20th May 2K21
Ø Importers to make prior disclosure to customs to avail concessional duty on goods: CBIC
Ø Real estate developers expect recovery in H2 2021
Ø Indian firms show deteriorating business performance in Q4 of FY21: Report
Ø CESL to procure 300 electric vehicles from Tata Motors
Ø HC asks FRL to respond to Amazon's plea to enforce emergency arbitrator's award
Ø BlackSoil Capital exits 15 investments with 18% returns in FY21
Ø Govt to sell nearly 2% SUUTI stake in Axis Bank, may get Rs 3,969 cr
Ø Tata Motors reports surprise loss of Rs 7,605 cr in Q4; revenue up 42%
Ø Walmart beats Street estimates for sales on stimulus spending boost
Ø Oil hits $70 for first time since March 15 as Europe, US re-open economies
Ø CCI approves sale of YES Bank's MF subsidiaries to GPL Finance
Ø Canara Bank reports Q4 profit at Rs 1,011 crore on lower provisioning
Ø Finance Ministry hopes pent-up demand to boost recovery this fiscal
Ø AT&T to merge WarnerMedia and Discovery in $43-b deal
Ø Gland Pharma Q4 net profit up 34% to ₹260 crore
Ø Brigade Enterprises posts ₹19.58-cr Q4 profit
Ø CCI approves APSEZ buying residual stake in Krishnapatnam Port
Ø Torrent Pharma Q4 net up 3 per cent at ₹324 crore
Ø Vijay Mallya loses bankruptcy petition amendment High Court battle in UK
Ø Ujjivan Small Finance Bank Q4 net jumps 86% to ₹136 crore
Ø Morgan Stanley sees Sensex at 61,000 by Dec, earnings to rise 37% in FY22
Ø Infosys, Majesco collaborate to accelerate digital experience for insurers
Ø China bans financial, payment institutions from cryptocurrency business
Ø Indian IT & Business Services market grows 5.41% to $13.4 bn in 2020: IDC
Ø Moglix joins unicorn club with fresh $120-million fundraise
Ø Adar Poonawalla Exits Panacea Biotec; Sells Entire Stake For Rs 118 Crore
Ø Sensex, Nifty Spurt To 2-Month Highs On Decline In Fresh COVID-19 Cases
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⚫The US Govt has removed a regulation proposed by Trump’s administration that sought to narrow the definition of “specialty occupation” under the H-1B visa regime. The change comes as a relief for Indian information technology firms, which are among the largest users of such visas.
⚫The Centre increased its share of subsidy for DAP by 140% from Rs 500 to Rs 1,200 per bag, thereby rolling back the steep 58% hike in prices announced by co's since April. The Centre would spend an additional Rs 14,775 crore on fertiliser subsidy in the current financial year.
⚫The RBI said full KYC compliant prepaid payment instruments have to offer their holders interoperability through card networks and UPI mandatorily by March 31, 2022.
⚫The expert group on vaccine administration said that Covid patients can get jabs three months after recovery from illness. If a person catches infection after the first dose of vaccine, the second one has to be taken three months after clinical recovery.
⚫India witnessed 267334 fresh coronavirus cases and reported a national record of 4,529 new deaths.
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👉🏻Govt extends FCRA registration date for NGOs till Sept 30
(Another order issued by MHA that NGOs can open their FCRA accounts to receive foreign donations at the main branch of the SBI at Sansad Marg in Delhi till June 30)
👇🏻 👇🏻 👇🏻
https://bit.ly/2QwVM7g
👉🏻MOOWR Scheme – Solving Working Capital Problems for Importers
(CBIC has notified revamped regulation under Customs Law for manufacture and other operations in bonded warehouse - Manufacture and Other Operations in Warehouse (no.2) Regulations, 2019 (hereinafter referred as MOOWR)
👇🏻 👇🏻 👇🏻
https://bit.ly/3fvATC7
👉🏻Extension of Time Lines related to Certain Compliances by the Taxpayers under Income Tax
(Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act, 1961)
👇🏻 👇🏻 👇🏻
https://youtu.be/sT4aPLQt7V0
👉🏻Landmark Judgment of Rajasthan High Court in case of Risha Lodha vs ICAI
(High court slams ICAI for withholding student's results and also Levies Cost of Rs. 20K on ICAI)
👇🏻 👇🏻 👇🏻
https://youtu.be/Svs80eMcJHA
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🇮🇳 GST Updates 20.05.2021
1️⃣ Today is the due date to file GSTR-3B <= Rs. 5 Cr. (Monthly) without any late fee and Interest @9% p.a. for the month of Mar-21.
2️⃣ W.e.f. 21.05.2021, Late Fees and Interest @18% p.a. shall be levied.
3️⃣ E-way bill integrated with FasTag, RFID. GST authorities to get real-time data of commercial vehicles.
4️⃣ Important Change in E-way Bill Rules - Rule 138E, for the words “in respect of a registered person, whether as a supplier or a recipient, who, —” the words „‟in respect of any outward movement of goods of a registered person, who, —” shall be substituted. NN -15/2021.
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⚫The US Govt has removed a regulation proposed by Trump’s administration that sought to narrow the definition of “specialty occupation” under the H-1B visa regime. The change comes as a relief for Indian information technology firms, which are among the largest users of such visas.
⚫The Centre increased its share of subsidy for DAP by 140% from Rs 500 to Rs 1,200 per bag, thereby rolling back the steep 58% hike in prices announced by co's since April. The Centre would spend an additional Rs 14,775 crore on fertiliser subsidy in the current financial year.
⚫The RBI said full KYC compliant prepaid payment instruments have to offer their holders interoperability through card networks and UPI mandatorily by March 31, 2022.
⚫The expert group on vaccine administration said that Covid patients can get jabs three months after recovery from illness. If a person catches infection after the first dose of vaccine, the second one has to be taken three months after clinical recovery.
⚫India witnessed 267334 fresh coronavirus cases and reported a national record of 4,529 new deaths.
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👉🏻Govt extends FCRA registration date for NGOs till Sept 30
(Another order issued by MHA that NGOs can open their FCRA accounts to receive foreign donations at the main branch of the SBI at Sansad Marg in Delhi till June 30)
👇🏻 👇🏻 👇🏻
https://bit.ly/2QwVM7g
👉🏻MOOWR Scheme – Solving Working Capital Problems for Importers
(CBIC has notified revamped regulation under Customs Law for manufacture and other operations in bonded warehouse - Manufacture and Other Operations in Warehouse (no.2) Regulations, 2019 (hereinafter referred as MOOWR)
👇🏻 👇🏻 👇🏻
https://bit.ly/3fvATC7
👉🏻Extension of Time Lines related to Certain Compliances by the Taxpayers under Income Tax
(Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act, 1961)
👇🏻 👇🏻 👇🏻
https://youtu.be/sT4aPLQt7V0
👉🏻Landmark Judgment of Rajasthan High Court in case of Risha Lodha vs ICAI
(High court slams ICAI for withholding student's results and also Levies Cost of Rs. 20K on ICAI)
👇🏻 👇🏻 👇🏻
https://youtu.be/Svs80eMcJHA
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⚫The Govt said that it had managed to control the spread of Covid-19 in the country through its field efforts with just 1.8% of the total population catching the virus so far, lower than many other countries including the US, France, Italy, Brazil, Russia and Germany.
⚫The Indian markets posted sharp gains with the Sensex reclaiming the 50,000 mark and the Nifty topping 15,000 after more than two months.
⚫Second Covid-19 wave: Relief measures for poor, women SHGs on the cards. Govt exploring moratorium for street vendors, loans to self-help groups.
⚫CBI, ED turn to tech driven investigations to nail offenders amid Covid-19. The Income Tax Dept is going full throttle on data analytics to issue notices in time-bound cases.
⚫Over 422,000 residential units that were to be completed by the end of 2021 across the top seven cities are likely to be delayed due to the second Covid-19 wave.The NCR has 28% share in completion, followed by Mumbai Metropolitan Region with 26% and Pune 18%.
⚫India reports 4,329 Covid deaths, the most yet, 1,000 in Maharashtra alone.
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Submission of your ITR\PAN Copy to Banks to avoid deduction of TDS on Cash Withdrawal upto 1 Crore u/s 194N as follows: -
Rate of TDS if Income Tax Return copy is submitted to bank:
Up to Rs.20 Lakh - Nil
Rs.20 Lakh to Rs.1 Crore - Nil
In excess of Rs.1 Crore - 2%
Rate of TDS if No Income Tax Return copy is submitted to bank:
Up to Rs.20 Lakh - Nil
Rs.20 Lakh to Rs.1 Crore - 2%
In excess of Rs.1 Crore - 5%
It will be applicable for all accounts under your PAN starting from 1.4.2021 based on Primary CRN (Customer Relationship Number) with Bank.
You can submit ITR for any of the earlier 3 years.
If no PAN is available with Bank than above rate will increase to 20 % + applicable cess & surcharge u/s 206AA.
File GSTR-3B by 20.5.21 to avoid interest. Rule 36(4) not to apply to Apr 3B as 2B will be generated on 29.5.21 due to extension of GSTR-1 till 26.5.21.
GST Rule-60(7) of CGST Rules-2017 prescribes for generation of auto-drafted statement containing the details of input tax credit in FORM GSTR-2B for counter-party recipients. As per Rule-60(8) of CGST Rules-2017, FORM GSTR-2B shall be made available to the recipients after the Due date of filing GSTR-1/IFF by the suppliers.
NBFC lenders have seen a 50% rise in customers missing payments in the first fortnight of May, threatening to push up overall defaults to perilous levels. Most non-bank finance companies (NBFCs) have been forced to stop door-to-door collections after several payment pick-up agents succumbed to the virus in the past six weeks or so.
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🦚 Namaskar🙏
1️⃣ CBIC notifies changes in GST Refund related Rules. Link to download: https://t.me/praveengst/5016
2️⃣ The GST council meets on May 28 and it is expected to discuss key issues such as tax waivers on COVID-19 drugs, medical devices, and health services apart from compensation to states in the backdrop of the second wave.
3️⃣ Haryana first state to reimburse GST on Covid-related donations.
4️⃣ Taxpayers fret over GST deadline relief. MSME body wants FM to extend GST deadlines.
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👉🏻RBI under pressure from BFSI industry to defer new Auditors' norms for a year
(Pressure is building upon the
RBI from the banking & financial services industry to defer the new Auditors' guidelines for a year, which restricts the Appointment of Auditors for a period of 3 years & also allows only four banks for Audit as against eight previously)
👇🏻 👇🏻 👇🏻
https://bit.ly/3wifyTu
👉🏻Procedure for Renewal / Re - Registration of Charitable and Religious Entities
(Procedure for Renewal / Re - Registration of Charitable and Religious Entities (Trust or Societies) u/s 12A, 80G, 10(23C) of the Income Tax Act, 1961)
👇🏻 👇🏻 👇🏻
https://youtu.be/pL0iTTB9GiE
👉🏻Five warning signs that can indicate about your Mental Health
(Check out Five warning signs that can indicate about your Mental Health)
👇🏻 👇🏻 👇🏻
https://youtu.be/wnhZzek7DvE
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Does The ICAI really want to extend the benefits of CABF to members?
They are looking for the Members whose Family Income is not more than Rs. 25000/- per month or Rs. 3,00,000/- per annum.
Does anyone know a CA who along with his/her spouse is not able to earn more than Rs. 25K per month, which, means he is not able to earn his livelihood at all along with his/her spouse. Even freelancer accountants earn more than that? Which essentially means that our professional degree can not worth earn even Rs. 25000/- per month as family income.
Or does the motto is just to show that CABF is helping but not to actually help?
Further, even if a CA is found eligible under this category, they want the copy of ITR or Salary slip of last drawn salary...A practicing CA who is not having Salary Slip, is not at all required to file ITR as per Income Tax Act also and accordingly has not filed the same considering his situation will again not be eligible for the help. Even it will be difficult to find a CA in service who is not even earning 25K per month along with his/her family.
So who is getting benefitted out of CABF?
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The Income Tax E-Filing Portal to be non-functional during 1-6 June, 2021.
New income tax e-filing portal www.incometax.gov.in is to be launched on 7th June 2021.
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