27 August 2021 Updates

👉Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) -reg.

https://www.mca.gov.in/bin/dms/getdocument?mds=uCTTViAfc1KSszKI91LQvA%253D%253D&type=open

👉Announcement by CL&CGC ICAI regarding amendment in Companies (Appointment and Qualification of Directors) Rules, 2014- A Chartered Accountant in practice for atleast 10 years is not required to clear online proficiency test to become Independent Director

https://resource.cdn.icai.org/66192clcgc53434.pdf

👉Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) as issued by Ministry of Corporate Affairs on 25th August, 2021

https://resource.cdn.icai.org/66218clcgc53480.pdf

👉Tokenisation – Card Transactions : Extending the Scope of Permitted Devices

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12152&Mode=0

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⚫I-tax notices give FPIs the jitters; experts suspect tech glitches and  called the development unprecedented.

⚫About 165,000 workers in the unorganised sector registered themselves on the e-Shram portal on the first day of its launch.

⚫Expense on R&D for Covid-19 drugs, vax, devices will count as CSR. The CSR FAQs provide details of what would qualify as overheads.

⚫SAIL is looking at bringing down its borrowings to Rs 20,000 crore by the end of the current financial year.

⚫India recorded 44558 new Covid-19 cases in the past 24 hours out of which, over 31,000 were from Kerala. The fear of third wave looms large as Kerala reported over 30,000 fresh cases for the second consecutive day on Thursday and even Delhi and Mumbai saw slight surge in daily cases.

⚫SC may resume physical hearing from September 1 in limited manner.

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Importance of SFT Code in Form No. 26AS

👉SFT refers to the Specified Financial Transaction. It is designed pursuant to rule 114E of the Income Tax act wherein certain specified transactions have been enumerated which is required to be reported by specified entities/ authorities to the Income Tax Department.

👉Form NO. 26AS mentioned the section quote of the specified transactions carried out by the taxpayers. Let us know about the SFT Code and its details.

👉SFT number Particulars Amount (in aggregation of) Person liable to report

👉SFT- 001: Purchase of bank drafts or pay orders in cash Rs. 10 lakh Banking company , co-operative bank

👉SFT- 002: Purchase of pre-paid instruments in cash Rs. 10 lakh Banking company, co-operative bank

👉SFT- 003: Cash deposit in current account Rs. 50 lakh Banking company, co-operative bank

👉SFT- 004: Cash deposit in account other than current account Rs. 10 lakh Banking company, co-operative bank or post master office

👉SFT- 005: Time deposit Rs. 10 lakh Banking company, co-operative bank or post master office or Nidhi or NBFC

👉SFT- 006: Payment for credit card Rs. 1 lakh in cash or Rs. 10 lakh in any other mode Banking company, co-operative bank or post master office

👉SFT- 007: Purchase of bonds or debentures Rs. 10 lakh Company or institution issuing debentures or bonds

👉SFT- 008: Purchase of shares Rs. 10 lakh Company issuing shares

👉SFT- 009: Buy back of shares Rs. 10 lakh Company listed in recognized stock exchange

👉SFT- 010: Purchase of mutual fund units Rs. 10 lakh · A trustee of mutual fund or any authorized person

👉SFT- 011: Purchase of foreign currency Rs. 10 lakh Authorised person under FEMA act

👉SFT- 012: Purchase or sale of immovable property Rs. 30 lakh (individual transaction) Inspector general or registrar or sub registrar

👉SFT- 013: Cash payment for goods and services Rs. 2 lakh (individual transaction) Any person liable to audit u/s 44AB

👉SFT- 014: Cash deposits during specified period (9th Nov to 30th Dec, 2016) Rs. 2.5 lakh Banking company, co-operative bank or post master office

Above chart makes it crystal clear that the SFT return has to be filed by the person with whom transactions have been done and not the person who has done the transaction. While filing income tax returns, taxpayers must just check whether the transaction as reflected In 26AS

👉Is correctIt belong to him And the same is very well explainable to the tax authorities if the information is called for.

👉Nothing more is required to be done by the taxpayers for SFT transactions reflected in 26AS of the assessee,

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🌺 Letter of allotment is relevant over date of possession for construing holding period for the term of Capital Assets – ITAT Bench of Surat in the case of Jethanand T. Datwani vs ITO [ITA No. 264/SRT/2017]

 

🌴 Facts and Findings: The NRI-Assessee was reassessed for AY 2008-09 and an addition was made on account of long term capital gains for property sold, holding period for which was computed by the AO with reference to date of possession of the property. The Assessee contended that he had acquired the property in 1997 and made payments of substantial amount of consideration, however being non-resident he could not travel for registration of conveyance deed, which was done in the year 2000, and therefore holding period for the property be considered from the year 1997 instead of the year 2000. The CIT - A disagreed with the Assessee’s contention.

 

☘️ The ITAT found that the Assessee was allotted the property by allotment letter dated Feb 25, 1997 and before occupation he had paid substantial amount as consideration. The ITAT bench relied on the ruling of the High Court of Punjab & Haryana in the case of Madhu Kaul vs CIT [(2014) 363 ITR 54] and the ruling of High Court of Madras in the case of CIT vs S.R. Jayshankar [(2015] 373 ITR 120] wherein it was held that that the date of allotment letter is to be considered to determine the holding period to ascertain the entitlement of section 54 of the Act. Accordingly, the ITAT bench *held that the holding period to be considered from date of allotment letter to determine the long term capital gains for ascertaining the entitlement of section 54 of the Act.

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26 August 2021 Updates

 🔰 Lassi is Exempted under GST

✅ In M/s. Sampoorna Dairy and Agrotech LLP. [Advance Ruling No. GUJ/GAAR/R/30/2021 dated July 19, 2021], M/s. Sampoorna Dairy and Agrotech LLP. ( “the Applicant”) has sought an Advance Ruling on whether the product “Lassi” but named as “Laban” is to be classified as Lassi itself and whether the same is exempted under the Central Goods and Services Act, 2017 ( “CGST Act” ).

Read More at: http://www.a2ztaxcorp.com/lassi-is-exempted-under-gst/

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📚 Incentive paid to Director in recognition of his services is allowable under section 36(1)(ii) of the Income-tax Act: ITAT Bench of Mumbai in the case of DCIT vs. VVF Limited [ITA/6908/2019].

🌴 Facts and finding: The Assessee Company paid an incentive of Rs.2.50 Crores to a Director who was holding 68% shareholding and claimed it as deduction under section 36(1)(ii). Assessee submitted that the Director played a significant role in exceling the Assessee's business and growth without drawing any remuneration for 3 years, therefore, in recognition of his contribution, such amount was paid which was approved by a board resolution and a special resolution in the EGM. The Revenue contended that transaction is done to be a device to extend benefits to the Director and avoid dividend distribution tax.

🫐 The ITAT bench of Mumbai deleted the disallowance appreciating the Assessee’s contention and observed that the Revenue’s allegation of violation of corporate law provisions not supported by concrete material on record; and accordingly given the remarks that if it was a dividend which was paid in the name of incentive, similar payments would have been made to the other shareholders of the company.

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⚫The Govt is considering allowing FDI in LIC of India. 

⚫Infosys becomes 4th Indian company to touch $100 bn market capitalisation.

⚫Real estate investment trusts and infrastructure investment trusts will now be included in the Nifty indices after the NSE revised the criteria for their inclusion.

⚫Indian co's have likely spent over Rs 1 trillion on CSR projects since a mandatory law came into effect.The amount for the FY21 is likely to cross Rs 22,000 crore.

⚫India recorded a massive spike of 51,016 new Covid-19 cases. Coronavirus in India may be entering some kind of stage of endemicity where there is low or moderate level of transmission going on.

⚫IPO bets of wealthy investors turn sour in August. Overall, HNIs have profited in 16 out of 27 IPOs in 2021.

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🏵️ ICAI Election Update

Voting is now easier for a member who is not residing at his registered professional address. Now, if you are residing in the *same Region* where your professional address is registered, you can exercise your voting rights at the polling station of your place of availability on the day of voting by giving information to ICAI 14 days in advance.

👉 If you reside in any other Region, you can exercise your right to vote at the polling station of your place of availability on the polling day by giving information to ICAI 21 days in advance.

👉 Form/link for change in polling booth will be published soon

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Income tax return filing for FY 2020-21 for individuals has already been extended to September 30, 2021, from the usual deadline of July 31, 2021. However, the new income tax e-filing portal has been marred by glitches and other problems from inception. The finance minister has given Infosys time till September 15 to fix all the problems. Chartered accountant society representatives are also saying that the deadline should be extended in view of the state of the e-filing portal. 

Finance Minister in a meeting with Infosys CEO Salil Parekh expressed "deep disappointment" plaguing the new income tax portal for more than two months after launch and gave him till September 15 to resolve all issues. In response, Parekh said over 750 people are working on the project and Infosys COO Pravin Rao is personally overseeing this project.

MCA in its revised norm has exempted practising #Chartered accountant with 10+ years’ experience from taking the online proficiency test conducted by the IICA, which was previously mandatory for independent directors getting into or retaining their board positions.

Supreme Court on Monday refused to stay the National Company Law Appellate Tribunal’s (NCLAT’s) decision that ruled that power distribution companies cannot terminate their power purchase agreement (PPA) with insolvent generating companies during the corporate insolvency resolution process (CIRP). 

Large urban cooperative banks (UCBs) should be allowed to function along the lines of small finance banks (SFBs) and universal banks, a Reserve Bank of India (RBI)-appointed expert panel said in a report. The committee under the chairmanship of former RBI deputy governor N.S. Vishwanathan proposed a four-tier structure for urban cooperative banks or UCBs based on the size of deposits and capital availability,

The recent banking regulation amendment has empowered RBI to declare certain securities issued by urban cooperative banks under the Securities Contract Regulation Act to facilitate listing and trading in recognised stock exchanges. The committee has recommended that until such time, RBI may consider allowing banks in tier-3 and tier-4 cities with the necessary technology and wherewithal to issue shares at a premium to people residing in their areas of operation, subject to certain conditions. 

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ICAI Election Update

Voting is now easier for a member who is not residing at his registered professional address. Now, if you are residing in the *same Region* where your professional address is registered, you can exercise your voting rights at the polling station of your place of availability on the day of voting by giving information to ICAI 14 days in advance.

👉 If you reside in any other Region, you can exercise your right to vote at the polling station of your place of availability on the polling day by giving information to ICAI 21 days in advance.

👉 Form/link for change in polling booth will be published soon

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🏵️ Amendment in relation to disallowance on late deposit of PF/ESI is prospective in nature, hence not applicable to the assessment years prior to the assessment year 2021-22: ITAT Bench of Delhi in the case of Insta Exhibitions Pvt. Ltd Vs ACIT [ITA No. 6941/Del/2017]

🌴 Facts and Findings: During the course of the assessment proceeding, the AO noted that Assessee deposited employees’ contribution towards ESI of Rs.2.31 lacs and PF of Rs.9.84 lacs beyond the due date under respective statutes and accordingly, disallowed the amounts under section 36(1)(va). The ITAT bench referred its co-ordinate bench ruling in the case of Dee Development Engineers [ITA No. 4959/Del/2016] wherein it was held that legislative intent and objective was not to treat belated payments under ESI & PF as deemed income under section 2(24). ITAT refers to ‘Notes on Clauses’ introducing Finance Bill 2021, and holds that amendment is *effective from AY 2021-22, and thus not applicable to the year under consideration i.e. the assessment year 2014-15. Accordingly, the ITAT bench of Delhi has deleted the addition.

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✅ MCA Update on CSR - FAQs dated 25th August 2021 vide General Circular no. 14/2021. - MCA issued a set of FAQs along with response of the Ministry is provided herewith for better understanding and facilitating effective implementation of CSR.

https://www.mca.gov.in/bin/dms/getdocument?mds=uCTTViAfc1KSszKI91LQvA%253D%253D&type=open

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Where assessee entered into an agreement for sale of flats with customer prior to 1-4-2013, however, sale deeds were executed after 1-4-2013*, then the provisions of section 43CA will be applicable – ITAT Banch of Jaipur in the case of Spytech Buildcon v. ACIT [2021] 129 taxmann.com 175

🌴 Facts and Findings: The case is related to the Assessment year 2014-15. The assessee-firm was engaged in business of real estate development and during relevant previous years sold three flats at value less than Fair Market Value as on date of registration of sale deed*. The Assessing Officer proposed to make addition under section 43CA on differential amount of consideration shown in document and Stamp Duty Valuation. The Assessee contended before Assessing Officer that at point of time agreement for sale of flats in question were entered into with customer, section 43CA was not in Statute Book and, thus, provisions of section 43CA were not applicable. 

🫐 However, the Assessing Officer did not accept this contention of assessee and made addition of differential amount under section 43CA. The question under consideration of ITAT bench was whether transfer under provisions of section 43CA is recognized only when a registered document is executed and since in instant case, booking was claimed to have been made prior to 1-4-2013 whereas sale deeds were executed after 1-4-2013 which fell in previous year relevant to assessment year under consideration, provisions of section 43CA would be applicable for assessment year under consideration. The ITAT Bench decided the matter in the favour of the revenue and *held that merely because an agreement had taken place prior to 1-4-2013 would not take away transaction from ambit of provisions of section 43CA.

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24 August 2021 Updates

Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department

👉Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the deep disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal of the Income Tax Department even after two and half months since its launch, which was also delayed. 

👉Smt. Sitharaman sought an explanation from Infosys for the repeated issues faced by taxpayers.

👉The Ministry of Finance emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.  Mr. Parekh was also sensitised on the difficulties that the taxpayers were facing and the problems that are arising on account of the delays in the functioning of the portal.

👉The Finance Minister demanded that the issues faced by taxpayers on current functionalities of the portal should be resolved by the team by 15th September, 2021 so that taxpayers and professionals can work seamlessly on the portal.

👉Mr. Parekh explained that he and his team are doing everything to ensure the smooth functioning of the portal. 

👉Further, Mr. Parekh said that over 750 team members are working on this project and Mr. Pravin Rao COO of Infosys, is personally overseeing this project. Mr. Parekh also assured that Infosys is working expeditiously to ensure a glitch-free experience to the taxpayers on the portal.

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⚫FM asked Infosys to fix persistent technical issues in the new tax filing portal by September 15 ahead of the tax returns deadline.

⚫Govt expects Rs 39,832 cr from sale of power generation assets by FY25.

⚫The RBI suggested an umbrella organisation for small urban cooperative banks, which will allow them access to scale forming a network. The larger UCBs are allowed to operate on a standalone basis with regulations similar to those of banks. 

⚫CCI slaps fine of Rs 200 crore on Maruti Suzuki over dealer discount policy.

⚫Sports infrastructure to follow airport PPP model. The government has pitched for the PPP mode after India's recent good performance in the Tokyo Olympics.

⚫Mumbai traffic 90% back, gains for rail freight. Other indicators show strengthening revival.

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23 August 2021 Updates

Finance Ministry gives deadline to Infosys till Sept 15 to fix glitches in Income Tax E-Filing Portal

Read More: https://www.taxscan.in/finance-ministry-gives-deadline-to-infosys-till-sept-15-to-fix-glitches-in-income-tax-e-filing-portal/128825/

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⚫India's smartphone market is set to hit a record high of 173 million units in 2021, growing at 14% yoy. India's smartphone market is the second biggest market in the world after China.

⚫India has cut base import taxes on crude and refined soyoil and sunflower oil to 7.5% from 15% for six weeks, to cool near record high prices.

⚫ED has served notices on at least a dozen NRIs in the past two weeks, seeking information on the source of funds and foreign assets. The federal agency is on a drive to verify if any provision in the foreign exchange law has been flouted.

⚫EPFO adds 1.283 million members in June amid Covid-19.

⚫Johnson & Johnson, has sought permission from the Indian drug regulator to conduct trials of its Coronavirus vaccine on adolescents aged 12 to 17 years.

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✅Companies (Appointment & Qualification of Directors) Amendment Rules, 2021

Chartered Accountants not Required to Pass "Online Proficiency Self Assessment Test"

https://t.co/MwyaPv9Ftu

✅ICAI - Multipurpose Empanelment Form (MEF) 2021-22 expected to be made live in the month of October

https://www.icai.org/post/mef2021-22-200821

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👉🏻Specified Professionals exempt from Online Proficiency Self Assessment Test for becoming Independent Director

( MCA exempts CA, CMA, CS & Advocate having 10 years experience from Online Proficiency Self Assessment Test for becoming Independent Director)

👇🏻 👇🏻 👇🏻

https://bit.ly/3kbqT36

👉🏻Multipurpose Empanelment Form (MEF) – 2021-22

(Revised MEF Form for the year 2021-22 is expected to be made live in the month of October 2021 - ICAI)

👇🏻 👇🏻 👇🏻

https://bit.ly/3syijPC

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👉Extension of Last attempt to appear in CA Final and Intermediate Old Course Examination - (20-08-2021)

https://resource.cdn.icai.org/66132bos200821.pdf

👉Multipurpose Empanelment Form (MEF) - 2021-22 - (20-08-2021)

https://www.icai.org/post/mef2021-22-200821

👉Conversion/Switch of Government of India (GoI)’s Securities

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52079

👉Minutes of the Monetary Policy Committee Meeting, August 4 to 6, 2021

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52088

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⚫Oil posts biggest week of losses in nine months as Delta variant spreads. The crude market has now posted seven consecutive days of losses. Numerous nations worldwide are responding to the rising infection rate due to the coronavirus Delta variant by adding travel restrictions to cut off the spread.

⚫Banks have recast loans worth Rs 35,000 crore under the RBI’s regulatory package 2.0 till June this year.

⚫India has been allowed to operate two flights per day from Kabul to evacuate its nationals stranded in Afghanistan.

⚫European Union says no recognition of Taliban, no political talks.

⚫Markets, malls, restaurants and bars in delhi can stay open beyond 8 pm from next week.

⚫Thousands of passengers are stranded in Jammu and Kashmir as railway authorities have cancelled over 40 trains since Friday due to an ongoing agitation by farmers.

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💡Ethical Case Law A Week💡

🎯False Certificate issued by Member

📌Where a Chartered Accountant admitted before the Examination Committee that he had issued a certificate to a person that he worked with him knowing it to be false.

✍️Held, he was guilty of other misconduct.

(Page 98 of Vol. II of the Disciplinary Cases and pages 221-222 of December, 1955 issue of the Institute’s Journal - Judgement delivered on 7th November, 1955).

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Know How to Generate Challan without Logging in the GST Portal

 👉The Good and Service Tax Network (GSTN) has released the procedure for generating Challan without logging in to the Goods and Service Tax (GST) Portal. 

👉In order to generate Challan without logging in to the GST Portal visit www.gst.gov.in, then navigate to services, then select payment and click on Create Challan Option, in GSTN or another ID field, enter your GSTN or other ID, enter the captcha text as instructed, and click on the proceed button. 

👉After this, the ‘Reason for Challan’ page is displayed, select the reasons either as a monthly payment for quarterly return or any other payment. 

👉Enter the challan details in the details of the Deposit Section and select the mode of payment from the payment mode displayed. 

👉Under Monthly Payment for Quarterly Return (MPQR) you can either select 35% Challan/Fixed Sum Method under this you can generate a Challan pre-populated with 35% of the tax liability discharged from electronic cash ledger in the last filed quarterly Form GSTR-3B or 100% of the tax liability discharged from electronic cash ledger in the last filed monthly Form GSTR-3B. Or if challan is on the Self Assessment Basis then under this you can self-assess your current month’s liability (Net of Input Tax Credit) and can generate the challan for the same. It is noteworthy, the taxpayer cannot save a challan in the Pre-Login method. 

👉The reasons for challan details will be shown on the create challan page and you can edit it as well. You can enter any amount irrespective of your liability, This will get updated in your Electronic Cash Ledger which can be utilized later. 

👉The total challan amount fields are auto-populated with the total amount of payment to be made. 

👉You can opt for any of the payment options. In the GSTN and Other ID for challan generation field, enter the GSTN or the other id and click the proceed button. 

👉The challan is generated and you can also download the GST Challan by clicking on download.

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⚫Equity market sentiment this week will be guided by global trends in the absence of any major domestic triggers, while bourses may also see some volatility amid expiry of derivatives contracts.

⚫FM will launch the National Monetisation Pipeline that will include the Centre’s four-year plan to monetise its brownfield infrastructure assets.The Govt has planned a Rs 6-trillion pipeline of assets that can be monetised, which will include a range of assets put on the block for private sector participation.

⚫Interest rate hike worries weigh on banking and PSU debt funds. Since the start of the FY till July, banking and PSU debt funds have seen outflows of Rs 1,247.44 crore.

⚫Farmers seeking a hike in sugarcane prices continued to block rail tracks and a national highway in Jalandhar as a meeting between their representatives and state ministers here remained inconclusive.

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20 August 2021 Updates

🌀 GST Aaj Tak

There is a total of 15 parameters based on which GST department is issuing notices for scrutiny of returns as follows:

👉In-eligible ITC claimed from non-genuine taxpayers (NGTPs) whose RC is canceled ab-initio

👉Excess outward tax in GSTR-1 compared to GSTR-9 /GSTR-3B

👉Excess Outward tax in E-Way Bills Compared to GSTR-3B

👉In-eligible ITC claimed from GSTR-3B Non-filers

👉Excess ITC claimed in GSTR-9/3B which is not confirmed in GSTR-2A or 8A of GSTR-9

👉In-eligible ITC claimed from RC is canceled suppliers

👉Less turnover is shown in GSTR-1 compared to GSTR-8 (TCS)

👉Less turnover is shown in GSTR-3B compared to GSTR-7 (TDS)

👉Less RCM liability disclosed in GSTR 9/3B/4 than shown by suppliers in GSTR-1

👉ITC claims after the last date of availing of ITC as per section 16(4) GSTR-3B

👉ITC on purchase invoices uploaded by the supplier in GSTR-1 filed after the last date of availing -section 16(4)

Interest on delayed payments made with GSTR 3B

👉Excess IGST on imports shown in GSTR_6E vs. ICEGATE data

👉Excess ISD ITC availed in GSTR9_6G Vs GSTR 2A_ISD

👉Excess RCM ITC GSTR9_6CDF than liability shown in GSTR

 9_4G

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Multipurpose Empanelment Form (MEF) – 2021-22

You may be aware that the Professional Development Committee of the ICAI hosts the Multipurpose Empanelment Form every year to be filled by the CA Firms and Members applying for the Bank Audits and other assignments. The form is generally hosted on MEF site in the month of August/ September. For the year 2021-22, we wish to inform that we are in the process of upgrading the said form so as to make it comprehensive and more user friendly.

👉 In view of the above, members may kindly note that the Revised MEF Form for the year 2021-22 is expected to be made live (at meficai.org) in the month of October 2021.

Upon hosting, we will be also sending an email in your mail ID registered with us.

This is for your kind information.

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ICAI - Multipurpose Empanelment Form (MEF) 2021-22 expected to be made live in the month of October 

https://www.icai.org/post/mef2021-22-200821

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✅Much Awaited announcement from University of Delhi to recognise CA/CS/CMA equivalence to post graduate degree.

✅ MCA Update on LLP Amendment Act

The Limited Liability Partnership (Amendment) Act, 2021. - The Act of Parliament received the assent of the President on the 13th August, 2021.

https://www.mca.gov.in/bin/dms/getdocument?mds=8ylTG8LOgTgQPakjVO2fRg%253D%253D&type=open

✅ GST Due Dates TODAY

20 August 21 - Due date of filing of GSTR 3B for the month of July 2021 for taxpayer having turnover more than INR 5 Crore.

20 August 21 - Due date of filing of GSTR 5 & 5A by Non-resident taxable person for July 2021.

20 August 21- Due date of filing of GSTR 3B for the month of July 2021 for taxpayer who has not opted for QRMP scheme having turnover less than INR 5 Crore

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⚫The Govt will support the setting up of the semiconductor industry in India, which will also help reduce foreign exchange outflows.

⚫The country’s housing market is expected to overtake the 2015 levels in terms of sales by 2023. The market is set to witness a healthy double-digit growth rate over the next three years. In 2021, new launches are estimated to grow 35%, and sales 30%.

⚫The value of the FPI holdings in the domestic equities reached USD 592 billion in three months ended June 2021, a surge of 7% from the preceding quarter.

⚫The Govt announced an incentive for sugar mills in the form of an additional domestic sales quota to those that export sugar and divert the commodity towards ethanol making.

⚫Chairman of Karvy Stock Broking arrested for defaulting on bank loan.

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🌀 GST Aaj Tak

There is a total of 15 parameters based on which GST department is issuing notices for scrutiny of returns as follows:

👉In-eligible ITC claimed from non-genuine taxpayers (NGTPs) whose RC is canceled ab-initio

👉Excess outward tax in GSTR-1 compared to GSTR-9 /GSTR-3B

👉Excess Outward tax in E-Way Bills Compared to GSTR-3B

👉In-eligible ITC claimed from GSTR-3B Non-filers

👉Excess ITC claimed in GSTR-9/3B which is not confirmed in GSTR-2A or 8A of GSTR-9

👉In-eligible ITC claimed from RC is canceled suppliers

👉Less turnover is shown in GSTR-1 compared to GSTR-8 (TCS)

👉Less turnover is shown in GSTR-3B compared to GSTR-7 (TDS)

👉Less RCM liability disclosed in GSTR 9/3B/4 than shown by suppliers in GSTR-1

👉ITC claims after the last date of availing of ITC as per section 16(4) GSTR-3B

👉ITC on purchase invoices uploaded by the supplier in GSTR-1 filed after the last date of availing -section 16(4)

Interest on delayed payments made with GSTR 3B

👉Excess IGST on imports shown in GSTR_6E vs. ICEGATE data

👉Excess ISD ITC availed in GSTR9_6G Vs GSTR 2A_ISD

👉Excess RCM ITC GSTR9_6CDF than liability shown in GSTR

 9_4G

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🎓✒️💡MCA Update on LLP Amendment Act

📜The Limited Liability Partnership (Amendment) Act, 2021.

📍The Act of Parliament received the assent of the President on the 13th August, 2021.

https://www.mca.gov.in/bin/dms/getdocument?mds=8ylTG8LOgTgQPakjVO2fRg%253D%253D&type=open

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⚫The Govt announced the guidelines and tax refund rates for the export boosting scheme Remission of Duties and Taxes on Export Products for 8,555 items.The outlay for the scheme is Rs 12,454 crore in the current fiscal.

⚫India is expected to withdraw sugar export subsidies from the new season beginning October as a sharp rise in global prices makes it easier for Indian mills to sell the sweetener in world markets.

⚫Retail, recreation visits hit pre-lockdown levels. Power generation also registers a surge; 20% higher than in 2019.

⚫In a partial relief to HDFC Bank, the RBI has allowed the lender to issue new credit cards.

⚫With 8,813,919 more Covid-19 vaccine doses being administered on Monday, India’s total count of vaccine shots reached 55.47 crore.

⚫80% fee cut for recognised institutes applying for patents. In the past, they were available only to recognised educational institutions owned by the govt.

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👉🏻RBI issues revised norms for hiring of bank lockers

(RBI came out with revised guidelines for the hiring of lockers under which the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees)

👇🏻 👇🏻 👇🏻

https://bit.ly/2XG6gEH

*👉🏻Accounting standards and special courts to be created for LLPs - MCA

(MCA said amendments to the LLP Act passed by Parliament in the just-concluded monsoon session primarily for decriminalizing offences, also provide for a set of changes aimed at making this flexible legal structure of business more popular)

👇🏻 👇🏻 👇🏻

https://bit.ly/2VYdDHb

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👉Safe Deposit Locker/Safe Custody Article Facility provided by the banks - Revised Instructions

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12146&Mode=0

👉RBI announces Open Market Purchase of Government of India Securities under G-sec Acquisition Programme (G-SAP 2.0)

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52077

👉Decline in debit bounce rates hints at pick-up in collections

https://economictimes.indiatimes.com/industry/banking/finance/banking/decline-in-debit-bounce-rates-hints-at-pick-up-in-collections/articleshow/85446105.cms

👉Affordable housing to be fulcrum of recovery for housing finance companies: Report

https://economictimes.indiatimes.com/industry/banking/finance/affordable-housing-to-be-fulcrum-of-recovery-for-housing-finance-companies-report/articleshow/85432733.cms

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17 August 2021 Updates

⚫PM announced a new target of making India an ‘Energy Independent’ nation in 2047.

⚫Govt intends to power up economic recovery via infra building. Infra investment creates the bulwark against further investment in the economy.

⚫NSE has witnessed over 50 lakh new investor registrations in the current fiscal. Direct retail participation has strengthened significantly during the last few years which has been reflected in a sharp rise in new investors and an increase in individual investors' share in the overall market turnover.

⚫FPI have made a net investment of Rs 2,085 crore so far in August in Indian equities.

⚫Punjab will allow entry to only those people who are either fully vaccinated against the coronavirus or have a medical report saying they are not infected.

⚫The Bombay High Court granted an interim stay to the operation of clauses 9 (1) and 9 (3) of the new Information Technology Rules, 2021, for digital media pertaining to adherence to a Code of Ethics.

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👉Announcement on Chartered Accountants (Amendment) Regulations, 2021 dated July 8, 2021 

https://www.icai.org/post/chartered-accountants-amendment-regulations-2021-dated-july8-2021

👉Publication: Handbook on Do's and Don'ts for IPs under The Insolvency and Bankruptcy Code, 2016 by CIBC of ICAI 

https://resource.cdn.icai.org/66045cibc53299.pdf

👉On Tap Targeted Long-Term Repo Operations – Extension of Deadline

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52060

👉Building a More Resilient Financial System in India through Governance Improvements – Speech by Shri Mahesh Kumar Jain, Deputy Governor, Reserve Bank of India – Friday, June 18, 2021 – at the India international Centre, New Delhi

https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1113

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#DGFT #Updates

⚠️ DGFT restricted export of COVID-19 Rapid Antigen Testing Kits with immediate effect.

Download Notification: https://bit.ly/3xOf5IL

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⚫PM spoke with his Israeli counterpart and the two leaders reviewed all areas of bilateral cooperation and agreed on the tremendous potential of the strategic partnership.

⚫Exporters likely to move CCI on cartelisation in shipping industry. The country has seen a 15% fall in the supply of containers in 2021 for various reasons.

⚫High commodity prices hit India Inc's profits margins. The adverse impact of inflation and higher commodity prices is visible in the overall corporate results for Q1FY22.

⚫FM said the Centre had little room to cut excise duty on petrol and diesel because of the cost burden of the oil bonds issued by the previous Govt.

⚫GDP likely to grow 13-23% in first quarter. The IIP was up 45% in the first quarter due to the 134.63% rise in April owing to a low base.

⚫The Govt imposed restrictions on export of COVID-19 rapid antigen testing kits amid several experts warning of a possible third wave of the coronavirus.

⚫US scales back travel warning for India, cites 'moderate level of Covid-19'.

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 Faceless assessment scheme of the government will improve efficiency and transparency but few issues regarding the system interface and video conferencing facilities need to be resolved soon, according to a CII survey. Majority of the respondents stated that the scheme will help realize the government’s objective of reducing interface and reducing undesirable practices on the part of tax officials.

The proposed Pradhan Mantri Gati Shakti program of Rs 100 lakh crore promises to converge infrastructure, manufacturing and competitiveness to drive India’s future growth and create employment. His words on manufacturing quality to build pride in Indian products were timely with a renewed thrust on the mission.

Central Board for Indirect Taxes & Customs launched the Indian Customs Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP for providing free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items.

GST data analytics exercise was hence undertaken by the Central Board of Indirect Taxes and Customs to identify taxpayers who have made substantial contribution in payment of GST in cash along with timely filing of returns. As a result, 54,439 taxpayers have been identified. More than 88% of these taxpayers are from Micro (36%), Small (41%) and Medium enterprises (11%) representing a wide spectrum sectors involved in the supply of goods & services spread across all States/UTs.

 Late payment of employee’s contribution to EPF & ESIC allowable if paid before filing I.T. return. Case Name: Indo States Exports Vs ACIT (ITAT Delhi) Appeal Number : ITA No. 1892/Del/2020 Date of Judgment/Order : 30/06/2021.

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14 August 2021 Updates

Delhi High Court in the case of Concentrix Services Netherlands B.V. vs Income Tax Officer (TDS), W.P. (C) 9051/ 2020 and in Optum Global Solutions International B.V. vs Deputy Commissioner of Income Tax, W.P. (C) 882/ 2021, had held that the lower tax rate of 5% on dividends as envisioned in the tax treaty concluded between India and Slovenia, the said beneficial (provision) treatment be read and applied in the India-Netherlands Tax Treaty. 



Income Tax Department almost 80 per cent of the posts of chief commissioners were lying vacant for several months. Some of the vacancies had not been filled for as long as about a year. What this essentially meant was that against 91 approved positions of chief commissioners, only 18 had been filled.

GST: Cost of diesel incurred as part of a composite service will attract GST even though the fuel itself has not been included under the new indirect tax system, it has been held.

In a significant order, the Karnataka bench of Authority for Advance Ruling (AAR) has ruled that the cost of the diesel incurred for running diesel generator (DG) sets in the course of providing DG rental service is nothing but additional consideration for the supply of DG sets on rent as per section 15 of the CGST/KGST Act and hence attracts 18 percent GST (CGST @9 percent and KGST @ 9 per cent).

Foreign banks have been forced to unwind billions of dollars worth of profitable currency trades at the behest of India’s central bank. The issue in focus is a flurry of currency swap trades that involved the banks converting rupee-denominated deposits into dollars that were then used to buy foreign sovereign debt including U.S. Treasuries, which are unlisted in India.

 RBI has provided that Cash-out at any ATM of more than ten hours in a month will attract a flat penalty of ₹ 10,000/- per ATM with effect from 1st October 2021.

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⚫Retail inflation fell to a three-month low of 5.59% in July from 6.26% in the previous month as the rate of price rise in food items, particularly vegetables, declined.

⚫India's industrial production grows 13.6% in June on low base effect.

⚫The FMCG market in India grew 36.9% yoy in the April-June quarter despite lockdowns in various parts of the country.

⚫Govt's retro tax settlement with Cairn Energy may hinge on Vedanta case. India lost the international arbitration with Cairn Energy at The Hague in December and the former was given an award of $1.2 billion.

⚫India recorded 40,078 new Covid-19 cases.

⚫Over 100,000 coronavirus cases reported in the United States for the fourth consecutive day.

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Respected Members

SLP dismissed against High Court ruling that deduction under section 80-IB was to be allowed where completion certificate was issued by registered architect as per State Municipal Corporation Act and; deduction could not be denied merely because completion certificate was not issued by local authority

👇👇👇👇👇👇

Profits and gains from industrial undertaking other than infrastructure development undertakings (Housing project) - Assessee-developer claimed deduction under section 80-IB. Assessing Officer disallowed same on ground that completion certificate was issued by a registered architect. Earlier letters were written by assessee to Commissioner of City Municipal Corporation to issue occupancy certificate. Copies of these letters were made available to Assessing Officer which were ignored. High Court by impugned order held that completion certificate referred to in section 310 of Karnataka Municipal Corporation Act, 1976 refers to completion certificate issued by architect, engineer or supervisor; thus, revenue’s contention that completion certificate was required to be issued by local authority as prescribed under second Explanation to section 80-IB(10) could not be accepted. It further held that since assessee had furnished certificate of registered architect before Assessing Officer and established that project had been completed within stipulated period, deduction under section 80-IB was to be allowed. Special leave petition filed against impugned order of High Court was to be dismissed. [In favour of assessee] (Related Assessment year : 2008-09) - [PCIT v. Majestic Developers (2021) 278 Taxman 187 : 125 taxmann.com 82 (SC)]

Where assessment order clearly records satisfaction for imposing penalty on one or other, or both grounds mentioned in section 271(1)(c), a mere defect in notice, not striking off irrelevant matter would vitiate penalty proceedings

👇👇👇👇👇👇

For concealment of income (Recording of satisfaction) - Where assessment order clearly records satisfaction for imposing penalty on one or other, or both grounds mentioned in section 271(1)(c), a mere defect in notice-not striking off irrelevant matter would vitiate penalty proceedings. Since penalty proceedings culminate under a different statutory scheme that remains distinct from assessment proceedings, therefore, assessee must be informed of grounds of penalty proceedings only through statutory notice. Even if notice contains no caveat that inapplicable portion be deleted, it is in interest of fairness and justice that notice must be precise, it should give no room for ambiguity. [In favour of assessee] - [Mohd. Farhan A. Shaikh v. DCIT(C), Belgaum (2021) 434 ITR 1 : 125 taxmann.com 253 (Bom.)]

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⚫PM formally launched the National Automobile Scrappage Policy, which would attract investments of about Rs 10,000 crore. The policy would also help in getting rid of unfit and polluting vehicles in a scientific manner.

⚫The Centre may set up an independent regulatory authority for the e-commerce sector.

⚫India exported goods worth $35.43 billion in July, the highest first time ever in a month, due to recovery in key global markets and robust demand.

⚫Faceless' authority proposes restructuring in I-Tax dept. Calls for merger of supervisory officers at CIT level and above.

⚫66 Delta plus patients found in Maharashtra so far, some of them fully vaccinated.

⚫Students caught in a logjam in the run-up to Fall semester. With Canada, Australia extending restrictions, admission seekers are deferring their studies or looking elsewhere.

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Ministry of Corporate Affairs

MCA amends Schedule III of Companies Act on disclosure norms in financial statements

👉In order to bring in greater transparency in reporting of financial statements, the Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements. 

👉The new disclosures with respect to the virtual currency/crypto currency transactions and CSR spending undertaken by companies during a financial year are:-

1. Details of Crypto Currency or Virtual Currency

Where the Company has traded or invested in Crypto currency or Virtual Currency during the financial year, the following shall be disclosed:- 

a. profit or loss on transactions involving Crypto currency or Virtual Currency

b. amount of currency held as at the reporting date,

c. deposits or advances from any person for the purpose of trading or investing in Crypto Currency/virtual currency.

2.  Details of Corporate Social Responsibility (CSR)

Where the company covered under section 135 of the companies act, the following shall be disclosed with regard to CSR activities:-

A. amount required to be spent by the company during the year,

B. amount of expenditure incurred,

C. shortfall at the end of the year,

D. total of previous years shortfall,

E. reason for shortfall,

F. nature of CSR activities,

G. details of related party transactions, e., contribution to a trust controlled by the company in relation to CSR expenditure as per relevant Accounting Standard,

H. where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision during the year should be shown separately.

 

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⚫The Indian Railways has entrusted the Rail Land Development Authority to redevelop additional 49 railway stations across the country.

⚫The RBI notified the enhancement of collateral free loans to self-help groups to Rs 20 lakh under Deendayal Antyodaya Yojana - National Rural Livelihoods Mission.

⚫About 58.2 million accounts under PM Jan Dhan Yojana are inoperative as on July 28, 2021.

⚫Sebi examines Ant Group and Alibaba holdings in IPO-bound Paytm. To become a professionally managed company, no single entity can own more than 25% in Paytm

⚫The RBI has asked banks and ATM operators to put in place a robust system that will allow them to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-out situations.

⚫65% of the tuberculosis cases in India are in the 15-45 age group, which is the most economically productive population segment.

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✅ Important Announcement - Schedule of ICAI Chartered Accountancy Examinations - December 2021

https://resource.cdn.icai.org/65998exam100821.pdf

✅ MCA amen(. ds Schedule III of Companies Act on disclosure norms in financial statements* effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements. https://pib.gov.in/PressReleasePage.aspx?PRID=1744542

✅The last date for mandatory Updation of IEC is extended till 31.08.2021.

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🔮 Ethics of the Day🕵🏻

🏵️ FAQ: Can a Chartered Accountant in practice pay to any person any share, commission or brokerage in the fees or profits of his professional business*? 

🌀 Ans : No, Clause (2) of Part-I of the First Schedule to the Act prohibits a Chartered Accountant in practice from paying or allowing any share,

commission or brokerage in the fees or profits of his professional business, to any person other than a member of the Institute or a partner or a retired partner or the legal representative of the deceased partner or a member of any other professional body or with such other persons having such qualifications as may be prescribed, for the purpose of rendering such professional services from time to time in or outside India.  

🏵️ FAQ : Can a Chartered Accountant in practice share his fees with the Government in respect of Government Audit?

🌀 Ans : The Institute came across certain Circulars/Orders issued by the

Registrar of various State Co-operative Societies wherein it has been

mentioned that certain amount of audit fee is payable to the concerned

State Govt. and the auditor has to deposit a percentage of his audit fee in the State Treasury by a prescribed challan within a prescribed time of the receipt of Audit fee.

In view of the above, the Council considered the issue and while noting that the Government is asking auditors to deposit such percentage of their audit fee for recovering the administrative and other expenses incurred in the process, the Council decided that as such there is no bar in the Code of Ethics to accept such assignment wherein a percentage of professional fees is deducted by the Government to meet the administrative and other expenditure. 

🏵️ FAQ Can a member share profits with the widow of his deceased partner? 

🌀 Ans : Yes, when there are two or more partners and one of them dies, the widow of the deceased partner can continue to receive a share of the profit of the firm. A legal representative, say widow of a deceased partner, would be entitled to share the profits only where the partnership agreement contains a provision that on the death of the partner his widow or legal representative would be entitled to such payment by way of sharing of fees or otherwise for the specified period.

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⚫PM said his Govt had taken a host of bold economic decisions such as scrapping retro tax and initiating farm and labour reforms, and called upon India Inc to enhance its risk-taking appetite to take advantage of them.

⚫Hailing the passage of a bill that restores states' rights to identify Other Backward Classes, PM said that it underscores his Govt's commitment to ensuring dignity, opportunity and justice to the marginalised sections.

⚫RBI buys record gold this year. The central bank's gold reserves stood at 705.6 tonnes as on June 30. 

⚫A bill to allow privatisation of state-run general insurance co's got parliamentary assent

⚫Over 100,000 coronavirus cases reported in the United States for the third consecutive day.

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10 August 2021 Updates

⚫PM announced a Rs 11,000 crore National Edible Oil Mission-Oil Palm to make India self-sufficient in cooking oils, including palm oil.

⚫Periodic Labour Force Survey report shows a sharp increase in employment in agriculture from 42.5% in 2018-19 to 45.6% in 2019-20.

⚫Digital transactions have continued to grow at a strong pace in the country with increasing acceptance in tier II and III towns.

⚫Power generation up to 3-week high, mobility spikes. The power generation recovered sharply week on week basis as a lull in monsoon rains raised temperatures across the country.

⚫TDS defaults by state PSUs, banks come under I-T lens. Tax dept plans to conduct over 500 survey operations to ensure compliance.

⚫Life insurers report 11% YoY decline in new business premiums in July.

⚫India's power consumption grew 9.3% in the first week of August to 28.08 billion units due to improved economic activities after easing of lockdown curbs by states.

⚫Operators of India's largest airports have urged the Govt to resume international air travel without limiting capacity.

⚫DoT likely to set up a panel for telco financial relief package. It is learnt that it is likely to consult an external agency for the revival package that is expected to provide relief to the sector besides being a lifeline for Vodafone Idea.

⚫Four IPOs to hit markets next week; aims to garner Rs 14,628 cr.

⚫India eyes entry into global bond indices in a year. An entry into some of these indices is expected to generate an additional $20 billion of foreign investment into the economy.

⚫Investors reach Govt door, seek LIC IPO details. Investors have been keen to know the embedded value of India's largest insurer, and the value of new businesses, which are yet to be determined.

⚫India's high antibody count may mean a less severe Covid-19 third wave. Provided states don't lift restrictions prematurely and throw caution to the wind.

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🔮 Ethics of the Day🕵🏻

🏵️ FAQ : Whether a member in practice can provide equity research service, and publish retail research report? 

👉 Ans : A member in practice may be an equity research adviser, but he cannot publish retail report as it would amount to other business or occupation,

which is not permissible in view of the provisions of Clause (11) of Part

I of First schedule to the Act..

🏵️ FAQ:  Whether a member holding Certificate of practice will be deemed to be in practice even if he is not serving any clients?

👉 Ans : Yes, a member is deemed to be in practice, not only when he is actually

engaged in the practice of accountancy, but also when he offers to render accountancy services, whether or not he in fact does so..

🏵️ FAQ Whether a member not in practice can use any other description? 

👉 Ans : A member not in practice may use, as per the provisions of Section 7

of the Act, the designation of “chartered accountant”. However, if he

chooses to use the designation of “chartered accountant”, he shall not

use any other description, whether in addition, or in substitution thereof.

However, such a member is not prohibited from adding any other description or letters to his name, if entitled thereto, to indicate membership of such other Institute of accountancy, whether in India or elsewhere, as may be recognised in this behalf by the Council, or any other qualification that he may possess,

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👉Extension of time period for admission in Foundation Course for appearing in Foundation Examination to be held in December, 2021 - (07-08-2021)

https://resource.cdn.icai.org/65983bos070821a.pdf

👉Relaxation for provisionally registered students through Direct Entry Route for appearing in May, 2022 Intermediate Examination - (07-08-2021)

https://resource.cdn.icai.org/65984bos070821b.pdf

👉Statement on Developmental and Regulatory Policies

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52010

👉IDBI stake sale: 7 firms in transaction adviser shortlist

https://economictimes.indiatimes.com/industry/banking/finance/banking/idbi-stake-sale-7-firms-in-transaction-adviser-shortlist/articleshow/85160335.cms

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⚫The RBI kept its policy rates and stance unchanged at 4% and promised to remain accommodative as long as necessary, even as it raised its inflation projections.

⚫The RBI kept the growth forecast unchanged at 9.5%, and said the gradual opening up of the economy, as well as the good monsoon, augured well for a pick-up in economic activities.

⚫PM spelt out a strategy to boost export of goods from India. PM pointed out four factors that are very important for accelerating outward shipments from India -- increasing domestic manufacturing, ironing out problems of logistics, need for the Centre and state Govts to walk shoulder to shoulder with the exporters and expanding international market for Indian products.

⚫The SEBI relaxed the lock-in period with regard to pre-IPO shareholding to 18 months and approved the concept of ‘controlling shareholders’.

⚫The NCLT, New Delhi Bench, admitted an application for initiating a  CIRP against McLeod Russel India, the largest bulk tea producer in the country.

⚫India crosses 500 mn-mark in total number of Covid vaccine doses given

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👉Publication: Handbook on Claims under The Insolvency and Bankruptcy Code, 2016 by CIBC of ICAI - (06-08-2021)

https://resource.cdn.icai.org/65980cibc-hcibc.pdf

👉Governor’s Statement : August 6, 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52008

👉Monetary Policy Statement, 2021-22 Resolution of the Monetary Policy Committee (MPC) August 4-6, 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52011

👉NCLT admits tea producer McLeod Russel for bankruptcy proceedings

https://economictimes.indiatimes.com/industry/banking/finance/banking/nclt-admits-tea-producer-mcleod-russel-for-bankruptcy-proceedings/articleshow/85121116.cms

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🔮 Ethics of the Day🕵🏻‍♀️

🏵️ FAQ: Whether a CA Firm can be registred with the Institute asa Limited Liability partnership?

🌀 Ans: Yes, vide the Chartered Accountants (Amendment) Act, 2011, the definition of “Firm” has been amended to include the Limited Liability partnership as defined in Clause (n) of sub-section (1) of Section 2 of the Limited Liability Partnership Act, 2008.

🏵️ FAQ: Can a member in practice render Management Consultancy and other services?

🌀 Ans: Yes, however, the areas covered under the Management Consultancy and other services have been summarized by the Council.

🏵️ FAQ: Whether a member in practice is permitted to undertake the management of NRI funds?

🌀 Ans: No, the member is not permitted to undertake such assignment Frequently Asked Questions on Ethical Issues 4 because the same is not covered under “Management Consultancy and Other Services” permitted to be rendered by the practicing members of the Institute.

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https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

6 August 2021 Updates

⚫The Union Cabinet cleared a Constitution amendment bill which seeks to give power to states and UTs to make their own OBC lists.

⚫Services sector continued to contract for the third month in a row in July due to restrictions imposed by State Govts to arrest the spread of the Covid-19 pandemic, showed a widely tracked IHS Market PMI survey.

⚫ED slaps Rs 10600 crore notice on Flipkart for forex violations. The probe reflects discrepancies in Flipkart's structuring operations.

⚫The construction of Ram temple in Ayodhya is progressing according to the plan, and devotees are expected to be allowed to pay obeisance to the deity by 2023 end.

⚫Kumar Mangalam Birla steps down from Vodafone Idea board after stake offer.

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CBIC launches Compliance Information Portal (CIP)

👉CIP provides free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items

👉The Central Board for Indirect Taxes & Customs (CBIC) here today launched the Indian Customs Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP for providing free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items.

👉CIP is yet another facilitation tool developed by CBIC to empower our business as well as any interested person with up-to-date information on the legal and procedural requirements of Customs and Partner Government Agencies (FSSAI, AQIS, PQIS, Drug Controller etc.) for carrying out imports and exports.  The portal would provide at the click of a button complete knowledge of all import and export related requirements for all items covered under the Customs Tariff thereby improving the ease of doing cross border trade.

👉For using CIP, one can simply enter either the Customs Tariff Heading (CTH) or the description of the goods in question to get information to step-by-step procedures, regulatory compliances requirements like License, Certificates, etc., for imports as well as exports. This includes import and export through posts and courier, import of samples, reimport and reexport of goods, self-sealing facility for exporters and project imports.

👉Another important feature of CIP is a pan India map showing all the Customs seaports, airports, land customs stations etc. It also contains addresses of the regulatory agencies and their websites.

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⚫The Govt is working towards the launch of a digital platform 'Maadhyam' a National Single Window System to allow investors to identify and apply for various pre-operation clearances required for starting business in the country.

⚫PM will launch a national effort to achieve the target of $400 billion worth merchandise exports in the current fiscal. India has met nearly a third of its annual target in the first four months of 2021-22.

⚫FM tabled Taxation Laws Amendment Bill in Lok Sabha, which seeks to withdraw the contentious retrospective tax more than nine years after it came into force. The move will come as a relief to Cairn Energy and Vodafone, and is likely to end their long-standing legal dispute with the Centre.

⚫The NHAI has incurred an estimated revenue loss of Rs 3,512.62 crore in FY 2020-21, due to COVID-19-related restrictions.

⚫Telecom firms BSNL and MTNL have narrowed their losses and reduced liabilities in 2020-21.

⚫The USA hit a six month high for new Covid cases with over 100,000 infections reported as the Delta variant ravages areas where people did not get vaccinated.

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👉Companies (Registration of Foreign Companies) Amendment Rules, 2021 

https://www.mca.gov.in/bin/dms/getdocument?mds=VTFDnv980u1CmFs0dp1C%252Fg%253D%253D&type=open

👉Notification under section 393A of the Companies Act, 2013

https://www.mca.gov.in/bin/dms/getdocument?mds=nk7Cyx3NcC3Y3S5lcnYUBg%253D%253D&type=open

👉Guidelines for Implementation of the circular on Opening of Current Accounts by Banks

https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12137&Mode=0

👉10 Weeks Online Management Development Programme: Leadership Beyond Boundaries (Batch 3) Steered By Eminent CAs/National/International Faculties from 04 September to 10 November 2021 at CoE, Hyderabad - (05-08-2021)

https://www.icai.org/post/10weeks-online-mdp-batch3

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3 August 2021 Updates

No Interest liability for reversal of wrongful claim of ITC met out of credit ledger

Karnataka High Court in Maansrovar Motors Private Limited on 29-09-2020 decided a  batch of cases on this issue, where several writ petitions were filed challenging action taken by CGST authorities levying interest on tax paid by reversal of ITC. [Para 13]

Karnataka High Court quoted Supreme Court decision in Eicher Motors* to hold that *available credit is as good as tax paid. Court further held that by ignoring the available credit and providing to levy interest upon that component of tax which the assessee seeks to remit by adjustment of credit, the Department is enriching itself doubly – on the one hand, holding in its coffers the available credit and on the other, seeking the payment of interest upon the same sum.[Para 17]

Karnataka High Court further quoted Supreme Court in Anjum MH Ghaswala to hold that interest is intended to compensate the revenue for loss of capital. . In the present case, there is no loss in so far as the revenue is in possession of the credit ‘which is good as cash’ as held by the Supreme Court in the case of Eicher Motors  and cannot thus be said to be prejudiced in any way[Para 23].

Karnataka High Court also quoted its own bench decision in (2017) 346 ELT 80, where differential duty was paid out of credit available. Court held that ‘when credit was available to the account of the assessee, the Department cannot act like Shylock demanding a pound of flesh

Karnataka High Court ordered to re compute liability of interest on cash remittances and refund the balance interest recovered on credit component.[Para 30]

Now, *Madras High Court in F1 Auto Components (P.) Ltd on 09-07-2021* relying upon the above decision, has placed on record that Counsel for revenue has also concurred on this position  that in the light of the aforesaid decision, the levy to this extent (Interest on credit component) is to be set aside.  [Para 4 oft his judgment]

Further Madras High court has held that *the provisions of Section 42 can only be invoked in a situation where the mismatch is on account of the error in the database of the revenue* or a mistake that has been occasioned at the end of the revenue. In a case where the claim of ITC by an assessee is erroneous, as in this case, then the question of Section 42 does not arise at all, since it is not the case of mismatch, one of wrongful claim of ITC [Para 7 of Madras High Court Judgment]

Note: The observations in Para 7 of Madras High Court Judgment shall also help in cases where revenue is demanding Interest @ 24% instead of 18% u/s 50(3).

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⚫The Nifty50 index closed above the 16,000 mark for the first time, ending the session at 16,123 with a gain of 1.55%.

⚫With the markets at record highs amid economic challenges because of the Covid pandemic, FM said the Govt, the RBI, and the SEBI are regularly monitoring the behaviour of the financial markets.

⚫The CBDT has extended the due dates for electronic filing of various forms under the Income-tax Act, 1961 considering the difficulties reported by the taxpayers in the electronic filing of certain Forms.

⚫Tax mop up shines through fragile recovery. Direct-tax-to-GDP ratio in the Q1 of 2021-22 increased to 5.14%, compared with 3.29% over the last two years.

⚫Union Road Transport and Highways Minister emphasised on the roll out of flex-fuel vehicles in the Indian auto market within a year.Gadkari also appealed to vehicle manufacturers to compulsorily provide a minimum of six airbags across all variants and segments of a vehicle.

⚫With more than 51.51 lakh Covid vaccines administered on Tuesday, the total vaccination count in India has crossed the 48 crore.

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✅CBDT has issued Circular No. 15/2021 dated 3rd August 2021 for extension of timelines for electronic filing of various Forms under the Income-tax Act, 1961

✅ Details of ITC for Goods or Services received in previous FY but ITC availed in GST Returns filed for April to Sep 2021 to be declared in Table 4(A) of GSTR-3B: CBIC

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👉Exposure Draft on Initial Application of IFRS 17 and IFRS 9 - Comparative Information Proposed amendment to IFRS 17 - (03-08-2021)

https://www.icai.org/post/ed-on-initial-application-of-ifrs-17-and-ifrs-9

👉Result of the online Examination of the Certificate Course on Derivatives held on 24th July,2021. - (03-08-2021)

https://resource.cdn.icai.org/65892ccmip030821.pdf

👉Framework for Outsourcing of Payment and Settlement-related Activities by Payment System Operators

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12136&Mode=0

👉The world could be about to wake up to the next big thing in banking

https://economictimes.indiatimes.com/industry/banking/finance/banking/the-world-could-be-about-to-wake-up-to-the-next-big-thing-in-banking/articleshow/85027448.cms

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Exemption under Section 54F of IT Act under certain Circumstances

Benefit of exemption under Section 54F of the IT Act cannot be denied to the Respondent merely on the ground that conveyance deed has not yet been got registered particularly when the Respondent is proved to be in possession of the property in question out of which the Respondent was already owner in possession of 1/3rd share since 2008 after making a complete payment of the sale consideration to the vendors and has duly proved possession over the property by way of electricity and water charges bills.

 ITO vs. Smt. Swati Oberoi [ITA No. 4150/Del./2018 decided 30.07.2021]

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👉🏻PM Modi launches new digital payment system e-RUPI

(India was proving to the world that “we are second to none in adopting technology and adapting to it” through innovations and use of technology in service delivery)

👇🏻 👇🏻 👇🏻

https://bit.ly/3C9aXGG

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ICAI's Biggest Event of the Year : Election 2021

✏ Institute's 25th Council & 24th Regional Councils are scheduled to be held on 3rd and 4th Dec 2021.👆

✏ We request Entire CA Fraternity to Participate actively in this Democratic Process to Elect the Leader for the Profession. 🙏

✏ Change in Pooling Booth in Certain Cities - Exercise this option by giving your _Full Name, Membership Number and Address of the Polling Booth_ by E- mail - optionpb2021@icai.in or any other mode on or before 16th August, 2021 📧

🖥️ Visit Election Tab for more details:

https://www.icai.org/post/election-2021

To Your Success.

#ICAI #Election2021 #Awareness #Appeal #Right #Duty

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SC: Overturns Cal HC ruling, upholds order cancelling Trust's exemption over bogus donation, accommodation entries

SC overturns Calcutta HC ruling, upholds ITAT’s order cancelling registration of Trust u/s 12AA and 80G for receiving bogus donations and facilitating accommodation entries, finds error on HC's part in deciding the appeal; Assessee-Trust was registered u/s 12AA and was also approved u/s 80G; In a survey conducted on another entity, it was observed that Assessee was not carrying out its activities in accordance with its objects, and thus, was served with a SCN with a questionnaire in response to which the Managing Trustee of Assessee admitted to have received non-genuine donations, and admitted that most donations were in the nature of accommodation entries received to inflate the amount of reserves and facilitate procurement of loans from Banks; CIT(E) cancelled Assessee's registration for exemption and *held it to be acting in violation of its objects and engaged in money laundering activities; 

ITAT upheld the order of CIT(E)cancelling the registration against which HC admitted two substantial questions of law:

 

(i) on validity of cancellation of registration and 

(ii) on evidentiary or probative value of a statement recorded during survey.:SC

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🗳️Election 2021 – Consent for inclusion of E-mail address in the List of Voters.

As you may be aware, the next Elections to the Council and Regional Councils are scheduled to be held on 3rd and 4th December 2021 in cities qualifying for two days’ polling and on 4th December, 2021 in other cities/towns having 25 members in the city concerned or within a distance of 50 kms.*  The List of Voters as on 1.4.2021 is under preparation.   As per Rule 6 read with sub-clause (iv) of clause (2) of Schedule 2 of the Chartered Accountants (Election to the Council) Rules, 2006, the List of Voters is also required to contain the details of e-mail address as furnished by a voter to the Institute, provided an express consent is given by the voter for its inclusion in the list of voters.

In compliance with the provision of sub-clause (iv) of clause (2), we *hereby seek your express consent* for inclusion of your e-mail id available in the Institute records in the List of Voters – 2021.  For the purpose of seeking consent of the members a special 

Link :  https://appforms.icai.org/elections/2021.html 

has been provided in the website of the Institute.  We   request you to kindly visit the above mentioned link and confirm your consent latest by *10th August 2021.

In case your response does not reach to us by 10th August 2021, it shall be presumed that you have not expressed your consent for inclusion of your e-mail address and accordingly, the same shall not be included.

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3 August 2021 Updates

⚫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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