✅ MCA update on Disqualification of DIN
DINs eligible to be de-flagged on expiry of the period of disqualification are in the process of verification. Necessary action shall be taken shortly.
https://www.mca.gov.in/bin/dms/getdocument?mds=XFJgFhH%252BTbjDWd81KdDXbg%253D%253D&type=open
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⚫India is set to open up its sovereign bond market to individual buyers as it seeks to widen the investor base to fund the Govt’s massive borrowing programme.Retail investors can open and maintain their Govt securities account with the RBI free of cost.
⚫High prices of commodities yet to hit India Inc's overall profits. Combined net profit of 42 Nifty 50 co's increases 19.2% YoY in Q2.
⚫The Govt is working on measures to increase the sales of electric vehicles and in the next two years the cost of EVs in India will drop to the level of petrol vehicles.
⚫The commerce ministry has shared a list of as many as 102 products whose imports are high and are increasing consistently such as coking coal, certain machinery, some chemicals, and digital cameras to different ministries to look at ways for enhancing their domestic capacity with an aim to reduce imports.
⚫The Supreme Court warned of imposing exemplary costs on state Govts in case of failure to submit a status report within a week regarding the vacancies, including on the infrastructure, in State Consumer Dispute Redressal Commission. The bench said it would take stern action if reports are not submitted and a cost of Rs 2 lakh will be imposed on them which will be recovered from officers.
⚫PM is scheduled to launch two innovative customer centric initiatives of the RBI. PM will launch the initiatives.
These initiatives are the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme.
⚫A clutch of Indian companies have turned increasingly vocal about their inflation concerns, setting the stage for raising prices that could test the central bank’s resolve to keep borrowing costs lower for longer to support the economy.
⚫From 2025, all new vehicles sold in India will need to be E20compliant. E20 is petrol blended with extent to 20% ethanol.
⚫The corporate affairs ministry will start rigorous testing of its new MCA21 portal’s Version 3, which is expected to be launched by the end of this FY. The ministry is taking every precaution to avoid the problems like those faced by the recently launched new income-tax portal.
⚫Taking excess tax credit while filing your returns could lead to a notice from the i-tax dept.
⚫New international travel guidelines: No Covid test for kids below 5 years.However, if found symptomatic on arrival or during home quarantine period, they would have to undergo testing and be treated as per laid down protocol.
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CBDT notifies pension fund, namely, ‘School Employees Retirement System of Ohio’ under sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 in respect of eligible investment made by it in India on or after 2nd November, 2021 but on or before the 31st day of March, 2024 vide Notification No. 130/2021-Income Tax Dated: 2nd November, 2021.
👉S.O. 4592(E).—In exercise of powers conferred by sub-clause (iv) of clause (c) of the Explanation 1 to clause (23FE) of section 10 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the ―Act”), the Central Government hereby specifies the pension fund, namely, the School Employees Retirement System of Ohio, (hereinafter referred to as ―the assessee”) as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or after the date of publication of this notification in the Official Gazette but on or before the 31st day of March, 2024 (hereinafter referred to as ―said investments”) subject to the fulfillment of the following conditions, namely:-
👉(i) the assessee shall file return of income, for all the relevant previous years falling within the period beginning from the date in which the said investment has been made and ending on the date on which such investment is liquidated, on or before the due date specified for furnishing the return of income under sub-section (1) of section 139 of the Act;
👉(ii) the assessee shall furnish along with such return a certificate in Form No. 10BBC in respect of compliance to the provisions of clause (23FE) of section 10 of the Act, during the financial year, from an accountant as defined in the Explanation below sub-section (2) of section 288 of the Act, as per the provisions of clause (vi) of rule 2DB of the Income –tax Rules, 1962;
👉(iii) the assessee shall intimate the details in respect of each investment made by it in India during the quarter within one month from the end of the quarter in Form No. 10BBB, as per the provisions of clause (v) of rule 2DB of the Income-tax Rules, 1962;
👉(iv) the assessee shall maintain a segmented account of income and expenditure in respect of such investment which qualifies for exemption under clause (23FE) of section 10 of the Act;
👉(v) the assessee shall continue to be regulated under the law of the State of Ohio, United States of America;
👉(vi) the assessee shall be responsible for administering or investing the assets for meeting the statutory obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability, death benefits or any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be;
👉(vii) not more than ten per cent. of the total value of the assets administered or invested by the assesse are allowed for the purpose other than the purpose listed at clause (vi) provided such assets are wholly owned directly or indirectly by the State of Ohio, United States of America and such assets vest in the State of Ohio, United States of America upon dissolution;
👉(viii) the earnings and assets of the assessee should be used only for meeting statutory obligations and defined contributions for participants or beneficiaries of funds or plans referred to in clause (vi) and no portion of the earnings or assets of the pension fund inures any benefit to any other private person; barring any payment made to creditors or depositors for loan or borrowing [as defined in sub-clause (b) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act] taken for the purposes other than for making investment in India;
👉(ix) the earning from assets referred to in clause (vii) may be used for purpose other than the purpose listed as in clause (viii) provided that the said earnings are credited either to the account of Government of State of Ohio, United States of America or any other account designated by such Government so that no portion of the earnings inures any benefit to any private person;
👉(x) the assessee shall not have any loans or borrowings [as defined in sub-clause (b) of clause (ii) of Explanation 2 to clause (23FE) of section 10 of the Act], directly or indirectly, for the purposes of making investment in India;
👉(xi) the assessee shall not participate in the day to day operations of investee [as defined in clause (i) of Explanation 2 to clause (23FE) of section 10 of the Act] but the monitoring mechanism to protect the investment with the investee including the right to appoint directors or executive director shall not be considered as participation in the day to day operations of the investee.
👉2. Violation of any of the conditions as stipulated in the said clause (23FE) of section 10 of the Act and this notification shall render the assessee ineligible for the tax exemption.
👉3. This notification shall come into force from the date of its publication in the Official Gazette.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ Whether a member in practice or a Firm may give link of its website on a social networking site?
🌀 Ans : Yes, a member in practice or a Firm may provide link of its webpage
on Social Networking site. However, the members should not solicit people to visit or request to like their respective page(s) on such social
Networking site.
🏵️ FAQ: Whether members in practice can list themselves with online Application based service provider Aggregators?
🌀 Ans : No, Council Guidelines for Advertisement, 2008 appearing in VolumeII of Code of Ethics prohibits members in practice to list themselves with online Application based service provider Aggregators, wherein other categories like businessmen, technicians, maintenance workers, event organizers etc. are also listed..
🏵️ FAQ Can a Chartered Accountant in practice allow any person to practice in his name as a Chartered Accountant?
🌀 Ans : No, Clause (1) of Part-I of the First Schedule to the Act prohibits a Chartered Accountant in practice to allow any person to practice in his name as a Chartered Accountant unless such person is also a Chartered Accountant in practice and is in partnership with or employed by him.
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⚫India’s retail inflation inched up to 4.48% in the demand-driven festive month of October from 4.35% in Sept, reversing the downward trend. Core inflation, which relates to non-food and non-oil items, rose to 5.8% in the month after remaining at 5.6 % in August and Sept.
⚫With two-wheelers accounting for 80% of vehicle sales in a country where public transportation is inadequate and cars are out of reach for most, the potential for growth in the electric segment is enormous.
⚫Banks' core earnings face heat from poor credit growth, low yields on loans. Their gross interest income shrank for 2nd consecutive quarter in Q2FY22 while their core earnings, or pre-provisioning profit, were down 1.5% YoY.
⚫Dip in provisions helps PSB profits jump 94% to Rs 17,312 crore in Q2. The second quarter marked a gradual improvement after experiencing a setback from the pandemic in the April-June period.
⚫China has become India’s biggest security threat and the tens of thousands of troops and weaponry that New Delhi rushed to secure its disputed Himalayan border last year will not be able to return to base for a long time, the Chief of Defence Staff said.
⚫PM chaired a meeting related to cryptocurrency and their future in India, where there was a consensus that the crypto platforms are misleading the youth of the country and their non-transparent advertisements should be stopped.
⚫The Supreme Court asked the central and Delhi Govts to come up with an emergency plan to tackle New Delhi's toxic air quality and dangerous smog conditions, calling the situation "very serious".
⚫RBI has received a healthy response for its customer centric initiative of Retail Direct Scheme.The scheme provides a new medium of investment in Govt securities.
⚫Delhi pollution: Schools closed for a week, offices to operate in WFH mode.
⚫Authorities cut off internet and enforced a four day curfew in Maharashtra's Amravati city on Saturday after fresh violence during a shutdown.
⚫The Govt passed two Ordinances extending the tenures of the CBI and ED chiefs to up to five years.
⚫The Govt will soon enhance the funding under the production linked incentive scheme for the domestic solar cells and module manufacturing to Rs 24,000 crore from the existing Rs 4,500 crore to make India an exporting nation.
⚫India Inc earnings hit record Rs 2.4 trillion in September quarter. Banks, oil & gas, metal firms lead 46.4% rise in profit in Q2.
⚫The Indian Agriculture Research Institute shows that stubble burning incidents this year are considerably lower in most states, except in Haryana, where it has grown by 48.5% between September 15 and November 13.
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✅ ITAT Mumbai held – BCCI entitled to claim exemption & registration under Section 12A
ITAT held that so long as the IPL profits are used for the BCCI's objective of promoting cricket, it is entitled to claim exemption & registration under Section 12A
✅ Extended last date for Multipurpose Empanelment Form 2021-22 is 20/11/2021
MEF has been Activated for Empanelment of Bank Audit for the Year 2021-22 at https://meficai.org/
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⚫The wholesale price inflation rate jumped to a five-month high of 12.54% in October, a festival period, against 10.66% in Sept as the rate of price rise in raw materials showed an upswing.
⚫Merchandise exports grew for the eleventh consecutive month to $35.65 billion, up 43% on year in October, as external demand continued to remain robust.
⚫Cryptocurrency must be regulated and not banned: that was the consensus view in a meeting of a Parliamentary panel .
⚫The aggregate demand in the economy is improving and overall monetary and credit conditions are conducive for a durable economic recovery to take root, while the quality of the Govt expenditure has seen an improvement in the second half, said RBI in its 'state of economy' report.
⚫RBI unions to step up stir with mass casual leave on Nov 30 over wage deal.The unions said: "exhausted all avenues of peaceful solution", and unanimously decided to start their agitation process.
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⚫Fitch Ratings has retained India's ratings at the lowest investment grade and outlook on them at negative due to high debt and limited fiscal headroom of the central and the state Govts. The move on outlook is in contrast to that of Moody's Investors Service which recently upgraded outlook to stable from negative.
⚫India attracted record FDI over the last several years and the trend is expected to continue, considering the major structural reforms being undertaken by the Govt, commerce and industry minister said.
⚫After pumping in $9 bn, FPIs in retreat mode on valuation concerns. Since October, overseas investors have yanked out close to $2.6 bn.
⚫Bankers will start reaching out to potential anchor investors in the IPO of LIC of India next week, as they seek to ensure there’s enough demand for what’s set to be the nation’s biggest share sale.
⚫The SEBI has proposed to tweak rules governing IPOs to bring in more transparency and accountability.The regulator has sought a cap on the amount companies, mainly start-ups, can raise for inorganic growth initiatives and also on the quantum existing shareholders can offload in the IPO. Further, Sebi has proposed to increase the lock-in period for anchor investors from 30 days to 90 days.
⚫PM inaugurated the 341-kilometre long Purvanchal Expressway and termed it as the 'pathway to development of new UP'.
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