19th April 2K21
Ø Brokerages downgrade India's GDP growth projections for FY'22 amid resurgence of Covid cases
Ø Expect Religare Finvest's debt restructuring to be over in 2 months, says official
Ø India's power consumption grows nearly 45% in first half of April
Ø COVID-19 hits passenger vehicle exports; shipments tumble 39% in FY21
Ø RCom lenders may challenge NCLAT order
Ø Govt bans supply of oxygen to industries
Ø Domestic steel output to take hit as plants divert oxygen for medical use
Ø India to become top electric vehicle maker in the world: Nitin Gadkari
Ø Future Retail lenders okay debt recast plan with repayment up to two years
Ø NBFCs seek extension of MSME restructuring scheme till March 2022
Ø Bank FDs in spotlight as returns of liquid funds hit two-decade low
Ø India can be winner of new form of globalisation: Experts
Ø SBI Caps to be transaction advisor for privatisation of JNPT’s container terminal
Ø BHEL to procure 300 products worth ₹3,000 cr from MSMEs
Ø China’s economic growth surged to 18.3% as activity revived
Ø Individual CAs/firms cannot retain two consecutive audit rotation cycles
Ø Commerce Min to meet exporters on Apr 20 to discuss export scenario
Ø Tata Steel, SAIL, AMNS India supplying oxygen for treatment of Covid-19 patients
Ø Jaypee Infratech insolvency: Lenders ask NBCC, Suraksha group to improve bid
Ø Razorpay’s valuation triples in six months on latest fundraise
Ø Bitcoin suffers big fall, down most in more than seven weeks
Ø Exports by STPI units seen at Rs 5 lakh cr in pandemic-hit FY21 amid rapid digitisation
Ø India takes ‘Whole-of-Government’ Approach against COVID-19
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⚫With the resurgence of COVID-19 cases posing risks to economic recovery, leading brokerages have downgraded India's GDP growth projections for the current fiscal year to as low as 10% on local lockdowns threatening fragile recovery.
⚫Bank FDs in spotlight as returns of liquid funds hit two decade low. 1-year returns down to less than 3.5%, below short-term rates offered by banks on FDs.
⚫States want the Centre to urgently convene a meeting of the GST Council after the chorus for rate cuts on key medicines and equipment grows louder.
⚫Remdesivir output to be doubled to 7.4 mn doses by April-end. 18 new sites get DCGI consent to make antiviral used for treating Covid.
⚫India reported 275,306 Covid-19 cases on Monday. Maharashtra and Delhi also recorded their biggest ever single day surge in cases.
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👉🏻RBI replies on RTI for signing of Non Audited Financials by CAs
(In reply to RTI on requirement of signing of project report, un-audited financials and certificate for utilisation of loan funds vide Order No. DOR0021/04.03.001/2020-21 dated April 03 2021 RBI has replied on the same)
👇🏻 👇🏻 👇🏻
https://bit.ly/3v2GupC
👉🏻GST officers to be soon armed with real-time data on vehicles moving without e-way
(The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion)
👇🏻 👇🏻 👇🏻
https://bit.ly/3dvWeLM
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CBDT Notified amendment in Income Tax Rule 2DB and Form No. 10BBA.
https://update.babatax.com/Central_Board_Of_Direct_Tax(CBDT)_Notified_Income_Tax_Rule_2DB_and_Form_No._10BBA.
Income Tax: No Tax on Consideration received for compulsory acquisition of land & Building. Case Name : Madaparambil Varkey Varghese Vs ACIT (Kerala High Court)
Income Tax: Exempt income cannot be taxed merely for not mentioning in ITR ‘Schedule EI’. Case Name : Goodwill Management Pvt. Ltd. Vs DCIT (ITAT Bangalore). Appeal Number : ITA No. 670/Bang/2020. Date of Judgement/Order : 15/04/2021
No GST to be paid during Search & Seizure unless accepted as GST liability. Case Name : Shri Nandhi Dhall Mills India Private Limited Vs Senior Intelligence Officer,(Madras High Court) Appeal Number : W.P. No. 5192 of 2020. Date of Judgement/Order : 07/04/2021
Supreme Court rules balance sheets can amount to acknowledgment of debts under Section 18 of Limitation Act. https://www.barandbench.com/news/litigation/supreme-court-v-padmakumar-nclat-balance-sheet-acknowledgment-of-debt
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👉🏻SC issues guidelines for cheque bounce cases, asks govt to amend laws
(SC came out with a slew of directions to ensure speedy disposal of cheque bounce cases across the country and asked the Centre to amend laws to ensure clubbing of trials in such cases if they are lodged against a person within a year)
👇🏻 👇🏻 👇🏻
https://bit.ly/3v26Ckv
👉🏻CBDT amends Income Tax rule 2DB and Form No.10BBA
(CBDT amends Income Tax rule 2DB which relates to conditions to be satisfied by the pension fund for exemption under section 10(23FE) and substitutes/amends Form No. 10BBA)
👇🏻 👇🏻 👇🏻
https://bit.ly/2QuI3Oa
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⚫PM reviewed the availability and supply of ventilators, oxygen and medicines to fight this pandemic and called for utilising the entire national capacity across private and public sectors to produce vaccines, amid concerns in various states about lack of these essentials.
⚫Country's cyber security agency has cautioned WhatsApp users about certain vulnerabilities detected in the popular instant messaging app that could lead to breach of sensitive information.
⚫India witnessed a whopping 234,692 coronavirus cases within a span of 24 hours on Saturday.
⚫The COVID-19 situation in Delhi has become "very serious and worrisome", and oxygen, remdesivir and tocilizumab for patients are in short supply.The number of COVID-19 cases are rising rapidly with 24,000 fresh cases reported in the last 24 hours.
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CBDT has made Instant PAN allotment in near to real time available at free of cost. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail the PAN allotment facility.
Income Tax : For Indexation of cost, Effective date is date of allotment of property. Case Name : L. Vivekananda M/s. Vivek Hotels Vs ACIT (ITAT Bangalore)
Indirect tax collections up by 12% in FY 2020-21; GST down by 8% amid COVID-19.
GSTN: Clarification on reporting 4-digit/6-digit HSNs.
GSTN: New features of Form GSTR-2B & GSTR-3B made available to taxpayers under QRMP Scheme.
GSTN: Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for taxpayers in QRMP Scheme.
MCA Due date for DIN KYC is 30/09/2021 kindly get all KYC done within the time failing which there will be late fees of ₹ 5000/-.
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👉Constitution of the Regulations Review Authority 2.0
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51421
👉RBI releases Names of Applicants under the Guidelines for ‘on tap’ Licensing of Universal Banks and Small Finance Banks in the Private Sector
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51426
👉Announcement regarding Clarification with regard to applicability of the provisions of Section 139 of the Companies Act 2013 read with Rule 5 and 6 of the Companies (Audit and Auditors) Rules, 2014 by CL&CGC ICAI - (15-04-2021)
https://resource.cdn.icai.org/64473clcgc51714.pdf
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LEGAL-KNOWLEDGE CAPSULE
✒ Supreme Court issues direction for expeditious trial of cheque cases providing recommendation that suitable amendments be made* to the Act for provision of one trial against a person for multiple offences u/s 138.
✒ Supereme Court appoints senior Advocate Maninder Singh, Advocate Rajesh Batra as special public prosecutors in ED cases on coal block scam.
✒ Kerala High Court quashes only Male can apply condition saying women can not be denied employment on ground of Night shift working.
✒ Bombay High Court to continue hearing matters virtually till May 7.
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⚫The IMD said the 2021 southwest monsoon starting in June is expected to be normal at 98% of the Long Period Average. A good monsoon will mean another year of bumper farm production.
⚫The govt is now taking steps to increase the production of Covaxin by almost ten fold by Sept.
⚫Centre considers bringing PSBs under Companies Act. Changes are likely to be introduced in the Monsoon session.
⚫UK has signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges.
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