⚫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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