30 June 2021 Updates

⚫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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26 June 2021 News and Updates

A. E-Filing Portal of ITAT Launched

👉Day Before Yesterday E-Filing Portal for ITAT named E-Dwar Launched. Cases of ITAT will also be Integrated with National Judicial Data Grid.

👉The Portal Would have the Facility to File Appeals, Misc Applications, Documents and Paper Book etc Electronically.

B. The following activities are enabled on New Income Tax portal

👉 Downloading of Income Tax Returns and Forms started at Portal.

👉Filling of E- TDS Returns through Digital Signature also started

👉e-verification also started.

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Income Tax Return Form Brief Description

Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers.

👉 The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2021-22 (i.e., financial year 2020-21) are as follows:

 

ITR - 1

👉Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA or income referred in section 115BBE).

ITR - 2

👉It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”

ITR - 3

👉It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession

ITR - 4

👉Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.

ITR - 5

👉This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. 

However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges)

ITR - 6

👉It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).

ITR - 7

👉It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).

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⚫With massive investment plans, steel leads India Inc's capacity expansion. Several top co's, led by steel majors ArcelorMittal Nippon Steel India, JSW Steel, Tata Steel and Hindalco, are planning to expand capacity in the next few quarters

⚫Govt's Rs 50K-cr Fund of Funds scheme for small businesses hits SEBI hurdle. The move will help such small businesses get listed on the domestic bourses as well.

⚫A bad bank in India that’s expected to launch this month may help reduce one of the world’s worst bad-loan piles.The new institution, which is set to start operations by the end of June, is likely to handle stressed debt worth $27 billion)

⚫India recorded 46,643 cases in the last 24 hours, lowest since March 24. India also recorded a spike in new deaths with 981 fatalities being reported yesterday.

⚫Domestic traders' body CAIT urged the govt not to dilute the draft of e-commerce rules under any pressure of foreign funded online firms.

⚫Ind-Ra lowers FY22 GDP growth forecast to 9.6% due to scale of Covid 2.0.

⚫The Centre told the Supreme Court that a total of 51.6 crore Covid vaccine doses would be made available by July 31 of which 35.6 crore have already been provided.

⚫Chief Justice of India has written to Telecom Minister requesting to strengthen the network and connectivity beyond major urban centres, as he said the digital divide is adversely impacting the functioning of the Courts in the wake of pandemic.

⚫The Finance Ministry said that no order relating to the payment of increments in dearness allowance for central govt employees and dearness relief for pensioners has been issued.

⚫A day after the Delhi govt came under fire for purportedly inflating the city's needs for oxygen, families of people who lost their lives due to shortage of the life saving gas have demanded a fair probe into it.

⚫India and China have agreed on the need to find an early resolution to remaining issues along the Line of Actual Control  in the Western Sector of border areas.

⚫SBI expects its loan book to grow 9% in FY22 and is intensifying efforts in recovering stressed assets.

⚫The Govt announced extension of several tax compliance deadlines 

▪️The last date for PAN Aadhar linkage extended till Sept 30.

▪️The payment deadline for Vivad Se Vishwas extended till August 31. Taxpayers can make payments till October 31 with additional amount of interest.

▪️The deadline for employers to furnish TDS certificate in Form 16 to employees has been extended till July 31.

▪️The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB,  may be made on or before 31st August.

▪️Time Limit for passing ass order/penalty order extended to 30th Sept, 2021.

⚫Maharashtra tightens Covid-19 restrictions on fears of third wave.

⚫Mumbai remains most expensive city in India, 78th in the world.

⚫With domestic retail fuel prices jumping to record high on rising international oil rates, India pressed oil cartel OPEC for ‘affordable’ oil price within a ‘reasonable band’ and that the producers should phase out production cuts.

⚫RIL announced yet another game changing move, a mega entry into green energy. The company is planning to get into solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division.

⚫$32 mn World Bank loan for improving healthcare services in Mizoram.

⚫RBI tightens dividend payout norms for NBFCs, links them to bad debt.

⚫SEBI is planning to come out with framework on special purpose acquisition co's, which will enable listing of startups on domestic stock exchanges.

⚫Microsoft Corp showed Windows 11, which will hit markets toward the end of this year and is the first major revamp of its Windows operating system since 2015.

⚫India administered more than 300 million doses of the Covid-19 vaccine so far, though the daily pace in the last three days has slowed down slightly after touching a record on Monday. 

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ITAT Agra pronounced that Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases.

Finance Minister asked Infosys to fix all issues on the new Income Tax portal immediately, while the software major said at least five technical glitches, including viewing past ITRs and e-proceedings, are expected to be resolved within a week.

Virtual inauguration of e-Filing Portal of Income Tax Appellate Tribunal by Hon'ble Shri Ravi Shankar Prasad, Union Minister of Law & Justice, Communications, Electronics & Information Technology, Government of India on 25/6/21.

Time: 16:00 hours Link: https://www.youtube.com/channel/UCNc4BAZmRMnnLnimJ-ZevlQ

30.6.21 is last date to file Return of Deposits for 20-21 in DPT-3 by Cos & to update/confirm IEC details for 21-22 to avoid deactivation of IEC code. 

MCA has notified the accounting standards for small and medium companies that revise the turnover and borrowing limits as well as help in making disclosure requirements less onerous. Besides, the definition of Small and Medium Sized Companies (SMCs) under the standards has been revised.

MCA has issued General Circular 10/2021 on 23rd June 2021 for the extension of timeline for allowing Companies to hold their Extraordinary General Meetings through Video Conferencing/ Other Audio Visual Means upto 31st  Dec,2021.

GST Circular No. 156 has been issued by the CBIC: Applicability w.e.f. 01-Jul-2021

Invoice issued to UIN shall be considered as B2C supply.

If UPI ID linked to Bank, then separate details of bank accounts and IFSC many not provided in the Dynamic QR Code.

In cases, payment is collected by some person on behalf of supplier (ECO), ten UPI ID of such person may be provided.

If Invoice is issued for supply of services, where recipient is outside India, POS is in India, then Dynamic QR code is not require.

OTC Sales, the Unique Order/Sales Reference no. may be provided.

When Part Payment is already received or adjusted, then the Dynamic QR Code only for the remaining amount.

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 🌎 Government grants further extension in timelines of

compliances.

And Also announces tax exemption for expenditure on

COVID-19 treatment and ex-gratia received on death

due to COVID-19

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Extension under Income Tax Act.

No extension so for issuing notice under section 148.

No extension so for issuing 143(2) notice for assessment year 2020-21 ( Returns filed by 31st March,2021 )

1. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31st August, 2021.

2. Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.

3. Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.

4. Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

5. Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

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B. Extension of Timelines

In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease the compliance burden of taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021. These reliefs are:

Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of theIncome-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of filing under that section is 1st June, 2021 or thereafter, may be filed within the time provided in that section or by 31st August, 2021, whichever is later.

The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May, 2021 under Rule 31 A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.

The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June, 2021 under Rule 31 of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15th June, 2021 under Rule 12CB of the Rules, as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30th June, 2021 under Rule 12CB of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.

The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31St August, 2021.

The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021.

The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37 BB of the Rules, may be furnished on or before 31st July, 2021.

The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30th June, 2021, may be furnished on or before 31St July, 2021.

The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which is required to be filed on or before 29th June, 2021, may be furnished on or before 31st July, 2021.

Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which is required to be uploaded on or before 15th July, 2021, may be uploaded by 31st August,2021.

Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245M of the Act in Form No. 34BB, which is required to be exercised on or before 27th June, 2021, may be exercised on or before 31st July,2021.

Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.

Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.

Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Time Limit for processing Equalisation Levy returns which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

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25 June 2021 News and Updates

25th June 2K21

Ø RBI launches FY21 round of survey on ITES Exports 

Ø India again urges OPEC to phase out oil output cuts

Ø Bank of Maharashtra gets shareholders' nod to raise Rs 5,000 Cr 

Ø LIC Housing Finance to raise over Rs 2,334 cr from LIC as equity capital

Ø Future Retail seeks extension of time for filing results

Ø PTC India posts 4% rise in Q4 profit to Rs 49.77 Cr 

Ø India Pesticides IPO Subscribed 3.8 times on Day 2

Ø Union Bank of India raises Rs 850 Cr through Bonds 

Ø NDMC increases License fees for 2021-22 by up to 7 %

Ø Insurers have settled 15.3 lakh health and 48,000 life claims amid lethal second wave: Irdai Official

Ø Reliance Industries to invest Rs 75,000 crore on new clean energy business over 3 years

Ø India's engineering, research, development market to reach USD 63 bln by 2025: Nasscom

Ø WealthDesk closes its pre-Series A funding round at $3.2 million

Ø Edtech startup Classplus raises $65 million from Tiger Global, others

Ø RBI tightens dividend payout norms for NBFCs, links them to bad debt

Ø RIL offers Board seat to Saudi Aramco's Yasir Al-Rumayyan in global push

Ø Apollo Hospitals pegs a $2.3 Billion sales target for new company

Ø Covered bond issuances increase to Rs 2,200 cr in FY21: ICRA report

Ø CEA expects food inflation to ease with unlock and good monsoon

Ø China all set to operationalise the first electric train in Tibet

Ø Markets regulator Sebi plans to come out with framework for SPACs

Ø Microsoft shows Windows 11, first major overhaul in six years

Ø Govt to amend Apprenticeship Act in monsoon session to boost hiring

Ø Centre may review IBC provision on withdrawal of case

Ø ReNew Power eyes Morgan Stanley stake in Continuum

Ø Indian Bank raises ₹1,650 Crore via QIP

Ø E-way bills pick up further pace in third week of June

Ø Union Bank of India raises ₹850 Cr through bonds

Ø Domestic Air Traffic expected to improve by 52% in FY22: Capa

Ø India's bank Credit-to-GDP Ratio inches up to 56% in 2020: BIS data

Ø US initial Jobless claims fell slightly last week to 411,000

Ø Visa buys Swedish Fintech Tink for more than $2 Billion

Ø Maharashtra State Cooperative Bank reports Rs 369-crore net in FY21

Ø Reliance Retail to grow 3x in next 3-5 years, create 10 lakh jobs: RIL Chairman

Ø French firm Imerys pumps in Rs 350 cr in new facility in Andhra Pradesh

Ø Bank of England keeps UK rates at record low of 0.1%

Ø States’ revenues set to cross pre-pandemic level this fiscal: Report

Ø IPO-bound Veeda Clinical Research raises $16 mln in round led by Sabre PE

Ø BSE collaborates with GIFT SEZ to offer finance, capital mkts courses

Ø GMR Infrastructure pledges 2.4 Cr shares in favour of KLJ Plasticizers

Ø Wipro IT Services raises $750 million from overseas bond sale

Ø Paytm extends deadline for Shareholders to submit documents for share sale to June 30

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⚫With domestic retail fuel prices jumping to record high on rising international oil rates, India pressed oil cartel OPEC for ‘affordable’ oil price within a ‘reasonable band’ and that the producers should phase out production cuts.

⚫RIL announced yet another game changing move, a mega entry into green energy. The company is planning to get into solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division.

⚫$32 mn World Bank loan for improving healthcare services in Mizoram.

⚫RBI tightens dividend payout norms for NBFCs, links them to bad debt.

⚫SEBI is planning to come out with framework on special purpose acquisition co's, which will enable listing of startups on domestic stock exchanges.

⚫Microsoft Corp showed Windows 11, which will hit markets toward the end of this year and is the first major revamp of its Windows operating system since 2015.

⚫India administered more than 300 million doses of the Covid-19 vaccine so far, though the daily pace in the last three days has slowed down slightly after touching a record on Monday. 

 

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24 June 2021 News and Updates

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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23 June 2021 Updates

 💸 Case Law on Cash deposit upto Rs 2.5 L during demonetisation:

💎 Smt Uma Agrawal (127 taxmann.com 735 Agra ITAT) ⚖️

🌎 Facts:

🌴 1. Assessee was a housewife and had deposited Rs 2,11,500 in her bank account.

📍 2. She had no business and claimed before the AO that this cash was out of her savings over a period of time and also claimed that after demonetisation, she had no option but to deposit the cash in the bank.

🎋 3. AO did not accept the contention and added the amount to income U/S 69A as unexplained money.

🇮🇳 Note: As per Insstruction 3/2017 dated 21/2/17, AO cannot tax cash deposit less than Rs 2.5L during the demonetisation.

⚖️ The ITAT held as below:

🍉 1. The small amount of Rs 2,21, 000/ would have been saved by her from various activities undertaken by her in the last many years.

🧘🏻‍♂️ 2. No evidence has been brought on record to prove that the deposit was from unexplained sources.

🍓 3. The word “may” had been used by the statute under section 69A, therefore applying the same analogy as laid down by SC in the case of Smt. P.K. Noorjahan(supra), we are of the opinion that the amount deposited by the assessee during the demonetization cannot be treated as income of the assessee.

🌱 4. Hence the appeal of the assessee is allowed

🌎 Footnote:  Tribunal said that this decision may be treated as a precedent in respect to proceedings arising out of the cash deposit made by the housewives during the demonetization scheme 2016, only up to the limit of Rs 2.5 lakhs only.

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⚫PM said that the new model of public finance, where states were allowed to exceed their annual borrowing limits in 2020-21 only if they undertook certain pre specified reforms, is a classic example of the new model of ‘reforms by conviction and incentives.

⚫FM exhorted Infosys to work on the new i-tax portal to make it more humane and user-friendly and expressed her deep concern on the various problems being faced by the stakeholders.

⚫Gujarat CM unveiled the 'Gujarat Electric Vehicle Policy 2021' which has been designed to see at least two lakh electric vehicles on the state roads in the next four years. To encourage people to turn to e-vehicles, the state govt will provide subsidies ranging from Rs 20,000 to Rs 1,50,000 on the purchase of vehicles under this policy, which will remain effective for four years.

⚫Centrum Capital plans to raise up to Rs 500 crore in equity via QIP.

⚫The Supreme Court dismissed the petitions challenging the CBSE and the CICSE's decision to cancel Class 12 board examinations and also approved assessment schemes proposed by the boards to evaluate students.

⚫India’s gene sequencing consortia has classified the new Delta-plus mutation of coronavirus as a variant of concern, following 22 cases being reported across Maharashtra, Kerala, and Madhya Pradesh.

 

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22 June 2021 News and Updates

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

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🍉 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. ❌

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⚫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.

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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

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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

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 🌎 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.

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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.

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⚫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.

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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.

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20 June 2022 Updates

⚫Union Agriculture Minister said the Govt was ready to talk to the agitating farmers "even if they come at midnight", but not about their demand to repeal the three new laws which are the bone of contention.

⚫The general insurance industry is expected to clock 7-9% growth in gross direct premium income during FY22.This will be supported by growth in health segment and uptick in motor segment.

⚫The RBI has given “in-principle” approval to Centrum Financial Services Ltd to set up a small finance bank, which will take over the beleaguered Punjab and Maharashtra Cooperative Bank.

⚫Vodafone Idea plans to raise Rs 7,000 crore via QIP.

⚫Vaccines have been found to reduce chances of hospitalisation by 75-80% in studies done among health workers, underlining the role of vaccination in protecting against Covid-19.

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👉Minutes of the Monetary Policy Committee Meeting, June 2 to 4, 2021

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51754

👉RBI grants “In-principle” approval to Centrum Financial Services Limited to set up a Small Finance Bank

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51752

👉It’s a bank, PMC will be part of, it’s not takeover, says Centrum's Jaspal Bindra

https://economictimes.indiatimes.com/industry/banking/finance/banking/its-a-bank-pmc-will-be-part-of-its-not-takeovcmser-says-centrums-jaspal-bindra/articleshow/83657489.

👉Exchange rate Notification No.54/2021-Cus (NT) dated 17.06.2021-regarding

https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-nt2021/csnt54-2021.pdf

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TDS UNDER SECTION 194Q V/S TCS UNDER SECTION 206C(1H)

👉 Who is liable to deduct TDS u/s 194Q?

Buyer will deduct TDS of seller

As per section 194Q, When a Buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of such value exceeding Rs.50 Lakhs during the year, he shall deduct TDS @ 0.10%, on amount exceeding Rs.50 Lakhs. In non-PAN/ Aadhaar cases, the rate shall be 5%.

TDS u/s 194Q = 0.1% of [Total Purchases (Minus) ₹ 50 Lakhs]

👉 From when does provision of section 194Q are applicable?

The provisions of section 194Q shall be applicable from 1st July 2021.

👉 To whom Section 194Q is applicable?

Section 194Q is applicable to those Buyer whose total sales, gross receipts or turnover from the business carried on by him exceed Rs.10 crore during the financial year immediately preceding the financial year in which the purchase of goods is carried out.

Which means for FY 2021-22, Buyer means person whose total sales, gross receipts or turnover from business exceeds Rs.10 crore in the FY 2020-21.

Also the threshold limit of Rs.10 crore as well as Rs.50 Lakhs shall be computed annually on PAN basis and not GSTIN basis.

👉 Who is liable to collect TCS u/s 206(1H)?

Seller will collect TCS from buyer

As per Section 206(1H) sellers of goods whose total sales, gross receipts or turnover from the business carried on by it exceed 10 crore rupees during the financial year immediately preceding the financial year shall be liable to collect such TCS at a rate 0.1% on consideration received from a buyer in a previous year in excess of 50 lakh rupees. In non-PAN/ Aadhaar cases, the rate shall be 1%.

TCS u/s 206(1H) = [Total Sale Receipt (Minus) ₹ 50 Lakhs]

👉 When situation arises wherein both sections become applicable then whether TCS u/s 206C(1H) is to be collected on receipt of sales consideration above 50 Lakhs or TDS u/s 194Q is to be deducted by the buyer on purchase of goods exceeding Rs.50 Lakhs?

Section 206C(1H) shall not apply if the buyer is liable to deduct TDS under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount.

And Section 194Q says provisions of section 194Q shall not apply to a transaction on which––

(a) TDS under any of the provisions of this Act is deducted or

(b) TCS under the provisions of section 206C other than 206C(1H) applies.

So we can conclude that Section 194Q supersede Section 206C(1H), thus primary responsibility to deduct TDS is of buyer but if buyer fails to deduct TDS in this case will make Seller liable for TCS.

We would suggest you to obtain a declaration from buyer at the time of purchase itself stating that they would deduct and deposit TDS u/s 194Q.

👉 What if buyer fails to deduct TDS u/s 194Q?

As per Section 40a(ia) – If buyer fails to deduct and deposit TDS, purchase expenditure to the extent of 30% will be disallowed and shall be subject to Income Tax at applicable tax rate.

👉 Is TDS u/s 194Q applicable on Import Purchases as well?

No.

Since the provision of section 194Q, are applicable when a Buyer is responsible for paying any sum to any resident seller for purchase of any goods. TDS u/s 194Q is not to be deducted from Import purchases.

👉 Is TDS u/s 194Q applicable on purchase of capital goods?

“Goods” as per CGST Act 2017 means any kind of movable property other than services. Thus TDS u/s 194Q is applicable on purchase of capital goods.

👉 Whether TDS u/s 194Q is to be deducted on the total invoice value including the GST?

CBDT vide Circular No. 23/2017, dated 19-7-2017, has clarified that GST on services to be excluded while deducting TDS. However no such clarification is received about GST on goods. Also CBDT via its Circular No. 17, dated 29-09-2020 in respect of Section 206C(1H) has clarified to include GST on goods for collecting TCS. Thus we would recommend you to deduct TDS u/s 194Q on GST amount as well till the clarification is received from CBDT.

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7 GST Circulars issued today providing clarity on the following issues:

1. Clarification regarding applicability of GST on supply of food in Anganwadis and Schools

2. Clarification regarding applicability of GST on the activity of construction of road where considerations are received in deferred payment (annuity)

3. Clarification regarding GST on supply of various services by Central and State Board (such as National Board of Examination)

 4. Clarification regarding GST rate on construction services provided to a Government Entity w.r.t construction of a Ropeway on turnkey basis

5. GST on milling of wheat into flour or paddy into rice for distribution by State Governments under PDS

6. Clarification regarding GST on service supplied by State Govt. to their undertakings or PSUs by way of guaranteeing loans

7. Clarification regarding GST rate on laterals/parts of Sprinklers or Drip Irrigation System

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⚫Indian ultra high net worth individuals are expected to invest up to $30 billion in tech startups in the country by 2025, reflecting the growing investment opportunity for home grown tech ventures.

⚫Funds parked by Indian individuals and firms in Swiss banks, including through India based branches and other financial institutions, jumped to over Rs 20,700 crore in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.

⚫The Indian online gaming segment is expected to more than double at Rs 29,000 crore with the number of gamers rising to 65.7 crore by FY 2025.

⚫Micro-finance loans in India rose by 10% to Rs 2.53 trillion in Q4 FY21. ⚫The Govt will sell 26% out of the total 54.03% stake In BEML, it holds in the company along with transfer of management control.

⚫Govt proposes one year retention for Air India staff after privatisation.

⚫The Centre told the Supreme Court that the CBSE will be adopting a 30:30:40 formula for evaluation of marks of class 12 students based on results of class 10, 11 and 12 respectively.

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👉🏻MSME Ministry extends validity of Udyog Aadhaar from March 31 to Dec 31, 2021

(The extension of the validity deadline would facilitate MSMEs registered under to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME)

👇🏻 👇🏻 👇🏻

https://bit.ly/35x5mLp

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17 June 2021 Updates

Cost inflation index for FY 2021-22 notified 317.

Income tax department makes it mandatory to link your PAN with Aadhaar by 30th June, 2021. If not linked, the PAN will become invalid. This will attract higher TDS rate and may impact your financial transaction. Link your PAN with Aadhaar.

Direct tax collection for the first quarter of the current financial year has surpassed the mop-up in the corresponding period of FY19-20. the total direct tax collection for FY 21-22 as on June 14 stood at Rs 1.68 lakh crore up by 66 percent from Rs 1.01 lakh crore in FY19-20, the year before the Covid-19 pandemic. This number is likely to increase as the advance tax payment will end only by midnight today, said sources.

The Finance Minister on 1 February 2021 has introduced new Section 206AB vide Finance Act 2021. This Section is applicable for FY 2021-22 w.e.f. 1 July 2021. This amendment has been introduced to ensure filing of return of income by those persons who are required to file return of income but are willfully not filing return of income.

As per the amendment, in case, the person has not filed the return of income for past two financial years wherein timelines prescribed for filing return of income has expired (i.e. FY 2018-19 and FY 2019-20), then the TDS shall be deducted at the higher rate as prescribed under section 206AB of the Income-tax Act, 1961 (‘the Act’).

Apart from the above, by virtue of Section 139AA(2) of the Act linking of Aadhar with PAN within the prescribed timelines is mandatory. In case of non-linking the existing PAN issued shall be considered as inoperative and TDS shall be deducted at the higher rate as applicable in case of person who does not have PAN i.e. @ 20%.

MCA allows Board meetings to be held via video conference on restricted matters. MCA has omitted Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 to relax the requirement of holding Board meetings with physical presence of directors in respect of the following matters:

approval of the annual financial statements;

approval of the Board’s report;

approval of the prospectus;

approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.

Now, these businesses can be transacted in Board meetings held through video conferencing or other audio-visual means by duly ensuring compliance of rule 3 of the Companies (MBP) Rules, 2014. Earlier, MCA had given such relaxation through a circular till 30th June, 2021.

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GST - Constitutionality of section 13(8)(b) of the Integrated Goods and Services Tax Act, 2017 - While as per one opinion (opinion of Justice Ujjal Bhuyan) the provision of section 13(8)(b) is unconstitutional, whereas Justice Abhay Ahuja has expressed his disagreement and upheld the validity of Section 13(8)(b) of the IGST Act - In view of difference in opinion, Registry to place the matters before Hon’ble the Chief Justice on the administrative side for doing the needful

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⚫US Federal Reserve  held interest rates near zero but signaled they expect two increases by the end of 2023.

⚫The advance tax collection in the first quarter grew 146% over last year, while overall net direct taxes doubled during this period compared to 2020.

⚫India's exports rose by 46.43% to $14.06 billion during June 1-14 on account of healthy growth in shipments in sectors such as engineering, gems and jewellery and petroleum products.Imports too rose by 98.33% to $19.59 billion during the period.

⚫SEBI decided to bring listed cos' promoters and directors' dealings in listed debt securities under the purview of system driven disclosures.

⚫Written representation are invited regarding the issues/ glitches on the new Income Tax Portal on the email address fmo@nic.in.

⚫A study on a cohort of over 31,000 vaccinated healthcare workers spanning across the country, has found that Covid vaccine provided protection against infection in 95% of the beneficiaries.

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👉🏻SEBI issues new guidelines on settlement of running accounts

(Under the guidelines, retention of any amount towards administrative or operational difficulties in settling the accounts of regular trading clients (active clients), will be discontinued)

👇🏻 👇🏻 👇🏻

https://bit.ly/2Swj5PP

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🗣️Tax Update in Hindi

👉🏻 वर्ष 2021 के बजट में वित्त मंत्री निर्मला सीतारमन जी ने एक नया इनकम टैक्स सेक्शन 194Q बजट में प्रस्तावित किया जिसके तहत वह व्यापारी जिसका टर्नओवर पिछले वर्ष में ₹10 करोड़ से ज्यादा है उस व्यापारी को अपने सेलर अर्थात जिनसे उन्होंने माल खरीदा है उन्हें पेमेंट करते वक्त TDS के रूप में कुछ राशि कटना पड़ेगा और सरकार TDS जमा करना पड़ेगा..

 

❓ किसको काटना है..खरीददार को (जिसका टर्नओवर 10 करोड़ से ज्यादा हो)!

❓ कब काटना है..जब सेलर को सिंगल पेमेंट या साल भर का टोटल पेमेंट 50 लाख से ज्यादा हो जाए!

❓ कितना काटना है.. 50 लाख के ऊपर जितना भी पेमेंट हुआ है उसका 0.10%

(अगर कुल पेमेंट 80 लाख हुआ है तो 80- 50 = 30 लाख का 0.10% i.e. 3000/-)

❓ काटने के बाद करना क्या है.. जितना अमाउंट आपने TDS  काटा है उसे चालान के माध्यम से बैंक में जमा करना पड़ेगा। साथ ही जिस प्रकार आप अपना व्यक्तिगत इनकम टैक्स रिटर्न भरते हैं उसी प्रकार आपको TDS रिटर्न जमा करना पड़ेगा और सेलर का पैन नंबर अपलोड करना पड़ेगा!

❓ सेलर मना नही करेगा क्या.. सेलर की मजबूरी है, नियम के तहत वह बंधा हुआ है मगर आप जो उनका TDS काटेंगे वह उनके पैन में पहले से जमा हो जाएगा और जब वह अपना साल के अंत में टैक्स जमा करेंगे तो आपने जो राशि काट ली है उसे उन्हें जमा नहीं करना पड़ेगा (यह एक प्रकार का एडवांस टैक्स होगा सेलर के लिए)!

❓ अन्य सवाल..

🔶 क्या सेलर का भी टर्नओवर 10 करोड़ से ज्यादा होना चाहिए ??   

👉🏻 नहीं सेलर का टर्नओवर 51 लाख हो तब भी आपको काटना है!!

🔶अगर सेलर पैन नंबर नहीं दे रहा है तो.. 

👉🏻 आपको 5% टैक्स काटना है!

🔶यह नियम कब से चालू होगा.. 

👉🏻 1 जुलाई 2021 से!

🔶अगर मैंने टीडीएस नहीं काटा तो.. 

👉🏻पेनाल्टी लगेगी, वैसे सेलर आप को काटने के लिए नहीं बोलेगा, परंतु TDS काटने की जिम्मेदारी आपकी है तो पेनल्टी भी आपको ही लगेगी सेलर को नही।

आशा करता हूं ऊपर दी गई जानकारी काफी सरल भाषा में थी और आपके समझ में आई होगी।🤗

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16 June 2021 Updates

CBDT notifies the Cost Inflation Index(CII) for Financial Year 2021-2022 vide Notification No. 73/2021 dated 15th June, 2021. The Cost Inflation Index for FY 2021-22 relevant to AY 2022-23 & subsequent years is 317.

Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants &taxpayers to be part of the interaction. @Infosys team to clarify on glitches faced.

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👆📜📍MCA Update 16.06.2021

Rule 4 of The Companies (Meeting of Board and its Powers) Rules, 2014

Deals with Matters Not to be Dealt With in a Meeting Through Video Conferencing or Other Audio Visual Means

*Omitted*  via this amendment

💡With the said amendment, restriction on agenda items to be transacted only at physical meeting of Board of Directors are done away with.

⚖️📑With MCA Amendment 15th June, 2021. Now following resolution can be passed through Video Conference mode:-

👉 (i) the approval of the annual financial statements;

👉 (ii) the approval of the Board’s report;

👉 (iii) the approval of the prospectus;

👉 (iv) the Audit Committee Meetings for  consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under sub-section (1) of section 134 of the Act; and

👉 (v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.

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👉 Register for Digital Audit Tools Free of Cost- An Initiative by CMP, ICAI - (11-06-2021)

https://resource.cdn.icai.org/65087cmp52366.pdf

👉Announcement regarding amendment in Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Rules, 2016 by CL&CGC ICAI - (14-06-2021)

https://resource.cdn.icai.org/65096clcgc140621.pdf

👉RBI releases Consultative Document on Regulation of Microfinance

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51725

👉Investment in Entities from FATF Non-compliant Jurisdictions

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12114&Mode=0

👉New auditors: RBI clarifies on tenure, eligibility norms

https://economictimes.indiatimes.com/industry/banking/finance/banking/new-auditors-rbi-clarifies-on-tenure-eligibility-norms/articleshow/83512819.cms

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Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal

            Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00 PM with Infosys (the vendor and its team) on issues/glitches in the recently launched e-filing portal of the Income Tax Department. Other stakeholders including members from ICAI, auditors, consultants and taxpayers will also be a part of the interaction. The new portal has been fraught with several technical glitches/issues leading to taxpayer inconvenience. Written representations on the problems/difficulties faced in the portal have also been invited from the stakeholders. Representatives from Infosys team will be present to answer queries, clarify issues and receive inputs on the working of the portal, to remove glitches and sort out issues faced by the taxpayers.

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⚫Merchandise exports grew 69.35% yoy in May to $32.27 billion on account of low-base effect as well as rising demand from external markets, while the imports declined in May to $38.55 billion, as compared to April, owing to the lockdowns. As a result, trade deficit hit an eight-month low and narrowed to $6.28 billion.

⚫Reliance Jio and Bharti Airtel kick off 5G network trials in India.

⚫EPFO deferred implementation of its order mandating filing of PF returns with Aadhaar verified UAN till Sept 1, 2021.

⚫Nearly 10,000 mobile retail stores shut in the past year. The north India region, the largest market among all four zones of the country, has seen the worst, with close to 10% of outlets closing.

⚫There has been an almost 85% decline in daily COVID-19 cases, there are 20 states and UTs where active cases are less than 5,000.

⚫Retail inflation jumps to 6-month high of 6.3% on higher food, fuel prices

⚫The Covid related claims for general and health insurers have remained at elevated levels. As of June 11, more than 1.8 million claims have been reported to the insurers amounting to Rs 24,397.35 crore, of which 1.46 million claims have been settled worth Rs 14,060 crore, thus resolving 81% of the claims received.

⚫The RBI proposed to lift the interest rate cap on microfinance institutions, and said all micro loans should be regulated by a common set of guidelines irrespective of who gives them.

⚫IMD issues yellow, orange alert for various districts of Kerala.

⚫850 oxygen plants being set up in various districts from PM Cares.

⚫Delhi bans soaps, detergents not conforming to latest BIS parameters.

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Issues on New ITD Portal - listed down - members can add new issues chronologically one after another so that detailed representation can be filed appropriately 

1. DSC not getting registered or updated

2. New Incorporated companies or Firms are not able to register themselves on ITD Portal 

3. Forget password option not working

4. IT Returns in PDF can't be downloaded

5. IT acknowledgements in PDF can't be downloaded

6. DIN Number not getting auto populated in new ITD website

7. Challan Numbers not getting validated 

8. no tab for VSV tab 

9. Unable to file TDS Returns

10. Unable to file 15CA/15CB 

11. E proceedings tab not workings

12. Grievances registered on ITD website are deleted without addressing 

13. Old demands outstanding not reflected

14. Old Grievances registered not reflected

15. Unable to file Income Tax Returns for FY 2021

16. Accounts get locked, if we try to login and not able to login due to non-operatibility of site

17. Unable to raise refund reissue request

18. Unable to view Form 26AS

19. PAN Number is not shown as valid

20. Mismatch in PAN Data is shown when technically there is no mismatch

21.JSON Utility not available

22.while filing Verification in ITR if we select 'Self'in capacity then Name disappeared n Shown in validation errors.

23.  Unable to submit response to outstanding demand. 

24.  Intimation for returns

Processed for Ay20-21 not available for download.

25.Too many login pages. 

26.Reporting Portal not able to connect.

27. Very Slow Site working.

28.No Capcha code for login

29. Unable to register tan for filing TDS return

30. Profile updation is a tedious job. We have to match Aadhar as well as Pan data. It consumes lot of time. One peculiar mismatch is if the address word has one word missing, for eg, appartment, still our income tax site shows error as Pan and Aadhar address is not matching. We do not have liberty to give our address. That means now we have to either update our aadhar or Pan.

31. Company below 18 years is shown as Minor and is not authorised to file it ts return.

31. Validation of bank is getting refused again again for no reason.

32 Request for rectification not there

33. No Aadhar OTP's are being generated.

34. Unable to File form 35

35. BSR/Challan code, starting with '0' is not being counted & showing error as invalid input.

36.Unable to File VIVAD Form 4 with Above said errors.

37.Unable to file Form 10A with attachments, saying as Invalid PDF's

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👉🏻Relaxation in electronic filing of Income Tax Forms 15CA/15CB - CBDT

(In view of difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB, CBDT allows submission in manual format to authorized dealers till June 30, 2021)

👇🏻 👇🏻 👇🏻

https://bit.ly/2TwnF0q

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🇮🇳 GST Updates 

1️⃣ GSTN: Table-12 of GSTR-1. https://www.gst.gov.in/newsandupdates/read/480

2️⃣ GSTN: Upcoming functionalities to be deployed on GST Portal for the Taxpayers. https://www.gst.gov.in/newsandupdates/read/481

3️⃣ GST Rates: No Tax On Black Fungus Medicine, 5% GST To Continue On Covid Vaccines. Download Notification: https://t.me/praveengst/7120

4️⃣ Good GST Returns, Proactive Fiscal Policy Can Spur Growth: SBI Report.

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15 June 2021 Updates

⚫Overseas investors pumped in a net Rs 13,424 crore so far in June as sentiment improved with declining Covid-19 cases and hopes of early opening of economy.

⚫Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19.

⚫The fourfold increase in the drinking water mission budget to Rs 10,870 crore for Uttar Pradesh announced by the Centre makes it the biggest allocation for any scheme for the state this fiscal year.

⚫The IPO market is set for a big days as over a dozen financial services players, including fintechs, are set to mop up over Rs 55,000 crore this fiscal from the market.

⚫ICICI Venture eyes digital start-ups, real estate fund of $300-400 million. The leading private equity player is re-entering the start-up space after around two decades.

⚫Haryana extends statewide Covid lockdown till June 21 with some relaxations.

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👉🏻RBI clarification of Appointment of Statutory Central Auditors (SCAs) / Statutory Auditors of Commercial Banks, UCBs and NBFCs

(Guidelines for Appointment of Statutory Central Auditors (SCAs) / Statutory Auditors of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)

👇🏻 👇🏻 👇🏻

https://bit.ly/3gp7iug

👉🏻Rs.1.53 lakh Cr bad loan write-off gives a facelift to banks’ NPA profile

(This is the second-highest amount of loans being written off in a financial year over the last decade after 2018-19's record Rs 2.54 lakh crore write-offs)

👇🏻 👇🏻 👇🏻

https://bit.ly/3cHyYJQ

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Government Plans to Include GST in UPI QR Code. National Payments Corporation of India is working on UPI to enable this feature.

What will happen after this feature?

1) Every payment done by UPI will also transmit GST Number, Invoice number etc.

2) UPI will Link with GSTIN. Example: At present We are paying money with UPI linked with Mobile number after this feature UPI payment can be done by entering GSTIN.

3) Every Invoices/payment summary detail will be automatically stored in the Cloud.

It will also contain the audio feature i.e when you speak transactions it will be recorded/executed hand in hand.

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NSE GUIDANCE NOTE ON COMMUNICATION BY LISTED COMPANIES

▶️ TO all Company Secretaries

💻One of the mediums being used by listed entities to communicate with their stakeholders is the

 Exchange platform provided in the form of its website. 

📀Apart from regulatory filings, entities

provide updates on their performance, awards/recognition received worldwide, positioning

themselves as a leader, etc.

🎞️ There are also instances wherein Key Managerial Personnel or any

other person representing the listed entity is seen disclosing the company’s prospects, future plans,

etc while being interviewed. 

🪃While all this may be significant to survive in an ecosystem in which

the company operates, stakeholder interest is of paramount importance as well. 

🔰The company shall

ensure that no price-sensitive information is disclosed unless the same has been first disclosed to

the stock exchanges.

▶️ The  indicative list of things that shall be kept in mind by the listed entities while

publicizing the company is attached herewith

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CBDT grants relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of forms online on the new e-filing portal incometax.gov.in. The forms can be submitted in manual format to the authorised dealers till 30th June, 2021.

http://gstupdategstforcecom.blogspot.com/2021/06/cbdt-grants-relaxation-in-electronic.html

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13 June 2021 Updates

⚫Coal India ltd has allowed its buyers from e-auction route to export the coal. CIL has tweaked its e-auction coal sale policy and has lifted the embargo on exporting coal procured through spot e-auction outlets.

⚫The Karnataka High Court dismissed the petitions of e-commerce giants Amazon and Flipkart against a probe by the Competition Commission of India for alleged violation of competition laws. The verdict will have repercussions for the entire e-commerce industry, with large players likely to face a closer scrutiny from the Govt.

⚫India's foreign exchange reserves stood at $605 billion, almost tying with Russia as the 4th largest reserve holder in the world. 

⚫India adds 91702 new cases. India has so far administered 24.60 crore vaccine doses which is 17.16% of its population.

⚫The ED, in line with its current focus on crypto exchanges and money laundering, issued show-cause notice to WazirX and its directors for allegedly violating foreign exchange laws involving crypto transactions of Rs 2,790 crore.

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SC allowed service of notices/summons/ document via WhatsApp, Telegram in addition to e-mail

SC allowed service of notices/summons/ document via WhatsApp, Telegram in addition to e-mail.

👉The Hon’ble Supreme Court in Re: Cognizance for Extension of Limitation [Suo Moto W.P. (C) No. 3/2020 dated on July 10, 2020] w.r.t. I.A. No. 48461/2020 observed that service of notices, summons and exchange of pleadings/documents, is a requirement of virtually every legal proceeding and that the service of notices, summons and pleadings etc. have not been possible during the period of lockdown because this involves visits to post offices, courier companies or physical delivery of notices, summons and pleadings. The Court therefore, considered it appropriate to direct that such services may be effected by e-mail, FAX, commonly used instant messaging services, such as WhatsApp, Telegram, and Signal etc. However, if such services are made by means of said instant messaging services, then in addition thereto, the service of the same document/documents must be made via e-mail on the same date.

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Sheetal Amritlal Patil & Co Vs State of West Bengal & Ors

Calcutta High Court

Date-11th June, 2021

Sub- Whether all directors/partners of a Company/ Partnership are liable in case of dishonour of a cheque issued by a Company/partnership or only directors/partners who were incharge of affairs of the Company/Partnership are liable.

The Hon’ble Calcutta High Court in this case was dealing with a case where the appellant filed an application praying cancellation of proceeding in a complaint case u/s 138 of the Negotiable Instruments Act, 1881 on the pretext that the applicants were neither signatory to the agreement or the cheque and there was no averment in the petition that the applicants were incharge of the affairs of the partnership.

The Calcutta high court after noting catena of judicial decisions in this regard following the decision of the Apex Court in the case of S.M.S. Pharmaceuticals Limited vs. Neeta Bhalla & Anr., (2005) 8 SCC 89 held that It is trite law that merely being a partner in a firm would not make the petitioners accused in a case for dishonour of cheque issued by the said firm and It is necessary to specifically aver in a complaint under Section 141 that at the time the offence was committed, the person accused was in charge of, and responsible for the conduct of business of the company. This averment is an essential requirement of Section 141 and has to be made in a complaint. Without this averment being made in a complaint, the requirements of Section 141 cannot be said to be satisfied. Finally the court allowed the petition in view of Section 202 of the Code of Civil Procedure, 1908 as per which if the complainant stays out side the jurisdiction of the court then enquiry has to be made as per this Section and as this was not the matter was set aside to the trial court for making enquiry and passing fresh order expeditiously.

This judgement thus reiterates the law regarding the liability of persons who are not in charge of affairs in relation to the cheque bouncing.

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⚫The Govt has asked all ministries & dept's to target 20% reduction in expenditures like domestic and foreign travel, overtime allowance, rent and office expenses, in the current fiscal year as it tightens its purse strings amid the second wave of the pandemic.

⚫Shares of significant beneficial owners once transferred to the Investor Education and Protection Fund are not allowed to be claimed back. An SBO is a person holding a beneficial interest of at least 10% whether acting alone, together or through one or more individuals or trust, in a company. 

⚫FM announced series of GST relief measures for Covid-19 relief essentials. However, the Council agreed to stick to 5% GST on vaccines.

⚫The BSE & NSE informed that DHFL will be suspended from trading with effect from June 14.

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👉🏻RBI may give Banks / NBFC more time to Appoint Auditors

(The Reserve Bank of India may give more time to regulated entities, including banks, to implement the new guidelines on the appointment of statutory auditors)

👇🏻 👇🏻 👇🏻

https://bit.ly/3pLobnw

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 🚨FSSAI Update

Food Safety and Standards Authority of India (FSSAI) in a recent directive has mandated all the food businesses to mention the FSSAI License/Registration number on receipts/ invoices/ cash memo/ bills etc. from October 1, 2021 onwards.

FSSAI stated that any credible regulatory structure depends upon a robust customer grievance system wherein service/product recipients can complaint for redressal. FSSAI number can now be used by the consumers to lodge an online complaint against a particular food business in case of any grievance.

FSSAI number will also enable the consumers to have access to information about a particular food business which is publicly available at FSSAI’s portals. The notice states that, “Consumers can visit the FSSAI’s portal and ‘Food Safety Connect’ app for accessing information about FSSAI license or registrations by inputting the 14 digit FSSAI License/Registration number.”

#fssai #foodlicense #compliance #foodsafety #restaurents

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