30 May 2021 Updates

👉 Clarification on offsetting the excess CSR spent for FY 2019-20 | 87 KB

20-05-2021

https://www.mca.gov.in/bin/dms/getdocument?mds=yh5ok6xXPSdmLMFFFZ9bdQ%253D%253D&type=open

👉 Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly. | 119 KB

28-05-2021

https://www.mca.gov.in/bin/dms/getdocument?mds=hDZggIIF02cA%252FGWtstDmRQ%253D%253D&type=open

👉 No prosecution could be launched against assessee on mere failure to pay self-assessment tax: Kerala HC

Forzza Projects (P.) Ltd. v. PCIT

Assessee filed a return of income, but the tax was not remitted. Subsequently, the tax was remitted with interest by availing instalment facility. AO initiated prosecution under Section 276C. Assessee contended that there was only a failure to make payment of tax in time. It will not fall under a willful attempt to evade any tax. Hence, the criminal liability under Section 276C couldn’t be fastened.

High Court explained that there was no concealment of any income. What is involved is only a failure to pay the tax in time, which was later paid after availing installment facility with interest. A mere failure to pay the amount due (tax, interest, or penalty) will not satisfy the requirement that constitutes the offence under section 276C.

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⚫The Govt announced a string of measures, including a pension for dependents of those having lost their lives due to COVID-19, among other benefits for the families who lost their earning members to the pandemic.This benefit will be available retrospectively with effect from March 24 last year and for all such cases till March 24, 2022.

⚫The Govt announced a number of welfare measures for children who lost their parents to COVID-19, including ensuring a corpus of Rs 10 lakh when they turn 18 and providing for their education.

⚫Underlining that public health and hospitals are "state subject", the Aurangabad Bench of the Bombay High Court on Friday said the state govt is answerable for issues related to public health and hospitals.

⚫Petrol price crossed the Rs 100/litre mark in Mumbai after the 15th increase in fuel prices this month. Petrol price was increased by 26p/l and diesel by 28p/l.

⚫Flights within the country are set to become costlier as the Ministry of Civil Aviation has decided to raise the lower limit on domestic airfares from 13-16% which will come into effect from June 1.

⚫The Delhi Govt has extended the COVID curfew for another week till 5 am of June 7 while allowing operations of mfg/production units within closed premises.

⚫ Kerala, Tamil Nadu, Maharashtra and Goa have extended the COVID-induced lockdown or other restrictions for a week to a fortnight from Monday.

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Schedule III & CARO 2020: 

CARO 2020 is applicable for all statutory audits commencing on or after 1 April 2021. Accordingly, CARO, 2020 will be applicable from FY 2021-22 and onwards.

The detailed presentation regarding CARO 2020 can be downloaded from link –

CARO 2020 –

https://drive.google.com/file/d/1jZSY1QDfpol9_4Omw41xhP1ZV4VoEjJH/view?usp=sharing

SCH III –

https://drive.google.com/file/d/1qyFxmH-qfPJQyN1uEGhigxE0pKW9t5mx/view?usp=sharing

CARO 2020 is a new format for issue of audit reports in case of statutory audits of companies under Companies Act, 2013. CARO 2020 has included additional reporting requirements after consultations with the National Financial Reporting Authority (NFRA) (01.10.2018). NFRA is an independent regulatory body for regulating the audit and accounting profession in India. The aim of CARO 2020 is to enhance the overall quality of reporting by the company auditors.

The revised CARO requires far more details as compared to old CARO whereby there are 21 clauses out of which 7 new clauses have been introduced and various existing clauses have been amended whereby new details are required. Considering the amount of records to be verified and certifications to be done by the auditor, it would be not wrong to say that the auditor is no longer just a watchdog but will have to be a blood hound. The amendments will require the auditor to be in an investigative mode and dig out as much information as they can from the records available.

Various amendments have been made in CARO such as requiring the auditor to report on Revaluation of PPE, Benami Transactions, Fraudulent Transactions, Diversion of funds, Wilful Defaulter, Whistle Blower Complaints, Quarterly statements submitted to financial institutions, Undisclosed Income, Cash Loses, Internal Audit Systems, Resignation of auditors, Solvency of the company and CSR reporting.

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👉🏻RBI flags risk of bubble in Indian equity markets

(The Reserve Bank of India (RBI) said the sharp rally in the domestic equity markets despite an estimated 8 per cent contraction in GDP in 2020-21 poses the “risk of a bubble”)

👇🏻 👇🏻 👇🏻

https://bit.ly/3uttecS

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⛲ 28 May GST Council Meeting Key decisions as follows:

🌀 1) GST Exemption to some COVID-19 supplies till 31st August 2021.

🌀 2) A Particular Medicine for Black Fungus also exempted.

🌀 3) GoM to be formed to check if further reductions to be given to new items, GoM to submit reports before 8th June.

🌀 4) Amnesty Scheme with reduced late fee to be launched for GST Small Taxpayers.

🌀 GST Amnesty Scheme for all Small Taxpayers (MSME) The GST Council is likely to announce an amnesty scheme on late fee in GST return filing to provide a huge relief to small taxpayers- Due to Covid-19 pandemic:-

Pending GSTR-3B returns from July-2017 to till April 2021.

Amnesty scheme could be from 1st June 2021 till 31st August 2021

🌀 5) Rationalization of Late fee for Small Taxpayers to be applicable to future liabilities.

🌀 6) Annual Return form to be rationalized, Govt to amend CGST Rules.

🌀 7) Annual Return filing to continue to be optional for Small Taxpayers.

🌀 8) A Special Session on GST Compensation Cess before 22nd July 2021.

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✅ Big Relief to Businessmen

🥬 GST_Late_Fees

🚨 Upper_cap on late fees For GSTR 3B & GSTR 01

👉 1. For NIL Returns irrespective of the turnover : 💸 Rs. 500 per return.

👉 2. For taxpayers having turnover below 1.5 Cr in the previous year : 💸 INR 2000 per return.

👉 3. For taxpayers having Turnover 1.5 cr to 5 Cr* : 💸 5000 per return.

👉 4. For Taxpayers having Turnover above 5 Cr : 💸 10000 per return.

🌀 GSTR 04 (For composition tax payers)

👉 If tax liability is Nil : 💸 ₹ 500

👉 Otherwise : 💸 ₹ 2000

🍇 For Form GSTR-7 (TDS Return of GST) : 💸 Rs.50 per day subject to maximum Rs.2000 per return.

🚨 So, Now Late Fees is Rs. 50 per day subject to the Upper Cap.🎩

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⚫Singapore remained the top source of FDI into the country for the third consecutive fiscal at USD 17.41 billion.The US replaced Mauritius as the second largest source of FDI into India during 2020-21 with inflows of USD 13.82 billion.

⚫The Govt has begun process of conducting 5G trials in the country by allotting airwaves to telecom service providers.

⚫GST Council decided to exempt from IGST Covid related items which are imported on payment basis for donating to the Govt or on recommendation of state authority to any relief agency, till Aug 31.

⚫An amnesty scheme has been recommended for reducing the late fee payable in cases of delay in furnishing of FORM GSTR-3B for the tax periods from July, 2017 to April, 2021. Late fees have been rationalized for Form GSTR-1, GSTR-4 and GSTR-7.

⚫The coronavirus induced suspension of scheduled international passenger flights has been extended till June 30. However international scheduled flights may be allowed on selected routes by the competent authority on a case to case basis.

⚫India recorded 173,921 fresh Covid-19 cases in the last 24 hours, the lowest daily count in 46 days.

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Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns:

To provide relief to the taxpayers, late fee for non-furnishing FORM GSTR- 3B for the tax periods from July, 2017 to April, 2021 has been reduced / waived as under: -

i. late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods;

ii. late fee capped to a maximum of Rs 1000/- (Rs. 500/- each for CGST & SGST) per return for other taxpayers;

The reduced rate of late fee would apply if GSTR-3B returns for these tax periods are furnished between 01.06.2021 to 31.08.2021.

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👉🏻Number of Frauds in Private Banks up 21% in FY21 - RBI Annual Report

(Even as number of fraud cases have declined in the banking system during 2020-21 (FY21), instances of frauds have increased in the private banks, RBI said in its annual report)

👇🏻 👇🏻 👇🏻

https://bit.ly/2TidQTE

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Thanks for reading

28 May 2021 News and Updates

28th May 2K21

Ø  UBS warns of more downside risks to growth on longer lockdowns

Ø  Size of RBI's balance sheet up 6.99 per cent for nine months to March 2021

Ø  Unemployment rate could touch double-digit mark in May: CMIE

Ø  Supply-demand imbalances may continue to exert pressure on pulses, edible oils: RBI

Ø  Notes in circulation go up on account of precautionary holding of cash amid pandemic: RBI

Ø  Bank frauds fall by 25% in a year: RBI annual report

Ø  United States first quarter GDP unchanged at robust 6.4% annual rate

Ø  Page Industries Q4 net profit rises about 4-folds to Rs 115.56 cr

Ø  Sun Pharma Q4 net more than doubles to Rs 894 cr on better operational show

Ø  Paytm plans to launch India's biggest IPO, aims to raise $3 billion

Ø  Strides Pharma posts Rs 43 cr Q4 profit vs Rs 207 cr loss a year ago

Ø  Sovereign gold bonds sales fetch Rs 25,702 crore till March end

Ø  BPCL says no intention to sell stake in Petronet, IGL

Ø  Goodyear India posts ₹43-crore PAT in Q4

Ø  Indian Retail sector faces stormy year ahead, with likely losses of $30 billion

Ø  Local lockdowns temper India’s economic activity in April

Ø  Infibeam Avenues Q4 PAT up 33 per cent to ₹32 cr

Ø  CCI nod for intra-group reorganisation of the Motherson Group

Ø  TCS acquires GE's stake in TCS Saudi Arabia

Ø  RBI flags risk of bubble in Indian equity markets

Ø  Eicher Motors total operations revenue down by 5% to ₹8,720 cr in FY21

Ø  Housing demand to reach pre-Covid level after FY'23: Crisil

Ø  Market capitalisation of BSE-listed firms hits record high of ₹220.74 lakh crore

Ø  HSBC to exit US retail banking sector

Ø  Wockhardt Q4 net loss at Rs 106.84 cr

Ø  PC Jeweller posts net profit of Rs 59.59 cr in Q4

Ø  Banks need to closely monitor asset quality, prepare for higher provisioning: RBI

Ø  Sensex Ends Above 51,100, Nifty Registers Record Closing High

Ø  UCO Bank Mar Qtr Net Profit Jumps About Five-Folds To Rs 80 Crore

Ø  Pension corpus under PFRDA swells over Rs 6 lakh crore

Ø  ICAI says Reserve Bank's new auditor norms to enhance audit quality

Ø  Air India unions' joint forum seeks forensic audit of provident fund trusts

Ø  DGFT services on trader code, Aadhaar link to remain suspended from June 1-6

Ø  iTel, Jio tie up to offer sub-4K 4G phone

Ø  Declare apparel exports as essential services, exempt exporting units from lockdowns: AEPC

Ø  Sebi plans to shield small investors from presumably 'risky' IPOs

Ø  BPCL posts net profit of Rs 11,940 cr in Q4, to pay final dividend of Rs 58

Ø  Indian mills sign sugar export deals without government subsidy

Ø  Inflation back on higher input prices, rural economy disruptions: Crisil

Ø  Credit Suisse cuts metals stocks from overweight to underweight

Ø  Amazon to buy MGM, studio behind James Bond and 'Shark Tank', for $8.4 bn

Ø  GST Council may correct the inverted duty structure for textiles, footwear industries

Ø  Centre may need to borrow $22 billion more to pay States

Ø  Retail sales down 49% in April against pre-pandemic levels: RAI survey

Ø  GMR Hyderabad Air Cargo expands Pharma Zone

Ø  India adds 2.05 GW of solar capacity in CY Q1 2021

Ø  V-Guard Industries Q4 PAT up 112% at ₹68.4 crore on higher sales

Ø  Vijay Mallya loses UK appeal for more funds to cover Indian legal fees

Ø  Iran bans bitcoin mining, echoing China, after blackouts

Ø  Black fungus: Zydus Cadila to market TLC's AmphoTLC drug in India

Ø  Gold prices hit 4-month high on weak dollar, bond yields

Ø  Two- and three-wheelers to take the lead in electric mobility by 2025: ICRA

Ø  Tech Mahindra bags five-year digital contract from UK-based Pret A Manger

Ø  Nearly 60% Covid-hit startups, MSMEs may scale down, shut down, or sell themselves in 6 months: Survey

Ø  Gross NPAs of banks likely to decline in FY21 amid MSME schemes, restructuring, write-offs: CARE Ratings

Ø  Hitachi ABB Power Grids In India Announces Carbon-Neutral Program

Ø  Berger Paints Q4 Profit More Than Doubles To Rs 209 Cr

Ø  Manappuram Finance Q4 Net Profit Jumps 17 % To Rs 468 Cr

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⚫The Pension Fund Regulatory Development Authority announced that  AUM under NPS and Atal Pension Yojana have crossed the Rs 6-trillion mark.

⚫Global satellite communication co's get Govt's signal booster. The new technology, based on low earth orbit satellites, which is being used by the co's, can offer broadband speeds of over 5GBPS.

⚫Footwear, readymade garments likely to attract higher rates of GST. The fitment committee, has proposed increasing the rate on footwear (less than Rs 1,000), readymade garments, and fabrics to 12% from 5% now.

⚫Sebi plans to shield small investors from presumably 'risky' IPOs. Certain IPO's may only be for institutional investors.

⚫The Govt defended its new digital rules, saying the requirement of messaging platforms like WhatsApp to disclose origin of flagged messages does not violate privacy, and went on to seek a compliance report from large social media firms.

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📚 Supply of medicines 💊and allied items 💉 provided by the hospital 🏥 through the pharmacy to the in-patients👨 and out-patients 🚹. Which is Taxable?

⚖️ M/S. ERNAKULAM MEDICAL CENTRE PVT. LTD.: AAR KERALA

1️⃣ Health care services provided by a clinical establishment, an authorized medical practitioner or para medics are exempted vide Sl.No.74 of Notification No. 12/2017-CT (Rate).

2️⃣ In case of inpatient as well as out patient, medicines are dispensed based on prescriptions. There is no privilege for the hospitals that are dispensing medicine to outpatients. Pharmacy run by hospital dispensing medicine to outpatient or bye standers or others can be treated as individual supply of medicine and not covered under the ambit of health care services. Hence such supply of medicines and allied goods are taxable.

3️⃣ Clarifications issued on the 25th GST Council meeting,  was clarified that food supplied to the inpatients as advised by the doctor/nutritionist is a part of composite supply of health care and not separately taxable. Other supplies of food by hospital to patients not admitted are taxable. The same principle is applicable in the case of dispensing of medicines also.

4️⃣ *Ruling:*- The supply of medicines and allied items provided by the hospital through the pharmacy to the in-patients is part of composite supply of health care treatment and hence not separately taxable. However, The supply of medicines and allied items provided by the hospital through the pharmacy to the out-patients is taxable.

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⚫The Nifty50 index logged a new lifetime high after gaining for the fifth day, surpassing the previous record made on February 15. Markets have gained on expectations that economic activity will accelerate as pandemic led restrictions are eased and vaccinations rise.

⚫The central bank, in its annual report, has issued caution over the meteoric rise in stock prices at a time when the country’s GDP has contracted.

⚫The RBI will maintain an accommodative stance in its upcoming policy review.

⚫Paytm plans to launch India's biggest IPO, aims to raise $3 billion.

⚫A steady decline in new COVID-19 cases has been recorded in India for the last 20 days, with 24 states witnessing a dip in active cases since the last week.

⚫The Centre directed states and UT's to continue the ongoing Covid-19 guidelines till June 30 and asked them to go for intensive and local containment measures in districts with a high number of cases to check the spread of the deadly disease.

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26 May 2021 News and Updates

26th May 2K21

Ø  RBI meets heads of private sector banks to assess Covid impact

Ø  CIL's coal allocation to power sector under e-auction drops 28% in April

Ø  India's foodgrain output to rise 2.66% to record 305.43 MT in 2020-21, says government

Ø  HPCL shuts 70,000 bpd fire-hit crude unit at Vizag refinery

Ø  BPCL may sell some stake in IGL, Petronet to shed promoter status

Ø  Britain opens 14-week consultation to fire 'starting gun' on FTA with India

Ø  HDFC to raise up to Rs 7,000 cr by issuing bonds on private placement basis

Ø  Adani Total, Apollo Hospitals, Chola could move to MF large-cap universe

Ø  PharmEasy acquires Medlife, becomes India's largest e-pharma company

Ø  Thermax March-quarter net jumps nearly three-fold to Rs 107 crore

Ø  AstraZeneca Pharma India Q4 net profit up nearly 3-fold to Rs 27.27 cr

Ø  Emami Q4 PAT up four-fold YoY to Rs 88 cr, drops 58% sequentially

Ø  Barclays cuts India’s FY22 GDP estimate to 9.2%

Ø  India's Q4 GDP growth likely to be better than estimates

Ø  SBI research projects Q1FY22 real GDP growth at 10-15%

Ø  Piramal Group files application in NCLAT on DHFL

Ø  No major impact of pandemic on client deliverables: Infosys

Ø  Marico hopes margins will recover as copra prices fall

Ø  Low base of FY21 & good monsoon will help recovery in auto sales: India Ratings

Ø  Sentieo raises $20 million in Series B funding round

Ø  Pfizer ready to supply 5 crore Covid-19 doses to India this year: Report

Ø  Bitcoin slips below $38,000 in a retreat from Monday’s rally

Ø  Atlan raises $16 million in Series A funding led by Insight Partners

Ø  NHPC awards Rs 188 cr contract to Tata Power Solar Systems

Ø  Strides Ventures announces new fund, targets corpus of up to Rs 1,875 crore

Ø  Alkem Labs Q4 profit up 30 pc at Rs 249 cr

Ø  RBI Framework 2.0: SBI Card Puts In Place Mechanism For COVID Stress Relief

Ø  Jaypee Infratech Case: Erstwhile Promoter JAL Demands Coc To Consider Its Offer

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⚫India's foodgrain production is estimated to rise 2.66% to a new record of 305.43 million tonnes in the current crop year 2020-21, on better output of rice, wheat and pulses amid good monsoon rains 

⚫Post new IT rules deadline, social media cos' future looks dark. Companies qualifying as intermediaries may lose safe harbour protection under existing law.

⚫Govt to seek approval from Cabinet to set up a land bank company that will sell land parcels of govt depts and PSUs.

⚫GST panel rejects demand for tax waiver on Covid-19 vax, ventilator. It has recommended a short-term rate cut on four Covid-19 related items.

⚫Around 1.2 million new members joined the ESIC-run social security scheme in March.

⚫Senior IPS officer Subodh Kumar Jaiswal 1985 batch IPS officer of Maharashtra cadre, appointed as the new CBI chief for two years.

⚫India administers over 20 crore Covid vaccine doses till May 25.

⚫India records 208886 cases, 4,172 deaths in past 24 hrs.

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CBDT issues clarification wrt limitation for filing of appeals before CIT(Appeals) under Income-tax Act,1961 in consonance with directions issued by Hon'ble Supreme Court in Suo Motu WP(Civil) No 3 of 2020 vide order dt 27th Apr, 2021. Circular No 10 of 2021 dt 25.05.2021 issued.

Central Board of Direct Taxes has notified a new rule for computation of fair market value of capital assets in slump sale. As per the amendment made to the income tax rules, the new Rule 11UAE under section 50B has given two formulae for calculation and has stated that the fair market value will be the higher among the two values.

e-way bill can be generated for Purchases made by non-filers. Restriction to apply only to Sales made by them. Notification 15 /2021  CT of 18.5.21. 

GST: Provisional Attachment cannot be continued beyond the period of one year. Case Name : Jackpot Exim Private Limited Vs Union of India (Allahabad High Court). Courts : All High Courts  Allahabad High Court

Centre will appeal against the Delhi High Court decision striking down the reduced integrated goods and services tax (IGST) levied on oxygen concentrators received as a gift from outside India by individuals, said a senior government official. The court called the levy unconstitutional.

Stock brokers’ association Anmi has urged the markets regulator, Sebi to reconsider the proposed 100 per cent levy on intra-day trade peak margins, as the higher-margin will reduce hedging opportunities. In a letter to Sebi on May 15, the Anmi said there is a great disconnect between what is being collected from clients and what needs to be collected vis-a-vis the attendant risks arising in intraday trades.

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👉🏻Cabinet approves MoUs entered into by ICoAl & ICSI with Foreign Countries/Organisations

(The Institute of Cost Accountants of India & the Institute of Company Secretaries of India have signed MoUs with foreign organisations namely IPA Australia, CISI UK, CIPFA UK, Institute of Certified Management Accountants, Sri Lanka and ICSA UK)

👇🏻 👇🏻 👇🏻

https://bit.ly/3oXggTx

👉🏻RBI Guidelines for Appointment of Statutory Central Auditors / Statutory Auditors of Commercial Banks, UCBs & NBFCs

(These guidelines will be applicable to the Commercial Banks (excluding RRBs), UCBs and NBFCs including HFCs for Financial Year 2021-22 and onwards)

👇🏻 👇🏻 👇🏻

https://bit.ly/3vmpZFx

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Audit Quality Maturity Model not applicable to CA Firms doing Branch Audits Only: ICAI clarifies

Read More: https://www.taxscan.in/audit-quality-maturity-model-not-applicable-to-ca-firms-doing-branch-audits-only-icai-clarifies/116011/

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25 May 2021 News and Updates

25th May 2K21

Ø  Bank credit grows by 6.02 per cent; deposits by 9.87 per cent

Ø  India's threshold inflation level is 6 per cent: Fromer MPC member

Ø  DLF leases 3 lakh sq ft office space in Gurgaon

Ø  Centre launches first phase of MCA21 Version 3.0

Ø  FY21 FDI inflows up 10%, highest jump in investments from Saudi Arabia

Ø  NBFCs stop lending on fear of rising defaults

Ø  RBI issues guidelines for amalgamation of district central co-op banks with state co-op banks

Ø  Mix of fiscal, monetary policies to mitigate economic downturn: RBI study

Ø  Banks in India report loan fraud worth Rs 5 trn, SBI's amount largest

Ø  SAT grants interim stay on Sebi's order against Yes Bank in AT-1 bond case

Ø  Anmi urges Sebi to reconsider proposal on 100% levy on peak margin

Ø  Icra pegs Q4 GDP growth at 2%; projects 7.3% contraction in FY21

Ø  Microfinance sector stares at sequentially challenging year: India Ratings

Ø  Training, placement under Centre’s skill development programme declines in FY21

Ø  Philippines opens its rice market to India with duty cut

Ø  GMM Pfaudler starts operations at acquired facility at Vatva

Ø  Ramco Cements posts ₹761-cr profit in FY21 on better margins

Ø  Grasim net up 13% in Q4 on better realisation

Ø  ‘User industry concern on high steel prices unfounded’

Ø  Banking tech startup Zeta raises $250 million from SoftBank Vision Fund 2

Ø  Pfizer will supply Covid vaccine only to central govt, says company

Ø  JSW Steel denies Liberty asset bid as mill plans India expansion

Ø  Bharat Biotech submits 90% documentation to WHO for EUL of Covaxin

Ø  Bitcoin bounces back above $38,000 after weekend selloff

Ø  Maintain RoDTEP rates to at least 5 % for zinc, lead exports: ILZDA to govt

Ø  DHFL lenders challenge NCLT order on considering Wadhawan’s offer

Ø  SAT Grants Interim Stay On Sebi's Order Against Yes Bank In AT-1 Bond Case

Ø  Maintain RoDTEP Rates To At Least 5 % For Zinc, Lead Exports: ILZDA To Govt

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👉 CBDT notification 68 dtd 24.05.2021 on Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act in the case of Slump Sale

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⚫India and Israel have signed a three-year joint work programme till 2023 with an aim to enhance cooperation in the field of agriculture including setting of Centres of Excellence to train farmers about Israeli farm and water technologies.

⚫FDI grew by19% YoY in FY21 to a record $59.64 billion,which includes equity capital of unincorporated bodies, reinvested earnings, and other capital. 

⚫Power generation lower than during May 2020 lockdown. This weak power generation fell below the last year level indicating continued deceleration in economic activity from the lock­down.

⚫The microfinance sector is expected to see a shortfall of 10-15% in collections on a consolidated basis in May 2021 due to the effect of lockdowns.

⚫The Govt has allowed walk-ins through on-site registration and appoint­ments for vaccina­tion of the 18-44 age group, on CoWIN.

⚫5424 cases of black fungus have been reported from 18 states, with a majority of them in Gujarat & Maharashtra.

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DHC : E-Pass not mandatory for Advocates during curfew period.

Single Judge Bench comprising of Justice Suresh Kait has disposed of a petition praying for respondent Delhi Police to comply with the curfew order dated 19.04.2021 which has exempted Advocates from producing E-pass for travelling during the curfew period.

The present petition was filed by Advocate Dharmendra Kumar who has claimed in the petition that he was harassed by the respondent because he did not possess an E-pass while travelling during the curfew. According to the curfew order dated 19.04.2021 advocates are exempted from possessing such pass for travelling during the curfew period. 

The argument of the respondent Delhi Police was that the petitioner was not harassed and that he was let go once he had produced a I Card. 

The Court held that the authorities cannot stop anyone who can produce a valid ID proving that he is an advocate. 

The court further held that the present order must be communicated to commissioner of police who shall communicate the same to the DCP who shall in-turn communicate to all police officers.

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ICAI relaxes deadline for Completion of Orientation Course / IT Training by CA Students undergoing Practical Training

Read More: https://www.taxscan.in/icai-relaxes-deadline-for-completion-of-orientation-course-it-training-by-ca-students-undergoing-practical-training/115830/

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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Thanks for reading

24 May 2021 News and Updates

24th May 2K21

Ø  CII wants RBI to review circular on appointment of bank, NBFC auditors

Ø  Finance ministry denies asking banks to withdraw funds from foreign accounts fearing Cairn action

Ø  Cost savings project: Jaguar Land Rover cuts break-even volume by a third

Ø  Discoms' outstanding dues to gencos fall 3% to Rs 78,379 cr in March

Ø  Jaypee Infra homebuyers irked by delay

Ø  Interest waiver: IBA reaches out to govt

Ø  MSME needs 'concentrated, right kind' of relief package: Assocham

Ø  'Misleading': JSW Steel denies reports on Liberty Steel assets buy

Ø  CoC to review NBCC offer for Jaypee Infra on Monday before vote on Suraksha

Ø  Glaxo gets ready for next pandemic after hiccups in Covid vaccine

Ø  Maruti, Toyota, M&M remain bullish on long-term growth of used car business

Ø  Global rebound euphoria tests central bankers' nerves on economic risk

Ø  Leveraging AI/ML, new version of MCA21 to be launched on Monday

Ø  Liquid Medical Oxygen sourced by IndianOil from Singapore arrives at Vizag Port

Ø  Amara Raja Batteries reports net profit of ₹189 crore in Q4

Ø  Centre allows RVNL to import 5,000 tonnes of steel for Kolkata Metro project

Ø  Hindalco sets aside ₹2,700-cr capex for this fiscal

Ø  JSPL selling subsidiary to promoter family at one-fourth of price: Ingovern

Ø  Bitcoin falls 13% to $33178, ether down 14%

Ø  MCX Q4 results: Net profit declines 41%; announces dividend of ₹27.75/share

Ø  WHO provides over 340 MT of essential medical supplies to countries in SE Asia

Ø  JSW Steel calls reports on Liberty UK interest ‘speculative’

Ø  Birlas betting big on realty, lines up ₹1,000-cr capex for Birla Estates this

Ø  FPIs net sellers at ₹4,444 cr in May so far

Ø  Tissue maker Origami’s online sales up 30 pc post pandemic

Ø  Punjab & Sind Bank returns to profit after 8 quarters of losses

Ø  Gold saving funds see Rs 864-crore inflow in April

Ø  Internet Explorer to 'retire' on June 15, 2022: Microsoft

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⚫Retailers are having continued growth in health and hygiene category products as well as in food, personal care and home care items, but discretionary categories like beauty & cosmetics, fashion and apparels have been affected adversely during the second wave of the pandemic.

⚫Assocham has demanded from the Govt a 'concentrated and right kind' of relief package for MSME sector, which was most affected by covid-19 pandemic. It suggested that banks should increase working capital limit of MSMEs by 20% but not charge any extra collateral and re-classification of NPAs of MSMEs.

⚫Gold saving funds and gold ETFs saw net inflows of Rs 864 crore in April.

⚫The Rajasthan Govt extended the coronavirus lockdown by 15 days till June 8.

⚫The Haryana Govt extended the coronavirus lockdown till May 31.

⚫Bharat Biotech may begin Covaxin trial for 2-18 age group in June.

 

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👉 CBDT in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic has extended certain timelines for compliances under the Income-tax Act, 1961. click to view 

https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/PressRelease_Government_extends.pdf

👉 Annual Fee Circular 2021-22 - (21-05-2021)

https://www.icai.org/post/annual-fee-circular-2021-22

👉 RBI Governor meets MD & CEOs of Public Sector Banks over Video Conference

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51597

👉 589th Meeting of Central Board of the Reserve Bank of India

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51617

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🇮🇳 GST Updates 24.05.2021

1️⃣ Today is the due date to file GSTR-3B <= Rs. 5 Cr. (QRMP-Noth & East States) without any late fee and Interest @9% p.a. for the month of Mar-21.

2️⃣ W.e.f. 25.05.2021, Late Fees and Interest @18% p.a. shall be levied.

3️⃣ GST Returns: Government collected INR 107 Crore as GST Late Fee in last Two Years (RTI).

4️⃣ Small businesses need more time for GST compliances: survey. 

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👉🏻RBI to review circular on appointment of bank, NBFC Auditors - CII

(CII has asked the Reserve Bank to review its circular on appointment of auditors for banks and NBFCs saying it was inconsistent with the provisions of the Companies Act) 

👇🏻 👇🏻 👇🏻

https://bit.ly/3fCMRtK

👉🏻Govt Integrates E-way Bill with FasTag, RFID; GST Officers to Have Real-time Data of CVs

(GST officers have been armed with real-time data of commercial vehicle movement on highways with the integration of the e-way bill (EWB) system with FasTag and RFID, a move which will help in live vigilance of such vehicles and check GST evasion)

👇🏻 👇🏻 👇🏻

https://bit.ly/2QLLUH5

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

23 May 2021 Updates

⚫RBI made a dividend payout of Rs 99122 crore more than double of the budget estimate of Rs 45,000 crore, and has been enabled by the increased returns from the RBI's domestic assets and changes in its accounting practices.

⚫The Ministry of Labour & Employment announced a hike in variable DA for more than 15 million workers in the central sphere by Rs 105 to Rs 210 per month.

⚫Direct foreign listing: Indian co's face capital gains hurdle. FinMin seeks 10% capital gains tax on transfer of Indian shares.

⚫Four vacancies in the CBDT have not been filled despite the Appointment Committee of Cabinet  clearing names in February, exposing administrative gaps.

⚫Air India servers hacked; passengers passport, credit card data leaked. The breach involved personal data registered with the airline between 26 Aug, 2011 and 3 Feb, 2021.

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E-KNOWLEDGE CAPSULE

✒ Supreme Court has upheld provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process.

✒️ Madras High Court has directed the Centre to file a detailed report indicating the preparations it had made to address exigencies that may arise in the future and the plan in place to allocate COVID-19 vaccines and drugs for the future use of the States and Union Territories.

✒ Karnataka High Court has directed the State government to place on record the steps it has taken to procure 7,04,050 doses of Covishield and 2,44,170 doses of Covaxin, to be given as second doses to people who are due as per timeline framed by body of experts, observing that the situation regarding vaccination in the State of Karnataka continues to be critical.

✒ Karnataka High Court has directed the State government to place on record the actual requirement of Oxygen from 17th May to 24th May, 2021 in the state and the actual quantity of oxygen procured by it.

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👉🏻Banks with assets of more than Rs 15,000 crore must hire two auditors

( Commercial banks and urban commercial banks (UCBs) will have to rope in at least two auditors unaffiliated with each other and have to take prior approval of the RBI for appointment or reappointment of statutory auditors on an annual basis)

👇🏻 👇🏻 👇🏻

https://bit.ly/3fGymFd

👉🏻Personal guarantors accountable in IBC - Supreme Court

(Lenders can initiate insolvency proceedings against promoters, managing directors and chairpersons who have signed personal guarantees on corporate loans in case the borrowers default, the Supreme Court ruled)

👇🏻 👇🏻 👇🏻

https://bit.ly/3f9ifRB

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CBDT - Extension of Due Dates of Filing Returns and TDS/TCS for Tax Payers/Assesses: On Account of the surge in COVID cases, the following dates have been extended by the CBDT

Due date for filing return of income for AY 2021-22 extended to 30th September, 2021 from 31st July, 2021 – Regular Assesses

Due date of Filing Return of Income for Tax Audit Assesses – Extended to 30th November, 2021 from 31st October,2021

Due date of furnishing Tax Audit Report extended to 31st October, 2021 from 30th September, 2021

Due date of Filing Belated/Revised Return of income extended to 31st January, 2022 from 31st December, 2021

Due date of Transfer Pricing Study Report extended to 30th November, 2021

SFT Due date extended to 30th June, 2021 from 31st May, 2021

Statement of Reportable Account - extended to 30th June, 2021 from 31st May, 2021

TDS Statement for Q4 of FY 2020-21 extended to 30th June, 2021 from 31st May, 2021

Form 16 Issue Date – extended to 15th July, 2021 from 15th June, 2021

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📝💡Income Tax (CBDT) Further Due Date Extended beyond May, 2021

📍Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-19 cases.

http://enlightengovernance.blogspot.com/2021/05/income-tax-cbdt-further-due-date.html

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

22 May 2021 Updates

⚫RBI made a dividend payout of Rs 99122 crore more than double of the budget estimate of Rs 45,000 crore, and has been enabled by the increased returns from the RBI's domestic assets and changes in its accounting practices.

⚫The Ministry of Labour & Employment announced a hike in variable DA for more than 15 million workers in the central sphere by Rs 105 to Rs 210 per month.

⚫Direct foreign listing: Indian co's face capital gains hurdle. FinMin seeks 10% capital gains tax on transfer of Indian shares.

⚫Four vacancies in the CBDT have not been filled despite the Appointment Committee of Cabinet  clearing names in February, exposing administrative gaps.

⚫Air India servers hacked; passengers passport, credit card data leaked. The breach involved personal data registered with the airline between 26 Aug, 2011 and 3 Feb, 2021.

⚫India witnessed 254395 fresh coronavirus cases.

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💡📜📍MCA UPDATE - further forms extended

📜✒️21.05.2021

Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly.

http://www.mca.gov.in/Ministry/pdf/FeeWaiver_13052021.pdf

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🥊 The Income Tax Department is going to launch its new e-filing portal www.incometax.gov.in on 7th June, 2021.

 

🏄🏻‍♀️ The new e-filing portal (www.incometax.gov.in) is aimed at providing taxpayer convenience and a *modern, seamless  experience* to taxpayers:

🚣🏼‍♂️ New taxpayer friendly portal integrated with immediate processing of Income Tax Returns(ITRs) to issue quick refunds to taxpayers;

🤹🏻‍♀️ All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer;

🪔 Free of cost ITR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with pre-filling, for minimizing data entry effort;

☎️ New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chatbot/live agent;

📲 All key portal functions on desktop will be available on Mobile App which will be enabled subsequently for full anytime access on mobile network;

⏳ New online tax payment system on new portal will be enabled subsequently with multiple new payment options using netbanking, UPI, CreditCard and RTGS/NEFT from any account of taxpayer in any bank, for easy payment of taxes.

 

🔮 In preparation for this launch and for migration activities, the existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available from1st June, 2021 to 6th June, 2021.

💎 In order to avoid any inconvenience to taxpayers, the Department will not fix any compliance dates during this period. 

💉 Further, directions have been issued to fix hearing of cases or compliances only from 10th June,2021 onwards, to give taxpayers time to respond on the new system. 

🧲 Taxpayers are encouraged to complete all their urgent tasks involving any submission, upload or downloads before 1stJune, 2021 to avoid any difficulty during the blackout period.

🧃 The Department requests the patience of all taxpayers and other stakeholders during the switchover to the new e-filing portal and the subsequent initial period while they get familiarized with the new system. 

🌳 This is another initiative by CBDT towards providing ease of compliance to its taxpayers and other stakeholders.

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⚫The Govt extended I-tax compliance timelines, including 2020-21 ITR, for individuals by two months to Sept 30, companies by a month till November 30. The due date for filing TDS returns and the Statement of Financial Transaction statements, has been extended by one month to June 30.

⚫Mall investors slam brakes on new launches amid Covid-19 pandemic. Many might be forced to sell off their properties to new players or repurpose them to create some office or co-working space to hedge their bets.

⚫Centre considers a revamp of stressed asset guarantee scheme for MSMEs. As of May 14, guarantees of only Rs 68.39 crore had been issued, benefiting 632 businesses.

⚫NBFCs brace for defaults, grim business prospects as collections are down and staff is not able to reach out to customers.

⚫India witnessed 276261 fresh coronavirus cases on Thursday. India reported 4,209 new deaths.

⚫Chemists have threatened to join the lockdown after their requests to be treated as essential services workers for vaccination was not accepted by the govt.

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👉🏻Extension of various Due Dates - Income Tax Return, Tax Audit due date & Other dates extended

(CBDT vide Income Tax Circular No. 9 of 2021 Dated 20th May, 2021 extends various due dates under income tax discussed)

👇🏻 👇🏻 👇🏻

https://youtu.be/Vk2IaB9wDWM

👉🏻Engagement of Chartered Accountant Firms as Concurrent Auditors of SBI

(Applications are invited from eligible Chartered Accountant Firms for empanelment as Concurrent Auditors in the State Bank of India branches / outfits. Application for Empanelment of Chartered Accountant Firms for Concurrent Audit” should reach the respective Circle Audit Office on or before 29.05.2021 by 5.00 P.M)

👇🏻 👇🏻 👇🏻

https://bit.ly/3wlRX41

👉🏻Tax Audit in case of Futures & Options (F&O) and Share Trading

(Tax Audit in case of Futures & Options and Share Trading discussed by *CA. Shivangi Mittal*)

👇🏻 👇🏻 🙏🏻

https://youtu.be/-fF9wA6zS4Q

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👉 Extension of the due date of filing Revocation application of Cancellation

https://www.gst.gov.in/newsandupdates/read/472

👉 Generation of GSTR-2B for April 2021

https://www.gst.gov.in/newsandupdates/read/473

👉 Announcement regarding List of Forms where additional fees has been waived off as per Circular 06/2021 & 07/2021 issued by the MCA by CL&CGC ICAI - (14-05-2021)

https://resource.cdn.icai.org/64781clcgc140521.pdf

👉 Empanelment with the Office of the C&AG of India for the year 2021-2022 - (17-05-2021)

https://www.icai.org/post/empanelment-with-the-office-of-the-cag-of-india-2021-2022

👉 Conversion/Switch of Government of India (GoI)’s Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51567

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Six Changes in New Income Tax Portal from 7 June, Pay Tax via Credit Card

Launch of new e-filing Portal of the Income Tax Department – Non-availability of e-filing services from 01.06.2021 to 06.06.2021

The Income Tax Department is going to launch its new e-filing portal on 7th June, 2021. The new e-filing portal is aimed at providing taxpayer convenience and a modern, seamless experience to taxpayers:

New taxpayer friendly portal integrated with immediate processing of Income Tax Returns (ITRs) to issue quick refunds to taxpayers;

All interactions and uploads or pending actions will be displayed on a single dashboard for follow-up action by taxpayer

Free of cost 1TR preparation software available online and offline with interactive questions to help taxpayers fill ITR even without any tax knowledge, with pre-filling, for minimizing data entry effort;

New call center for taxpayer assistance for immediate answers to taxpayer queries with FAQs, Tutorials, Videos and chat box/live agent;

All key portal functions on desktop will be available on Mobile App which will be enabled subsequently for full anytime access on mobile network;

New online tax payment system on new portal will be enabled subsequently with multiple new payment options using net banking, UPI, Credit Card and RTGS/NEFT from any account of taxpayer in any bank, for easy payment of taxes.

In preparation for this launch and for migration activities, the existing portal of the Department at would not be available to taxpayers as well as other external stakeholders for a brief period of 6 days i.e. from 1st June, 2021 to 6th June, 2021.

In order to avoid any inconvenience to taxpayers, the Department will not fix any compliance dates during this period. Further, directions have been issued to fix hearing of cases or compliances only from 10th June, 2021 onwards, to give taxpayers time to respond on the new system. If, any hearing or compliance which requires submissions online has been scheduled during this period, the same will be preponed or adjourned and the work items would be rescheduled after this period.

The Department has also intimated external entities including Banks, MCA, GSTN, DPIIT, CBIC, GeM, DGFT who avail services of PAN verification etc. about the non-availability of the services and to request them to make arrangements to ensure that their customers/stakeholders are apprised, so that any relevant activity can be completed prior to or after the blackout period.

Taxpayers are encouraged to complete all their urgent tasks involving any submission, upload or downloads before 15 June, 2021 to avoid any difficulty during the blackout period.

The Department requests the patience of all taxpayers and other stakeholders during the switch over to the new e-filing portal and the subsequent initial period while they get familiarized with the new system. This is another initiative by CBDT towards providing ease of compliance to its taxpayers and other stakeholders.

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

20 May 2021 News and Updates

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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18 May 2021 News and Updates

18th May 2K21

Ø  WPI inflation rises steeply to 10.49% in April

Ø  India Inc foreign investment jumps two-folds

Ø  Apollo Tyres gets NABL accreditation for outdoor regulatory testing

Ø  Reliance Jio joins global consortium to build undersea cable network

Ø  Panacea Biotec files suit against Sanofi for patent infringement

Ø  Apollo Hospitals, Dr Reddy's announce vaccination drive with Sputnik V

Ø  AT&T to merge media assets with Discovery in $43-billion deal

Ø  Colgate-Palmolive India Q4 net profit jumps 54% to Rs 314.6 crore

Ø  Moglix raises $120 mn in funds, joins India's growing unicorn club

Ø  Adar Poonawalla exits Panacea Biotec; sells entire stake for Rs 118 cr

Ø  MRPL posts ₹328-crore profit in fourth quarter

Ø  DRDO’s anti-Covid drug to hit the market in June

Ø  Average E-way Bill generation dipped in May to 12.15 lakh

Ø  Franklin Templeton gets ₹1,261 crore in six debt schemes

Ø  TVS Motor scooter Ntorq’s international sales cross 1 lakh units

Ø  Pine Labs raises $285 mn in new funding round

Ø  S&P Dow Jones Indices is fined by SEC over US 'volatility' crash

Ø  RBI remains net seller of US dollar in March; sells $5.699 bn

Ø  Elon Musk loses world’s second-richest ranking as Tesla dips

Ø  Actis eyes majority stake in Fortum’s solar projects

Ø  MFs increase holdings in key index heavyweights in April

Ø  World Economic Forum cancels Singapore meeting as pandemic haunts global event

Ø  Gold schemes fetch record Rs 20,227 crore in FY21

Ø  Pine Labs raises $285 million in fresh funding

Ø  KKR to invest $95 million in Lenskart

Ø  Bharti Airtel Posts Rs 759 Cr Profit For Jan-Mar

Ø  India Loses Farzad-B Gas Field In Iran

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⚫India’s wholesale price based inflation surged to an 11-year high of 10.49% in April, mainly due to a sustained rise in fuel and commodity prices, signalling a build-up of inflationary pressures.

⚫The demand for gem and jewellery is back in major export markets, as the overall shipments surged to Rs 25,226.11 crore yoy in April 2021.

⚫Several co's rush to file DRHP with SEBI.12 co's looking to raise a cumulative Rs 22,230 crore have filed their offer documents so far this month.

⚫Fewer e-way bills have been generated in May so far, with the daily average falling to a one year low, indicating a sharp slowdown in economic activity owing to the intense second wave of Covid-19.This suggests that GST collection for May and June may see a downward trend after touching record levels in April and March.

⚫NHAI on track to award Rs 2.25 trillion projects this fiscal. Construction target for the year roughly translates into 12-13 km a day.

 

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LTC deadline to submit bills/claims for benefits under the LTC Special Cash package scheme has been further extended to May 31, 2021. The Department of Expenditure, via an Office Memorandum stated that due to the current Covid-19 situation the last date of submission of bills under the LTC Cash scheme has been extended till May 31.

Today (18.5.21) is last date to pay tax for Q4 of 20-21 by GST Composition persons with interest @ 9% pa from 4.5.21. Interest @ 18% pa wef 19.5.21. 

Personal bank accounts of promoters cannot be attached under CGST. Case Name : Roshani Sana Jaiswal Vs Commissioner of Central Taxes (Delhi High Court). Appeal Number : WP(C) No. 2348 of 2021. Date of Judgement/Order : 12/05/2021

CBIC has asked field offices to clear all pending refunds of customs and drawback claims by month-end. The Central Board of Indirect Taxes and Customs has issued an instruction to all customs Principal Chief Commissioners that a 'Special Refund and Drawback Disposal Drive' will be conducted with the objective of priority processing and disposal of all pending refund and drawback claims.

Simultaneous investigation by central and state gst authorities for same period is not allowed in the matter of Anurag Suri Versus The Director General of Goods and Services Tax Intelligence and others (w. P. ( c ) no. 158 of 2020). 

RBI has shot down suggestions of a fresh suspension of the Insolvency & Bankruptcy Code (IBC) due to the second wave of Covid-19, while making it clear that banks can still restructure distressed but viable loans, ensuring that their balance sheets remain transparent. During initial discussions with the government, RBI has indicated a freeze will not help anyone in the long run as it will only show lower level of NPAs. 

PDC ICAI  would like to inform that  Office of the C&AG is hosting the Provisional Empanelment of the CA firms for the year 2021-2022 along with the provisional points / scores. The draft Panel will be available on the website of the C&AG at www.care.cag.gov.in from 18.05.2021 to 27.05.2021. email at sao2ca5@cag.gov.in latest by 27.05.2021. at 011-23509223/240.

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 ✅ GST Update:

🌷 Death of Proprietor- the Procedure for Transfer of Business as Going Concern to Successor- in GST

                                                                                                        

🪴 1.  Registration of a New Entity in which business of deceased individual is to be transferred w. e. f. date of succession i.e. date of death of proprietor. If successor is a minor, his legal guardian will be the authorized signatory.

🌱 2.  Application by legal heir/ successor with Jurisdictional GST Officer for appointment as authorized signatory and issuance of new login id and password. 

🍄 3. The GST Officer will send a temporary user id and password on the email of newly added authorized signatory.

🌴 4. The Authorized signatory shall file all monthly GST Returns applicable till the date of succession and pay applicable taxes.

🍁 5. The authorized signatory shall file Form GST ITC-02, for transfer of ITC lying in the electronic credit ledger, using the registration of deceased proprietor. 

🌲 6. The New Entity shall accept the details of Form GST ITC-02 and upon such acceptance the unutilized ITC will be transferred to the Electronic Credit Ledger of New Entity.

🎋 7. The authorized signatory shall file application for cancellation of registration in Form GST REG 16 for cancellation of registration of deceased proprietor after completing all other compliances till date.

🌻 8. After issuance of cancellation order the authorized signatory shall file final return in form GSTR-10.

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17 May 2021 News and Updates

17th May 2K21

Ø  Cairn identifies $70 bn Indian assets for seizing to recover amount due from govt

Ø  India's once-in-a-century budget runs into trouble as virus strikes back

Ø  Airtel counters Jio, rolls out offers for low-income users

Ø  RBI raises concerns over dual microfinance regulation in Assam

Ø  SBI to sell three NPA accounts next month for recovery of over Rs 235 crore

Ø  New rules for taxing MNCs' welfare expenses

Ø  India's Oil demand shrinks further as coronavirus crisis persists

Ø  Adani Green in advanced talks for SoftBank-backed SB Energy: Report

Ø  Defaulters seek generous bailouts like Siva-IDBI Bank one-time settlement

Ø  M-cap of eight most valued India companies falls Rs 1.13 trillion

Ø  Hester in talks with Bharat Biotech to produce Covaxin via tech transfer

Ø  Swiss Parliament panel to discuss Credit Suisse billion-dollar scandal

Ø  CBIC rolls out ‘Special GST Refund Disposal Drive’

Ø  HLL Biotech may soon find suitor to produce vaccine

Ø  We Founder Circle to invest up to $150,000 in 40 start-ups in FY22

Ø  Over 1.3 million blue-collar jobs up for grabs in India

Ø  PNB raises ₹ 1,800 crore via QIP offering

Ø  Strong demand, low base boost India Inc’s earnings growth in Q4

Ø  Hero MotoCorp ready to introduce products in electric segment next year

Ø  AT&T is in talks to combine content assets with Discovery

Ø  Amazon partners with sellers to supply oxygen concentrators to Indian customers

Ø  Macrotech to double its investment in construction to ₹2,800 crore in FY22

Ø  Tesla may have to hold its big hoard of Bitcoin for decades

Ø  Economic recovery losing steam, GDP growth may be below 9% in FY22 due to 2nd COVID wave: Survey

Ø  Truck rentals drop by 5-7% in past fortnight as Covid lockdowns hit production

Ø  Aditya Birla Capital Posts Highest-ever Quarterly Net Profit Of Rs 375 Cr

Ø  Penna Cement Files Rs 1,550-Cr IPO Papers With Sebi

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NIRC of ICAI has represented The President ICAI for Considering of the creation of a special Covid -19 Assistance corpus need  for CA members legal heir

We appreciate the current benefit approved by ICAI for its members suffering from Covid19. However, one would agree that there are number of untimely and unexpected deaths of our members are happening because of Covid19.

The above scenario requires onetime support in addition to the other support extended by the ICAI.

1. Thus we propose as under; to request The President of ICAI for Creation of a Special Covid- 19 Assistance Corpus for members of the Institute, by granting one-time financial assistance* to their legal heir of deceased Member(s) who have lost their life, between 1st April, 2020 to 31st March, 2022, due to Covid-19. As per the guidelines to be issued by ICAI, the Financial Assistance will be as under: 

Category of Members                                  Eligible Amount (in Rupees) 

Members less than 60 yrs.                    Rs.10,00,000/- (Rupees Ten Lakhs only).

Members who are 60 years and above Rs.2,00,000/- (Rupees Two Lakhs only),

We would also like to bring to your kind attention that ICSI has also extended the support to its members on the similar lines.

2. Consider requesting The President ICAI to Create a Covid Task Force at a Central level for facilitating the Vaccine Drive to all CA members above  18 years of age  and their immediate family by having a  MOU with the health ministry for the same. Similar facilities have been provided by Bar Council to their members has already started the same facility. *This is very urgent and needs to be finalized on war footing.

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🇮🇳 GST Updates 16.05.2021

1️⃣ GSTN: As the last date of filing GSTR-1 for April, 2021 has been extended up to 26th May, 2021 and IFF up to 28th May, 2021, the GSTR-2B for April, 2021 shall be generated on 29th May, 2021.

2️⃣ GSTN: Rate of tax column added in GSTR-1 for each HSN/SAC furnished in HSN summary.

3️⃣ GST Council to meet on May 28th May: FM Tweeted.

4️⃣ CBIC begins special refund and drawback disposal drive by customs to ease liquidity of MSME/Exporter during covid-19.

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⚫Amid a raging second wave of COVID-19 and restrictions on business activities imposed by several states, economic recovery is beginning to loose steam and the country's GDP growth is likely to be below 9% for the current fiscal.

⚫With around 65% of the total truck fleet in the country out of the road owing to lockdown in most of the states, the truck industry losses have mounted to around Rs 42,000 crore from the start of the fiscal till mid of this month.

⚫The Indian hotel industry has taken a hit of over Rs 1.30 lakh crore in revenue for the fiscal year 2020-21 due to the impact of the COVID-19 pandemic.

⚫Non-resident entities seek withholding tax breather amid second Covid wave. In absence of certificates, they risk having 40% tax cut from revenues.

⚫Union health ministry said requisite changes have now been done in the Co-WIN digital portal, as a result of which further online or on-site appointments will not be possible if the period after first dose date for a beneficiary is less than 84 days.

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✅ GSTN: As the last date of filing GSTR-1 for April, 2021 has been extended up to 26th May, 2021 and IFF up to 28th May, 2021, the GSTR-2B for April, 2021 shall be generated on 29th May, 2021.

✅ GSTN: Rate of tax column added in GSTR-1 for each HSN/SAC furnished in HSN summary.

✅ CBIC begins special refund and drawback disposal drive by customs to ease liquidity of MSME/Exporter during covid-19.

 

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16 May 2021 Updates

⚫The GST Council will meet on May 28, after a gap of more than six months to rework compensation shortfall and borrowing requirement and provide tax relief on Covid-19 related goods. 

⚫Covid second wave pushes India's pharma industry growth to 59% in April and resulted in exponential growth for the pharmaceutical sector.

⚫Sebi's relaxed norms likely to give private equity firms faster exits. Sebi also plans to replace the "promoter" concept to "person in control".

⚫SBI eyes over Rs 10000 crore credit pipeline for building hospital infrastructure.

⚫The overall COVID-19 situation in the country is stabilizing and the Govt will work towards ensuring further stabilisation. Top health officials said 10 states account for 85% of the total coronavirus cases in the country.

⚫With 18 mn Covid jabs, nearly 13% of India's population vaccinated so far.

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E-KNOWLEDGE CAPSULE

✒ Supreme Court has directed the Central Government and Government of National Capital Territory of Delhi, States of Haryana and Uttar Pradesh to provide dry ration to migrant workers in National Capital Region.

✒️ Supreme Court has observed that the existence of an arbitration clause does not debar the court from entertaining a writ petition in a contractual matter.

✒ Bombay High Court has directed the Central Government to ensure that the allotted quota is made available to the State at the earliest, noting that there were almost 40 Covid related casualties at the Goa Medical College.

✒ Bombay High Court has allowed a 16-year-old survivor of sexual assault to terminate her 23-week-old pregnancy in a petition moved by the father of the child.

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 May, 14th 2021

UDIN Directorate

The Institute of Chartered Accountants of India

12th May, 2021

ANNOUNCEMENT

Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal

Members are aware that the CBDT vide its press release dated 26th November 2020 has mandated the validation of the Unique Document Identification Number (UDIN) generated from ICAI portal in all the Income Tax Form and Audit Reports uploaded at the e-filing portal.

We have been given to understand that CBDT is in process of mandating the updation of UDINs for all IT Forms prior to its upload on the e-filing portal by the members. In other words, members would be required to first generate UDIN and provide the same while uploading the IT forms.

Further, CBDT has given the extension for updating UDINs for all the IT forms at the e-filing portal till 30th June, 2021. 

In view of the above, the members are requested to avail this opportunity and update the UDINs on the e-filing Portal at the earliest but not later than 30th June, 2021 to avoid likely invalidation.

For detailed FAQs please click here

For any clarification, please write us at udin@icai.in.

UDIN Directorate

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⚫PM released the 8th instalment of PM-KISAN income support totalling over Rs 20,000 crore to 95 million farmers. This was for the first time that the benefits reached the farmers of West Bengal as about 703,000 of them got Rs 2,000 each.

⚫India’s overall exports are estimated to have grown 93.21% to $51.79 billion in April on a low YoY base.

⚫New SIP registrations down 16% sequentially in April on Covid impact. The distributors have been facing difficulty to reach out to newer clients particularly in the rural areas.

⚫270 black fungus cases reported in Pune. Govt to come up with a set of SOPs for patient management in hospitals.

⚫A total of 10,796 oxygen concentrators, 12,269 oxygen cylinders, 19 oxygen generation plants and about 4.2 lakh Remdesivir vials received as global aid were delivered or dispatched through road and air to various states and union territories.

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✅ ESI Contribution for the month of April 2021 and now can be filed and paid upto 15th June 2021 instead of 15th May, 2021.

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