⚫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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