31 March 2023 News and Updates

Corporate snippet

📝 US Fed hikes interest rates by 25 bps, signals it is nearing the end of rate hikes

📝 Govt. proposes to sell up to 3.5% stake in Hindustan Aeronautics

📝 HDFC gets an all-cash offer from Omkara ARC for bad loan portfolio

📝 MobiKwik eyes fresh IPO in 12-18 months

📝 Indo-Russian mega meet plans to achieve $50 billion trade target

📝 UK inflation accelerates to 10.4% in February

📝 Mobile phone exports from India touch USD 9.5 bn in February: ICEA

📝 Power Finance Corporation to get INR 165 Cr loan from Japan's JBIC

📝 IOC to invest INR 61,077 Cr in petrochemical complex at Paradip

📝 Healthcare startup Sukino raises INR 50 Cr funding from Stakeboat Capital

📝 Milkbasket co-founder's Sorted bags $5 million in seed raise

📝 Ola Electric kicks off $250-300 million fundraise plan

📝 PM holds Covid meeting amid renewed concerns, says 'pandemic far from over'

📝 Nazara arm Sportskeeda pays $1.8 mn for 73.27% stake in NFL-focused US firm

📝 World Bank arm IFC to invest INR 600 Cr in M&M's new last-mile mobility firm

📝 Premium hotels revenue likely to surge 80% in fiscal year 2023-24: Report

📝 Coromandel preps for new businesses, plans to invest INR 1,000 Cr in 2 years

📝 Amid rise in production cost, Hero MotoCorp to hike prices by up to 2%

📝 Indian airports' revenues to rise 26% to $3.9 bn next fiscal year: CAPA

📝 Large CPSEs spent 85% of capex target by February: Finance Ministry

📝 Centre sets 2030 as target to become global hub for green shipping

📝 Road developers' debt to rise to INR 30K Cr by FY-25: CRISIL Report

📝 I-T dept launches app for taxpayers to view interest, dividend income info

📝 Railways restores fare of AC 3-tier economy class travel in trains

📝 Govt. sees no shortage of fertilisers, local output enough to meet demand

📝 Micro enterprise lender Moneyboxx Finance crosses INR 300 Cr in AUM; targets INR 1,000 Cr by FY-24

📝 Govt’s PMFME scheme for micro food processing units sanctions over 25,000 loans

📝 GST Council meet in June to decide on online gaming tax

📝 India participates in second Indo-Pacific Economic Framework negotiating round in Bali

📝 FM: 90% GST paid by top 22% companies

📝 Lok Sabha gives nod for net additional spend of INR 1.48 trillion

📝 SBFC Finance cuts IPO size by INR 400 Cr to Rs 1,200 Cr 

📝 Siguler Guff plans to raise $350 mn second Asia fund

📝 DB Power buys back stake from Global Infrastructure for ₹400 Cr

📝 18% of India’s total unicorns are founded by women, with 20 potential unicorns in the pipeline: Study

📝 Patel Engineering bags order worth ₹511 Cr along with JV Partner

📝 CCI approves LIC-backed mutual fund arm's acquisition of IDBI MF

📝 By 2050, 2.4 billion in cities may lack water, with India hit hardest: UN

📝 Govt. to spend ₹4.5 Lakh Cr more on infrastructure projects

📝 6.8 magnitude quake hits Afghanistan; tremors felt across north India

📝 Tata Power seeks Govt. help to recover ₹1,789 Cr discom dues

📝 IndiaFirst Life Insurance gets SEBI approval to float IPO

📝 States raise record INR 35,800 Cr through securities auction

📝 For FY-24, National Highway Authority eyes 1,987 km monetisation

📝 Tata Motors set to increase price by up to 5% on commercial vehicles

📝 Elista to invest INR 250 Cr in a manufacturing plant in Andhra Pradesh

📝 AI startup Unlearn raises $15 million in funding, adds OpenAI CTO Mira Murati to board

📝 Metaverse startup Gamitronics in talks to raise funding

📝 US seeks to prevent China from benefiting from $52 billion chips funding

📝 Ola Electric to raise $300 mn for expansion plans to meet corporate needs

📝 IFSCA committee to explore ways to bring home Indian start-ups

📝 India eyes active role in designing global policies on 6G, satcom

📝 Mondelez ups India bet, to invest INR 4,000 Cr in next three years

📝 Merlin Group plans to develop a World Trade Center in Kolkata

📝 HZL to pay INR 10,990 Cr interim dividend at 1,300% of face value

📝 Govt. extends deadline to apply for CCI chief's post till March 27

📝 Inflows into NRI deposits more than double in April 2022-January 2023

📝 INR 8,000 Cr Foxconn project receives Karnataka govt's approval

📝 RBI snaps 2 months of dollar buys, net-sells $384 mn in market in January

📝 SREI promoters dispute insolvency proceedings; next hearing on March 31

📝 Power Finance Corp board approves plans to raise INR 80,000 Cr in FY-24

📝 Finolex Cables expects to more than double turnover to INR 11,000 Cr

📝 Snapdeal receives orders on ONDC, to deepen reach in non-metro cities

📝 Govt. to soon float EoI for Alliance Air, AI Engg Services

📝 India may require 31,000 pilots in next 20 years: Boeing

📝 DoT seeks INR 33,111 Cr for BSNL AGR dues, expects PSU to become profitable by FY-2027

📝 Dunearn Investments sells 2.8% stake in Devyani International for INR 499 Cr 

📝 Amplus Solar plans INR 1,500 Cr investment in Andhra Pradesh to set up distributed green hydrogen plants

📝 L&T’s hydrocarbon business bags ‘major’ order worth INR 5,000- 7,000 Cr from overseas client

📝 Accenture to acquire Bengaluru-based AI firm Flutura

📝 Nano urea could save INR 25,000 Cr in fertilisers subsidy annually: House panel

📝 Think tanks, top CEOs discuss path to $5 tn economy

📝 M&M to raise up to $1.3 bn for EV unit

📝 Army partners NTPC arm for clean energy

📝 Alecta sells entire stake in First Republic Bank at $728 mn

📝 Google launches Bard AI chatbot to counter ChatGPT

📝 Cadbury Dairy Milk maker to invest ₹4,000 Cr in India

📝 Good Glamm Group acquires Bulbul; launches creator app

📝 Tata Group discusses engaging outgoing TCS CEO Gopinathan beyond Sept. 15

📝 Fitch Ratings puts Credit Suisse grp, subsidiaries on ‘rating watch evolving’.

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Members of ICAI, please note the following: 

• Pay annual fee for FY 2022-23 if yet not paid, by 31st March 2023, to avoid removal of name.

• Get your “Know Your Member (KYM)” done by logging in your account from Self Service Portal of ICAI (SSP). This is mandatory.

• An ACA (including members in service) having continuous experience of not less than 5 years in any one or more posts relating to accounts, cost accounts, audit, finance, taxation, company law or secretarial work *can apply for being FCA.

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Income Tax Updates: -

1. In case where the penalties are cancelled on the ground that there is no concealment, the quashing of prosecution under section 276C is automatic as held in case of K.C. Builders v. Asstt. CIT 265 ITR 562. However, this position can be taken in favour of assessee only if the adjudication proceedings discussed all the issues raised in the complaint on merits and gave its findings. If the adjudication proceedings were disposed on technical ground and not on merits, prosecution can continue and assessee/accused cannot take advantage of the order passed in adjudication proceedings. (Jharkhand HC in case of Satendra Kumar Jalan v. State of Jharkhand)

2.The Commissioner of Income tax cannot reject a revision application file by the assessee under section 264 of the Act to consider the claim on merit where the assessee has no other option to correct the bona fide mistake except taking recourse to filing of revision application under section 264 of The Income-tax Act, 1961. In this case, the income of the assessee was exempted from tax and not liable to tax under The Income-tax Act, 1961, which according to the assessee was included in her return as taxable income due to bona fide mistake and which she could not rectify by filing revised return since original return itself was belatedly filed. (Calcutta HC in case of Ena Chaudhuri vs ACIT)

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The Income Tax Deptt has rolled out a new mobile App called ‘AIS for Taxpayer’ to provide easy access to Annual Information Statement to each of the Taxpayers. Now taxpayers can download this App free of cost from Google Play or Apple Store and access the same after one time registration by providing PAN and authentication through OTP. 

Through this App taxpayers will be in a position to share their feedback on the information uploaded in the AIS which means pointing out errors/ corrections in the AIS. This will help in avoiding unnecessary notices / enquiry from tax department on the basis of incorrect/ duplicate information getting uploaded in AIS. 

Accordingly it will be advisable to download the App and review the AIS periodically and point out errors / corrections wherever required.

Press release issued by CBDT regarding this mobile App is attached .

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✅ Advisory for the taxpayer wishing to register as “One Person Company” in GST

21/03/2023

https://www.gst.gov.in/newsandupdates/read/574

✅ GSTN ADVISORY - HSN CODE & E-INVOICE

➡️ As per NNo.78/2020 & GST Portal, 6 digit HSN requirement is 'in process' of implementation for E-Invoice also.

➡️8 digits to be reported if valid 6 digit hsn is unavailable.

➡️Sufficient Time would be given for Tax Payers for adopting the same

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Income Tax Update 

1.Assessment completed without following the Standard Operating Procedure(SOP) is a not a valid assessment as held by the Calcutta High Court in case of Indu Goenka vs. Assessment Unit, ITD & Ors. the SOP issued on dated 03.08.2022 enumerates as to how the assessment has to be made and in paragraph N.1.3 it has been stated that the authority should ensure adherence to the principles of natural justice and reasonable opportunity to the assessee, timelines to be given for obtaining response to the show cause notice which have also been stipulated. Further, the SOP also gives the format of final assessment order in AU-9 which sets out the various heads under which the assessment order has to be passed with due discussion.(Date of order 16.03.2023)

2. When a trust is assessed as an AOP and no exemption has been allowed u/s.11 of the Act, the entire receipts are to be assessed as business receipt and consequently, depreciation has to be allowed. In this case, the assessee is a trust and running educational institute but it is not registered, at the time of framing assessment order the AO has disallowed the deprecation only on the ground that depreciation cannot be allowed u/s.32 of the Act, as the assessee is not carrying on any business. (ITAT-Chennai, ITA No.1097/Chny/2022)

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Income Tax Update:-

1. The proviso to section 54F which contains the condition that the deduction is not available if the assessee owns more than one residential house, other than the new asset, should be interpreted to mean ownership of residential houses in India because the proviso imposing the conditions cannot be read in isolation and should construed harmoniously with the main section. Therefore, the deduction u/s54F cannot be denied on the ground that the assessee owns two residential houses in USA. (Cochin ITAT, ITA No. 613/Coch/2022)

2.The Income Tax Department has launched a new mobile app called 'AIS for Taxpayer' to give each taxpayer easy access to their Annual Information Statement. Taxpayers can now download this app for free from Google Play or Apple Store and use it after a one-time registration with their PAN and authentication via OTP. Through this app, taxpayers will be able to share their feedback on the information uploaded in the AIS via this App, which includes pointing out errors/corrections in the AIS. This will assist in avoiding unnecessary notices/enquiries from the tax department due to incorrect/duplicate information being uploaded in AIS. 

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The FM has proposed certain amendments to Finance Bill,2023. Major amendments are relating to marginal relief in tax in case of taxpayers whose income exceeds Rs 7 lakhs. Now benefit of indexation shall also not available to pure Debt Fund purchased on or after 1st April,2023. An analysis of these amendments is annexed.

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Global Economic Events to be occured in next 4 years:

Keeping in view of more or less similiar economic, political, astrogical conditions between two periods 2007-10 and 2022-25 and happening of our true predictions made in nov / Dec 22, on Gold Rate, 

Now It may be concluded that Gold price is going to increased significantly with CGAR ranging from 18% to 24% during FY 2023-2027.

So Gold prices at the end of FY 24-25 will be between Rs 80,000-1,00000/ per 10 gm and at the end of of 26-27, Gold price may be reached upto 1,30,000/ per 10 gm

Due to this, Dollar price may be decreased significantly by FY 2027, then Indian Rupees will become strongest Global currency in the world. India will become 10 trillion dollar Economy by FY 2032.(3rd Rank in the world)

Economy of USA and Europe will be adversaly effected during next 4 years due to Ukrain War and poor performance of their currency, If US and Europe do not lift the ban on Russia soon.

Returns on real esate business will not show good results in most of areas but appreciation in real estate of Ayodhya, Varansi, Dholera ( Gujrat) etc will give good returns.

*So Keeping in view of the above analysis, It is advised strongly to make investment in Gold Mutual Fund and best performer Equity Mutual Funds.

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Income Tax Updates: -

1.The Assessing Officer cannot put the entire burden on the assessee to show in whose hands the receipts shown in Form 26AS has been declared because the assessee is not responsible to explain the recipients of the receipts shown in Form No. 26AS. The Assessing Officer should have asked the payer, details of the payee to whom payments have been made by the payer on which it could deduct tax at source. Therefore, addition solely based on 26AS is deleted. In this case the assessee was contented that it did not have any receipts during the year under consideration and TDS has been deducted by the payer companies inadvertently against the PAN of the assessee company. (ITAT Delhi, ITA No. 6503/DEL/2019)

2.The ITAT bench of Pune held that merely because the assessee’s wife did not furnish declaration to the bank in terms of proviso to Rule 37BA(2), the amount of tax deducted at source, which is otherwise with the Department, cannot be allowed to remain with it eternally without allowing any corresponding credit to the person who has been subjected to tax in respect of such income. As the substantive provision of section 199 talks of granting credit for tax deducted at source to the other person, who is lawfully taxable in respect of such income, therefore the matching credit for tax deducted at source must also be allowed to the assessee. (ITA No.675/PUN/2022)

Regards

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🟢To maintain and enhance the quality of conduct of bank branch audit, the Centre for Audit Quality (CAQ) of ICAI has released an Excel utility.

Kindly download the same from https://forms.gle/3umS3tAnVpYGqkR96

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🟢The soft copy of the Guidance Note is available on ICAI website at the following link: 

Link: https://www.icai.org/post/guidance-note-on-audit-of-banks-2023-edition

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Income Tax Updates: -

1. Jurisdiction under section 263 of the Income Tax Act cannot be invoked simply because the PCIT has a different opinion in the matter. If the Assessing Officer acts in accordance with the law and makes a certain assessment, the same cannot be branded as erroneous by the Commissioner simply because, according to him, the order should have been written more elaborately. (ITAT Surat, ITA No.354/SRT/2018)

2.The High Court of Delhi held that the Income Tax Department neither can demand withheld tax from the assessee that has not been deposited by the deductor/employer in the Central Government Account, nor can it adjust against future refunds if any, because the adjustment of demand against future refund amounts to an indirect recovery of tax, which is barred under section 205 read with instruction dated 1-6-2015 which clearly state that the deductee/assessee cannot be required to pay tax that has been deducted at source from his income. (Sanjay Sudan vs ACIT, date of order 17.02.2023)

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Income Tax Updates: -

1. The Hon'ble High Court of Telangana considered whether, once relief was granted under section 10(10C) of the Act (VRS Exemption), further relief under section 89 of the Act would be available to an assessee or not, concluded, after referring to various provisions of the Act, including sections 10(10C) and 89, as well as Rule 21A of the Income-tax Rules, 1962, that the assessee is also entitled to the benefit of Section 89 of the Act along with exemption under section 10(10C) of the Act. (N.S.R. Murthy vs CIT)

2. The penalty under section 271B of the Income Tax Act is not levied when the assessee was under bonafide belief that he was not liable to get the books of accounts audited as the commission income was below the threshold limit and it was the first year of the business venture taken up by the assessee therefore the assessee’s case is covered under section 273B of the Income Tax Act, 1961. (ITAT Kolkata, ITA No. 555/Kol/2022)

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👉Cessation of “Abu Dhabi Commercial Bank PJSC” as a banking company within the meaning of sub section (2) of Section 36 A of Banking Regulation Act, 1949

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12464&Mode=0

👉India's e-rupee unpopular as central banks push digital currency

https://economictimes.indiatimes.com/industry/banking/finance/banking/indias-e-rupee-unpopular-as-central-banks-push-digital-currency/articleshow/99049236.cms

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🟢 Complete your Important Financial Task before ending of FY 2023.

1️⃣ Last date to file Updated ITR for AY 2020-21 is 31.03.23.

2️⃣ Link your PAN with Aadhar no. To avoid deactivating PAN - Extended to 30th JUNE 

3️⃣ GST tax composition scheme to be opted for Next FY before ending March 31.

4️⃣ NPS and Sukanya Samridhi Account to keep these investment options active, deposit any minimum amount.

5️⃣ Investment to be made for income tax saving in current FY.

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The Delhi High Court held in case of OYO Hotels that refund of tax cannot be hold merely because a notice has been issued under Section 143(2) of the Act, it is not a sufficient ground to withhold the refund under the provisions of the Income Tax Act. As coordinate bench of this high court held in case of Maple Logistics Pvt Ltd vs PCIT, it would be wholly unjust and inequitable for the AO to withhold a refund by citing the reason that a scrutiny notice has been issued and such an interpretation of the provision would be contrary to the intent of the legislature. (date of order 23.03.2023)

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CBI court convicts ex-Income Tax Officer in a Case of Disproportionate Assets

Read More: https://www.taxscan.in/cbi-court-convicts-ex-income-tax-officer-in-a-case-of-disproportionate-assets/265791/

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Central Govt notifies Customs Duty Exemption for all imported drugs and Food for Special Medical Purposes for personal use for treatment of all Rare Diseases* [Read Notification]

Read More: https://www.taxscan.in/central-govt-notifies-customs-duty-exemption-for-all-imported-drugs-and-food-for-special-medical-purposes-for-personal-use-for-treatment-of-all-rare-diseases/265696/

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Assessee from Rural Background was Unaware of E-filing Procedure: ITAT Directs Adjudication of Appeal Filed Manually* [Read Order]

Read More: https://www.taxscan.in/assessee-from-rural-background-was-unaware-of-e-filing-procedure-itat-directs-adjudication-of-appeal-filed-manually/265817/

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

Thanks for reading

21 March 2023 News and Updates

📰√ Corporate Snippets 

📝 Economy likely to log in a tepid 6% growth next fiscal: CRISIL

📝 Rajesh Gopinathan resigns as CEO and MD of TCS

📝 GMR Group seeks to refinance ₹4,000 Cr Goa, Hyderabad airport debt

📝 Over 1.2 lakh opt for higher Pension under EPS-95

📝 ECB hikes rates by 50 bps, says 'inflation is projected to remain too high for too long'

📝 Sumitomo Wiring Systems sells 3.4% stake in Samvardhana Motherson International

📝 Micro loan disbursement jumps 20% in December 2022 quarter to INR 77,877 Cr

📝 NTPC commissions green coal plant in Varanasi

📝 Eris Lifesciences acquires 9 dermatology brands from Dr Reddy's for INR 275 Cr

📝 Viacom18 signs up thirteen streaming sponsors for IPL

📝 D2C brand Zouk raises $3 million led by Stellaris Venture Partners

📝 Solartech platform Aerem raises $5 million in funding from Avaana Climate Fund

📝 ADIA signs $500 million cheque for 10% stake in Lenskart at $4.2 billion valuation

📝 CARE upgrades outlook on Vodafone Idea to positive; reaffirms ratings

📝 Foxconn Technology plant in India to assemble Apple AirPods in India

📝 Ecofy, Mahindra Solarize team up for rooftop solar financing, installation

📝 Restaurant app peAR raises INR 4.2 Cr in funding for business expansion

📝 JP Morgan revises Reliance Industries stock target price, sees 33% uptick

📝 Zee Entertainment set to repay IndusInd $10 million to wrap Sony deal

📝 Bharti-backed OneWeb to launch 36 satellites with Isro by March end

📝 INR 70,500 Cr indigenous arms buy gets defence ministry's approval

📝 SVB crisis: $200 mn worth start-up deposits moved to GIFT City, says MoS IT

📝 UCO Bank raises Rs 500 crore in AT1 bonds at 9.5%, highest rate in FY-23

📝 Indians acquire 100 patents for 6G technology, says Ashwini Vaishnaw

📝 Financial security of family tops life goal of 74% people in South India

📝 DLF sells 1,137 luxury flats in Gurugram for over INR 8,000 Cr within 3 days

📝 FCI sells 3.37 MT of wheat in open market since February 1

📝 PLI schemes for toys, bicycles, construction equipment soon

📝 Close to 67% investors fail to beat benchmarks: Survey

📝 Govt. moves to make FPI reporting quicker, more transparent

📝 First Republic gets $30 billion of bank deposits in rescue

📝 Centre may defer IDBI Bank’s $4 bn privatization plan

📝 Microsoft unveils AI office copilot in fast-moving race with Google

📝 US jobless claims drop by most since July, led by New York

📝 Malaysia's Petronas offers ₹3,800 Cr for stake in NTPC's green arm: Report

📝 71% increase in medical colleges since 2014: health ministry

📝 KEC International bags orders worth ₹1,028 Cr across businesses

📝 RailTel bags order for IT infrastructure installation for greenfield data centre

📝 Investcorp joins global funds in betting on Indian warehouses.

📝 Steel incentive scheme gets rolling, government inks 27 MoUs

📝 US extends H-1B registration deadline till March 20

📝 NCLT approves Welspun takeover of Sintex BAPL

📝 Govt. allows NTPC to invest beyond prescribed limit in NGEL

📝 Govt. approves listing of state-owned IREDA by selling part stake

📝 Tiger Global sells 0.75% stake in Delhivery via open market for INR 177 Cr

📝 India's Apr-Feb fertiliser imports from Russia highest in 3 years at 34.19 lakh tonnes

📝 Cement cos likely to invest INR 1.2 lakh Cr to add 145-155 MT capacity by FY-27: Report

📝 All medicines to be sold under supervision of pharmacist, mandates DCGI

📝 Kabira Mobility secures $50 million funding

📝 PhonePe racks up additional $200 million from Walmart in ongoing fundraise

📝 Direct tax collection hits 95.2% of Revised Estimates for FY-23

📝 Indian banking system is stable, resilient: RBI governor Shaktikanta Das

📝 Rising infections: States on alert as Covid-19 cases hit 4-month high

📝 HCL Tech joins Intel foundry services accelerator design services alliance

📝 GAIL signs agreement with Shell Energy India on ethane sourcing

📝 Domestic flights seen at 22,907 a week this summer, up 4.4% from a year ago

📝 NCLT okays HDFC, HDFC Bank merger, paving way for creation of finance giant

📝 TCS, Infosys have highest exposure to US regional banks: JP Morgan

📝 OECD raises India's FY-24 growth forecast by 20 basis points to 5.9%

📝 As liquidity tightens, RBI injects INR 1 trn for largest infusion in 4 years

📝 India's foreign exchange reserves fall $2.4 billion to $560 billion

📝 Ford recalls 1.5 mn vehicles in US to fix leaky brake hoses, wiper arms

📝 CCI allows AGI Greenpac to acquire Hindusthan National Glass & Industries

📝 Digital lenders disbursements zoom 147% in October-December

📝 Air India makes VRS offer to staff, twice in 9 months

📝 Startups have over $1-billion deposits in SVB: MoS IT

📝 VA Tech Wabag secures INR 800 Cr contract in Bangladesh

📝 Mega textile parks to be set up in seven states, says PM Modi

📝 SEBI makes stringent disclosure norms for FPIs

📝 Maiden Forgings to launch IPO next week; aims to raise INR 24 Cr

📝 Chandrayaan 3 successfully clears essential pre-launch tests, closer to launch

📝 NSE launches Municipal Index Bonds

📝 MCX Gold crossed ₹59000 mark for the first time, spot Gold at $1964

📝 India’s target to increase electronic manufacturing capability to ₹24 lakh Cr

📝 1,253 railway stations to be revamped under Adarsh Station scheme: Vaishnaw

📝 Sterlite Power bags green energy transmission project in Rajasthan

📝 Societe Generale, Copthall Mauritius buy Samvardhan Motherson shares.

📝 HNIs turn to UAE as EU tightens golden visas

📝 PSOs, fintech companies reluctant to comply with RBI regulations: Governor Shaktikanta Das

📝 Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis

📝 SJVN Green Energy bags 200 MW solar project in Maharashtra

📝 Packaging industry growing at 15-17%, can generate jobs at district level, say experts

📝 SLCM’s AI-based app Agri Reach gets NABL accreditation

📝 MG Motor India to supply 100 vehicles to WTiCabs India

📝 UBS eyeing swoop for Credit Suisse amid fears of banking contagion

📝 Airlines misguiding people, forcing passengers to pay more, says Parl Panel

📝 TVS Industrial and Logistics on aggressive expansion plan in 30 more cities

📝 Food delivery apps taking action on rising stress among delivery staff

📝 IFFCO, Coromandel International to manufacture Nano DAP for 3 years: Govt. 

📝 DoT mulls to bring in private sector to manage C-DOT

📝 Moody’s downgrades credit ratings on First Republic Bank

📝 Tamil Nadu’s new ethanol blending policy eyes to attract INR 5k-cr investment

📝 Europe moves to revive mining to cut reliance on China

📝 Railways completes electrification of Chhattisgarh’s 1,170-km broad gauge network

📝 Cochin Shipyard bags ₹550 Cr order for Zero Emission Feeder Container Vessel

📝 BPCL allots non-convertible debentures worth ₹936 Cr, offers 7.58% rate

📝 Healthcare fintech SaveIN to scale its partnership matrix to 15K

📝 Government sets up centralised facility for voluntary closure of companies

📝 GMR Airports Infra to raise ₹2,900 Cr via Foreign Currency Convertible Bonds

📝 India Post partners with Shiprocket to enhance last-mile e-commerce penetration

📝 NCLT approves Propel Plastic Products-Plastauto bid for debt-ridden Sintex-BAPL

📝 Chandrayaan 3 successfully clears essential pre-launch tests, closer to launch

📝 UBS upgrades offer, agrees to buy Credit Suisse for over $2 billion

📝 GST Dept. to scrutinise I-T, MCA data to identify entities not paying taxes

📝 Brookfield in talks to acquire CleanMax Solar

📝 States' capex may cross 3% of GSDP

📝 Health Ministry issues revised guidelines for Covid-19 amid rise in cases

📝 Real estate focussed fund Experion Developers set to acquire Dignity Buildcon

📝 India's power consumption rises 10% in Apr-Feb to 1375 billion units, surpasses full fiscal energy supplies year ago

📝 JSPL gets approval to manufacture India's first fire-resistant steel structures

📝 Healthtech startup SaveIN to focus on partnerships, eyes five-fold growth

📝 Mercedes set to invest billions in e-vehicles plants

📝 Esma to penalise but let European Union banks deal with India CCPs

📝 Hindenburg fallout: Adani suspends work on INR 35K Cr petchem project

📝 Pvt. aviation soaring, JetSetGo to raise $50 mn to expand fleet: CEO

📝 Vaidyaratnam Group plans to double revenue to INR 500 Cr, IPO by 2030

📝 PM Mitra parks to boost India's $100 bn textile export goal, says industry

📝 FSIB to soon start selection process for new LIC chairman this month

📝 In line with new Govt. rules, Reliance re-auctions gas from its KG-D6 block

📝 India, EU conclude another round of talks for proposed trade agreement

📝 OilMin accepts all major Kirit Parikh panel recommendations on gas pricing

📝 India should target $350 bn exports through e-commerce by 2030: GTRI

📝 Govt. aims to cap fertiliser subsidy, pilot projects in 7 districts soon

📝 Bilateral trade in rupee to gather pace soon

📝 Loss-making BSNL faces higher revenue targets by Govt. 

📝 Airtel Payments Bank to exit FY-23 with over INR 1,300 Cr revenue

📝 Prestige, Lodha eye INR 20,000 Cr sales club

📝 ADP, GMR Airports Infra to merge joint venture with GMR

📝 Maha Govt. to buy iconic AI building for ₹1,600 Cr

📝 Midsize US banks ask FDIC to insure deposits for two years

📝 Amazon begins due diligence to buy MX Player

📝 Govt. calls for reviving defunct hydro projects to meet summer demand

📝 DLF to invest around ₹3,500 Cr in next 4 yrs for housing project in Gurugram

📝 Bahrain looks for collaborations with Indian univs, vocational institutions.

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Income Tax Updates:-

1.The Chennai bench of ITAT has held that the does not have power to change method followed by the assessee from DCF method to NAV method for valuation of share. In this case the assessee has followed DCF method for valuation of shares and has considered certain projections. The AO, rejected DCF method followed by the assessee only on the ground that actual performance of the company for two assessment years is not equal to projected financials. (ITA. No: 3067/Chny/2019)

2.The ITAT bench of Cuttack has held that penalty u/s.271(1)(c) of the Act cannot be levied where the penalty was imposed in respect of any addition where the High Court has admitted the appeal on substantial question of law, then the sustainability of the addition itself becomes debatable. The tribunal has placed reliance on the decision of Hon’ble Karanataka High Court in the case of CIT vs Dr. Harsha N Billiangady, 379 ITR 529 (Kar). (ITA No.96/CTK/2021).

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Income Tax Updates: -

1.The ITAT bench of Amritsar has condoned the huge delay of 9 years on the ground that there is confusion in relation to the service of intimation u/s 143(1) of the assessee and department is also not able to submit proof for any other mode of service of intimation to the assessee. The contention of the assessee was that the delay was caused by his failure to receive a notification. It may have been sent to the assessee’s email, which was duly maintained by the accountant, and the accountant had not informed the assessee. Without proper opportunity, the deduction under Section 80IB was rejected in the processing of the return under Section 143(1). (I.T.A. No.57/Asr/2021)

2.The Patna bench of ITAT held, relying on the Supreme Court's decision in the case of Radhasoami Satsang, that It is judicially well settled that when a document is found during the course of search, it has to be relied upon in entirety and there is no discretion available with the assessee or the Department to rely upon a part of the document favorable to it and plead for rejection of the other part which is not favorable to it, or in respect of which no supporting material is found. (ITA 167/Pat/2019)

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The Surat bench of ITAT has quashed the order passed by the Ld. PCIT u/s 263 of the Act by placing the reliance on the judgement of the Hon’ble Supreme Court in the case of Malabar Industries and held that this phrase i.e. “prejudicial to the interest of the revenue’’ has to be read in conjunction with an erroneous order passed by the AO. Every loss of revenue as a consequence of an order of AO cannot be treated as prejudicial to the interest of the revenue. When the AO has examined the issue under consideration and took a plausible view that the addition should not be made which has resulted in loss to the revenue, it cannot be treated as an erroneous order prejudicial to the interest of the revenue unless the view taken by the AO is unsustainable in law. (ITA No.178/Srt/2020)

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16 March 2023 News and Updates

📰√ Corporate Snippets

📝 Govt clears smartphone PLI incentives worth Rs765 cr, Wistron to get Rs 601.93 cr

📝 ATC plans stake sale in India operations, cites weak customer financials

📝 Banks may pump MCLR pricing by 100-150 bps in FY24 as funds gap widens

📝 India Inc's dealmaking value falls 60% in Feb, second lowest since 2014: Grant Thornton

📝 Mindspace Business Parks raises Rs 550 crore via debut green bond

📝 India exports wheat worth Rs 11,728.36 crore during Apr-Jan of this fiscal: Goverment

📝 Wholesale inflation eases to 25-month low of 3.85% in February

📝 Saudi Arabia places order with Boeing for up to 121 planes

📝 Bandhan Group mulls foray into insurance business: Report

📝 NTPC mulls 5.4 million tonnes coal import in first half of 2023-24

📝 CCI clears Reliance's $344 million buy of Metro's local business

📝 FPIs seek six more months from FinMin to comply with PMLA tweaks

📝 SVB collapse: Start-ups seek Govt's help to bring money to India

📝 Govt's new security testing plan targets pre-installed phone apps

📝 Ola Electric offers buyers to upgrade S1 scooters with new front fork

📝 Vedanta Aluminium signs pact with Dalmia cement to supply industrial wastes

📝 HCC, MEI bag INR 3,681 Cr bullet train station project from NHSRC

📝 Bikano sets up new plant in Greater Noida, seeks INR 1,800 Cr turnover

📝 Deals plunge by 60% to $1.8 billion in February on deepening funding winter

📝 Jaguar Land Rover join hands with Tata Tech for digital transformation

📝 Unified tariff structure for gas pipelines to start from April 1

📝 Bank borrowings jump 64% in FY-23, cross INR 5 trillion mark for first time

📝 PNB signs deal with warehousing body for financing against e-NWR

📝 Federal Bank weighs NBFC arm stake sale

📝 SBI raises prime lending rate, base rate by 70 bps

📝 Suzuki Motor buys shares worth INR 300 Cr in Maruti Suzuki

📝 Tax arrears top INR 26.15 trillion by January, 94% non-recoverable

📝 Non-tax receipts in sync with revised estimates, says FM Nirmala Sitharaman

📝 Highway construction set to miss ’23 target

📝 Ciena to invest $100 million for manufacturing in India

📝 Govt. plans more InvITs to monetize infra assets

📝 Russian jet collides with US drone over Black Sea

📝 GMR Airports board to consider fundraising on March 17, 2023

📝 Cipla inks pact to sell 51% stake in Uganda-based unit

📝 Facebook parent Meta plans 10,000 job cuts in new round of layoffs

📝 Google adds generative AI in Gmail and Docs, offers API for developers

📝 Credit Suisse plans to take First Boston IPO by 2025 amid investor search

📝 CIL to supply 156 mn tonnes coal to power units in Apr-Jun.

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📝 FY-23 exports to cross $750 billion: Piyush Goyal

📝 Retail inflation slows to 6.4% in Feb, stays above RBI's tolerance limit

📝 Parliament panel recommends resumption of senior citizen concession in rail fare

📝 Pfizer buys Seagen for $43B, boosts access to cancer drugs

📝 India bats for sovereign rating upgrade in review with global agencies

📝 Centre seeks Lok Sabha nod for additional spending of INR 1.48 lakh Cr 2022-23 fiscal

📝 Centre approves INR 1,816 Cr to 5 states as disaster relief

📝 L&T Finance invites bids for ₹880 Cr Xrbia loans

📝 Kedaara Capital acquires majority stake in Oliva Skin & Hair Clinic

📝 The Ayurveda Co raises INR 100 Cr in funding led by Sixth Sense Ventures

📝 Airtel wraps up hike in entry-level plans in all 22 circles: Morgan Stanley

📝 Welspun One Logistics Parks launches second fund of INR 2,000 Cr

📝 RCap insolvency: SC agrees to hear Torrent plea against NCLAT order

📝 LIC's debt exposure in Adani group companies dips marginally to INR 6,183 Cr

📝 Hyundai inks pact to acquire General Motors India's Talegaon factory

📝 Govt. will take a call on who can access Indian datasets, says MoS IT

📝 India, US, and Japan talk greater cooperation on 5G, telecom stacks

📝 E-rupee worth over INR 130 Cr in circulation: FM Nirmala Sitharaman

📝 PNB Housing Finance's INR 2,500 Cr Rights issue gets SEBI's nod

📝 Blackstone sells 20.50% stake in Sona BLW Precision for INR 4,917 Cr

📝 GAIL declares interim dividend of 40% for financial year ending 2022-23

📝 Average interest rate paid by manufacturers in January-March rises to 9.38%: FICCI Survey

📝 Shriram Finance aims to raise 200 billion rupees in FY-24: Official

📝 BrightNight, ACEN ink pact for India renewables buildout

📝 Government to procure 1.5 MT of mustard as prices fall below MSP

📝 Rupee falls 17 paise to close at 82.23 against US dollar on FII outflows

📝 Europe mulls shorter T+1 settlement cycle

📝 NLC to pick up 51% in green JV with APDCL for ₹1k Cr

📝 India to set up AIIMS-like institutes to train nurses

📝 Pentagon refocuses spending on weapons to deter China

📝 RBI accords ‘infra finance company’ status to IREDA

📝 LIC increases stake in Dr Reddy’s Laboratories by 2%

📝 Govt. preparing regulations for e-pharmacy stores with stringent actions

📝 Indian Immunologicals signs MoU with ICAR-CIFA for commercial development of fish vaccine

📝 AI startups raise over $50 billion venture capital funding in 2022: GlobalData.

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Income Tax Payers Advised to Look out for ITR-AIS Mismatch and File Updated Returns: CBDT Issues Press Release

Read More: https://www.taxscan.in/income-tax-payers-advised-to-look-out-for-itr-ais-mismatch-and-file-updated-returns-cbdt-issues-press-release/261840/

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Unabsorbed Depreciation only taken to make adjustment u/s 115JB be Set off Against Current Year Book Profit: ITAT grants relief to PVR Pictures [ Read Order]

Read More: https://www.taxscan.in/unabsorbed-depreciation-only-taken-to-make-adjustment-u-s-115jb-be-set-off-against-current-year-book-profit-itat-grants-relief-to-pvr-pictures/261810/

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1.The Bombay High Court has quashed the reassessment proceedings against Jetair Pvt Ltd, a group entity of Jet Airways (India) Ltd, by rejecting the revenue department's contentions that payment of commission to Jetair, who is a sales agent of Jet Airways, at a rate lower than what it charges other unrelated airlines on domestic and international ticket sales, was a colorable device used to evade tax. Because Jet Airways is a loss-making enterprise, the revenue department argued that paying commission at a lower rate reduced the group's overall tax liability, benefiting the entire group. The Court hold that charging a lower commission is a business decision and cannot be called a colorable device/mechanism and noted that the fact that Jet India Pvt Ltd is a loss-making company is not a valid criterion to determine income escapement. (Jetair Pvt Ltd vs. DCIT, date of order 08.03.2023)

2.According to a press release by the Ministry of Finance, the income tax department identified approximately 68,000 cases for e-verification due to underreporting of income in tax returns compared to the Annual Information Statement for financial year 2019-20, e-verification completed in approximately 35,000 cases out of the 68,000 cases and remaining are under process. Please see the attached press release for more information.

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Income Tax Deptt has identified more than 68,000 cases on the basis of information recd from reporting entities where there is apparently mismatch between the information so received and the Income Tax Return filed for Financial Year 2019-20 ( Asstt Year) In order to cross verify such mismatch and to avoid issue of 148 notice leading to reopening the asstt, the Income Tax Department has initiated e verification scheme whereby it has shared the information with individual taxpayer as explained in the above advertisement. Please review your Annual Information Statement (AIS) & see whether any such information pertaining to you is in your account . If the information shared is incorrect, you may reply to the same clarifying and giving your explanation/ objections. In case you find that on the basis of the information shared in AIS by Income tax department ,any income has not been included in the Income Tax Return and hence escaped asstt, still you have an option to file an updated return of Asstt Year 20-21 by 31st March,2023 by paying tax, interest and extra 50 percent of such additional tax on such income to avoid reopening of asstt and consequently penalty etc. 

Accordingly it is advisable to check your AIS and reply to the information shared by Income Tax Department and do the needful at the earliest . Otherwise it may lead to issue of 148 notice and reopening of asstt, tax and penal consequences.

‘Prevention is always better than cure.’ 

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ED arrests CA in connection with West Bengal Cattle Smuggling Case

Read More: https://www.taxscan.in/ed-arrests-ca-in-connection-with-west-bengal-cattle-smuggling-case/262052/

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Major Change in Audit Trail requirements: Accounting Software with Edit Logs to be used from April 1

Read More: https://www.taxscan.in/major-change-in-audit-trail-requirements-accounting-software-with-edit-logs-to-be-used-from-april-1/262060/

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Income Tax Updates:-

1.The High Court of Calcutta has held that as circular dated 29.02.2016 if the assessee desires to treat the income arising from transfer thereof as capital gains, the same shall not be put to dispute by the assessing officer. It is further stated that once such stand is taken by the assessee in a particular assessment year, shall remain applicable in subsequent assessment years also and the taxpayers shall not be allowed to adopt a different/contrary stand in this regard in subsequent years. If that be so, the same embargo can also be placed on the department, by holding that the department cannot take a different view in the subsequent years in the absence of any fresh materials warranting such departure. (CIT vs Century Plyboards India Ltd.)

2.The ITAT Pune bench has held that where the assessee claimed higher loss through revised return but did not furnish the acknowledgement of return (ITR-V) to the CPC at the material time but filed the same later and raised a request to condone the delay, which is still pending, the return of income cannot be treated invalid and thus, revised return filed subsequently, within stipulated period claiming loss at a higher level would be eligible to carry forward. (ITA No. 35/Pun/2022)

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Tax Evasion of 7582 Crores by Insurance Companies: CBIC registers 106 cases

Read More: https://www.taxscan.in/tax-evasion-of-7582-crores-by-insurance-companies-cbic-registers-106-cases/262446/

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13 March 2023 News and Updates

📝  Silicon Valley Bank fallout spreads around the world as UK firms plead for help.

Yellen says no federal bailout for Silicon Valley Bank.

 HSBC buys collapsed Silcon Valley Bank's UK arm for 1 pound Sterling

📝 Adani Group clears dues on margin-linked share-backed loans of $2.15 billion

📝 Govt. to infuse more capital in public sector general insurers next year

📝 India, Australia likely to wrap up $100 billion trade pact by December

📝 SIBC signs MoU in sustainable infra, defence manufacturing with Maha Govt. 

📝 Two-wheeler, passenger-vehicle exports decline in February

📝 Oil giant Saudi Aramco has profits of $161 billion in 2022

📝 Govt. likely to miss divestment target as Hindustan Zinc sale delayed

📝 Import dependency for AC compressors may fall to 15% by 2027-28

📝 Walmart's PhonePe seeks to raise $300-$400 mn from General Atlantic, others

📝 Welspun India seeking opportunity in kids segment through pact with Disney

📝 Centre tightens regulations for states' capital expenditure loans

📝 Govt. panel concludes stakeholder discussion on digital competition law

📝 Lenders to miss March-end deadline to resolve key insolvency cases

📝 Gold ETFs record INR 165 Cr inflow in February; net AUM drops

📝 Western Railway chugs into 100-million tonnes freight club in FY-23

📝 Simpliwork to invest INR 750 Cr to expand flex workspace portfolio

📝 PM Modi inaugurates 118 Km long Bengaluru-Mysuru Expressway project

📝 India's chemical demand likely to jump to $1,000 billion by 2040: Report

📝 Bank of Maharashtra cuts home loan rate to 8.4% from existing 8.6%

📝 EnKash eyes break-even in 2-3 years

📝 Traders’ body CAIT writes to IT minister Ashwini Vaishnav to ban Chinese CCTVs in India

📝 Govt’s 59-min loan scheme: 2.45 lakh loans sanctioned till March 1 in current FY, up 2.2% only from April

📝 Godrej Locks aims to clock 24% growth in current fiscal

📝 CarTrade closes in on GoMechanic

📝 Borrowing calendar for H1 FY-24: Decision on March 27

📝 Tax mop-up likely to fall short of revised estimate: Official

📝 Yes Bank stocks may face mass selling as 3-yr RBI-mandated lock-in ends on Monday

📝 Abu Dhabi’s Royal Group mulls takeover of SVB’s UK unit

📝 Saudi Arabia launches new airline, Riyadh Air to connect 100 locations by 2030

📝 Blackstone to sell stake in Sona Comstar for $640 mn

📝 IREDA’s cumulative sanctioned RE loan amount stands at INR 1.45 trillion: CMD

📝 Rising global temperatures will reduce coffee production, warns scientists

📝 Chinese city sees rise in influenza cases, proposes lockdown

📝 M&M to sell 4.6% stake in Mahindra CIE via block deals: Report.

📝 AI gets DGCA nod for wide-body pilots

📝 Godrej Industries plans to raise INR 1,000 Cr via bonds

📝 Forex reserves rise by USD 1.46 billion to USD 562.4 billion: RBI

📝 Net direct tax collections for FY-23 jump 17% YoY, reaching INR 13.73 lakh Cr

📝 India, Australia looking to increasing cooperation in critical minerals sector: Piyush Goyal

📝 India announces restoration of e-Visa services for Saudi nationals

📝 Saudi sovereign wealth fund close to deal for Boeing jets

📝 Quake death toll nears 48,000 in Turkiye, 6,000 in Syria

📝 Kerala-based Inker Robotics secures $1.2 million funding

📝 Govt. appoints Siddhartha Mohanty as interim chairman of LIC: Report

📝 US toy retailer, ToysRUs enters India for the 2nd time, opens first store

📝 PhonePe reaches $1 trn annualised payment value run rate, gets licence

📝 IDFC Mutual Fund rebrands itself as Bandhan MF, fund house unveils new logo

📝 Sebi resolves 2,672 complaints through SCORES platform in February

📝 Telehealth startup Cerebral shares data of 3.1 mn patients with advertisers

📝 Infosys’ former president Mohit Joshi to join Tech Mahindra as MD and CEO, will replace CP Gurnani

📝 Lower beneficial ownership threshold may trip FPIs

📝 Banks, fintechs come to aid of domestic startups

📝 Nitin Gadkari to unveil first methanol run buses in Bengaluru on 12 March

📝 Centre asks states, UTs to monitor influenza and Covid trends

📝 Axis Bank hikes FD rates by 40 bps on 13 months to 2 years of tenors

📝 Tata Group signs MoU with Lockheed Martin for fighter wing production in India

📝 Niti Aayog’s AIM, Australia’s CSIRO to cooperate in innovation activities

📝 US deficit grows to $262 billion in February as tax refunds surge

📝 US will lend a helping hand to crisis-hit Pakistan for economic recovery.

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11 March 2023 Updates

📰Today's News Headlines

√ Corporate Snippets √

📝 Empowered Group formed for Green Hydrogen Mission

📝 CBIC mandates timebound digital records of arrests

📝 Bankrupt FTX Estate to sell Sequoia stake to Abu Dhabi firm for $45 million

📝 China's February credit grows faster than expected, supporting recovery

📝 Passenger vehicle dispatches in fast lane; record best-ever February performance: SIAM

📝 Apple and Foxconn efforts win labour reforms to advance Indian production plans: Report

📝 EV battery company Pointo raises $3 million funding

📝 Embassy Office Parks REIT plans to invest over Rs 300 crore to expand its green power

📝 Airtel's ARPU to rise 3% to Rs 199, post jump in base prepaid rates: CLSA

📝 Fantasy sports platform Fantasy Akhada raises $11 million in funding

📝 Adani group seeks to sell stake in Ambuja Cements for $450 million

📝 India, US sign pact on semiconductor supply chain, innovation partnership

📝 Uber, Ola act on SC directive, apply for aggregator licence in Maharashtra

📝 Moody's lowers Vedanta Resources' rating, flags rising refinancing risks

📝 Boeing, GMR Aero Technic to set up India's first freighter conversion line

📝 Ashok Leyland unveils all-women production line at Tamil Nadu plant

📝 Max Estates to invest Rs 3,400 cr to develop 4 projects in Noida, Gurugram

📝 PowerMin expects 20 million tonnes domestic coal shortfall in April-June

📝 NITI Aayog proposes to make 'gaushalas' self-sustaining entities

📝 India's industrial production growth recovers to 5.2% in January

📝 Foreign exchange reserves snap 4-week falling streak, grow by $1.5 bn

📝 ICICI Bank given time till Sept 2024 to pare stake in ICICI Lombard

📝 Bank credit grows 15.5% YoY in Feb 24 fortnight to Rs 134.5 trillion

📝 10,980 entities avail SEBI's scheme to settle alleged manipulation cases

📝 Govt. releases Rs 1.4 trn monthly instalment tax devolution to states

📝 NPS subscriber base rises 23% to 62.4 million in March 4, shows data

📝 BoB seeks bids for divesting 49% stake in credit card arm

📝 Thermax partners with Fortescue Future to foray into green hydrogen market

📝 Meta exploring plans to launch Twitter-like social media platform

📝 Deloitte in India hires 50,000 professionals in last 3 years, doubles workforce

📝 SWIFT to go forward with next phase of CBDC experimentation

📝 Nirmala Sitharaman discusses BIT with Australian trade minister

📝 Global Surfaces sets IPO price band at INR 133-140 per share

📝 Rupee gains 4 paise to close at 82.02 against US dollar

📝 Yellen says bank system remains resilient in wake of SVB failure

📝 CCI to soon crack down on corporate profiteers

📝 WHO to soon declare India trachoma-free: AIIMS

📝 Women hold 36% of senior positions in India's mid-market businesses : Report

📝 FCI sells 5.39 LMT of wheat to 1248 bidders in 23 states in its 5th e-auction

📝 Canada adds 22,000 jobs in Feb, but unemployment holds at 5%

📝 US hiring slows in Feb 2023: 311,000 jobs added as unemployment rises

📝 Net flows into equity schemes jump 25% in February

📝 Jio partners with EESL to provide 1 million smart prepaid meters in Bihar.

📝 India's money laundering rules to apply to crypto trade, says govt notification

📝 Kulkarni family sells 18% stake in Kirloskar Oil for Rs 825 crore via open market

📝 Joe Biden budget aims to cut deficits nearly $3T over 10 years

📝 Baring PE Asia looks to pick up stake in Shriram Housing Finance

📝 Alembic Pharmaceuticals gets USFDA nod for hypertension drug

📝 NCLT allows insolvency plea against Future Enterprises

📝 Jio extends 5G coverage to 27 more cities, now covers 331 cities across India

📝 Supply chain financing startup Mintifi raises $110 million in funding led by Premji Invest

📝 Logistics firm UPS inks pact to train 500 women entrepreneurs

📝 Industry's share of non-food bank credit hits record low of 26.6%

📝 HDFC Bank to launch revamped payments, banking application soon

📝 Sanjeev Gupta takes over assets of father's Simec Group

📝 Indian Oil keen for developing Haldia refinery into petrochemicals complex

📝 Life insurers' new biz premium down 17% in Feb, LIC collections shrink 32%

📝 Adani repays $500 million bridge loan to regain investors' faith

📝 GDP growth may print at about 4% in Q4FY23: India Ratings analyst

📝 SBI raises Rs 3,717 cr via AT-1 bonds at 8.25% with 10-yr call option

📝 Sebi puts restrictions on cos opting share buyback via stock exchange route

📝 US-India airfares shoot up as impact of Russia's war in Ukraine continues

📝 MFI loan recovery likely to improve, say experts

📝 Funding into startups dips by 38% to $598 mn in February

📝 Govt starts process to delist MTNL for merger with BSNL

📝 Govt. plans delegations to push onion exports

📝 IMF welcomes progress made by Sri Lankan authorities 

📝 SEBI asks investors to link PAN with Aadhaar by March 31, 2023

📝 Waterfield Advisors launches wealth advisory platform for women

📝 India, Australia finalise on education qualification recognition mechanism

📝 US job openings fell, layoffs rose in January

📝 Diversey to be acquired by platinum equity’s Solenis in $4.6 Billion deal

📝 NALCO to consider 2nd interim dividend next week, Board fixes record date

📝 China's SHEIN set to raise $2 bln, eyes US IPO later this year, report.

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Reversal of ITC at midnight during search and seizure can’t be voluntary payment of GST dues: Gujarat HC

Read More at: https://www.a2ztaxcorp.com/reversal-of-itc-at-midnight-during-search-and-seizure-cant-be-voluntary-payment-of-gst-dues-gujarat-hc/

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Delay in filing Form 67 does not result in the disallowance of a foreign tax credit. [Purushothama Reddy Vankireddy v. ADIT (International Taxation) [2023] 147 taxmann.com 398 (ITAT Hyderabad)]

NCLT Jaipur Bench, while adjudicating a petition filed in M/s Packwell (India) Ltd. v M/s Emgee Cables and Communication Ltd., has held that PMLA would cease to have the power to attach the property of the Corporate Debtor, when the order of the Liquidation has already been passed.

Government is mulling over bringing in a formal legal framework relating to crypto assets. Further, criminal investigation by Enforcement Directorate (ED) at a large crypto exchange revealed grave violations of Anti-Money Laundering Regulations.

In order to put in place a mechanism to increase accountability of persons handling crypto transactions and to bring them under the ambit of the Prevention of Money Laundering Act, 2002 (‘PMLA’), the Ministry of Finance (‘MoF’) has issued the relevant notifications. It is now provided that persons carrying out certain activities relating to Virtual Digital Assets (‘VDA’) will be subject to stringent reporting requirements and compliances under the PMLA. This will enable the government / ED to track information relating to VDA transactions and its money trail.

Separately, MoF has modified the Rules relating to maintenance of records under PMLA by amending the definition of Non-profit organization to mean a religious or charitable institution as defined under the Income-tax Act. There are certain other important amendments introduced.

RBI will conduct a 14-day variable rate repo (VRR) auction for Rs 1 trillion on Friday. This is twice the amount injected at the previous VRR auction and will help ease the liquidity situation, which is becoming tight due to year-end requirements. 

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RBI revised the branch audit policy : 

For 2022-23 - ONLY 70% of Fund & Non Fund Credit Exposure to be covered under Audit

Maximum 2 branches to be allotted to each auditor

From Next Year, 2023-24, PSU Banks empowered to Decide Audit Coverage %age.

 Important - RBI Category 4 criteria also changed from Next Year 

Firm having at least 2 exclusive partners (With or Without Bank Audit Exp.) with 3 Years firm Standing will be reckoned as Category 4 Firm

Or, 

Firm with One Exclusive Partner & One CA Employee (With or Without Bank Audit Exp.) but with 6 Years Firm Standing will be considered as Category 4

Or,

Firm with Proprietor Only will be counted as Category 4 only if firm is 6 Years Old AND Proprietor has Minimum 3Years Bank Audit Experience of PSU/PVT Bank

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Industry has suggested that the Vivad se Vishwas scheme announced in the Budget for MSMEs should be made attractive in terms of reimbursements and interest rates. They also demanded a robust grievance redressal system on digital portals and a mechanism to resolve disputes before the initiation of an arbitration process. 

GSTN has launched the e-invoice registration services through multiple private IRPs at the recommendation of the GST Council. Four private companies viz. ClearTax, Cygnet, E&Y and IRIS Business Ltd were empaneled by GSTN for providing these e-invoice registration services.

RBI revised the branch audit policy For 2022-23 - ONLY 70% of Fund & Non Fund Credit Exposure to be covered under Audit Maximum 2 branches to be allotted to each auditor. From Next Year, 2023-24, PSU Banks empowered to Decide Audit Coverage %age.

RBI Category 4 criteria also changed from Next Year: Firm having at least 2 exclusive partners (With or Without Bank Audit Exp.) with 3 Years firm Standing will be reckoned as Category 4 Firm Or, Firm with One Exclusive Partner & One CA Employee (With or Without Bank Audit Exp.) but with *6* Years Firm Standing will be considered as Category 4 Or, Firm with Proprietor Only will be counted as Category 4 only if firm is *6* Years Old *AND* Proprietor has Minimum *3* Years Bank Audit Experience of PSU/PVT Bank. 

India's fiscal deficit for April to January of the current fiscal year came in at ₹11.91 lakh crore or 67.8 percent of revised annual estimates.The Centre made an upward revision in its fiscal deficit target for 2022-23 in the 2023 Budget to ₹17.55 lakh crore from ₹16.61 lakh crore.

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E-way bill generation dipped to 3-month low in February, GST collection may be impacted in March*

✅ E-way bill generation in February dropped to a three-month low of over 8.18 crore.

✅ It was over 8.24 crore and 8.41 crore in January and December.

✅ Technically, data for February are for 28 days while preceding two (January and December) months’ total numbers are for 31 days.

✅ However, during fiscal year 2021-22, number of e-way bill generated in December was 7.16 crore which dropped to 6.88 crore in January but rose to 6.91 crore in February.

✅ E-way bill generation of a month gives an indication about GST collection in next month. This means, lesser number of e-way bills in February may end in lower collection.

✅ However, e-way bill generation is not directly linked to revenue collection.

✅ GST collection, during 12-month period of March 2022 and February 2023, has been ₹1.40-lakh crore or more every month.

✅ In fact, April 2022 saw all time high collection of ₹1.68-lakh crore while second highest collection was ₹1.56-lakh crore plus in January this year.

✅ Now, the government expect over ₹1.50-lakh crore plus in coming months.

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✅ GST Cash Ledger balance transfer between different GSTIN under same PAN is enabled

✅ GSTN has enabled the functionality to file a Letter of Undertaking (LUT) for the Financial Year 2023-2024 on the GST Portal.

✅ICAI have come up with new mediclaim scheme with ICICI Lombard for new as well as Super TOP UP option with extra benefits for CAs, you can refer this

Https://cmpbenefits.icai.org/

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Deadline to link your Permanent Account Number (PAN) and Aadhaar is March 31, 2023. Do note that now there is a penalty applicable for linking PAN with Aadhaar. If you link your PAN with your Aadhaar now, then you are liable to pay a late fee of Rs 1,000 as the last date for linking without penalty was June 30, 2022 which is already past. 

Calcutta High Court allows Assessee’s writ petition, quashes notice under Section 148A(b), issued in the name of non-existing entity; Reprimands the Revenue for non-application of mind and issuing notice on the same non-existing entity despite the fact that notice under Section 148 was quashed by the coordinate bench on earlier occasion on the same ground, imposes personal cost of Rs. 20,000 on concerned officer to be realised from his salary and to be paid to assessee. – [Orbit Projects (P) Ltd. v. ITO. 

Reserve Bank of India governor Shaktikanta Das said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022.

After gold jewellery, the government plans to make hallmarking of gold bullion mandatory and is ready with the draft guidelines, Bureau of Indian Standard (BIS) Director General Pramod Kumar Tiwari said. Hallmarking -- a quality certification -- has been made mandatory with effect from July 1, 2022 for gold jewellery (14, 18, and 22 carat) and artifacts in 288 districts of the country. 

EXTENSION OF LAST DATE FOR ONLINE EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS FOR MAY/JUNE 2023 EXAMINATIONS UP TO 15TH MARCH 2023.

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👉🏻New Form Annexure V for GTA in GST.

(Option in Annexure V FORM is required to be submitted on the portal by the GTA every year before the commencement of the FY discussed by CA. Satuti Mahajan)

👇🏻 👇🏻 👇🏻

https://youtu.be/xELloDzj2ao

 

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👉🏻GST Registration Turnover Limit for State Wise on Product and Services.

(How to Calculate Aggregate Turnover for GST Registration? discussed by CA. Satuti Mahajan)

👇🏻 👇🏻 👇🏻

https://youtu.be/7CwyHyNVwMQ

👉🏻Practical Guide for Statutory Audit of Bank Branches - An Overview.

(Bank Branch Statutory Audit for the first timers discussed by CA. (IP) Vivek Khurana)

👇🏻 👇🏻 👇🏻

https://youtube.com/live/PciHzrkf10s

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GSTN has introduced a new feature on the GST Portal. This feature enables taxpayers to geocode their principal place of business address, which means that the address is converted into geographic coordinates (latitude and longitude) using a mapping tool.

SEBI imposed restrictions on the placement of bids, price and volume for the companies undertaking share buybacks through the stock exchange route. Under the restrictions, a company will not be able to purchase more than 25% of the average daily trading volume (in value) of its shares in the 10 trading days preceding the day in which such purchases are made. 

Hon’ble Shri G. S. Pannu has been granted six months extension as officiating President of ITAT by Government of India, Ministry of Personnel, Public Grievances & Pensions (communication dated 6th March, 2023). 

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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Thanks for reading

6 March 2023 News and Updates

📰✓ Corporate Snippets ✓

📝 FY23 fiscal deficit: FinMin monitoring daily receipts, expenses in March

📝 Food companies, FSSAI, health institutions differ over front pack labelling proposal

📝 Quality control: Govt to issue measures to stop imports of sub-standard goods

📝 Centre saved $27 bn in schemes using DBT method, says Economic Affairs Secy

📝 Chennai-based Computer Age Management Services acquires majority stake in Think Analytics

📝 Bank of Baroda reduces home loan rate by 40 bps to 8.5% until March 31

📝 India's oil buy from Russia surges, now more than one-third of total imports

📝 Pfizer sells leasehold rights of 54-acre land parcel in Thane to Vidhi Research

📝 IndiGo looks to enable codeshare connectivity to US, Canada

📝 Agritech firm DeHaat's FY-23 revenue set to rise by over 80% to INR 2,300 Cr 

📝 DAO EvTech earmarks Rs 100 crore investment in Tamil Nadu, to hire 2,000 people

📝 Atmanirbhar push: INR 7,000 Cr PLI boost for toys, bicycle components soon

📝 Essar group returns to steel business with $8-billion investment

📝 Fitment panel to examine compensation cess structure for pan masala

📝 Square Yards raises INR 112 Cr from HNIs for office space in Hyderabad

📝 RIL, First Solar, Shirdi Sai bid for 15.5 Gw end-to-end solar manufacturing

📝 HCL Tech to double semiconductor biz in 4 yrs, needs 2 yrs to build fab

📝 Aiming to double India portfolio to $8 bn in 3-4 yrs: CapitaLand India CEO

📝 Bank of Ceylon, SBI, Indian Bank talk benefit of rupee trade in Colombo

📝 Govt. likely to lower rail freight rates for coastal shipping of coal

📝 Bond traders request RBI to shift to multiple price auctions of Govt. debt

📝 Kotak Mahindra Bank to create vertical for mid-market firms

📝 Indian Navy successfully test-fires the BrahMos supersonic missile

📝 Flexi work model is here to stay, was around even before Covid: Infosys

📝 Centre may extend ECLGS for MSMEs by six month

📝 NBFCs expect up to 30 bps rise in borrowing cost in FY-24 

📝 Finolex looks to expand non-agriculture segment business

📝 BSNL fast-tracks 4G site installation, targets April launch

📝 Bank credit to retail, wholesale trade jumps 16% in February: RBI data

📝 UPI: P2M transactions jump 119% YoY in February 2023

📝 Holi sales to generate INR 25,000 Cr business this year: CAIT

📝 Mustard prices seen falling below MSP on bumper crop prospects

📝 CGA asks departments to avoid last-minute spending rush

📝 Agriculture exports up 10% to $21.8 bn in April-January

📝 India’s per capita income doubles since 2014-15

📝 Saudi Arabia raises oil prices for Asia and Europe for April

📝 Infra, manufacturing push to help economy scale $7 tn peak

📝 Zetwerk raises ₹100 cr debt led by Edelweiss

📝 Centre may ease AT-I bond valuation rules

📝 Mark Mobius sees India as best investment alternative to China

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ICAI have come up with new mediclaim scheme with ICICI Lombard for new as well as Super TOP UP option with extra benefits for CAs, you can refer this at https://cmpbenefits.icai.org/

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Income Tax Updates: -

1.The Delhi High Court ruled that the Income Tax Department cannot offset TDS that has not been deposited by the deductor (employer) in the Central Government Account against the refund due and payable to the assessee because it is prohibited by Section 205 of the Income Tax Act, 1961. In this case, the assessee raised issue before the court that the outstanding demand for AY 2012-13, raised due to TDS, was not deposited by the employer with the Central Government, and that the refund due to him for AY 2015-16 was not paid to him, but was instead set-off against the said demand. (Sanjay Sudan vs ACIT, date of order 17.02.2023)

2.The ITAT bench of Chandigarh has deleted the addition u/s 69 and observed that as per the plain reading of section 69, it is clear that AO is under a legal obligation to give reasons for not accepting the explanations offered by the assessee. He cannot simply reject submissions of the assessee in summarily manner without any speaking order stating that 'it is an afterthought'. It is well settled position of law that the AO is expected to appreciate the reasonable explanation offered to him, the evidences produced before him about the nature and source of investment and he cannot make the additions merely on surmises, conjectures as well as without any supporting evidence. (ITA No. 569/Chd/2022)

Regards

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GST Refund claim cannot be Denied for want of Electronic Filing Based on CBIC Circular When Rules Allow Manual Filing: Andhra Pradesh HC* [Read Order]

Read More: https://www.taxscan.in/gst-refund-claim-cannot-be-denied-for-want-of-electronic-filing-based-on-cbic-circular-when-rules-allow-manual-filing-andhra-pradesh-hc-read-order/258980/

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CBDT has issued a corrigendum to its Notification G.S.R. 95(E), dated 14.02.2023 issued to notify new ITR-7 applicable for the Assessment Year 2023-24. The corrigendum is issued to correct minor errors/omissions in the ITR forms.

Delhi High Court in a case has held that the revision powers conferred under section 264 of the Income-tax Act, 1961, on the CIT were very wide and could give relief to the taxpayer in a case where the taxpayer detected mistakes due to which he was over-assessed. 

Further, it held that when a substantive law confers a benefit on the taxpayer under a statute, it could not be taken away by the adjudicatory authority on mere technicalities. Furthermore, it held that the Tax Officer should not take advantage of any error or mistake that a taxpayer committed. – [TS-163-HC-2016(Delhi)]

Government plans to rope in more industry partners to increase the pace of training under its flagship SAMARTH scheme for skill development in the textile sector. The government aims to make the country's textile sector worth USD 250 billion by 2030 from USD 150-155 billion at present.

GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices in addition to NIC-IRP. As a result, the beta launch of a new e-Invoice portal (www.e invoice.gst.gov.in), has been done where taxpayers can find comprehensive information on e-invoice compliance in a user-friendly format, such as check your enablement status, self-enable themselves for invoicing, search for IRNs, web links to all IRP portals – all the relevant links/information in one convenient location. Taxpayers can log in to the new e-invoice portal using their GSTN credentials for select services pertaining to their GSTIN profiles.

CBIC issued Circular No. 214/1/2023-Service Tax dated February 28, 2023 regarding Leviability of Service Tax on the declared service “Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act" under clause (e) of section 66E of the Finance Act, 1994.

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Revenue to takes steps to Reduce Litigation amid Delay in GST Tribunal Constitution after Bombay HC [Read Order]

Read More: https://www.taxscan.in/revenue-to-takes-steps-to-reduce-litigation-amid-delay-in-gst-tribunal-constitution-after-bombay-hc-read-order/259001/

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GST Refund claim cannot be Denied for want of Electronic Filing Based on CBIC Circular When Rules Allow Manual Filing: Andhra Pradesh HC [Read Order]

Read More: https://www.taxscan.in/gst-refund-claim-cannot-be-denied-for-want-of-electronic-filing-based-on-cbic-circular-when-rules-allow-manual-filing-andhra-pradesh-hc-read-order/258980/

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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Thanks for reading

4 March 2023 Updates

Union Budget 2023 is just a few days away and there's much expectation from all and sundry that this election eve Budget will deliver a booster shot for growth.

 

MAT credit earned by the amalgamating company has to be allowed in the hands of the amalgamated company. Capgemini Technology Services India Ltd. Vs. DCIT, 30/08/2022 ( ITAT – Pune ) 

 

In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill. 

 

India's government is likely to keep its gross market borrowing below ₹16 trillion ($196 billion) for 2023/24 as it does not want to destabilise the bond market with any negative surprises.

 

The government has so far raised ₹12.93 trln up to Jan. 27, which is 91% of the overall gross borrowing target of ₹14.21 trillion in the 2022/23 fiscal year which ends on March 31.

 

The latest data released by the China customs department shows India’s trade deficit with the country breaching $100 billion for the first time in 2022.

 

China was India’s top import source in April-December 2022, with an increase of 11.9 %(Y-O-Y) to $75.87 billion, while exports to the country during the period declined 35.58 % to $11.03 billion pushing up trade deficit in the first nine months of the fiscal to $64.84 billion.

 

Please find below Highlights of Union Budget 2023-24.

 

General

1. EPFO Numbers doubled to 27 crores

2. Agriculture accelerator fund to boost startup in Agri sector. Special scheme to boost fisheries

3. 38,800 teachers will be employed in 3.5 lakh Eklavya tribal school.

4. Capital outlay of Rs. 2.40 lakh crore for Railways.

5. 50 New Airports and Heliports to be made.

6. Rs. 10,000 crore for urban infra fund every year

7. Rs. 75,000 crore for 100 transport infra projects

8. 3 Centers of Excellence for “Artificial Intelligence” will be set up.

9. KYC procedure to be simplified. PAN to be come common business identifier.

10. Scope of Digi locker to be increased.

11. More than 39,000 compliances reduced. Jan Vishwas Bill to amend 42 laws

12. Rs. 35,000 crore for Energy transmission

13. 10,000 bio input research centers to be set up.

14. 30 Skill India International centers to be set up.

15. NFIR (National Financial Information Registry) to be launched for financial strategy.

16. Reducing cost of MSME Credit by 1%. Infusion of Rs. 9,000 crore in corpus for MSME credit.

17. ‘Mahila Samman Bachat Scheme’ for Women for Rs. 2,00,000 @ 7.5%

18. SCSS enhanced from 15 lakh to 30 Lakh.

 

Direct and Indirect tax

1. Promote domestic manufacturing and exports.

2. Tax exemption on Capital Goods and Lithium batteries.

3. Mobiles, camera lenses to become cheaper.

4. Gold, Silver & Diamonds, cigarettes, imported rubber to get expensive.

5. Enhanced limit for 3 crore and 75 lakhs for presumptive taxation.

6. Higher TDS limit of RS. 3 cr for Cooperatives

7. New IT Return Form for easier filing.

8. 100 Joint Commissioners to be appointed for disposal of small appeals.

9. TDS reduced on EPF withdrawal

10. Section 54 and 54F to be amended. 

11. Rebate limit increased to 7 lakh in new tax regime.

12. Number of slabs reduced from 7 to 5 in new tax regime.

13. Only 5% tax on Individual’s Annual income of 9,00,000 only to pay Rs. 45,000 as tax.

14. Salaried class and pensioner: Standard Deduction increased

15. Highest tax rate 42.74 % reduced 

16. Propose to reduced Higher surcharge rate from 37 % to 25% in new tax regime. 

17. Leave Encashment: Limit increased from Rs. 3,00,000 to Rs. 25,00,000.

 

Indirect Taxes

1. Customs duty on goods of textiles, toys, bicycle reduced from 21 to 13%

2. To promote Green Mobility - basic customs duty concession for lithium ion battery

3. To promote Electronics manufacture- relief on customs duty for camera lens and lithium battery  

4. Television - TV panels customs duty reduced

5. Electric kitchen chimney to reduce inverted duty structure from 7.5 to 15 percent

6. Benefit for ethanol blending program and acid program and epichlorohydrine

7 Marine Products- to promote exports - shrimps, etc. Duty on shrimpfeed reduced

8. Basic Customs duty reduced for seeds in manufacture for diamonds

9. Customs duty to increase in silver bars

10. Steel - concessional customs duty on steel and ferrous products 

11. Copper - concessional customs duty on copper

12. Rubber - concessional customs duty on rubber

13. Cigarettes - increased tax 

 

Direct Taxes

1. Common IT form and grievance redressal system

2. MSME - avail benefit of presumptive taxation increased to 44AD to 3 crores

Professionals u/s 44ADA - 75 lakhs 

Provided receipt in cash doesn't exceed 5%

3. TDS only on payment for deduction

4. Co-operatives tax -15%

Higher limit of 2 lakh per member for cash deposit in agricultural banks

Higher limit of Rs. 3 crores on TDS for cooperative societies

5. Startups

To avail startup benefits from 31-03-2023 to 31-03-2024

6. 100 new joint commissioners for appeal

7. S.54 to S.54F capped at 10 crores

8. TDS on Online gaming - 

9. TDS 30% to 20% on taxable portion of EPF

10. Extending funds for GIFT and IFSC

 

Personal Income Tax

1. Rebate for income upto 7 lakhs u/s 87A in the new tax regime

 

2. New tax regime from

0-3 lakhs nil

3-6 lakhs- 5%

6-9 lakhs 10%

9-12 lakhs 15%

12-15 lakhs 20%

Above 15 lakhs- 30 %

 

3. Standard deduction for new tax regime for Rs. 15.5 lakhs or more -52,500

 

4. Reduction of highest surcharge from 37% to 25% on new income tax regime

 

5. Limit on tax exemption for leave encashment is increased from 3,00,000 to 25,00,000

 

6. New income tax regime default regime

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Registration of Trust: As per amended rule 17A, it was not required to file any original copy of the documents. Self certified copy / instrument was sufficient for the purpose of verification by the CIT(E). Since the assessee has carried out charitable activities in accordance with main objects and amended objects of the trust deed. It is entitled for registration u/s 12AA. Radheyshyam Mandir Trust Vs. CIT(E), 26/09/2022 (ITAT - Jaipur)

 

Gross GST revenue collected in the month of January 2023 till 5:00 PM on January 31, 2023 is Rs 1,55,922 crore. Out of this, CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods).

 

Catering services to Educational Institutions from 1st standard to 2nd PUC is exempt from GST. Case Name : In Re Sri Annapumeshwari Enterprises (GST AAR Karnataka)

 

Government's food and fertiliser subsidy expenses in the current fiscal are estimated at Rs 5.21 trillion, an all-time high, as per the official sources. While food subsidy expenses would be around Rs 2.76 trillion in FY23, the subsidies incurred because of supplying highly subsidised soil nutrients to farmers in the current year are estimated at Rs 2.45 trillion. 

 

Due to a softening of global fertilsers prices in the recent months and discontinuation of Pradhan Mantri Garib Kalyana Anna Yojana (PMGKAY) or free ration scheme, the subsidies outgo next fiscal could decline by around 20% on year to Rs 4.1 trillion.

 

Budget 2023-24 proposed to amend section 43B of the Income Tax act with a new clause (h) in order to include payments made to MSME enterprises.

 

The Finance Minister announced incentives for the startup ecosystem in the country and extended the benefit of carry forward of losses from the current 7 years to 10 years from the date of incorporation of the firm.

 

The number of recognised startups has increased to 84,012 in 2022, up from 452 in 2016, because of investment incentives and easing business compliances. India could become home to many more startups as the survey noted that new-age tech firms are considering shifting their domicile back to India. 

 

DPIIT recognised startups created more than 9 lakh direct jobs, thus supporting the overall economy. The number of jobs created by these startups surged by 64% in 2022 to 269,000, over the average number of new jobs created in the last three years. About 48% of Indian startups are now from Tier II and beyond cities. 

 

The country has over 1,000 Agri startups assisting farmers in improving farming techniques. Over 500 startups are working in the millet value chains, while the Indian Institute of Millets Research has incubated 250 startups under Rashtriya Krishi Vikas Yojana.

 

The private equity investments in agritech space have skyrocketed over the past four years – witnessing an increase of more than 50 per cent per annum to aggregate approximately ₹6600 crore.

 

There has been a 46% growth in the domestic filing of patents over 2016-2021, signalling India’s transition towards a knowledge-based economy, these patents were largely filed by startups. 

 

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Angel tax may trim foreign funding in Indian startups, Foreign investors who were earlier outside the tax’s purview have now been brought under the ambit of ‘angel tax’.

 

Indian startups raising capital from foreign investors such as SoftBank, Sequoia Capital, Prosus, Tiger Global, KKR and Blackstone will now have to pay ‘angel tax’ in a move that could squeeze funding into the sector facing a liquidity crunch and prompt more startups to shift overseas.

 

FM said in the budget speech that non-residents will now come under the purview of Section 56(2) VII B, also known as ‘angel tax’, which was introduced in 2012 as an anti-abuse measure aimed at tax avoidance.

 

Alternative investment funds registered with the SEBI will continue to be exempted from the tax. The step is likely to impact startups as they raise bulk of the capital from foreign investors.

 

In 2022, private equity and venture capital funding into India totaled $54 billion, while it was close to $77 billion in 2021, a record year for Indian firms.

 

Angel tax is applied if the share price that is allotted to investors is at a premium to the fair market value (FMV) of the share. The difference is subjected to Section 56 (2) VII B.The tax would also apply to domestic investors who are not Sebi-registered AIFs.

 

To avoid the purview of angel tax, startups can file a “Form 2 Exemption". However, this exemption restricts the startup from undertaking many activities such as setting up a subsidiary, making any advances of salary, rental deposits, and vendor advances.

 

Startups also would be barred from making treasury investments or participating in stock merger and acquisition deals as claiming the exemption would hamper the startup in many ways.

 

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CBDT will soon come out with a scheme on the Budget announcement of reducing pendency of appeals related to TDS default issues. The Finance Minister proposes to deploy about 100 JCIT for disposal of small appeals and to reduce the pendency of appeals at the commissioner level.

 

Budget 2023 has made the new income tax regime as the default option for income taxpayers. Hence, unless an individual specifies that he/she is opting for the old income tax regime, then a revised new income tax regime will be applicable. 

 

GST Council likely to meet this month to take up the long-pending issue of setting up GST appellate tribunals. The date of the meeting is yet to be finalised but it will be towards the middle of the month around February 18.

 

The Council typically meets once after the presentation of the Union Budget. The top agenda would be setting up of the appellate tribunals for GST. The Council is also expected to take up the report on online gaming that was submitted by a Group of Ministers.

 

The GST Council, chaired by union finance minister Nirmala Sitharaman, had last met on December 17 after a six-month gap. The meeting was wound up early due to the paucity of time cited by a number of state finance ministers.

 

Once the proposal to set up a GST appellate tribunal is passed by the GST Council, the Centre may take up amendments to the Central GST Act in the second half of the Budget Session of Parliament.

 

SEBI has released a consultation paper inviting suggestions on a proposal to provide Alternative Investment Funds (AIFs) and their investors the option to carry forward unliquidated investments of a scheme on expiry of its tenure.

 

​CBDT Chairman said that India will provide grandfathering to past investments by non-residents in startups and the proposed changes to the angel tax provision were prospective.

 

​Software development expenditure incurred by the software development company, expenses will be revenue in nature. PR. COMMISSIONER OF INCOME TAX-5, VERSUS TRIGENT SOFTWARE LIMITED, 02/12/2022, ( Bombay High Court ), (Favour of Assessee)

 

​Notice issued under section 148 on the basis of satisfaction recorded by the Joint Commissioner was without jurisdiction and deserved to be set aside as the Joint Commissioner is not a specified authority for sanction of issue of notice.​ ​[Thirdware Solution Ltd. v. DCIT (2023) 146 taxmann.com 364 (Bom.)]

 

​Withdrawals from an EPF account before the completion of five years will now be less taxing. Union Budget, has proposed a decrease in TDS rate on withdrawals from EPF accounts not seeded with PAN.

 

​Govt Credit Guarantee Scheme (CGS), which facilitates collateral-free credit flow to micro and small enterprises under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), has approved 8.43 lakh loan guarantees involving Rs 71,843 crore during the nine-month period (April-Dec 2022). 

 

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Government of India, Ministry of Finance, Department of Expenditure, Procurement Policy Division has issued Office Memorandum vide No.F.1/1/2023-PPD dated February 6, 2023 providing Relief to the Micro, Small and Medium Enterprises (“MSMEs”).

 

In order to further support MSMEs, it has been decided to provide relief in all contracts for procurement of Goods and Services, entered into by any Ministry/ Department/ attached or subordinate office/ autonomous body/ Central Public Sector Enterprise (CPSE)/ Public Sector Financial Institution etc with MSMEs, which meet the following criteria:

 

The contractor/ supplier should be registered as a MSME Enterprise with the Ministry of MSME, as on March 31, 2022. The original delivery period/ completion period was between February 19, 2020 and March 31, 2022.

 

For the MSMEs which meet the specified criteria, the following reliefs shall be provided:

 

• 95% of the performance security forfeited from such firms shall be refunded.

 

• 95% of the Bid security (Earnest Money Deposit), if any, forfeited from MSME firms in tenders opened between February 19, 2020 and March 31, 2022 shall be refunded.

 

• 95% of the Liquidated Damages (LD) deducted from such firms shall also be refunded. LD so refunded shall not exceed 95% of the performance security stipulated in the contract.

 

• In case a firm has been debarred only due to default in execution of such contracts, such debarment shall also be revoked, by issuing an appropriate order by the procuring entity. 

 

• No interest shall be paid on such refunded amount.

 

Government e-Marketplace (GeM) shall provide an online portal for the purpose implementation of this order. The date of commencement of the scheme shall be notified separately.

 

Chartered Accountants may apply for CAG Empanelment at https://bit.ly/3HGbPr6 Online applications form is available from 6 Jan 23 to 15 Feb 23.

 

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India's production-linked incentive (PLI) scheme has created more than three lakh jobs so far. The PLI scheme, which aims to make domestic manufacturing globally competitive, has attracted investment worth over ₹45,000 crore.

 

The Centre rolled out the scheme in 2020 with an outlay of about ₹2 lakh crore for as many as 14 sectors. It is expected that incentives under the PLI scheme to go close to ₹3,000 crore to ₹4,000 core before March 23.

 

The PLI scheme offers a cash incentive for three to five years on the incremental sale of goods manufactured in India over-determined base-year sales. Additionally, the identified beneficiaries are required to commit to a certain minimum investment in India.

 

In 2021-22, the government surpassed the Asset monetisation programme's first-year target of ₹88,000 crore by completing transactions worth ₹1 lakh crore. The current fiscal year's asset monetisation target is ₹1,62,422 crore.

 

Till November 21, 2022, the government had monetised assets worth ₹33,422 crore under the National Monetisation Plan. In August 2021, FM announced the ₹6 lakh-crore NMP over four years to unlock value in infrastructure assets across sectors.

 

The Eco Survey said as of December 31, 2022, 717 applications have been approved under 14 schemes and over 100 MSMEs are among the PLI beneficiaries.

 

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Framework for Social Audit Standards made effective by ICAI. The following are the key takeaways: 

 

(a) Effective from 4.2.2023.

 

(b) Framework applies to social audit (i.e., social impact assessment of project/ program of social enterprises) to be conducted by social Auditors.

 

(c) There are five elements of a social audit engagement which are:

A three-party relationship involving a social auditor, a responsible party, and intended users;

Project/ Program/ Intervention to be covered;

Project Monitoring Framework;

Evidence; and

A written audit report.

 

(d) The social auditor should consider the significant findings/assessments of the assistants/ field level research agency or other social auditors or subject matter experts.

 

(e) The social audit report should be in writing and should contain a clear expression of the social auditor’s findings.

 

Directorate General of GST Intelligence (DGGI) and the National Forensic Sciences University (NFSU) on February 07, 2023 signed a Memorandum of Understanding (MoU) for setting up of digital forensic laboratories along with exchange of information and knowledge, technological advancement and skill development in the field of digital forensics.

 

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Transfer of PAN jurisdiction follows jurisdiction transfer order; AO can't claim jurisdiction if PAN transferred later. – [PCIT v. Capstone Securities Analysis (P) Ltd. (2023) 146 taxmann.com 423 (Bom.)]

 

Requirement of deposit of 20% of demand can be relaxed in appropriate cases to grant stay of recovery. – [Dr. B.L. Kapur Memorial Hospital v. CIT(TDS) [2023] 146 taxmann.com 422 (Del.)]

 

India’s agricultural and processed food products exports rose to $19.69 billion in April-December 2022 from $17.5 billion over the same period of the last fiscal.

 

Finance ministry has projected collections under the goods and services tax (GST) at an average Rs 1.6 lakh crore per month in the next fiscal against an estimated Rs 1.4 lakh crore in 2022-23, an increase of about 14 per cent. 

 

GST e – Invoice System has issued a release note regarding new validations incorporated for all B2B transactions, selection of PoS State Code as ‘96-Other Country’ is enabled for HSN related to Services by way of transportation of goods, including by mail or courier dated January 30, 2023.

 

Ministry of Finance, Department of Expenditure, Procurement Policy Division has issued Office Memorandum vide No.F.1/1/2023-PPD regarding Vivad Se Vishwas Relief for MSMEs dated February 6, 2023.

 

Foreign portfolio investors (FPIs), who are enjoying a concessional tax rate of 5% on the interest income of rupee-denominated bonds, could be staring at a higher tax outgo after June 30, 2023, since the Centre has not extended the concessional rate.

 

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Direct Tax Collections for F.Y. 2022-23 at ₹15.67 lakh crore; 24.09% higher than gross collections last year. The provisional figures of Direct Tax collections up to February 10, 2023 continue to register steady growth.

 

The announcement of higher exemptions under the new tax regime in Budget 2023 is likely to reduce retail donations to charities. Based on the government's expectations, nearly two-thirds of taxpayers are expected to opt for the new tax regime, which has now become the default option. 

 

Limitation as prescribed under section 153 starts only from the last date of financial year wherein notice was served on assessee and not from when notice was issued or sent by revenue. – [Rajesh Gupta v. National Faceless Assessment Centre, Delhi (2022) 288 Taxman 553 : 141 taxmann.com 111 (Mad.)]

 

Central Board of Indirect Taxes and Customs (CBIC) has decided to go after tax evaders, who had made declarations under the Sabka Vishwas (Legacy Dispute Resolution) Scheme of 2019, but failed to pay the relevant tax subsequently. 

 

Unbranded salted snacks, or namkeens and related products, such as potato chips, bhujiya and gathiya, would suffer 12 per cent goods and services tax (GST), not five per cent, ruled the Gujarat authority for advance rulings (AAR).

 

New Leadership of ICAI : President - CA Aniket Talati (WIRC) Vice President - CA Ranjeet Agarwal (EIRC).

 

DRTC, ICAI -Create your individual Digital Identity on mail.ca.in on the ICAI unique Domain ".ca.in" after your choice of name for members & Students. The features of the mailbox are 30GB storage space, Calendar, planner, notes, G suite workspace with its Apps.

 

The Central Board of Direct Taxes (CBDT) in its new notification notified the Establishment of Board for Advance Ruling (BAR) for Direct Taxes on February 6th 2023.

 

The CBDT in continuation of the notification to the Notification No. 96 of 2021, Extraordinary Part II, section 3, subsection (ii) and in pursuance of Para 4(2) of the e-Advance Rulings Scheme, 2022, made by the Central Government by Notification No. 7 of 2022, Extraordinary Part II, section 3, sub-section(ii), the CBDT established an office for the BAR.

 

In accordance with the notification, 3 Board for Advance Ruling has been set up with specifying the Income Tax Authority. According to the schedule, the BAR-I and BAR-II are headquartered in Delhi. Also each consists of 2 members and one secretary. And the BAR-III has its headquarters in Mumbai in which it also has 2 members and one secretary.

 

The notification further said that the BAR would have access to any additional income-tax authorities, ministerial personnel, executives, or consultants that the Board deemed essential to assist the BAR members. Additionally, this responsibility is given to the jurisdictional Principal CCIT for the BAR in question, the Principal Chief Commissioner of Income Tax concerned, in conjunction with the board. The Central Government in its 2021 budget proposed to constitute a Board for Advance Ruling.

 

And now it happened. It was proposed that the board shall constitute one or more Board for Advance Rulings for giving advance rulings under the said Chapter on and after the notified date. Every such Board shall consist of two members, each being an officer not below the rank of Chief Commissioner. Advance rulings of such Board shall not be binding on the applicant or the Department and if aggrieved, the applicant or the Department may appeal against the ruling or order passed by the Board before the High Court.

 

Further, Section 245N of Income Tax Act was proposed to be amended to incorporate the definitions of the Board of Advance Rulings, notified date, Member of the Board of Advance Rulings and change in the definition of Authority to include the Board for Advance Rulings. Also it was proposed that Section 245-OB shall be inserted to provide for the constitution of the Board of Advance Rulings.

 

Gujrat High Court, vide orders dated 8.2.2022, passed in the case of Taru Pallav Projects (P) Ltd. quashed 148A(b) notice, 148A(d) order and 148 notice for AY 2013-14 and 2014-15, and in the case of Vinod Fabrics (P) Ltd. quashed order u/s 148A(d) and notice u/s 148 for AY 2013-14, considering the decision of Hon'ble Supreme Court dated 4.5.2023 in the case of Ashish Agarwal and following the decision of Gujrat High Court dated 7.2.2023 in the case of *Keenara Industries (P) Ltd.

 

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CBDT, vide Notification dated 10.2.3023 issued u/s 295 of the Income Tax Act, 1961, further amends Rule 12 of the Income Tax Rules, 1962 to provide return forms ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-V (Verification) and Acknowledgment for AY 2023-24. There forms shall be applicable w.e.f. 1.4.2023. It may be noted that ITR-7 is yet to be notified.

 

Proposed Amendments to Section 54 and Section 54F of the Income Tax Act: It is proposed to impose a limit on the maximum deduction that can be claimed by assessee under Section 54 and Section 54 F to Rs 10 crores. It has been proposed that where the cost of a new asset exceeds ten crore rupees, the amount exceeding ten crore rupees shall not be taken into account. 

 

A new section 50AA has been inserted to treat the full value of the consideration received or accruing as a result of the transfer or redemption or maturity of the “Market Linked Debentures” as reduced by the cost of acquisition of the debenture as capital gains arising from transfer of a short term capital asset.

 

C&AG Online application form along with detailed instructions in this regard are available on the website www.cag.gov.in from 6 January 2023 to 15 February 2023. The applicant firms/LLPs will have to fill/update the data showing the status of their firm as on 1 January 2023.  

 

The firms/LLPs will be required to submit a printout of the acknowledgement letter generated online and also hard copies of the documents in support of their online application in the office of the Comptroller and Auditor General of India at 10, Bahadur Shah Zafar Marg, Mata Sundari Railway Colony Mandi House, Vikram Nagar, New Delhi, Delhi 110002 latest by 28 February 2023. 

 

Singapore has recognised ICAI qualification as one of the recognised professional qualifications for associate membership of ISCA. It would be beneficial for all those members who are residing in Singapore and having six months of local work experience in Singapore as they can become associate members of ISCA without appearing in any paper.

 

You can find more details at the ISCA webpage https://isca.org.sg/membership/become-a-member/associate-pathway/recognised-qualifications-for-admission-as-associate-(isca)

 

Create your individual Digital Identity on https://mail.ca.in on the ICAI unique Domain .ca.in after your choice of name for members & Students. The features of the mailbox are 30GB storage space, Calendar, planner, notes, G suite workspace with its Apps.

 

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CBDT notifies ITR Forms for Assessment year 2023-24 i.e. ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and ITR Acknowledgement. 

 

CBDT, vide Notification No.5/2023 dated 14.02.2023 notifies ITR-7 for Assessment year 2023-24. 

 

CBDT has stated that as of this point, about 48 crores of the 61 crore PAN issued to individuals have been connected with Aadhaar. The chairman clearly stated that whoever does not link the Aadhaar with PAN shall not get any type of benefits in both business and tax related filings. 

 

Individual PANs that are not linked to the Aadhaar by the end of this financial year (March 31, 2023) would become defunct. In addition, between now and March 31 one must spend Rs 1,000 to link their PAN and Aadhaar.

 

Gujarat High Court has directed the income tax department to grant refund adjustments in excess of 20% of the demand raised where the demand is contested before CIT(A) and held that the assessee's application cannot be rejected solely on the basis that refund adjustments were made by the CPC system in accordance with total outstanding demand, with no reference to CBDT Officer Memorandums dated 29.02.2016 and 31.07.2017. (Neo Structo Construction (P.) Ltd. vs ACIT)

 

CBIC will use the data of electric meters and property tax to increase the base of GST, said Vivek Johri, CBIC Chairman. When GST was implemented, there was a GST tax base of Rs 45-50 lakh, which has now increased to Rs 1.4 crore, said Johri. 

 

GST audits undertaken by the indirect tax administration in the current financial year have led to the detection of 22,000-crore tax evasion from nearly 48,000 cases so far, CBIC chairman. 

 

Vouchers are exempted from GST, the Karnataka high court ruled in a recent judgment, asserting that these don't carry any value and they're not goods or services either. "The definition of 'vouchers' under the CGST Act makes it clear that vouchers are mere instruments accepted as consideration for supply of goods or services.

 

CBDT notified the ITR Forms for Assessment year 2023-24 well in advance for smoothening compliances; The old ITRs have undergone changes in the light of various statutory amendments; Except for ITR-1 and ITR-4, disclosure with respect to income from Virtual Digital Assets (VDA) is sought in new Schedule VDA; ITRs 2 and 3 require SEBI registration number if the Assessee is an FII or FPI;

 

Donation Reference Number is to be provided while claiming 80G deduction in respect of donations entitled for 50% deduction subject to qualifying limit, in ITRs 2, 3, 5 and 6; ITR-7 undergoes a slew of changes with introduction of new schedules viz., Schedule 115BBI (details of specified income of certain institutions under Section 115BBI), Schedule A (consolidating Schedule ER and EC), 

 

Schedule IA and DA (details of accumulated income taxed in earlier assessment years) and Schedule R (reconciliation of Corpus), bifurcation of corpus and disclosure of accumulation of income, among others.

 

After a gap of over seven months, the GST Council is scheduled to hold an in-person meeting on February 18, where it is likely to pave the way for the setting up appellate tribunals for the comprehensive indirect tax.

 

Finance Minister Nirmala Sitharaman said that should the states agree, petroleum and gas under the ambit of Goods and Services Tax (GST). "Once the states agree, we will have petroleum products in the GST,"

 

ICAI is happy to assist in the transition to MCA V3. As regards issues faced, you may also kindly access the ICAI – CL&CGC help links below for onward support/resolution - 11 am to 5 pm 

 

Incorporation Helpline-1 : https://bit.ly/3lJuAkT

 

Incorporation Helpline-2 : https://bit.ly/3Kd8mC1

 

Other Company Forms Helpline : https://bit.ly/3k5Bqkw

 

LLP Forms Helpline : https://bit.ly/40Y1KgV

 

Login and DSC Helpline : https://bit.ly/3YByCuq

 

 

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Interest earned on deposits held with bank is not eligible for benefit of presumptive taxation under section 44AD– [Krishna Kumar Agrawal v. ITO (2023) 147 taxmann.com 48 (ITAT Raipur)]

 

Input tax credit shall not be available in respect of goods or services or both received by a taxable person, which are used or intended to be used for activities relating to it’s obligations under corporate social responsibility referred to in section 135 of the Companies Act, 2013. 

 

India is setting up a fund worth Rs 33,000 crore ($4 billion) to provide liquidity to its corporate debt market during bouts of stress, to help stem panic selling and ease redemption pressures. The government will provide 90% of the money for the fund, and other asset managers would contribute the rest. 

 

India’s overall exports (Merchandise and Services combined) in January 2023 are estimated to be USD 65.15 Billion, exhibiting a positive growth of 14.58 percent over the same period last year. Overall imports in January 2023 are estimated to be USD 66.42 Billion, exhibiting a positive growth of 0.94 percent over the same period last year.

 

India has been ranked fourth out of 51 countries in having a quality entrepreneurship ecosystem, a new global report said, reflecting the steady rise in the nation's business environment over the years. The ranking of India in the Global Entrepreneurship Monitor (GEM) National Entrepreneurship Context Index (NECI) report is a drastic turnaround following a much lower score in 2021 which was 16th overall.

 

ICAI constituted the Sustainability Reporting Standards Board (SRSB) with the mission to formulate comprehensive, globally comparable, and understandable standards for measuring and disclosing non-financial information about an entity’s progress towards United Nations Sustainable Development Goals (SDG) 2030

 

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GST Council Meeting: Outstanding GST compensation of 5 years due to states for the 5 year period cleared

 

GST Appellate Tribunal 

 

The Council adopted the report of the Group of Ministers with certain modifications. The final draft amendments to the GST laws shall be circulated to Members for their comments. The Chairperson has been authorised to finalise the same.

 

Approval of the Report of GoM on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST: 

 

 

With a view to plug the leakages and improve the revenue collection from the commodities like pan masala, gutkha, chewing tobacco, the Council approved the recommendations of the GoM including, inter alia, that

 

the capacity based levy not to be prescribed;

 

compliance and tracking measures to be taken to plug leakages/evasions;

 

exports of such commodities to be allowed only against LUT with consequential refund of accumulated ITC;

 

compensation cess levied on such commodities to be changed from ad valorem to specific tax based levy to boost the first stage collection of the revenue

Recommendations relating to GST rates on Goods and Services

 

Changes in GST rates of Goods and Services

Rab - 18% to 5% - if sold prepackaged and labelled or Nil - if sold otherwise

Pencil Sharpener - 18% to 12%

Other changes relating to Goods and Services

 

 

It has been decided to regularize payment of GST on ‘rab’ during the past period on “as is basis” on account of genuine doubts over its classification and applicable GST rate.

 

 

It was decided to suitably amend notification No. 104/94-Customs dated 16.03.1994 so that if a device like tag- tracking device or data logger is already affixed on a container, no separate IGST shall be levied on such affixed device and the ‘nil’ IGST treatment available for the containers under notification No. 104/94-Customs shall also be available to the such affixed device subject to the existing conditions.

 

 

It has been decided to amend entry at Sl. No. 41A of notification No. 1/2017-Compensation Cess (Rate) so that exemption benefit covers both coal rejects supplied to and by a coal washery, arising out of coal on which compensation cess has been paid and no input tax credit thereof has been availed by any person.

 

It has been decided to extend the exemption available to educational institutions and Central and State educational boards for conduct of entrance examination to any authority, board or a body set up by the Central Government or State Government including National Testing Agency for conduct of entrance examination for admission to educational institutions.

 

It has been decided to extend the dispensation available to Central Government, State Governments, Parliament and State Legislatures with regard to payment of GST under reverse charge mechanism (RCM) to the Courts and Tribunals also in respect of taxable services supplied by them such as renting of premises to telecommunication companies for installation of towers, renting of chamber to lawyers etc.

Measures for facilitation of trade:

 

Extension of time limit for application for revocation of cancellation of registration and one time amnesty for past cases: The Council has recommended amendment in section 30 of CGST Act, 2017 and rule 23 of CGST Rules, 2017 so as to provide that -

 

the time limit for making an application for revocation of cancellation of registration be increased from 30 days to 90 days;

 

where the registered person fails to apply for such revocation within 90 days, the said time period may be extended by the Commissioner or an officer authorised by him in this behalf for a further period not exceeding 180 days.

 

The Council has also recommended that an amnesty may be provided in the past cases, where registration has been cancelled on account of non-filing of the returns, but application for revocation of cancellation of registration could not be filed within the time specified in section 30 of CGST Act, by allowing such persons to file such application for revocation by a specified date, subject to certain conditions.

 

Amendment to Section 62 of CGST Act, 2017 to extend timelines under sub-section (2) thereof and one time amnesty for past cases: As per sub-section (2) of section 62 of CGST Act, 2017, the best judgment assessment order issued under sub-section (1) of the said section is deemed to be withdrawn if the relevant return is filed within 30 days of service of the said assessment order. The Council recommended to amend section 62 so as to increase the time period for filing of return for enabling deemed withdrawal of such best judgment assessment order, from the present 30 days to 60 days, extendable by another 60 days, subject to certain conditions.

 

The Council has also recommended to provide an amnesty scheme for conditional deemed withdrawal of assessment orders in past cases where the concerned return could not be filed within 30 days of the assessment order but has been filed along with due interest and late fee upto a specified date, irrespective of whether appeal has been filed or not against the assessment order, or whether the said appeal has been decided or not.

 

Rationalisation of Late fee for Annual Return: Presently, late fee of Rs 200 per day (Rs 100 CGST + Rs 100 SGST), subject to a maximum of 0.5% of the turnover in the State or UT (0.25% CGST + 0.25% SGST), is payable in case of delayed filing of annual return in FORM GSTR-9. The Council recommended to rationalise this late fee for delayed filing of annual return in FORM GSTR-9 for FY 2022-23 onwards, for registered persons having aggregate turnover in a financial year upto Rs 20 crore, as below:

 

Registered persons having an aggregate turnover of up to Rs. 5 crores in the said financial year: Rs 50 per day (Rs 25 CGST + Rs 25 SGST), subject to a maximum of an amount calculated at 0.04 per cent. of his turnover in the State or Union territory (0.02% CGST + 0.02% SGST).

 

Registered persons having an aggregate turnover of more than Rs. 5 crores and up to Rs. 20 crores in the said financial year: Rs 100 per day (Rs 50 CGST + Rs 50 SGST), subject to a maximum of an amount calculated at 0.04 per cent. of his turnover in the State or Union territory (0.02% CGST + 0.02% SGST).

 

Amnesty in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10: To provide relief to a large number of taxpayers, the Council recommended amnesty schemes in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10 by way of conditional waiver/ reduction of late fee.

 

Rationalization of provision of place of supply of services of transportation of goods: Council recommended to rationalize the provision of place of supply for services of transportation of goods by deletion of section 13(9) of IGST Act, 2017 so as to provide that the place of supply of services of transportation of goods, in cases where location of supplier of services or location of recipient of services is outside India, shall be the location of the recipient of services.

 

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CIT(A) cannot decide assessee’s appeal ex-parte merely because of failure to attach grounds of appeal at the time of filing memo of appeal in Form No. 35 due to technical reasons.- [Prime ABGB (P) Ltd. v. National Faceless Appeal Centre, New Delhi (2023) 147 taxmann.com 357 (Bom.)]

 

The Principal Bench of the proposed Appellate Tribunal for GST would decide on the cases relating to inter-state supply and place of supply. The state benches or boards would hear matters relating to intra-state GST issues such as the rates of tax, exemptions and input tax.

 

To provide relief to a large number of taxpayers, the GST Council recommended amnesty schemes in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10 by way of conditional waiver/ reduction of late fee. Notification and Draft of the scheme would be coming soon. 

 

Listed Companies are required to send the intimation in coordination with the RTA’s to all shareholders holding shares in physical form through SMS /Emails, informing them that they can resolve their disputes against RTA/ Company by filing for arbitration with the stock exchange. The intimation must be sent by Listed Entities by February 20, 2023.

 

The Ministry of MSME provides financial support for participation of MSMEs in International Exhibitions. The list of exhibitions for the year 2023-24 is given at https://ic.msme.gov.in/IC_APP/WriteReadData/GuideLine/List_of_780_Events_2023-24.pdf . Apart from support for minimum 10 MSMEs in one exhibition, financial support is also given for one office bearer of the association. 

 

The guidelines of the scheme are given at https://msme.gov.in/sites/default/files/RevisedICScheme2021.PDF . 

 

Online applications are being invited for participation in International exhibitions from Industry Associations under the MDA component of the International Cooperation Scheme from 15th Feb., 2023 to 15th March 2023. The associations may apply at https://ic.msme.gov.in/IC_APP/IC_Login.aspx

 

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Assessment under Search and seizure, order passed beyond limitation. Sujata Panda Vs. ACIT, 18/11/2022,(ITAT-Mumbai) (Favour of Assessee)

 

Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B. 

 

RBI directed asset reconstruction companies (ARCs) to deduct management fees from their capital where certain criterion is not met. The move is aimed at addressing the prudential concerns arising from continued recognition of unrealised income, the central bank said.

 

Indians will be able to use UPI to make faster, easier and cheaper payments, and remit money, as the UPI will be linked with Singapore's payments platform PayNow. This linkage between the digital payment systems will allow users from both the countries to access faster and more cost-efficient cross-border remittances. Tourists and short-term migrants will also be able to use their native UPI applications in Singapore.

 

Extension of Time for filing of 45 company e-Forms, PAS-03 and SPICE+PartA in MCA 21 Version 3.0 without additional fee [General Circular No.4] https://www.caalley.com/legal-update-list/mca-extension-of-time-for-filing-of-45-company-e-forms

 

ICAI Members/ CAs who lives in Singapore for 6 Months can become Member of Singapore Institute without Exam: ICAI President Read More: https://www.taxscan.in/icai-members-cas-who-lives-in-singapore-for-6-months-can-become-member-of-singapore-institute-without-exam-icai-president/256179/

 

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Income Tax Dept, on TRACES portal, states that Form 26AS shall display details of TDS/TCS related data from AY 2023-24 onwards; Specifies that the other details like taxes paid - advance tax, self-assessment tax etc., refund, SFT transaction and turnover as per GSTR-3B would be available on the AIS (Annual Information Statement) on the income tax e-filing website; Clarifies that there will be no change in display of data prior to Assessment year 2023-24.

 

CBDT MODIFIED FORM 10B WHICH IS MORE THAN THE TAX AUDIT REPORT AND AUDITOR MUST REPORT ALL THE ITEMS CORRECTLY. VERY VERY IMPORTANT FOR SOCIETY AND TRUST CASES.

 

TAX CALCULATOR – OLD REGIME VIS-À-VIS NEW REGIME For Individual/ HUF/ AOP/ BOI/ Artificial Juridical Person (AJP) as per section 115BAC proposed by Finance Bill, 2023

https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx

 

MCA has introduced a new system called "file and forget," which is part of its ongoing revamp of the statutory filing website, MCA21. This allows companies to fulfill most of their statutory filing obligations with an online acknowledgement. 

 

RBI and Monetary Authority of Singapore launched a real-time link to facilitate easier cross-border money transfers between the two countries. Initially, selected customers can use India's UPI and Singapore's PayNow app to transfer funds of up to (Singapore dollar) SGD 200 per transaction, which is capped at SGD 500 per day. By March 31, the service will be extended to all customers who can transfer funds of up to SGD 1,000 a day.

 

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Central Board of Direct Taxes (CBDT) has requested all tax officers to ensure that the procedure prescribed in Instruction no. 7/2017 is followed scrupulously and remedial action is taken after due application of mind. Instruction no. 7/2017 prescribes a process to invoke section 263/154 if a revenue audit objection is accepted.

 

TDS benefit to be given in Assessment year in which income is assessable even if the deductor inadvertently reported it in next Assessment year. – [Anup Rajendra Tapadia v. DCIT (2023) 147 taxmann.com 167 (ITAT Pune)]

 

Companies intending to file (i) Form GNL-2 (filing of prospectus related documents and private placement), (ii) MGT-14 (filing of Resolutions relating to prospectus related documents, private placement), (iii) PAS-3 (Allotment of Shares), (iv.) SH-8 (letter of offer for buyback of own shares or other securities), (v.) SH-9 (Declaration of Solvency) and (vi.) SH-11 (Retum in respect of buy-back of securities) from 22.02.2023 to 31.03.2023 on the MCA-21 Portal may file such Form in physical mode duly signed by the persons concerned as per requirements of the relevant forms. 

 

Along with a copy thereof in electronic media, with the concerned Registrar without payment of fee and take acknowledgement (as per Annexure to this Circular) thereof. Such filing will be accompanied by an undertaking from the company that, the company shall also file the relevant Form in electronic form on MCA-21 Portal alongwith fee payable as per Companies (Registration Offices and Fees) Rules, 2014.

 

The GST Network has issued an update on “Introduction of Negative Values in Table 4 of GSTR-3B”dated February 17, 2023.

 

The Government vide Notification No. 14/2022 – Central Tax dated 05th July, 2022 has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B.

 

The Ministry of MSME provides financial support for participation of MSMEs in International Exhibitions. The list of exhibitions for the year 2023-24 is given at https://ic.msme.gov.in/IC_APP/WriteReadData/GuideLine/List_of_780_Events_2023-24.pdf . Apart from support for minimum 10 MSMEs in one exhibition, financial support is also given for one office bearer of the association. 

 

The guidelines of the scheme are given at https://msme.gov.in/sites/default/files/RevisedICScheme2021.PDF . 

 

Online applications are being invited for participation in International exhibitions from Industry Associations under the MDA component of the International Cooperation Scheme from 15th Feb., 2023 to 15th March 2023. The associations may apply at https://ic.msme.gov.in/IC_APP/IC_Login.aspx

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Allahabad High Court ruling on validity of Assessment years 2013-14 to 2017-18 reassessment proceedings. Allahabad High Court holds that: 

 

the reassessment proceedings initiated by Section 148 notice (deemed to be notice under Section 148A), issued between 01.04.2021 and 30.06.2021, cannot be conducted by giving benefit of relaxation/extension under the Taxation and Other Laws (Relaxation And Amendment of Certain Provisions) Act, 2020 (TOLA) upto Mar 30, 2021, and the time limit prescribed in Section 149 (1)(b) (as substituted w.e.f. 01.04.2021) cannot be counted by giving such relaxation from Mar 30, 2020 onwards to the Revenue, 

 

in respect of the proceedings where the first proviso to Section 149(1)(b) is attracted, benefit of TOLA will not be available to the Revenue, or in other words, the relaxation law under TOLA would not govern the time frame prescribed under the first proviso to Section 149 as inserted by the Finance Act, 2021, in such cases, and 

 

The reassessment notices issued to the petitioners in this bunch of writ petitions, on or after 01.04.2021 for Assessment year 2013-14 to 2017-18 are to be dealt with, accordingly, by the Revenue.

 

[In favour of Both, Partially) - [Rajeev Bansal & Ors v. Union of India [TS-74-HC-2023(ALL)] – Date of Judgement : 22.02.2023 (All.)]

 

CBDT amends Rule 16CC Form of report of audit prescribed under tenth proviso to section 10(23C), Rule 17B Audit report in the case of charitable or religious trusts, etc. and ‘FORM No. 10B – Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub¬section (1) of section 12A of the Income-tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution vide Notification No. 7/2023-Income Tax dated: 21st February, 2023. 

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📝 India aims for consensus, bridging gap at G20 foreign ministers' meet

📝 Bajaj Auto plans production cuts amid uncertainties over exports

📝 Greenko Energy to prepay bonds worth $500 million

📝 Finance ministry raises capex scrutiny to push growth, focus on states' spending

📝 Shell plans to more than treble retail network to 1,200 stations by 2030: Nitin Prasad

📝 Services exports to cross $300 bn this fiscal; $1 trillion achievable by 2030: SEPC

📝 335 infra projects show cost overruns of Rs 4.46 lakh crore

📝 Skoda Auto Volkswagen India invokes force majeure in India due to chip shortage

📝 Wockhardt looks to roll out 2 vaccines from UK plant in 12 months as part of tie-up with Serum

📝 Tamil Nadu govt to introduce equity model under TANSEED 5.0 to encourage startups

📝 TCS-BSNL deal worth $2.9 billion nears closure; GoM nod likely in March

📝 GDP growth rate seen below 5% in December quarter on a normalising base

📝 Bank capital needs may rise 15-20% based on draft RBI market risk norms

📝 M&A deals down 80% so far in CY2023 as buyers seek lower valuation

📝 IndiGo, Go First face P&W engine headwinds; over 50 planes on ground

📝 FinMin pushes PSBs to enhance procurement via GeM to INR 10,000 Cr in FY-24 

📝 No ban on onion exports; $523 mln exported during Apr-Dec 2022: Govt.

📝 Germany plans for easy visa application for IT workers from India

📝 Uncertain future for EV dealers as manufacturers face subsidy halt

📝 AC, fridge sales soar with early summer

📝 Adani Group’s debt concern may be overstated: SES

📝 IOC to set up green hydrogen plants at all refineries; lines up Rs 2 Lakh Cr for net zero by 2046

📝 Direct benefit transfers at Rs 5.5 trillion this fiscal

📝 More than 8 lakh projects approved under PMEGP scheme, says KVIC chairman

📝 Emirates, Air India eye codeshare pact

📝 Govt. pushes for single organ donation policy

📝 6.1 magnitude earthquake hits Japan, no tsunami warning issued

📝 G20 aims for global deal on MNC taxing rights in H1 2023

📝 Nokia launches new logo to signal strategy shift from phone business

📝 TCS feels generative AI like ChatGPT will be a co-worker, not replace jobs

📝 Digital sector may contribute 25% incremental GDP by FY-29: KV Kamath

📝 Vodafone Idea's shareholders approve issuance of ₹1,600 Crore OCD to ATC.

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Income Tax TDS challan cum statement Jan-23 2-Mar-23 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB & 194-IM in the month of January 2023.

 

Income Tax TDS/TCS Liability Deposit Feb-23 7-Mar-23 Due date of depositing TDS/TCS liabilities under the Income Tax Act, 1961 for the previous month.

 

GST GSTR-7- TDS return under GST Feb-23 10-Mar-23 GSTR 7 is a return to be filed by the person who is required to deduct TDS (Tax deducted at source) under GST.

 

GST GSTR-8- TCS return under GST Feb-23 10-Mar-23 GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.

 

GST GSTR-1 Feb-23 11-Mar-23

 

GST Filing of returns by a registered person with aggregate turnover exceeding INR 5 Crores during the preceding year.

 

Registered person, with aggregate turnover of less than INR 5 Crores during the preceding year, opted for monthly filing of return under QRMP".

 

GST IFF (Invoice Furnishing Facility) Feb-23 13-Mar-23 GSTR-1 of a registered person with turnover less than INR 5 Crores during the preceding year and who has opted for quarterly filing of return under QRMP.

 

GST GSTR -6 Feb-23 13-Mar-23 Due Date for filing return by Input Service Distributors.

 

Income Tax Advance Tax FY 2022-23 15-Mar-23 "

 

Fourth installment of advance tax for the assessment year 2023-24;

 

Due date for payment of the whole amount of advance tax in respect of the assessment year 2023-24 for assessee covered under presumptive scheme of section 44AD / 44ADA".

 

Income Tax Form 24G Feb-23 15-Mar-23 Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February 2023 has been paid without the production of a Challan.

 

Labour Law Provident Fund / ESI Feb-23 15-Mar-23 Due Date for payment of Provident fund and ESI contribution for the previous month.

 

Income Tax TDS Certificate Jan-23 17-Mar-23 Due date for issue of TDS Certificate for tax deducted under sections 194-IA, 194-IB & 194-M in the month of January 2023.

 

GST GSTR - 3B Feb-23 20-Mar-23

 

GST Filing of returns by a registered person with aggregate turnover exceeding INR 5 Crores during the preceding year.

 

Registered person, with aggregate turnover of less than INR 5 Crores during the preceding year, opted for monthly filing of return under QRMP."

 

GST GSTR -5 Feb-23 20-Mar-23 GSTR-5 to be filed by Non-Resident Taxable Person for the previous month.

 

GST GSTR -5A Feb-23 20-Mar-23 GSTR-5A to be filed by OIDAR Service Providers for the previous month.

 

GST Due date of Payment of Tax Feb-23 25-Mar-23 Due date of payment of GST liability by the registered person whose aggregate turnover was less than INR 5 Crores during the preceding year and who has opted for quarterly filing of return.

 

Income Tax TDS challan cum statement Feb-23 30-Mar-23 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB & 194-M in the month of February 2023.

 

Income Tax Form No. 3CEAD FY 2021-22 31-Mar-23 Country-By-Country Report in Form No. 3CEAD for the previous year 2021-22 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group.

 

Income Tax Form 67 FY 2021-22 31-Mar-23 Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in the previous year 2021-22, to claim foreign tax credit [if the return of income has been furnished within the time specified under section 139(1) or section 139(4).

 

*Note 1: Opting for QRMP Scheme- Due Date for filling GSTR - 3B with Annual Turnover up to 5 Crore in State A Group (Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu, and Dadra & Nagar Haveli, Puducherry, Andaman, and the Nicobar Islands, Lakshadweep).

 

*Note 2: Opting for QRMP Scheme- Due Date for filling GSTR - 3B with Annual Turnover up to 5 Crore in State B Group (Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi).

 

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📝 Petrol, diesel sales up 12-13% in February

📝 United States is going 'all hands on deck' to reduce visa wait times

📝 PV sales grow in double-digits amid sustained consumer demand, improved supplies

📝 Demand for work under NREGS hits 8-month High

📝 Government sets a target of 35 MT for wheat procurement

📝 India’s February GST collections rises 12% YoY to INR 1.50 Lakh Cr 

📝 Cabinet nod to sign contract with L&T for acquisition of three cadet training ships

📝 Tata Motors total vehicle sales up 3% at 79,705 units in February

📝 Power consumption up 9% to 118 billion units in February

📝 PVR-Inox draws up INR 850 Cr expansion plan

📝 EV cab company Evera raises $7 million in funding led by IEG Investment

📝 Prop-tech startup NoBroker raises $5 million in funding from Google Development Corp

📝 Healthtech startup SigTuple raises INR 34.5 Cr in funding from Endiya Partners, Accel

📝 Indian tech sector to hit $245 bn in FY-23; headwinds seen in FY-24: Nasscom

📝 HDFC first private bank to tie up with IRCTC for co-branded credit card

📝 Aviation sector seen returning to profit in FY-24 on higher traffic, pricing

📝 Softbank arm SVF Doorbell sells 3.8% stake in Delhivery to raise INR 954 Cr 

📝 Bajaj Finserv gets Sebi's approval to foray into mutual fund business

📝 Migsun Group to invest INR 706 Cr in high-street commercial project in Delhi

📝 Russia's TMH-RVNL JV emerges lowest bidder for 200 Vande Bharat trains

📝 Domestic cooking gas prices rise by INR 50, at highest level since Feb 2014

📝 Coal production increases by 15% to 784 mn tonnes during Apr-Feb 2022-23

📝 Manufacturing PMI at a 4-month low of 55.3 in Feb as input costs rise

📝 Axis Bank completes acquisition of Citibank India's consumer business

📝 Nexus closes $700-mn fund to back startups in India, US

📝 Broadband India Forum proposes govt-industry revenue sharing from digital infra use

📝 Tata Power’s renewable arm gets second tranche of INR 2,000 Cr from GreenForest

📝 Bank credit to micro, small enterprises grew 15% in January: RBI data

📝 FCI sells 540k tonne wheat via e-auction

📝 Unemployment rate rose to 7.45% in Feb: CMIE

📝 Moody’s raises India’s GDP growth projection for 2023 to 5.5%

📝 Softbank offloads 3.8 per cent stake in Delhivery for INR 954 Cr 

📝 Govt approves procurement of HAL basic trainer aircraft

📝 Irdai mandates general insurers to cover mental illness, HIV and PwDs

📝 EAM Jaishankar hosts reception for foreign ministers attending G20 meet

📝 10-year treasury yield tops 4% for first time since November

📝 China’s economy seen emerging from zero-covid shadow

📝 Eli Lilly to cut prices of insulin drugs by 70%, cap patient costs at $35

📝 Sunteck Realty signs exclusive lease deal with Upgrad for premium commercial project

📝 Godrej & Boyce, Renmakch sign MoU to develop value chain for Indian Railways.

 

📝 India extends support to Ajay Banga's nomination as next World Bank president

📝 Growth likely to touch 6.5-7% over medium term: CEA

📝 Greenko to raise $700 million via rights issue, values company at $7 billion

📝 IT conducts searches on premises linked to the Edelweiss group

📝 Rupee falls 11 paise to close at 82.60 against US dollar

📝 66 big infra projects worth INR 5 Lakh Cr recommended for approval under PM GatiShakti

📝 US weekly jobless claims decline further

📝 Foxconn commits to new electronics manufacturing in India

📝 IndiGrid completes acquisition of Khargone Transmission Ltd

📝 B Capital earmarks $500 million for maiden healthcare fund

📝 Direct tax collection in FY-23 likely to top govt's Revised Estimates

📝 Adani promoters sell stakes worth INR 15,446 Cr to GQG Partners

📝 Jishnu Barua becomes new chairperson of power regulator CERC

📝 Air India plans single pay structure, common seniority list for pilots

📝 In search of funding, Vodafone Idea dials KKR and Temasek Holdings

📝 Reliance, Tata Power, others bid for INR 19,500 Cr solar incentives

📝 NCLAT allows another round of bidding for bankrupt firm Reliance Capital

📝 Govt. says wheat crop condition 'normal' so far; plans to procure 34.1 mt

📝 Market regulator SEBI suspends small town-linked incentive for MFs

📝 Pakistan raises key rate by 300 bps, slaps INR 3.23 power surcharge

📝 Carbon dioxide emissions reached a record high in 2022, says IEA

📝 US approves F-16 fighters' munitions sale to Taiwan worth $619 million

📝 Byju’s backer B Capital closes $500-mn fund

📝 Bank of Maharashtra to raise INR 1,000 Cr via QIP route

📝 Over INR 2,600 Cr in MSME payment yet to be cleared by central PSUs, ministries, departments: Govt data

📝 Mukesh Ambani to foray into genome testing with $145 kit

📝 Capex loans: INR 50k Cr sanctioned for states so far

📝 Govt. discontinues imports of crude sunflower seed oil under tariff rate quota from April 1, 2022

📝 MCA may share data to reduce number of insolvency cases

📝 RCB signs Qatar Airways as title sponsor

📝 Mahindra Finance's loan disbursement rises 53% YoY in Feb to ₹4,185 cr

📝 Gadkari meets Austrian delegation, invites firms to manufacture ropeway, cable car components

📝 European Investment Bank, IREDA exploring partnership to finance RE, green hydrogen projects in India

📝 NHAI to develop over 600 wayside amenities in 5 years

📝 NHPC pays INR 997.75 Cr interim dividend to Govt. for FY-23 

📝 Adani Ports record 10% YoY growth in cargo volumes during Feb 2023.

📝 Fuel retail turns profitable for oil marketing companies

📝 RBI imposes restrictions on Musiri Urban Co-operative Bank; caps withdrawal at INR 5,000 per customer

📝 Government to soon issue SOPs for INR 26k Cr auto PLI

📝 Divgi TorqTransfer IPO fully subscribed on day 3; GMP rises

📝 India's forex reserves fall for fourth week in a row, at 3-month low

📝 Tata group aiming at net-zero emission by 2045

📝 Govt. to rope in more industry partners under SAMARTH scheme

📝 Jindal to invest INR 10,000 Cr to set up 3 mn-tonne steel plant in AP

📝 World Bank commits $1 billion to India for public healthcare infra

📝 Teen freelancing startup Funngro raises funding from Shark Tank judges Amit Jain, Namita Thapar

📝 Funding stays under $1 billion in Feb for startups, drops 84% YoY

📝 Arvind Mafatlal Group plans to scale up its edtech venture GetSetLearn

📝 RBI fines Amazon Pay (India) Rs 3 cr for not complying with PPI & KYC norms

📝 Tech Mahindra to invest up to INR 700 Cr over the next 2-3 years

📝 Vedanta seeking $1 bn from global banks to refinance old debt, say sources

📝 India Inc commits Rs 11.87 trn to Andhra on Day-1 of investor summit

📝 After Bajaj Allianz, New India Assurance gets into surety bonds business

📝 Greenko Energy raises INR 5,700 Cr from GIC, Orix and founders

📝 BIS makes 80% concession on certification/marking fee for micro scale units

📝 Railway freight rises 3.5% in Feb; thermal coal volumes increase 8%

📝 Foreign exchange reserves fall $325 million in a week to $560.94 billion

📝 Services PMI at 12-yr high of 59.4 in Feb on strong demand, easing prices

📝 Pace of bank lending to infrastructure shrinks to 2.3%: RBI data

📝 Free markets to produce best digital sector outcomes: CCI head

📝 Banks’ GNPAs decline 26% in December

📝 Adani to set up cement plants, data centre in Andhra Pradesh

📝 Reliance Industries to set up 10 gigawatt solar energy project in AP, says Mukesh Ambani

📝 Tata Steel Mining signs MoU with GAIL to get clean fuel

📝 Rupee gains 63 paise to close at 81.97 against US dollar

📝 IRDAI prefers cashless mode in health insurance

📝 NCLAT refuses relief to SBI in Jet’s transfer of ownership

📝 Startups consider options against Google on excess fees

📝 Doms acquires 30% stake in toy company ClapJoy

📝 ICMR to set up new cell to support research

📝 Parle Agro’s Smoodh crosses ₹600 Cr in turnover

📝 NCLT allows merger of HDFC's two subsidiaries with HDFC Capital Advisors

📝 India’s tech sector expected to double in size by 2030 TO $500 billion; NASSCOM

📝 Tata Motors hits the accelerator; reaches 50 lakh passenger vehicles milestone.

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CBDT, vide Notification No. 10 of 2023, omits ‘Deputy /Assistant Commissioner of Income-tax (Review Unit)- 1(2)(2), Chandigarh’ and all entries relating thereto in its earlier notification no. 61/2022; The notification shall come into force from the date of publication in the Official Gazette i.e. 01.03.2023.

 

Trial Court discharged assessee-company for offences punishable under section 276B, read with section 278B, on ground that notice issued to assessee was not in consonance with section 2(35) as accused was wrongly treated as Principal Officer by department, since assessee took a stand that it would have no objections if said order of Trial Court was set aside, – [Income-tax Department v. Jenious Clothing (P) Ltd. (2023) 146 taxmann.com 52 (SC)]

 

Section 50C would not apply on compulsory acquisition of land by NHAI as stamp duty is not payable on such transfer– [PCIT v. Durgapur Projects Ltd. (2023) 148 taxmann.com 50 (Cal.)]

 

Gross GST revenue collected in the month of February 2023 is Rs 1,49,577 crore of which CGST is ₹ 27,662 crore, SGST is ₹ 34,915 crore, IGST is ₹ 75,069 crore (including ₹ 35,689 crores collected on import of goods) and Cess is ₹ 11,931 crore (including ₹ 792 crores collected on import of goods). 

 

NCLAT allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.

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