28 August 2018 News

Quote of D-DAY

*Best way to Start off Your Morning is with a 😊 Smile* and *appreciate you're alive* _cause somewhere else someone is Fighting for their Life._

Good Morning !!!

Happy Reading on 28.08.2018

*Mint*

=> US, Mexico reach trade deal as Canada may rejoin Nafta talks

=> Stressed assets: Court refuses interim relief to power firms

=> Govt clears commercial drone use from 1 December

=> Cap independent directors’ pay from a company to 20%: Govt panel

=> Sensex extends record run, surges nearly 450 points; Nifty hits 11,700

=> Apple’s new iPhones to go the ‘X’ way with new colours, bigger screens
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*Business Standard*

=> Jet Airways posts Q1 loss of Rs 13.23 bn due to higher fuel expenses

=> India approves use of drones; puts restrictions on delivery of goods, food

=> Allahabad HC refuses interim relief to power firms from RBI directions

=> Rupee retreats to hit a record closing low of 70.16 against US dollar

=> Current account deficit is likely to touch 2.8% of GDP in FY19: SBI report

=> FDI grows 23% to $12.75 bn during Apr-June, services sector top recipient
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*Economic Times*

=> Berkshire confirms investment in Paytm; Buffett not involved

=> Videocon, 10 others to move to restricted trading segment

=> Rupee dives to new closing low of 70.16 vs dollar

=> Israel developing missiles to hit anywhere in Middle East: Minister

=> India natural partner in Belt and Road: China

=> Cosmos heist exposes lax cybersecurity of small banks
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*Financial Express*

=> Arun Jaitley blames NPA woes to 'indiscriminate lending' under UPA

=> This may give a big push! Warren Buffett's Berkshire Hathaway to invest up to whopping $350 mn in Paytm

=> Cash-strapped Jet Airways reports Rs 1,323 cr net loss

=> IPS officer writes to Yogi Adityanath for post-retirement job, wants to contribute to BJP's Lok Sabha poll campaign

=> SBI account holders alert! Names and IFSC codes of 1,300 branches changed

=> Law panel to recommend framework this week for simultaneous polls
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*Hindustan Times*

=> Neeraj Chopra slams national record, wins gold; athletes add three silver

=> Congress, Sharad Yadav’s party seek paper ballots for 2019 general elections

=> Gujarat court sends 2 men to life in prison for Godhra train killings

=> Stalin set to be formally announced as DMK president tomorrow

=> BJP chief ministers meeting on Tuesday; PM Modi, Shah to be present

=> Cash-strapped Jet Airways reports Rs 1,323 cr net loss
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*Indian Express*

=> Sharad Pawar's formula for Mahagathbandhan: Party getting maximum seats can claim PM post

=> 1984 anti-Sikh riots row: Amarinder Singh names five Congress leaders, SAD asks where's Tytler's name

=> Asian Games 2018: Neeraj Chopra bags first Indian Gold in javelin throw

=> Major Gogoi indicted: Justice finally done, says 'human shield' Farooq Ahmad Dar

=> Criminal defamation case against Rahul Gandhi, Randeep Surjewala by Ahmedabad bank

=> Tripura: Facebook user calls Manik Sarkar 'thief', police registers complaint
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*The Hindu*

=> RSS may invite Rahul to outreach programme

=> LJP to highlight Modi govt.’s pro-Dalit works

=> After protests, Vajpayee’s ashes immersed in Nagaland's ‘unnamed’ river

=> Major Leetul Gogoi likely to be court-martialled for Srinagar hotel incident

=> Godhra train burning case: two awarded life imprisonment, 3 acquitted

=> India can seek extradition of Choksi without Red Notice, CBI tells MEA
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*The Times of India*

=> RSS may invite Rahul for lecture series by Bhagwat

=> Asian Games: Javelin thrower Neeraj wins gold

=> Rupee dives to new closing low against US dollar

=> Forget projectors, multiplexes to get LED screens

=> No officer can use more than one car: Delhi govt

=> SBI changes names, IFSC codes of 1,300 branches
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*अमर उजाला*

=> खुशखबरः जीएसटी कटौती का नहीं मिला लाभ तो फोन कर कीजिए कंपनियों के खिलाफ शिकायत

=> भारतीय स्टेट बैंक ने उठाया बड़ा कदम, बदले 1,300 शाखाओं के नाम

=> मेडल जीतते ही खुली दुती की किस्मत, सरकार ने कर दिया मालामाल

=> सोनाक्षी की 'हैप्पी फिर भाग जाएगी' को वीकेंड में मिली बढ़त

=> लखनऊ कचहरी ब्लास्ट मामले में दो आतंकियों को उम्रकैद

=> राजनीति में बुनियादी सुधार के लिए एक साथ चुनाव जरूरी
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*हिन्दुस्तान*

=> अगले माह पाक विदेश मंत्री से मिल सकती हैं सुषमा स्वराज

=> Asian Games 2018, Day-9 : भाला फेंक में नीरज चोपड़ा ने नेशनल रिकॉर्ड के साथ जीता स्वर्ण पदक

=> गोधराःट्रेन की बोगी जलाने के मामले में गुजरात कोर्ट ने 2 को दी उम्रकैद

=> मनमोहन ने मोदी से कहा- नेहरू लाइब्रेरी की प्रकृति व स्वरूप न बदलें

=> एसबीआई कस्टमर्स ध्यान दें: बदल गए हैं 1300 ब्रांच के नाम और IFSC कोड

=> मोहन भागवत के कार्यक्रम में राहुल-येचुरी को आमंत्रित कर सकता है आरएसएस
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*दैनिक जागरण*

=> एशियन गेम्स 2018: 20 साल के नीरज चोपड़ा ने रचा इतिहास, जेवलिन थ्रो में जीता गोल्ड

=> पंजाब सीएम बाेले- सिख विरोधी दंगे में सज्‍जन, धर्मदास व भगत समेत पांच थे शामिल

=> राहुल गांधी को अपने कार्यक्रम में बुलाएगा आरएसएस, आयोजित होगा खुला सत्र

=> रिटायरमेंट से पहले ही डीजी ने सीएम योगी को पत्र लिखकर मांगा संवैधानिक पद

=> अंतरिक्ष में रूस और अमेरिका को टक्कर देगा भारत, वर्ष 2022 का समय किया तय

=> बंगाल में पंचायतों में बोर्ड गठित करने को लेकर राजनीतिक हिंसा, चार लोगों की मौत
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*प्रभात ख़बर*

=> Asiad 2018 : भाला फेंक में स्वर्ण जीतनेवाले नीरज पहले भारतीय, सुधा, धारूण और नीना को रजत

=> राहुल को आरएसएस का निमंत्रण मिलने पर सोच-समझकर जवाब दिया जायेगा : कांग्रेस

=> Ducati Scrambler 1100 के तीन वेरिएंट्स भारत में लॉन्च

=> शरद पवार ने कहा - सर्वाधिक सीट जीतनेवाली विपक्षी पार्टी PM पद के लिए दावा करेगी

=> बिहार के दानापुर और समस्तीपुर समेत चुनिंदा स्टेशनों पर शेल्टर होम बनायेगा रेलवे

=> बंगाल : पंचायत बोर्ड गठन को लेकर झड़प, चार की मौत, ममता ने जतायी चिंता
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28th August 2K18

Economic Times

Ø  HC refuses interim relief to power cos on RBI circular
Ø  Niti Aayog for considering deposits under GMS as CRR
Ø  Current account deficit to hit 2.8% of GDP: SBI
Ø  Lenders get 15 days for NPAs in RBI's Feb 12 circular
Ø  Kerala deluge may shave off 2.2% of state GDP
Ø  RCom sells fibre assets to Jio for Rs 3,000 crore
Ø  Ashok Lelaynd to have Rs 5,000 cr defence biz

Business Standard

Ø  SAIL looking at 3 states to set up Rs 50-bn steel plant with ArcelorMittal
Ø  Gautam Adani's energy unit set to acquire GMR thermal power plant
Ø  Jet Airways posts Q1 loss of Rs 13.23 bn due to higher fuel expenses
Ø  FDI grows 23% to $12.75 bn during Apr-June, services sector top recipient
Ø  $52 billion of India loans under scrutiny on RBI's bankruptcy deadline

Business Line

Ø  Govt panel suggests ways to curb shell companies, de-clog NCLT
Ø  SpiceJet’s biojet fuel-run flight takes off
Ø  Shell to acquire Total’s stake in Hazira LNG & Port
Ø  NCLT orders liquidation of Lanco Infratech
Ø  ITI bags Rs 2,658 cr MahaNet order for implementation of BharatNet Phase II
Ø  L&T Construction bags Rs 1,394-cr irrigation project in MP

Mint

Ø  Govt clears commercial drone use from 1 December
Ø  Bank of Baroda looks to sell Ghana, Trinidad and Tobago units
Ø  Cap independent directors’ pay from a company to 20%: Govt panel
Ø  Sensex extends record run, surges nearly 450 points; Nifty hits 11,700
Ø  Patanjali Ayurved faces uphill task without Ruchi Soya

Financial Express

Ø  Commercial Papers issuance hits all-time high of Rs 4.92 lakh crore in Q1: Report
Ø  Sensex adds 442 points; Nifty hits 11,700 for first time, ends at 11,692;
Ø  Government receives 150 proposals to build ethanol capacity
Ø  Tech Mahindra teams up with Microsoft to curb spam calls
Ø  Arun Jaitley blames NPA woes to ‘indiscriminate lending’ under UPA

Financial Chronicle

Ø  Power Firms Face Insolvency As Hc Refuses Relief
Ø  Empower Sebi to crack down on erring CAs, says panel
Ø  Traditional retail models are dying, gradually

28.08.18 Economic News

👉National Anti-Profiteering Authority (NAA) starts Consumer Helpline to file GST Profiteering Complaints against the companies that are not passing GST Rate Cut Benefits. The helpline number is 011-21400643 which will be available between 9:30 am-1 pm and 1:30pm - 6pm on all working days.

👉RBI forms a new unit within the Central Bank to beef up its own Intellectual Capital in the face of Emerging Technologies like Cryptocurrency, Blockchain and Artificial Intelligence. This new unit will research and possibly draft rules and supervise new emerging technologies in the future.

👉Parliamentary Panel Committee questions RBI on failure to take Pre-Emptive Action against NPAs in the Banking System prior to the Asset Quality Review undertaken in December 2015

👉Committee to Review Offences & Penal Provisions under Companies Act 2013 which was constituted by Government of India in July 2018, submits its Final Report to Finance and Corporate Affairs Minister Sh Arun Jaitley

👉Hyderabad Bench of the NCLT orders liquidation of Lanco Infratech Limited (LITL), the holding company of the Lanco group, having a consolidated debt of ₹47,000 crore apporx.

👉Allahabad High Court refuses to Grant Interim Relief to Power Companies, which had filed pleas against the RBI norms on Stressed Loans

👉Foreign Direct Investment(FDI) in India grows 23% YoY in Apr-Jun quarter of FY 18-19

👉MCA extends time for inviting comments on updating National Voluntary Guidelines on Social, Environmental & Economic Responsibilities of Business, 2018, till September 10, 2018

👉ICAI issues Implementation Guide to Standard on Auditing (SA) 610(Revised): Using the Work of Internal Auditors

👉ICAI releases Publication on Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 Series 1

Mutual Fund Investment: 10 MFs that can double your wealth in 5 years

Mutual Fund Investment: 10 MFs that can double your wealth in 5 years

Equity mutual funds are a great investment option for investors looking at wealth creation over the long term. Here are 10 mutual funds that can double your money over a 5-year period.

1. ADITYA BIRLA SL – TAX RELIEF 96 FUND (G)

This is an ELSS fund with the objective of long-term growth of capital through a portfolio with a target allocation of 80% equity and 20% debt and money market securities.

The fund is two-decade old and has a consistent track record. It has given 17.87% return over a period of 5 years.

# 1-year return – 15.85%

# 3-year return – 18.77%

# 5-year return – 17.87%

2. AXIS – LONG-TERM EQUITY (G)

Another ELSS fund aimed at capital appreciation from a diversified portfolio of predominantly equity assets. Major sector allocations are finance and banking, automobile, consumer durables and industrial products.

# 1-year return – 12.78%

# 3-year return – 22.01%

# 5-year return – 21.98%

3. L&T – INDIA VALUE FUND (G)

A multicap fund with a widely-diversified portfolio focused on undervalued equity securities, including potential to invest in foreign securities. Major sector allocations are finance and banking, consumer non-durables, petroleum, cement and construction.

# 1-year return – 28.29%

# 3-year return – 23.03%

# 5-year return – 22.44%

4. SBI – BLUE CHIP FUND REG (G)

An actively-managed blue chip fund holding a diversified basket of large cap equity stocks. The fund has shown consistent performance and the size of its corpus reflects the investors’ trust in this fund.

# 1-year return – 21.82 %

# 3-year return – 17.74%

# 5-year return – 18.19%

5. MIRAE ASSET EMERGING BLUECHIP FUND (G)

A large and mid cap equity scheme investing with an excellent track record of returns. The fund boasts of a high alpha and a low beta.

# 1-year return – 33.41%

# 3-year return – 28.24%

# 5-year return – 27.65%

6. KOTAK – STANDARD MULTICAP FUND (G)

A multicap fund investing across large cap, mid cap and small cap stocks, generally focussed on a few selected sectors such as finance, banks, petroleum, cement, software, auto, etc.

# 1-year return – 16.63 %

# 3-year return – 16.08%

# 5-year return – 21.56%

7. ICICI PRU – EQUITY & DEBT FUND (G)

A hybrid scheme having a dynamic equity debt allocation. This balanced fund is good for investors looking for long-term capital appreciation as well as current income due to the fund’s mix of equity and fixed income securities.

# 1-year return – 19.44%

# 3-year return – 17.44%

# 5-year return – 17.24%

8. DSP BR EQUITY OPPORTUNITIES FUND (G)

Large and mid cap fund investing in equity stocks of not just India, but emerging Asian territories. Top holdings belong to the bank, finance, software, steel and healthcare sectors.

# 1-year return – 21.55%

# 3-year return – 16.88%

# 5-year return – 16.57%

9. MOTILAL OSWAL – MULTICAP 35 REG (G)

Though a relatively younger fund, it has been an outperformer in its category. This multicap fund invests in a maximum of 35 equity and equity-related instruments across sectors and market capitalizations. Top sector allocations include finance, banks, auto, pharma, petroleum, software, transport and gas.

# 1-year return – 23.51%

# 3-year return – 22.03 %

10. AXIS – FOCUSED 25 (G)

An equity scheme that invests in a concentrated portfolio of equity stocks of up to select 25 companies. Top sector allocations include finance, banks, auto, industrial capital goods, cement, software and textile.

# 1-year return – 16.82%

# 3-year return – 16.84%

# 5-year return – 18.60%

27 August 2018 Updates

Criteria for income tax manual selection of returns for Complete Scrutiny during the financial-year 2018-2019- CBDT Guidelines

Instruction No. 04/2018

Government of India
Ministry of Finance
Department of Revenue
Central Hoard of Direct Taxes (ITA-II division)

North Block New Delhi the 20th August 2018

To

All Pr. Chief-Commissioners of Income-tax/Chief-Commissioner of Income-Tax
All Pr. Directors-General of Income tax/Directors-General of Income-tax

Sir/Madam

Subject: Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2018-2019-regd.
1. The parameters for manual selection of returns for Complete Scrutiny during financial year 2018-19 are as under.-

(i) Cases involving addition In an earlier assessment year(s)  on a recurring issue of law or fact-
a. exceeding Rs. 25 lakhs in eight metro charges at Ahmedabad. Hengaluni, Chennai, Delhi. Hyderabad. Kolkata. Mumbai and Pune, while at other charges, quantum of add non should exceed Rs. 10 lakhs;

b. It exceeding Rs. 10 crore In transfer pricing cases

and where such an addition-

1. has become final as no further appeal was/has been filed; or

2. has been confirmed at any stage of appellate process In favour of revenue and assessee has not filed further appeal, or
3. has born confirmed at the 1st stage of appeal in favour of revenue or subsequently and further appeal of assessee is pending

(ii) Cases pertaining to Survey under section 133A of the Income-tax Act. 1961 (‘Act’) excluding those cases where books of accounts. documents etc. were not impounded and returned income (excluding any disclosure made during the Survey) is not less than returned Income of preceding assessment year. However, where assessee has retracted from disclosure made during the Survey, such cases will nut be covered by this exclusion.

(iii) Assessments In search and seizure cases to be made under section(s) 153A. 153C, 158B, 158BC & 158BD read with section 143(3) of the Act and also for return filed for assessment year relevant to previous year in which authorization for search and seizure was executed under section 132 or 132A of the Act.

(iv) Returns filed in response to notice under section 148 of the Act

(v) Cases where registration/approval under various sections of the Act such as 12A, 35(1)(ii)/(iii), 10(23C) etc. have not been granted or have been cancelled/withdrawn by the, Competent Authority, yet the assessee has been found to be claiming tax-exemption/deduction in the return. However, where such orders of withdrawal of registration/approval have been reversed/set-aside In appellate proceedings, those cases will not be selected under this clause

(vi) Cases In respect of which information pointing out specific tax-evasion for the relevant year is given by any Government Department/Authority/Agency/Regulatory Body. However, before selecting a return for scrutiny under this criterion, Assessing Officer shall take prior administrative approval from concerned jurisdictional Pr. CIT/Pr.DIT/CIT/DIT.

2. Through Computer Aided Scrutiny Selection (CASS), cases are being selected in two categories viz. Limited Scrutiny & Complete Scrutiny in a centralized manner under CASS-2018. CASS is a system based method for scrutiny selection which identifies the cases through data-analytic and three-hundred sixty degree data profiling of taxpayers and In a non-discretionary manner. The list of these cases is being/has been separately Intimated by the Principal DCIT (Systems) to the concerned Jurisdictional authorities for further necessary action.

3. This may be brought to the notice of all concerned for necessary compliance.

4. Hindi version to follow.

(Rohit Garg)
Director-ITA.II, CBDT

F.No. 225/282/2010/ITA.II

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Capital Market Updates

Britannia Industries intends to split its share from Rs.2 paid-up to Re.1 in order to increase liquidity in the counter
while making it more affordable to small retail investors. The company has huge expansion plans and is still an
excellent buy.

 Atlantia SpA, Cube Highways and Caisse de depot et placement du Quebec (CDPQ) are in separate discussions to
acquire 35-40% stake in Sadbhav Infrastructure Project Ltd (SIPL).

Buy Sadbhav Engineering, which holds ~70% stake in SIPL

- The government has asked Oil & Natural Gas Corporation to list its wholly-owned subsidiary - ONGC Videsh Ltd
(OVL) on stock exchanges and transfer the proceeds in the form of a special dividend.
Buy ONGC for good returns in the next few months.

 The US administration has slapped heavy anti-dumping duties on Indian metal pipes. Off-load Jindal Saw and
Welspun Corp as they are most likely to suffer.

 Prataap Snacks intends to buy 80% stake in Avadh Snacks in order to consolidate its position in the market. Buy.

 Force Motors may acquire Man Trucks’ Pithampur facility. A big positive for the company. Also, this stock is yet to
participate in the on-going market rally.

 V-Mart Retail has chalked out plans to add 35 stores in this fiscal.
Buy for the long-term.

 Aluminium prices are on the rise. National Aluminium Company (NALCO) has the potential to rise by 50% within
a year.

 Cement maker Prism Johnson has got on lease a limestone mine for captive use for 50 years..
A positive for the Company. Buy.

 Indian coal is expected to become costlier due to rising international prices and shortage in the country.

Buy Coal India.

 Reports suggest that truck and tractor sales have recorded higher volumes. Mahindra & Mahindra and Escorts
may benefit significantly in this booming market.
Buy for the long-term.

 TVS Motor Company intends to boost its sales by targeting a volume of 2 lakh units of bikes this year.

A decent buy.

 The debt burden of IL&FS Transportation Networks is going beyond control and auditors have red-flagged related risks..
Exit immediately.

 Bandhan Bank joins the fray to acquire a controlling stake in PNB Housing Finance. A tug-of-war is quite likely to
take the latter’s share price higher.

 Simplex Infrastructures, which is in a sweet spot due to healthy traction of orders, expects ~40% jump in
profitability in the next 2-3 years.

Buy for the long-term.

 Hit by financial crisis, Hindustan Construction Company has decided to cut 10% of its Lavasa staff. It may be prudent to stay away from this counter for some time until the dust settles.

 Emami is eyeing acquisitions in the international markets and the management is confident of its actions. Buy for the long-term.

 The affordable housing incentives make housing finance companies such as Dewan Housing Finance Corporation (DHFL) and Indiabulls Housing Finance look attractive. Both the stocks are likely to continue their upward march.
Accumulate.

 Larsen & Toubro plans to utilise Rs.9000 crore of its surplus cash to buy back its own shares at Rs.1500/share. Since the offer is lucrative and its working is strong, investors may offer their holding to take advantage of the market swings and enter again when the markets cool down.

 TTK Prestige, which trades at high valuations, is still being tipped as a good buy on the back of growing rural income. Accumulate in small lots for the  long-term.

 Cosmo Films has launched a cast polypropylene (CPP) metalized film with high metal bond strength. This innovation augurs well for the company.
Buy.

 Astrazeneca Pharma has received Import and Market permission from the Drugs Controller General of India for its Olaparib tablets, used to treat cancer. A positive for the company.
*Namaskaram*!

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# ICAI releases ICAI Valuation Standards effective for the valuation reports issued on or after 1st July, 2018.

# ICAI: CCBMP publishes an E-Book on “Ready Reckoner on Regulatory Aspects of Articled / Audit Assistants: Capacity Building for CA Firms & Practitioners”.

# GST: The modus operandi adopted by the petitioner is to transport the goods without e-way bill and as and when he is caught and the Truck is detained, he will make payment of tax and get the Truck released - HC refuses to grant any relief - Vanrajbhai Hasmukhbhai Chauhan Vs. State of Gujarat (2018 (8) TMI 1376 - Gujarat HC).

# IT: Method for estimating the income in the previous year on the basis of net profit at a particular rate while finalising the assessment u/s144 of the Act cannot be applied for all subsequent years - Order of ITAT set aside - Pr.CIT Vs. Raees Alam Siddiqui (2018 (8) TMI 1372 - Allahabad HC).

27 August 2018 News

Quote of D-DAY

*Opportunities are Equal for All,* But the *Difference* is that _POSITIVE Person gives RESULTS_ & _NEGATIVE Person gives REASONS._

Have a Positive Day !!!

Happy Reading on 27.08.2018

*Mint*

=> Govt plans to make compulsory for unlisted firms to issue shares in demat form

=> Corporate affairs ministry seeks details from crisis-hit Jet Airways

=> 4 killed in mass shooting at Florida video game tournament

=> SAIL set to exit non-performing, non-operational JV firms

=> Sebi plans to deploy technology to beef up surveillance activities

=> M.K. Stalin files nomination for DMK president post
...........................................

*Business Standard*

=> Amazon plans to invest $700 million in Kishore Biyani's Future Group

=> Sebi is working on a special policy to ensure data privacy for investors

=> Countdown to Ayushman Bharat scheme: Gujarat expects seamless transition

=> RBI to rewire cash handling system, starts exploratory talks with banks

=> Florida shooting: Four killed, including gunman at a video game tournament

=> PVR Cinemas ushers in new era for cine addicts with OLED technology
...........................................

*Economic Times*

=> Reliance Jio overtakes Vodafone to become second largest telco by revenue in India

=> Google, Paytm Mall may team up to shop for Future Retail stake

=> Tata Steel set to scrap Bhushan Steel-energy deal

=> Kapoor family ready to sell iconic RK Studio

=> Opposition parties to pitch for paper ballots at EC meet on Monday

=> Intellectuals like Amartya Sen have always misled society: BJP
..........................................

*Financial Express*

=> Jobs in corporate India fell sharply over last decade, from around 5-6% per annum then to around 2-3% today

=> Modi government may raise a massive Rs 1.7 lakh crore to fund flagship schemes ahead of 2019 Lok Sabha polls

=> UPI soars, clocks digital transactions at 43% of those by cards at retail outlets as compared to 4% last year

=> Samsung to take on Xiaomi, OnePlus, to launch smartphones in mid-segment space this festive season with flagship features

=> Indian Railways new dwarf containers have 67% more volume; could be a game-changer in capturing high-end traffic

=> Kerala fears 4 to 5 percent decline in tourist arrivals due to floods
...........................................

*Hindustan Times*

=> Meghalaya bypoll results today, CM Conrad Sangma likely to win

=> 3 dead as video gamer goes on shooting spree at Florida restaurant

=> Killings of Narendra Dabholkar, Gauri Lankesh linked, CBI tells court

=> Ravi Shankar Prasad issues warning over poll rigging via social media

=> Asian Games 2018: Hima Das, Dutee Chand star for India on Day 8

=> Kapoor family is selling the iconic RK Studios, Rishi Kapoor confirms
...........................................

*Indian Express*

=> Three years later, big projects in Prime Minister’s J&K development package are stuck

=> Florida shooting: Gunman opens fire at video game tournament in Jacksonville

=> Indian women mark silver streak on Jakarta track: Hima Das and Dutee Chand make it two in a day

=> After Mallya, Mehul Choksi cites poor jail conditions, opposes CBI’s red corner notice plea

=> Hardik Patel's indefinite fast: TMC, RJD extend support

=> Rajasthan journalist kept in Bihar jail alleges ‘political conspiracy’
...........................................

*The Hindu*

=> Kerala prepares memo seeking more funds

=> Several killed in mass shooting at Jacksonville Landing in Florida

=> Dabholkar, Gauri killings linked: CBI

=> Norms soon to buy naval copters

=> Asian Games 2018: Dutee, Hima, Anas make it a silver day for India

=> Tony award-winning U.S. playwright Neil Simon dies at 91
...........................................

*The Times of India*

=> India to pursue ban on JeM chief Azhar with US

=> Amid row with US, China looks to mend India ties

=> India, Pak to discuss Indus waters this week

=> Nainital: Fresh stretch of lower Mall Road crumbles

=> TT: Indian women enter quarters of team event

=> Pakistan bans discretionary use of state funds, first-class air travel by govt officials
...........................................

*अमर उजाला*

=> नासा के अंतरिक्ष यान ने क्षुद्रग्रह ‘बेन्नू’ की पहली तस्वीर उतारी

=> ऑनलाइन किलर गेम मोमो चैलेंज से दो मौतों के बाद बंगाल सरकार सतर्क

=> विदेश मंत्री सुषमा स्वराज दो देशों की पांच दिवसीय यात्रा पर वियतनाम की राजधानी हनोई पहुंचीं

=> आईएस की अफगानिस्तान विंग के मुखिया की एयर स्ट्राइक में मौत!

=> महात्मा गांधी की 150वीं जयंती को लेकर रूपरेखा तैयार करने में जुटा रेलवे, तिरंगे से सजेंगी ट्रेनें

=> आपातकाल के दौरान दमन का शिकार हुए पीड़ितों ने मांगी पेंशन और स्वतंत्रता सेनानी का दर्जा
...........................................

*हिन्दुस्तान*

=> कश्मीर में हमले तेज कर सकते हैं आतंकवादी, सूचना के बाद सुरक्षाबल अलर्ट

=> Asian Games 2018 DAY-8: दुतीचंद ने 100 मीटर रेस में जीता सिल्वर, हिमा और अनस के नाम भी रजत

=> डीजल की कीमतों ने तोड़े सारे रिकॉर्ड, पेट्रोल उच्चतम स्तर के करीब

=> फ्लोरिडा में शूटआउट के बाद हड़कंप, संदिग्ध हमलावर समेत 3 की मौत

=> अहमदाबाद में चार मंजिला इमारत गिरी, 5 लोगों के अभी फंसे होने की आशंका

=> नियम ताक पर रख होटलों में घरेलू सिलेंडर का बेरोकटोक इस्तेमाल
...........................................

*दैनिक जागरण*

=> पूरे देश में छोटे अपराधों पर मिल सकती है ऑनलाइन एफआईआर दर्ज की अनुमति, कवायद तेज

=> पीएम मोदी ने फिर छेड़ी एक साथ चुनाव की बहस, कहा- यह लोकतंत्र के लिए अच्छा संकेत है

=> भारत में रोबोट की सप्लाई की इच्छुक है एचआइटी, बुजुर्गों के लिए बनेगा मददगार

=> PoK में फिर लगे पाकिस्तान विरोधी नारे, कहा- हर प्रधानमंत्री झूठ बोलता है

=> आरबीआई की डेडलाइन से पहले बैंकर्स 70 बड़े NPA अकाउंट के निपटारे में जुटे

=> देश भर में मनाया जाता है रक्षाबंधन, महाराष्ट्र में नारियल पूर्णिमा तो राजस्थान में रामराखी के नाम से होता है उत्सव
...........................................

*प्रभात ख़बर*

=> पीएम मोदी ने बाढ़ प्रभावित केरल को और मदद का आश्वासन दिया

=> IT Minister ने कहा - सोशल मीडिया प्लेटफॉर्मों को चुनाव प्रभावित करने की छूट नहीं

=> बिहार बोर्ड : इंटरमीडिएट कंपार्टमेंटल परीक्षा का रिजल्ट जारी, 38.78 प्रतिशत परीक्षार्थी पास

=> 'मन की बात' : बोले पीएम मोदी- अब 12 वर्ष से कम उम्र की बच्चियों से रेप के दोषियों को होगी फांसी की सजा

=> इक्विटी एसआइपी : स्टॉक में निवेश का एक आसान विकल्प
..........................................

27th August 2K18

Economic Times

Ø  Sebi plans to deploy technology to beef up surveillance activities
Ø  40% districts in S India received deficient rainfall: IMD
Ø  GE Power to shut Gujarat plant from today
Ø  PSU banks plan closure of 70 overseas offices this FY
Ø  Big willful defaulter dues to PNB drop to Rs 15,175 cr
Ø  Fed's Bullard warns of recession risk in raising rates
Ø  Court to hear Mallya case under new fugitive law today

Business Standard

Ø  Sebi is working on a special policy to ensure data privacy for investors
Ø  SAIL prepares to exit non-operational, non-performing joint venture firms
Ø  Govt to make it mandatory for unlisted cos to issue shares in demat form
Ø  Bankers burning midnight oil to resolve Rs 3.8 trn NPAs before deadline
Ø  Co-working firm Awfis eyes aggressive expansion after fund infusion

Business Line

Ø  Rupee fall no macro worry, was long overdue: Panagariya
Ø  Tax authorities left high and dry in IBC cases
Ø  Five of 10 most valued firms add Rs 65,000 cr in m-cap
Ø  FPIs stay bullish on India; pour in Rs 6,700-cr in Aug
Ø  SEBI looking at cutting expense rate of MFs, says top official
Ø  Sundaram Finance Q1 net up by 25.9%

Mint

Ø  Corporate affairs ministry seeks details from crisis-hit Jet Airways
Ø  Liberty House plans to turn ABG Shipyard into steel plant
Ø  Listed preference shares held for 12 months qualify for LTCG
Ø  Shubh Loans raises $4.2 million from Saama Capital, others

Financial Express

Ø  51,837 industries in Delhi under National Green Tribunal scanner
Ø  Jet Airways staff association flags concerns; seeks clarity on airline problems
Ø  Panel reviewing penal provisions under Companies Act likely to submit report this week
Ø  Anil Ambani resigns as director of Reliance Naval and Engineering

Financial Chronicle

Ø  Asset quality concerns at PSBs seem to be fading away
Ø  Companies Act review panel report likely this week
Ø  Plans to monetise PSUs’ assets put on back burner

27.08.18 Economic News

👉CBIC issues Clarification on Various Issues relating to ‘Refund’/ ‘Lapse’ of ‘Accumulated ITC on Fabrics (Textiles Sector) ’, as notified based on recommendations of the GST Council.  ITC accumulated due to Inverted Duty Structure shall Lapse, however in the case of ‘Zero’ Rated Supplies, Accumulated ITC shall Not Lapse and is Refundable.

👉GST Portal adds Facility for filing Refund Application for Multiple Tax Period

👉GST Portal will not be available from Today i.e. 27th August 2018 (11:00 PM onwards) to 28th August (till 6:00 AM) as GSTN is planning a major disaster recovery drill of GST System

👉CBDT releases Parameters for Manual Selection of Income Tax Returns for Scrutiny during the FY 2018-2019

👉CBDT clarifies Circular No. 3/2018 on Monetary Limits for Filing Department Appeals

👉CBDT introduced E-proceeding under Income Tax vide Instruction Number 1/2018 dated 12th of February, 2018. Now vide Instruction Number 3/2018 dated 20th of August, 2018 CBDT has instructed 7 cases where “E-Proceedings” will not be mandatory.

👉Ministry of Corporate Affairs seeks details from crisis-hit Jet Airways about certain issues as well as from its Auditors on the Postponement of Quarterly Results

👉Court to hear Vijay Mallya's Case under New Fugitive Law on Monday i.e. Today. It is the First Case/Action initiated against an absconding accused under the Newly Enacted Fugitive Economic Offenders Law.

👉India’s Textiles and Clothing Exports  jump 11% in July due to Favourable Government Policies and Rupee Depreciation, after a Steep Fall of 17% between April–June Quarter

👉Rafale row: Anil Ambani's Reliance Group Companies  files Rs 5,000 Crore Defamation Suit against Congress-owned “National Herald”  Newspaper

26 August 2018 News

Quote of D-DAY

खुद से नहीं हारेंगे
तो अवश्य जीतेंगे...!!!

Have a Happy Festday !!!

Happy Reading on 26.08.2018

*Mint*

=> Defence ministry clears Rs 46,000 cr purchase of military equipment

=> Elon Musk drops plan to take Tesla private

=> Karnataka takes Ordinance route to reduce farmer debt

=> Congress in poll mode, sets up three panels for 2019 elections

=> 265 dead in Kerala floods since 8 August

=> Donald Trump says US-Mexico trade deal could be imminent
...........................................

*Business Standard*

=> MoD clears Rs 460-bn purchase of missiles, guns and naval helicopters

=> Trouble for sugar industry as govt goes back five years to penalise mills

=> RCom gets relief from overseas bondholders; plan cleared for a 42% haircut

=> Encourage Bhutan to deploy more soldiers in Doklam: Parl panel to govt

=> BJP govt changed Rafale deal to favour industrialist: Rahul Gandhi in UK

=> Foreign air carriers cannot get on board international Udan scheme
...........................................

*Economic Times*

=> Rafale row: Anil Ambani files Rs 5,000 crore defamation suit

=> Relief for passengers soon as Railways plans flexi-fare rejig

=> D-Street week ahead: Expiry week to add volatility, make Nifty vulnerable

=> Bankruptcy sword looms over 60 companies owing Rs 3.5L crore

=> Centre’s view is very unsympathetic: Kerala Finance Minister Thomas Isaac

=> Bullet train ticket will be costlier than airplane's: Rahul Gandhi
...........................................

*Financial Express*

=> Government clears procurement of 111 naval helicopters at over Rs 21,000 crore

=> M Rajeevan pitches for ‘decision support systems’ at dams, warns against repercussions of ‘fast-warming’ Indian Ocean

=> Jet Airways to relook into structure, costs at board meet

=> With Marathi speaking viewers on rise, networks are getting aggressive with channel launches

=> King of the Majors: Brooks Koepka strikes a major chord to wrest the PGA Championship from Tiger Woods’ grasp

=> Anil Ambani resigns as director of Reliance Naval and Engineering
...........................................

*Hindustan Times*

=> Govt. eases lending rules, gives Rs 543 crore as aid to flood-hit Kerala

=> Father battling with cancer, Tajinderpal wins Asian Games shot put gold

=> US war hero, senator, presidential candidate John McCain dies

=> Choppers from US among military deals worth Rs 46,000 crore cleared

=> IIT-Delhi students to coach engineering aspirants to crack Joint Entrance Exam

=> Bihar board 12th compartment result to be announced today
...........................................

*Indian Express*

=> Five held now for ‘terror plot’, ATS prepares fresh dossier for Sanatan Sanstha ban

=> Asian Games 2018: Hima Das, Muhammed Anas eye gold in Athletics; Sindhu, Nehwal in action

=> Rebuilding Kerala: Power cuts, damaged roads, destroyed houses and people fighting trauma

=> US Senator John McCain dies at 81

=> For ‘BJP vs rest’ elections, Rahul sets up three Congress panels

=> Unnao case: Witness’s body exhumed despite family’s refusal, locals protest
...........................................

*The Hindu*

=> In Europe, Rahul Gandhi’s singular target is Narendra Modi

=> John McCain, U.S. war hero and presidential candidate, dies at 81

=> BIS to set standards for the services sector too

=> Rafale row: Anil Ambani files ₹5,000 crore defamation suit

=> China’s big ‘Belt and Road’ push in Africa

=> No-poaching pacts under scrutiny
...........................................

*The Times of India*

=> Khalistan supporters infiltrate Rahul's UK event

=> Asiad: Saina, Sindhu to play quarterfinals

=> Bihar rejig? BJP's ally hints at pact with RJD

=> Delhi: ITO skywalk to be ready by October

=> Defence buy worth Rs 46k cr gets ministry nod

=> Govt may track use of high-risk medical implants
...........................................

*अमर उजाला*

=> एशियन गेम्स 2018: पंजाब के शेर तेजिंदर ने लहराया देश का परचम, नए रिकॉर्ड के साथ जीता गोल्ड

=> राफेल सौदा: अनिल अंबानी ने नेशनल हेराल्ड पर किया 5000 करोड़ का मानहानि दावा

=> पीएम नरेंद्र मोदी आज करेंगे 'मन की बात'

=> भारत के लिए बुरी खबर, छिनी जाएगी एशियाई तीरंदाजी की मेजबानी

=> 46 हजार करोड़ के रक्षा खरीद सौदों को मंजूरी

=> सोनाक्षी की 'हैप्पी फिर भाग जाएगी' को मिली थोड़ी बढ़त
...........................................

*हिन्दुस्तान*

=> रेलवे में मिलेगा विमानों जैसा खाना, IRCTC कर रहा है तैयारी

=> तलाक के खिलाफ अपील नहीं तो दूसरी शादी मान्य

=> Asian Games 2018, DAY-8: आज भारत के लिए अनस, राजीव, हिमा और दुती चंद जीत सकते हैं पदक

=> ड्रग तस्करी के लिए US से मैक्सिको तक बन गई सुरंग, किसी को नहीं लगी भनक

=> खर्च में कटौती के लिए इमरान सरकार ने लिए कई अहम फैसले

=> UP: 38 प्राथमिक शिक्षक बर्खास्त, नौकरी के लिए लगाई थीं फर्जी मार्कशीट
...........................................

*दैनिक जागरण*

=> प्रधानमंत्री नरेंद्र मोदी 47वीं बार करेंगे 'मन की बात', बाढ़ त्रासदी पर बोल सकते हैं पीएम

=> देशभर में धूमधाम से मनाया जा रहा राखी का पर्व, राष्ट्रपति-पीएम ने दी बधाई

=> राहुल ने सिख विरोधी दंगों को 'दुखद त्रासदी' बताया, कहा- हिंसा में शामिल नहीं थी कांग्रेस

=> रक्षा मंत्री के वैज्ञानिक सलाहकार सतीश रेड्डी होंगे डीआरडीओ के नए अध्यक्ष

=> सरकार का बड़ा फैसला : नौसेना को मिलेंगे 111 हेलीकॉप्टर, 150 आर्टिलरी गन सिस्टम भी खरीदे जाएंगे

=> उल्लेखनीय योगदान के लिए इंद्रा नूयी को मिला गेम चेंजर ऑफ द ईयर सम्मान
...........................................

*प्रभात ख़बर*

=> बोले मुलायम सिंह यादव- अब मेरा कोई सम्मान नहीं करता, शायद मेरे मरने के बाद करेंगे

=> वियतनाम युद्ध के हीरो अमेरिकी सीनेटर जॉन मैक्केन का 81 साल की उम्र में निधन

=> रांची : तीन घंटे में हुई रिकॉर्ड 100 मिमी बारिश, राजधानी हुई जलमग्न, आज भी हो सकती है भारी बारिश

=> उन्नाव बलात्कार कांड के गवाह यूनुस का शव निकाला गया कब्र सेे

=> रक्षाबंधन पर भद्रा नहीं, शुभ मुहूर्त शुरू, शाम में है राहुकाल

=> अमेरिकी आर्थिक नीतियों के साये में सिकुड़ रही है वैश्विक अर्थव्यवस्था
..........................................

25 August 2018 Updates

NCLAT : In Shyam Manglunia & Ors. vs. Ravi Shankar Srivastava & Ors.

*_When NCLT had exercised its discretion judicially by passing Ad Interim Order to protect the interest of the Company, no interference by NCLAT is called for._*

*_Read full case law at :_* https://dasgovernance.com/2018/08/24/nclat-in-shyam-manglunia-ors-vs-ravi-shankar-srivastava-ors/
.
==========>
.

Madras High Court in the matter of V. R. Global Energy Pvt. Ltd vs. ITO Said that If no cash is involved in the transaction of allotment of shares and it is a case of book adjustment, provisions of s. 68 treating it as unexplained cash credit are not attracted. Even if it were to be assumed that the subscribers to the increased share capital are not genuine, the amount of share capital would in no circumstances be regard as undisclosed income of the company.

A panel of officials under the GST Council, the decision-making body of the tax, has favoured doing away with GST on freebies. The final call on the issue will be taken by the Council, a government official told ET.

Surrender Director Identification Number (DIN) in Form DIR-5, if not required: Although the due date for filing DIR – 3 KYC without any late fee has been extended up to 15th September 2018, but the person, who have DIN but not a director in any company means who doesn’t require DIN, better to surrender the same instead filing DIR - 3 KYC every year.

A person who neither files DIR – 3 KYC up to extended date nor does surrender the same, and whether or not he is a director in a company, has to pay late fee of Rs. 5,000/- later to use of his DIN.

US has announced hefty preliminary anti-dumping duties on metal pipes imported from India, China and four other countries, in an aggressive tactic by the Trump administration to protect the American industry and lower the trade deficit.

.
==========>
.
5% GST applicable to Commodities used as a part of Fishing or Floating Vessels: AAR* [Read Order]

Read more at: http://www.taxscan.in/5-gst-applicable-commodities-fishing-floating-vessels-aar/27452/
.
==========>
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*One-Time Non-Refundable Upfront Charges paid for Acquisition of Leasehold Right not subject to TDS: ITAT follows CBDT Circular* [Read Order]

Read more at: http://www.taxscan.in/one-time-non-refundable-upfront-charges-paid-for-acquisition-of-leasehold-right-not-subject-to-tds-itat-follows-cbdt-circular/27423/
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==========>
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*Agency Commission received by Canara Bank for RBI not subject to Service Tax: CESTAT* [Read Order]

Read more at: http://www.taxscan.in/agency-commission-received-canara-bank-rbi-service-tax-cestat/27440/
.
==========>
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Capital Gain Exemption can be allowed to House Property acquired in Foreign Countries: ITAT* [Read Order]

Read more at: http://www.taxscan.in/capital-gain-exemption-allowed-house-property-foreign-countries-itat/27418/
.
==========>
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5% GST applicable to Commodities used as a part of Fishing or Floating Vessels: AAR* [Read Order]

Read more at: http://www.taxscan.in/5-gst-applicable-commodities-fishing-floating-vessels-aar/27452/
.
==========>
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ICAI to launch New Portal for Job Updates Next Month*

Read more at: http://www.taxscan.in/icai-launch-portal-job-updates/27498/
.
==========>
.
*GSTR-3B and GSTR-1 Extended for Flood Affected Areas* [Read Notifications]

Read more at: http://www.taxscan.in/gstr-3b-gstr-1-extended-flood-affected-areas/27500/
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==========>
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SEBI

SEBI has extended the time frame for KYC compliance for foreign portfolio investors (FPIs) upto 31-12-2018, in accordance with Prevention of Money–laundering (Maintenance of Records) Rules, 2005. SEBI  has decided to extend the time frame for compliance with the circular No. CIR/IMD/FPIC/CIR/P/2018/64 dated April 10, 2018 on Know Your Client Requirements for Foreign Portfolio Investors (FPIs) upto December 31, 2018 from the original date of October 10, 2018. SEBI has received representations from some market participants in relation to the circular, inter-alia, seeking review and additional time for complying with the said circular.  All  other  terms and conditions specified in the aforesaid circular dated April 10, 2018 shall remain unchanged.
.
==========>
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NCLAT : In Nasik Diocesan Trust Assn. Pvt. Ltd. vs. Uday Daniel Khare

When there was an exceptional circumstances, which may merit ‘waiver’ under sub-section (1) of section 244, the Tribunal had rightly exercised its discretion.

Read full case law at : https://dasgovernance.com/2018/08/25/nclat-in-nasik-diocesan-trust-assn-pvt-ltd-vs-uday-daniel-khare/
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==========>
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*ITR: File your ITR (Non-Corporate and Non Audit Cases) for AY2018-19 by the extended due date of 31 AUG 18 to avoid late fee upto ₹ 5,000.

*IT: ICAI clarifies that the Tax Audit done U/s 44AD, 44ADA and 44AE shall not be taken into account for Counting the Number of Tax Audit. Link at: https://resource.cdn.icai.org/51421councilaffairs-dtc41150.pdf

*ICAI RVO announces start of next batch of ICAI Registered Valuers Organisation (*RVO*) from 2nd to 9th SEP, 2018 (8Days) at ICAI, Sector 62, Noida. Link at: https://icairvo.in/

25 August 2018 News

Quote of D-DAY

*Morning* is not only sunrise but a beautiful *Miracle of God* that defeats the darkness and *spread light*. May Everyday Spread Light in Your Whole Life.

Happy Weekend !!!

Happy Reading on 25.08.2018

*Mint*

=> Tata Sons can’t force Cyrus Mistry out, yet: NCLAT

=> ONGC now looks to HPCL to fuel retail expansion plans

=> Govt will ask J&J to pay compensation for faulty hip implants

=> PowerGrid seeks shareholders’ nod for raising ₹20,000 crore

=> Man behind Puma’s success in India launches own sports brand

=> Subtle upgrades make the Samsung Galaxy Note 9 a worthy catch
...........................................

*Business Standard*

=> RCom gets relief from overseas bondholders; plan cleared for a 42% haircut on $300 mn bonds

=> Clock is ticking for Rs 3.8 trn stressed assets; 70 firms may land in NCLT

=> Tim Cook to Indra Nooyi, US CEOs wary of Donald Trump's immigration policy

=> Patanjali moves NCLT against Ruchi Soya lenders approving Adani Wilmar bid

=> Nearing resolution of Rs 170-bn NPAs in power sector: SBI MD Arijit Basu

=> Kharif sowing may fall short of last year's level by almost 1.3 mn hectares
...........................................

*Economic Times*

=> Cosmos cyber fraud: Money withdrawn from 28 countries, cops say

=> Nearly 1.2 crore jobs created in 10 months till June: CSO report

=> Pre-import rules for tax sops cannot be relevant in exports: Madras High Court

=> Bullet train land acquisition: Gujarat High Court seeks Centre's reply

=> How long will unauthorised constructions continue, SC asks Centre

=> Country's first-born penguin chick dies at Mumbai zoo
...........................................

*Financial Express*

=> Trai numbers: Aggressive entrant Jio tops the telco tables in terms of AGR

=> Battle for Bombay House: Cyrus Mistry gets partial relief from NCLAT

=> Big help! Maruti launches bike-based emergency assistance

=> Greater Noida project: DMICDC readies 400 acres to lease

=> Rs 26,000-crore appeal: Supreme Court rejects Essar Steel's plea for compensation

=> Non-basmati rice: Two firms win China export orders
...........................................

*Hindustan Times*

=> Oppn priority is to defeat BJP, then decide who becomes PM: Rahul Gandhi

=> Kerala floods: Poor dam management behind disasters, experts say

=> Using cloned ATM cards, hackers withdrew Rs 78 crore from Cosmos Bank

=> Asian Games 2018: Rising medal count boosts India’s sporting journey

=> DMRC begins trials on Violet Line from Escorts Mujesar to Ballabhgarh

=> ICSI CS result 2018 for professional, executive programme today at icsi.edu
...........................................

*Indian Express*

=> Rajasthan Royals co-owner had contact with bookie, says IPL investigator

=> RBI circular on bad loans: Rs 3 lakh cr loans to come under IBC for resolution

=> Asian Games 2018: Track and field athletes to start campaign; PV Sindhu, Saina Nehwal in action

=> Run-up to Lok Sabha polls: Shatrughan Sinha backs AAP leader expected to take on Tiwari

=> Clash involving Kanwarias leads to fresh violence, curfew in Tonk

=> J-K: Army Jawan held for circulating ‘communally-sensitive’ video in Rajouri
...........................................

*The Hindu*

=> Gave regular warnings to Kerala, Tamil Nadu tells SC

=> UAE has not officially announced any aid for Kerala flood relief: envoy

=> U.S., Pak. disagree on call content

=> CEOs slam U.S. immigration policy

=> Morrison sworn in as Australia's new PM

=> Cohen sets up a fund-raiser
...........................................

*The Times of India*

=> Mallya extradition: CBI submits jail video to UK court

=> In a first, India, Pak to take part in military drill

=> UAE says no official aid to Kerala announced

=> IRCTC scam: ED charges Lalu, Rabri, Tejashwi

=> Donald Trump scraps Pompeo trip to North Korea

=> VVIP chopper scam: Ex-IAF chief quizzed
...........................................

*अमर उजाला*

=> एससी-एसटी एक्ट के प्रावधानों को चुनौती, इलाहाबाद हाईकोर्ट ने अटार्नी जनरल को जारी किया नोटिस

=> गायब हथियारों के मामले में एनआईए ने मणिपुर के कांग्रेस विधायक यमथोंग को किया गिरफ्तार

=> अमेरिकी राष्ट्रपति डोनाल्ड ट्रंप ने विदेश मंत्री पोम्पिओ का उत्तर कोरिया दौरा किया रद्द

=> विजय माल्या प्रत्यर्पण केस: सीबीआई ने ब्रिटिश कोर्ट को आर्थर रोड जेल का वीडियो सौंपा

=> केंद्रीय विद्यालय संगठन में अध्यापकों के लिए निकली भर्ती, 8 हजार से अधिक पद खाली

=> तीन सालों में बाल हेल्पलाइन को मिले 1.36 करोड़ खामोश कॉल
...........................................

*हिन्दुस्तान*

=> पैतृक संपत्ति बेचने से पिता को नहीं रोक सकते: सुप्रीम कोर्ट

=> केरल बाढ़ पीड़ितों के लिए हमने नहीं किया कोई आधिकारिक फंड का ऐलान-यूएई

=> प्रीमियम ट्रेनों के फ्लेक्सी फेयर में मिलेगी राहत

=> ट्रंप ने विदेश मंत्री पोम्पिओ का उत्तर कोरिया का दौरा किया रद्द

=> कश्मीर समेत सभी मुद्दों को शांति से सुलझाना चाहता है पाक: महमूद कुरैशी

=> रुपये में अचानक गिरावट या मजबूती ठीक नहीं: स्टेट बैंक
...........................................

*दैनिक जागरण*

=> अब आरएसएस की तुलना मुस्लिम ब्रदरहुड से कर मुश्किल में फंसे राहुल गांधी

=> जम्मू-कश्मीर में नेशनल कांफ्रेंस के साथ मिलकर सरकार बना सकती है भाजपा

=> हार्दिक पटेल की अनिश्चितकालीन हड़ताल आज से, जूनागढ़ में लगाई गई धारा 144

=> अटल जी के नाम पर होगा ऐतिहासिक रामलीला मैदान, कई बड़े आंदोलनों का रहा है गवाह

=> कम नहीं हो रही लालू की मुश्किलें, एक और घोटाले में पत्नी और बेटे के नाम भी चार्जशीट

=> अस्थिर आव्रजन नीति पर अमेरिकी कंपनियों ने ट्रंप को चेताया, एच-1बी वीजा के नियमों में बदलाव की मांग
...........................................

*प्रभात ख़बर*

=> CBI ने मुंबई जाकर खंगाली मेडिकल रिपोर्ट, लालू यादव को करना होगा सरेंडर, आज पटना आने की संभावना

=> परीक्षार्थियों के लिए राहत भरी खबर, परीक्षा के लिए रेलवे चलायेगा स्पेशल ट्रेन

=> अभी और वित्तीय घोटाले सामने आयेंगे, बंगाल के वित्त मंत्री अमित मित्रा ने चेताया

=> अटल बिहारी वाजपेयी के नाम पर साहित्य, मीडिया और सुशासन के पुरस्कार शुरू करेगी झारखंड सरकार

=> IIT हैदराबाद ने फैबलेस चिप डिजाइन इन्क्यूबेटर किया शुरू
..........................................

25.08.18 Economic News

👉Vijay Mallya Extradition Case: CBI submits 8 minute video of Jail Cell to UK court showing that it will have TV, Toilet, Washing Area and Sunlight Source

👉NITI Aayog suggests Slashing Import Duty from the existing level of 10% and GST Rate from current rate of 3% on Gold

👉Enforcement Directorate grills P Chidambaram again in Aircel-Maxis Money Laundering Case

👉IRCTC Land-for-Hotel Scam:: Enforcement Directorate files chargesheet against Lalu Prasad Yadav , his wife Rabri Devi, son Tejashwi Yadav, and 13 others in connection with IRCTC Scam

👉NCLAT declines to pass an Interim Order on Cyrus Mistry's plea against the Conversion of Tata Sons Ltd. to a Private Limited Company and also says that Tata Sons Cannot Force Mistry to sell his Shares Till Case is Decided on Mistry’s plea alleging oppression by the group holding company.

👉Ruchi Soya Lenders Approve Adani Wilmar's Rs 6,000 Crore Bid to acquire Ruchi Soya and Patanjali moves NCLT against Ruchi Soya Lenders’ Nod to Adani’s Bid

👉To facilitate Physical Settlement in Equity Derivatives, SEBI allows Stock Exchanges to Extend the Timing of the Stock Lending and Borrowing (SLB) Segment. Stock exchanges can set the trading hours in the SLB segment between 9am and 5pm, stated a circular issued by SEBI on Friday.

👉Delhi HC sends Notice to Centre, LIC, RBI, SEBI, IDBI Bank & IRDAI to seek their stand, as IDBI Officers & Employees Challenge LIC Plan To Acquire Over 51% Stake In IDBI

24 August 2018 Updates

Income Tax dept issued 19.6 million new PAN cards during the quarter ending March 2018, taking the total number to over 379 million, as per the official data released.

The government has extended the last date for filing of GST summary sales returns in Form GSTR -3B for the month of July to August 24 from the original date of August 20, for all class of taxpayers by the competent authority.

Central Government hereby exempts all goods, from whole of the Customs Duty & Integrated Tax, which are falling under the First Schedule to the Customs Tariff Act, 1975, when imported into India, and intended for donation for the relief and rehabilitation of the people affected by the recent floods in the State of Kerala.

RBI has directed rating firms to scan bank account details — capturing the flow of fund in and out of a company — in assessing its ability to repay loans. Many companies, it is widely believed, would be reluctant to part with such information which are shared with an external agency only when banks or regulators order a forensic audit of a borrower’s books.

MCA has extended the last date of filing DIR -3 KYC to 15.09.2018 from 31.08.2018. Fees of Rs. 

5000 shall be payable on or after 16th Sep, 2018.

SEBI extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel. The regulator, in April, had asked Category II and III foreign portfolio investors (FPIs) to provide list of their beneficial owner (BO) in a prescribed format within six months.

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Actual Sale Consideration shall be subjected to Tax when an Affidavit Declaration is made by Assessee: ITAT* [Read Order]

Read more at: http://www.taxscan.in/actual-sale-consideration-tax-affidavit-declaration-assessee-itat/27310/

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Receipts from Web Hosting Services to Indian Entities can’t be treated as FTS under Indo-US Tax Treaty: ITAT* [Read Order]

Read more at: http://www.taxscan.in/receipts-web-hosting-services-indian-entities-fts-indo-tax-treaty-itat/27332/

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Retirement Age of CESTAT Members is 62 Years: Supreme Court* [Read Order]

Read more at: http://www.taxscan.in/retirement-age-cestat-members-62-years-supreme-court/27396/

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ICAI extends Last Date for Submission of Application Forms in respect of CA Nov Exams for candidates in Kerala

Read more at: http://www.taxscan.in/icai-extends-last-date-submission-application-forms-ca-nov-exams-candidates-kerala/27456/

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Abhinav Bindra not liable to pay Tax on Rewards from Govt: ITAT* [Read Order]

Read more at: http://www.taxscan.in/abhinav-bindra-pay-tax-rewards-govt-itat/27389/

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Sale of a running Hotel is ` Slump Sale ’: ITAT* [Read Order]

Read more at: http://www.taxscan.in/sale-running-hotel-slump-sale-itat/27407/

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Finance Ministry asks PSU bank CEOs to check frauds in NPAs or face penal action 

In a stern warning to bankers, the Finance Ministry has asked chief executives of public sector banks (PSBs) to check all NPA accounts exceeding Rs 50 crore for fraud or they could face criminal conspiracy charges, according to official sources.

This missive comes in the light of arrest of Bhushan Steel's erstwhile promoter Neeraj Singal by the Serious Fraud Investigation Office (SFIO) for allegedly siphoning off funds.

Read more at:

//economictimes.indiatimes.com/articleshow/65502920.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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MCA

MCA has revised the version of the eForm DIR – 3KYC (Application for KYC of Directors), which shall be available at Company Forms Download page from today.  Further, the versions of the following eForm FC-4 (Annual Return of a Foreign company), Form SH-9 (Declaration of Solvency), Form ADT-3 (Notice of Resignation by the Auditor), Form INC-20 (Intimation to Registrar of revocation/surrender of license issued under section 8), Form AOC-5 (Notice of address at which books of account are maintained), Form DPT-4 (Statement regarding deposits existing on the commencement of the Act), Form MSC-3 (Return of Dormant Companies), Form MSC-4 (Application for seeking status of active company), Form CHG-6 (Notice of appointment or cessation of receiver or manager), Form INC-6 (One Person Company- Application for Conversion), Form REFUND (Application for requesting refund of fees paid) and Form 23AC ADDITIONAL ATTACHMENT, are likely to be revised on MCA21 Company available on Company Form Download page w.e.f 25-08-2018. Stakeholders may kindly take note and are advised to check the latest version before filing.

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Government invites comments of Stakeholders and General Public on Proposed Amendments to Income-tax Rules,1962 by 4th September, 2018  

Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of tax or deduction/collection of tax at lower rate.

In order to rationalise and make the process of issuance of certificate for no deduction of tax or deduction/collection of tax at lower rate electronic, the existing Form No.13 and relevant I.T. Rules are required to be amended. This is vital for minimising the human interface and reducing the compliance burden on the applicant.

In view of the above, a Draft Notification proposing amendments in Form No. 13, and Rules 28, 28AA, 28AB, 37G and 37H of the IT Rules has been uploaded on the website of the Income Tax Department www.incometaxindia.gov.in for comments from stakeholders and general public.

Comments and suggestions on the Draft Notification may be sent by 4th September, 2018 electronically at the email address ts.mapwal@nic.in.

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CBIC - Customs

The Central Government hereby exempts all goods, from whole of the Customs Duty & Integrated Tax, which are falling under the First Schedule to the Customs Tariff Act, 1975, when imported into India, and intended for donation for the relief and rehabilitation of the people affected by the recent floods in the State of Kerala. Further, the importer shall certify that the goods are intended to be donated for the relief and rehabilitation of the people affected by the floods in the said State free of cost through the Central Government or the Government of Kerala or any of the relief agencies appointed by these Governments. This notification shall remain in force upto and inclusive of the 31st December, 2018.

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ICAI Announcement:

 Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949. - (23-08-2018)

*Tax Audit done Under Section 44AD, 44ADA and 44AE shall not be taken into account for Counting the Maximum Number of Tax Audit.*

https://resource.cdn.icai.org/51421councilaffairs-dtc41150.pdf