarifies Disclosure of Interest Necessary Only When Personal Information Sought Under RTI Act.
✒ Delhi Court affirms conviction of AAP MLA Somnath Bharti U/s 147,149 IPC 2 year jail term upheld in AIIMS Assault Case .
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