24th June 2K21
Ø Auto companies warm up to invoice discounting to boost suppliers’ cash flow
Ø Reliance Infra in talks to sell Rs 1,400 cr worth of road assets to Cube Highways
Ø Heineken becomes UBL's largest shareholder, buys 39.6 million shares in huge block deal
Ø Sebi bars Sterling Biotech's directors from securities markets on GDR manipulation
Ø Anmi calls for withdrawal of penalty for incorrect client statement submission
Ø Minda Industries makes foray into Uzbekistan, to buy 51% stake in UZ Chasys
Ø ED transfers Rs 9,371-cr assets seized from Mallya, Nirav, Choksi to PSBs
Ø GMR Infrastructure to sell stake in Indonesia mine to raise $400 million
Ø Wabco OFS subscribed 1.8 times, India pesticides fully subscribed
Ø Jamsetji Tata tops global list of top 10 philanthropists from last 100 yrs
Ø Kalrock-Jalan consortium receives NCLT nod to fly Jet Airways
Ø Maharashtra okays Adani taking over Navi Mumbai airport project
Ø DoT allocates 5G trial spectrum to MTNL
Ø Promoters buy ₹1,810 crore worth of APSEZ, Adani Green shares
Ø Hike minimum selling price of sugar to ₹34.50/kg: Mills urge Centre
Ø Oil producers to make record profits this year: Report
Ø Guenter Butschek steps down as Tata Motors chief & MD
Ø FMCG companies log sales growth after Unlock 2.0
Ø Middle East's share of India's oil imports hits 25-month low
Ø Moody’s cuts 2021 India’s growth forecast to 9.6 pc, flags low vaccination rate as risk
Ø Household financial savings moderated to 8.2 pc of GDP in Q3FY21: RBI
Ø FICCI urges govt to support tourism, hospitality industry
Ø Piramal Pharma completes acquisition of Hemmo Pharmaceuticals
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⚫India's total FDI inflow rises 38% yoy to $6.24 billion in April. The total FDI includes equity capital of unincorporated bodies, reinvest earnings and other capital.
⚫Road construction zooms nearly 60% in the first two months of FY22. 1,470 km constructed in April-May, against 847 km previous year.
⚫India's consumption story moving fast again. Unlock, good monsoon, better pace of vaccination and rural demand could galvanise recovery.
⚫Centre to spend extra Rs 93,868 crore for running PMGKAY-3 in FY22.
⚫The MCA has expanded the definition of small and medium companies, raising their turnover and borrowing limits. This would enable a wider set of companies to avail of greater flexibility in the accounting standards.
⚫After a gap of seven days, Maharashtra on Wednesday crossed the 10,000 single-day case mark and reported 10,066 COVID-19 infections.
⚫Mask wearing compliance still remains low in India. The mask compliance at vaccination centres also remains low.
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✅ MCA has accepted ICAI suggestion for *increasing threshold for companies* that will be covered under the definition of SMC . It will help larger number of companies to avail benefits of certain exemptions with respect of applicability and disclosures under accounting standards. It's also in line with increase in threshold by ICAI for non corporate entities.
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MCA
Notification Related to New *Companies (Accounting Standards) Rules 2021 https://drive.google.com/file/d/13nPWMMQuj-ZvtwTs-Z7kJZ81vo9R9yyh/view?usp=sharing
RBI
Notification Related to Gold Loan Scheme to Jewellers https://drive.google.com/file/d/1XrkOGCONutLN2m4tF45hTWOmg6ZPUlRu/view?usp=sharing
GST
Clarification Related to Applicability of Dynamic Quick Response (QR) Code on B2C Invoices https://drive.google.com/file/d/12jnHLP1iYfTAWKAP8vqA9WmSIzpUpQDp/view?usp=sharing
Income Tax
Notification/ Circular Related to *Functionality of Section 206AB and 206CCA (TDS/ TCS Provisions)* of Income Tax Act
https://drive.google.com/file/d/1bIYjUMGlFwFHEFAVY9I-NRysYZZs9iGp/view?usp=sharing
https://drive.google.com/file/d/1RgxpezNH8qTGCq2FS205TqOfpkBfQDbJ/view?usp=sharing
https://drive.google.com/file/d/1VSJYhC3ODxqwfZzedtTxv9OFH8bB1uIr/view?usp=sharing
Higher TDS TCS provision in Income tax summarised
206AA
Non PAN case / Non Adhar case And even Non PAN- ADHAR link case
Will be liable for TDS at rate specified or 20%
W e is HIGHER
Except in 194O & 194Q where It will be 5% in above case
( Note - Non linked will be as good as non having PAN)
206AB
NON filling of ITR for 2 Years &
both yr, TDS Amt was higher than 50000
Then TDS rate would be
TWICE RATE or 5 %
Whichever is higher
206CC(1)
Non PAN case / Non Adhar case And even Non PAN- ADHAR link case
Will be liable for HIGHER rate of TCS at twice rate or 5%
W e is HIGHER
( Note - Non linked will be as good as non having PAN)
206CCA
NON filling of ITR for 2 Years &
both yr, TCS Amt was higher than 50000
Then TCS rate would be
Twice rate or 5 %
Whichever is higher
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👉🏻CBIC clarifies on QR codes for companies with turnover of over Rs 500 Cr(CBIC has said that these companies supplying services to entities located overseas and receiving payments through a medium approved by RBI, do not need to issue QR codes on invoices, the report said.
👇🏻 👇🏻 👇🏻
https://bit.ly/3j4eyPj
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