14th May 2K21
Ø RBI tells lenders to re-consider ties with crypto exchanges, traders
Ø Govt eases public procurement norms for Covid supplies
Ø Commerce Ministry seeks anti-dumping duty on certain rubber imported from 4 countries
Ø Tata Sons, Singapore Airlines invest Rs 465 crore in Vistara
Ø RBI cancels United Co-operative Bank's licence
Ø Auto retailers' lobby writes to FM, RBI governor to request loan moratorium
Ø India received $83 billion in remittances in 2020: World Bank report
Ø Torrent Pharma inks pact with Eli Lilly for Covid drug Baricitinib in India
Ø South Korea unveils $450 billion push for global chipmaking crown
Ø Musk decries bitcoin's 'insane' energy use after Tesla payment U-turn
Ø Vedanta swings into the black; posts Rs 6,531 cr profit in March quarter
Ø TRAI floats consultation paper on validity period of tariff offers
Ø Overall passenger traffic plunges 66% in FY21, AAI data shows
Ø CRISIL assigns A+/Stable rating to long-term credit facilities of Jindal Stainless
Ø PE/VC investments grow 6.5x to $7.5 billion in April over year-ago period
Ø Lupin Q4 net rises 18% at ₹460 cr
Ø Piramal Enterprises Q4 net loss narrowed to ₹510 crore
Ø BSE clocks Q4 net profit of ₹31.75 crore; revenue up 27 per cent
Ø Blue Dart forms Med-Express consortium to conduct experimental drone flights
Ø Bitcoin still struggling after Musk's Tesla U-turn
Ø Jack Ma’s Ant posted $3.4 billion profit after IPO halt
Ø CPPIB and SoftBank’s SB Energy deal called off
Ø India’s prized ‘investment grade’ status hanging by a thread due to devastating COVID-19 crisis
Ø Jio tops in 4G download speed, Vodafone in upload in April: Trai
Ø FPIs' Investment In Domestic Equity Surges 7 Pc To USD 552 Bn In Mar Qtr
Ø Intense Bidding For KG-D6 Gas In E-Auction On DGH-Approved Platform
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⚫Industrial production was up 22.4% in March on a low YoY base against 3.4% contraction in February.
⚫Inflation based on the CPI moderated to 4.29% in April.
⚫The Union Cabinet approved an Rs 18,100 crore plan to incentivise battery makers to manufacture locally as it looks to cut import dependence while giving boost to electric vehicle.
⚫Microfinance institutions want additional relief measures from RBI. Seek up to 25% of their outstanding with lending banks, which would help them mobilise 15000 cr.
⚫The IMD predicted heavy rainfall at isolated places over Uttarakhand, Punjab, Haryana, Chandigarh, Delhi and Bihar.
⚫No Covaxin for 18-44 age group from today in Delhi, limited stock for 45+.
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High value transactions 10 that can attract Income Tax notice under Income Tax Act, 1961:
Cash deposit in Savings account For an individual, the cash deposit limit in savings account exceeds Rs 10 lakh in a year, the Bank is required to report this to Income Tax department. In case assesses fails to report the income in the Income Tax Return than department may issue notice for Reassessment of income under the Income Tax Act, 1961.
Non Reporting of Savings Bank Interest / FDR Interest in ITR. The Bank submits report to the Income Tax Department providing details with respect to amount of savings bank interest and FD interest earned by a person during the financial year in case the person fails to report the same in the Income Tax Return than the same may lead to under reporting of income and due to this the department may issue notice with respect to under reporting of income.
High Value Cash Deposit in current account If you cash deposit or cash withdraw more than Rs.50 lakhs to / from your current bank account than the bank will report it to Income Tax authority. Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities.
High Value Transactions e.g. Share Trading or Derivatives: Assesses investing in mutual funds, stocks, bond or debenture must ensure that its cash infusion in the above mentioned investment options doesn’t go beyond Rs. 10 lakh limit.
Payment made from credit card If you do paid more than Rs.10 lakhs to a credit card company in a financial year than the Credit Card Company will report to Income Tax authority. While paying credit card bill, one should not cross Rs. 1 lakh limit in cash.
Bank Fixed Deposit (fixed deposit) If you do fixed deposit more than Rs.10 lakhs in a financial year than bank will report it to Income Tax authority. Cash deposit in bank FD is allowed but it should not go beyond Rs. 10 lakh.
Purchases of bank drafts, pay orders, purchase order’s or bankers cheque in cash for Rs 10 lakh or more in a year must be report. If assesses purchases bank draft, , pay orders, purchase order’s or bankers cheque of more than Rs.10 lakhs in a financial year than bank will report it to Income Tax authority.
Purchase or sale of immovable property The Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities. While buying or selling a property, one must make sure that cash transaction above Rs. 30 lakh is questionable as income tax department discourages cash transaction beyond this limit in a real estate deal.
Cash received for 2 lakhs or more against sale of goods or services. Any person who is liable for audit under section 44AB of the Act is liable to report Cash received for 2 lakhs or more against sale of goods or services. Aggregation rule is not applicable for above transaction type i.e. Rs. 2,00,000 to be consider only for single transaction entered by Assesses in which he receive amount in Cash only.
Foreign Currency expenses of more than Rs. 10 Lakhs: Expenditure in foreign currency via debit card, credit card or traveller’s cheque for the amount Rs.10 Lakh or above in a year. If you do paid more than Rs.10 lakhs in foreign currency expenses through a debit/credit card in a financial year than the Credit Card Company will report to Income Tax authority.
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👉 Live Coaching Classes (LCC) Batch-3 commencing from 10th May 2021 respectively for Students of Intermediate course appearing in Nov 2021 examination and Final course for Nov 2021 and May 2022 examination.
https://www.icai.org/post/live-coaching-classes-batch-3
👉 FAQ on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (CSR Policy) Amendment Rules, 2021 - (10-05-2021)
👉 Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal - (12-05-2021)
https://www.icai.org/post/mandatory-updation-of-udins-in-all-income-tax-forms-at-e-filing-portal
👉 Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51546
👉 RBI announces Second Tranche of Open Market Purchase of Government of India Securities under G-sec Acquisition Programme (G-SAP 1.0)
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51564
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⚫Huge public-pvt effort needed to boost health if there's third Covid wave. Only when both sectors take joint actions, can the country brave another onslaught.
⚫India will have to invest heavily in infrastructure in order to recover from the economic havoc brought on by the coronavirus pandemic, even if that means going in for deficit financing.
⚫RBI cancelled the licence of United Co-operative Bank Ltd, Bagnan in West Bengal due to poor financial condition. However, all the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation.
⚫Maharashtra Govt extended the lockdown like restrictions in the state till June 1 to break the chain of COVID-19.
⚫The Govt has extended the gap between two doses of Covishield to 12-16 weeks from six to eight weeks. The move is based on additional data, particularly real life experience of the UK showing increased advantage with higher interval between shots.
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TCS deposit for the month of March -2021 was extended up to 15th May 2021.
Income Tax Department on Wednesday said it has issued over Rs 17,061 crore of refunds to more than 13 lakh taxpayers so far this fiscal year. Of this, personal income tax refunds worth Rs 5,575 crore were issued in over 12.71 lakh cases and corporate tax refunds of Rs 11,486 crore were issued to 29,592 taxpayers.
MCA has issued Circular 06/2021 and 07/2021 allowing stakeholders to file various forms(other than a CHG-1, CHG-4 and CHG-9 form) due for filing during the period from 01/04/2021 to 31/05/2021 without additional fees till 31st July, 2021.
MCA has extended the interval between two board meetings by a period of 60 days for first two quarters of Financial Year 2021-22. Earlier the gap between two subsequent board meetings was 120 days but now it has been extended for further 60 days (i.e 120 days + 60 days =180 days) during the Quarters April to June, 2021 and July to September, 2021.
ESI Contribution for the month of April 2021 and now can be filed and paid up to 15th June 2021 instead of 15th May, 2021.
RBI said it would buy securities maturing between 2024 and 2035 in its second tranche of G-SAP programme. The purchase will happen on May 20. The RBI had said on May 5 that it will buy Rs 35,000 crore bonds from the market, including the benchmark 10-year bonds, under the Government Securities Acquisition Programme (G-SAP) to soften yields.
Sebi proposed to liberalize the “Issue of Capital and Disclosure Requirements” (ICDR) by easing the lock-in period for promoters and rationalizing the definition of “promoter group”. The proposals, if implemented, will ease the regulatory burden for listed firms and could encourage more companies to list.
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