7th May 2K21
Ø Acre ARC set to purchase Indiabulls assets
Ø Banks need to adopt digitisation or else they will perish: Ex-finance Secretary SC Garg
Ø Labour Min hikes maximum sum assured payable under EDLI scheme to Rs 7 lakh
Ø ICICI Bank launches merchant stack platform
Ø Unemployment rate likely to be 8% compared to 6.5% in March in India: CMIE
Ø India urges China to clear bottlenecks on key pharma raw-material
Ø Ambuja Cements consolidated Q4 PAT at Rs 947 cr, up 71% YoY on higher sales
Ø Govt looking to monetise possible IT parks, SEZs developed on PSU land
Ø Unilever plans $3.6 billion buyback as China and home cooks boost growth
Ø Most Indian companies protected against weakening rupee: Moody's report
Ø HUL Q4 PAT jumps 41% YoY to Rs 2,143 crore, beats Street estimates
Ø Auto firms to halt production for up to 15 days amid raging second wave
Ø Lockdowns spell a downside risk for electricity demand growth in FY2022: ICRA
Ø RBI to conduct first special OMO of FY22 on May 06
Ø Niraj Bajaj to take over as Chairman of Bajaj Auto
Ø Zomato revenue up at ₹2,604 crore in FY20
Ø Biocon Biologics posts 53% growth in revenues at ₹664 crore for Q4FY21
Ø Indian pharma hit hard by China’s suspension of cargo flights
Ø Shriram Transport net profit jumps 238% to Rs755 crore in March quarter
Ø Sebi extends results filing deadline for Indian firms due to Covid-19
Ø L&T Finance Q4 net profit falls 31% to Rs267 crore
Ø PowerGrid’s first InvIT public offer subscribed 10% on day one
Ø Titan Q4: Net profit jumps 48% to ₹529 crore
Ø CCI clears Tata’s acquisition of BigBasket
Ø Govt allows import of medical devices like oxygen canister for 3 months with riders
Ø Bajaj Finserv Q4 profit jumps four folds to Rs 979 cr
Ø Indian gold demand likely to slow down in April-June: WGC
Ø Bank Of Maharashtra Net Profit Jumps To Rs 165 Cr In March Qtr
Ø Laurus Labs Q4 Net Profit Zooms Nearly 3-Fold To Rs 297 Cr
Ø Portfolio Manager To Obtain Prior Approval Of Sebi In Case Of Change In Control
.
========>
.
🔰 Spending on health infrastructure, establishment of medical oxygen generation and storage plants etc. for COVID eligible as CSR spending
✅ The MCA vide General Circular No. 09/2021 dated May 05, 2021, clarified that spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible CSR activities.
The General Circular can be accessed at: http://www.a2ztaxcorp.com/spending-on-health-infrastructure-establishment-of-medical-oxygen-generation-and-storage-plants-etc-for-covid-eligible-as-csr-spending/
.
========>
.
🔰 Prescribed the threshold for exemption on cash allowance in lieu of travel concession or assistance
✅ The CBDT vide notification No. 50/2021-Income-Tax dated May 5, 2021, issued the ‘Income-tax (15th Amendment) Rules, 2021’ to insert sub-rule (1A) and (1B) in Rule 2B of the Income-tax Rules, 1962 ( “Income-tax Rules” ), that deals with conditions for the purpose of Section 10(5) of the Income-tax Act, 1961 ( “Income Tax Act” ), i.e. income that is not included in total income of the individual w.r.t. the value of any travel concession or assistance.
The Notification can be accessed at: http://www.a2ztaxcorp.com/prescribed-the-threshold-for-exemption-on-cash-allowance-in-lieu-of-travel-concession-or-assistance/
.
========>
.
.
🔰 Another Big Development for Fighting COVID-19
Reliance Industries Ltd-Reliance seeks permission to fly in Israeli experts for training and installation of rapid COVID-19 identification equipment. This technology is Acquired by Reliance from an Israeli start-up for USD 15 Million in Jan21. The results of Test From this equipment comes in Seconds. It is a Breath Testing System. Reliance will buy hundreds of such systems for USD15 Million and will use them to conduct millions of tests a month at a cost of USD 10 Million per month. Success rate of such system is 95%. The equipments have already reached India.
Source:- Economic Times App
.
========>
.
⚫Mall rentals fall up to 50% as second Covid-19 wave hits business. Developers non committal about rent waivers, offer longer revenue-share periods.
⚫Private equity players divided on reason for decline in exit deals. In the first quarter of the calendar year, the value of total PE exit deals has fallen by 7% to hit $1,938 million
⚫About 3400 investment grade firms from the Crisil rated pool with an overall debt of Rs 50,000 crore will be eligible for debt restructuring under Resolution Framework 2.0 put in place to soften the blow from the second Covid-19 wave.
⚫India’s southwest monsoon is expected to arrive over the Kerala coast on June 1, its normal onset date.
⚫India reported a record 412262 new infections with experts saying that the reported figures likely underplay the real toll because the nation’s crematoriums and hospitals have been overwhelmed.
.
========>
.
🔰 Odisha seeks GST exemption on Covid-19 vaccines
✅ The Odisha on Thursday *demanded exemption of GST on the purchase of coronavirus vaccines* and sought financial assistance to states from the cess and surcharge collected by the Union government from various products.
Read More at: http://www.a2ztaxcorp.com/odisha-seeks-gst-exemption-on-covid-19-vaccines/
.
========>
.
🔰Anticipatory bail granted in case of absence of concrete incriminating evidence to implicate the assessee
✅ The Hon’ble Kerala High Court in case of Abdul Shaji v. The Commissioner of Central Tax and Central Excise, The Superintendent of Central Tax and Central Excise (Order dated April 22, 2021 against Bail Application No. 220 of 2021) allowed anticipatory bail under Section 438 of the Code of Criminal Procedure, 1973 ( “Cr.P.C. Act”) to the assessee who apprehended arrest for an alleged offence of non-payment of GST to the tune of Rs 17.53 Crores and non-filing of GSTR 3B returns. Debunks the stance of Superintendent of Central Tax and Central Excise ( “the Respondent”) that the incriminating documents have been discovered to implicate the assessee as an accused or to proceed against him.
The Complete Judgment can he accessed at: http://www.a2ztaxcorp.com/anticipatory-bail-granted-in-case-of-absence-of-concrete-incriminating-evidence-to-implicate-the-assessee/
.
========>
.
🔰 Covid second wave to have muted impact on economy: Finance Ministry
✅ The union finance ministry has said that the ongoing second wave of the Covid-19 pandemic will have a muted economic impact in comparison to the first wave.
✅ In its economic review for the month of April released today, the ministry observed, “The second wave of COVID-19 has posed a downside risk to economic activity in the first quarter of FY 2021-22.”
Read More at: http://www.a2ztaxcorp.com/covid-second-wave-to-have-muted-impact-on-economy-finance-ministry/
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
