⚫PM launched a digital direct benefit transfer platform called e-RUPI, which aims at making sure that the money transferred by the user, in this case, the govt, is used exactly for the same purpose as it is intended to be.
⚫India’s jobless rate dropped to 6.95% from 9.17% the previous month, adding to signs of a nascent recovery in the economy where sales tax collections and demand for some commodities have signaled a rebound.
⚫Merchandise exports from India hit a record high of $35.17 billion in July, amid rise in external demand due to recovery in key global markets.
⚫Govt may defer privatisation plans for 2 PSU banks to FY23.
⚫The govt has set the loans disbursement target under the PM Mudra Yojana at Rs 3 trillion for the current FY. Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses.
⚫The Indian and Chinese armies have agreed to resolve the remaining issues in eastern Ladakh in an "expeditious manner" and described their 12th round of military talks as "constructive".
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Sub: Publication on “Sustainable Development Goals – Accountants Creating Sustainable World”
The Sustainable Development Goals (SDGs) define global sustainable development priorities and aspirations for 2030 and seek to mobilize global efforts around a common set of goals and targets. Accountancy profession has a crucial role to play in advancing and achieving the 2030 agenda for sustainable development. The Institute of Chartered Accountants of India (ICAI), as a partner in nation building, has been continuously undertaking several initiatives to support the achievement of SDGs by public and private organisations. Sustainability Reporting Standards Board of ICAI is working relentlessly to identify and develop opportunities for chartered accountants in Sustainability Reporting, develop audit guidance for Integrated Reporting, take adequate steps to enhance knowledge of members and other stakeholders by conducting certificate course, workshops and webinars.
In its endeavor to disseminate knowledge, awareness and adoption of UN – SDGs 2030 Agenda, Sustainability Reporting Standards Board of ICAI has developed a publication on “Sustainable Development Goals – Accountants Creating Sustainable World” with an objective to encourage all stakeholders to contribute towards the attainment of Sustainable Development Goals. The publication also highlights important role accountants can play in integrating the goals into governance, management and reporting as well as in facilitating greater connectivity between social and environmental benefit and economic benefit. The publication has been brought out into 3 parts as follows:
Sustainable Development Goals – Accountants Creating Sustainable World – Part 1 covering overview and related aspects of SDG 1 to SDG 5
Sustainable Development Goals – Accountants Creating Sustainable World – Part 2 covering overview and related aspects of SDG 6 to SDG 11
Sustainable Development Goals – Accountants Creating Sustainable World – Part 3 covering overview and related aspects of SDG 12 to SDG 17
The publication can be accessed at the link https://icai.org/post/sustainability-reporting-standards-board on ICAI website. Further, the members can access the publication on Digital Learning Hub platform of ICAI as well at the following links:
Part 1 – https://learning.icai.org/committee/sustainability-reporting-standards-board/sdg-acsw-p1/
Part 2 – https://learning.icai.org/committee/sustainability-reporting-standards-board/sdg-acsw-p2/
Part 3 – https://learning.icai.org/committee/sustainability-reporting-standards-board/sdg-acsw-p3/
The publication aims to assist members and other stakeholders in finding and developing innovative solutions, incorporating the concepts of sustainable development to mitigate the impending economic and environmental uncertainties and also guide businesses through the transition from theory to action.
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🏵️ In simple words the changes are:
👉 1. Upto 2 Crores Turnover - Exemption from Annual Return filling i.e. Filling of GSTR 9 not required
🌱 2. Between 2 Crores to 5 Crores* - *Only GSTR 9 Required
🎯 3. Above 5 Crores - GSTR 9 and Self Certified GSTR 9C is required
🕯️ 4. Mandatory certification
in reconciliation statement by Chartered Accountant or Cost Accountant is not required from F.Y. 2020-2021
🪙 Notification 30/2021 - Central Tax :
🍒 1. Requirement of Furnishing of Annual Return* [Form GSTR 9/9A/9B] by 31 December following the end of financial year.
👉 If aggregate turnover during a financial year exceeds 5 crore rupees, then self-certified reconciliation statement in FORM GSTR-9C along with the annual return by 31st December following the end of financial year.
🍍 2. Few modifications in Form GSTR 9 and GSTR 9C to make these forms applicable for F.Y. 2020-2021 and also to make Form GSTR 9C self-certifiable by registered Person.
🪙 Notification 31/2021 - Central Tax
🌀 *Exemption from filling of Annual Return for F.Y. 2020-2021 if aggregate turnover in the financial year 2020-21 is upto two crore rupees
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⚫The upcoming monetary policy review coupled with the ongoing financial results season will influence the trajectory of key equity indices in the week ahead.
⚫Districts reporting a COVID-19 positivity rate of over 10% in the last few weeks need to consider strict restrictions to prevent or curtail people's movement and crowding, the Centre told 10 states witnessing an upsurge in infections and positivity.
⚫SBI announces 100% waiver on home loan processing fee till Aug 31.
⚫Parliament has only functioned for 18 hours out of the scheduled time of 107 hours, resulting in a loss of more than Rs 133 crore of taxpayers' money.
⚫Florida has become the new US epicentre in the pandemic as it recorded its highest one-day increase of Covid-19 cases since the start of the outbreak.
⚫Parts of north and central India will witness intense rainfall activity over the next four days, the IMD said.
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⚫The GST collection in July is at Rs 116393 lakh crore, as economic activity resumed after most states eased Covid-19 restrictions.
⚫Foreign portfolio investors prune holdings in June quarter. Analysts say the decline in ownership is due to underperformance of financial stocks.
⚫Dream run to continue for small & midcap stocks. Not only are the small- and mid-cap indices off to their best start to a calendar year since 2014 but their outperformance over large-caps is at record levels.
⚫NSE seeks SEBI''s go ahead for IPO amid mounting pressure from shareholders.
⚫Edu-tech firms Byju's, Unacademy, upGrad to benefit as Chinese players tumble. Indian edu-tech companies have had a dream run, helped by the pandemic and education moving online.
⚫Multiplexes appear ready to heal as curtains lift after long interval. The absence of any new major release from Indian production houses is the biggest challenge multiplex operators face.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
*NOTIFICATION
👉New Delhi, the 29th July, 2021
👉In exercise of the powers conferred by section 295 of the Income-tax Act, 1961,
(43 of 1961) the Central Board of Direct Taxes hereby makes the following rules further to amend the
Income-tax Rules, 1962, namely:-
👉1. Short title and commencement.––(1) These rules may be called the Income-tax (21st Amendment)
Rules, 2021.
👉(2) They shall come into force from the date of publication of notification in the Official Gazette.
👉2. In the Income-tax Rules, 1962, after rule 129, the following rules shall be inserted, namely:-
👉―130. Omission of certain rules and Forms and savings.-(1) Rules 5A, 5AB, 6ABB, 12B, 12BA, 16D,
16DD, 16E, 16F, 18B, 18BB, 18BBA, 18DD, 18DDA, 20AB, 29AA, 29D, 37, 37E, 37F, 44A, 48, 123 and
rule 124 shall be omitted.
👉(2) In Appendix II, Forms ITR-8, 2B, 2C, 2E, 3AA, 3AAA, 3BA, 4, 5, 5A, 10AA, 10C, 10CC, 10CCA, 10CCAA, 10CCAB, 10CCABA, 10CCAC, 10CCAD, 10CCAE, 10CCAF, 10CCAG, 10CCAH, 10CCAI,
10CCBA, 10CCBB, 10CCBBA, 10CCBC, 10CCBD, 10DB, 10DC, 10G, 10HA, 11, 11A, 12, 12A, 15I,
15J, 16AA, 22, 24, 26, 27E, 30, 34A, 34B, 34BA, 37, 37EE, 37F, 37G, 37H, 37-I, 54, 55, 56A, 56AA,
56B, 56BA, 56C, 56CA, 56E, 56F, 56FF, 56G, 56H, 58A, 58B, 63, 63A and Form 63AA shall be omitted.
👉(3) Notwith standing such omission, on and from the date of commencement of this rule–
👉(i) any proceeding pending before any income-tax authority, any Appellate Tribunal or any court, by
way of appeal, reference or revision, shall be continued and disposed of as if rules and forms mentioned in
sub-rule (1) and sub-rule (2) have not been omitted;
👉(ii) any agreement entered into, appointment made, approval given, recognition granted, direction,
instruction, notification or order issued under the rules and Forms mentioned in sub-rule (1) and sub-rule
(2) shall be deemed to continue in force as if rules and forms mentioned in sub-rule (1) and sub-rule (2)
have not been omitted.
👉131. Electronic furnishing of Forms, Returns, Statements, Reports, orders etc.- (1) The Principal
Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case
may be, may with the approval of the Board specify that any of the Forms, returns, statements, reports,
orders, by whatever name called, prescribed in Appendix II, shall be furnished electronically—
👉(i) under digital signature, if the return of income is required to be furnished under digital signature; or
(ii) through electronic verification code in a case not covered under clause (i).
👉(2) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall-
👉(i) with the approval of the Board specify the Forms, returns, statements, reports, orders, referred to in
sub-rule (1), which are to be furnished electronically;
👉(ii) lay down the data structure, standards and procedure of furnishing and verification of such Forms,
returns, statements, reports, orders, including modification in format, if required, to make it
compatible for furnishing electronically; and
👉(iii) be responsible for formulating and implementing appropriate security, archival and retrieval
policies in relation to the said Forms, returns, statements, reports, orders.
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