31 March 2021 Updates

⚫Traffic, emissions stay below 2021 highs, powergen steady. People are spending more time at home than they were in pre-Covid times. Data as of March 23 shows 9% spike in time spent at residential locations. Workplace visits are down 15%.

⚫Retail loans set to become largest segment for Indian banking industry. Lenders depending on personal loans rather than industrial credit.

⚫The hike in FDI limit to 74% in the insurance sector is set to shorten the break-even period for the industry in India from current 8 yrs to 5 yrs.

⚫The Govt has received multiple expressions of interest from bidders for privatisation of Neelachal Ispat Nigam. The last date for bid submission was March 29.

⚫Delhi reeled under a "severe heatwave" on the day of Holi, as the temperature shot up to 40.1 degrees Celsius, making it the hottest day in March in 76 years.

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It may be too late to use a cheque for tax saving investments  for claiming deduction under section 80C as funds transfer by cheque takes 2-3 days. Make payment online/NEFT/RTGS*

The deadline to invest under Sec 80C for the financial year 2020-21 is 31 March, but for some investors, it may already be over. Funds transfer via cheque can take up to three days, even transfers via net banking into ELSSschemes may have to be completed a day or so before 31 March.

If your cheque does not clear on time, then you will not get the tax benefit for this year. It is therefore advisable to invest via other methods such as Netbanking or UPI wherever possible. This is because from 1 February, units will be issued on the day when the funds are credited into the bank account of the mutual fund. The realisation of funds is applicable to all the purchase transactions or purchase of transactions via inter-switching between different schemes.

Similarly, investing in any other tax-saving option through a cheque issued in the last 2-3 days can be tricky. If for any reason the cheque is not cleared by 31 March, you will not be able to claim the tax deduction for this year.

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The Finance Bill, 2021 has received president's assent and is now Finance Act 2021. 

TDS not deductible on Fee to Offshore CA Firm having no PE in India for return filing services. Case Name : Sundaram Business Vs Income Tax Officer (ITAT Chennai) Appeal Number : ITA No. 771/CHNY/2019 Date of Judgement/Order : 19/03/2021

All New Set of Guidelines, Forms &  Procedures for the Registrations of Trusts/Societies for Section 12AB and Section 80G Registration under the Income Tax Act,1961.

Form-10BD Notified for Annual Return of Donations to be filed by NGO; ‘Certificate of Donation’ shall be issued to the Donor on Form-10BE.

CBDT Notification No. 19/2021 dated March-26-2021

GAAR (Clause 30C) &  GST registered & unregistered entities wise Break-up of expenses (Clause 44) in Tax Audit deferred till 31.3.22. Circular 5 of 25.3.21.

ICAI has revised its publication titled “Compliances of GST in Banking Sector”. The banking industry provides a wide range of services to its customers including traditional banking services, mutual fund agency services, etc.

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Wonderful changes by Ministry of Company Affairs wef 1st April 2021 to ensure more and more transparency

Schedule III of the Companies Act 2013 contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company.

Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by MCA:

1. Now companies have to round off the figures appearing in the financial statements, hitherto it was optional. Further, the criteria for rounding off shall be based on “total income” in place of “turnover”.

2. Company shall disclose Shareholding of Promoters.

3. Current maturities of Long term borrowings shall be disclosed separately.

4. Trade Payables ageing schedule to be given.

5. Trade Receivables ageing schedule to be given.

6. Security deposits shall not be disclosed under ‘Long term loans and advances’ but disclosed under ‘Other non current assets’. 

7. The company shall disclose the reason of utilization of funds for the purposes other than for which they were borrowed and shall also disclose the purposes for which the funds were utilised. 

8. Company needs to disclose if the books of accounts are tallied with the quarterly or monthly returns filed with banker in cases where company has borrowed funds from banks on the basis securities of current assets, or else a separate reco statement needs to be provided. 

9. The company shall provide the details of all the immovable property (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) whose title deeds are not held and where such immovable property is jointly held with others, details are required to be given to the extent of the company’s share.

10. In cases where revaluation has been done in case of Property Plant and Equipment, the company shall disclose if the valuation was done by registered valuer. 

11. Disclosures to be made where Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and related parties (loans given to promoters as a % of total loans)

12. For Capital-work-in progress, ageing schedule shall be given

13. For Intangible assets under development,  aging schedule to be given.

14. Disclosure of any proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition)Act, 1988 to be made.

15. Where a company is a declared wilful defaulter by any bank or financial Institution or other lender, details to be given.

16. Disclosure of any transactions with companies struck off 

17. Where any charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period, details and reasons thereof shall be disclosed.

18. Following Ratios to be disclosed:

(a) Current Ratio,(b)Debt-Equity Ratio,(c)Debt Service Coverage Ratio, (d) Return on Equity Ratio,(e) Inventory turnover ratio,(f)Trade Receivables turnover ratio, (g) Trade payables turnover ratio, (h) Net capital turnover ratio, (i) Net profit ratio, (j)Return on Capital employed, (k) Return on investment

(xv) Disclosure of Utilisation of Borrowed funds and share premium to be given

Explanation is required if there’s change of more than 25% as compare to preceding financial year.

19. Further disclosures shall be made where the company has received funds from any persons or entities including foreign entities to further lend or invest or provide any guarantee, security to third parties.

20. Where a scheme of arrangement has been approved, disclosure shall be made of the effect of the same on the books of accounts and any deviation from the accounting standards for the same.

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⚫The Govt issued a draft notification that proposes to offer up to 25% concession on personal motor vehicle tax while commercial vehicles will be given a concession of 15% purchased along with a certificate of vehicle scrapping.

⚫Fund mobilisation via the primary market route was the highest ever in FY21 with India Inc raising Rs 1,88,900 crore through public equity markets as compared to Rs 91,670 crore raised in FY20.

⚫To streamline its logistics business, the NHAI has constituted a subsidiary for logistics movement across the country, transferring the existing nine contracts to the arm. Future logistics projects would also be allotted to this subsidiary.

⚫According to Section 139AA in the Income Tax Act (2017), individuals have to link their PAN and Aadhaar numbers. The deadline is March 31, 2021. If they are not, PAN will be considered invalid to use.

⚫Banks have requested the Govt to foot the bill of about Rs 8,000 crore that they will have to return to the customers on account of moratorium interest, but the finance ministry seems to be not interested.

⚫The TRAI met with bankers to iron out the issues with regards to compliance with its norms on curbing the menace of unsolicited messages.

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GST Provision for QR code on Tax invoice by registered person extended by three months. Applicable from 1-7-21 instead of 1-4-21.

Ref: NN 06/2021 - Central Taxes

CBIC vide Notification No. 35 /2021-Customs (N.T.) dated March 29, 2021 has issued the ‘Bill of Entry (Forms) Amendment Regulations, 2021’ to further amend the Regulation 4(1) of the Bill of Entry (Forms) Regulations, 1976, (BE (Forms) Regulations) with regard to time limit for filing the bill of entry by the authorised person.

Chartered Accountants Association and its members has filed Petition in High Courts of Delhi, Chandigarh, Kolkata and Allahabad for not appointing Statutory Branch Auditor of Indian Bank for the FY 2020-21 to those eligible firms who were already continuing auditors of Allahabad Bank before Merger. This matter is soon going to come up in Supreme Court also.

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👉🏻Banks To Decline Auto Pay Transactions From April 1

(Banks are likely to decline auto payments from April 1 as all recurring transactions using cards and prepaid payment instruments will now require an additional factor of authentication, as per an RBI circular)

👇🏻 👇🏻 👇🏻

https://bit.ly/3meyKO8

👉🏻Procedure to Respond E-Campaign Notice of Income Tax Department

(Procedure to Respond E-Campaign Notice of Income Tax Department discussed by CA. Shivangi Mittal)

👇🏻 👇🏻 👇🏻

https://youtu.be/6WeIX3AjEW4 

👉🏻Bank Branch Audit 2021 - Update on allotment of Branches

(Banks start sending mails for allotment of Branches. check your email on a regular basis, Join CA Sansaar official Telegram Channel for all Bank Audit Updates.

👇🏻 👇🏻 👇🏻

https://t.me/casaansaar

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🔰 Extension of Foreign Trade Policy, 2015-2020 till September 30, 2021

📍 The DGFT vide Notification No. 60/2015-2020, dated March 31, 2021 has issued the amendments in the existing Foreign Trade Policy, 2015-2020 ( “FTP” ), w.e.f. from March 31, 2021.

The Notification can be accessed at: http://www.a2ztaxcorp.com/extension-of-foreign-trade-policy-2015-2020-till-september-30-2021/

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🗣️ Tax Update:

Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021 in view of the difficulties arising out of the COVID-19 pandemic.

Source: https://twitter.com/IncomeTaxIndia/status/1377265588347707398?s=1001

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29 March 2021 News and Updates

MCA notifies amendment in section 124 & 247 of Companies Act, 2013

Ministry of corporate affairs

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MCA Notifies the date of commencement of Section 23 and Section 45 of Companies (Amendment) Act, 2020

The Ministry of Corporate Affairs (MCA) vide its Notification Date appointed the 24th March 2021 for commencement of Section 23 and Section 45 of the Companies (Amendment) Act, 2020.

(A) Vide Section 23 of the Companies (Amendment) Act, 2020 Central Government amends the sub-section (7) of Section 124 of the Companies Act, 2013 and replace the provisions of the said sub-section as follows:-

“(7) If a company fails to comply with any of the requirements of this section, such company shall be liable to a penalty of one lakh rupees and in case of continuing failure, with a further penalty of five hundred rupees for each day after the first during which such failure continues, subject to a maximum of ten lakh rupees and every officer of the company who is in default shall be liable to a penalty of twenty-five thousand rupees and in case of continuing failure, with a further penalty of one hundred rupees for each day after the first during which such failure continues, subject to a maximum of two lakh rupees.”.

Section 124 of the Companies Act, 2013 deals with the Unpaid Dividend Account, and sub-section (7) of section 124 provides for the penalty in case of non-compliance of Section 124.

Earlier sub-section (7) of section 124 provides for fine of a minimum of Rs 5,00,000/- and maximum of Rs 25,00,000/- on the defaulting company and fine of minimum of Rs 1,00,000/- and maximum of Rs 5,00,000/- on the every officer of the company who is in default.

(B) Vide Section 45 of the Companies (Amendment) Act, 2020 Central Government amends Section 247 of the Companies Act, 2013 as follows:-

In section 247 of the principal Act, in sub-section (3), for the words “punishable with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees”, the words “liable to a penalty of fifty thousand rupees” shall be substituted.

Section 247(3) of the Companies Act, 2013 provides for the penalty in case of contraventions by the Registered Valuers. After commencement of Section 45 of the Companies (Amendment) Act, 2020 fine in case of contravention by the Registered Valuers has been amended to Rs 50,000/- only from the earlier “not less than Rs 25,000/- but which may extend up to Rs 1,00,000/-“.

Official Notification is as follows:-

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 24th March, 2021

S.O. 1303(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 24th March, 2021 as the date on which the provisions of section 23 and section 45 of the said Act shall come into force.

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⚫India's goods exports will stand at $290 billion for the f/y ending March, 7% short of shipments in the previous fiscal.

⚫Govt orders to prefer local medical devices, cut imports by Rs 4,000 crore. India is largely dependent on imports for medical devices, and ships in around Rs 42,000 crore worth of devices

⚫Cabinet may soon take up extending subsidy to BPCL after privatisation. LPG customers of state owned OMCs with less than Rs 10 lakh annual income get cash subsidy through direct benefit transfer in their bank a/c.

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👉 CSR Committee of ICAI proudly announces 4th batch of Certificate Course on CSR through online mode across India for members of ICAI. - (25-03-2021)

https://www.icai.org/post/csr-4thbatch

👉 Announcement regarding Commencement notification of provisions of Companies (Amendment) Act, 2020 w.e.f. 24th March, 2021 by CL&CGC ICAI - (26-03-2021)

https://resource.cdn.icai.org/64147clcgc51489c.pdf

👉 Announcement regarding Amendment in the provisions of Companies (Accounts) Rules, 2014 w.e.f. 01.04.2021 by CL&CGC ICAI - (26-03-2021)

https://resource.cdn.icai.org/64145clcgc51489b.pdf

👉 Announcement regarding Amendment in the provisions relating to Other Matters to be included in Auditor's Report by CL&CGC ICAI - (26-03-2021)

https://resource.cdn.icai.org/64146clcgc51489a.pdf

👉 Important Announcement for Students who are eligible to become Members - (26-03-2021)

https://www.icai.org/post/announcement-students-who-are-eligible-to-become-members

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26 March 2022 News and Updates

26th March 2K21

Ø  BPCL disinvestment process moving on well, to conclude sale by Sept-end: DIPAM Secy

Ø  Reliance Retail tells govt e-commerce players bypassing foreign investment norms

Ø  Targetting investment from 1,000-odd cos including Tesla: Industry secy

Ø  Amazon calls on India not to alter e-commerce investment rules: Sources

Ø  Edelweiss Infrastructure Yield Plus acquires stake in Engie’s solar assets in India

Ø  Sebi to set up fund to buy stressed corporate bonds: FM Sitharaman

Ø  Second Covid wave unlikely to derail India's growth: RBI Governor

Ø  Govt launches auctions for second tranche of commercial coal mining

Ø  Mukesh Ambani sees a 'tsunami of opportunities' for entrepreneurs

Ø  BSNL, MTNL to get spectrum for 5G services without participating in auction

Ø  Sebi eases listing norms for startups; alters regulations on delisting

Ø  ONGC must scale up exploration activities: Ministry

Ø  Hitachi ABB Power upbeat on energy transition in India

Ø  Tata Cleantech secures up to 10 bn yen loan from JICA

Ø  NMDC plans ₹3,000 crore capex, targets 42 mt iron ore output next fiscal

Ø  Droom aims to list on the NASDAQ in H2 of 2022

Ø  Disclose all cryptocurrency dealings, MCA to India Inc

Ø  Sebi to relax rules for reclassification of promoter as public shareholder

Ø  India going to be epicentre of global growth, transformation: Mukesh Ambani

Ø  Laxmi Organic ends at 26% premium, Craftsman makes tepid debut

Ø  Barbeque Nation IPO subscribed 1.98 times on Day 2

Ø  Byju’s to raise $600-700 million at nearly $15 billion valuation

Ø  India poised to play “decisive role” in 5G era: TRAI Secretary

Ø  Normalcy restored for resolution of stress under IBC: Sahoo

Ø  Indian economy's revival seen 'unabated' despite infection surge: RBI governor

Ø  Regulation should not constrain innovation in fintech space: RBI governor

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BREAKING] CBDT again defers GST Reporting in Tax Audit Report [Read Order]

Read More: https://www.taxscan.in/cbdt-defers-gst-reporting-tax-audit-report/107228/

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⚫The SEBI eased eligibility and listing criteria on the so-called Innovators Growth Platform, a separate exchange venue for new-age startups.

⚫India registered 59069 fresh cases of Covid-19 in the past 24 hours. Maharashtra recorded the highest single day spike of 35952 cases. Delhi reported over 1500 cases for the first time this year.

⚫The MCA has made amendments to rules in the Companies Act, mandating firms to disclose investments in cryptocurrencies, spend on CSR, and benami property transactions, among others, in their financial statements from the next financial year. Co's will also have to disclose their relationship with struck off firms and the details of title deeds of immovable property not held in the name of the company.

⚫Management representations on advances, loans, and investments, etc, will have to be reported. One of these changes requires co's to use those accounting software for maintaining its books that allow it to record the audit trail of every transaction. 

⚫Co's will also have to disclose insolvency and bankruptcy matters and information relating to the valuation of the company’s assets in the board’s report. 

⚫Rail and road transportation services are likely to be affected and markets may remain closed in parts of the country on Friday as farmer unions protesting against the three agri laws have called a complete Bharat Bandh.

⚫Mid term removal of SBA’s by Indian bank challenged in Delhi High court. Writ petition filed, hearing at 10:30 today.

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25 March 2021 News and Updates

25th March 2K21

Ø  Fitch revises India GDP growth to 12.8% for FY22

Ø  Development forum set up to promote cooperative sectors' growth

Ø  India likely to resume new bankruptcy filings after halt expires

Ø  Sebi orders attachment of bank, demat, MF accounts of Rana Kapoor

Ø  Hotel investment trading volume in India declines 84% in 2020, says JLL

Ø  Privatising two PSBs: India Ratings warns of rating impact if govt cedes control

Ø  Discom overdue increases 5.5-times in 5 states; disputes rising too

Ø  Govt may seek details of interest on interest charged by banks

Ø  Jubilant FoodWorks to bring US-based fast food chain Popeyes to India

Ø  SC remits to creditors Jaypee Infratech's resolution plan for approval

Ø  Adani Green Energy to buy 74.94 MW solar projects of Sterling and Wilson

Ø  DHFL debt resolution to spill over into FY22

Ø  Project financing confirmed for ONGC-OIL-supported Mozambique LNG project

Ø  ABB reaches 5GW milestone in delivering solar plant automation in India

Ø  Zetwerk concludes $8.3 million share buyback

Ø  Jet Airways bid winners seek nod to discuss restoration of airport slots

Ø  Ashok Leyland to deploy e-buses for staff transportation

Ø  Glenmark gets USFDA nod for generic antipsychotic drug

Ø  No chance of sovereign rating downgrade: Nirmala Sitharaman

Ø  Parliament passes Finance Bill 2021-2022

Ø  Bank of India to issue Basel III compliant bonds to raise up to ₹750 crore

Ø  Bitcoin tops $57,000 after Tesla starts accepting crypto asset as payment

Ø  TVS Motors declares second interim dividend of Rs. 1.40 per share for FY21

Ø  CAG for setting up of time-frame for roll out of simplified GST return forms

Ø  ChrysCapital invests $50 mn in Safex Chemicals for minority stake

Ø  Adani Ports to acquire controlling stake in Gangavaram Port for Rs 3,604 cr

Ø  One year since COVID-19 lockdown: India still recovering from unemployment blow

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👉🏻Govt hikes PF threshold limit to Rs 5 lakh for earning tax-free interest

(FM raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget)

👇🏻 👇🏻 👇🏻

https://bit.ly/2Qo6RHl

👉🏻Supreme Court lifts blanket ban on NPA classification

(SC said the interim relief granted earlier to not declare the accounts of respective borrowers as non-performing assets stands vacated, ending the blanket ban on classification of NPAs)

👇🏻 👇🏻 👇🏻

https://bit.ly/3faUf0O

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Finance Minister, Smt. Nirmala Sitharaman, has introduced ‘Notice of Amendments’ to the Finance Bill, 2021 in the Lok Sabha. More than 100 changes have been proposed to the original Finance Bill, 2021 which was introduced in the Lok Sabha on February 01, 2021. 

GST: payment from the Chinese supplier is a consideration for your tolerating his act of not supplying the goods as agreed. S.No. 5(e) of Schedule II of the CGST Act, 2017 (relevant extracts) specifies the activity of agreeing to the obligation to refrain from an act, or to tolerate an act, or a situation, or …to be treated as supply of service. 

Supreme Court orders that there shall be full waiver of interest on interest in Loan Moratorium case  The Court held that any amount collected as compound interest shall be adjusted to the next installment payable instead of refunding it to the borrower. 

Cabinet approves vaccination for people above 45 years of age from April 1, 2021. 

Parliament on Monday approved a Bill to increase Foreign Direct Investment (FDI) limit in the insurance sector from 49 per cent to 74 per cent with the Lok Sabha passing the proposed law by a voice vote. 

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⚫The CAG has found that the GST system is prone to input tax credit frauds due to complexity in the compliance system.The complexity of return mechanism and technical glitches had resulted in roll-back of key GST returns, rendering the system prone to ITC frauds.

⚫FM has plugged the loophole on sale of an undertaking by one entity or person to another, which may have repercussions for business transfers as well as mergers and acquisitions. Amendments to the finance Bill, 2021, say that fair market value will be taken as consideration of the sale.

⚫The Govt is spending Rs 7 lakh crore on building green express highways through modern technology which in turn would provide smart transportation and reduce pollution.

⚫Asset distribution to partners will attract capital gains tax.

⚫India has registered 53419 fresh cases of Covid-19 in the past 24 hours. Maharashtra recorded a fresh peak of 31,855 and Delhi reported 1,254 cases 

⚫A new double mutant strain of coronavirus has been found in India that causes increased infectivity amid grave concerns over the surge in cases in Maharashtra and Punjab.

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👉 Opting-in for Composition Scheme for Financial year 2021-22

https://www.gst.gov.in/newsandupdates/read/458

👉 Company (Accounts) amendment Rules, 2021Pdf(1.09 MB)

http://www.mca.gov.in/Ministry/pdf/AccountsAmendmentRules_24032021.pdf

👉 Companies (Audit and Auditors) Amendment Rules, 2021.Pdf(2.30 MB)

http://www.mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_24032021.pdf

👉 Amendment to Schedule III to the Companies Act, 2013Pdf(565 KB)

http://www.mca.gov.in/Ministry/pdf/ScheduleIIIAmendmentNotification_24032021.pdf

👉 Results of the Chartered Accountants Intermediate Examination(Old course & New Course) held in January 2021 are likely to be declared on Friday, the 26th March 2021(evening)/Saturday the 27th March 2021 - (24-03-2021)

https://resource.cdn.icai.org/64053exam240321.pdf

👉 Result of online examination for Certificate Course on BRSR held on 20.03.2021 declared - SRSB, ICAI - (24-03-2021)

https://resource.cdn.icai.org/64050srsb240321.pdf

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1. Mandatory use of Accounting Software having Audit Trail

From FY commencing on 01.04.2021, every Company shall use Accounting Software having features to record the audit trail of each transaction, creating the edit log of changes made & ensuring that the audit trail cannot be disabled. 

Link: http://mca.gov.in/Ministry/pdf/AccountsAmendmentRules_24032021.pdf

2. Other Matters to be Included in Auditors Report

a. Reporting regarding advances, loans & Investment other than disclosed in notes to accounts.

b. Receiving of funds for further lending or investing other than disclosed in notes to accounts.

c. Dividend declared or paid is in compliance of section 123 of CA, 2013.

d. Comment of use of Accounting Software having Audit Trail & other rules therein.

Link: http://mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_24032021.pdf

Amendments in Schedule III from 1st day of April, 2021

As per the amendments many new disclosure has been mandatory as detailed below:

a. Disclosure of Shareholding of Promoters

b. Trade Payables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years

c. Reconciliation of the gross and net carrying amounts of each class of assets

d. Trade Receivables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years

e. Detailed disclosure regarding title deeds of Immovable Property not held in name of the Company.

f. Disclosure regarding revaluation & CWIP ageing.

g. Loans or Advances granted to promoters, directors, KMPs and the related parties

h. Details of Benami Property held

i. Reconciliation and reasons of material discrepancies, in quarterly statements submitted to bank and books of accounts.

j. Disclosure where a company is a declared wilful defaulter by any bank or financial Institution

k. Relationship with Struck off Companies

l. Pending registration of charges or satisfaction with Registrar of Companies 

m. Compliance with the number of layers of companies

n. Disclosure of 11 Ratios 

o. Compliance with approved Scheme(s) of Arrangements

p. Utilisation of Borrowed funds and share premium

q. Details of transactions not recorded in the books that has been surrendered or disclosed as income in the tax assessments

r. Disclosure regarding Corporate Social Responsibility

s. Details of Crypto Currency or Virtual Currency

Link: http://mca.gov.in/Ministry/pdf/ScheduleIIIAmendmentNotification_24032021.pdf

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👉🏻Mandatory Accounting Software with Recording Audit Trail for Companies - MCA

(Mandatory Accounting Software with Recording Audit Trail for Companies from Financial year commencing on or after the 1st day of  April,  2021 - MCA)

👇🏻 👇🏻 👇🏻

https://bit.ly/3chXd1C

👉🏻GST technical glitches behind input tax credit frauds - CAG

(The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is prone to input tax credit (ITC) frauds due to complexity in the compliance system)

👇🏻 👇🏻 👇🏻

https://bit.ly/31iFeBG

👉🏻Recent Supreme Court Rulings on Indirect Taxes

(Latest Supreme Court Judgements on Indirect Taxes discussed by CA. Manish Sachdeva)

👇🏻 👇🏻 👇🏻

https://bit.ly/2P7Kzth

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

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24 March 2021 News and Updates

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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📲 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

22 March 2021 Updates

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

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18 March 2021 News and Updates

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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📲 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

17 March 2021 News and Updates

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

..

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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16 March 2021 News and Updates

16th March 2K21

 

Ø  Govt collects Rs 26,457 crore by decreasing stakes in six DPSUs in last 5 years

Ø  Adani Renewables bids Rs 2.77 for wind projects

Ø  EPFO closed 71.01 lakh EPF accounts in April-December 2020

Ø  No plan to split GAIL: Oil Minister Dharmendra Pradhan

Ø  Natco Pharma forays into pheromone-based technology for integrated pest management

Ø  RBI asks banks to implement image-based Cheque Truncation System in all branches by September 30

Ø  Tata Communications OFS opens Tuesday for institutional investors

Ø  No proposal at present to include petroleum under GST: Sitharaman

Ø  States may face Rs 3 trillion GST compensation shortfall in FY22: Report

Ø  FM Sitharaman introduces Bill in Rajya Sabha to allow 74% FDI in insurance

Ø  MFs hold nearly a fifth of AT-1, Tier-2 bonds issued by banks: Nomura

Ø  Stripe becomes top US startup as valuation jumps to $95 bn

Ø  PGCIL acquires RNTL in Rajasthan

Ø  Tech Mahindra picks up 70% stake in Perigord Asset for €21

Ø  PAC for lowering interest rates of loans to MSMEs

Ø  WPI inflation surges to 27-month high of 4.17% in Feb

Ø  Cochin Shipyard ‘ready’ to put equity in India’s first locally build dredger for DCI

Ø  Ratan Tata acquires stake in Pritish Nandy Comm

Ø  UK's 10-Year inflation expectations climb to highest since 2008

Ø  Govt likely to introduce Electricity Amendment Bill in ongoing session

Ø  Laxmi Organics IPO sees strong start; Craftsman IPO subscribed 55% on Day 1

Ø  India's import of arms decreases by 33%, says SIPRI

Ø  RBI to extend cheque truncation system across all bank branches

Ø  EU takes legal action vs UK over Brexit deal delays

Ø  Exim Bank sees exports growing 4.9 per cent in Q4

Ø  China’s factories, consumers drive recovery into 2021

Ø  Nationwide strike impacts banking services of PSU banks

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LEGAL-KNOWLEDGE CAPSULE

✒ Supreme Court held that person ineligible u/s 29A IBC to submit Resolution plan cannot propose scheme of compromise & Arrangement u/s 230 Companies Act, 2013.

✒ Supreme Court refuses to entertain habeas corpus plea seeking protection of Girl in an interfaith relationship with petitioner allegedly detained by her parents.

✒ Kerala High Court allows admission of transgender person to National Cadet Corps on the basis of self-perceived gender identity.

✒ Central Government moves Supreme Court against bombay High Court decision granting bail to Rhea Chakraborty in NDPS case.

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⚫The wholesale price based inflation rose for the second consecutive month in February to 4.17%, as food, fuel and power prices spiked.

⚫The country's exports rose marginally by 0.67% yoy to USD 27.93 billion in February even as trade deficit widened to USD 12.62 billion. Imports rose by 6.96% to USD 40.54 billion in the month. The trade deficit in February 2020 was at USD 10.16 billion.

⚫Amid rising fuel prices, FM informed Parliament that there is no proposal at present to include petrol, diesel and three other fuels under the GST.

⚫Rs 2,000 currency notes have not been printed in the last two years even as the quantum of India's highest denomination currency note has come down.

⚫RBI has forwarded the list of Auditors to Banks for appointment of Statutory Bank Branch Auditors for the year 2020-21.

⚫Maharashtra Govt warns shutting hotels, cinemas for violating Covid rules. Maharashtra has reported as many as 15,051 fresh COVID-19 cases 

⚫The Punjab School Education Board announced the postponement of the final exams of classes 10 and 12 by about a month in the wake of rising COVID-19 cases in the state.

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👉🏻Bank Branch Audit 2021 Updates

(RBI has sent the Branch Audit Panel to Banks. Banks will start sending mails soon. Check mail on regular Basis.

Share update regarding Bank Branch Audit with CASANSAAR WhatsApp No. 8285393786)

👇🏻 👇🏻 👇🏻

http://bit.ly/3qT94ap

👉🏻Punjab State Development Tax Act and Rules, 2018 (Professional Tax)

(Detailed Discussion on Punjab State Development Tax Act and Rules, 2018 (Professional Tax) by CA. Shashi Bhushan.

👇🏻 👇🏻 👇🏻

https://bit.ly/2Q9Vgf2

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Income Tax Assessing Officer can make addition u/s 68/69C despite estimation of Income U/s 44AF of the Income Tax Act. Case Name : Atul Dinesh Seth Vs ITO (ITAT Bnagalore). Appeal Number : ITA Nos. 399 to 401/Bang/2020. Date of Judgement/Order : 08/03/2021

CBIC received various representations that various IGST refunds were stuck due to such mis-match error as the above circular provided resolution for shipping bills filed till 31 march 2019. Therefore, refunds of IGST could not be processed related to Shipping Bills filed after 31.3.2019 due to mismatch error.

Sebi move to cap the exposure of mutual funds to tier 1 & 2 bonds to 10 per cent to mitigate the risks for retail investors as a positive step, a Crisil analysis has found that none of the AMCs is exposed to the risk though 36 schemes, mostly led by banking and PSU funds, do breach the new threshold.

UGC  recognised CA qualification equivalent to PG degree. This will go in long way to support Professional colleagues globally. 

ICAI Condonation Scheme to regularize UDINs provided by the ICAI vide its announcement dated 31st January 2021 which ended on 28th February 2021 is now being extended upto 31st March 2021. Whereby, all the missed UDINs between the period 1st February 2019 to 10th March 2021 can now be generated upto 31st March 2021 and this is in continuation to the Condonation Scheme announced previously.

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

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15 March 2021 News and Updates

15th March 2K21

Ø  Bank credit grows by 6.63%, deposits by 12.06%

Ø  ONGC's share in India's oil, gas production jumps to 70% from 53% 10 years back

Ø  Need to limit, streamline independent directors' liability: CII to govt

Ø  Bharti Realty to operate two million sq ft under asset management model

Ø  Agri financing picks up pace in fourth quarter as procurement begins

Ø  Drastic changes in monetary policy framework can upset bond market: Rajan

Ø  India FX reserves surpass Russia's to become world's 4th biggest

Ø  DPIIT to hold meetings with industry, trader bodies on FDI in ecommerce

Ø  Govt to sell remaining stake in Delhi, Mumbai, B'lore, Hyderabad airports

Ø  Axis Bank to acquire 9.9% stake in Max Bupa Health's promoter entity

Ø   Sun Pharma, Dr Reddy's, Aurobindo recall products in the US market

Ø  Bank credit is seen growing by 400-500 bps to 9-10% in FY22: Report

Ø  For better resource management, ONGC is ‘on track’ to merge MRPL and HPCL

Ø  Power consumption grows 16.5 per cent in first 12 days of March

Ø  Adani Ports wins Rs310 crore dredging deal from Deendayal Port Trust

Ø  Govt plans independent entity under NIIF to act as investment manager for InvITs, REITs

Ø  UltraTech Cement takes over 3B Binani Glassfibre

Ø  BlackOpal group gets RBI's nod to start NBFC, raises $1.5 million

Ø  RBI rejects Yes Bank's proposal to set up ARC

Ø  Virgin Atlantic set to raise 160 million pounds in new financing

Ø  No AMC has over 10% exposure to debt funds, says Crisil

Ø  Thirty-six MF debt fund schemes in breach of Sebi's cap on riskier bonds

Ø  Google will allow third party developers to build Tiles for Wear OS

Ø  CAIT demands restoration of MSME status for 8 cr traders

Ø  Power discoms in national capital seek progressive tariff rationalisation

Ø  30 per cent teaching staff in tech institutes may lose job

Ø  Apple starts assembly of iPhone 12 in India

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⚫India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a potential blow to millions of investors piling into the red-hot asset class.

The bill, one of the world's strictest policies against cryptocurrencies, would criminalise possession, issuance, mining, trading and transferring crypto assets.

⚫Power consumption in the country grew 16.5 % in the first 12 days of this month at 47.67 billion units over the same period an year ago, showing a revival in the economic activities.

⚫The Govt aims to sell its residual stake in four airports  of Delhi, Mumbai, Bengaluru and Hyderabad as part of the Rs 2.5 lakh crore asset monetisation pipeline.

⚫Investors see more sheen in paper gold this year amid lower prices. FY21 has seen sale of 32.4 tonnes worth of sovereign gold bonds and 13 tonnes of ETF's

⚫A total of 2,97,38,409 vaccine doses have been administered.On Sunday, new 25,320 cases reported, the most in a day since December 20.

⚫15 March is last date for 4th installment of Advance Income tax. 

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👉🏻Tax rules amended to step up tax payer data collection

(Banks, stock exchanges and companies will have to share data on large investor transactions with the Income Tax Dept as frequently as sought by a designated official, according to rule change notified by the Income Tax Department)

👇🏻 👇🏻 👇🏻

http://bit.ly/30FCQVq

👉🏻100% Deduction allowed to Individual / Companies by Donation to Political Parties

(100% Deduction allowed to Individual / Companies by Donation to Political Parties under section 80GGB / 80GGC of the Income Tax Act, 1961 discussed by CA. Shivangi Mittal)

👇🏻 👇🏻 👇🏻

https://bit.ly/3rPjyZB

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⚫PM with the true spirit of 'Vasudhaiva Kutumbakam' ( the world as one family) has initially supported with supply of medicines to over 150 countries besides COVID-19 vaccine supply to over 75 nations from India. This is the true spirit and strength of the people of India that we ever care for the world while protecting ourself.

⚫The Govt would lay down principles for usage of data for the development of any industry, where such norms do not already exist, and put in place adequate safeguards to prevent misuse and access of data by unauthorized persons, according to a draft national e-commerce policy.

⚫The MOF suggested several changes in the SEBI's annual report format seeking “true and full account of its activities”, policies and programmes of the whole year. The new format demands greater disclosure and in-depth analysis of each segment ranging from corporate governance to regulatory action taken by the market regulator. 

⚫To ensure strict adherence to COVID-19 protocols by air travellers, aviation regulator DGCA asked airlines to deboard passengers who do not wear their mask properly despite warnings.

⚫The AAP Govt's decision to install a charging point at every 3 kms will pave the way for making Delhi the "electric vehicle" capital. The Delhi govt has taken a lead across India in creating charging infrastructure for a smooth transition to electric vehicles.

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👉Check Your Membership status and region. https://www.icai.org/traceamember.html

You can update your region by SSP portal change professional address.

https://www.icai.org/post.html?post_id=16559

You will be eligible to cast your vote in the region as per your professional address in ICAI records as on 31st March 2021.

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✅ Extension of Condonation Scheme to regularize UDINs

It is informed by the Central Board of Direct Taxes (CBDT) that UDINs have not been updated at the e-filing portal for around 2.68 lakh IT forms uploaded by the Chartered Accountants on behalf of their assessees which would result in invalidation of such IT forms. The members are hereby advised to update the UDINs at the portal immediately.

It is also given to understand that owing to several reasons, generation of the UDINs for the documents signed during 1st February 2019 to 31st January 2021 could not be done by the members upto 28th February 2021.

Accordingly, in order to mitigate the likely hardships that would be faced by the tax payers due to non-compliance owing to such invalidation, the Condonation Scheme to regularize UDINs provided by the ICAI vide its announcement dated 31st January 2021 which ended on 28th February 2021 is *now being extended upto 31st March 2021.* Whereby, all the missed UDINs between the period 1st February 2019 to 10th March 2021 can now be generated upto 31st March 2021 and this is in continuation to the Condonation Scheme announced previously.

However, it may be noted that for all the documents signed from 11th March 2021 onwards, the original guidance for generation of UDIN, i.e. within 15 days of signing the documents will be applicable.

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Discontinuation of Cheques of Merged Banks

Dear All,

This is to alert you that the cheques & passbooks of the following merged banks will be invalid and will not be accepted in the banking system with effect from 01-Apr-2021.

1. Dena Bank

2. Vijaya Bank

3. Corporation Bank

4. Andhra Bank

5. Oriental Bank of Commerce (OBC)

6. United Bank

7. Syndicate Bank

8. Allahabad Bank

Your one or more bank account details, viz. account number, IFSC Code, MICR Code, branch address etc. have been changed due to merger of above listed banks.

To avoid inconvenience in future, I advice you to take the following action immediately:-

 *_Please contact your bank and get the new cheque book and passbook at the earliest. Keep your old passbooks & cheque books safely._*  Avoid last minute rush!!

Also, if your details like registered mobile number/ address/ nominee etc. are not added/updated, then do update the same too.

Once you receive your new passbook &/or cheque book, please update your bank details in all your financial instruments, i.e. Mutual Fund folios, Demat & trading accounts, Life Insurance policies, Income Tax account, FDs/RDs, PF accounts & other deposit accounts, Lockers, Gas agencies (if you are receiving subsidies) and all other places where your bank account needs to be updated. All these are beneficial, especially in cases like claiming survival benefits, maturity proceeds, redemptions etc.

Please share your old bank's cheque leaf name with account holder's name(s) & new bank's cheque leaf with account holder's name(s), both in original to get bank details updated in mutual funds folios. 

The mergers are as follows:-

1. Dena Bank with Bank of Baroda

2. Vijaya Bank with Bank of Baroda

3. Corporation Bank with Union Bank of India

4. Andhra Bank with Union Bank of India

5. Oriental Bank of Commerce (OBC) with Punjab National Bank

6. United Bank with Punjab National Bank

7. Syndicate Bank with Canara Bank

8. Allahabad Bank with Indian Bank

This message is for your information only. For further details please contact your bank.

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Income tax Alert :  Message is received by SMS through Income Tax Department   : Attention XYZ Assesee (PAN  XXXXX1234X), Income Tax Department has received information about certain high value financial transactions relating to FY 2020-21. Please view transactions under e-Campaign tab on Compliance Portal (CP) and remember to pay appropriate advance tax. Access CP by logging into e-filing portal and clicking on 'Compliance Portal' link under 'My Account' tab - ITD    2. Now on Compliance Portal is giving data of Annual Return Statement, E Campaign  > High Volume Transaction, Signification Transaction in Fy 19-20 GSTR-1 Turnover is showing .  Now professional have to reply for response for the same.  More over in Fy 2020-21 data of not only GSTR-1 but data of GSTR-2A- Purchases , Transportation Data, Data of TCS Purchase are coming. Take Care in filling of Income Return and visit   Compliance Portal also.

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⚫India’s industrial production declined by 1.6% in January on a YoY basis, as against 1.56% growth in the previous month because of the dismal performance of consumer goods, capital goods and mining sectors.

⚫Banks, NBFC, all India financial institutions, and microfinance institutions will have a new catalogue called ‘Restructured due to Covid-19’ in their reporting format to credit information co's. The RBI has said restructuring due to Covid-19 related stress won’t be categorised as bad debt and their credit score won’t be affected.

⚫The MOF is likely to infuse Rs 14,500 crore mainly in the banks that are under the RBI's prompt corrective action framework in the next few days to improve their financial health.

⚫Debt worth Rs 30,000 crore for wind power projects may face stress due to payment risks from power distribution co's.The problem predominantly pertains to four key states – Madhya Pradesh, Maharashtra, Rajasthan and Andhra Pradesh.

⚫India reported 27,512 fresh Covid-19 cases on Friday. Maharashtra recorded this year's highest one day spike with 15,817 new infections coming to light. The five most affected states are Maharashtra, Kerala, Karnataka, Andhra Pradesh, and Tamil Nadu.

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👉 Module wise new functionalities deployed on the GST Portal for taxpayers

https://www.gst.gov.in/newsandupdates/read/455

👉 GSTN Webinar on e-invoicing for taxpayers

https://www.gst.gov.in/newsandupdates/read/456

👉 Announcement - Preliminary Expression of Interest for Digital Library - (10-03-2021)

https://resource.cdn.icai.org/63466cmp-digitallibrary.pdf

👉 Announcement - Seeking Preliminary Expression of Interest for Audit Tool - (10-03-2021)

https://resource.cdn.icai.org/63465cmp-audittool.pdf

👉 Announcement regarding Amendment in Companies (Management and Administration) Rules, 2014 w.e.f 05.03.2021 by CL&CGC, ICAI - (10-03-2021)

https://www.icai.org/post/announcement-regarding-amendment-in-companies

👉 Announcement regarding Introduction of Aadhar authentication facility for GSTIN Registration in Form INC-35 AGILE-PRO by CL&CGC, ICAI - (10-03-2021)

https://www.icai.org/post/announcement-regarding-introduction-of-aadhar-authentication

👉 Announcement regarding Commencement notification of the provisions of Companies (Amendment) Act, 2017 w.e.f. 05th March, 2021 in respect of provisions relating to Annual Return by CL&CGC, ICAI - (10-03-2021)

https://www.icai.org/post/announcement-regarding-commencement-notification-of-the-provisions

👉 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=51249

👉 Prompt Corrective Action Framework – IDBI Bank Limited

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51251

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