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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