⚫FPI have so far withdrawn net investments worth Rs 4515 crore in July.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