7 July 2021 Updates

⚫The GST mop-up in June stood at Rs 92,849 crore, as against Rs 1.02 trillion in May.The collection fell below the Rs 1-trillion mark in June for the first time in nine months.

⚫Domestic air passenger traffic back to growth trajectory in June.

⚫Covid pandemic hits housing supply, launches down 59% in April-June.

⚫India's hiring rate has recovered moderately from 10% in April to 35% in May 2021, but the aftermath of the second COVID-19 wave has left professionals in India increasingly vulnerable to economic uncertainty.

⚫The RBI will conduct open market purchase of Govt bonds worth Rs 20,000 crore under the G-sec Acquisition Programme.

⚫Indian bond yields jumped as a rally in global crude oil prices raised worries about higher imported inflation.

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CBDT clarified that Businesses buying shares or commodities traded through recognised stock or commodity exchanges for any value even above Rs 50 lakh will not be required to deduct TDS on the transaction which was started on 1.7.2021. 

CBDT grants further relaxation in electronic filing of forms 15CA & 15CB in view of difficulties reported by taxpayers in filing of the forms online on https://t.co/GYvO3n9wMf. Date for submission of forms in manual format to the authorised dealers is extended to 15th July, 2021.

 

Cost Inflation Index for Financial Year 2021-22 notified as 317 (FY 2020-21 was 301). CBDT Notification 73/2021 IT of 15.6.21. 

Overdue FD with Bank to get lower ( Savings Bank) interest rate RBI has issued Circular No 66 on 2nd July,2021 amending its earlier instructions about overdue fixed deposits. Now Fixed Deposits ( Term Deposits )  will not be automatically renewed and such matured deposits will get savings bank interest rate from the date the same got matured as against applicable rate on such Fixed deposit. 

Hence all are requested to be attentive and note due dates of Fixed Deposits and get the Fixed Deposit renewed on due date to avoid loss of interest.

Reserve Bank of India has not yet granted Bitcoin or any other cryptocurrency the status of legal tender in India. Hence, there are no clear rules or guidelines defining taxability for cryptocurrencies, which calls for specific clarification from the Income Tax department.

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Bombay HC issues notice to the Revenue and the Attorney-General for India on writ petition preferred by Tata Communications Transformation Services Limited challenging the validity of notice u/s 148 issued under the pre-amendment reassessment regime on May 21, 2021 in the light of extensions notified by CBDT. HC records Assessee's contention that section 3 of The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Act, 2020, Explanation to clause (A)(a) of Notification No. 20/2021 dt. Mar 31, 2021, and Explanation to clause (A)(b) of Notification No. 38/2021 dt. Apr 27, 2021 are ultra-vires the Income Tax Act, the Finance Act, 2020 and are unconstitutional, liable to be struck down;

 

HC orders that no further action be taken based on the impugned notice;

 

Adjourns the hearing to Aug 2, 2021.

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E-KNOWLEDGE CAPSULE

✒ Karnataka High Court has further extended the interim orders passed by the High Court, all district courts, family courts, labour courts, industrial tribunals and all other tribunals in the state till 2nd August, 2021.

✒ Delhi High Court orders police protection for woman who faced threats after converting to Islam.

✒ Central govt tells Delhi High Court that Twitter not complying with IT Rules 2021, grievances from India being handled by person in US.

✒ Madras High Court issues notice to BCI, TN Bar Council, Central government on plea challenging Section 9 of Advocates Act.

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⚫With no subsidy, cooking fuel burns a hole in consumers pocket.The subsidy on LPG was done away with and what remained was some freight subsidy, which comes to Rs 20-30 a cylinder.

⚫India's June services PMI at 41.2, the fastest drop in 11 months.

⚫NHAI debt reaches new high of Rs 3.2 trillion, toll revenue dips 4%. Borrowing up seven times in five years.

⚫Mutual fund AUM grows 3.3% sequentially in June qtr, smaller AMCs see churn. Data shows fund houses such as Quant MF, Trust MF, ITI MF, PPFAS MF and PGIM India MF were top performers in terms of average AUM accretion.

⚫SEBI issued a detailed framework for penalising market infrastructure institutions, which include stock exchanges, clearing corporations, and depositories, for technical glitches.

⚫Private banks loan books shrink in Q1 amid second wave of Covid-19. IndusInd, YES, Federal, and CSB post 1-3.5% sequential decline; HDFC Bank bucks the trend with 1.3% growth.

⚫Retail prices of pulses are showing a declining trend after the Govt's interventions.

⚫India reports 39,796 new cases; growth rate steady at 0.1%.

⚫The Gujarat govt plans to install 300 PSA oxygen plants in the state to tackle a possible third wave of the coronavirus.

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

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5 July 2021 Updates

⚫The India Pulses and Grains Association  expressed shock over the Govt imposing stock limits on pulses till October, in a bid to prevent hoarding and check price rise.

⚫Amazon.com Inc and India's Tata Group warned Govt officials that plans for tougher rules for online retailers would have a major impact on their business models.

⚫The Banks Board Bureau recommended to the Govt names of 10 general managers of various public sector banks for appointment as executive directors.

⚫Pushkar Singh Dhami (45), MLA from Khatima, was chosen for the top job in Uttarakhand amidst dramatic developments that saw the replacement of two CM's in less than four months. 

⚫India reported 44,111 new Covid cases. 

⚫India's Covid-19 vaccination coverage exceeds 350 million.

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👉🏻Investment advisers cannot manage funds, securities on clients' behalf - SEBI

(Investment advisers cannot manage funds as well as securities on behalf of their clients and should not contemplate asking power of attorney in this regard - SEBI)

👇🏻 👇🏻 👇🏻

https://bit.ly/3hBq8is

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Circular from RBI, fixed deposits will not be automatically renewed and such matured deposits will get savings bank interest rate.Hence all are requested to note due dates and get the receipt renewed on due date to avoid loss of interest

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⚫The dalal street was busy in the first half of 2021, closing 44% more deals worth $49.34 billion than in the same period in 2020.

⚫E-commerce cos say new rules will hurt biz, urge govt to extend deadline. Govt is studying industry comments, will take a call on making relevant changes before the rules are finalised.

⚫Businesses while making any payments for purchase of goods exceeding Rs 50 lakh in a FY to a resident would be required to deduct a 0.1% TDS. This provision would not be applicable on share or commodity transactions done through stock exchange.

⚫ONGC earmarked Rs 30,000 crore towards capital exps in FY 2021-22, and aims at an output of 22.56MT of crude oil and 24.89 billion cubic meters of gas during the year.

⚫Drones banned in Srinagar, after attack on Jammu AF base. The order, however, exempted govt depts but directed them to inform the local police station before using them.

⚫Monsoon to revive from July 8, may hit Delhi around July 11.

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The Reserve Bank of India (RBI) has changed the rules for Fixed Deposits/ Term Deposits.

Interest on overdue domestic deposits

👉If a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract 

rate of interest as applicable to 

savings account or the contracted rate 

of interest on the matured TD,whichever is lower

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CASA Due Date Compliance Calendar for the month of July, 2021

 

Date  -        Type of Return/ Form

Goods & Service Tax

calendar enclosed and posted in telegram as well.

https://t.me/Team_CASA

Income Tax/TDS

07.07.2021 Deposit of TDS/TCS for the month of June, 2021.

15.07.2021 TDS return for the last quarter of F.Y. 2020-21.

15.07.2021 TCS return for the Apr-Jun Quarter of F.Y. 2021-22

30.07.2021 Quarterly TCS certificate for the quarter ending June 30

31.07.2021 Certificate of Tax deducted at Source in Form No. 16 required to be firnished to employees for the F.Y. 2020-21.

31.07.2021 TDS return for the Apr-Jun quarter of F.Y. 2021-22

Labour Law

15.07.2021 Electronic Challan & Return for EPF for the Month of June, 2021

15.07.2021 ESI Challan and Return for the Month of June, 2021

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👉🏻SC refuses to stay RBI Notices to Bank under RTI To Disclose Information

(The Supreme Court refused the prayers made by PNB & Union Bank of India to stay the RTI notices issued to them by RBI to disclose information related to defaulters list, inspection reports etc.)

👇🏻 👇🏻 👇🏻

https://bit.ly/3hb81kz

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 Both 15CA and 15 CB are fully available and functional. However, as compared to EF1.0 the process has changed. In EF1.0 CA would separately upload 15CB. in EF2.0 it is an integrated workflow. Taxpayer fille 15CA and assigns to CA. The CA will then see in his worklist as 15CB pending with prefilled data. CA will fill 15CB and submit back to taxpayer. PartC of 15CA will be prefilled and taxpayer can submit. Please note that DSC once registered in individual name of CA DOES NOT HAVE TO BE RE-REGISTERED under ARCA role. CA can simply sign any form under any role.

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👉Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 - (01-07-2021)

https://www.icai.org/post/companies-creation-and-maintenance-of-databank-of-independent-directors

👉Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act, 2008 - (01-07-2021)

https://www.icai.org/post/relaxation-on-levy-of-additional-fees-in-filing-of-certainforms

👉India’s International Investment Position (IIP), March 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51822

👉Bank credit grows 5.82%; deposits by 10.32%

https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-credit-grows-5-82-deposits-by-10-32/articleshow/84071339.cms

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Circular 14/2021

CBDT has recently issued Circular no 14/2021 dated 02nd July 2021 wherein it specified the Guidelines on taxability of receipt of capital assets or stock in trade on reconstitution or dissolution of specified entities under sections 9B and Sub-Section (4) of section 45 of the Income Tax Act, 1961

Finance Act, 2021 inserted a new section 9B in the Income-tax Act 1961

👉The Central Board of Direct Taxes (CBDT) issued the guidelines for taxing partnership firms on its reconstitution in respect of the provisions of section 9B and sub-section (4) of section 45 of the Income-tax Act, 1961.

👉Section 9B provides for taxation of income of the firm on the transfer of capital assets & stock in trade whereas Section 45(4) now provides for taxation of income in the hands of the firm which is actually the income in the hands of the partner.

👉The CBDT noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining capital assets of the specified entity so that when such capital get transferred in the future, the amount attributed to such capital assets gets reduced from the value of the consideration and to that extent the specified entity does not pay tax again on the amount. It is further noticed that this attribution is given in the Act only for the purposes of 48 of the Act. It may be seen that section 48 of the Act only applies to capital assets that are forming a block of assets. For capital assets forming a block of assets, there is sub-clause (c) of clause of section 43 of the Act to determine the written down value of the block of asset and section 50 of the Act to determine the capital gains arising on transfer of such assets. However, the Act has not provided that the amount taxed under sub-section (4) of section 45 of the Act can also be attributed to capital assets forming part of a block of assets and which are covered by these two provisions. remove the difficulty, it is clarified that rule 8AB of the Income Tax Rules, 1962 notified vide notification no. 76 dated 02.07.2021 also applies to capital forming part of a block of assets. Wherever the term capital asset is appearing in the rule of the Rules, it refers to a capital asset whose capital gains are computed under section 48 of the Act as well capital asset forming part of a block of assets.

👉Further, wherever reference is made for the purposes section 48 of the Act, such reference may be deemed to include reference for the purposes of sub clause (c) of clause (6) of section 43 of the Act and section 50 of the Act.

👉“For the removal of doubt it is further clarified that in case the capital asset remaining with the specified entity is forming part of a block of asset, the amount attributed to such capital asset under rule 8AB of the Rules shall be reduced from the full value of the consideration received or accruing as a result of subsequent transfer of such asset by the specified entity, and the net value of such consideration shall be considered for reduction from the written down value of such block under sub-clause (c) of clause (6) of section 43 of the Act or for calculation of capital gains, as the case may be, of: under section 50 of the Act,” the CBDT said.

👉The CBDT added, “section 32 of the Act does not allow depreciation on goodwill. If in the given example “self-generated goodwill” is replaced by “self-generated asset”, even then the depreciation will not be admissible on the amount recognized in valuation. In this regard it may be highlighted that the above-mentioned provisions, in the immediately preceding paragraph, are also applicable to “self-generated asset” and since there is no actual cost to the assessee in case of “self-generated asset”, depreciation is not allowable under section 32 of the Act on an asset whose actual cost is nil.”

👉It has defined with certain examples the taxability in case of ‘Reconstitution of the specified entity”

The Copy of Guidelines with examples are enclosed here with.👆

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👉Refer the attached file for the list of forms for which additional fee waiver shall be made available/ extended in line with the General Circulars 11/2021 and 12/2021. Stakeholders may please take note and plan accordingly | 123 KB

https://www.mca.gov.in/bin/dms/getdocument?mds=xIk8LHJKnBG4BVxlUSaSFQ%253D%253D&type=open

👉ICAI Board of Studies (Academic) is announcing mobile application "ICAI BOS" on the occasion of CA Day 1st July 2021 for students of Foundation, Intermediate and Final course. - (30-06-2021)

https://www.icai.org/post/icai-bos-mobileapp

👉Companies (Meetings of Board and its Powers) Amendment Rules, 2021 - (01-07-2021)

https://www.icai.org/post/companies-meetings-of-board-its-powers-amendment-rules2021

👉Sources of Variation in Foreign Exchange Reserves in India during 2020-21

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51821

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👉CBDT has recently issued Circular no 14/2021 dated 02nd July 2021 wherein it specified the guidelines for taxation under section 9B and Sub-Section (4) of section 45 of the Income Tax Act, 1961

It has defined with certain examples the taxability in case of ‘Reconstitution of the specified entity”

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⚫The Govt announced fresh guidelines to include wholesale and retail trades as MSMEs in a move that is expected to benefit as many as 25 million traders battered by the pandemic.

⚫Capital goods sector sees signs of hope. Indications of demand expansion for manufacturing co's, stronger balance sheets are some positives.

⚫India recorded the highest ever exports of $95 billion during April-June, up 85% YoY and 18% higher than the first quarter of the fiscal year 2019-20.

⚫The RBI tweaked the norms for interest on the amount left unclaimed with the bank after a term deposit matures.

⚫IOB became the second most valued listed public sector bank with a market cap of over Rs 50,000 crore.

⚫Facebook, Instagram take down millions of posts in compliance with IT rules.

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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

Thanks for reading

2 July 2021 Updates

🇮🇳 CBDT issues clarification on Section 194Q. 

🍎 1. TDS under section 194Q on net of GST if charged separately. However for section 206C(1H) GST is to be included.

🥝 2. Transactions on recognised exchanges exempted from 194Q. 

🍑 3. Hierarchy of section 194-O, 194Q and Section 206C(1H) clarified. If section 194-O is applicable to a transaction then 194Q and 206C(1H) will not apply. If 194Q is applicable then section 206C(1H) shall not be applicable. If section 194-O and 194Q are not applicable section 206C(1H) will be applicable.

🥭 4. Turnover/ Gross receipts of  INR 10 crore of buyer for applicability of this section 194Q will mean Turnover/ Gross receipts in business only. Hence receipts by way of rent, interest , capital gain etc if not considered as business income are not to be included. 

🌽 5. Further provision of section 194Q not to apply in first year of an entity as no turnover / gross receipts in preceding year since entity was not in existence. 

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CBDT issues clarification on Section 194Q on Dated 30th June 2021 vide Circular No. 13 of 2021

Guidelines under section 194Q of the Income-tax Act, 1961

👉Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961  which takes effect from I st day of July, 202 I. It applies to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. The buyer, at the time of credit of such sum to the account of the seller or at the time of payment, whichever is earlier, is required to deduct an amount equal to 0.1 % of such sum exceeding fifty lakh rupees as income tax.

👉Buyer is defined to be person whose total sales or gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the purchase of good is carried out

👉 Calculation of threshold for the financial year 2021-22

👉i) the provision of this sub-section shall not apply on any sum credited or paid before I st July 2021. If either of the two events had happened before 1 st July 2021 , that transaction would not be subjected to the provisions of section 194Q of the Act.

👉ii)if a person being buyer has already credited or paid fifty lakh rupees or more up to 30th June 2021 to a seller, the TDS under section 194Q shall apply on all credit or payment during the previous year, on or after I st July 2021 , to such seller.

 

Adjustment for GST

👉with respect to TDS under section 194Q of the Act, it is clarified that when tax is deducted at the time of credit of amount in the account of seller and in terms of the agreement or contract between the buyer and the seller, the component of GST comprised in the amount payable to the seller is indicated separately, tax shall be deducted under section 194Q of the Act on the amount credited without including such GST. However, if the tax is deducted on payment basis because the payment is earlier than the credit, the tax would be deducted on the whole amount as it is not possible to identity that payment with GST component of the amount to be invoiced in future.

 

Whether non-resident can be buyer under section 194Q of the Act?

👉it is clarified that the provisions of section 194Q of the Act shall not apply to a non-resident whose purchase of goods from seller resident in India is not effectively connected with the permanent establishment of such nonresident in India

 

Whether tax is to be deducted when the seller is a person whose income is exempt

👉it is clarified that the provisions of section 194Q of the Act shall not apply on purchase of goods from a person, being a seller, who as a person is exempt from income tax under the Act

 

Whether tax is to be deducted on advance payment

👉It is clarified that since the provisions apply on payment or credit whichever is earlier, the provisions of section 194Q of the Act shall apply to advance payment made by the buyer to the seller.

 Whether provisions of section 194Q of the Act shall apply to buyer in the year of incorporation?

👉It is clarified that under section 194Q of the Act a buyer is required to have total sales or gross receipts or turnover from the business carried on by him exceeding ten crore rupees during the financial year immediately preceding the financial year in which the purchase of good is carried out. Since this condition would not be satisfied in the year of incorporation, the provisions of section 194Q of the Act shall not apply in the year of incorporation.

 

Whether provisions of section 194Q of the Act shall apply to buyer if the turnover from business is 10 crore or less?

👉It is clarified that for the purposes of section I94Q of the Act, a buyer is required to have total sales or gross receipts or turnover from the business carried on by him exceeding ten crore rupees during the financial year immediately preceding the financial year in which the purchase of good is carried out. Hence, the sales or gross receipts or turnover from business carried on by him must exceed Rs 10 crore. His turnover or receipts from non-business activity is not to be counted for this purpose.

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No reversal of ITC in case of loss by consumption of input which is inherent to manufacturing loss: Madras High Court

 

ARS Steels & Alloy International (P.) Ltd. v. State Tax Officer 2021

 

The petitioners were engaged in the manufacture of MS Billets and Ingots. MS scrap was an input in the manufacture of MS Billets and the latter, in turn, would constitute an input for manufacture of TMT/CTD Bars. There was a loss of a small portion of the inputs, inherent to the manufacturing process. The department issued orders seeking to reverse a portion of the ITC claimed by the petitioners, proportionate to the loss of the input, referring to the provisions of Section 17(5)(h) of the GST Act. The petitioner filed writ petition against the same.

   

High Court observed that assessment orders rejected a portion of ITC claimed, invoking the provisions of Section 17(5)(h) which relates to goods lost, stolen, destroyed, written off or disposed by way of gift or free samples. The situations as set out in clause (h) indicate loss of inputs that are quantifiable, and involve external factors or compulsions. A loss that is occasioned by consumption in the process of manufacture is one which is inherent to the process of manufacture itself. Therefore, the reversal of ITC involving Section 17(5)(h) by the revenue, in cases of loss by consumption of input which is inherent to manufacturing loss is misconceived and not correct, as such loss is not contemplated or covered by the situations adumbrated under section 17(5)(h). Thus, the orders requiring reversal would be liable to be set aside.

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The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st August, 2021.

Source: https://www.icai.org/post/last-date-of-updation-of-udins-at-e-filing-portal

Note:The extension is in relation to updating UDIN on the Income Tax portal. You are not allowed to generate any UDIN for a date older than 15 days as usual.

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⚫Govt launched a special drive to enrol more cultivators under the Pradhan Mantri Fasal Bima Yojana.

⚫130 countries have agreed on a global minimum tax backed by US President as part of a worldwide effort to keep multinational firms from dodging taxes by shifting their profits to countries with low rates.

⚫New projects drop 13% sequentially in June quarter due to Covid.

⚫The second wave had a negative impact on the consumer credit demand as inquiries for such loans fell sharply across product categories.

⚫UPI, the flagship payments platform of the National Payments Corporation of India, touched a record high both in terms of volume and value of transactions in June after a slump in April and May.

⚫Delhi Airport sees 3x rise in footfall since mid May as Covid cases dip.

⚫IMD forecasts normal monsoon rainfall 'over the country as a whole' in July.

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👉🏻SEBI tightens norms on independent Directors

(SEBI said that two-thirds of the members of the nomination & remuneration committee (NRC) and the audit committee (AC) of the board of a listed company should be independent directors)

👇🏻 👇🏻 👇🏻

https://bit.ly/3qEFpDt

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Income from conversion of sugarcane into jaggery is not a Agricultural Income. E. Palaniappan Vs ITO (Madras High Court) It is not the case of the appellant/assessee that the sugarcane in its original form could not be marketed by him. The conversion of  sugarcane into jaggery is also not an essential process to make sugarcane marketable.

Income Tax AO having reopened the assessment merely relying on the information passed on to him by the Investigation Wing regarding Accommodation entry taken by the assessee. Without applying his own mind to it and verifying the same. The belief of escapement of income clearly not that the AO . And therefore the jurisdiction assumed by the AO to reopen the case u/s 147 was bad in law. Century Fiscal Services Ltd.  Vs.  ITO,  ITAT-Chandigarh. 

GST Appellate Authority should adopt more liberal approach in matters of condonation of delay. M/s. Shree Udyog Vs Commissioner of State Tax Odisha (Orissa High Court) The difficulties generally faced by lawyers and litigants in applying for and obtaining certified copies of orders is generally known.

Securities Appellate Tribunal(SAT) gave an interim relief to Franklin Templeton(FT) by staying the Securities and Exchange Board of India(Sebi) order barring it from launching any new debt schemes for two years. The tribunal has asked FT to deposit Rs 250 crore within two weeks into an interest bearing escrow account, details of such account to be submitted to Sebi. 

India may see a flurry of corporate acquisitions ending in delisting if a regulatory proposal to smoothen the process goes through, industry experts said. A Securities and Exchange Board of India (Sebi) discussion paper released proposed a seamless process to attempt delisting when one acquires a significant stake under the takeover code.

Finance Minister  in a Press Conference has announced the economic relief packages: a. ₹1.1 Lakh Crore Loan Guarantee Scheme for COVID Affected Sectors b. Additional ₹1.5 Lakh Crore for Emergency Credit Line Guarantee Scheme (ECLGS) c. Credit Guarantee Scheme to Facilitate Loans to 25 Lakh Persons. 

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✅ Forms which are required to be filed between 1st April to 31st July, 21, can be filed till 31st August, 21 without any late fees.

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🌎 MCA Date extension

🌱 1. It has been decided to grant additional time upto 31st August, 2021 for filling of forms of Companies & LLPs due for filling during 1st April, 2021 to 31st July, 2021 other than charge forms without any additional fees.

🌴 Accordingly, the due dates of DPT-3 & Form CFSS is extended to 31st August, 2021.

🎋 2. In case of CHG – 1 & CHG – 9 the period from 01.04.2021 till 31.07.2021 shall not be reckoned for the purpose of counting the number of days under section 77 & 78 of the Act.

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CBDT issues clarification on Section 194Q on Dated 30th June 2021 vide Circular No. 13 of 2021

Guidelines under section 194Q of the Income-tax Act, 1961

👉Finance Act, 2021 inserted a new section 194Q in the Income-tax Act 1961 which takes effect from I st day of July, 202 I. It applies to any buyer who is responsible for paying any sum to any resident seller for purchase of any goods of the value or aggregate of value exceeding fifty lakh rupees in any previous year. The buyer, at the time of credit of such sum to the account of the seller or at the time of payment, whichever is earlier, is required to deduct an amount equal to 0.1 % of such sum exceeding fifty lakh rupees as income tax.

👉Buyer is defined to be person whose total sales or gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the purchase of good is carried out

👉 Calculation of threshold for the financial year 2021-22

👉i) the provision of this sub-section shall not apply on any sum credited or paid before I st July 2021. If either of the two events had happened before 1 st July 2021 , that transaction would not be subjected to the provisions of section 194Q of the Act.

👉ii)if a person being buyer has already credited or paid fifty lakh rupees or more up to 30th June 2021 to a seller, the TDS under section 194Q shall apply on all credit or payment during the previous year, on or after I st July 2021 , to such seller.

 

Adjustment for GST

👉with respect to TDS under section 194Q of the Act, it is clarified that when tax is deducted at the time of credit of amount in the account of seller and in terms of the agreement or contract between the buyer and the seller, the component of GST comprised in the amount payable to the seller is indicated separately, tax shall be deducted under section 194Q of the Act on the amount credited without including such GST. However, if the tax is deducted on payment basis because the payment is earlier than the credit, the tax would be deducted on the whole amount as it is not possible to identity that payment with GST component of the amount to be invoiced in future.

 

Whether non-resident can be buyer under section 194Q of the Act?

👉it is clarified that the provisions of section 194Q of the Act shall not apply to a non-resident whose purchase of goods from seller resident in India is not effectively connected with the permanent establishment of such nonresident in India

 

Whether tax is to be deducted when the seller is a person whose income is exempt

👉it is clarified that the provisions of section 194Q of the Act shall not apply on purchase of goods from a person, being a seller, who as a person is exempt from income tax under the Act

 

Whether tax is to be deducted on advance payment

👉It is clarified that since the provisions apply on payment or credit whichever is earl ier, the provisions of section 194Q of the Act shall apply to advance payment made by the buyer to the seller.

 Whether provisions of section 194Q of the Act shall apply to buyer in the year of incorporation?

👉It is clarified that under section 194Q of the Act a buyer is required to have total sales or gross receipts or turnover from the business carried on by him exceeding ten crore rupees during the financial year immediately preceding the financial year in which the purchase of good is carried out. Since this condition would not be satisfied in the year of incorporation, the provisions of section 194Q of the Act shall not apply in the year of incorporation.

 

Whether provisions of section 194Q of the Act shall apply to buyer if the turnover from business is 10 crore or less?

👉It is clarified that for the purposes of section I94Q of the Act, a buyer is required to have total sales or gross receipts or turnover from the business carried on by him exceeding ten crore rupees during the financial year immediately preceding the financial year in which the purchase of good is carried out. Hence, the sales or gross receipts or turnover from business carried on by him must exceed Rs 10 crore. His turnover or receipts from non-business activity is not to be counted for this purpose.

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No reversal of ITC in case of loss by consumption of input which is inherent to manufacturing loss: Madras High Court

  

ARS Steels & Alloy International (P.) Ltd. v. State Tax Officer 2021

 

The petitioners were engaged in the manufacture of MS Billets and Ingots. MS scrap was an input in the manufacture of MS Billets and the latter, in turn, would constitute an input for manufacture of TMT/CTD Bars. There was a loss of a small portion of the inputs, inherent to the manufacturing process. The department issued orders seeking to reverse a portion of the ITC claimed by the petitioners, proportionate to the loss of the input, referring to the provisions of Section 17(5)(h) of the GST Act. The petitioner filed writ petition against the same. 

     

High Court observed that assessment orders rejected a portion of ITC claimed, invoking the provisions of Section 17(5)(h) which relates to goods lost, stolen, destroyed, written off or disposed by way of gift or free samples. The situations as set out in clause (h) indicate loss of inputs that are quantifiable, and involve external factors or compulsions. A loss that is occasioned by consumption in the process of manufacture is one which is inherent to the process of manufacture itself. Therefore, the reversal of ITC involving Section 17(5)(h) by the revenue, in cases of loss by consumption of input which is inherent to manufacturing loss is misconceived and not correct, as such loss is not contemplated or covered by the situations adumbrated under section 17(5)(h). Thus, the orders requiring reversal would be liable to be set aside.

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30 June 2021 Updates

⚫E-way bill generation picks up pace in June as states start unlock process. It rose by 22.6% in the week ended June 27 at 14.6 million.

⚫Unlock brings hope for FMCG Co's as half of urban sal­es or 30% of total sales comes fr­om the urban poor, especially for food firms.

⚫Banks not in a hurry to hike interest rates on deposits despite price rise. YOY growth in deposits till early June 2021 has been 9.7% while credit growth is only 5.7%.

⚫The SEBI overhauled the norms pertaining to the appointment, removal & remuneration of independent directors in order to curtail the sway of promoters over them.

⚫Niti Aayog suggested 100% i-tax exemption for donations and provision of working capital loans with lower interest rates for not for profit hospitals to strengthen healthcare services in India.

⚫India approved a fourth Covid vaccine Moderna’s mRNA-1273. The vaccine will be made available through a tie-up with Cipla.

⚫Facebook & Google will soon publish reports, as mandated by the new I-Tech Rules, providing information about the actions they took on user complaints in India.

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Get all services pertaining to E_TDS/TCS Acceptance / Processing of DSC from yours Own office 24 x 7 - 365 days

👉 NSDL'S E-TDS / TCS returns acceptance via ERP mehekdigisign.in just upload 27A and FVU file in ERP and returns are accepted and receipts are uploaded and saved for life time for reference so problems of provisional receipts being lost is sorted for life time

👉 Issuance of Digital signature certificates as required for income tax / gst / roc / pf-esic / e-tendering / patent - trademark / dgft from yours own office

 

Also Note that old TOKENS in which DSC is expired can be re used again thereby save cost on DSC 

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Register DSC again in the new e-Filing Income Tax portal

👉 you will have to register DSC again in the new e-Filing portal even if your previously registered DSC is active. DSC data is not migrated from the old portal owing to technical and data security issues.

👉Manual on Register Digital Signature Certificate

1. Overview

The Register Digital Signature Certificate (DSC) service is available to all registered users of the e-Filing portal. 

👉This service enables registered users to perform the following:

👉Register DSC

Re-Register when registered DSC has expired

👉Re-Register when registered DSC has not expired

Register DSC of Principal Contact

All users who wish to use DSC are required to re-register their DSC on the new portal using ‘Register DSC’ service. The DSC registered on the previous e-filing portal will not be migrated to the new portal due to security and technical reasons.

2. Prerequisites for availing this service

Registered user of the e-Filing portal with valid user ID and password

Downloaded and installed the emsigner utility (the utility can also be downloaded and installed while registering DSC)

The USB token procured from a Certifying Authority Provider should be plugged in to the computer

DSC USB token should be Class 2 or Class 3 Certificate

DSC to be registered should be active and not expired

DSC should not be revoked

3. Step-by-Step Guide

Step 1: Log in to the e-Filing portal using your user ID and password.

Register Digital Signature Certificate 

Step 2: Go to the My Profile page from the Dashboard.

Step 3: Click Register DSC on the left side of the screen.

Step 4: Enter the email ID linked with the DSC token. Select I have downloaded and installed emsigner utility and click Continue.

Note: If you have to download the emsigner utility, you can click on the hyperlink for the same under Need Help.

Step 5: Select the Provider and Certificate. Enter Provider Password. Click Sign.

On successful validation, a success message will be displayed with the option to go to the Dashboard.

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Running of hostel by the education institution is exempt: Allahabad High Court

Daya Nand Pushpa Devi Charitable Trust

Facts:

1. The main activity of the trust is running of education institute, is covered within the meaning of 'Charitable purposes' defined under Section 2(15) and has been registered under Section 12-A of the Income Tax Act. It is  running a Dental College in the name & style of Harsharan Dass Dental College at Ghaziabad.

2. An hostel is also being run as a statutory obligation as the institution cannot impart dental education without providing for the hostel. 

3. It was concluded in the assessment order that the total hostel receipt of the trust was excessively high and  the expenditures towards generator, electricity and security were also excessively high. 

4. The net surplus income arrived at by the Assessing Officer after deduction of allowable expenditure was subjected to tax at the appropriate rate under Section 11 (4A) of the Act.    

5. Sec 11(4A) provides that income of trust pertaining to any business carried out by the trust shall be taxable, unless it is incidental to the attainment of the objectives of the trust.

6. So the moot point is whether the hostel facilities could be regarded as business incidental to the attainment of objects of the trust.

Allahabad HC held as below:

1. The hostel is being run in discharge of a statutory obligation as institution in question cannot impart dental education without providing for the hostel.

2. The activity of running the hostel is not a separate business activity and surplus income from the hostel fee cannot be treated as profit and gains of a separate business or commercial activity of the trust.

3. So it is held that the exemption under Section 11(1) of the Act cannot be disallowed to the assessee.

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⚫FM announced the fiscal package to revive the economy ravaged by the second pandemic wave, keeping the fiscal outgo limited for the current year. The Rs 6.28-trillion package included a new credit guarantee scheme for health, tourism and micro borrowers, besides expanding the ECLGS by half to Rs 4.5 trillion and extending Aatmanirbhar Bharat Rozgar Yojana.

⚫FM announced a year’s extension to the PLI scheme for the electronics mfg sector.

⚫Strong recovery likely to continue for auto ancillary companies. Good export demand, likely Q2 uptick, low interest rates are positive.

⚫Inking free trade agreements with the USA, UK, European Union, Australia, New Zealand, Canada, Israel, will boost exports and help in attracting more foreign investments into the country.

⚫Govt announces 500,000 free visas, loan guarantee scheme for travel sector.

⚫India overtakes US in total Covid-19 vaccine doses given.

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👉🏻Central govt plans to develop rating system for MSMEs

(the system of ratings for MSMEs will depend on the annual turnover, goods and services tax (GST) records, income tax records, exports and the credentials of each MSME)

👇🏻 👇🏻 👇🏻

https://bit.ly/2U8IY8P

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The deadline to issue Form 16 has been extended to July 31, 2021 from the previous deadline of July 15, 2021. This implies that employees will get their Form 16 even later and will therefore be able to finalise their tax calculations only after that.

Goa state government has notified the reduction in GST rates on 18 items. While the GST has been completely withdrawn on Tociluzumab and Amphotericin-B, all the other products will be levied with a nominal rate of 2.5% state GST. The notification issued on special GST rates would be applicable till September 30.

MCA has issued the much-awaited clarification for passing general and special resolutions and convening an EGM in unavoidable circumstances and extended the validity of the existing circulars up to December 31, 2021, in light of the current social distancing norms.

RBI says it has major concerns about the asset class and six months ago the government proposed a ban on trading in digital coins In India, where households own more than 25,000 tonnes of gold, investments in crypto grew from about $200 million to nearly $40 billion in the past year.

Sebi clarified rules pertaining to holding of liquid assets in open-ended debt mutual funds. Sebi had in November 2020 issued rules that entailed keeping of minimum 10 per cent in government securities in order to enhance the liquidity in open-ended debt funds like floater funds, credit risk funds and banking and PSU bond funds, among others. liquidity in open-ended debt funds like floater funds, credit risk funds and banking and PSU bond funds, among others. 

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26 June 2021 News and Updates

A. E-Filing Portal of ITAT Launched

👉Day Before Yesterday E-Filing Portal for ITAT named E-Dwar Launched. Cases of ITAT will also be Integrated with National Judicial Data Grid.

👉The Portal Would have the Facility to File Appeals, Misc Applications, Documents and Paper Book etc Electronically.

B. The following activities are enabled on New Income Tax portal

👉 Downloading of Income Tax Returns and Forms started at Portal.

👉Filling of E- TDS Returns through Digital Signature also started

👉e-verification also started.

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Income Tax Return Form Brief Description

Under the Income-tax Law, different forms of returns are prescribed for different classes of taxpayers.

👉 The return forms are known as ITR forms (Income Tax Return Forms). The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year 2021-22 (i.e., financial year 2020-21) are as follows:

 

ITR - 1

👉Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses, income taxable under section 115BBDA or income reffered in section 115BBDA or income referred in section 115BBE).

ITR - 2

👉It is applicable to an individual or an Hindu Undivided Family not having income chargeable to income-tax under the head “Profits or gains of business or profession”

ITR - 3

👉It is applicable to an individual or a Hindu Undivided Family who has any income chargeable to tax under the head business or profession

ITR - 4

👉Also known as SUGAM is applicable to individuals or Hindu Undivided Family or partnership firm who have opted for the presumptive taxation scheme of section 44AD/ 44ADA/44AE.

ITR - 5

👉This Form can be used by a person being a firm, LLP, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. 

However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political parties, institutions, colleges)

ITR - 6

👉It is applicable to a company, other than a company claiming exemption under section 11 (exemption under section 11 can be claimed by charitable/religious trust).

ITR - 7

👉It is applicable to a persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) (i.e., trusts, political parties, institutions, colleges).

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⚫With massive investment plans, steel leads India Inc's capacity expansion. Several top co's, led by steel majors ArcelorMittal Nippon Steel India, JSW Steel, Tata Steel and Hindalco, are planning to expand capacity in the next few quarters

⚫Govt's Rs 50K-cr Fund of Funds scheme for small businesses hits SEBI hurdle. The move will help such small businesses get listed on the domestic bourses as well.

⚫A bad bank in India that’s expected to launch this month may help reduce one of the world’s worst bad-loan piles.The new institution, which is set to start operations by the end of June, is likely to handle stressed debt worth $27 billion)

⚫India recorded 46,643 cases in the last 24 hours, lowest since March 24. India also recorded a spike in new deaths with 981 fatalities being reported yesterday.

⚫Domestic traders' body CAIT urged the govt not to dilute the draft of e-commerce rules under any pressure of foreign funded online firms.

⚫Ind-Ra lowers FY22 GDP growth forecast to 9.6% due to scale of Covid 2.0.

⚫The Centre told the Supreme Court that a total of 51.6 crore Covid vaccine doses would be made available by July 31 of which 35.6 crore have already been provided.

⚫Chief Justice of India has written to Telecom Minister requesting to strengthen the network and connectivity beyond major urban centres, as he said the digital divide is adversely impacting the functioning of the Courts in the wake of pandemic.

⚫The Finance Ministry said that no order relating to the payment of increments in dearness allowance for central govt employees and dearness relief for pensioners has been issued.

⚫A day after the Delhi govt came under fire for purportedly inflating the city's needs for oxygen, families of people who lost their lives due to shortage of the life saving gas have demanded a fair probe into it.

⚫India and China have agreed on the need to find an early resolution to remaining issues along the Line of Actual Control  in the Western Sector of border areas.

⚫SBI expects its loan book to grow 9% in FY22 and is intensifying efforts in recovering stressed assets.

⚫The Govt announced extension of several tax compliance deadlines 

▪️The last date for PAN Aadhar linkage extended till Sept 30.

▪️The payment deadline for Vivad Se Vishwas extended till August 31. Taxpayers can make payments till October 31 with additional amount of interest.

▪️The deadline for employers to furnish TDS certificate in Form 16 to employees has been extended till July 31.

▪️The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB,  may be made on or before 31st August.

▪️Time Limit for passing ass order/penalty order extended to 30th Sept, 2021.

⚫Maharashtra tightens Covid-19 restrictions on fears of third wave.

⚫Mumbai remains most expensive city in India, 78th in the world.

⚫With domestic retail fuel prices jumping to record high on rising international oil rates, India pressed oil cartel OPEC for ‘affordable’ oil price within a ‘reasonable band’ and that the producers should phase out production cuts.

⚫RIL announced yet another game changing move, a mega entry into green energy. The company is planning to get into solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division.

⚫$32 mn World Bank loan for improving healthcare services in Mizoram.

⚫RBI tightens dividend payout norms for NBFCs, links them to bad debt.

⚫SEBI is planning to come out with framework on special purpose acquisition co's, which will enable listing of startups on domestic stock exchanges.

⚫Microsoft Corp showed Windows 11, which will hit markets toward the end of this year and is the first major revamp of its Windows operating system since 2015.

⚫India administered more than 300 million doses of the Covid-19 vaccine so far, though the daily pace in the last three days has slowed down slightly after touching a record on Monday. 

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ITAT Agra pronounced that Cash deposits of up to Rs 2.5 lakh by housewives post demonetisation will not come under I-T scrutiny as that such deposits cannot be treated as income of the assessee. Ruling on an appeal filed by an individual, the Agra bench of ITAT said the order would act as a precedent for all similar cases.

Finance Minister asked Infosys to fix all issues on the new Income Tax portal immediately, while the software major said at least five technical glitches, including viewing past ITRs and e-proceedings, are expected to be resolved within a week.

Virtual inauguration of e-Filing Portal of Income Tax Appellate Tribunal by Hon'ble Shri Ravi Shankar Prasad, Union Minister of Law & Justice, Communications, Electronics & Information Technology, Government of India on 25/6/21.

Time: 16:00 hours Link: https://www.youtube.com/channel/UCNc4BAZmRMnnLnimJ-ZevlQ

30.6.21 is last date to file Return of Deposits for 20-21 in DPT-3 by Cos & to update/confirm IEC details for 21-22 to avoid deactivation of IEC code. 

MCA has notified the accounting standards for small and medium companies that revise the turnover and borrowing limits as well as help in making disclosure requirements less onerous. Besides, the definition of Small and Medium Sized Companies (SMCs) under the standards has been revised.

MCA has issued General Circular 10/2021 on 23rd June 2021 for the extension of timeline for allowing Companies to hold their Extraordinary General Meetings through Video Conferencing/ Other Audio Visual Means upto 31st  Dec,2021.

GST Circular No. 156 has been issued by the CBIC: Applicability w.e.f. 01-Jul-2021

Invoice issued to UIN shall be considered as B2C supply.

If UPI ID linked to Bank, then separate details of bank accounts and IFSC many not provided in the Dynamic QR Code.

In cases, payment is collected by some person on behalf of supplier (ECO), ten UPI ID of such person may be provided.

If Invoice is issued for supply of services, where recipient is outside India, POS is in India, then Dynamic QR code is not require.

OTC Sales, the Unique Order/Sales Reference no. may be provided.

When Part Payment is already received or adjusted, then the Dynamic QR Code only for the remaining amount.

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 🌎 Government grants further extension in timelines of

compliances.

And Also announces tax exemption for expenditure on

COVID-19 treatment and ex-gratia received on death

due to COVID-19

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Extension under Income Tax Act.

No extension so for issuing notice under section 148.

No extension so for issuing 143(2) notice for assessment year 2020-21 ( Returns filed by 31st March,2021 )

1. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31st August, 2021.

2. Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.

3. Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.

4. Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

5. Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

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B. Extension of Timelines

In view of the impact of the Covid-19 pandemic, taxpayers are facing inconvenience in meeting certain tax compliances and also in filing response to various notices. In order to ease the compliance burden of taxpayers during this difficult time, reliefs are being provided through Notifications nos. 74/2021 & 75/2021 dated 25th June, 2021 Circular no. 12/2021 dated 25th June, 2021. These reliefs are:

Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of theIncome-tax Act, 1961 (hereinafter referred to as “the Act”) for which the last date of filing under that section is 1st June, 2021 or thereafter, may be filed within the time provided in that section or by 31st August, 2021, whichever is later.

The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31st May, 2021 under Rule 31 A of the Income-tax Rules,1962 (hereinafter referred to as “the Rules”), as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.

The Certificate of Tax Deducted at Source in Form No.16, required to be furnished to the employee by 15th June, 2021 under Rule 31 of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64D for the Previous Year 2020-21, required to be furnished on or before 15th June, 2021 under Rule 12CB of the Rules, as extended to 30th June, 2021 vide Circular No.9 of 2021, may be furnished on or before 15th July, 2021.

The Statement of Income paid or credited by an investment fund to its unit holder in Form No. 64C for the Previous Year 2020-21, required to be furnished on or before 30th June, 2021 under Rule 12CB of the Rules, as extended to 15th July, 2021 vide Circular No.9 of 2021, may be furnished on or before 31st July, 2021.

The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc., required to be made on or before 30th June, 2021, may be made on or before 31St August, 2021.

The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, for which the last date of such compliance falls between 1st April, 2021 to 29th September, 2021 (both days inclusive), may be completed on or before 30th September, 2021.

The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021, required to be furnished on or before 15th July, 2021 under Rule 37 BB of the Rules, may be furnished on or before 31st July, 2021.

The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30th June, 2021, may be furnished on or before 31St July, 2021.

The Annual Statement required to be furnished under sub-section (5) of section 9A of the Act by the eligible investment fund in Form No. 3CEK for the Financial Year 2020-21, which is required to be filed on or before 29th June, 2021, may be furnished on or before 31st July, 2021.

Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021, which is required to be uploaded on or before 15th July, 2021, may be uploaded by 31st August,2021.

Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission) under sub-section (1) of Section 245M of the Act in Form No. 34BB, which is required to be exercised on or before 27th June, 2021, may be exercised on or before 31st July,2021.

Last date of linkage of Aadhaar with PAN under section 139AA of the Act, which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Last date of payment of amount under Vivad se Vishwas(without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021.

Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021.

Time Limit for passing assessment order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Time Limit for passing penalty order which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

Time Limit for processing Equalisation Levy returns which was earlier extended to 30th June, 2021 is further extended to 30th September, 2021.

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25 June 2021 News and Updates

25th June 2K21

Ø RBI launches FY21 round of survey on ITES Exports 

Ø India again urges OPEC to phase out oil output cuts

Ø Bank of Maharashtra gets shareholders' nod to raise Rs 5,000 Cr 

Ø LIC Housing Finance to raise over Rs 2,334 cr from LIC as equity capital

Ø Future Retail seeks extension of time for filing results

Ø PTC India posts 4% rise in Q4 profit to Rs 49.77 Cr 

Ø India Pesticides IPO Subscribed 3.8 times on Day 2

Ø Union Bank of India raises Rs 850 Cr through Bonds 

Ø NDMC increases License fees for 2021-22 by up to 7 %

Ø Insurers have settled 15.3 lakh health and 48,000 life claims amid lethal second wave: Irdai Official

Ø Reliance Industries to invest Rs 75,000 crore on new clean energy business over 3 years

Ø India's engineering, research, development market to reach USD 63 bln by 2025: Nasscom

Ø WealthDesk closes its pre-Series A funding round at $3.2 million

Ø Edtech startup Classplus raises $65 million from Tiger Global, others

Ø RBI tightens dividend payout norms for NBFCs, links them to bad debt

Ø RIL offers Board seat to Saudi Aramco's Yasir Al-Rumayyan in global push

Ø Apollo Hospitals pegs a $2.3 Billion sales target for new company

Ø Covered bond issuances increase to Rs 2,200 cr in FY21: ICRA report

Ø CEA expects food inflation to ease with unlock and good monsoon

Ø China all set to operationalise the first electric train in Tibet

Ø Markets regulator Sebi plans to come out with framework for SPACs

Ø Microsoft shows Windows 11, first major overhaul in six years

Ø Govt to amend Apprenticeship Act in monsoon session to boost hiring

Ø Centre may review IBC provision on withdrawal of case

Ø ReNew Power eyes Morgan Stanley stake in Continuum

Ø Indian Bank raises ₹1,650 Crore via QIP

Ø E-way bills pick up further pace in third week of June

Ø Union Bank of India raises ₹850 Cr through bonds

Ø Domestic Air Traffic expected to improve by 52% in FY22: Capa

Ø India's bank Credit-to-GDP Ratio inches up to 56% in 2020: BIS data

Ø US initial Jobless claims fell slightly last week to 411,000

Ø Visa buys Swedish Fintech Tink for more than $2 Billion

Ø Maharashtra State Cooperative Bank reports Rs 369-crore net in FY21

Ø Reliance Retail to grow 3x in next 3-5 years, create 10 lakh jobs: RIL Chairman

Ø French firm Imerys pumps in Rs 350 cr in new facility in Andhra Pradesh

Ø Bank of England keeps UK rates at record low of 0.1%

Ø States’ revenues set to cross pre-pandemic level this fiscal: Report

Ø IPO-bound Veeda Clinical Research raises $16 mln in round led by Sabre PE

Ø BSE collaborates with GIFT SEZ to offer finance, capital mkts courses

Ø GMR Infrastructure pledges 2.4 Cr shares in favour of KLJ Plasticizers

Ø Wipro IT Services raises $750 million from overseas bond sale

Ø Paytm extends deadline for Shareholders to submit documents for share sale to June 30

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⚫With domestic retail fuel prices jumping to record high on rising international oil rates, India pressed oil cartel OPEC for ‘affordable’ oil price within a ‘reasonable band’ and that the producers should phase out production cuts.

⚫RIL announced yet another game changing move, a mega entry into green energy. The company is planning to get into solar power generation and manufacturing, hydrogen production, e-fuels, and energy storage under its “New Energy and New Materials” division.

⚫$32 mn World Bank loan for improving healthcare services in Mizoram.

⚫RBI tightens dividend payout norms for NBFCs, links them to bad debt.

⚫SEBI is planning to come out with framework on special purpose acquisition co's, which will enable listing of startups on domestic stock exchanges.

⚫Microsoft Corp showed Windows 11, which will hit markets toward the end of this year and is the first major revamp of its Windows operating system since 2015.

⚫India administered more than 300 million doses of the Covid-19 vaccine so far, though the daily pace in the last three days has slowed down slightly after touching a record on Monday. 

 

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

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Thanks for reading

24 June 2021 News and Updates

24th June 2K21

Ø Auto companies warm up to invoice discounting to boost suppliers’ cash flow

Ø Reliance Infra in talks to sell Rs 1,400 cr worth of road assets to Cube Highways

Ø Heineken becomes UBL's largest shareholder, buys 39.6 million shares in huge block deal

Ø Sebi bars Sterling Biotech's directors from securities markets on GDR manipulation

Ø Anmi calls for withdrawal of penalty for incorrect client statement submission

Ø Minda Industries makes foray into Uzbekistan, to buy 51% stake in UZ Chasys

Ø ED transfers Rs 9,371-cr assets seized from Mallya, Nirav, Choksi to PSBs

Ø GMR Infrastructure to sell stake in Indonesia mine to raise $400 million

Ø Wabco OFS subscribed 1.8 times, India pesticides fully subscribed

Ø Jamsetji Tata tops global list of top 10 philanthropists from last 100 yrs

Ø Kalrock-Jalan consortium receives NCLT nod to fly Jet Airways

Ø Maharashtra okays Adani taking over Navi Mumbai airport project 

Ø DoT allocates 5G trial spectrum to MTNL 

Ø Promoters buy ₹1,810 crore worth of APSEZ, Adani Green shares 

Ø Hike minimum selling price of sugar to ₹34.50/kg: Mills urge Centre 

Ø Oil producers to make record profits this year: Report

Ø Guenter Butschek  steps  down  as Tata Motors chief & MD

Ø FMCG companies log sales growth after Unlock 2.0 

Ø Middle East's share of India's oil imports hits 25-month low

Ø Moody’s cuts 2021 India’s growth forecast to 9.6 pc, flags low vaccination rate as risk

Ø Household financial savings moderated to 8.2 pc of GDP in Q3FY21: RBI

Ø FICCI urges govt to support tourism, hospitality industry

Ø Piramal Pharma completes acquisition of Hemmo Pharmaceuticals

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⚫India's total FDI inflow rises 38% yoy to $6.24 billion in April. The total FDI includes equity capital of unincorporated bodies, reinvest earnings and other capital.

⚫Road construction zooms nearly 60% in the first two months of FY22. 1,470 km constructed in April-May, against 847 km previous year.

⚫India's consumption story moving fast again. Unlock, good monsoon, better pace of vaccination and rural demand could galvanise recovery.

⚫Centre to spend extra Rs 93,868 crore for running PMGKAY-3 in FY22.

⚫The MCA has expanded the definition of small and medium companies, raising their turnover and borrowing limits. This would enable a wider set of companies to avail of greater flexibility in the accounting standards.

⚫After a gap of seven days, Maharashtra on Wednesday crossed the 10,000 single-day case mark and reported 10,066 COVID-19 infections.

⚫Mask wearing compliance still remains low in India. The mask compliance at vaccination centres also remains low.

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✅ MCA has accepted ICAI suggestion for *increasing threshold for companies* that will be covered under the definition of SMC . It will help larger number of companies to avail benefits of certain exemptions with respect of applicability and disclosures under accounting standards. It's also in line with increase in threshold by ICAI for non corporate entities.

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MCA

Notification Related to New *Companies (Accounting Standards) Rules 2021 https://drive.google.com/file/d/13nPWMMQuj-ZvtwTs-Z7kJZ81vo9R9yyh/view?usp=sharing

RBI

Notification Related to Gold Loan Scheme to Jewellers https://drive.google.com/file/d/1XrkOGCONutLN2m4tF45hTWOmg6ZPUlRu/view?usp=sharing

GST

Clarification Related to Applicability of Dynamic Quick Response (QR) Code on B2C Invoices https://drive.google.com/file/d/12jnHLP1iYfTAWKAP8vqA9WmSIzpUpQDp/view?usp=sharing

Income Tax

Notification/ Circular Related to *Functionality of Section 206AB and 206CCA (TDS/ TCS Provisions)* of Income Tax Act 

https://drive.google.com/file/d/1bIYjUMGlFwFHEFAVY9I-NRysYZZs9iGp/view?usp=sharing  

https://drive.google.com/file/d/1RgxpezNH8qTGCq2FS205TqOfpkBfQDbJ/view?usp=sharing 

https://drive.google.com/file/d/1VSJYhC3ODxqwfZzedtTxv9OFH8bB1uIr/view?usp=sharing

Higher TDS TCS provision in Income tax summarised

206AA

Non PAN case / Non Adhar case And even Non PAN- ADHAR link case

Will be liable for TDS at rate specified or 20%

W e is HIGHER 

Except in 194O & 194Q where It will be 5% in above case 

( Note - Non linked will be as good as non having PAN) 

206AB

NON filling of ITR for 2 Years & 

both yr, TDS Amt was higher than 50000

Then TDS rate would be 

TWICE RATE or 5 %

Whichever is higher 

206CC(1)

Non PAN case / Non Adhar case And even Non PAN- ADHAR link case

Will be liable for HIGHER rate of TCS at twice rate or 5%

W e is HIGHER 

( Note - Non linked will be as good as non having PAN) 

206CCA

NON filling of ITR for 2 Years & 

both yr, TCS Amt was higher than 50000

Then TCS rate would be 

Twice rate or 5 %

Whichever is higher

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👉🏻CBIC clarifies on QR codes for companies with turnover of over Rs 500 Cr

(CBIC has said that these companies supplying services to entities located overseas and receiving payments through a medium approved by RBI, do not need to issue QR codes on invoices, the report said.

👇🏻 👇🏻 👇🏻

https://bit.ly/3j4eyPj

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23 June 2021 Updates

 💸 Case Law on Cash deposit upto Rs 2.5 L during demonetisation:

💎 Smt Uma Agrawal (127 taxmann.com 735 Agra ITAT) ⚖️

🌎 Facts:

🌴 1. Assessee was a housewife and had deposited Rs 2,11,500 in her bank account.

📍 2. She had no business and claimed before the AO that this cash was out of her savings over a period of time and also claimed that after demonetisation, she had no option but to deposit the cash in the bank.

🎋 3. AO did not accept the contention and added the amount to income U/S 69A as unexplained money.

🇮🇳 Note: As per Insstruction 3/2017 dated 21/2/17, AO cannot tax cash deposit less than Rs 2.5L during the demonetisation.

⚖️ The ITAT held as below:

🍉 1. The small amount of Rs 2,21, 000/ would have been saved by her from various activities undertaken by her in the last many years.

🧘🏻‍♂️ 2. No evidence has been brought on record to prove that the deposit was from unexplained sources.

🍓 3. The word “may” had been used by the statute under section 69A, therefore applying the same analogy as laid down by SC in the case of Smt. P.K. Noorjahan(supra), we are of the opinion that the amount deposited by the assessee during the demonetization cannot be treated as income of the assessee.

🌱 4. Hence the appeal of the assessee is allowed

🌎 Footnote:  Tribunal said that this decision may be treated as a precedent in respect to proceedings arising out of the cash deposit made by the housewives during the demonetization scheme 2016, only up to the limit of Rs 2.5 lakhs only.

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⚫PM said that the new model of public finance, where states were allowed to exceed their annual borrowing limits in 2020-21 only if they undertook certain pre specified reforms, is a classic example of the new model of ‘reforms by conviction and incentives.

⚫FM exhorted Infosys to work on the new i-tax portal to make it more humane and user-friendly and expressed her deep concern on the various problems being faced by the stakeholders.

⚫Gujarat CM unveiled the 'Gujarat Electric Vehicle Policy 2021' which has been designed to see at least two lakh electric vehicles on the state roads in the next four years. To encourage people to turn to e-vehicles, the state govt will provide subsidies ranging from Rs 20,000 to Rs 1,50,000 on the purchase of vehicles under this policy, which will remain effective for four years.

⚫Centrum Capital plans to raise up to Rs 500 crore in equity via QIP.

⚫The Supreme Court dismissed the petitions challenging the CBSE and the CICSE's decision to cancel Class 12 board examinations and also approved assessment schemes proposed by the boards to evaluate students.

⚫India’s gene sequencing consortia has classified the new Delta-plus mutation of coronavirus as a variant of concern, following 22 cases being reported across Maharashtra, Kerala, and Madhya Pradesh.

 

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22 June 2021 News and Updates

22nd June 2K21

Ø Maruti Suzuki India to hike car prices in Jul-Sep qtr amid rise in input costs

Ø SBI gets central board's nod to raise Rs 14,000 crore via bonds

Ø KKR invests $625 million in Vini Cosmetics for a majority control

Ø Reliance Home Finance appoints panel to take steps for resolution process

Ø NTPC’s Jhabua Power bid hits NPA tag hurdle

Ø Cadila, Bayer extend JV partnership for three years

Ø Govt plans to bring stricter e-commerce rules, flash sales may be history

Ø Industry growth to largely be led by next-gen technologies, services: Wipro

Ø KKR pays Rs 4,600 cr for majority stake in FOGG brand owner Vini Cosmetics

Ø Govt mulling ways to ease tax burden on foreign AIF investors

Ø JSW Cement forays into ready mix concrete business under 'JSW Concrete'

Ø Govt notifies Rs 18,100 cr-PLI scheme to promote ACC battery making

Ø Dredging Corporation to gain from government’s new dredging norms 

Ø Steel sector can boost industry in Eastern India: Pradhan 

Ø FPIs increase exposure in banking and financial stocks 

Ø Route Mobile, Truecaller announce technology partnership 

Ø Third covid wave key risk to be watched out: Nomura

Ø Adani Transmission to seek shareholders' nod to raise ₹2,500 cr on July 13 AGM

Ø Maruti to hike prices of different models from next month

Ø Info Edge’s March quarter results don’t move the needle for its stock

Ø Stamp duty cut can prompt more people to buy homes: Consumer Poll

Ø MSCI India index premium races past 55% over emerging mkt peers, 12% over world: Report

Ø NTPC doubles 2032 renewables target to 60 GW

Ø Retail to be next growth engine for Reliance: Goldman Sachs

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🍉 CBDT issues functionality to verify whether the Vendors have filed tax return for compliance of Section 206AB and Section 206CCA.

🥭 As per circular no 11 issued today I.e. 21-6-21, the deductor can verify from income tax portal about its vendor’s status of filing tax return in preceding 2 years.

🌴 Further it has been clarified that preceding 2 previous years for FY 2021-22 shall mean

👉 FY 2018-19 and 

👉 FY 2019-20.

🍓 The name of specified persons who have not filed tax returns uploaded at the beginning of the year by CBDT will be valid for the entire FY as no further addition will be made to this list.

🌱However deletion will be done by CBDT in case any specified person in the list files its tax return. 

🍍 This will now make compliance of Section 206AB and 206CCA much easier as it will be one time exercise of verification in the beginning of the year of all vendors.

❌ No need now to obtain any declaration from the Vendors. ❌

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⚫India receives $64 bn FDI in 2020, fifth largest recipient of inflows.

⚫Rs 6,322 crore steel PLI scheme likely to get Cabinet approval soon. A PLI scheme in specialty steel is expected to boost manufacturing capabilities for value added steel, increasing exports.

⚫Bank credit grew by 5.74% to Rs 108.43 lakh crore and deposits rose by 9.73% to Rs 153.13 lakh crore in the fortnight ended June 4, 2021.

⚫Indian Bank launched its QIP of shares to raise around Rs 4,000 crore.

⚫Bharti announced a strategic partnership with the steel to software conglomerate Tata group for 5G network solutions.

⚫Over 85.15 lakh vaccine doses, the highest in a single day, were administered across the country on Monday as the revised guidelines for COVID-19 vaccination came into effect.

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Infosys on Saturday said it is deeply concerned with the inconvenience caused by the technical glitches in the new income tax e-filing portal, and it is working to resolve all the issues at the earliest.

Interest on enhanced compensation on sale of Agriculture Land is nothing but a capital receipt and the addition is against the law. This issue has been decided by the Hon’ble Apex Court in case of Union of India Vs. Hari Singh (Civil Appeal No. 15041/2017 order dated 15th September 2017) wherein it is held that on agricultural Land no tax is payable when the compensation/enhanced compensation is received by the assesses as the land was agricultural land.(Favour of Assessee) Paramjeeet Sing  Vs. ACIT,  16th April 2021 ( ITAT – Delhi) 

CBIC clarified that GST would not be levied on services provided by the Central or State Boards, including NBE, in the conduct of examinations for students including entrance exams. This move will benefit millions of households whose wards are at different levels in education.

Central Government has shortlisted Central Bank of India (CBI) and Indian Overseas Bank (IOB) for divestment, CNBC Awaaz has reported. The weak financial metrics of lenders like CBI and IOB could lead to unexpected hurdles in the government's plan to privatise the lenders, banking analysts and experts. 

Both the IOB and CBI are currently under the Prompt Corrective Action (PCA) framework imposed by the Reserve Bank of India (RBI). Under the PCA framework, the central bank imposes certain business restrictions on lenders with weak financial metrics.

PNB Housing Finance has appealed against an order by India’s capital market regulator asking it to hold a proposal to get shareholders nod for issuing equity shares and warrants on preferential basis to a clutch of investors led by the Carlyle Group. The company told BSE it has filed an appeal before the Securities Appellate Tribunal (SAT) against the letter issued by SEBI. 

CA Examinations-Opt Out Scheme. 

https://resource.cdn.icai.org/65187exam52495.pdf

CA Examination Admit Cards

No Physical Admit Card

https://resource.cdn.icai.org/65184exan52488.pdf

WEBATHON Video ON DIRECT TAX LAWS, DECODING INCOME TAX LAW, a journey of learning with eminent Tax Guru’s, CA (Dr) Girish Ahuja ji: held on 16/6/2021 (Day-1) 

https://youtu.be/5Crvv2tuAZ4

Webathon Video series (Day-2) ON 19TH JUNE 2021 Concept of Income & Residential Status (Section 3-4-5 & 6)

SPEAKER : CA SUNIL ARORA 

https://youtu.be/nhh3nkFiWRo

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CBIC has released the updated CGST Rules, 2017 Part A and Part B (Forms) updated upto 01st June 2021. You can download the CGST Rules from below links:

CGST Rules Part A:

https://www.cbic.gov.in/resources//htdocs-cbec/gst/010621(Part-A_Rules).pdf

CGST Rules Part B:

https://www.cbic.gov.in/resources//htdocs-cbec/gst/010621(Part-B_Rules).pdf

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 🌎 30th June is the last date for filing form CFSS-2020

Ministry of Corporate Affairs had introduced Companies Fresh Start Scheme, 2020 vide General Circular No. 12/2020 dated 30th March 2020 to provide relaxation in additional fee to the defaulting Companies to make good their default by filing pending documents with ROC. It was a One-time condonation of delay Scheme for filing statutorily required documents/forms of the Companies which were due for filling. The scheme was valid from 01.04.2020 to 30.09.2020 but due to the vast disruption caused by the pandemic COVID-19, on 28.09.2020, it was extended by the MCA till 31.12.2020. 

As per sub para (vii) of para 6 of the Scheme, the application for seeking immunity in respect of belated documents filed under the CFSS Scheme has to be made electronically in the Form CFSS-2020 within 6 months from the date of the closure of the scheme i.e. 31.12.2020. Therefore, the *last date of filing the said form is 30th June 2021.* Form CFSS 2020 was available for filing on the portal as e-form w.e.f. 16th January, 2021 for all the stakeholders without any filing fee. 

Form CFSS-2020 is a simple form in which details like CIN (Corporate Identification Number), Name of the Company and its Registered Office address, email of the Company and list of forms filed under the said scheme along with SRN are to be given. Immunity certificate will be issued by the designated Authority after the form is taken on record.

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Meeting organised by the Ministry of Finance on New Income Tax e-filing portal

👉 The Ministry of Finance, Government of India today organised a meeting to review the glitches and issues related to the New Income Tax e-filing portal. The new IT portal has been facing issues ever since its launch on June 7, 2021. The meeting arranged today was chaired by Smt. Nirmala Sitharaman, Hon’ble Minister of Finance & Corporate Affairs and graced by Shri Anurag Singh Thakur, Hon’ble Minister of State for Finance & Corporate Affairs. Also, present were Shri Tarun Bajaj, Revenue Secretary, Shri Jagannath Mohapatra, CBDT Chairman and top Finance Ministry officials.

👉 The Ministry of Finance had asked ICAI to constitute a task force of 7 representatives to look into the technical glitches / issues being faced on the new Income Tax portal. Accordingly, taking cognizance of the matter, a team of 7 members was constituted by CA. Nihar N Jambusaria, President, ICAI to analyse the issues being faced reg. new portal.

👉 Today, the team of ICAI in the presence of CA. Nihar N Jambusaria, President, ICAI made presentations on different issues being faced on New Income Tax e-filing portal. The officials from CBDT and Infosys were very receptive about the issues being conveyed by ICAI. They assured that the issues will be taken care of and shall be resolved at the earliest.

🌴 We believe this process will be almost complete in a phased manner and problems will be resolved on daily basis. For Tax Audit Report, which is awaited by CAs, utility shall be available by 1st week of July, 2021.

🎋 During the meeting, ICAI has been asked to provide its continuous support & inputs to CBDT and Infosys, in resolving the issues, as early as possible. The Income Tax Department said that the new portal was aimed at making compliance more taxpayer-friendly, however the technical glitches shall be addressed fast, for convenience of all.

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⚫Govt to come up with a SOP on new IT rules as industry awaits clarity.

⚫The domestic life insurance industry may see pressure on its profitability in the short term as the coronavirus pandemic has cast doubt on the certainty related to morbidity and mortality in the country.

⚫India Inc goes for price hikes again as input cost pressures increase. Durables, paints, and consumer staples among worst affected by raw material prices.

⚫Easier dilution norms for mega IPOs have come into effect. Co's with post listing m-cap of more than Rs 1 trillion will not be required to dilute a minimum of 10%. The move to relax dilution norms is seen as a precursor to LIC's IPO.

⚫Yoga Day will be observed in as many as 190 countries around the world and Missions of India abroad will be coordinating various activities with the administrations in the respective countries for the run-up to the event.

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Income Tax Section 194Q & 206AB of Income Tax Act applicable from 1st July 2021. 

Income Tax No Penalty for Addition for Bogus Purchases on estimated basis. DCIT Vs Toshvin Analytical Private Limited  (ITAT Mumbai) As per facts recorded above, the penalty in this case is only with reference to addition on bogus purchases amounting to Rs.3,83,388/-. The addition was sustained by the ITAT @8% of the bogus purchases. 

20.6.21 is last day to file GSTR-3B of May by Monthly filers with turnover above 5cr & upto 5 July with interest @ 9% pa. Others can file till 5 July.

GST: Supplying food to schools under mid-day meal scheme, pre-schools and anganwadis is exempt from GST, the Central Board of Indirect Taxes and Customs (CBIC) has said.

Sebi came out with a framework for investment adviser administration and supervisory body. Under the investment adviser rules, Sebi may recognise any body or body corporate for the purpose of regulating investment advisers (IA) and delegate administration and supervision of the IAs on terms and conditions specified by it.

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