22nd June 2K21
Ø Maruti Suzuki India to hike car prices in Jul-Sep qtr amid rise in input costs
Ø SBI gets central board's nod to raise Rs 14,000 crore via bonds
Ø KKR invests $625 million in Vini Cosmetics for a majority control
Ø Reliance Home Finance appoints panel to take steps for resolution process
Ø NTPC’s Jhabua Power bid hits NPA tag hurdle
Ø Cadila, Bayer extend JV partnership for three years
Ø Govt plans to bring stricter e-commerce rules, flash sales may be history
Ø Industry growth to largely be led by next-gen technologies, services: Wipro
Ø KKR pays Rs 4,600 cr for majority stake in FOGG brand owner Vini Cosmetics
Ø Govt mulling ways to ease tax burden on foreign AIF investors
Ø JSW Cement forays into ready mix concrete business under 'JSW Concrete'
Ø Govt notifies Rs 18,100 cr-PLI scheme to promote ACC battery making
Ø Dredging Corporation to gain from government’s new dredging norms
Ø Steel sector can boost industry in Eastern India: Pradhan
Ø FPIs increase exposure in banking and financial stocks
Ø Route Mobile, Truecaller announce technology partnership
Ø Third covid wave key risk to be watched out: Nomura
Ø Adani Transmission to seek shareholders' nod to raise ₹2,500 cr on July 13 AGM
Ø Maruti to hike prices of different models from next month
Ø Info Edge’s March quarter results don’t move the needle for its stock
Ø Stamp duty cut can prompt more people to buy homes: Consumer Poll
Ø MSCI India index premium races past 55% over emerging mkt peers, 12% over world: Report
Ø NTPC doubles 2032 renewables target to 60 GW
Ø Retail to be next growth engine for Reliance: Goldman Sachs
.
========>
.
🍉 CBDT issues functionality to verify whether the Vendors have filed tax return for compliance of Section 206AB and Section 206CCA.
🥭 As per circular no 11 issued today I.e. 21-6-21, the deductor can verify from income tax portal about its vendor’s status of filing tax return in preceding 2 years.
🌴 Further it has been clarified that preceding 2 previous years for FY 2021-22 shall mean
👉 FY 2018-19 and
👉 FY 2019-20.
🍓 The name of specified persons who have not filed tax returns uploaded at the beginning of the year by CBDT will be valid for the entire FY as no further addition will be made to this list.
🌱However deletion will be done by CBDT in case any specified person in the list files its tax return.
🍍 This will now make compliance of Section 206AB and 206CCA much easier as it will be one time exercise of verification in the beginning of the year of all vendors.
❌ No need now to obtain any declaration from the Vendors. ❌
.
========>
.
⚫India receives $64 bn FDI in 2020, fifth largest recipient of inflows.
⚫Rs 6,322 crore steel PLI scheme likely to get Cabinet approval soon. A PLI scheme in specialty steel is expected to boost manufacturing capabilities for value added steel, increasing exports.
⚫Bank credit grew by 5.74% to Rs 108.43 lakh crore and deposits rose by 9.73% to Rs 153.13 lakh crore in the fortnight ended June 4, 2021.
⚫Indian Bank launched its QIP of shares to raise around Rs 4,000 crore.
⚫Bharti announced a strategic partnership with the steel to software conglomerate Tata group for 5G network solutions.
⚫Over 85.15 lakh vaccine doses, the highest in a single day, were administered across the country on Monday as the revised guidelines for COVID-19 vaccination came into effect.
.
========>
.
Infosys on Saturday said it is deeply concerned with the inconvenience caused by the technical glitches in the new income tax e-filing portal, and it is working to resolve all the issues at the earliest.
Interest on enhanced compensation on sale of Agriculture Land is nothing but a capital receipt and the addition is against the law. This issue has been decided by the Hon’ble Apex Court in case of Union of India Vs. Hari Singh (Civil Appeal No. 15041/2017 order dated 15th September 2017) wherein it is held that on agricultural Land no tax is payable when the compensation/enhanced compensation is received by the assesses as the land was agricultural land.(Favour of Assessee) Paramjeeet Sing Vs. ACIT, 16th April 2021 ( ITAT – Delhi)
CBIC clarified that GST would not be levied on services provided by the Central or State Boards, including NBE, in the conduct of examinations for students including entrance exams. This move will benefit millions of households whose wards are at different levels in education.
Central Government has shortlisted Central Bank of India (CBI) and Indian Overseas Bank (IOB) for divestment, CNBC Awaaz has reported. The weak financial metrics of lenders like CBI and IOB could lead to unexpected hurdles in the government's plan to privatise the lenders, banking analysts and experts.
Both the IOB and CBI are currently under the Prompt Corrective Action (PCA) framework imposed by the Reserve Bank of India (RBI). Under the PCA framework, the central bank imposes certain business restrictions on lenders with weak financial metrics.
PNB Housing Finance has appealed against an order by India’s capital market regulator asking it to hold a proposal to get shareholders nod for issuing equity shares and warrants on preferential basis to a clutch of investors led by the Carlyle Group. The company told BSE it has filed an appeal before the Securities Appellate Tribunal (SAT) against the letter issued by SEBI.
CA Examinations-Opt Out Scheme.
https://resource.cdn.icai.org/65187exam52495.pdf
CA Examination Admit Cards
No Physical Admit Card
https://resource.cdn.icai.org/65184exan52488.pdf
WEBATHON Video ON DIRECT TAX LAWS, DECODING INCOME TAX LAW, a journey of learning with eminent Tax Guru’s, CA (Dr) Girish Ahuja ji: held on 16/6/2021 (Day-1)
https://youtu.be/5Crvv2tuAZ4
Webathon Video series (Day-2) ON 19TH JUNE 2021 Concept of Income & Residential Status (Section 3-4-5 & 6)
SPEAKER : CA SUNIL ARORA
https://youtu.be/nhh3nkFiWRo
.
========>
.
CBIC has released the updated CGST Rules, 2017 Part A and Part B (Forms) updated upto 01st June 2021. You can download the CGST Rules from below links:
CGST Rules Part A:
https://www.cbic.gov.in/resources//htdocs-cbec/gst/010621(Part-A_Rules).pdf
CGST Rules Part B:
https://www.cbic.gov.in/resources//htdocs-cbec/gst/010621(Part-B_Rules).pdf
.
========>
.
🌎 30th June is the last date for filing form CFSS-2020
Ministry of Corporate Affairs had introduced Companies Fresh Start Scheme, 2020 vide General Circular No. 12/2020 dated 30th March 2020 to provide relaxation in additional fee to the defaulting Companies to make good their default by filing pending documents with ROC. It was a One-time condonation of delay Scheme for filing statutorily required documents/forms of the Companies which were due for filling. The scheme was valid from 01.04.2020 to 30.09.2020 but due to the vast disruption caused by the pandemic COVID-19, on 28.09.2020, it was extended by the MCA till 31.12.2020.
As per sub para (vii) of para 6 of the Scheme, the application for seeking immunity in respect of belated documents filed under the CFSS Scheme has to be made electronically in the Form CFSS-2020 within 6 months from the date of the closure of the scheme i.e. 31.12.2020. Therefore, the *last date of filing the said form is 30th June 2021.* Form CFSS 2020 was available for filing on the portal as e-form w.e.f. 16th January, 2021 for all the stakeholders without any filing fee.
Form CFSS-2020 is a simple form in which details like CIN (Corporate Identification Number), Name of the Company and its Registered Office address, email of the Company and list of forms filed under the said scheme along with SRN are to be given. Immunity certificate will be issued by the designated Authority after the form is taken on record.
.
========>
.
Meeting organised by the Ministry of Finance on New Income Tax e-filing portal
👉 The Ministry of Finance, Government of India today organised a meeting to review the glitches and issues related to the New Income Tax e-filing portal. The new IT portal has been facing issues ever since its launch on June 7, 2021. The meeting arranged today was chaired by Smt. Nirmala Sitharaman, Hon’ble Minister of Finance & Corporate Affairs and graced by Shri Anurag Singh Thakur, Hon’ble Minister of State for Finance & Corporate Affairs. Also, present were Shri Tarun Bajaj, Revenue Secretary, Shri Jagannath Mohapatra, CBDT Chairman and top Finance Ministry officials.
👉 The Ministry of Finance had asked ICAI to constitute a task force of 7 representatives to look into the technical glitches / issues being faced on the new Income Tax portal. Accordingly, taking cognizance of the matter, a team of 7 members was constituted by CA. Nihar N Jambusaria, President, ICAI to analyse the issues being faced reg. new portal.
👉 Today, the team of ICAI in the presence of CA. Nihar N Jambusaria, President, ICAI made presentations on different issues being faced on New Income Tax e-filing portal. The officials from CBDT and Infosys were very receptive about the issues being conveyed by ICAI. They assured that the issues will be taken care of and shall be resolved at the earliest.
🌴 We believe this process will be almost complete in a phased manner and problems will be resolved on daily basis. For Tax Audit Report, which is awaited by CAs, utility shall be available by 1st week of July, 2021.
🎋 During the meeting, ICAI has been asked to provide its continuous support & inputs to CBDT and Infosys, in resolving the issues, as early as possible. The Income Tax Department said that the new portal was aimed at making compliance more taxpayer-friendly, however the technical glitches shall be addressed fast, for convenience of all.
.
========>
.
⚫Govt to come up with a SOP on new IT rules as industry awaits clarity.
⚫The domestic life insurance industry may see pressure on its profitability in the short term as the coronavirus pandemic has cast doubt on the certainty related to morbidity and mortality in the country.
⚫India Inc goes for price hikes again as input cost pressures increase. Durables, paints, and consumer staples among worst affected by raw material prices.
⚫Easier dilution norms for mega IPOs have come into effect. Co's with post listing m-cap of more than Rs 1 trillion will not be required to dilute a minimum of 10%. The move to relax dilution norms is seen as a precursor to LIC's IPO.
⚫Yoga Day will be observed in as many as 190 countries around the world and Missions of India abroad will be coordinating various activities with the administrations in the respective countries for the run-up to the event.
.
========>
.
Income Tax Section 194Q & 206AB of Income Tax Act applicable from 1st July 2021.
Income Tax No Penalty for Addition for Bogus Purchases on estimated basis. DCIT Vs Toshvin Analytical Private Limited (ITAT Mumbai) As per facts recorded above, the penalty in this case is only with reference to addition on bogus purchases amounting to Rs.3,83,388/-. The addition was sustained by the ITAT @8% of the bogus purchases.
20.6.21 is last day to file GSTR-3B of May by Monthly filers with turnover above 5cr & upto 5 July with interest @ 9% pa. Others can file till 5 July.
GST: Supplying food to schools under mid-day meal scheme, pre-schools and anganwadis is exempt from GST, the Central Board of Indirect Taxes and Customs (CBIC) has said.
Sebi came out with a framework for investment adviser administration and supervisory body. Under the investment adviser rules, Sebi may recognise any body or body corporate for the purpose of regulating investment advisers (IA) and delegate administration and supervision of the IAs on terms and conditions specified by it.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
