20 June 2022 Updates

⚫Union Agriculture Minister said the Govt was ready to talk to the agitating farmers "even if they come at midnight", but not about their demand to repeal the three new laws which are the bone of contention.

⚫The general insurance industry is expected to clock 7-9% growth in gross direct premium income during FY22.This will be supported by growth in health segment and uptick in motor segment.

⚫The RBI has given “in-principle” approval to Centrum Financial Services Ltd to set up a small finance bank, which will take over the beleaguered Punjab and Maharashtra Cooperative Bank.

⚫Vodafone Idea plans to raise Rs 7,000 crore via QIP.

⚫Vaccines have been found to reduce chances of hospitalisation by 75-80% in studies done among health workers, underlining the role of vaccination in protecting against Covid-19.

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👉Minutes of the Monetary Policy Committee Meeting, June 2 to 4, 2021

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51754

👉RBI grants “In-principle” approval to Centrum Financial Services Limited to set up a Small Finance Bank

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51752

👉It’s a bank, PMC will be part of, it’s not takeover, says Centrum's Jaspal Bindra

https://economictimes.indiatimes.com/industry/banking/finance/banking/its-a-bank-pmc-will-be-part-of-its-not-takeovcmser-says-centrums-jaspal-bindra/articleshow/83657489.

👉Exchange rate Notification No.54/2021-Cus (NT) dated 17.06.2021-regarding

https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2021/cs-nt2021/csnt54-2021.pdf

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TDS UNDER SECTION 194Q V/S TCS UNDER SECTION 206C(1H)

👉 Who is liable to deduct TDS u/s 194Q?

Buyer will deduct TDS of seller

As per section 194Q, When a Buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of such value exceeding Rs.50 Lakhs during the year, he shall deduct TDS @ 0.10%, on amount exceeding Rs.50 Lakhs. In non-PAN/ Aadhaar cases, the rate shall be 5%.

TDS u/s 194Q = 0.1% of [Total Purchases (Minus) ₹ 50 Lakhs]

👉 From when does provision of section 194Q are applicable?

The provisions of section 194Q shall be applicable from 1st July 2021.

👉 To whom Section 194Q is applicable?

Section 194Q is applicable to those Buyer whose total sales, gross receipts or turnover from the business carried on by him exceed Rs.10 crore during the financial year immediately preceding the financial year in which the purchase of goods is carried out.

Which means for FY 2021-22, Buyer means person whose total sales, gross receipts or turnover from business exceeds Rs.10 crore in the FY 2020-21.

Also the threshold limit of Rs.10 crore as well as Rs.50 Lakhs shall be computed annually on PAN basis and not GSTIN basis.

👉 Who is liable to collect TCS u/s 206(1H)?

Seller will collect TCS from buyer

As per Section 206(1H) sellers of goods whose total sales, gross receipts or turnover from the business carried on by it exceed 10 crore rupees during the financial year immediately preceding the financial year shall be liable to collect such TCS at a rate 0.1% on consideration received from a buyer in a previous year in excess of 50 lakh rupees. In non-PAN/ Aadhaar cases, the rate shall be 1%.

TCS u/s 206(1H) = [Total Sale Receipt (Minus) ₹ 50 Lakhs]

👉 When situation arises wherein both sections become applicable then whether TCS u/s 206C(1H) is to be collected on receipt of sales consideration above 50 Lakhs or TDS u/s 194Q is to be deducted by the buyer on purchase of goods exceeding Rs.50 Lakhs?

Section 206C(1H) shall not apply if the buyer is liable to deduct TDS under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount.

And Section 194Q says provisions of section 194Q shall not apply to a transaction on which––

(a) TDS under any of the provisions of this Act is deducted or

(b) TCS under the provisions of section 206C other than 206C(1H) applies.

So we can conclude that Section 194Q supersede Section 206C(1H), thus primary responsibility to deduct TDS is of buyer but if buyer fails to deduct TDS in this case will make Seller liable for TCS.

We would suggest you to obtain a declaration from buyer at the time of purchase itself stating that they would deduct and deposit TDS u/s 194Q.

👉 What if buyer fails to deduct TDS u/s 194Q?

As per Section 40a(ia) – If buyer fails to deduct and deposit TDS, purchase expenditure to the extent of 30% will be disallowed and shall be subject to Income Tax at applicable tax rate.

👉 Is TDS u/s 194Q applicable on Import Purchases as well?

No.

Since the provision of section 194Q, are applicable when a Buyer is responsible for paying any sum to any resident seller for purchase of any goods. TDS u/s 194Q is not to be deducted from Import purchases.

👉 Is TDS u/s 194Q applicable on purchase of capital goods?

“Goods” as per CGST Act 2017 means any kind of movable property other than services. Thus TDS u/s 194Q is applicable on purchase of capital goods.

👉 Whether TDS u/s 194Q is to be deducted on the total invoice value including the GST?

CBDT vide Circular No. 23/2017, dated 19-7-2017, has clarified that GST on services to be excluded while deducting TDS. However no such clarification is received about GST on goods. Also CBDT via its Circular No. 17, dated 29-09-2020 in respect of Section 206C(1H) has clarified to include GST on goods for collecting TCS. Thus we would recommend you to deduct TDS u/s 194Q on GST amount as well till the clarification is received from CBDT.

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7 GST Circulars issued today providing clarity on the following issues:

1. Clarification regarding applicability of GST on supply of food in Anganwadis and Schools

2. Clarification regarding applicability of GST on the activity of construction of road where considerations are received in deferred payment (annuity)

3. Clarification regarding GST on supply of various services by Central and State Board (such as National Board of Examination)

 4. Clarification regarding GST rate on construction services provided to a Government Entity w.r.t construction of a Ropeway on turnkey basis

5. GST on milling of wheat into flour or paddy into rice for distribution by State Governments under PDS

6. Clarification regarding GST on service supplied by State Govt. to their undertakings or PSUs by way of guaranteeing loans

7. Clarification regarding GST rate on laterals/parts of Sprinklers or Drip Irrigation System

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⚫Indian ultra high net worth individuals are expected to invest up to $30 billion in tech startups in the country by 2025, reflecting the growing investment opportunity for home grown tech ventures.

⚫Funds parked by Indian individuals and firms in Swiss banks, including through India based branches and other financial institutions, jumped to over Rs 20,700 crore in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.

⚫The Indian online gaming segment is expected to more than double at Rs 29,000 crore with the number of gamers rising to 65.7 crore by FY 2025.

⚫Micro-finance loans in India rose by 10% to Rs 2.53 trillion in Q4 FY21. ⚫The Govt will sell 26% out of the total 54.03% stake In BEML, it holds in the company along with transfer of management control.

⚫Govt proposes one year retention for Air India staff after privatisation.

⚫The Centre told the Supreme Court that the CBSE will be adopting a 30:30:40 formula for evaluation of marks of class 12 students based on results of class 10, 11 and 12 respectively.

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👉🏻MSME Ministry extends validity of Udyog Aadhaar from March 31 to Dec 31, 2021

(The extension of the validity deadline would facilitate MSMEs registered under to avail benefits of the provisions under various existing schemes and incentives including Priority Sector Lending benefits of MSME)

👇🏻 👇🏻 👇🏻

https://bit.ly/35x5mLp

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17 June 2021 Updates

Cost inflation index for FY 2021-22 notified 317.

Income tax department makes it mandatory to link your PAN with Aadhaar by 30th June, 2021. If not linked, the PAN will become invalid. This will attract higher TDS rate and may impact your financial transaction. Link your PAN with Aadhaar.

Direct tax collection for the first quarter of the current financial year has surpassed the mop-up in the corresponding period of FY19-20. the total direct tax collection for FY 21-22 as on June 14 stood at Rs 1.68 lakh crore up by 66 percent from Rs 1.01 lakh crore in FY19-20, the year before the Covid-19 pandemic. This number is likely to increase as the advance tax payment will end only by midnight today, said sources.

The Finance Minister on 1 February 2021 has introduced new Section 206AB vide Finance Act 2021. This Section is applicable for FY 2021-22 w.e.f. 1 July 2021. This amendment has been introduced to ensure filing of return of income by those persons who are required to file return of income but are willfully not filing return of income.

As per the amendment, in case, the person has not filed the return of income for past two financial years wherein timelines prescribed for filing return of income has expired (i.e. FY 2018-19 and FY 2019-20), then the TDS shall be deducted at the higher rate as prescribed under section 206AB of the Income-tax Act, 1961 (‘the Act’).

Apart from the above, by virtue of Section 139AA(2) of the Act linking of Aadhar with PAN within the prescribed timelines is mandatory. In case of non-linking the existing PAN issued shall be considered as inoperative and TDS shall be deducted at the higher rate as applicable in case of person who does not have PAN i.e. @ 20%.

MCA allows Board meetings to be held via video conference on restricted matters. MCA has omitted Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 to relax the requirement of holding Board meetings with physical presence of directors in respect of the following matters:

approval of the annual financial statements;

approval of the Board’s report;

approval of the prospectus;

approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.

Now, these businesses can be transacted in Board meetings held through video conferencing or other audio-visual means by duly ensuring compliance of rule 3 of the Companies (MBP) Rules, 2014. Earlier, MCA had given such relaxation through a circular till 30th June, 2021.

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GST - Constitutionality of section 13(8)(b) of the Integrated Goods and Services Tax Act, 2017 - While as per one opinion (opinion of Justice Ujjal Bhuyan) the provision of section 13(8)(b) is unconstitutional, whereas Justice Abhay Ahuja has expressed his disagreement and upheld the validity of Section 13(8)(b) of the IGST Act - In view of difference in opinion, Registry to place the matters before Hon’ble the Chief Justice on the administrative side for doing the needful

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⚫US Federal Reserve  held interest rates near zero but signaled they expect two increases by the end of 2023.

⚫The advance tax collection in the first quarter grew 146% over last year, while overall net direct taxes doubled during this period compared to 2020.

⚫India's exports rose by 46.43% to $14.06 billion during June 1-14 on account of healthy growth in shipments in sectors such as engineering, gems and jewellery and petroleum products.Imports too rose by 98.33% to $19.59 billion during the period.

⚫SEBI decided to bring listed cos' promoters and directors' dealings in listed debt securities under the purview of system driven disclosures.

⚫Written representation are invited regarding the issues/ glitches on the new Income Tax Portal on the email address fmo@nic.in.

⚫A study on a cohort of over 31,000 vaccinated healthcare workers spanning across the country, has found that Covid vaccine provided protection against infection in 95% of the beneficiaries.

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👉🏻SEBI issues new guidelines on settlement of running accounts

(Under the guidelines, retention of any amount towards administrative or operational difficulties in settling the accounts of regular trading clients (active clients), will be discontinued)

👇🏻 👇🏻 👇🏻

https://bit.ly/2Swj5PP

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🗣️Tax Update in Hindi

👉🏻 वर्ष 2021 के बजट में वित्त मंत्री निर्मला सीतारमन जी ने एक नया इनकम टैक्स सेक्शन 194Q बजट में प्रस्तावित किया जिसके तहत वह व्यापारी जिसका टर्नओवर पिछले वर्ष में ₹10 करोड़ से ज्यादा है उस व्यापारी को अपने सेलर अर्थात जिनसे उन्होंने माल खरीदा है उन्हें पेमेंट करते वक्त TDS के रूप में कुछ राशि कटना पड़ेगा और सरकार TDS जमा करना पड़ेगा..

 

❓ किसको काटना है..खरीददार को (जिसका टर्नओवर 10 करोड़ से ज्यादा हो)!

❓ कब काटना है..जब सेलर को सिंगल पेमेंट या साल भर का टोटल पेमेंट 50 लाख से ज्यादा हो जाए!

❓ कितना काटना है.. 50 लाख के ऊपर जितना भी पेमेंट हुआ है उसका 0.10%

(अगर कुल पेमेंट 80 लाख हुआ है तो 80- 50 = 30 लाख का 0.10% i.e. 3000/-)

❓ काटने के बाद करना क्या है.. जितना अमाउंट आपने TDS  काटा है उसे चालान के माध्यम से बैंक में जमा करना पड़ेगा। साथ ही जिस प्रकार आप अपना व्यक्तिगत इनकम टैक्स रिटर्न भरते हैं उसी प्रकार आपको TDS रिटर्न जमा करना पड़ेगा और सेलर का पैन नंबर अपलोड करना पड़ेगा!

❓ सेलर मना नही करेगा क्या.. सेलर की मजबूरी है, नियम के तहत वह बंधा हुआ है मगर आप जो उनका TDS काटेंगे वह उनके पैन में पहले से जमा हो जाएगा और जब वह अपना साल के अंत में टैक्स जमा करेंगे तो आपने जो राशि काट ली है उसे उन्हें जमा नहीं करना पड़ेगा (यह एक प्रकार का एडवांस टैक्स होगा सेलर के लिए)!

❓ अन्य सवाल..

🔶 क्या सेलर का भी टर्नओवर 10 करोड़ से ज्यादा होना चाहिए ??   

👉🏻 नहीं सेलर का टर्नओवर 51 लाख हो तब भी आपको काटना है!!

🔶अगर सेलर पैन नंबर नहीं दे रहा है तो.. 

👉🏻 आपको 5% टैक्स काटना है!

🔶यह नियम कब से चालू होगा.. 

👉🏻 1 जुलाई 2021 से!

🔶अगर मैंने टीडीएस नहीं काटा तो.. 

👉🏻पेनाल्टी लगेगी, वैसे सेलर आप को काटने के लिए नहीं बोलेगा, परंतु TDS काटने की जिम्मेदारी आपकी है तो पेनल्टी भी आपको ही लगेगी सेलर को नही।

आशा करता हूं ऊपर दी गई जानकारी काफी सरल भाषा में थी और आपके समझ में आई होगी।🤗

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16 June 2021 Updates

CBDT notifies the Cost Inflation Index(CII) for Financial Year 2021-2022 vide Notification No. 73/2021 dated 15th June, 2021. The Cost Inflation Index for FY 2021-22 relevant to AY 2022-23 & subsequent years is 317.

Senior Finance Ministry officials to hold interactive meeting with Infosys on 22nd June, 2021 on issues in the new IT e-Filing portal. Stakeholders including ICAI members, auditors, consultants &taxpayers to be part of the interaction. @Infosys team to clarify on glitches faced.

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👆📜📍MCA Update 16.06.2021

Rule 4 of The Companies (Meeting of Board and its Powers) Rules, 2014

Deals with Matters Not to be Dealt With in a Meeting Through Video Conferencing or Other Audio Visual Means

*Omitted*  via this amendment

💡With the said amendment, restriction on agenda items to be transacted only at physical meeting of Board of Directors are done away with.

⚖️📑With MCA Amendment 15th June, 2021. Now following resolution can be passed through Video Conference mode:-

👉 (i) the approval of the annual financial statements;

👉 (ii) the approval of the Board’s report;

👉 (iii) the approval of the prospectus;

👉 (iv) the Audit Committee Meetings for  consideration of financial statement including consolidated financial statement, if any, to be approved by the Board under sub-section (1) of section 134 of the Act; and

👉 (v) the approval of the matter relating to amalgamation, merger, demerger, acquisition and takeover.

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👉 Register for Digital Audit Tools Free of Cost- An Initiative by CMP, ICAI - (11-06-2021)

https://resource.cdn.icai.org/65087cmp52366.pdf

👉Announcement regarding amendment in Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Rules, 2016 by CL&CGC ICAI - (14-06-2021)

https://resource.cdn.icai.org/65096clcgc140621.pdf

👉RBI releases Consultative Document on Regulation of Microfinance

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51725

👉Investment in Entities from FATF Non-compliant Jurisdictions

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12114&Mode=0

👉New auditors: RBI clarifies on tenure, eligibility norms

https://economictimes.indiatimes.com/industry/banking/finance/banking/new-auditors-rbi-clarifies-on-tenure-eligibility-norms/articleshow/83512819.cms

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Finance Ministry to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal

            Senior officials of the Ministry of Finance, Government of India, will hold an interactive meeting on the 22nd of June, 2021, between 11:00 AM to 01:00 PM with Infosys (the vendor and its team) on issues/glitches in the recently launched e-filing portal of the Income Tax Department. Other stakeholders including members from ICAI, auditors, consultants and taxpayers will also be a part of the interaction. The new portal has been fraught with several technical glitches/issues leading to taxpayer inconvenience. Written representations on the problems/difficulties faced in the portal have also been invited from the stakeholders. Representatives from Infosys team will be present to answer queries, clarify issues and receive inputs on the working of the portal, to remove glitches and sort out issues faced by the taxpayers.

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⚫Merchandise exports grew 69.35% yoy in May to $32.27 billion on account of low-base effect as well as rising demand from external markets, while the imports declined in May to $38.55 billion, as compared to April, owing to the lockdowns. As a result, trade deficit hit an eight-month low and narrowed to $6.28 billion.

⚫Reliance Jio and Bharti Airtel kick off 5G network trials in India.

⚫EPFO deferred implementation of its order mandating filing of PF returns with Aadhaar verified UAN till Sept 1, 2021.

⚫Nearly 10,000 mobile retail stores shut in the past year. The north India region, the largest market among all four zones of the country, has seen the worst, with close to 10% of outlets closing.

⚫There has been an almost 85% decline in daily COVID-19 cases, there are 20 states and UTs where active cases are less than 5,000.

⚫Retail inflation jumps to 6-month high of 6.3% on higher food, fuel prices

⚫The Covid related claims for general and health insurers have remained at elevated levels. As of June 11, more than 1.8 million claims have been reported to the insurers amounting to Rs 24,397.35 crore, of which 1.46 million claims have been settled worth Rs 14,060 crore, thus resolving 81% of the claims received.

⚫The RBI proposed to lift the interest rate cap on microfinance institutions, and said all micro loans should be regulated by a common set of guidelines irrespective of who gives them.

⚫IMD issues yellow, orange alert for various districts of Kerala.

⚫850 oxygen plants being set up in various districts from PM Cares.

⚫Delhi bans soaps, detergents not conforming to latest BIS parameters.

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Issues on New ITD Portal - listed down - members can add new issues chronologically one after another so that detailed representation can be filed appropriately 

1. DSC not getting registered or updated

2. New Incorporated companies or Firms are not able to register themselves on ITD Portal 

3. Forget password option not working

4. IT Returns in PDF can't be downloaded

5. IT acknowledgements in PDF can't be downloaded

6. DIN Number not getting auto populated in new ITD website

7. Challan Numbers not getting validated 

8. no tab for VSV tab 

9. Unable to file TDS Returns

10. Unable to file 15CA/15CB 

11. E proceedings tab not workings

12. Grievances registered on ITD website are deleted without addressing 

13. Old demands outstanding not reflected

14. Old Grievances registered not reflected

15. Unable to file Income Tax Returns for FY 2021

16. Accounts get locked, if we try to login and not able to login due to non-operatibility of site

17. Unable to raise refund reissue request

18. Unable to view Form 26AS

19. PAN Number is not shown as valid

20. Mismatch in PAN Data is shown when technically there is no mismatch

21.JSON Utility not available

22.while filing Verification in ITR if we select 'Self'in capacity then Name disappeared n Shown in validation errors.

23.  Unable to submit response to outstanding demand. 

24.  Intimation for returns

Processed for Ay20-21 not available for download.

25.Too many login pages. 

26.Reporting Portal not able to connect.

27. Very Slow Site working.

28.No Capcha code for login

29. Unable to register tan for filing TDS return

30. Profile updation is a tedious job. We have to match Aadhar as well as Pan data. It consumes lot of time. One peculiar mismatch is if the address word has one word missing, for eg, appartment, still our income tax site shows error as Pan and Aadhar address is not matching. We do not have liberty to give our address. That means now we have to either update our aadhar or Pan.

31. Company below 18 years is shown as Minor and is not authorised to file it ts return.

31. Validation of bank is getting refused again again for no reason.

32 Request for rectification not there

33. No Aadhar OTP's are being generated.

34. Unable to File form 35

35. BSR/Challan code, starting with '0' is not being counted & showing error as invalid input.

36.Unable to File VIVAD Form 4 with Above said errors.

37.Unable to file Form 10A with attachments, saying as Invalid PDF's

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👉🏻Relaxation in electronic filing of Income Tax Forms 15CA/15CB - CBDT

(In view of difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB, CBDT allows submission in manual format to authorized dealers till June 30, 2021)

👇🏻 👇🏻 👇🏻

https://bit.ly/2TwnF0q

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🇮🇳 GST Updates 

1️⃣ GSTN: Table-12 of GSTR-1. https://www.gst.gov.in/newsandupdates/read/480

2️⃣ GSTN: Upcoming functionalities to be deployed on GST Portal for the Taxpayers. https://www.gst.gov.in/newsandupdates/read/481

3️⃣ GST Rates: No Tax On Black Fungus Medicine, 5% GST To Continue On Covid Vaccines. Download Notification: https://t.me/praveengst/7120

4️⃣ Good GST Returns, Proactive Fiscal Policy Can Spur Growth: SBI Report.

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15 June 2021 Updates

⚫Overseas investors pumped in a net Rs 13,424 crore so far in June as sentiment improved with declining Covid-19 cases and hopes of early opening of economy.

⚫Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19.

⚫The fourfold increase in the drinking water mission budget to Rs 10,870 crore for Uttar Pradesh announced by the Centre makes it the biggest allocation for any scheme for the state this fiscal year.

⚫The IPO market is set for a big days as over a dozen financial services players, including fintechs, are set to mop up over Rs 55,000 crore this fiscal from the market.

⚫ICICI Venture eyes digital start-ups, real estate fund of $300-400 million. The leading private equity player is re-entering the start-up space after around two decades.

⚫Haryana extends statewide Covid lockdown till June 21 with some relaxations.

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👉🏻RBI clarification of Appointment of Statutory Central Auditors (SCAs) / Statutory Auditors of Commercial Banks, UCBs and NBFCs

(Guidelines for Appointment of Statutory Central Auditors (SCAs) / Statutory Auditors of Commercial Banks (excluding RRBs), UCBs and NBFCs (including HFCs)

👇🏻 👇🏻 👇🏻

https://bit.ly/3gp7iug

👉🏻Rs.1.53 lakh Cr bad loan write-off gives a facelift to banks’ NPA profile

(This is the second-highest amount of loans being written off in a financial year over the last decade after 2018-19's record Rs 2.54 lakh crore write-offs)

👇🏻 👇🏻 👇🏻

https://bit.ly/3cHyYJQ

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Government Plans to Include GST in UPI QR Code. National Payments Corporation of India is working on UPI to enable this feature.

What will happen after this feature?

1) Every payment done by UPI will also transmit GST Number, Invoice number etc.

2) UPI will Link with GSTIN. Example: At present We are paying money with UPI linked with Mobile number after this feature UPI payment can be done by entering GSTIN.

3) Every Invoices/payment summary detail will be automatically stored in the Cloud.

It will also contain the audio feature i.e when you speak transactions it will be recorded/executed hand in hand.

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NSE GUIDANCE NOTE ON COMMUNICATION BY LISTED COMPANIES

▶️ TO all Company Secretaries

💻One of the mediums being used by listed entities to communicate with their stakeholders is the

 Exchange platform provided in the form of its website. 

📀Apart from regulatory filings, entities

provide updates on their performance, awards/recognition received worldwide, positioning

themselves as a leader, etc.

🎞️ There are also instances wherein Key Managerial Personnel or any

other person representing the listed entity is seen disclosing the company’s prospects, future plans,

etc while being interviewed. 

🪃While all this may be significant to survive in an ecosystem in which

the company operates, stakeholder interest is of paramount importance as well. 

🔰The company shall

ensure that no price-sensitive information is disclosed unless the same has been first disclosed to

the stock exchanges.

▶️ The  indicative list of things that shall be kept in mind by the listed entities while

publicizing the company is attached herewith

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CBDT grants relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of forms online on the new e-filing portal incometax.gov.in. The forms can be submitted in manual format to the authorised dealers till 30th June, 2021.

http://gstupdategstforcecom.blogspot.com/2021/06/cbdt-grants-relaxation-in-electronic.html

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

Thanks for reading

13 June 2021 Updates

⚫Coal India ltd has allowed its buyers from e-auction route to export the coal. CIL has tweaked its e-auction coal sale policy and has lifted the embargo on exporting coal procured through spot e-auction outlets.

⚫The Karnataka High Court dismissed the petitions of e-commerce giants Amazon and Flipkart against a probe by the Competition Commission of India for alleged violation of competition laws. The verdict will have repercussions for the entire e-commerce industry, with large players likely to face a closer scrutiny from the Govt.

⚫India's foreign exchange reserves stood at $605 billion, almost tying with Russia as the 4th largest reserve holder in the world. 

⚫India adds 91702 new cases. India has so far administered 24.60 crore vaccine doses which is 17.16% of its population.

⚫The ED, in line with its current focus on crypto exchanges and money laundering, issued show-cause notice to WazirX and its directors for allegedly violating foreign exchange laws involving crypto transactions of Rs 2,790 crore.

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SC allowed service of notices/summons/ document via WhatsApp, Telegram in addition to e-mail

SC allowed service of notices/summons/ document via WhatsApp, Telegram in addition to e-mail.

👉The Hon’ble Supreme Court in Re: Cognizance for Extension of Limitation [Suo Moto W.P. (C) No. 3/2020 dated on July 10, 2020] w.r.t. I.A. No. 48461/2020 observed that service of notices, summons and exchange of pleadings/documents, is a requirement of virtually every legal proceeding and that the service of notices, summons and pleadings etc. have not been possible during the period of lockdown because this involves visits to post offices, courier companies or physical delivery of notices, summons and pleadings. The Court therefore, considered it appropriate to direct that such services may be effected by e-mail, FAX, commonly used instant messaging services, such as WhatsApp, Telegram, and Signal etc. However, if such services are made by means of said instant messaging services, then in addition thereto, the service of the same document/documents must be made via e-mail on the same date.

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Sheetal Amritlal Patil & Co Vs State of West Bengal & Ors

Calcutta High Court

Date-11th June, 2021

Sub- Whether all directors/partners of a Company/ Partnership are liable in case of dishonour of a cheque issued by a Company/partnership or only directors/partners who were incharge of affairs of the Company/Partnership are liable.

The Hon’ble Calcutta High Court in this case was dealing with a case where the appellant filed an application praying cancellation of proceeding in a complaint case u/s 138 of the Negotiable Instruments Act, 1881 on the pretext that the applicants were neither signatory to the agreement or the cheque and there was no averment in the petition that the applicants were incharge of the affairs of the partnership.

The Calcutta high court after noting catena of judicial decisions in this regard following the decision of the Apex Court in the case of S.M.S. Pharmaceuticals Limited vs. Neeta Bhalla & Anr., (2005) 8 SCC 89 held that It is trite law that merely being a partner in a firm would not make the petitioners accused in a case for dishonour of cheque issued by the said firm and It is necessary to specifically aver in a complaint under Section 141 that at the time the offence was committed, the person accused was in charge of, and responsible for the conduct of business of the company. This averment is an essential requirement of Section 141 and has to be made in a complaint. Without this averment being made in a complaint, the requirements of Section 141 cannot be said to be satisfied. Finally the court allowed the petition in view of Section 202 of the Code of Civil Procedure, 1908 as per which if the complainant stays out side the jurisdiction of the court then enquiry has to be made as per this Section and as this was not the matter was set aside to the trial court for making enquiry and passing fresh order expeditiously.

This judgement thus reiterates the law regarding the liability of persons who are not in charge of affairs in relation to the cheque bouncing.

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⚫The Govt has asked all ministries & dept's to target 20% reduction in expenditures like domestic and foreign travel, overtime allowance, rent and office expenses, in the current fiscal year as it tightens its purse strings amid the second wave of the pandemic.

⚫Shares of significant beneficial owners once transferred to the Investor Education and Protection Fund are not allowed to be claimed back. An SBO is a person holding a beneficial interest of at least 10% whether acting alone, together or through one or more individuals or trust, in a company. 

⚫FM announced series of GST relief measures for Covid-19 relief essentials. However, the Council agreed to stick to 5% GST on vaccines.

⚫The BSE & NSE informed that DHFL will be suspended from trading with effect from June 14.

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👉🏻RBI may give Banks / NBFC more time to Appoint Auditors

(The Reserve Bank of India may give more time to regulated entities, including banks, to implement the new guidelines on the appointment of statutory auditors)

👇🏻 👇🏻 👇🏻

https://bit.ly/3pLobnw

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 🚨FSSAI Update

Food Safety and Standards Authority of India (FSSAI) in a recent directive has mandated all the food businesses to mention the FSSAI License/Registration number on receipts/ invoices/ cash memo/ bills etc. from October 1, 2021 onwards.

FSSAI stated that any credible regulatory structure depends upon a robust customer grievance system wherein service/product recipients can complaint for redressal. FSSAI number can now be used by the consumers to lodge an online complaint against a particular food business in case of any grievance.

FSSAI number will also enable the consumers to have access to information about a particular food business which is publicly available at FSSAI’s portals. The notice states that, “Consumers can visit the FSSAI’s portal and ‘Food Safety Connect’ app for accessing information about FSSAI license or registrations by inputting the 14 digit FSSAI License/Registration number.”

#fssai #foodlicense #compliance #foodsafety #restaurents

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

Thanks for reading

11 June 2021 News and Updates

11 June 2021

NSE-BSE bulk deals: Societe Generale buys stake in NIIT

Power Grid Corporation acquires Sikar-II Aligarh Transmission

​Adani Enterprises incorporates manufacturing firm for wind turbine generators

CCI approves BCP Topco, other entities' acquisition of stake in Mphasis

‘Carlyle deal for PNB Housing unfair to small shareholders’

Life insurers report 5.5% decline in new premiums in May

Bankruptcy court allows billionaire Anil Agarwal to take over Videocon

Happiest Minds surges on management’s optimistic FY22 sales growth outlook

IT largecaps could be ready to break out after a quiet 5 months

GDR manipulation case: Sebi slaps over Rs 31 cr fine on 14 entities

Loan defaults rise in rural India amid 2nd Covid wave

Tata Motors incorporates wholly-owned subsidiary

Religare Enterprises to raise Rs 570 cr via preferential issue

Ashok Leyland announces senior-level organisational changes

Tata Digital to invest in Curefit, appoints Mukesh Bansal as president

IPO street warms up; SEBI approves Glenmark Life Sciences, Utkarsh Small Finance Bank public issues

Cotton bodies get together to increase area under cultivation, improve yields

Vijaya Diagnostic files papers to raise funds via IPO

World Bank projects India's economy to grow at 8.3% in 2021 and 7.5% in 2022

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⚫India's agriculture exports jump 17.34% to $41.25 billion in FY21

⚫Online fashion industry witnessed an order volume growth of 51% and gross merchant value increase of 45% in FY21 as compared to the previous FY.

⚫YES Bank board approves fundraising up to Rs 10K crore via debt securities.

⚫Oil prices hits two year highs on rising economic demand expectations.

⚫Bihar's Covid toll takes a drastic upward leap to 9,429 after govt audit.

⚫May month received the 2nd highest rainfall in 121 years, the IMD said attributing two back to back cyclones and western disturbances for the record precipitation.

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E-KNOWLEDGE CAPSULE

✒ Delhi Court held that No special food, health supplement for Sushil Kumar in jail, law equal for all

✒ Delhi High Court curbs law firm from blogging on case in which it is appearing saying Likelihood of losing objectivity in reportage of proceedings

✒ Uttarakhand High Court held Concerned over opening of Char Dham, can't be allowed to become breeding ground

✒ Bombay High Court grants protection from arrest to co-accused of Kangana Ranaut in 'Didda' copyright infringement case.

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⚫India's exports grew by 52.39% to USD 7.71 billion during the first week of this month on account of healthy growth in shipments in sectors including engineering, gems and jewellery and petroleum products. Imports too rose by about 83% to USD 9.1 billion during June 1-7.

⚫India's retail inflation rose last month after a three-month low in April, lifted by higher food and energy prices, but stayed within the RBI's target range for the 6th consecutive month.

⚫At Rs 10,083 cr, equity MFs garner highest inflows in 14 months in May. Industry AUM tops Rs 33 trillion as markets log new highs.

⚫The Govt increased the Minimum Support Price of kharif crops for the 2021-21 crop season by an average 3.7% as compared to the previous year with the maximum hike reserved for pulses and oilseeds to encourage farmers to shift from paddy.

⚫The CBI carried out searches at 14 locations in Delhi-NCR and 3 other cities after registering an FIR against Oyster Buildwell Private Ltd, Avantha group promoter Gautam Thapar, and others for alleged diversion of over Rs 466 crore in Yes Bank during 2017-19.

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🇮🇳 GST MITRA Bahubali Series-3 on Health Sector 🍎

📚 GST be imposed on wellness Centres depending on services offered. No exemption to Naturopathy Centers

 ⚖️ M/S. OSWAL INDUSTRIES LTD.: AAR GUJARAT

Classification of supply - Composite Supply or Mixed Supply - Benefit of entry No.74 of exemption Notification No.12/2017-Central Tax (Rate) dated 28.06.2017 - Applicability of Clinical Establishment Act, 2010 - wellness facilities are provided with the help of highly qualified professionals’ doctors in the field of naturopathy, researchers, and support staff - Pre and Post GST regime - registration under Service Tax

1️⃣ The principal supply would be the accommodation services since the therapy can in no way be administered without accommodation. The accommodation service attains the nature of the principal supply and the other two components attain the nature of ancillary services. The packages offered by the applicant are naturally bundled and would be aptly covered under the definition of Composite Supply.

2️⃣ The composite supply of services would be treated as a supply of accommodation service falling under Heading 9963 and specific heading 996311 (Room or unit accommodation services provided by Hotels, Inn, Guest House, Club and the like) as per Notification No.11/2017-Central Tax (Rate) dated 28.06.2017. Further amended 13/2018 (CTR) and 20/2019 (CTR).

3️⃣ Whether the applicant is eligible to get the benefit of entry No.74 of exemption Notification No.12/2017-Central Tax (Rate) dated 28.06.2017?

4️⃣ The exemption available at Entry No.74 of Exemption Notification No.12/2017-Central Tax (Rate) dated 28.06.2017 is not applicable to the applicant.

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👉🏻Delhi Police Arrests 11 (2 CAs) In Rs.150 Cr Mobile App Fraud Case

(Delhi Police's Cyber Cell has arrested 11 men, including 2 chartered accountants, for allegedly cheating more than five lakh people of over Rs.150 Cr in two months on the pretext of providing lucrative returns on two mobile applications)

👇🏻 👇🏻 👇🏻

https://bit.ly/3xd8ckG

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Interesting case:

If the borrowing given by the Creditor is contrary to the limit prescribed under Companies Act 2013 (Sec. 186), it is not a legally enforceable debt

Case Citation : (2021) ibclaw.in 64 NCLT

AA observed that ex-facie there is no evidence which reflects that the money was transferred from the Petitioner-financial creditor to the respondent-corporate debtor, however, Corporate Debtor in its reply has not denied the disbursement of loan. AA referred Section 186 of Companies Act 2013 and held that the Petitioner has neither made the disclosure of such Inter Corporate Loan in its Balance Sheet nor it had produced the Special Resolution passed in the EGM of Shareholders for the purpose of compliance of Section 186(3) of Companies Act 2013. Therefore, the borrowing given by the Petitioner is contrary to the limit prescribed under Companies Act 2013 which amounts to an ultra vires act committed by the Petitioner. Hence the loan advanced by the Petitioner is not a legally enforceable debt.

 Read full summary:

https://ibclaw.in/m-s-ukg-steel-private-limited-vs-m-s-erotic-buildcon-private-limited-nclt-principal-bench/

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E-KNOWLEDGE CAPSULE

✒ Delhi High Court  refuses to stay release of film Nyay The Justice, based on death of Sushant Singh Rajput

✒ Rajasthan High Court held that Live-In-Relationship Between A Married & Unmarried Person Not Permissible

✒ Karnataka High Court held on temple visit of Yediyurappa's son amid COVID-19 that There can't be one rule for political leaders and another for citizens

✒ Rajasthan High Court Dismisses Plea saying It Is For High-Powered Committee To Frame Policy To Extend COVID Parole Benefit To Murder Convicts

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9 June 2021 Updates

HIGH COURT TELANGANA

Best judgment assessment – Method adopted to be made known to  taxpayer

Section 46 of CGST Act / respective SGST Act requires notice to be issued if a  person fails to furnish return (GSTR-3B). If return is not filed despite such notice,  then the proper officer may determine tax liability according to the best of  judgment taking into account relevant material. 

In this case the petitioner was aggrieved over best judgment assessment whereby  liability of SGST / CGST / IGST was determined at three times the monthly average SGST liability. 

There was Non-filing of GSTR-3B but petitioner challenged Method of assessment under the best judgment assessment where demand of tax three times the monthly average along with levy of penalty.

Held:

Though the assessing officer is entitled to do best judgment in the absence of filing of GSTR-3B but the method adopted in multiplying by three times the average monthly SGST tax to determine the tax liability is arbitrary and not based on any principle - further, 100% penalty has been levied without indicating under which provision of the Act the same has been levied

The impugned order prima facie being arbitrary and contrary to the provisions of the Act is set aside - the matter is remitted back to the respondent for fresh consideration

M/s GOLDEN MESH INDUSTRIES vs ASSISTANT COMMISSIONER (STATE TAX)

2021-VIL-396-TEL

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👉🏻World Bank approves 500 million dollar program to help boost India's MSME sector*

(The USD 500 million Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program is the World Bank's second intervention in this sector)

👇🏻 👇🏻 👇🏻

https://bit.ly/3w21cXx

👉🏻GST Audit by Tax Authorities Under GST Act - How to Handle the Audit

(Types of GST Audit discussed by CA. Ronak Khandelwal)

👇🏻 👇🏻 👇🏻

https://youtu.be/4oJwnf5LsC8

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E-KNOWLEDGE CAPSULE

✒ Supreme Court held Stop Illegal Adoption Of Children Orphaned By COVID, Public Advertisements For Adoptions Unlawful

✒ Centre Tells Bombay High Court that Near-to-Door Vaccination More Appropriate Than Door-to-Door Vaccination 

✒ Supreme Court Adjourns To Friday Life Convict Asaram Bapu's Plea Seeking Suspension Of Sentence For Medical Treatment

✒ Madras High Court Dismisses Plea With 10K Cost Plea Seeking Directions To Officials Not To Disturb Chief Minister On Sundays.

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⚫The Centre has placed advance orders for 250 million Covishield and 190 million Covaxin doses to be supplied between Aug &  Dec.

⚫The textile sector’s asset quality slipped as gross NPAs rose to 16.92% in Dec 2020 triggered by the lockdown.

⚫Infosys came under fire from FM as IT filers faced technical hiccups on the new tax e-filing portal, which went live on June 7 night.

⚫The NHAI has generated over 17000 cr through the TOT model. For the most recent 5th bundle of TOT actions, NHAI got bids of over Rs 600 cr more than the reserve price.

⚫India is taking all steps to ensure that the country becomes free of single-use plastic by 2022 as envisioned while launching 'Plastic Hackathon 2021' campaign.

👉🏻NFRA may soon settle disciplinary cases of Auditors

(Settlement of disciplinary matters by NFRA will speed up enforcement and reduce time, said an advisory panel)

👇🏻 👇🏻 👇🏻

https://bit.ly/3gajX5L

👉🏻RBI asks banks not to destroy CCTV recordings of demonetisation period

(RBI asked banks to preserve the CCTV recordings of their branches and currency chests from November 8, 2016, to December 30, 2016, till further orders)

👇🏻 👇🏻 👇🏻

https://bit.ly/3zmeCzR

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Thanks for reading

8 June 2021 News and Updates

8th June 2K21

Ø  Indian Oil signs up to invest Rs 24,000 crore in Gujarat refinery expansion, petrochemical project

Ø  PSU bank privatisation plan could face hurdles amid Covid: Fitch

Ø  Curb excess import of edible oils from Nepal, trade body SEA tells government

Ø  Homebuyers’ body FPCE says RERA’s project completion objective yet to be achieved

Ø  Second Covid wave may restrict CV sales growth to 23-28 % in FY22: Crisil

Ø  Govt extends free foodgrains scheme till Nov for 80 crore beneficiaries

Ø  Lenders can realise Rs 55,000-60,000 crore from IBC cases in FY22

Ø  Reserve Bank imposes penalty on Bank of India, PNB totalling Rs 6 crore

Ø  Sebi fines Franklin MF Rs 5 cr, asks it to return Rs 512 cr fund mgt fees

Ø  Anil Ambani to raise stake in Reliance Infra via creeping acquisition

Ø  US FDA approves Biogen's drug aducanumab to treat Alzheimer's disease

Ø  ED transfers Rs 5,600-cr UBL shares to recovery officer's demat account

Ø  Lenders approve Tata Steel arm’s bid for Rohit Ferro-Tech

Ø  Tata Digital to invest $75 million in CureFit

Ø  India to add 20GW wind capacity by 2025: GWEC

Ø  IREDA extends CPSU scheme phase II deadline till June 15

Ø  CIE-IIITH, SucSEED join hands to invest in deep tech startups

Ø  MRF posts ₹431-cr profit in Q4

Ø  America offers the backdrop for global economic trends

Ø  Sebi tweak prompts companies to advance listing plans

Ø  Paytm said to move ahead with planned $3 billion IPO

Ø  Quess Corp’s new dividend policy gives hope to investors

Ø  Jaypee insolvency: Suraksha group sweetens bid just before lenders' meet

Ø  DHFL shares may get delisted post acquisition by Piramal

Ø  NCLT approves Piramal Group’s offer for DHFL on certain conditions

Ø  Businesses struggling with rising cost of raw materials: PHDCCI survey

Ø  Goodyear Acquires Cooper Tire & Rubber Company

Ø  Union Bank Of India Q4 Profit At Rs 1,330 Cr

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👉Waiver of interest and late fee for normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers (Part2)

https://www.gst.gov.in/newsandupdates/read/477

👉Exposure Draft of the Amendments in the IND AS Taxonomy (Comments to be received by June 19, 2021) - (04-06-2021)

https://www.icai.org/post/ed-of-the-amendments-in-the-indas-taxonomy

👉Statement on Developmental and Regulatory Policies

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51684

👉Monetary Policy Statement, 2021-22 Resolution of the Monetary Policy Committee (MPC) June 2-4, 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51683

👉Resolution Framework - 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses – Revision in the threshold for aggregate exposure

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12104&Mode=0

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E-KNOWLEDGE CAPSULE

✒ Supreme Court Directs Removal Of Encroachments In Faridabad Khori Gaon Within 6 Weeks saying No Compromise On Forests

✒ Right Of Access To Justice Includes Right To Access Live Court Proceedings e-Committee Of SC Releases Draft Rules On Live Streaming and Invites Inputs And Suggestions From Stakeholders

✒ Madras High Court held that Takeaway orders from restaurants do not attract Service Tax under Finance Act

✒  Supreme Court Pulls Up West Bengal Govt* For *Not Uploading Information Of Children Orphaned During COVID

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⚫Crisil cut FY22 growth estimate for India to 9.5% from the earlier 11% due to the hit to private consumption and investments following the second wave of COVID-19.

⚫Small industries seek moratorium for another year amid Covid crisis

⚫The Centre has taken back control of vaccine procurement and will supply Covid-19 jabs to states free of cost to inoculate all above 18 years of age from June 21. The 25% of the vaccination work that was with states will also be handled by the Govt of India.

⚫The SEBI slapped a penalty of Rs 5 crore on Franklin Templeton Mutual Fund for “several irregularities” in the running of its six debt schemes that were wound up in April 2020.

It directed the fund house to disgorge Rs 512 crore it collected as investment management and advisory fees between June 2018 and April 2020.

⚫Govt has so far spent about 5,000 crore on vaccines till april21.

⚫As lockdowns ease, Indians still prefer home deliveries.This trend was observed not just in the big cities, but also tier 1,2,3 towns. 

⚫India records 87345 cases in last 24 hrs.

 

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

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7 June 2021 News and Updates

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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3 June 2021 News and Updates

3rd June 2K21

 

Ø  India's trade deficit jumps 74.69% YoY to $6.32 billion in May: Govt data

Ø  Industry bodies urge RBI to put off new audit rules

Ø  Banks, asset managers want RBI to allow sale of fraud loans to ARC

Ø  Mallya loan default case: Banks' claim of Rs 6,200 cr loss not imaginary, says court

Ø  India’s diamond exports are expected to surpass $20 billion: Crisil Report

Ø  ITC's FMCG brands cross Rs 22,000 crore annual consumer spend in FY21

Ø  Sebi gives foreign investors more time to furnish contact, income details

Ø  Jio accelerating digital platforms, indigenously-developed 5G stack: RIL

Ø  Wipro sells stake in Denim Group for $22.42 mn, acquires stake in Squadcast

Ø  Sun Pharma, Ferring Pharma ink pact to introduce obstetric drug in India

Ø  Motherson Sumi Systems posts nearly eight-fold jump in Q4 profit

Ø  Tata Power Solar gets letter of award from NTPC for Rs 686-cr project

Ø  Goods exports in May surge 67% to $32.21 billion

Ø  Adani Green arm commissions 150-MW wind project at Kutch

Ø  Ministry notifies amendment in GST law for levying interest on net cash liability

Ø  Rossari Biotech inks pact to acquire Unitop Chem for ₹421 cr in cash

Ø  Zoom revenue up 191% YoY to $956.2 million in Q1

Ø  Venus Remedies annual sales rise 61% at ₹548 cr

Ø  Pfizer engaged in talks with India for Covid-19 vaccine supply

Ø  Sebi gives more time for implementation of SMS alerts for IPO through UPI

Ø  Kotak launches pre-IPO fund, plans to raise Rs2,000 crore

Ø  Tata Consumer enters direct-to-consumer premium coffee, tea market

Ø  Franklin Templeton MF says returned ₹14,572 cr to investors of 6 shut schemes

Ø  Rupee falls, ends at 73.09 per dollar

Ø  Revised ECLGS will help hotels, aviation sector, tour operators: Crisil

Ø  Nestle working on company-wide project to update its nutrition, health strategy

Ø  Sensex, Nifty End Flat Amid Volatility, Metals and PSBs Outperform

Ø  India Exports 11,49,341 MT Of Seafood During 2020-21

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👉🏻RBI slams foreign banks on data rule

(RBI has pulled up several multinational banks operating in the country for not providing a board-approved system audit report certifying compliance with its data-localisation norms)

👇🏻 👇🏻 👇🏻

https://bit.ly/3vLweCN

👉🏻GST Amnesty Scheme 2021 and its Decoding

(What is Amnesty Scheme under GST? discussed by CA. Satuti Mahajan)

👇🏻 👇🏻 👇🏻

https://youtu.be/Hbvgy6fBal8

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⚫The union cabinet approved the Model Tenancy Act with an aim to balance the interest of homeowners and tenants. Under the new act, renting out any property in urban or rural areas without a written agreement is illegal. This will help formalise the shadow market of rental housing, unlock vacant properties, increase rental yields, and reduce procedural barriers in registration.

⚫In retaliation to India’s 2% digital tax on foreign technology majors, the USA decided to impose additional tariffs on a slew of Indian imports which will remain suspended for six months, as Washington hopes for a multilateral solution on the issue of digital taxation during the ongoing talks.

⚫ED steps up drive to check Covid linked corruption. It has directed officials to consider cases of crime related to Covid-19 as predicate offence.

⚫The SEBI has deferred the diktat requiring foreign investors to disclose their mobile number, email addresses and income details to depositories.

⚫The RBI monetary policy committee will likely keep the key lending rate or the repo rate unchanged at 4% for a sixth straight meeting when it announces its decision after a three-day meeting on Friday.

⚫Eight new flying training academies will be set up in five airports with an aim to make India a global pilot training hub.

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2 June 2021 Updates

2nd June 2K21

Ø  Non-banks' NPAs may rise to 4.5-5 per cent by March 2022: Icra

Ø  GMR, Adani, Godrej Properties among 9 companies qualified to redevelop the iconic CSMT railway station

Ø  Sugar production up 13 pc to 305.68 lakh tonnes during Oct'20 - May'21

Ø  Gold traders write to Finance Ministry to increase settlement period of gold metal loan

Ø  SBI invites bids from ARCs for two accounts for recovering Rs 409 crore

Ø  CIL's coal offtake jumps 38 per cent to 55 million tonnes in May

Ø  Second Covid wave threatens India's long-term credit rating, warns Moody's

Ø  ITC adjusted PAT rises 6.5% in Q4, declares final dividend of Rs 5.75

Ø  Credit losses set to decline for most Asia Pacific banks, says S&P

Ø  Sebi permits off market transfers to ease fund relocation to IFSC

Ø   Suzlon bags order to develop 252 MW wind power project from CLP India

Ø  Sebi bans eight, including 2 company staff, for insider trading in Infosys

Ø  SBI’s Ecowrap revises FY22 GDP projection to 7.9% from 10.4%

Ø  Without gas transmission pact with GSPL, IGX’s growth is hit: Mediratta

Ø  TVS Motor total sales down 30 per cent in May

Ø  PNB to write to IRDAI on stake sale plan in Canara HSBC OBC Life, says MD and CEO

Ø  Maruti Suzuki sales decline 71 per cent in May over April

Ø  Rolex Rings gets SEBI nod to launch IPO

Ø  BRICS call for reforming United Nations, IMF, WTO and WHO

Ø  OPEC+ set to sign off on July increase as market tightens

Ø  Govt waives registration certificate issuance, renewal fee for EVs

Ø  Sebi kicks in higher peak margin on day trade from today

Ø  Wadhawan moves SC against NCLAT stay against his offer for DHFL

Ø  PNB slashes MCLR across select tenors from today

Ø  BSE SME, BSE Startups seek listing of small enterprises in ICT exports; partner with industry body ESC

Ø  Revenue from shrimp export to jump 20% in CY21: Crisil

Ø  BSE StAR MF Logs Record 1.14 Cr Transactions Worth Rs 30,938 Cr In May

Ø  Rupee Falls For 2nd Day, Declines 28 Paise To 72.90 Against Dollar

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⚫SBI economists sharply slashed their FY22 GDP growth estimates to 7.9% from the earlier projection of 10.4%.

⚫Indian equity markets that are trading near all time high levels, could see a record Rs 2–3 trillion equity supply in fiscal FY22 with 40% of this being raised via IPOs, though the actual quantum of the corporate equity paper supply would depend on institutional flows and may bring in new investors.

⚫Centre's indirect tax share in GDP rises in FY21 after four years. Share of corporation tax collections in gross tax revenue falls to 10-year low.

⚫Govt may extend social and rural relief schemes. Aims to provide impetus to rural economy and small businesses.

⚫IMD upped its 2021 monsoon forecast to 101% of the Long Period Average, meaning most parts of the country can expect to get normal to above normal rainfall.

⚫The Govt announced the cancellation of CBSE and ISC board exams for Class 12.

⚫India reported 133,228 fresh Covid-19 infections.

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⚫The S&P BSE Sensex posted its biggest May month rally in the past seven years after a sharp surge in consumer discretionary, financials and RIL stock. Analysts say there is still more room for an upside, albeit amid minor corrections on the way. 

⚫India’s economy grew 1.6% in the 4th quarter of 2020-21, indicating that a recovery was well underway before the second wave of Covid-19 struck. For the FY21, the country's GDP contracted 7.3%.

⚫The Centre’s fiscal deficit for the fy 2020-21 settled at 9.2% of the GDP, marginally below the Govt’s revised target of 9.5%.This was on the back of better than expected revenue receipts with expenditure staying broadly at the level targeted in the revised estimates of the Budget.

⚫The Govt allowed the supply of oxygen to certain industries on 'temporary basis subject to ensuring adequate supply of medical oxygen to hospitals and other medical purposes.

⚫As Delhi unlocks, manufacturers and realtors face severe roadblocks. Shortage of labour, lack of supply of materials pose hurdles to resuming operations.

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👉Extension of the due date of filing Application for Revocation of Cancellation of Registration

https://www.gst.gov.in/newsandupdates/read/474

👉Announcement regarding Revised List of Forms where additional fees has been waived off as per Circular 06/2021 and 07/2021 issued by the Ministry of Corporate Affairs by CL&CGC ICAI - (31-05-2021)

https://resource.cdn.icai.org/64930clcgc310521a.pdf

👉Customer Due Diligence for transactions in Virtual Currencies (VC)

https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12103&Mode=0

👉Master Directions – Priority Sector Lending (PSL) – Targets and Classification

https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11959

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👉🏻RBI asks banks for customer due diligence for transactions in virtual currencies

(RBI has advised banks & other regulated entities to continue to undertake due diligence of customers dealing with virtual currencies popularly known as crypto currencies)

👇🏻 👇🏻 👇🏻

https://bit.ly/2SLOaPe

👉🏻SEBI asks listed firms to disclose loans given to promotes in Compliance Report

(SEBI asked listed companies to make disclosure about loans and guarantees provided by them to promoter or any other entity controlled by them on a half-yearly basis in the compliance report on corporate governance)

👇🏻 👇🏻 👇🏻

https://bit.ly/3vDtveA

👉🏻GST Implications on Hotel and Restaurant Industry

(GST Implications on Hotel and Restaurant Industry discussed by CA. Aashna Cajla)

👇🏻 👇🏻 👇🏻

https://youtu.be/1grcdZvrfEc  

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⚫Corporate profit to GDP ratio hits 10-year high of 2.63% in FY21. India Inc's combined net profit was up 57.6% to Rs 5.31 trillion in FY21

⚫CoalMin targets projects worth Rs 41K-crore for asset monetisation. These projects include coal washeries, coal gasification, first-mile connectivity for building coal silos/mechanised loading, offering mines to private firms under mine developer and operator model.

⚫The Govt has expanded the Rs 3-trillion Emergency Credit Line Guarantee Scheme to help businesses hit by Covid-19 pandemic. Dubbed ECLGS 4.0, the scheme has added the civil aviation sector and loan to health institutions for on-site oxygen generation plants.

⚫RBI's status quo policy may revolve around Covid-19 pandemic measures. RBI's forecast for growth is 10.5% for the current fiscal year. Most analysts expect the RBI to lower it in the June 4 monetary policy announcement.

⚫The onset of the southwest monsoon is expected to be delayed by two days and the rains are now likely to hit the Kerala coast on June 3.

⚫The United Arab Emirates extended the suspension of passenger flights from India till June 30 to combat the spread of the coronavirus pandemic.

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👉Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly. | 119 KB

https://www.mca.gov.in/bin/dms/getdocument?mds=hDZggIIF02cA%252FGWtstDmRQ%253D%253D&type=open

👉The Income Tax Department is going to launch its new e-filing portal www.incometax.gov.in on 7th June, 2021. The existing portal of the Department at www.incometaxindiaefiling.gov.in would not be available to taxpayers as well as other external stakeholders for a brief period of 6 days i.e. from 1st June, 2021 to 6th June, 2021. click to view 

https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/120052021180809.pdf

👉Covid treatment: Banks offer unsecured loans of up to Rs 5 lakh

https://economictimes.indiatimes.com/industry/banking/finance/banking/covid-treatment-banks-offer-unsecured-loans-of-up-to-rs-5-lakh/articleshow/83105768.cms

👉Bank credit growth decelerates to 5.6 per cent in March

https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-credit-growth-decelerates-to-5-6-per-cent-in-march/articleshow/83040519.cms

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

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

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