⚫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.
.
========>
.
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
.
========>
.
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.
.
========>
.
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.)]
.
========>
.
👉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
.
========>
.
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"
.
========>
.
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.
.
========>
.
⚫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.
.
========>
.
👉🏻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
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
