CA Rohit Jaiswal: 2023

Thursday, 13 April 2023

13 April 2023 News and Updates

📰√ Corporate Snippets 😊

📝 India elected to UN Statistical Commission for four-year period

📝 Nykaa expects over 30% growth in FY-23 revenue on better conversion rates

📝 DMart Q4 Update: Revenue rises 20% YoY to INR 10,337 Cr; store count at 324

📝 Paytm reports 27% YoY jump in monthly transacting users; loan disbursements surge 206%

📝 India may consider dairy products' import on tight supply amid stagnant milk output: Government

📝 Sugar output falls 3 pc to 299.6 lakh tonnes in October-March of 2022-23 market year

📝 Bank of Maharashtra logs 30% loan growth; total business crosses INR 4 lakh Cr in Q4

📝 Larsen & Toubro bags multiple contracts worth over INR 7,000 Cr in Middle East

📝 Ossus Biorenewables raises $2.4 million in funding from Nikhil Kamath's Gruhas, Rainmatter Climate

📝 Video telematic startup LightMetrics raises $8.5 million from Sequoia Capital India

📝 Magenta Mobility raises $22 million from bp, Morgan Stanley India Infra

📝 Citi launches its branch in GIFT IFSC; to offer financing solutions

📝 Finance Ministry to meet chiefs of PSBs, key schemes' progress in focus

📝 India services growth slows down in March after 12-year high in Feb

📝 Tata Steel output grows 3% to 7.77 MT in Q4; sales fall 3.43% to 7.59 MT.

📝 India plans to get ahead of the curve in 6G telecom technology

📝 New projects hit INR 12.3 trillion in March quarter on large orders

📝 Five IPOs get Sebi go-ahead to raise up to INR 3,000 Cr collectively

📝 Cube Highways files document for privately placed INR 5,226 Cr InvIT

📝 SEBI takes slew of measures to crack down on misleading investment ads

📝 Global trade growth expected to be subpar at 1.7% in 2023: WTO

📝 Embattled Adani Group trumpets stable ties with international lenders

📝 FY-23 bank credit growth highest since FY-12, up 15%, shows RBI data

📝 Hindalco recalibrates capex to $4.5 bn from $8 bn, cites challenges

📝 Over INR 40,700 Cr sanctioned under Stand-Up India Scheme in seven years

📝 Reliance Retail ropes in Amul ex-MD Sodhi to strengthen grocery biz

📝 Poonawalla Fincorp disbursements up 151% in Q4

📝 Investment bankers get USD 261.5 mln in Q1 despite fall in deal making activities: Report

📝 Jakson Green to set up methanol synthesis facility at NTPC’s Vindhyachal power plant

📝 DBT-enabled savings at INR 2.73 trillion

📝 Tamil Nadu ports see 24% jump in vehicle exports, ship 380,000 units in FY-23

📝 Edelweiss Financial to raise INR 400 Cr via NCDs

📝 Tiger Global posts 7.3% Q1 gain after losses in 2022

📝 Course5 to raise $75 mn from Temasek, shelves IPO

📝 EU's 43 billion euro plan to boost semiconductor industry may get green light

📝 FedEx to combine delivery units as part of $4 billion cost-cut push

📝 RailTel gets order of ₹38 Cr for lease line connectivity at immigration centre

📝 NPPA regulates price of coronary stents

📝 Govt plans green hydrogen incentives of at least 10% of cost: Report

📝 Indian banks to gain $36 billion in deposits

📝 I&B ministry signs pact with Amazon India for collaboration in media and entertainment

📝 India Grid commissions its first battery energy storage system.

📝 Govt extends sops for chip, electronics gear by a year

📝 Banks want cover for one-time settlement option under ECLGS

📝 Natgas price fixed at $6.5 per mmBtu for rest of April

📝 Foreign tourist arrivals soar over 300% to 6.19 m in 2022

📝 Investors' wealth jumps over Rs 10.43 lakh cr in last 5 days of market rally

📝 India's forex reserves snap 2-week rise, down $380 million

📝 Saudi provides $240 million for Pakistan hydro-power dam

📝 Tata Motors posts 8 pc jump in group global wholesales in Jan-Mar

📝 Avaada Energy gets 421 MW solar project from Damodar Valley Corporation

📝 BlackBerry opens IoT centre in Hyderabad, to partner with firms locally

📝 Byju’s lenders seek $200 million prepayment over restructuring $1.2 billion loan

📝 Vedanta-Foxconn likely to get conditional approval for fab plant

📝 Interstate flow of goods rose to 70% of GDP post-GST implementation

📝 Temasek buys majority stake in Manipal Health in largest wellness deal

📝 US job growth strong in March; unemployment rate falls to 3.5% from 3.6%

📝 Hindustan Aeronautics launches third assembly line of Tejas jets

📝 NGT orders review of green nod for Great Nicobar Port amid public uproar

📝 Inter-ministerial panel under GatiShakti recommends four rail projects

📝 Wheat crop loss likely to be 1-2 MT due to untimely rains: Govt.

📝 Govt. exploring possibilities of investing in lithium mines abroad

📝 Reliance Capital lenders likely to push resolution deadline to May end

📝 Alight to pay $965 mn services fee to Wipro over five years

📝 Cargo fleet size in India is set to grow manifold: Boeing India head

📝 Telcos to see muted Q4 growth on tariff hike delay, lower subscriber addition

📝 PwC survey reveals 74% Indian consumers are worried about personal finance; 63% to cut back non-essential spending

📝 ONGC Tripura Asset posts high ever gas production

📝 16th Finance Commission to be set up by November

📝 Collective market share of PSU general insurers falls 175 bps

📝 COVID-19 cases surge in Delhi with increase in H3N2 influenza cases

📝 State-run REC raises $750 mn via green bonds

📝 Maruti eyes 25% of India SUV market

📝 Nazara's subsidiary acquires 73% stake in Pro Football Network for $1.8 mn

📝 Policybazaar data shows 87% increase in customers opting for pre-existing diseases

📝 Leap India targets up to ₹500 Cr deals

📝 Adani opens power plant for supply to Bangladesh

📝 India, Mexico exploring free trade agreement: Envoy.

📝 India, Bangladesh, Japan to hold connectivity meet in Tripura

📝 Yellen downplays recession fears, expects US economy to grow

📝 Banks sanction Rs 23.2 lakh crore to about 41 crore beneficiaries under Mudra Yojana

📝 Swiss finance minister sees no 'stumbling blocks' to UBS takeover of Credit Suisse

📝 India surpasses Rs 85,000 cr worth mobile phone exports in FY23

📝 CNG, piped cooking gas price cut by up to Rs 6 in Delhi

📝 Vi pays 10% of Q4 licence fee dues, seeks time till July 31 to clear balance

📝 ICICI-Videocon fraud case: CBI files charge sheet against Kochhars, Dhoot

📝 PM Modi inaugurates slew of projects in Tamil Nadu, Telangana during visit

📝 Asian banks lure investors with safety amid US-led banking turmoil

📝 NBFC firm REC raises $750 million through issuance of green bonds

📝 UltraTech uses LNG trucks to transport cement as part of ESG initiative

📝 Hotel occupancy goes up to 80% in Shimla, gives rise to traffic in state

📝 10 regional parties received Rs 852 cr via electoral bonds: ADR report

📝 KYC verification for SIM cards to soon become fully digital

📝 Office leasing loses ground in top 7 cities, may remain sluggish

📝 Global headwinds to slowdown GDP growth; India resilient than many large economies: HDFC Chairman Parekh

📝 IGL cuts piped gas, CNG prices by up to 9.5%

📝 FM leaves for US; to host G20 meeting, attend IMF, World Bank meetings

📝 IMD forecasts rise in temperature in 5 days, predicts heatwave in 10 states

📝 ONGC increases stake in Mangalore SEZ to 49%

📝 Exxon Mobil Eyes Potential Megadeal With Shale Driller Pioneer

📝 Google search engine to get AI support, CEO Sundar Pichai says

📝 Obesity among Indians rose 50% between 2019 and 2022: Report

📝 India reports over 6,000 new covid cases in a day

📝 India's first underwater section of the Kolkata metro to test run on 9 April.

📝 RBI brings out norms for outsourcing of IT services

📝 SBI to consider raising of up to $2 billion via unsecured USD notes

📝 Govt kickstarts IREDA IPO process, scouts for merchant bankers

📝 Govt allows 5 pvt firms for cluster farming in 50,000 hectares with Rs 750cr investment

📝 Retail loan securitisation rises 56% to Rs 1.76 lakh cr in FY23

📝 JSW One Platforms raises Rs 205 crore in funding from Mitsui at INR 2,750 Cr valuation

📝 NCLT admits Mantri Developers for insolvency

📝 Discom debt surges 24% to INR 6.2 Lakh Cr in 2021-22

📝 Shipping ministry issues draft Sagarmala Innovation and Startup Policy

📝 RBI simplifies CIC application form, prunes list of documents required

📝 India's e-commerce logistics space to exceed 10 bn parcels by FY28: Redseer

📝 CPSEs achieve revised capex target of Rs 6.46 trn in FY-23: Govt. official

📝 Amid tension with China, India looks to Taiwan for high-tech imports

📝 El Nino likely to keep monsoon rains below normal, says Skymet

📝 Hospitals conduct Covid mock drills as positivity rate nears 7%

📝 At 19%, BoB's loans grew faster than overall banking system in FY-23

📝 Sterlite Copper gets SC go-ahead for Thoothukudi plant maintenance

📝 Centre nudges state govts to speed up PM GatiShakti scheme adoption

📝 Air India completes ERP modernisation ahead of schedule

📝 Temasek inks pact to acquire additional 41% stake in Manipal Health Enterprises

📝 Industry body calls for separate digital competition law

📝 L&T hydrocarbon business bags significant order worth INR 1,000- 2,500 Cr

📝 Digital MSME lender FlexiLoans’ AUM triples in FY-23 from previous year

📝 Speciality Restaurants bets big on AI, aims at INR 1,000 Cr revenue in 5 years

📝 Rupee gains 5 paise to close at 81.97 against US dollar

📝 Glenmark weighs sale of API business to pare debt

📝 E-scooters drive EV sales to record 1 mn units in FY-23

📝 Zydus Lifesciences gets USFDA nod to market generic drug

📝 Vedanta to consider issuance of NCDs on a private placement basis on April 13

📝 SpiceJet Completes Hive-Off of Cargo Division

📝 JSW Steel logs 24% growth in consolidated crude steel production

📝 NARCL plans to ramp up acquisition of distressed assets in fiscal year 2024

📝 Co-lending rises over fourfold in FY-23; assets cross INR 25,000 Cr

📝 India set to play key role in global supply chains: FM Nirmala Sitharaman

📝 Lenders of Reliance Capital fix April 26 as new date for second auction

📝 Delta Corp Q4 Results: Net profit rises 6% YoY to INR 51 Cr; revenue up 4%

📝 Five-year gilt yields drop below 7%, hit 7-month low

📝 NTPC to raise INR 3,000 Cr through 3-year bond issue

📝 Govt to invite financial bids for Shipping Corp in May -sources

📝 IMF cuts India's FY-24 GDP forecast to 5.9%

📝 HDFC Bank to raise $6 billion in debt over next 1 year

📝 JICA, Citi to provide USD 125 mn to Indusind Bank for onlending to agri sector

📝 BHEL-led consortium bags order to supply 80 sleeper class Vande Bharat trains worth over INR 9,600 Cr

📝 Luxury D2C skincare brand RAS raises $1.5 million in funding from Green Frontier Capital, others

📝 MPL’s game development unit Mayhem Studios raises $20 million from Sequoia, Steadview, Truecaller, others

📝 Four states raise INR 5,800 Cr through SDLs at bond auction

📝 Demand for white-collar gig roles rises 11% YoY in March 2023: Foundit.in

📝 Skill ministry launches digital version of employability skills curriculum

📝 Bed occupancy under 3% in major cities even as Covid cases top 37,000

📝 Lenders to step up work on large size loans under MUDRA scheme

📝 L&T Technology Services to pay $9.9 million for US visa fraud allegations

📝 Normal rains likely this year despite El Nino conditions, says IMD

📝 Mercedes-Benz's India sales jump 36% in FY-23; female customer base doubles

📝 ICICI Bank to offer EMI facility for UPI transactions above INR 10,000

📝 Market share of PSU general insurers shrinks 800 bps in 5 years: IRDAI

📝 Kotak Mahindra Bank jumps 5% to INR 1,847.60 after FPI room increases

📝 Tech and telecom equipment companies seek 6 GHz band delicensing

📝 SEBI codifies 'excuse-exclude' norms used by AIFs for managing portfolios

📝 Indian companies to see higher interest burden in FY-24 against FY-22: Report

📝 Govt. to nudge PSBs to increase enrolments of its insurance schemes

📝 PE investments in India decline over 75% in Q1 of CY23, lowest since 2018

📝 Multiplex spends rise 173% y-o-y in FY-23: Razorpay report

📝 Corporates stare at 25% jump in financing cost this fiscal, may reverse deleveraging

📝 Govt. invites bids from CPSEs to set up 20 new MSME Technology Centres

📝 Shapoorji Pallonji Group weighs $2 billion asset sales

📝 India extends transmission fee waiver for green hydrogen plants: Source

📝 Co-lending platform Yubi records 250% growth in FY-23 transaction volume

📝 CBDT unearths INR 1,000 Cr ‘bogus spend’ by Karnataka cooperatives

📝 SEBI asks AIF to provide option of direct plans to investors

📝 Rupee falls 13 paise to close at 82.12 against US dollar

📝 G7 to discuss digital currency standards, crypto regulation

📝 Apple to invest another $200 million in carbon removal fund

📝 OpenAI to offer users up to $20,000 for reporting bugs

📝 Ernst & Young calls off splitting its audit and consulting units

📝 NSE launches India’s first Reits and InvITs Index

📝 Italy declares state of emergency as migrant numbers surge

📝 SII recommends Covovax to elderly as booster dose amid covid surge

📝 BankBazaar.com plans to go public in next 12-18 months

📝 Delhivery block deal: Internet Fund III offloads shares worth ₹387 Cr

📝 Retail inflation eases to 5.66 per cent in March, within RBI's comfort zone

📝 TCS Q4 profit up 15% to Rs 11,392 crore; dividend declared at Rs 24/share

📝 US inflation slows in March but remains above Fed target

📝 Anand Rathi Wealth Q4 Results: Net profit jumps 23%, co guides for 21% PAT growth in FY24

📝 REC raises Rs 2,848 cr in first local bond issue of FY24

📝 Bumper Apple harvest: iPhone FY23 exports jump 4x to top $5 billion

📝India's economic growth projected to decelerate to 6% in 2023 from 6.6% in 2022: UN

📝 Apax, CVC Capital, TH Lee bid for Blackstone's 32% stake in IBS Software

📝 Solar capacity installations drop 8 per cent in FY23, wind jumps 105%: Report

📝 BHEL, Nuclear Power Corp ink pact for biz opportunities in pressurised heavy water reactor tech

📝 Reliance Industries Ltd readies $2.4-3 billion InvIT for retail warehousing assets

📝 PhonePe chalks up further $100 million from General Atlantic; more expected

📝 Early-stage fund pi Ventures raises Rs 100 crore from Sidbi’s startup fund

📝 India's industrial production rises 5.6% in February vs 5.2% in January

📝 Serum re-starts Covishield production, seeks to despatch 6 mn Covovax doses

📝 Govt committed to reforms for a stronger India: FM Nirmala Sitharaman

📝 Krithivasan to take charge as TCS's new CEO and MD from June 1

📝 Zerodha forms joint venture with Amazon-backed Smallcase for AMC operations

📝 Radisson Hotel Group announces entry of luxury lifestyle brand in India

📝 Torrent to give 920 MW power from its gas-based plants under govt tender

📝 DPIIT to raise startups' concerns on 'fair market value' with FinMin

📝 Electronics exports cross Rs 1.8 trn, mobiles alone surpass Rs 90K cr

📝 Sebi approves proposal for change in control of HDFC Capital Advisors

📝 Swiss parliament rebukes Credit Suisse rescue by rival bank UBS

📝 India retains FAA IASA ‘Category 1’ status

📝 Baskin Robbins expands capacity, launches product portfolio

📝 BoldCap launches $25-mn early-stage fund

📝 Future Retail’s creditors seek 90 days extension for concluding insolvency resolution process

📝 HDFC Bank signs agreement with Export Import Bank of Korea for USD 300 million credit line

📝 Suzlon Group bags 50 MW wind project from Sembcorp

📝 Plan to import dairy products put in abeyance

📝 India to have stable debt-to-GDP ratio: IMF

📝 RBI permits Karnataka Bank to collect direct, indirect taxes

📝 Rupee gains 3 paise to close at 82.09 against US dollar

📝 SEBI imposes INR 25 lakh fine on 5 entities for non-genuine trades

📝 PDS may invest up to ₹225 Cr in India, Egypt to service US mkt

📝 Flexiloans aims to raise $75 mn for SME loans

📝 Govt sends notice to Pawan Hans winning bidder

📝 Govt raises rent, consultation fees at CGHS hospitals

📝 NTPC to raise ₹3,000 Cr via non-convertible debentures for capex boost

📝 Govt to allow agri credit societies to convert wholesale petrol pumps into retail outlets

📝 Siemens Gamesa secures 166 MW wind project from ArcelorMittal

📝 OPEC+ output cut may push up India’s oil import bills IEA warns

📝 Govt. seeks to boost micro-insurance coverage with three-month campaign

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SEBI approves five AIF reforms

The changes which have been approved as per the Press Release are as follows:

1. Compulsory Dematerialization of the Units of the AIF;

2. Carry forward of unliquidated investments after the closure of a scheme;

3. Eligibility Criteria for Key Investment Team;

4. Requirement for investor consent for buying/selling investments from/to associates of AIFs; and

5. Principles of valuation proposed

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Important Update - UPI/ NPCI

🔹Paying from UPI

Let's find out what is free and what will be charged from 01st April 2023

🔹 FREE

- Paying to any UPI scanner directly from your bank account

- Transferring money from one bank account to another

- Bank account to Bank account based UPI payments are free

🔹 What will be CHARGED ?

- If you keep money in your UPI wallet, avoid from next month. Transactions made from wallets like Google Pay, Paytm, Phonepe, Amazon Pay etc, to any scanner or bank transfer will be charged upto 1.1% above Rs 2000.

- 1.1 % tax applicable if paying using UPI via credit Cards.

🔹 No charges to customers

🔹 99% of transactions are made from Bank accounts to wallets with scanners and phone numbers, which will continue to remain free.

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Big Relief in GST in New FY

1. GST registration cancelled on or before 31st December 2022 can now be revoked, by filling an application before 30th June 2023.

2. Late fee for filling of Annual return for FY 2017-18 to 2021-22 is capped at 20000/- if filling before 30/06/2023

3. Late fee for filling of Final Return GSTR 10 is capped at ₹1000/- if filled before 30/06/23

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Most awaited Notification relating to GST Registration Activation / Cancelled Registration cases is issued

🌠 Notification No. 03/2023 – CENTRAL TAX dt 31-03-2023

Revocation of cancellation of registration;

🌠 Taxpayer Whose GST registration cancelled under section 29(2)(b) or (c) before 31-12-2022 but failed to apply for revocation, can apply for revocation after filing all the returns till effective date of cancellation by paying applicable tax , interest, penalty and late fee.

🌠 Appeal Rejected Cases- Person whose appeal against the order of cancellation of registration or the order rejecting application for revocation of cancellation of registration under section 107 of the said Act has been rejected on the ground of failure to adhere to the time limit specified under sub-section (1) of section 30 of the said Act, can also take benefit of this notification and reactive GST Registration

🌠 Hope that suitable changes are made on GST Portal ..

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Series- 420

Amnesty Scheme in GST 2023

1- RP fails to file GSTR-4 for the period FY 2017-18 to 2021-22 but furnish in 01-04-2023 to 30-06-2023 late fees max to Rs. 250/- CGST and Rs. 250/- SGST.

2- RP, whose registration has been cancelled on or before 31-12-2022 and failed to apply for revocation of cancellation within time period may apply for revocation upto 30-06-2023 after filing of all returns.

3- RP, who failed to furnish return within 30 days of order u/s 62. The order shall be withdrawn if furnish the return by 30-06-2023 and taxes and interest paid.

4- RP fails to file GSTR-9 for the period FY 2017-18 to 2021-22 but furnish in 01-04-2023 to 30-06-2023 late fees max to Rs. 10,000/- per act.

5- Late fee for filling of Final Return GSTR 10* is capped at ₹1,000/- if filled before 30/06/2023.

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Member's Profile updation at SSP with GST Number to avail GST benefit on Membership Fee Payment:

Please update the profile latest by 15th April, 2023. Any updation made after the last date will not be considered in the tax invoice for the financial year 2023-24.

Friday, 31 March 2023

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

__________

🟢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.

========>

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

Wednesday, 22 March 2023

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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Thursday, 16 March 2023

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.

📝 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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Monday, 13 March 2023

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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