⚫The IMF has raised its projection for India's economic growth in the current financial year to 12.5%. The estimate is highly ambitious, given the recent rise in Covid-19 cases in the country and the resultant partial lockdowns in some states.
⚫The domestic mutual fund industry has posted healthy growth in AUM for the quarter ended March 2021. Average AUM for the quarter rose 19% to Rs 32.1 trillion.
⚫Beginning this financial year, the i-tax dept will have direct access to details of capital gains made, dividends received and interest earned by investors, which is expected to plug under reporting or non declaration of such income. A notification dated March 12 has included stock exchanges, depositories, clearing corporations and registrars to an issue and share transfer agents among intermediaries that will be required to submit information on capital gains made on listed securities and mutual funds.
⚫Foreign investors seek exemption from Know Your Customer data upload. The RBI in December said that all regulated entities have to upload 'Know Your Customer' data pertaining to the accounts of legal entities opened on or after April 1, 2021.
⚫India has recorded a massive surge of 115,269 Covid-19 cases in the last 24 hours. Maharashtra reported over 55,000 cases, while Delhi witnessed 5,100 fresh cases.
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QRMP Update
Sub: QRMP Returns filing update for the quarter ending 31st March 2021
I have made an attempt to compile the following information in respect of above schema as I find lot of members have lot of questions in respect of same. It is just an attempt by me to address some aspects of scheme for the benefits of all.
Information compiled above is based on my understanding and review. Any suggestions to improve above information is welcome by folded hands with appreciation in advance. All readers are requested to take their considered views based on their own study to reach any suitable conclusions.
CA Nitin Bhuta
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Key Highlights of IBC Ordinance on 04/04/2021
Pre-Packaged IRP for distressed MSMEs under IBC 2016
Objective 1. To ensure quicker, cost-effective and value maximising for all
2. Least disruptive to the continuity of MSME businesses and preservation of the jobs
Key highlights:
1. CG shall notify the minimum amount for initiation of Pre-Packaged IRP, which shall not exceed one crore rupees.
2. New CHAPTER III-A PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS”, which provide for-
a. Eligibility criteria
b. Duties of RP before initiation and after the initiation.
c. Time-limit for completion: Within 120 days from commencement date
d. Creditor- approved resolution plan shall be submitted to AA: within 90 days
e. Procedure for Declaration of moratorium and public announcement during the pre-packaged IRP
f. Conditions subject to which the BOD / partners of CD manage the affairs of the CD as a going concern, exercise and discharge their contractual duties and statutory rights etc.
g. Time limit for Constitution of CoC and their rights including the passing of resolution to vest the management of the CD with the RP, initiation of CIRP. Voting for termination of pre-packaged IRP etc.
h. Procedure for consideration and approval of resolution plan
i. Penal provisions to be levied by the AA on the officer of the CD, on an application by the RP on and after the PP ICD that he/she manages its affairs with the intent to defraud creditors of the CD or for any fraudulent purpose.
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⚫PM Modi to soon unveil masterplan on multimodal connectivity. The idea is to cut logistic cost, travel time and enhance competitiveness of domestic manufacturing.
⚫Tapping into the mutual strengths of India, Israel and the UAE, could propel the trilateral trade between the countries to a high of USD 110 billion by 2030.
⚫Growth in manufacturing slowed to the lowest rate in seven months. PMI fell from 57.5 in February to a seven month low of 55.4 in March.
*Finance*
⚫The RBI cleared a sum of Rs 21,658.73 crore towards Cash Credit Limit up to end April-2021 for the procurement of wheat in Punjab during the ensuing rabi marketing season. With this, the bulk of the CCL sought by the state govt for the purchase of 105.60 lakh tonnes of wheat for this season has been released by the central bank.
⚫India attracted a total foreign direct investment inflow of $72.12 billion during April-Jan 2020-21, the highest ever for the first ten months of a financial year.
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👉🏻Income tax department introduces JSON utility for AY 2021-22 ITRs, discontinues Excel/Java
(In place of the Excel and Java version of ITR utilities, the CBDT has introduced JSON utility and released a step-by-step guide for using the new utility)
👇🏻 👇🏻 👇🏻
https://bit.ly/3utnyjg
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Income Tax Dept. introduces JSON utility for AY 2021-22 ITRs, discontinues Excel/Java.
Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms.
Dividend income is taxable from AY 21-22 onwards. Prepare Quarter wise breakup of same for calculation of correct advance tax & interest on it u/s 234C.
Rental from unsold Commercial Properties is House Property Income: ITAT. Case Name : Discovery Estates Pvt. Ltd. Vs ACIT (ITAT Delhi) Appeal Number : ITA No. 6936/Del./2017 Date of Judgement/Order : 26/03/2021
RBI has urged the markets to look at silver linings and shun gloom and doom ever since the covid-19 pandemic struck a year ago. Governor Shaktikanta Das has more reason now than ever to make markets look at the bright side of life. The economic recovery is gaining traction, and monthly high-frequency data points have been looking up recently.
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E-KNOWLEDGE CAPSULE
✒ Karnataka High Court hled that the courts should keep in mind common man, not Sherlock Holmes (a fictitious detective) while deciding disputes over deceptive similarity in Trademarks.
✒ Supreme Court held that that quantity of Narcotics Substance Recoverd is a relevant factor to impose punishment higher than the minimum.
✒ Supreme Court held that the Plea styled as writ petition under Article 226 will not bar High Court from exercising jurisdiction under Article 227.
✒ Delhi High Court clarified that no notice is issued saying proceedings shall be conducted exclusively via virtual mode.
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