⚫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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