31 July 2021 Updates

NICAI Updates:

TDS cannot be recovered from Assessee for non-deposit by deductor. Case Name : Ashok Kumar B. Chowatia Vs JCIT (TDS) (Madras High Court) Appeal Number : W.P. Nos. 31167, 31170, 31172 and 31174 of 2018 Date of Judgement/Order : 16/04/2021

Union Cabinet approved amendments to the Limited Liability Partnership (LLP) Act for decriminalizing offences under the law as the government looks to improve ease of doing business and encourage start-ups. In all, 12 offences are proposed to be decriminalized and one provision (Section 73) entailing criminal liability is to be omitted.

Lok Sabha approved the Insolvency and Bankruptcy Code (amendment) Bill, which will replace an Ordinance that was promulgated in April to introduce a so-called pre-pack resolution scheme for micro, small and medium enterprises (MSMEs). The scheme allows only the debtor to trigger its own bankruptcy process with the approval of financial creditors having at least 66% of voting power.

Union Cabinet has approved amendments to the General Insurance Business (Nationalization) Act, paving the way for privatization of government-owned insurers. The amendments, approved by Cabinet, will remove the clause for the Center to hold at least 51 per cent in public sector insurance companies at any given time. 

Goods and Services Tax Network (GSTN) has enabled the New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers. The said functionality has been introduced so as to enable the taxpayer to update the annual aggregate turnover in case of any discrepancy found in auto-populated figure.

SEBI  is in the process of issuing a revised risk management framework for mutual fund industry in view of the changes in the industry landscape which will define the roles and responsibilities of officials. The new framework will have policies regarding risk management incorporating a risk management culture within the organization, and principles for identification and management of risk at the level of MF schemes and overall functions of AMCs (asset management companies).

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👉🏻Supreme Court bench sets time limit for lawyers, says time to change old habits

(A Supreme Court bench told lawyers to confine oral arguments to 30 minutes and submissions on law to three pages)

👇🏻 👇🏻 👇🏻

https://bit.ly/3j2lHhr

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CIRCULAR No. IBBI/IPA/43/2021 dated 28th July, 2021 of IBBI

🎯 Monetary Penalties to be imposed by an IPA.

Up to ₹ 1,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 50,000.

👉 1. Fails to submit disclosures, returns, etc. to IPAs or submits inadequate or incorrect disclosures, returns, etc.

👉 2. Fails to maintain records.

👉 3. Fails to supply the information called for by the IPA, Board, AA

👉 4. Fails to cooperate with the inspection or investigating authority.

👉 5. Fails to provide notice regarding meetings of creditors.

👉 6. Enters into contract or agreement with professionals in an incomplete and improper manner

👉7. General Penalty for any other violation

Up to ₹ 2,00,000 or 25% of fee, whichever is higher, subject to a minimum ₹ 1,00,000.

🌱 1. Rejects a claim(s) without giving any proper reason.

🌱 2. Accepts an assignment having conflict of interests with the stakeholders.

🌱 3. Fails to comply with directions issued by AA.

🌱 4. Outsources his duties and obligations. 

🌱 5. Fails to appoint registered valuers, wherever required

🌱 6. Fails to make public announcement in the manner provided for in the relevant Regulations.

🌱 7. Fails to reject resolution plan from ineligible resolution applicants.

🌱 8. Fails to take action in respect of PUFE transactions.

🏵️ Circular effective immediately.

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GST UPDATE

30-07-2021

Vide Notification No.29/2021 CGST dated 30-07-2021 following amendments as done vide Finance Act 2021 shall be implemented from 01-08-2021.

Sub-section 5 of section 35 CGST shall be omitted. Section is reproduced.

👉"(5) Every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 and such other documents in such form and manner as may be prescribed:

Provided that nothing contained in this sub-section shall apply to any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force."

For section 44 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:––

👉 New section section 44

“Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the 

financial year, with the audited annual financial statement for every financial year electronically, within such time and in such form and in such manner as may be prescribed: 

Provided that the Commissioner may, on the recommendations of the Council, by notification, exempt any class of registered persons from filing annual return under this section. 

Provided further that nothing contained in this section shall apply to any department of the Central Government or a State Government or a local authority, whose books of account are subject to audit by the Comptroller and Auditor-General of India or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force.”.

NOTIFICATION

No. 31/2021–Central Tax

👉In exercise of the powers conferred by the first proviso to section 44 of the 

Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the 

Council, hereby exempts the registered person whose aggregate turnover in the financial year 2020-21 is 

upto two crore rupees, from filing annual return for the said financial year.

👉2. This notification shall come into force from the 1st day of August, 2021.

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⚫The output of eight core sectors grew 8.9% in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity.

⚫India’s fiscal deficit in the Q1 FY2021-22 stood at 18.2% of the Budget Estimates against 83.2% in the same period last year. 

⚫Retail and farming gathered pace on a YoY basis in June 2021, reflecting a rise in economic activity as states begin to ease curbs gradually. Retail loans, covering housing and vehicles, among others, registered an accelerated growth of 11.9% in June 2021. Loans to agriculture and allied activities showed an accelerated growth of 11.4% in June 2021.

⚫The coronavirus induced suspension of scheduled international passenger flights has been extended till August 31.

⚫CBSE Class 12 results: 99.37% students pass, no merit list this year.

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NICAI Updates:

Technical glitches continue to affect the functioning of the new income tax portal, restricting taxpayers and practitioners from carrying out tax-related works. The Income Tax Department had launched the new e-filing portal on June 7. Since then, it continues to face technical issues. 

31.7.21 is last day to file Form 24Q, 26Q, 27Q, 26QAA(interest on FD without TDS by banks) for Q1 of 21-22 & to issue Form 16 & 12BA of 20-21.

ITAT deletes Section 68 Addition for Share Premium. Case Name : Renu Proptech Pvt Ltd. Vs ACIT (ITAT Delhi) Appeal Number : ITA No. 7653/DEL/2019

Chief Economic Adviser said that rationalisation of GST rate structure is on the government’s agenda and it is definitely going to happen. Further, he said that a three-rate structure is very important and there is also a need to fix inverted duty structure as far as the GST is concerned.

Kerala High Court directed the central government and chairman, Goods and Service Tax Council, New Delhi to file a statement within three weeks, in response to a petition seeking to interfere effectively to reduce the inordinate hike in the price of petroleum products. The court also issued notice to the state government.

The amendments to the factoring law, which were approved by the Rajya Sabha on Thursday, would enable as many as 9,000 non-banking financial companies (NBFCs) to participate in the factoring market, instead of just 7 now, boosting cash flow to small businesses. 

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30 July 2021 Updates

⚫The Lok Sabha passed the Airport Economic Regulatory Authority Amendment Bill paving the way for privatisation of a small loss making airport by clubbing it with a larger airport.

⚫The Govt is looking for prospects about green hydrogen as a potential transport fuel & whatever concessions it is offering for electric vehicles can be offered to green hydrogen also.

⚫Low interest rates and hefty returns have driven record demand for IPOs, but with valuations for newly public co's now at levels last seen during the dot-com bubble, analysts raising concerns that boom may be nearing an end.

⚫The new I-Tax Dept website, which has been marred by glitches, has successfully received over 25 lakh returns, more than 3.57 crore unique logins and has allocated over 7.90 lakh e-PANs,

⚫The Factoring Regulation (Amendment) Bill, 2021 will expand credit facilities for small businesses, and will help them in accessing funds from 9,500 NBFC.

⚫The south-west monsoon gathered pace in the last few days, because of which cumulative rainfall was just 2% below normal as on July 28, compared with 8% below normal a week back.

⚫The ED has arrested promoter of the Ambience group, in a money laundering case linked to an alleged bank loan fraud of Rs 800 crore.

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GST Portal Update:

GSTN says as per Rule 10A, it is mandatory to furnish the bank account details within 45 days from the date of grant of registration or the date on which the return is required under section 39 is due to be furnished, whichever is earlier.

Kindly update your Bank Account details within 45 days. GSTIN Registration may be cancelled if such details are not updated within the timeline.

Source: GST Portal

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GST Case Law:

Restriction to block electronic credit ledger cannot be extended beyond period of one year: Karnataka High Court

 

Aryan Tradelink v. Union of India 2021

   

Department blocked the credit ledger of the petitioner. It filed the writ petition challenging the act of blocking of credit ledger and its continuance beyond one year. It submitted that the electronic credit ledger of the petitioner was blocked on 21-1-2020. As per rule 86A(3) of the CGST Rules, 2017, blocking of the electronic credit ledger shall cease to have effect after the expiry of a period of 1 year from the date of imposing such restriction.  

   

High Court observed that Rule 86A(3), restriction in blocking of the electronic credit ledger cannot be extended beyond the period of 1 year from the date of imposing such restriction and accordingly, in light of blocking having been made on 21-1-2020, its continuance in the present case was impermissible in law. Therefore, it was held that the action of the department in continuing the blocking of electronic credit ledger was liable to be set aside.

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CBDT can not reject condonation application without considering documents furnished by Company citing reasons for delay

👇👇👇👇👇👇

As the return could not be filed within the time limit prescribed under the Act, on 19.09.2016 the respondent/company filed an application for condonation of delay in filing the return for the assessment year 2014-15 before the assessing officer. As the claim of the respondent exceeded Rs. 50 lakhs, the respondent was required to make an application to the CBDT under section 119(2)(b) of the IT Act of 1961. It sought for condonation of delay on ground that internal disputes and prolonged litigation between promoters and investors concerning very management of assessee had led to delay in statutory audits and other compliances, which was beyond control of assessee. CBDT after giving the respondent/company an opportunity of hearing, vide order dated 16.01.2018 rejected said application for condonation of delay on ground that delay was not caused by any external factors which assessee had no control over. On writ, Single Judge quashed said order and allowed application for condonation of delay. Revenue filed an instant writ petition. It was noted that CBDT had not appreciated reasons given by assessee for delay in filing return of income nor had taken into consideration documents produced by assessee before rejecting its application seeking condonation of delay and that such delay was beyond control of assessee. There was no reason to interfere with order of Single Judge and same was to be upheld. - [Central Board of Direct Taxes v. Vasudev Adigas Fast Food (P) Ltd. (2021) 128 taxmann.com 287 (Karn.)]

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👉pdf-icon

Filling up the posts of Private Secretary on deputation basis in different National Company Law Tribunal (NCLT) Benches | 1 MB

https://www.mca.gov.in/bin/dms/getdocument?mds=%252F%252FYdAo47T5Wdjqb%252B6S4Tlw%253D%253D&type=open

👉Filling up the posts of Senior Legal Assistant (SLA) on deputation basis in different National Company Law Tribunal (NCLT) Benches | 1 MB

https://www.mca.gov.in/bin/dms/getdocument?mds=zx6mzauqRntMfk6Z5RdHvg%253D%253D&type=open

👉ICAI International Sustainability Reporting Awards 2020-21 for Excellence in Sustainable Initiatives and Innovations organized by SRSB, ICAI (Last Date: November 15th, 2021) - (27-07-2021)

https://resource.cdn.icai.org/65790srsb53069.pdf

👉SBI, Axis Bank, ICICI Bank, others buy stakes in fintech firm IBBIC

https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-axis-bank-icici-bank-others-buy-stakes-in-fintech-firm-ibbic/articleshow/84801487.cms

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CBDT amends Income Tax Rules on return of income pursuant to amendment under section 148

👇👇👇👇👇👇👇👇

CBDT notifies Income-tax (20th Amendment) Rules, 2021 in exercise of the powers conferred by sections 139 and 148 read with section 295 to amend Rule 12 of IT Rules, 1962 that deals with "Return of income"; Relevant portion of sub-rule (1) after amendment shall read as "The return of income required to be furnished under sub-section (1) or sub- section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) or sub-section (4E) or sub-section (4F) of section 139 or clause (i) of sub-section (1) of section 142 or section 148 or section 153A relating to the assessment year commencing on the 1st day of April, 2021 shall... "; Also amends Rule 12(5) which shall now read as "Where a return of income relates to the assessment year commencing on the 1st day of April, 2020 or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year"

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Companies (Incorporation) Fifth Amendment Rules 2021

👉In exercise of the powers conferred by sub-sections (1) and (3) of section 16, and 

sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government 

hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely:-

👉1. (1) These rules may be called the Companies (Incorporation) Fifth Amendment Rules, 2021. 

👉 (2) They shall come into force from the 1st September, 2021.

👉2. In the Companies (Incorporation) Rules, 2014, after rule 33, the following rule shall be inserted, namely:-

👉“33A. Allotment of a new name to the existing company under section 16(3) of the Act. 

👉(1) In case a Company fails to change its name or new name, as the case may be, in accordance with the direction issued 

under sub-section (1) of section 16 of the Act within a period of three months from the date of issue of such direction, the letters “ORDNC” (which is an abbreviation of the words “Order of Regional Director Not Complied”), the year of passing of the direction, the serial number and the existing Corporate Identity Number (CIN) of the company shall become the new name of the company without any further act or deed by the company, and the Registrar shall accordingly make entry of the new name in the register of companies and issue a fresh certificate of incorporation in Form No.INC-11C:

👉Provided that nothing contained in sub-rule (1) shall apply in case e-form INC-24 filed by the company is pending for disposal at the expiry of three months from the date of issue of direction by Regional Director, unless the said e-form is subsequently rejected.

👉(2) A company whose name has been changed under sub-rule (1) shall at once make necessary compliance 

with the provisions of section 12 of the Act and the statement, “Order of Regional Director Not Complied 

(under section 16 of the Companies Act, 2013)” shall be mentioned in brackets below the name of company, 

wherever its name is printed, affixed or engraved:

👉Provided that no such statement shall be required to be mentioned in case the company subsequently 

changes its name in accordance with the provisions of section 13 of the Act.”.

👉3. In the Annexure, after Form No. INC-11B, the Form No. INC- 11C shall be inserted.

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⚫The Cabinet has cleared the Deposit Insurance and Credit Guarantee Corporation Bill, 2021, which will allow depositors to withdraw up to Rs 5 lakh in 90 days.

⚫The Cabinet approved amendments to the LLP Act for decriminalising offences under the law as the Govt looks to improve ease of doing business and encourage start-ups.12 offences are proposed to be decriminalised and Sec 73 entailing criminal liability is to be omitted. 

⚫MFs shrug off valuation concerns, step up buying as FPIs press sell button. Have pumped in over Rs 10,500 cr this month, the most since in 16 months.

⚫The Cabinet approved amendments to the General Insurance (Nationalisation) Act, paving the way for privatisation of Govt owned insurers.It enabled provision for the transfer of management control from the Govt to the potential buyer.

⚫Indian Air Force deploys first Rafales in East to counter China. With barely four fighter squadrons based in the eastern sector to counter the threat from China, second Rafale squadron will come as a boost to the IAF.

⚫Lok Sabha passes bill to amend insolvency law without debate as Opposition continued their protest over Pegasus snooping issue and three new farm laws.

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👉🏻Govt clears amendments to LLP Act; to decriminalise 12 offences

(Govt approved amendments to the Limited Liability Partnership (LLP) Act, including decriminalising 12 offences under the law.)

👇🏻 👇🏻 👇🏻

https://bit.ly/374iEzB

👉🏻Engagement of Chartered Accountant Firms Audit for Projects under CSR

(Engagement of CA Firms for Independent Audit of Projects implemented with CSR Funds under Companies Act, 2013)

👇🏻 👇🏻 👇🏻

https://bit.ly/3rNQ7rS

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28 July 2021 Updates

👉🏻RBI revises personal loan limit for Bank Directors to Rs.5 Cr from Rs.25 lakh

(RBI  has raised the limit of personal loan amount that can be granted by lenders to directors of other banks and their families at not more than ₹5 Cr from ₹25 lakh.)

https://bit.ly/3zFCcH6

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Goods and Services Tax

New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers.

👉GSTN has implemented a new functionality on taxpayers’ dashboards with the following features:

👉•The taxpayers can now see the exact Annual Aggregate Turnover (AATO) for the previous FY, instead of just the two slabs of Above or Upto Rs. 5 Cr.

👉•The taxpayers can also see the Aggregate Turnover of the current FY based on the returns filed till date.

👉•The taxpayers have also now been provided with the facility of turnover update in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.

👉•This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs

👉•The taxpayer can amend the turnover twice within a period of one month from the date of roll out of this functionality. Thereafter, the figures will be sent for review of the Jurisdictional Tax Officer who then can amend the values furnished by the taxpayer.

👉Note: For details, the taxpayers may check out the ‘Advisory’ section of the aforementioned functionality on their respective dashboards.

https://www.gst.gov.in/newsandupdates/read/492

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⚫Tourism economy fell by nearly 43% and an estimated 14.5 million jobs were lost in the Q1 FY20-21 as the COVID-19 pandemic and resultant lockdown decimated the sector which directly employed 34.8 million people in the country the year before.

⚫The National Pharmaceutical Pricing Authority has fixed ceiling prices of 355 medicines and 882 formulations under the National List of Essential Medicines, 2015.

⚫68.76 crore transactions have been done under PM KISAN scheme till the end of June and less than 1% of them failed due to dormant bank accounts and other factors.

⚫SEBI asks for ultimate beneficial owners' information in Adani firms in 15 days.

⚫The Health Ministry reported a rise in daily new Covid cases in 22 districts across seven states, calling it a “cause for concern”.

⚫Vaccines for children likely by Sept, says govt.

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⚫Investors' wealth has risen by Rs 4.09lakh crore in two days of market rally, taking the market capitalisation of BSE listed Co's to a fresh high of Rs 235.11 lakh crore. The BSE Sensex gained 138.59 points to close at 52,975.80.

⚫Outlook for Cement Co's remains strong, Three top players, UltraTech, Ambuja and ACC post a robust performance in June quarter.

⚫RBI increases loan limit of bank directors to Rs 5 cr from Rs 25 lakh.

⚫Govt should consider import tariff cut on alcohol in phased manner. Duty cut will reduce cost of raw materials, enabling local manufacturing in India. Import duties on raw materials can be brought down to zero to support domestic manufacturing.

⚫The Govt does not have any plans to suspend NEET and other common entrance examinations.

⚫UK health officials issued a warning of an increased risk of catching the Delta variant even if someone has had COVID-19 before and urged caution as further investigations remain ongoing.

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👉Result of the Online Examination of the Certificate Course on Ind AS held on 27th June, 2021. - (22-07-2021)

https://resource.cdn.icai.org/65658indas52980.pdf

👉Loans and Advances – Regulatory Restrictions

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12132&Mode=0

👉Indian Bank declares Lanco Infra, Basundhara Green Power as fraud a/cs with Rs 589 crore exposure

https://economictimes.indiatimes.com/industry/banking/finance/banking/indian-bank-declares-lanco-infra-basundhara-green-power-as-fraud-a/cs-with-rs-589-crore-exposure/articleshow/84678827.cms

👉NCLAT says any further action on Piramal's DHFL Resolution Plan subject to 63 moons plea

https://economictimes.indiatimes.com/industry/banking/finance/nclat-says-any-further-action-on-piramals-dhfl-resolution-plan-subject-to-63-moons-plea/articleshow/84675331.cms

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⚫The Indian pharma industry is expected to grow almost by 3times to about 130 billion US dollars by 2030.The Govt's encouragement of reforms in the policy to incentivize the industry and thrust being given to innovation, among others, augur well for the industry.

⚫IndusInd Bank plans to raise up to Rs 30,000 crore through debt and equity to support business growth and also meet regulatory norms for capital.

⚫The CBDT claimed to have detected "fictitious transactions" of Rs 2,200 crore after the I-tax Dept carried out multi-city raids against the Dainik Bhaskar media group early this week.

⚫Indian Railways delivered 200 metric tonnes of liquid medical oxygen to Bangladesh in 10 containers via the Oxygen Express for the first time ever under 'Neighbourhood first' policy.

⚫The Delhi Metro and public buses in the city will operate at full seating capacity while cinema halls, theatres and multiplexes will open with 50% occupancy.

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⚫FPI's offloaded Indian equities to the tune of over Rs 5,689 crore in July so far as they continued to adopt a cautious stance in view of various domestic and global factors.

⚫CII called for relaunch of the Pradhan Mantri Awas Yojana with mandatory life insurance for all borrowers to ensure that the intent of providing 'Housing for All' does not take a hit due to death or disability of the primary borrower.

⚫PM has set the target of providing pure drinking water to every household in the country before the completion of 75 years of Independence.

⚫The finance ministry has recommended extending the tenure of 3 MDs and CEOs and 11 EDs of PSB's, for up to two years or until the age of retirement, whichever is earlier, as it looks to ensure stability and continuity at state owned lenders amid the pandemic.

⚫The Ramappa temple at Palampet in Telangana has been conferred the tag of UNESCO World Heritage site.

⚫The death toll in flood ravaged Maharashtra shot up to 149 while another 64 are still missing. In what is billed as the biggest flood rescue operations in the state in decades, over 2.29 lakh people have been evacuated to safer areas after their homes were submerged in flood waters, in some places up to 20 feet high.

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👉🏻Delhi-based businessman arrested for passing on fake input tax credit of Rs.128 Cr

(The accused had set up six firms with an intention of passing on the fake ITC to multiple beneficiaries. The GST officials also conducted searches at the business premises and residential places of the accused in Delhi and Himachal Pradesh)

👇🏻 👇🏻 👇🏻

https://bit.ly/3BGvlyL

👉🏻CBIC abolishes licence renewal requirement for customs brokers, authorised carriers

(CBIC has done away with the requirement of periodic renewals of licence or registration issued to customs brokers and authorised carriers, a move which would reduce compliance burden for trade)

👇🏻 👇🏻 👇🏻

https://bit.ly/3i0cBCC

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👉Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Rectification of name of Company and insertion of Rule 33A in Companies (Incorporation) Rules, 2014 w.e.f. 01st September, 2021 - (24-07-2021)

https://resource.cdn.icai.org/65715clcgc240721a.pdf

👉Important Announcement - (24-07-2021)

https://resource.cdn.icai.org/65717exam240721.pdf

👉Mastercard ban: RBI seeks action plan from banks

https://economictimes.indiatimes.com/industry/banking/finance/banking/mastercard-ban-rbi-seeks-action-plan-from-banks/articleshow/84744882.cms

👉IFC, HDFC ink $250 million partnership to promote affordable green housing finance in India

https://economictimes.indiatimes.com/industry/banking/finance/ifc-hdfc-ink-250-million-partnership-to-promote-affordable-green-housing-finance-in-india/articleshow/84725597.cms

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⚫The country's GDP growth is likely to be 8.8 to 9% in the current FY, driven by agriculture and industry sectors: Care Ratings.

⚫All ministries, depts to review central schemes by July end. The move includes evaluating the budgetary allocation for each scheme & phasing out various elements of schemes that may have become redundant.

⚫The Govt should convert Vodafone Idea’s debt into equity to avoid a duopoly in the telecom sector. This would be the only viable solution in the backdrop of the Supreme Court dismissing the company’s application for recomputation of AGR dues.

⚫The Govt introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs.

⚫Delhi Govt initiates process of revising circle rates of properties.

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🛡️ Filing of Annual returns by composition taxpayers. - Negative Liability in GSTR-4.

Filing of Annual returns by composition taxpayers. - Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4. 

🌱 Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while GSTR-4 Return is required to be filed on annual basis after end of a financial year.

🫐 Reason of Negative Liability in GSTR4: The liability of the complete year is required to be declared in GSTR-4 under applicable tax rates. Taxpayers should fill up table 6 of GSTR-4 mandatorily. In case, there is no liability, the said table may be filled up with ‘0’ value. If no liability is declared in table 6, it is presumed that no liability is required to be paid, even though, taxpayer may have paid the liability through Form GST CMP-08. In such cases, liability paid through GST CMP-08 becomes excess tax paid and moves to Negative Liability Statement for utilization of same for subsequent tax period’s liability.

🌽 What the taxpayer did wrongly: Liability paid through Form GST CMP-08 is auto-populated in table 5 of the GSTR-4 for convenience of the taxpayers. Taxpayers who do not fill up table 6 of GSTR-4 i.e. no liability is declared, even though, taxpayer may have paid the liability through Form GST CMP-08; since the ‘Tax payable’ in GSTR-4 is computed after reducing the liability declared in GST CMP-08 and then auto-populated in table 5. Thus, if nothing is declared in table 6, then the negative liability entry appears in GSTR-4.

🍓 How to proceed in case of negative liability: If table 6 of GSTR-4 has not been filled due to oversight, a ticket may be raised to nullify the amount available in negative liability statement. If there is no liability to be paid during the year, the liability paid through Form GST CMP-08 shall move to negative liability statement and the same excess amount can be utilised to pay the liability of future tax periods.

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Ministry of Micro,Small & Medium Enterprises

Government includes Retail and Wholesale Trade as MSMES

👉From 2nd July, 2021, the Government has included Retail and Wholesale Trades as MSMEs.

👉The Government, vide notification no. S.O. 2119(E) dated 26.06.2020, had notified composite criteria of classification of MSMEs based on investment in plant and machinery or equipment and turnover of the enterprise. With the introduction of new classification  of  MSMEs   w.e.f. 01.07.2020,  a  new cost - free  system  of  online  Udyam Registration which is based on self –declaration, has replaced the erstwhile filing of Udyog Aadhaar Memorandum.

👉Filing of Udyog Aadhaar Memorandum (UAM)/ Udyam Registration is required for availing benefits of the schemes and programmes of the Ministry of MSME.

👉The Government has launched the Credit Guarantee Scheme (CGS) to strengthen credit delivery system and facilitate the flow of credit to the MSE sector without the hassles of collateral and third party guarantee. Under the scheme, Credit Guarantee is given to the Member Lending Institutions (MLIs) for loans upto Rs. 200 lakh. As per the data received from Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Mumbai, there are 53,86,739 Nos. of guarantee and Rs. 2,72,007.42 crore amount of guarantee approved under Credit Guarantee Scheme since inception.

👉To strengthen the Indian economy and to provide help to upcoming entrepreneurs, recently the Government has taken a number of initiatives under Aatma Nirbhar Bharat Abhiyan to support the MSME sector in the country, especially in Covid-19 pandemic. Some of them are:

1. Rs. 20,000 crore Subordinate Debt for MSMEs.

2. Rs.3 lakh crores Collateral free Automatic Loans for business, including MSMEs.

3. Rs. 50,000 crore equity infusion through MSME Self-Reliant India Fund

4. New Revised criteria of classification of MSMEs.

5. New Registration of MSMEs through ‘Udyam Registration’ for Ease of Doing Business.

6. No global tenders for procurement up to Rs. 200 crores.

👉An Online Portal “Champions” has been launched on 01.06.2020 by Hon’ble Prime Minister. This covers many aspects of e-governance including redressal of grievances and handholding of MSMEs.

👉RBI has also announced several measures to Reduce Financial Stress of MSMEs.

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⚫Benchmark indices snapped their 3day losing run and closed higher as signs of a strong corporate earnings season and expectations that the central banks will stick to a dovish stance, at least in the near-term, lifted demand for risky equities.

⚫The Govt approved a proposal to allow 100% FDI in public sector refiners.

⚫The Govt approved Rs 6,322 crore production linked incentive scheme for speciality steel in a move that is expected to attract an additional investment of about Rs 40,000 crore and capacity addition of 25 million tonnes in the segment.

The scheme will give employment to about 525,000 people of which 68,000 will be direct employment.

⚫Work near home' lifts corporate leasing of co-working spaces by 73% in H1. Co's are looking at managed spaces for the triple benefits of cost savings, lease flexibility and the hybrid/hub-spoke model of working that they offer.

⚫Vodafone Idea gets nod for FDI up to Rs 15,000 crore.

⚫Domestic airlines will report a muted results in Q1FY22 on the back of rising fuel costs and fall in traffic due to the pandemic.

⚫India is taking up with foreign govts the issue of easing travel restrictions for Indians in view of an improvement in the coronavirus situation. 

⚫I-Tax dept conducted raids across several states against prominent media group Dainik Bhaskar as well as UP based TV channel Bharat Samachar for alleged tax evasion.

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👉Certificate Course on Public Finance & Government Accounting- 15th Online Batch commencing from 8th August, 2021. - (15-07-2021)

https://resource.cdn.icai.org/65583cpfgm52896.pdf

👉RBI announces Second Open Market Purchase of Government of India Securities under G-sec Acquisition Programme (G-SAP 2.0)

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51900

👉RBI to conduct 14-day Variable Rate Reverse Repo auction under LAF on July 16, 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51901

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⚫Pension funds will soon be allowed to invest in IPOs. Regulator will come up with comprehensive guidelines on issuer's track record and other aspects within a week.

⚫Institutional investment in real estate is likely to rise by 4% to  Rs 36,500 crore during this calendar year with investors looking to snap up properties at attractive valuations amid the pandemic.

⚫PSBs loan write-offs twice as much as govt's capital infusion in 7 years. RBI data shows, loans written-off by the private sector banks were much lower than public sector counterpart.

⚫SEBI came out with a framework for segregation and monitoring of collateral at client level amid instances of misuse of client collateral by trading members. It has put in place a reporting mechanism that will entail disaggregated information segment wise and asset type wise break up of each client collateral.

⚫India's pandemic death toll could be close to 5 mn, shows US study.

⚫Poor monsoon are threatening economic recovery and could make food more expensive in a country where more than half of the population depends on rain for farming.

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✅ CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB

it had been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorized dealer till 15th August, 2021

✅CBIC vide Circular No. 157/13/2021-GST dated 20-07-2021 issued most debated Clarification regarding extension of time limit under GST Law due to the order of Hon’ble Supreme Court’s dated 27.04.2021.

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👉List of Disqualified Directors(2019-2024) u/s 164(2)(a) r/w section 167 of the Companies Act 2013 | 9 KB

https://www.mca.gov.in/bin/dms/getdocument?mds=QyjD5gDAehu4qQnhoKvi%252Fw%253D%253D&type=open

👉Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Adv. Information Technology Test - (20-07-2021)

https://resource.cdn.icai.org/65638exam52962.pdf

👉Financial Inclusion – Past, Present and Future - Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - Thursday, July 15, 2021 - Delivered at the Economic Times Financial Inclusion Summit

https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1110

👉Indel Money in talks with PE players to divest 15 percent for Rs 140 crore

https://economictimes.indiatimes.com/industry/banking/finance/banking/indel-money-in-talks-with-pe-players-to-divest-15-percent-for-rs-140-crore/articleshow/84590713.cms

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🎯FAQ: Whether it is permissible for a member to mention himself as “GST Consultant”?

💡Ans: No, in terms of provisions of Clause (7) of Part-I of First Schedule to Act, it is not permissible for a member to mention himself as GST 

Consultant.

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⚫The Indian real estate market is estimated to touch USD 1 trillion by 2030 driven by rising demand and reforms like RERA.

⚫Auto loan cos warn of sharp rise in bad debts due to Covid-19 lockdown. The Rs 4 trn auto finance industry was the most impacted and had the asset quality deterioration during the quarter.

⚫More pain in store for markets, amid fear of further lockdowns. The benchmark indices fell for the last three sessions as rising Covid cases brought fresh worries about disruption in economic activities.

⚫Covid crimps budget housing market as consumers cut down on expenses. The share of affordable homes in the overall new launches in the top seven metros fell sharply since the pandemic upended lives in India.

⚫Russia in talks with Kerala Govt for Sputnik V plant.

⚫Three more Rafale fighter jets arrived in India, in a further boost to the strike capability of the IAF.

⚫The total vaccine doses administered in the country has exceeded 41.76 crore.

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SLP dismissed against impugned order of High Court holding that consideration received on settlement of case of property usurped by relatives was taxable as capital gain

Family settlement - Assessee was a Power of Attorney holder to an NRI, namely, LMP. An immovable property owned by LMP along with other co-owners was usurped by her relatives. Pursuant to settlement in a civil suit filed by LMP and other co-owner for same, LMP received certain amount as consideration towards her share in property. A reopening notice under section 148 was issued to assessee on ground that aforesaid amount received by LMP was taxable as capital gains. Assessee contended that impugned reopening was barred by limitation; and, secondly, there was a family settlement in which impugned amount in question was received and same was ineligible to capital gain tax. High court by impugned order held that reassessment notice issued against assessee within 6 years from end of relevant assessment year 1999-2000, was well within period of limitation and merely because dispute regarding immovable property involved some family members and such dispute was ultimately settled by filing consent terms, same could not be styled as a family settlement and on such basis, it could not be held that consideration received as a result of such settlement did not constitute capital gain. SLP against said impugned order was to be dismissed. [In favour of revenue] (Related Assessment year 1999-2000 – [P. P. Mahatme v. ACIT (2021) 279 Taxman 325 : 126 taxmann.com 176 (SC)]

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20 July 21 Updates

⚫FPI have so far withdrawn net investments worth Rs 4515 crore in July.

⚫India Inc's overseas direct investment in June doubles at $2.8 bn.

⚫Most PMS schemes beat Nifty in June. The schemes returned 4.1% on average, better than the 0.9% given by the benchmark.

⚫Mutual fund AUM to touch Rs 92 trillion by 2030. Gross household investments in MFs have grown at a CAGR of 27.3% over FY13-20.

⚫The Karnataka Authority for Advance Ruling has held that in case of resale of 2nd hand gold jewellery, jewellers have to pay GST only on the profit earned from such sale.

⚫Assam CM burned seized contraband worth nearly Rs 163 crore. He said that it is national duty to cut the supply line and stop production.

⚫US Surgeon expressed concern over the "significant increase" in COVID-19 cases in the US, especially among the unvaccinated population, urging people to get vaccinated and assuring them that the current set of vaccines are highly effective against coronavirus. He said 99.5% of the deaths recorded from the COVID-19 infection are among those who are unvaccinated.

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🎯FAQ: Whether a member in practice who is the statutory auditor of a bank can accept the Stock audit/ Inspection Audit of the same bank?

💡Ans: *No, it is not permissible since stock audit/inspection audit is a kind of management function, which cannot be done simultaneously with the statutory audit.

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⚫Chief Economic Adviser expressed hope that economic growth during the current FY would be around 11%. He also said the overall impact of the second wave on the economy will not be very large.

⚫The Govt's tax collections on petrol and diesel jumped by 88% to Rs 3.35 trillion in the year to March 31, after excise duty was raised to a record high.

⚫Power generation moderates, more people back at work.Traffic picks up in major cities, personal mobility and use of public transport increases.

⚫Sebi proposes swing pricing in open-ended debt schemes to protect investors. Swing pricing refers to the process of adjusting a fund’s NAV to effectively pass on transaction costs stemming from either inflows or outflows from the schemes.

⚫Centre eases stock limits on pulse traders, lifts them fully for importers.

⚫SEBI, DRI probing some Adani Group firms for non-compliance of rules.

⚫Small-town tycoons aiming big. With growing revenues and surging aspirations, demand for luxury products growing in Tier 2, 3 cities.

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👉🏻Delhi High Court orders CBI to probe Income Tax department email

(Delhi High Court has directed CBI to launch an enquiry into an email, sent from the official address of the Income Tax Department to a taxpayer seeking adjournment of the case under e-proceedings)

👇🏻 👇🏻 👇🏻

https://bit.ly/3eDl8tc

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Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 20th July, 2021

PRESS RELEASE

CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB 

As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer for any foreign remittance.

In view of the difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal www.incometax.gov.in, it had earlier been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorized dealer till 15th July, 2021.

It has now been decided to extend the aforesaid date to 15th August, 2021. In view thereof, taxpayers can now submit the said Forms in manual format to the authorized dealers till 15th August, 2021. Authorized dealers are advised to accept such Forms till 15th August, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number.

    

       (Surabhi Ahluwalia)

Commissioner of Income Tax

                  (Media & Technical Policy)

                                                                          Official Spokesperson, CBDT

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18 July 2021 Updates

⚫PM said that the surge in Covid-19 cases in Europe, USA, Bangladesh, Indonesia, and Thailand was a warning to the world as well as India that the coronavirus was still amidst us. PM advocated with the strategy of ‘test, track, treat and teeka’ while putting a special focus on micro-containment zones. 

⚫Sales of 1633 Mfg Co's surged by 31% yoy in the Jan-Mar quarter of FY21, as compared with 7.4% growth in the previous quarter. The rise in sales was broad based, and was supported by favourable base effect as well as price effect. Sales growth of IT sector co's accelerated to 6.4%.

⚫India's continuous wide ranging reforms make the country an attractive destination for foreign investments, FM said while addressing executives of top US Co's.

⚫Banks consortium gets over Rs 792 crore in Mallya loan default case.

⚫Two vaccine doses successful in preventing 95% deaths, says ICMR.

⚫Kharif sowing drops further, raises output concerns in oilseeds, pulses. Farmers might shift from soy, cotton and maize if rainfall doesn't improve sufficiently.

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🛡️ETHICS A DAY🛡️

🎯FAQ: Whether there are any Know Your Client (KYC) Norms to be followed by members in practice?

💡Ans: Yes, members in practice are required to follow Know Your Client (KYC) Norms, which are mandatory w.e.f 1.1.2017. These are applicable for all attest functions.

👉 “Attest Functions for this purpose include services pertaining to Audit, 

Review, Agreed upon Procedures and Compilation of Financial Statements.

👉 The KYC Norms may be assessed in Paragraph R320.3 A6 of Volume-I of Code of Ethics.

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Serious issues while processing TDS/TCS returns of Q4/Q1

It has been seen that TDS return whose due date was 15th July, 2021 having challan paid on same date (alongwith interest) is processed in 2 days but challan takes atleast 4-5 days to reflect in OLTAS/ TRACES.

As a result, unnecessary demand of short payment raised in Intimation received.

If Government is making robust system in processing of returns, then it also need to upgrade it's infrastructure and other online facilities.

Whose responsibility is this??

Taxpayers??

Professionals???

Government??

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⚫With gradual easing of lockdowns, the overall hiring activity witnessed positive growth for most sectors in June.

⚫Fuel consumers may get some respite from rising prices of petrol and diesel as global oil scenario is expected to soften down in the coming days with oil cartel OPEC reaching an agreement to raise production to meet the growing demand.

⚫Food-delivery app Zomato Ltd. became the nation’s first unicorn to make its stock-market debut, raising $1.3 billion with backing from Morgan Stanley, Tiger Global and Fidelity Investments. The parent of digital payments startup Paytm filed a draft prospectus for what could be India’s biggest IPO at $2.2 billion, while retailer Flipkart Online Services Pvt raised $3.6 billion at a $38 billion valuation, a record funding round for an Indian startup.

⚫Coronavirus pandemic impact: Kanwad Yatra cancelled in Uttar Pradesh.

⚫Over 400 million coronavirus vaccine doses administered in country.

⚫Neurology depts are experiencing a surge in post COVID-19 cases.

⚫PM hailed the Cabinet decision to revise and realign schemes of the Dept of Dairying & Animal Husbandry, saying the move sets the tone for sector's transformation and benefit lakhs of people associated with it.

⚫The RBI came out with draft guidelines allowing primary urban coop banks to augment capital through issuance of equity shares, pref shares and debt instruments.

⚫DA hiked to 28% for govt staff, 10 million to benefit. This will cost the exchequer Rs 34,400 crore.

⚫Banks may encounter legal hurdles in invoking personal guarantees. Most promoters don't register assets under their names.

⚫Jhunjhunwala and eight others have settled a case pertaining to alleged insider trading in shares of Aptech by agreeing to pay more than Rs 37 crore.

⚫The Centre asked the states to direct their police not to register cases under the repealed Section 66A of the IT Act, 2000 related to posting online comments.

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💎 RBI extends due date for filing Foreign Liabilities and Assets Annual Return to 31st July, 2021

Flair Portal of RBI on 14th of July, 2021 issues an announcement declaring the date of FLA annual return extended to 31st July, 2021.

The filing of the Foreign Liabilities and Assets Annual Return has to be done on or before 15th of July of the respective year and it is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment.

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👉🏻GST only on monthly maintenance over Rs 7,500 - Madras HC

(Madras High Court has ruled that GST is applicable to monthly maintenance amount exceeding ₹7,500 only and not on the full amount)

👇🏻 👇🏻 👇🏻

https://bit.ly/3iaSwZh

👉🏻Provisions Related to Works Contract Services under GST

👇🏻 👇🏻 👇🏻

https://youtu.be/9fmYekUv-3k

👉🏻WhatsApp messages have no evidential value - Supreme Court

(SC said messages exchanged on social media platform WhatsApp have no evidential value and that the author of such WhatsApp messages cannot be tied to them)

👇🏻 👇🏻 👇🏻

https://bit.ly/3xKPPUH

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Important Direct Tax Case Law

Delhi High Court held following in the case of

W.P.(C) 2678/2020 & CM 9286/2020

Mrs. Sripathi Subbaraya Manohara Legal Heir MRS. Sripathi Subbaraya Gupta

versus

Principal Commissioner of Income Tax 22, New Delhi :-

(1) Notice u/s 148 issued in the name of deceased person.

(2) Assessment proceedings and assessment order passed in the name of deceased is void ab initio.

(3) IT department can not plead ignorance about death of the assessee.

(4) IT department can not plead that it was the duty of the legal heirs to info the department about death of assessee.

(5) Delhi High Court has held that under the law legal heir is not under any obligation to intimate death of any person.

(6) Delhi High Court set aside the assessment, notice of demand and penalty noticed.

(7) High Court further held that section 159 and section 292B do not save such notice and proceedings.

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👉Publication: Handbook on Moratorium under The Insolvency and Bankruptcy Code, 2016 by CIBC of ICAI - (10-07-2021)

https://resource.cdn.icai.org/65473cibc52815-3m.pdf

👉Inviting applications for filling up of the post of Chairperson and three full-time Members in the National Financial Reporting Authority(NFRA). 

https://www.mca.gov.in/bin/dms/getdocument?mds=NupyOThSs%252BEF3U4swZN%252FIQ%253D%253D&type=open

👉Issue and Regulation of share capital and securities - Primary (Urban) Cooperative Banks - Draft circular for comments

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51893

👉RBI extends due date for filing Foreign Liabilities and Assets Annual Return to 31st July, 2021

Flair Portal of RBI on 14th of July, 2021 issues an announcement declaring the date of FLA annual return extended to 31st July, 2021.

The filing of the Foreign Liabilities and Assets Annual Return has to be done on or before 15th of July of the respective year and it is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment.

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⚫Govt-appointed panel to meet on modalities of open network for e-commerce. The discussions and meetings will begin soon to allocate work to various agencies that will be involved in developing the platform.

⚫Adani takes over Mumbai airport, becomes India's largest airport operator. The Adanis already have 6 airports in their portfolio and with the addition of Mumbai airport the group will control control 25% of passenger footfalls and 33% of India's air cargo.

⚫MFs saw record new registration of SIPs in June at 2.13 million. Since April, nearly 5.1 million new SIPs have been enrolled largely on the back of strong performance of equity markets.

⚫Over 400 top level posts lie vacant in the I-Tax dept. 73 chief commissioner positions are lying vacant, with some of them for more than a year.

⚫Oximeters, BP machines to get cheaper as NPPA caps trade margins at 70%.

⚫China, India clash again with PLA back in Eastern Ladakh. Heavy Chinese build-up, with Russian missile systems capable of shooting down aircraft up to 400 km away.

⚫The COVID-19 curve in the US is rising again after months of decline, with the number of new cases per day doubling over the past three weeks, driven by the fast spreading delta variant.

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👉🏻GST officers unearth over Rs 35,000 Cr fraud in 2020-21, arrest 426 people

(GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime.

👇🏻 👇🏻 👇🏻

https://bit.ly/2VwPqH8

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13 July 2021 Updates

⚫The Govt has identified a host of Customs exemptions for review and has invited suggestions from trade and industry bodies on the same. Importers, exporters, domestic industry and trade associations are invited to give views on the subject for consideration by August 10 on the ‘MyGov.in’ portal.

⚫India's power consumption grew nearly 18% in first week of July to 30.33 billion units compared to a year ago and returned to pre pandemic level mainly due to easing of lockdown curbs and delayed monsoon.

⚫Higher input cost set to weigh on Q1 earnings. Nifty 50 firms' net profit expected to decline 10.1% QoQ.

⚫Retail investors continue to flock to the stock markets. The penetration has improved substantially with total demat accounts tally jumping 44% from 43 million a year ago.

⚫Twitter India published its transparency report in accordance with the Information Technology  Rules 2021.

⚫India records 37,676 fresh cases.

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👉Upcoming functionalities to be deployed on GST Portal for the Taxpayers in the month of July, 2021

https://www.gst.gov.in/newsandupdates/read/488

👉Webinars on recent functionalities related to Returns, Ledgers and Payments deployed on GST Portal.

https://www.gst.gov.in/newsandupdates/read/489

👉Cessation of LIBOR: Transition arrangements

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51870

👉Non-bank lenders may take a bigger hit in Q1 on second wave

https://economictimes.indiatimes.com/industry/banking/finance/banking/non-bank-lenders-may-take-a-bigger-hit-in-q1-on-second-wave/articleshow/84333800.cms

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⚫India’s retail inflation eased marginally to 6.26% in June owing to moderation in rural inflation.

⚫IIP grew 29.3% in May as compared to the same period a year ago, On a sequential basis, IIP fell nearly 8% from April 2021, making the impact of the state wise lockdowns.

⚫The Govt is set to introduce 17 new Bills in the Mon­soon Session of Parlia­ment, which begins on July 19. This includes changes in the IBC, replacing the Ordinance enabling prepackaged resolution schemes for MSMEs and allowing corporate debtors to propose a resolution plan for the stressed Co's.

⚫583 stocks, most of them from the small-cap space, were locked at their upper circuit on the BSE on Monday.

⚫RBI offers hassle free trading in govt bonds for retail investors.

⚫Liquidity in the banking system rises as govt steps up spending.

⚫Petrol, diesel prices may soften by month end as Brent stabilises. But prices may remain uncomfortably high for most consumers.

⚫Office visits at 78% of pre Covid days as cases fall. Roads see more traffic and power generation a brighter week.

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11 July 2021 Updates

CBDT has notified the new rules regarding computation of short-term capital gains (STCG) and written down value (WDV) where depreciation on goodwill has been obtained, potentially increasing tax liabilities on firms that have undergone mergers or acquisitions in recent years.

Income tax department has issued refunds worth Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1 to July 5. Of this, personal income tax refund stood at Rs 10,408 crore, while that of corporates was Rs 26,642 crore.

CBIC introduced the ‘Turant – Faceless Assessment' Brings in transparency, less human intervention; objectives, challenges. 

CBIC initiated and implemented several reform measures in the recent past focusing on simplifying cross-border trade. India currently ranks 63rd in the World Bank’s Ease of Doing Business (EODB) Index, ascending 17 notches in a year. This was made possible due to the reduced time and cost of clearance of goods at various Customs ports owing to the implementation of measures such as SWIFT, e-Sanchit, revised AEO programme, RFID e-seal programme, etc. To bring in transparency, more digital acumen, and less human intervention, CBIC introduced the ‘Turant – Faceless Assessment’ for cross-border operations. This is also referred to as Electronic Custom Clearance in developed countries.

RBI declared that if any issue arises while transferring amount thru G Pay one cannot claim as the same is not in the list of authorised payment system by NATIONAL PAYMENTS CORPORATION OF INDIA. 

Be cautious before using Google pay. Any payment related issues or frauds emanating due to Google pay will be outside the purview of RBI.. 

Just be careful

MCA has notified the revised form 18 which will enable the Multidisciplinary Partnership with other Professional by a Chartered Accountants. This will open window wherein a single firm can offer bouquet of Professional Service which will create foundation of global landscaping.

ICAI Notification dtd 08.07.2021 published in official gazette regarding Multi Disciplinary Partnership Firms for Chartered Accountants. With the modification in form 18, CA firms are now allowed to have partnership with CMAs, CSs, Advocates, Engineer, Architects others permitted under section 53 B. 

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⚫An upsurge in new coronavirus variants and poor access to vaccines in developing countries threaten the global economic recovery, FM's of the world's 20 largest economies warned. 

⚫PM said that crowds at tourist spots are worrying.To a question on if India is opening too soon & too fast, 53.31% of the respondents of the IANS CVoter Live Tracker said 'yes', while 34.34% said that India is not opening up too fast but people are becoming careless.

⚫The Centre has earned Rs 4.91 lakh crore revenue as petrol and diesel prices have been hiked 69 times since January 1 this year.

⚫A draft of a population control bill put up on the UP Law Commission website says, those having more than two children will be debarred from contesting local bodies polls, applying for Govt jobs or receiving any kind of subsidy.

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⚫The Road Transport and Highways Ministry will seek the Cabinet's approval for allowing construction of smart cities, townships, logistic parks and industrial clusters along the national highways.

⚫The Road Ministry said that aim is to construct 60,000 km of the world class national highway by 2024, at the rate of 40 km per day.

⚫SEBI and SE's have announced safeguards to protect small investors & curb price manipulation in shares of Co's under insolvency resolution process.

⚫Centre, LIC to offload part or full IDBI Bank stake in one go.

⚫Monsoon likely to reach Delhi on Saturday, 13 days after usual date.

⚫Uttarakhand CM orders 50% occupancy capping in hotels amid tourists rush.

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⚫The Govt approved a host of changes into the Rs one trillion Agriculture Infrastructure Fund, including bringing Agriculture Produce Market Committees or regulated mandis within its ambit, a move which showcased commitment to keep them functioning.

⚫Realty investment highest in five years for June quarter.

⚫The cabinet approved Rs 23123 crore package for improving health infrastructure to fight COVID-19 as part of which around 2.4 lakh medical beds and 20,000 ICU ones would be created with a special focus on paediatric care.

⚫Bonds rallied after the RBI governor indicated that its accommodative policies would continue for long, especially as the central bank saw inflation as a “temporary hump” and growth fragile.  

⚫Google tax collection jumps 4 times in Q1; Bengaluru tops the list. This comes in the backdrop of India agreeing to the global tax deal proposal at the OECD, which will require New Delhi to withdraw the equalisation levy by 2023.

⚫Southwest monsoon has practically stalled over most parts of the country since June 19. This has not only delayed its progress over north India but has also badly impacted the sowing of the kharif crop.

⚫Mumbai airport passenger volumes register 60% increase in June.

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The Bombay High Court, in a challenge to notice issued under s. 148 of the Income-tax Act, 1961 after 01.04.2021 under the old regime stayed the proceedings and issued notice to the Revenue as well as Attorney General [Tata Communications Transformation Services Limited v. ACIT (WP No.1334 of 2021) vide order dated 05.04.2021].  Petitioner specifically challenged the Explanation to clause (A)(a) of notification 20/2021 and Explanation to clause (A)(b) of notification 38/2021 as being ultra vires the Act, Finance Act, 2021 and are hence unconstitutional.  Next date of hearing is fixed for 02.08.2021.

 

Today, the Delhi High Court has also issued notice to the Revenue in a similar matter where notice under s. 148 as well as the explanation to clause (A)(b) of notification 38/2021 was challenged, but refused to stay the proceedings [Ansal Properties and Infrastructure Limited v. ACIT (W.P.(C) 6152/2021)].  Next date of hearing is 28.09.2021.

 

This issue is going to be debated in the Courts in almost all the cases where the notice is issued after 01.04.2021 and it would be quite interesting to see how the Courts would interpret the same.  Therefore, for taxpayers, it is quite important to challenge these notices on this jurisdictional ground.

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8 July 2021 Updates

👉🏻GST collection for June falls to Rs 92,849 Cr, lowest in 10 months

(The last time this happened was in Sept 2020, when GST collections were Rs 95,480 Cr. The June 2021 collection is the lowest in ten months, since August 2020)

👇🏻 👇🏻 👇🏻

https://bit.ly/3hltkjp

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⚫PM modi sacked many senior colleagues, elevated some, and infused the govt with new young faces. A new ministry of cooperation was also created. In all, 43 ministers were sworn in, taking the strength of the council of ministers to 77.

⚫Govt may make Bureau of Indian Standards must for public procurement. The development comes in the backdrop of the govt's focus on increasing manufacturing and production of goods in the country.

⚫IT, pharma, textile, auto ancillary sectors stand to gain from a weak rupee. The textiles sector saw a recovery in Q4FY21 and a weaker rupee could make it more competitive, and boost exports.

⚫Leasing of warehousing space fell 23% to 31.7 million sq ft across eight major cities on an yoy basis in the last fy due to the coronavirus pandemic. ⚫Govt moves Irdai to allow listing of corporation ahead of LIC's IPO.

⚫LPG is now costlier than electric cooking in Delhi. A 14.2-kg LPG cylinder costs Rs 843.5 in the national Capital.

⚫Britain has reported another 32,548 coronavirus cases in the latest 24-hour period, the highest daily increase since January.

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👉🏻RBI imposes penalty on 14 banks for non-compliance of rules

(This is probably the highest number of banks receiving RBI monetary penalties on a single day for various rule violations)

👇🏻 👇🏻 👇🏻

https://bit.ly/3xuO3XG

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Central Board of Direct Taxes has extended the time for processing refunds in non-scrutiny cases for assessment year 2017-18 up to September 30. 

CBDT notifies Rule 8AC for STCG, WDV computation u/s 50 involving goodwill depreciation. 

GST collection fell below the Rs 1-trillion mark in June -- the first time in nine months -- as the second wave of Covid-19 disrupted economic activity in the country, the official data showed on Tuesday. However, experts pointed out that the collection was better than expected and would provide cushion to the government to ramp up spending. 

SEBI put in place a standard operating procedure for subsidiary companies planning to get delisted through a 'Scheme of Arrangement' wherein the listed holding companies and the listed subsidiaries are in the same line of business. 

RBI is compiling the information’s as to be collected through filing of the FLA return for the purpose of knowing India’s Balance of Payments (BOP) position and International Investment Position (IIP) in India and Outside India ‘both’ as on March 31 every year. Read More : http://femainindia.com/Image/FLA30.pdf

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7 July 2021 Updates

⚫The GST mop-up in June stood at Rs 92,849 crore, as against Rs 1.02 trillion in May.The collection fell below the Rs 1-trillion mark in June for the first time in nine months.

⚫Domestic air passenger traffic back to growth trajectory in June.

⚫Covid pandemic hits housing supply, launches down 59% in April-June.

⚫India's hiring rate has recovered moderately from 10% in April to 35% in May 2021, but the aftermath of the second COVID-19 wave has left professionals in India increasingly vulnerable to economic uncertainty.

⚫The RBI will conduct open market purchase of Govt bonds worth Rs 20,000 crore under the G-sec Acquisition Programme.

⚫Indian bond yields jumped as a rally in global crude oil prices raised worries about higher imported inflation.

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CBDT clarified that Businesses buying shares or commodities traded through recognised stock or commodity exchanges for any value even above Rs 50 lakh will not be required to deduct TDS on the transaction which was started on 1.7.2021. 

CBDT grants further relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of the forms online on https://t.co/GYvO3n9wMf. Date for submission of forms in manual format to the authorised dealers is extended to 15th July, 2021.

 

Cost Inflation Index for Financial Year 2021-22 notified as 317 (FY 2020-21 was 301). CBDT Notification 73/2021 IT of 15.6.21. 

Overdue FD with Bank to get lower ( Savings Bank) interest rate RBI has issued Circular No 66 on 2nd July,2021 amending its earlier instructions about overdue fixed deposits. Now Fixed Deposits ( Term Deposits )  will not be automatically renewed and such matured deposits will get savings bank interest rate from the date the same got matured as against applicable rate on such Fixed deposit. 

Hence all are requested to be attentive and note due dates of Fixed Deposits and get the Fixed Deposit renewed on due date to avoid loss of interest.

Reserve Bank of India has not yet granted Bitcoin or any other cryptocurrency the status of legal tender in India. Hence, there are no clear rules or guidelines defining taxability for cryptocurrencies, which calls for specific clarification from the Income Tax department.

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Bombay HC issues notice to the Revenue and the Attorney-General for India on writ petition preferred by Tata Communications Transformation Services Limited challenging the validity of notice u/s 148 issued under the pre-amendment reassessment regime on May 21, 2021 in the light of extensions notified by CBDT. HC records Assessee's contention that section 3 of The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Act, 2020, Explanation to clause (A)(a) of Notification No. 20/2021 dt. Mar 31, 2021, and Explanation to clause (A)(b) of Notification No. 38/2021 dt. Apr 27, 2021 are ultra-vires the Income Tax Act, the Finance Act, 2020 and are unconstitutional, liable to be struck down;

 

HC orders that no further action be taken based on the impugned notice;

 

Adjourns the hearing to Aug 2, 2021.

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E-KNOWLEDGE CAPSULE

✒ Karnataka High Court has further extended the interim orders passed by the High Court, all district courts, family courts, labour courts, industrial tribunals and all other tribunals in the state till 2nd August, 2021.

✒ Delhi High Court orders police protection for woman who faced threats after converting to Islam.

✒ Central govt tells Delhi High Court that Twitter not complying with IT Rules 2021, grievances from India being handled by person in US.

✒ Madras High Court issues notice to BCI, TN Bar Council, Central government on plea challenging Section 9 of Advocates Act.

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⚫With no subsidy, cooking fuel burns a hole in consumers pocket.The subsidy on LPG was done away with and what remained was some freight subsidy, which comes to Rs 20-30 a cylinder.

⚫India's June services PMI at 41.2, the fastest drop in 11 months.

⚫NHAI debt reaches new high of Rs 3.2 trillion, toll revenue dips 4%. Borrowing up seven times in five years.

⚫Mutual fund AUM grows 3.3% sequentially in June qtr, smaller AMCs see churn. Data shows fund houses such as Quant MF, Trust MF, ITI MF, PPFAS MF and PGIM India MF were top performers in terms of average AUM accretion.

⚫SEBI issued a detailed framework for penalising market infrastructure institutions, which include stock exchanges, clearing corporations, and depositories, for technical glitches.

⚫Private banks loan books shrink in Q1 amid second wave of Covid-19. IndusInd, YES, Federal, and CSB post 1-3.5% sequential decline; HDFC Bank bucks the trend with 1.3% growth.

⚫Retail prices of pulses are showing a declining trend after the Govt's interventions.

⚫India reports 39,796 new cases; growth rate steady at 0.1%.

⚫The Gujarat govt plans to install 300 PSA oxygen plants in the state to tackle a possible third wave of the coronavirus.

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5 July 2021 Updates

⚫The India Pulses and Grains Association  expressed shock over the Govt imposing stock limits on pulses till October, in a bid to prevent hoarding and check price rise.

⚫Amazon.com Inc and India's Tata Group warned Govt officials that plans for tougher rules for online retailers would have a major impact on their business models.

⚫The Banks Board Bureau recommended to the Govt names of 10 general managers of various public sector banks for appointment as executive directors.

⚫Pushkar Singh Dhami (45), MLA from Khatima, was chosen for the top job in Uttarakhand amidst dramatic developments that saw the replacement of two CM's in less than four months. 

⚫India reported 44,111 new Covid cases. 

⚫India's Covid-19 vaccination coverage exceeds 350 million.

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👉🏻Investment advisers cannot manage funds, securities on clients' behalf - SEBI

(Investment advisers cannot manage funds as well as securities on behalf of their clients and should not contemplate asking power of attorney in this regard - SEBI)

👇🏻 👇🏻 👇🏻

https://bit.ly/3hBq8is

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Circular from RBI, fixed deposits will not be automatically renewed and such matured deposits will get savings bank interest rate.Hence all are requested to note due dates and get the receipt renewed on due date to avoid loss of interest

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⚫The dalal street was busy in the first half of 2021, closing 44% more deals worth $49.34 billion than in the same period in 2020.

⚫E-commerce cos say new rules will hurt biz, urge govt to extend deadline. Govt is studying industry comments, will take a call on making relevant changes before the rules are finalised.

⚫Businesses while making any payments for purchase of goods exceeding Rs 50 lakh in a FY to a resident would be required to deduct a 0.1% TDS. This provision would not be applicable on share or commodity transactions done through stock exchange.

⚫ONGC earmarked Rs 30,000 crore towards capital exps in FY 2021-22, and aims at an output of 22.56MT of crude oil and 24.89 billion cubic meters of gas during the year.

⚫Drones banned in Srinagar, after attack on Jammu AF base. The order, however, exempted govt depts but directed them to inform the local police station before using them.

⚫Monsoon to revive from July 8, may hit Delhi around July 11.

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The Reserve Bank of India (RBI) has changed the rules for Fixed Deposits/ Term Deposits.

Interest on overdue domestic deposits

👉If a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract 

rate of interest as applicable to 

savings account or the contracted rate 

of interest on the matured TD,whichever is lower

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CASA Due Date Compliance Calendar for the month of July, 2021

 

Date  -        Type of Return/ Form

Goods & Service Tax

calendar enclosed and posted in telegram as well.

https://t.me/Team_CASA

Income Tax/TDS

07.07.2021 Deposit of TDS/TCS for the month of June, 2021.

15.07.2021 TDS return for the last quarter of F.Y. 2020-21.

15.07.2021 TCS return for the Apr-Jun Quarter of F.Y. 2021-22

30.07.2021 Quarterly TCS certificate for the quarter ending June 30

31.07.2021 Certificate of Tax deducted at Source in Form No. 16 required to be firnished to employees for the F.Y. 2020-21.

31.07.2021 TDS return for the Apr-Jun quarter of F.Y. 2021-22

Labour Law

15.07.2021 Electronic Challan & Return for EPF for the Month of June, 2021

15.07.2021 ESI Challan and Return for the Month of June, 2021

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👉🏻SC refuses to stay RBI Notices to Bank under RTI To Disclose Information

(The Supreme Court refused the prayers made by PNB & Union Bank of India to stay the RTI notices issued to them by RBI to disclose information related to defaulters list, inspection reports etc.)

👇🏻 👇🏻 👇🏻

https://bit.ly/3hb81kz

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 Both 15CA and 15 CB are fully available and functional. However, as compared to EF1.0 the process has changed. In EF1.0 CA would separately upload 15CB. in EF2.0 it is an integrated workflow. Taxpayer fille 15CA and assigns to CA. The CA will then see in his worklist as 15CB pending with prefilled data. CA will fill 15CB and submit back to taxpayer. PartC of 15CA will be prefilled and taxpayer can submit. Please note that DSC once registered in individual name of CA DOES NOT HAVE TO BE RE-REGISTERED under ARCA role. CA can simply sign any form under any role.

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👉Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 - (01-07-2021)

https://www.icai.org/post/companies-creation-and-maintenance-of-databank-of-independent-directors

👉Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act, 2008 - (01-07-2021)

https://www.icai.org/post/relaxation-on-levy-of-additional-fees-in-filing-of-certainforms

👉India’s International Investment Position (IIP), March 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51822

👉Bank credit grows 5.82%; deposits by 10.32%

https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-credit-grows-5-82-deposits-by-10-32/articleshow/84071339.cms

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Circular 14/2021

CBDT has recently issued Circular no 14/2021 dated 02nd July 2021 wherein it specified the Guidelines on taxability of receipt of capital assets or stock in trade on reconstitution or dissolution of specified entities under sections 9B and Sub-Section (4) of section 45 of the Income Tax Act, 1961

Finance Act, 2021 inserted a new section 9B in the Income-tax Act 1961

👉The Central Board of Direct Taxes (CBDT) issued the guidelines for taxing partnership firms on its reconstitution in respect of the provisions of section 9B and sub-section (4) of section 45 of the Income-tax Act, 1961.

👉Section 9B provides for taxation of income of the firm on the transfer of capital assets & stock in trade whereas Section 45(4) now provides for taxation of income in the hands of the firm which is actually the income in the hands of the partner.

👉The CBDT noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining capital assets of the specified entity so that when such capital get transferred in the future, the amount attributed to such capital assets gets reduced from the value of the consideration and to that extent the specified entity does not pay tax again on the amount. It is further noticed that this attribution is given in the Act only for the purposes of 48 of the Act. It may be seen that section 48 of the Act only applies to capital assets that are forming a block of assets. For capital assets forming a block of assets, there is sub-clause (c) of clause of section 43 of the Act to determine the written down value of the block of asset and section 50 of the Act to determine the capital gains arising on transfer of such assets. However, the Act has not provided that the amount taxed under sub-section (4) of section 45 of the Act can also be attributed to capital assets forming part of a block of assets and which are covered by these two provisions. remove the difficulty, it is clarified that rule 8AB of the Income Tax Rules, 1962 notified vide notification no. 76 dated 02.07.2021 also applies to capital forming part of a block of assets. Wherever the term capital asset is appearing in the rule of the Rules, it refers to a capital asset whose capital gains are computed under section 48 of the Act as well capital asset forming part of a block of assets.

👉Further, wherever reference is made for the purposes section 48 of the Act, such reference may be deemed to include reference for the purposes of sub clause (c) of clause (6) of section 43 of the Act and section 50 of the Act.

👉“For the removal of doubt it is further clarified that in case the capital asset remaining with the specified entity is forming part of a block of asset, the amount attributed to such capital asset under rule 8AB of the Rules shall be reduced from the full value of the consideration received or accruing as a result of subsequent transfer of such asset by the specified entity, and the net value of such consideration shall be considered for reduction from the written down value of such block under sub-clause (c) of clause (6) of section 43 of the Act or for calculation of capital gains, as the case may be, of: under section 50 of the Act,” the CBDT said.

👉The CBDT added, “section 32 of the Act does not allow depreciation on goodwill. If in the given example “self-generated goodwill” is replaced by “self-generated asset”, even then the depreciation will not be admissible on the amount recognized in valuation. In this regard it may be highlighted that the above-mentioned provisions, in the immediately preceding paragraph, are also applicable to “self-generated asset” and since there is no actual cost to the assessee in case of “self-generated asset”, depreciation is not allowable under section 32 of the Act on an asset whose actual cost is nil.”

👉It has defined with certain examples the taxability in case of ‘Reconstitution of the specified entity”

The Copy of Guidelines with examples are enclosed here with.👆

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👉Refer the attached file for the list of forms for which additional fee waiver shall be made available/ extended in line with the General Circulars 11/2021 and 12/2021. Stakeholders may please take note and plan accordingly | 123 KB

https://www.mca.gov.in/bin/dms/getdocument?mds=xIk8LHJKnBG4BVxlUSaSFQ%253D%253D&type=open

👉ICAI Board of Studies (Academic) is announcing mobile application "ICAI BOS" on the occasion of CA Day 1st July 2021 for students of Foundation, Intermediate and Final course. - (30-06-2021)

https://www.icai.org/post/icai-bos-mobileapp

👉Companies (Meetings of Board and its Powers) Amendment Rules, 2021 - (01-07-2021)

https://www.icai.org/post/companies-meetings-of-board-its-powers-amendment-rules2021

👉Sources of Variation in Foreign Exchange Reserves in India during 2020-21

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51821

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👉CBDT has recently issued Circular no 14/2021 dated 02nd July 2021 wherein it specified the guidelines for taxation under section 9B and Sub-Section (4) of section 45 of the Income Tax Act, 1961

It has defined with certain examples the taxability in case of ‘Reconstitution of the specified entity”

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⚫The Govt announced fresh guidelines to include wholesale and retail trades as MSMEs in a move that is expected to benefit as many as 25 million traders battered by the pandemic.

⚫Capital goods sector sees signs of hope. Indications of demand expansion for manufacturing co's, stronger balance sheets are some positives.

⚫India recorded the highest ever exports of $95 billion during April-June, up 85% YoY and 18% higher than the first quarter of the fiscal year 2019-20.

⚫The RBI tweaked the norms for interest on the amount left unclaimed with the bank after a term deposit matures.

⚫IOB became the second most valued listed public sector bank with a market cap of over Rs 50,000 crore.

⚫Facebook, Instagram take down millions of posts in compliance with IT rules.

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