7th June 2K21
Ø 'Indian consumer confidence hits record low in May 2021 amid COVID second wave': RBI survey
Ø SIDBI invites bids from consultants to help set up Rs 20,000 cr NaBFID
Ø India slips two spots on 17 SDGs adopted: Report
Ø Biden reinvigorates tariff war against India with retaliation against digital tax
Ø Labour codes on the cards: Cos' PF liability to go up, workers to see reduction in take-home pay
Ø India likely to benefit from global minimum 15% corporate tax pact
Ø Reckitt Benckiser to sell China baby-formula business in $2.2-bn deal
Ø AMC Entertainment drama is exposing risks in $11 trillion world of indexing
Ø Private equity firms in deal to acquire Medline for about $34 billion
Ø DHFL back in the black, posts Rs 97-crore net profit in March quarter
Ø No green shoots: New investment projects fall in FY21, lowest since FY05
Ø India continues to be one of stronger markets among Asian Ems: Ritu Arora
Ø ICDs: Concor to lease Railway land for 35 years in ₹3,500-cr deal
Ø Debt scheme redemptions: SEBI to charge key officials of Franklin MF with fraud
Ø Bombay Burmah to exit plantations business
Ø In a turnaround, FPIs buy stocks worth ₹7,967 cr
Ø Digital piracy rises amid pandemic; original content creators lose money: EY
Ø Franklin Templeton investors to get ₹3,205 cr in fourth tranche
Ø DHFL resolution case: NCLT to pass order on Monday
Ø Yellen says higher interest rates would be ‘plus’ for US, Federal Reserve
Ø Paytm to lend founder Sharma’s firms ₹743 crore ahead of IPO
Ø RIL’s startups step in to limit covid-19 damage, boost business
Ø Second COVID-19 wave not to impact India’s agri sector in any way: Niti Aayog
Ø G-7 nations sign key pact to make tech giants pay fair taxes
Ø Power Crisis: Despite PFC-REC loan, discoms’ dues rise 8% at April-end
Ø Ebixcash Ropes In Economist SP Kothari To Its Board Of Directors
Ø Reliance Infra Board Approves Raising Up To Rs 550.56 Cr Via Preferential Allotment
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⚫Engineering exporters in the MSME segment have sought PM intervention on rising steel prices, stating that the industry needs the alloy and other inputs at affordable rates so that export competitiveness of value-added products is maintained in the global markets.
⚫India is likely to benefit from the global minimum 15% corporate tax rate pact inked by the world's richest nations as the effective domestic tax rate is above the threshold, and the country would continue to attract investment.
⚫Foreign investors have infused Rs 8,000 crore into Indian equities in the first four trading sessions of June as risk on sentiment improved amid rapidly falling new Covid cases and robust corporate earnings.
⚫PNB expects Rs 6K-cr loans to be restructured. Under restructuring 1.0, PNB received requests for restructuring Rs 11,000 crore in corporate, retail and MSME loans.
⚫Covishield shows better antibody response than Covaxin.The study showed that after two vaccines, 98% recipients of Covishield showed antibody response, while the same was 80% among Covaxin recipients.
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E-KNOWLEDGE CAPSULE
✒ Delhi High Court says About Juhi Chawla's Suit as a Classic Textbook Case Of How Not To Draft A Plaint Which Should Be Taught In Law Colleges
✒ Government of India gives Twitter one last notice as gesture of goodwill to comply with IT Rules 2021
✒ Delhi High Court In Air India Pilots Case held that Financial Constraints Or Pandemic Not Grounds For State Agencies To Sack Employees
✒ Bombay High Court seeks Maharashtra govt response on plea claiming online Ludo game is gambling asking Whether Ludo is a game of chance or skill
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Guidelines and FAQs About E-Filing applications before a Bench of Income Tax Appellate Tribunal
1. E-Filing is the process of electronic online filing of appeals and applications before a Bench of Income Tax Appellate Tribunal. An Assessee or Assessing Officer or any other person, who is entitled to file an appeal, cross objection or application before the Tribunal u/s. 253 of Income Tax Act, 1961, can file the same through e-Filing Portal. This provision will apply to appeals under other enactments mutatis mutandis.
2. Once an e-filed appeal / cross objection / application is physically presented in the office of the Tribunal, the Registry will verify the documents uploaded in the E-Filing Portal with the ones submitted physically. After scrutiny in all respects, the Registry will accept the E-Filing.
3. It is clarified that the date of presentation of appeal physically in terms of Rule 6 & 7 of Appellate Tribunal Rules or respective acts shall be reckoned for all purposes of limitation.
4. Permanent Account Number (or TAN as the case may be) of the assessee, Mobile Number and E-Mail Id are the key identifiers in the E-Filing Portal. Therefore, having a PAN/TAN, valid Mobile Number and E-Mail IDs are pre-requisites for using this Portal.
Frequently Asked Questions (FAQs)
Q 1: What is e-Filing?
Ans: The process of electronically filing appeals and applications under Income Tax Act, 1961 and other enactments through the internet is known as e-Filing.
Q 2: Who can e-File?
Ans: An Assessee or Assessing Officer or any other person, who is entitled to file an appeal, cross objection or application before the Tribunal u/s. 253 of Income Tax Act, 1961 or relevant sections of other enactments, may file the same through e-Filing Portal.
Q 3: Is e-Filing a substitute for normal filing?
Ans: No. e-Filing is an enabling system. As of now, presentation of physical appeal is mandatory even after e-Filing. After e-Filing of an appeal, physical documents along with all enclosures shall be presented before the Tribunal within the time limit prescribed under relevant Act.
Q 4: What are the pre-requisites for e-Filing?
Ans: Permanent Account Number (PAN) / Tax Deduction Account Number (TAN), E-Mail ID and Mobile Number of the Appellant are the prerequisites for e-Filing.
Q 5. What type of cases can I file using E-Filing Portal?
Ans. Appeals, Cross Objections, Stay Applications or Miscellaneous Applications can be filed using E-Filing Portal.
Q 6: Can the appellant pay the Tribunal Fee through the E-Filing Portal?
Ans. No, there is no option for online payment in E-filing. Appellant is required only to enter the details of appeal fee paid in the e-Filing Portal.
Q 6: What will be the date of filing of appeal if I prefer to e-file an appeal?
Ans: The date on which you will present the physical appeal along with all enclosures before the Tribunal will be treated as date of filing of the appeal and limitation shall be calculated with reference to the said date.
Q 7: It is more than 60 days after I have received the order of the CIT(A). I want to file an appeal against the order. But I am already delayed. Can I use E-Filing Portal to file such appeal?
Ans: Yes. Even if you have delayed in filing an appeal before the Tribunal, you can still use E-Filing Portal to file such appeal. However, the date on which you will file the physical appeal along with all enclosures before the concerned Bench will be treated as date of filing of the appeal and limitation shall be calculated with reference to the said date.
Q 8: What is Appeal Sub Type?
Ans: Appeal Sub Type defines the category of appeal based on the section under which the appealed order was passed; and the section under which the original / base order of the assessing officer, as the case may be, was passed. Selection of proper Appeal Sub Type is necessary for identifying the documents to be uploaded and the fee payable.
Q 9: What to do if my appeal sub-type is not available in the list of Appeal Sub Types?
Ans: Please write to itcell.ho@itat.nic.in along with relevant documents so that the Appeal Sub Type can be added to the list as soon as possible.
Q 10: What is Assessee Location? How is it different from City?
Ans: Location of the assessee and department is the city / town / village in which they are located, which can be same as City in the address. However, when address of communication is different from the assessee’s own address, then Location differs from City.
Q 11: What is the limit (no. of words) for typing in Grounds of Appeal column?
Ans: Maximum limit for each Ground of Appeal is 1000 characters. In case, your grounds of appeal cannot be given in the specified limit, you may simply write ‘Separately Enclosed’ in the ground of appeal and upload the manually prepared Grounds of Appeal as an enclosure.
Q 12: Is my memorandum of appeal automatically generated or should I prepare manually?
Ans: Memorandum of Appeal (Form 36), Cross Objection (Form 36A) and Stay Application under Income Tax Act, 1961 are automatically generated by the Portal. However, Miscellaneous application, being descriptive in nature, shall be manually prepared by the appellant. Further, memoranda of appeal under other enactments are to be prepared manually by the appellant.
Q 13: What are the documents needed to be uploaded at the time of Filing?
Ans: Different documents are to be uploaded for different type of appeals. An exhaustive list of documents to be uploaded can be seen here. All documents required to be filed along with an appeal should be scanned in Black & White PDF format in 150 DPI Resolution. Also ensure that the filenames of the document contain only 'a-z', 'A-Z', '0-9', '_', '.' characters. File name with any other characters is not allowed. The Maximum file size allowed for an enclosure is 10 Mb.
Q 14: What to do if my appeal enclosure is more than 10 Mb in size?
Ans: It is possible that an enclosure is more than 10 Mb in size. In that case, after e-filing followed by physical submission of the appeal before the concerned Bench, the appellant shall send the scanned copy to the email address of the respective Bench along with complete details of the appeal and enclosure.
Q 15: I started e-Filing an appeal and at the time of uploading the documents my internet disconnected. Do I have to re-enter all the appeal form data when I come back to the Portal?
Ans: In case you were filing an appeal (and not a CO, SA or MA) and the same is without enclosures, E-Filing Portal will verify your identity particulars and let you complete the pending E-Filing. However, this is not possible in the case of a CO, SA or MA.
Q 16: I have e-Filed an appeal. In how many days do I have to submit the physical document before the respective Bench?
Ans: You have to submit the physical appeal along with all enclosures within the time limit prescribed under the relevant Act from the date of receipt of the order appealed against. Failing this, the appeal will be treated as time-barred.
Q 17: I have e-Filed an appeal, but not yet presented before the Tribunal. I found that some of the information I have given is wrong. What should I do?
Ans: You can simply ignore the already e-Filed appeal and proceed to file a fresh appeal. However, please ensure to submit the correctly e-Filed appeal before the Tribunal.
Q 18: I have e-Filed an appeal. However, I failed to upload some mandatory documents. What should I do?
Ans: You can upload the missing mandatory and optional documents using E-Filing Dashboard after physical submission of the e-Filed appeal before the respective Bench of the Tribunal. However, an enclosure already uploaded cannot be changed using the Dashboard.
Q 19: I have e-Filed an appeal. How can I know the status of my e-Filing?
Ans: Yes. Click on Know Your e-Filing status menu and input the PAN Number, E-Mail Id and Acknowledgement Number, and submit. System will verify the input details and show the e-Filing status.
Q 20: What to do if I forget my E-Filing Username?
Ans: Forgot Username? Please follow the link on the login page. Provide the details asked for and submit your request. An SMS mentioning your Username will be sent to your mobile number.
Q 21. I am filing an early hearing petition and the appeal was never posted earlier. What should be the Date of Hearing?
Ans: If your appeal has not been fixed before the Bench yet and if you wish to file an early hearing petition, you can leave the Date of Hearing column blank.
Q 22: My appeal was posted for hearing numerous times. What should be the Date of Hearing?
Ans: One has to give the date of next hearing of the appeal in which he is filing the E-Petition for consolidation. If no next date is given, mention last date of hearing.
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⚫The GST collection stood at Rs 1.02 trillion in May. With the economic activity disrupted due to the second Covid-19 wave, the collections moderated to an eight month low in May but remained over the Rs one trillion mark for the eighth straight month owing to tightened compliance measures
⚫US announces $57 mn aid for TB treatment in seven high burden countries including India.
⚫The processing of claims made under Pradhan Mantri Jeevan Jyoti Bima Yojana & the Pradhan Mantri Suraksha Bima Yojana will be completed within seven days as against 30 days earlier to expedite processing of claims during the pandemic.
⚫PNB has identified bad loans worth Rs 8,000 crore that it will transfer to the National Asset Reconstruction Co, expected to be operational from July21.
⚫The Indian Govt has issued a final notice to social media giant Twitter for complying with the new IT rules for digital media intermediaries.
⚫Delhi Metro services will be resumed for the general public from Monday (June 7) with 50% seating capacity.
⚫Activity in the services sector contracted in May for the first time in eight months as localised lockdowns hurt demand and international orders dropped.The IHS India Services Business Activity Index showed PMI dropped to 46.4 in May against 54 in April.
⚫The Sensex hit an all time closing high amid optimism surrounding the accelerated vaccination efforts and continuing decline in Covid-19 cases in the country.
⚫PSB's have been at the forefront for advancing loans under the PM Street Vendors Atmanirbhar Nidhi, and have sanctioned about 95% of total loans sanctioned under this scheme as on May 31.
⚫With international diversification getting more recognition, and investor flows moving into such mutual fund schemes, the SEBI has increased the overseas investment limit to $1 billion.
⚫All Govt organisations should mandatorily take vigilance clearance before offering post retirement jobs to babus.The order, issued to secretaries of all central govt depts and chiefs of PSB's, among others, said that the acceptance of such an employment offer without the completion of mandatory cooling-off period amounts to “serious misconduct".
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👉Exposure Draft of Definition of Accounting Estimates - Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors - (02-06-2021)
https://www.icai.org/post/ed-of-definition-of-accounting-estimates-amendments-to-indas8
👉List of Qualified Members of Certificate Course on CSR Assessment Conducted on 27.05.2021 - (03-06-2021)
https://resource.cdn.icai.org/64968csr52238.pdf
👉'Banks can take over Vijay Mallya's properties worth Rs 5,600 cr': Mumbai PMLA court
https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-can-take-over-vijay-mallyas-properties-worth-rs-5600-cr-mumbai-pmla-court/videoshow/83196843.cms
👉Public sector banks list Rs 82,500 crore NPAs for bad bank
https://economictimes.indiatimes.com/industry/banking/finance/banking/public-sector-banks-list-rs-82500-crore-npas-for-bad-bank/articleshow/83195642.cms
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CBDT notified the instructions are guidelines to help the taxpayers for filling the particulars in ITR-1 SAHAJ, ITR-2, ITR-3 ITR-4, ITR-5, ITR-6, and ITR-7, for the Assessment Year 2021‐22 relating to the Financial Year 2020‐21.
CBDT has extended the deadlines to file income tax returns for the financial year 2021. The last date of filing TDS for the fourth quarter of financial year 2020-21 has been extended to June 30, according to the circular. Earlier, the due of filing the TDS was May 31.
Companies can file GST returns using Electronic Verification Code (EVC), instead of Digital Signature Certificate (DSC) till 31.08.2021.
Sebi has deferred the diktat requiring foreign investors to disclose their mobile number, email ids and income details to depositories, a move believed to be aimed at curbing practices such as round tripping and money laundering. "Based on the representations received from MIIs (market infrastructure institutions), Sebi has decided to extend the deadline for making 6-KYC attributes mandatory for new accounts opened by 1 month to July 1, 2021.
RoC cannot deactivate Director Identification Number (DIN) : Case Name : Baalu Renukadevi Vs Union of India (Madras High Court) Appeal Number : W.P.Nos. 10840 & 10846 of 2021 Date of Judgement/Order : 30/04/2021
Housing and urban affairs ministry floated the draft model tenancy bill in 2019. It proposed to establish an independent authority in every state and UT for registration of tenancy agreements and even a separate court to take up tenancy related disputes. Other provisions in the Act include limiting the tenant’s advance security deposit to a maximum of two months’ rent and to a maximum of six months for non-residential purposes.
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⚫The RBI kept its policy rates unchanged, scaled down the growth projections for the current FY, and said it would buy Rs 1.2 trillion of Govt securities under its own version of quantitative easing for the second quarter.
⚫FPIs hike exposure to banking and financial stocks, exit in IT in May. The month saw a sharp turnaround in fortunes with overseas investors selling shares worth nearly $900 million during the first half and pumping in close to $500 million during the second.
⚫RBI creates liquidity window of Rs 15,000 crore to help hotels, tourism,aviation ancillary services, and other services including private bus operators, car repair services, rent-a-car service providers, event/conference organizers, spa clinics, and beauty parlours/saloons.
⚫The Ministry of Defence’s gave the go ahead for the purchase of six conventional submarines.
⚫The DCGI has granted permission to the Serum Institute of India to manufacture the Sputnik COVID-19 vaccine in India for examination, test and analysis with certain conditions.
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