⚫E-way bill generation picks up pace in June as states start unlock process. It rose by 22.6% in the week ended June 27 at 14.6 million.
⚫Unlock brings hope for FMCG Co's as half of urban sales or 30% of total sales comes from the urban poor, especially for food firms.
⚫Banks not in a hurry to hike interest rates on deposits despite price rise. YOY growth in deposits till early June 2021 has been 9.7% while credit growth is only 5.7%.
⚫The SEBI overhauled the norms pertaining to the appointment, removal & remuneration of independent directors in order to curtail the sway of promoters over them.
⚫Niti Aayog suggested 100% i-tax exemption for donations and provision of working capital loans with lower interest rates for not for profit hospitals to strengthen healthcare services in India.
⚫India approved a fourth Covid vaccine Moderna’s mRNA-1273. The vaccine will be made available through a tie-up with Cipla.
⚫Facebook & Google will soon publish reports, as mandated by the new I-Tech Rules, providing information about the actions they took on user complaints in India.
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Get all services pertaining to E_TDS/TCS Acceptance / Processing of DSC from yours Own office 24 x 7 - 365 days
👉 NSDL'S E-TDS / TCS returns acceptance via ERP mehekdigisign.in just upload 27A and FVU file in ERP and returns are accepted and receipts are uploaded and saved for life time for reference so problems of provisional receipts being lost is sorted for life time
👉 Issuance of Digital signature certificates as required for income tax / gst / roc / pf-esic / e-tendering / patent - trademark / dgft from yours own office
Also Note that old TOKENS in which DSC is expired can be re used again thereby save cost on DSC
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Register DSC again in the new e-Filing Income Tax portal
👉 you will have to register DSC again in the new e-Filing portal even if your previously registered DSC is active. DSC data is not migrated from the old portal owing to technical and data security issues.
👉Manual on Register Digital Signature Certificate
1. Overview
The Register Digital Signature Certificate (DSC) service is available to all registered users of the e-Filing portal.
👉This service enables registered users to perform the following:
👉Register DSC
Re-Register when registered DSC has expired
👉Re-Register when registered DSC has not expired
Register DSC of Principal Contact
All users who wish to use DSC are required to re-register their DSC on the new portal using ‘Register DSC’ service. The DSC registered on the previous e-filing portal will not be migrated to the new portal due to security and technical reasons.
2. Prerequisites for availing this service
Registered user of the e-Filing portal with valid user ID and password
Downloaded and installed the emsigner utility (the utility can also be downloaded and installed while registering DSC)
The USB token procured from a Certifying Authority Provider should be plugged in to the computer
DSC USB token should be Class 2 or Class 3 Certificate
DSC to be registered should be active and not expired
DSC should not be revoked
3. Step-by-Step Guide
Step 1: Log in to the e-Filing portal using your user ID and password.
Register Digital Signature Certificate
Step 2: Go to the My Profile page from the Dashboard.
Step 3: Click Register DSC on the left side of the screen.
Step 4: Enter the email ID linked with the DSC token. Select I have downloaded and installed emsigner utility and click Continue.
Note: If you have to download the emsigner utility, you can click on the hyperlink for the same under Need Help.
Step 5: Select the Provider and Certificate. Enter Provider Password. Click Sign.
On successful validation, a success message will be displayed with the option to go to the Dashboard.
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Running of hostel by the education institution is exempt: Allahabad High Court
Daya Nand Pushpa Devi Charitable Trust
Facts:
1. The main activity of the trust is running of education institute, is covered within the meaning of 'Charitable purposes' defined under Section 2(15) and has been registered under Section 12-A of the Income Tax Act. It is running a Dental College in the name & style of Harsharan Dass Dental College at Ghaziabad.
2. An hostel is also being run as a statutory obligation as the institution cannot impart dental education without providing for the hostel.
3. It was concluded in the assessment order that the total hostel receipt of the trust was excessively high and the expenditures towards generator, electricity and security were also excessively high.
4. The net surplus income arrived at by the Assessing Officer after deduction of allowable expenditure was subjected to tax at the appropriate rate under Section 11 (4A) of the Act.
5. Sec 11(4A) provides that income of trust pertaining to any business carried out by the trust shall be taxable, unless it is incidental to the attainment of the objectives of the trust.
6. So the moot point is whether the hostel facilities could be regarded as business incidental to the attainment of objects of the trust.
Allahabad HC held as below:
1. The hostel is being run in discharge of a statutory obligation as institution in question cannot impart dental education without providing for the hostel.
2. The activity of running the hostel is not a separate business activity and surplus income from the hostel fee cannot be treated as profit and gains of a separate business or commercial activity of the trust.
3. So it is held that the exemption under Section 11(1) of the Act cannot be disallowed to the assessee.
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⚫FM announced the fiscal package to revive the economy ravaged by the second pandemic wave, keeping the fiscal outgo limited for the current year. The Rs 6.28-trillion package included a new credit guarantee scheme for health, tourism and micro borrowers, besides expanding the ECLGS by half to Rs 4.5 trillion and extending Aatmanirbhar Bharat Rozgar Yojana.
⚫FM announced a year’s extension to the PLI scheme for the electronics mfg sector.
⚫Strong recovery likely to continue for auto ancillary companies. Good export demand, likely Q2 uptick, low interest rates are positive.
⚫Inking free trade agreements with the USA, UK, European Union, Australia, New Zealand, Canada, Israel, will boost exports and help in attracting more foreign investments into the country.
⚫Govt announces 500,000 free visas, loan guarantee scheme for travel sector.
⚫India overtakes US in total Covid-19 vaccine doses given.
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👉🏻Central govt plans to develop rating system for MSMEs
(the system of ratings for MSMEs will depend on the annual turnover, goods and services tax (GST) records, income tax records, exports and the credentials of each MSME)
👇🏻 👇🏻 👇🏻
https://bit.ly/2U8IY8P
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The deadline to issue Form 16 has been extended to July 31, 2021 from the previous deadline of July 15, 2021. This implies that employees will get their Form 16 even later and will therefore be able to finalise their tax calculations only after that.
Goa state government has notified the reduction in GST rates on 18 items. While the GST has been completely withdrawn on Tociluzumab and Amphotericin-B, all the other products will be levied with a nominal rate of 2.5% state GST. The notification issued on special GST rates would be applicable till September 30.
MCA has issued the much-awaited clarification for passing general and special resolutions and convening an EGM in unavoidable circumstances and extended the validity of the existing circulars up to December 31, 2021, in light of the current social distancing norms.
RBI says it has major concerns about the asset class and six months ago the government proposed a ban on trading in digital coins In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $200 million to nearly $40 billion in the past year.
Sebi clarified rules pertaining to holding of liquid assets in open-ended debt mutual funds. Sebi had in November 2020 issued rules that entailed keeping of minimum 10 per cent in government securities in order to enhance the liquidity in open-ended debt funds like floater funds, credit risk funds and banking and PSU bond funds, among others. liquidity in open-ended debt funds like floater funds, credit risk funds and banking and PSU bond funds, among others.
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