⚫PM will interact with CEOs and experts of the global oil and gas sector. This interaction marks the participation of global leaders who deliberate upon key issues of the sector and explore potential areas of collaboration and investment with India.
⚫Moody's has upgraded the outlook on the Indian banking system from “Negative” to “Stable” on the back of stabilising asset quality and improved capital.
⚫Auditor resignations continue to trickle in with 15 exits since April. On average, one auditor of a listed company has prematurely resigned every two weeks this FY. The pace seems to have picked up in September with 5 departures.
⚫Industry's share in bank loans at record low of 26%, shows data. Personal loans, including housing, now at 26.7% of bank credit, highest ever.
⚫India ranked 71st position in the Global Food Security Index 2021 of 113 countries.The GFS Index measures the underlying drivers of food security in 113 countries, based on the factors of affordability, availability, quality and safety, and natural resources and resilience.
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👉🏻Canteen services for employees out of GST net - AAR
(Canteen charges collected from employees will now be outside the gamut of goods and services tax following a tax ruling that offers some relief to several large industrial and manufacturing units)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Z5jQTg
👉🏻RBI imposes Rs 1 Cr penalty on State Bank of India
(RBI imposed a monetary penalty of Rs 1 crore on the country’s largest lender, SBI, for not complying with directions issued by the central bank with regard to fraud classification and reporting by commercial banks)
👇🏻 👇🏻 👇🏻
https://bit.ly/3jkfLkN
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How to claim credit for taxes paid abroad?
👉World is turning out to be a global village. Everyone is moving here and there. Earning in one country may be subject to double taxation. However, there is a provision for credit of taxes in other country if taxes is already paid in the source country. Many such taxation provisions are regulated by Double Taxation Avoidance Agreement (DTAA).
👉Let us know more about the way of availing the credit towards taxes paid in other countries :
👉A. Procedural requirements for taking credit of taxes paid abroad is given in Rule 128 of the Income Tax Rules.
👉B. The credit of foreign taxes shall be available by filing Form 67 and filing the Income Tax return. Form 67 for claiming foreign taxes shall be filed on or before the due date of filing the return of income under section 139(1).
👉C. Credit of foreign taxes may not be available if form 67 is not filed within the due date of ITR.
👉D. Form 67 is available for filing in the online mode on the IT Portal.
👉E. Some documents to be attached with Form 67 for claiming FTC are:
👉Certificate or statement specifying the nature of income and the amount of tax deducted therefrom or paid by the assessee:
a) The statement specifying nature of income and tax paid in foreign country can be the return of income filed in the foreign country or certificate issued by the foreign tax authority.
👉(b) This can also be a certificate of tax deduction from the person responsible for deducting such tax in the foreign country just like Form 16/16A/16C furnished in India i.e TDS/TCS certificates or some other certificate specifying income and taxes.
👉c) In absence of the above-mentioned documents, the person claiming the credit of foreign taxes can also furnish self-attested/self-signed statement specifying the income offered and taxes paid abroad, but the said statement shall be valid only if it is accompanied by:
👉(i) an acknowledgement of online payment or bank counter foil or challan for payment of tax where the payment has been made by the assessee;
👉(ii) proof of deduction where tax has been deducted.
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⚫The Centre has asked PSBs to aggressively target financial inclusion, expand pension and insurance coverage and, at the same time, use financial technology to extend credit to borrowers during the festive season through co-lending arrangements
⚫Ahead of Diwali, domestic airfares soar 30%-45% on high frequency routes. Increased occupancy coupled with upward revision in fare bands by the Govt has translated into higher fares during the festive season.
⚫Micro loan portfolio of lenders shrunk by 7% to Rs 2.36 trillion in the Q1FY22 on economic disruption owing to second wave of Covid-19 pandemic.
⚫India is set to complete administering 100 crore doses of Covid-19 vaccines on Thursday, prompting the Govt to mark the "vaccine century" .
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🔮 Ethics of the Day🕵🏻🌴
🏵️ FAQ :Can a member holding Certificate of Practice is entitled to own Agricultural land and continue agricultural activity?
👉 Ans : Yes, member holding Certificate of Practice can own and hold agricultural land and continue agricultural activity.
🏵️ FAQ: Whether a member in practice can establish a Tax Information Network - Facilitation Centre (TIN-FC)? Whether he can be franchise for a TIN-FC?
👉 Ans :A member in practice may establish a TIN-FC and as well establish a TIN-FC under franchise from the other entity which is already a TINFC.
🏵️ FAQ:Whether a member in practice can engage as GST practitioner?
👉 Ans :Yes, a member in practice can engage as GST practitioner, as the activities to be performed by GST practitioner mentioned in CGST Act, 2017 read with CGST Rules, 2017 are within the purview of a member in practice as per the provisions of Act and CA Regulations framed thereunder.
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Income Tax : No reassessment beyond 4 years on issue already dealt during original assessment. Case Name : Saurabh Natvarlal Soparkar Vs ACIT (Gujarat High Court)
GST revenue collected in the month of September 2021 is ₹ 1,17,010 crore of which CGST is ₹ 20,578 crore, SGST is ₹ 26,767 crore, IGST is ₹ 60,911 crore (including ₹ 29,555 crore collected on import of goods) and Cess is ₹ 8,754 crore (including ₹ 623 crore collected on import of goods).
GST: Canteen charges collected from employees will now be outside the gamut of goods and services tax following a tax ruling that offers some relief to several large industrial and manufacturing units. In a recent ruling, the Gujarat Authority for Advance Ruling (AAR) said that GST is not applicable on the amount collected from the employees towards canteen charges, which is paid to the canteen service provider.
Goods and Service Tax Networks (GSTN) has issued the Advisory for taxpayers on Form GSTR-2B wherein it was stated that availability of ITC made available to the taxpayers in the Afternoon of 14th of every month. Form GSTR-2B is an auto-drafted ITC statement that is generated for every normal taxpayer on the basis of the information furnished .
RBI report said that Investment of India’s rising foreign exchange reserves in equity funds, especially index funds, can fetch higher returns as interest rates which have been on a declining trajectory over the last four decades in advanced economies, have touched their historic lows.
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