Wednesday, 19 August 2020

19 August 2020 News and Updates

19th August 2K20

Ø  RBI unveils framework for retail payments 
Ø  AI could add $450-$500 bn to GDP by 2025
Ø  Received proposals worth Rs 12L-cr: Prasad
Ø  TRAI asks Airtel, Vodafone Idea to submit pending data post priority plan presentation
Ø  41 lakh youth lose jobs in India due to COVID-19 pandemic: ILO-ADB Report
Ø  Reliance acquires majority stake in Netmeds

Ø  Long-duration fund rally may halt as yields harden on rate-cut pause
Ø  Govt keen to speed up stake sale in four PSU banks this fiscal: Report
Ø  S&P 500 completes recovery from Covid-19 sell-off, hits record high
Ø  Govt urges auto firms to cut royalties to foreign parents: Report
Ø  Emami may sell land, non-core assets to bring down promoter pledging
Ø  People's Bank of China picks up stake in ICICI Bank via QIP issue

Ø  Steel imports up 10% as demand revives
Ø  Construction, agriculture, electronics witness maximum demand for skill development
Ø  Etrio launches retrofitted electric light commercial vehicle
Ø  Sterlite to appeal in SC against Thoothukudi plant closure verdict
Ø  1Petronet LNG reports Rs 500-crore consolidated profit for Q1
Ø  Mukesh Ambani on the prowl for retail acquisitions

Ø  FPL Technologies secures $10 mn in Series A funding from Sequoia India, others
Ø  Gold imports are rising  on  renewed investor interest
Ø  After KKR, L&T Finance, now Yes Bank sells CG Power shares worth ₹76 crore
Ø  PharmEasy to merge with rival Medlife to create $1bn entity
Ø  RBI releases norms for forming self-regulatory organisation in payments
Ø  Paid ₹195-cr AGR related dues, including spectrum sharing charges: Jio to SC

Ø  NCLAT sets aside order against former PNB official in Nirav Modi case
Ø  Jobless: India’s unemployment rate rises to nine-week high of 9.1%

Ø  GDP to contract 16.5% in Q1 as COVID cases continue to surge: SBI report
Ø  Politicos hail verdict as Madras High Court rejects plea to reopen Sterlite unit
.
============>
.
⚫Data and artificial intelligence can add $450-500 billion to India's GDP by 2025, representing about 10% of the $5 trillion economy aspiration of the Indian Govt, said a report by Nasscom. Nearly 45% of this value is likely to be delivered by 3 sectors - consumer goods and retail ($90-95 billion), agriculture ($60-65 billion), and banking and insurance ($60-65 billion)
⚫As many as 6.1 million young people (15-24 years) may lose jobs in India in 2020 if the containment of the virus takes six months says a report by Asian Development Bank and International Labour Organisation. 
⚫Madhya Pradesh CM said necessary legal provisions will be made to provide Govt jobs to local people. He said resources of the state are meant for residents of the state. 

⚫After picking up a stake in housing finance major HDFC, the Chinese central bank People’s Bank of China has acquired a very small stake in ICICI Bank through the recently closed Rs 15,000 crore share sale by the country’s second largest private sector lender.

⚫An advisory for Himachal Pradesh, Punjab, Haryana, Uttarakhand and UP said heavy-to-extremely heavy rainfall is likely in the coming days. And the water level in Sutlej, Ravi, Beas, Ghaggar, Yamuna, Bhagirathi, Alaknanda, Ganga, Ramganga, Sarda, Sarju and Ghaghra would rise.
⚫A total of 3,09,41,264 tests for detection of Covid-19 have so far been conducted in India with record 8,99,864 tests done in a single day.
.
============>
.
📌That 41st GST Council meeting scheduled to be held on August 27, 2020
📌CBIC laid down the Procedure for undertaking the operations in special warehouses u/s 65 of Customs Act
📌Delhi High Court dismisses plea seeking lower GST on Sanitizers and Masks
📌GSTN enables Downloading ITC invoice wise details of Table 8A of Form GSTR-9
📌HC refuses pre-arrest bail to trader booked for claiming fraudulent input tax credit of Rs 63.50 cr
📌Govt considering giving MSME status to dealers: Gadkari

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


Thanks for reading

Tuesday, 18 August 2020

18 August 2020 News and Updates

 18th August 2K20

Ø  Economic recovery picking up pace: Nomura
Ø  AGR case: Supreme Court’s poser to govt
Ø  Tata Motors rejects reports of JLR stake sale
Ø  SC asks Rcom to explain fall in valuation
Ø  India's GDP to contract 16.5% in Apr-June quarter: SBI report
Ø  India's seafood exports pegged at 12,89,651 MT in FY 19-20
Ø  India's power output rises for the first time in five months in August
Ø  Finance Minister Nirmala Sitharaman seeks investment from UAE for Rs 111 lakh cr National Infrastructure Pipeline

Ø  SC seeks govt view on Reliance Jio's liability for RCom's AGR dues
Ø  Domestic coal demand may be subdued in Q2 on lower demand: Report
Ø  Hiring picks up 35% in June qtr from a low of -50% in April: LinkedIn
Ø  US to tighten restrictions on Huawei access to technology, chips: Report
Ø  NFRA finds deficiencies in BSR's audit of IL&FS Financial Services

Ø  Government modifies Partial Credit Guarantee Scheme 2.0
Ø  India asks UAE to invest more in logistics, food parks
Ø  CBI books SEL Textiles Ltd, directors for cheating consortium of banks to the tune of ₹1,530 cr
Ø  Jyothy Labs eyes debt-free status by December
Ø  IHCL inks pact with Tata Power arm for solar energy
Ø  Biological E acquires Indian arm of US pharma firm Akor
Ø  India invites investments from UAE for highways, defence, ports, airports
Ø  Online trading company Robinhood now valued at $11.2 bn with new fund backing
Ø  L&T Finance sells its remaining CG Power stake for ₹73 crore
Ø  Over 80 million two-wheeler riders need helmets: Studds
Ø  Fed close to making its new inflation strategy official

Ø  Japan’s economy shrinks at record rate, slammed by pandemic
Ø  Samsung plans to produce Rs 3.7 lakh crore worth mobile phones in India
Ø  Kalyan Jewellers now close to same store performance year-on-year: CMD 

Ø  Reliance may acquire online start-ups Urban Ladder, Milkbasket: Report
Ø  Mutual fund norms violation: Sebi imposes Rs 10 lakh fine on Bank of Baroda
Ø  Taxpayers need not reveal high-value transactions in ITR
.
==============>
.

LEGAL KNOWLEDGE CAPSULE

✒️ Advocates have expressed dismay at the contempt verdict against Prashant Bhushan' "A Bar Silenced Under Threat Of Contempt Cannot Lead To A Strong Court"

✒️ Supreme Court has requested the President of National Consumer Disputes Redressal Commission to look into grievance that it is granting long adjournments in consumer complaints.

✒️ Supreme Court has ordered de-sealing of residential units in Delhi which had been sealed by a Court-appointed Monitoring Committee.

✒️ Supreme Court has stayed the Corporate Insolvency Resolution Process (CIRP) pending against a Corporate Debtor, in view of the "futuristic claims" made by an Operational Creditor

✒️ Delhi High Court has states that termination of a probationer during the period of probation does not amount to retrenchment within the meaning of Section 2(oo) of the Industrial Disputes Act, 1947.
 
.
==============>
.
⚫PM chaired a meeting to review preparations for the national master plan for providing multi-modal connectivity to various economic zones.The PM described it as an important endeavour that will boost productivity, infrastructure, economic progress & opportunities for youngsters.
⚫Consumer sentiment has started to get "a little better", even though the Covid-19 has continued to worsen, said by the Boston Consulting Group
Cautious living is emerging as the new theme, where consumers beginning to feel that it is time that they need to resume their activities albeit with a lot of caution.

⚫With a view to provide additional liquidity to crisis-ridden NBFCs and HFCs, the Govt relaxed norms for Partial Credit Guarantee Scheme for purchase of bonds and commercial papers by public sector banks and extended its period by three months.
⚫Transporters are on the verge of surrendering 50,000 vehicles to financiers, after being hit by sluggish economic activity, low freight availability, and end of the moratorium on August 31.
⚫The Delhi High Court has stayed the BOB and PNB move to classify Reliance Commercial Finance Ltd, and Reliance Home Finance Ltd as 'fraud' accounts.

⚫India has recorded over 54,288 coronavirus cases in the past 24 hours, taking its total past the 2.7-million mark. With 880 fatalities reported on Monday, the country's death toll has surged to 51,025.
⚫The Directorate General of GST Intelligence has issued guidelines, which seek to soften the impact of investigations and ensure that no excesses are committed that include minimal personal summons, no repeated summons and generally not issuing summons to CEOs and CFOs of large companies in the first instance for GST evasion.


.
==============>
.
🎯 MCA Update dated 18th August, 2020

👉🏻MCA has given clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020  vide General Circular No. 28/2020

➡️The companies which are unable to hold their AGM for the financial year ended on 31.03.2020 need to file their application in FORM NO. GNL-1 for seeking extension of time in holding of AGM for the financial year ended on 31.03.2020 with the concerned Registrar of Companies.

📌Stakeholders shall take note that *FORM GNL- 1 should be filed on or before 29.09.2020 & one can seek extension  only upto three months i.e. one can only  seek extension till 31.12.2020

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


Thanks for reading

Monday, 17 August 2020

17 August 2020 News and Updates

17th August 2K20

Economic Times

Ø  RBI on media analysis ahead of MPC meet
Ø  World eco to see worst contraction in 2020
Ø  Diesel sales drop 19% in first half of August compared to previous month
Ø  Media often captures sentiments correctly ahead of monetary policy: RBI study
Ø  Indian economy may contract in FY21: Birla

Business Standard

Ø  IDBI rejects investor's offer for Essar arm
Ø  Steel demand to fall significantly in FY21 due to Covid-19: Chandrasekaran
Ø  Gold imports dip 81% in April-July to $2.47 bn, silver imports down 56.5%
Ø  Thermal, coking coal imports at major ports dip 31% to 37 MT in Apr-Jul
Ø  Tata may sell stake in JLR, UK steel plant as talks with British govt fail
Ø  Moratorium, economic downturn raising risks for asset-backed securities

Business Line

Ø  Hit by lockdown, India Inc’s earnings plunge 42% in Q1
Ø  Forex reserves surge to an all-time high of $538.191 billion
Ø  Thermal coal, coking coal imports at major ports dip 31 per cent in April-July: IPA
Ø  Peak power demand declines to 5.65 per cent in first fortnight of August
Ø  Road Ministry proposes new norms for Construction Equipment Vehicles
 
Mint

Ø  India sends team to Mauritius to tackle oil spill
Ø  MCX to launch India's first bullion index on Aug 24
Ø  All communication with taxpayers to be from NeAC under faceless assessment
Ø  Six of 10 top valued firms lose ₹78,275.12 cr in m-cap
Ø  Natural gas prices may be cut to decade low of $1.9, dent ONGC revenues
Ø  Germany may soon join International Solar Alliance

Financial Express

Ø  Federal Bank to launch independent credit card in a year: Official
Ø  Re-examining business, operating models: Ashok Leyland chairman
Ø  Crompton Greaves eyes inorganic growth opportunities to enter more product segments
Ø  Infosys slaps fine on independent director Bobby Parikh for inadvertent trade
Ø  Mauritius’ oil spill worsens as leaking ship splits in two
Ø  Tens of thousands of government accounts hacked in Canada
.
===========>
.
Relocation expenses in respect of Salary paid to employees who traveled abroad for business of American Express needs to be verified, says ITAT

Read More: https://www.taxscan.in/relocation-expenses-in-respect-of-salary-paid-to-employees-who-traveled-abroad-for-business-of-american-express-needs-to-be-verified-says-itat/68467/
.
===========>
.
⚫The next few months will be "critical" for the country in the bid to revive economic activity and further fiscal measures may be warranted to ensure that recovery gathers pace, Niti Aayog Vice Chairman  said.
⚫India’s exports contracted by 10.2% in July, as trade of major foreign-exchange earners such as petroleum, gems, electronics, and textiles remained subdued.
⚫The RBI will transfer Rs 57,128 crore of its surplus to the Union Govt for the fiscal 2019-20.
⚫Price Waterhouse, the auditor of GVK Infrastructure, resigned citing lack of information provided by the company to prepare financial statement for the financial year ended on March.
⚫India has recorded over 65,600 coronavirus cases in the past 24 hours, taking its total to 2,525,222. With over 1,000 fatalities reported on Friday, India's death toll has surged to 49,134.
⚫Bharat Electronics Limited announced the successful completion of manufacturing 30,000 numbers of ICU Ventilators in a 'record time' to help the Govt of India in its efforts in combating the COVID-19.
.
===========>
.
Freedom from personnel appearance

1. Jurisdiction of income-tax authorities have been defined under section 120 of the Income-tax Act, 1961. Following the implementation of faceless assessment to all taxpayer as announced by the PM Shri Narendra Modi, the Central Board of Direct Taxes (CBDT) has amended jurisdiction of various designation of the Income-tax Authorities.
2. Address and GSTIN of recipient were missing on tax invoices at the time of filing of refund which are mandatory particulars to be furnished in tax invoice. Assessee submitted rectified invoices in reply to deficiency memo by typing such missing details on original invoices. The Additional Commissioner (Appeals) allowed assessee to submit rectified invoices before adjudicating authority for verification, who may sanction refund, if same is found in order.
3. Preparation of financial statement (as per Companies Act 2013) The framework of the Companies Act 2013 lays down the provisions relating to preparation and disclosure of financial statements prepared by any company. As per sub-Section (1) of section 129 of the Companies Act 2013, the financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under section133.
.
===========>
.
When there is a conflict & no consensus is reached by the majority of voting share to appoint the IRP/RP so proposed by the Applicant, it is expedient to appoint an independent IRP/RP to break any kind of stalemate between the Financial Creditors – Allahabad Bank Vs. Anil Kumar IRP of KSL and Industries Limited – NCLT Ahmedabad

Case Citation: [2020] ibclaw.in 63 NCLT

NCLT held that as per Section 7 of the IB Code, the Financial Creditor has the prerogative to propose the name of the IRP/RP and thereafter, they may change it by filing an application under Section 22 of the IB Code. However, to resolve this issue and to end the stalemate between the secured and unsecured Financial Creditors, this Bench in exercise of power under Rule 11 of the NCLT Rules 2016, do hereby appoint Mr. Kiran Shah as the new IRP/RP and direct him to convene the COC meeting and complete the CIRP as early as possible. Further, the period which is consumed in deciding this Application as well as the lockdown period i.e. from 25.03.2020 to 31.05.2020, is exempted.
https://ibclaw.in/when-there-is-a-conflict-no-consensus-is-reached-by-the-majority-of-voting-share-to-appoint-the-irp-rp-so-proposed-by-the-applicant-it-is-expedient-to-appoint-an-independent-irp-rp-to-break-any-kin/
.
===========>
.
Freedom from personnel appearance
1. Jurisdiction of income-tax authorities have been defined under section 120 of the Income-tax Act, 1961. Following the implementation of faceless assessment to all taxpayer as announced by the PM Shri Narendra Modi, the Central Board of Direct Taxes (CBDT) has amended jurisdiction of various designation of the Income-tax Authorities.
2. Address and GSTIN of recipient were missing on tax invoices at the time of filing of refund which are mandatory particulars to be furnished in tax invoice. Assessee submitted rectified invoices in reply to deficiency memo by typing such missing details on original invoices. The Additional Commissioner (Appeals) allowed assessee to submit rectified invoices before adjudicating authority for verification, who may sanction refund, if same is found in order.
3. Preparation of financial statement (as per Companies Act 2013) The framework of the Companies Act 2013 lays down the provisions relating to preparation and disclosure of financial statements prepared by any company. As per sub-Section (1) of section 129 of the Companies Act 2013, the financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards notified under section133.
.
===========>
.
Hats off to Justice Mishra's observation on AGR hearing at SC.

A spectrum is a Soverign Resource and Govt has the right over it any time.

Why not JIO pay the AGR dues of Rs.31000 crs of RCOM.

The Spectrum moved from RIL subsidiary to RCOM DURING Sibling Asset settlement in 2006 and found it's way back to RIL Subsidiary in 2016.

The movement is so beautifully schemed so that AGR payable to the Government becomes non payable in the entire process of spectrum usage till  2016 due to dispute in AGR calculation.

 This was achieved by ensuring RCOM becomes insolvent so that AGR due are  irrecoverable.

The investors of RCOM fell flat in the process of  shift of spectrum  resource usage.

Oil was struggling to keep cash registers tinkling and Data replaces OIL to maintain the  cash flow of RIL.

Any product where the end price is under Govt control will result in ultimate death of that organisation.  This is the history of India.

The foundation of SC judgement cannot be different based on a company existence or  non existence. 

We will write off the AGR from insolvent companies and collect AGR from companies in operation is not all acceptable.

VIL,BSNL,and Bharti had built the 2G and 3 G infrastructure by investing heavily on Spectrum and connectivity. They upgraded to 4G but still served the poor of the country who used 2G and 3G platform.

RIL in 2016 started  using the spectrum of RCOM for meeting their needs of 2G and 3G customers. 

JIO offered Voice as free as a marketing tool to woo the customers of other players in the market. 40 cr people migrated or added a second cell to reduce their expenses.

In the process all existing companies started to bleed since their revenue realisation for their customer dropped by 50%.

The sky was falling and earth was going up for these old players of definite future AGR liability and Low Revenue Realisation from its customers.

When we buy any property the first thing we verify is on the property Encumbarance. If it is there the ultimate buyer did not get the 100% ownership.

In this case also the spectrum of RCOM had an encumbarance of AGR dues and it is height of stupidity that DOT allowed transfer of Spectrum Usage to RIL without fixing in dues settlement. 

RCOM also applied for Insolvency after an incubation period of 4 years for RIL to complete its foundation of JIO.

Any definition of operational or financial creditors cannot include the Soverign body THE GOVT OF INDIA at par with them.

The Sovereign body must have a precedence of claim over Spectrum since it is like a heart in a human body. 

JIO kept an artificial heart at RCOM and transplanted the original heart called Spectrum for RIL  Cash pumping  Blood.

The business model of other players were destroyed in the process and it is leading to a virtual JIO Monopoly in Telecom sector.

 This is 100% against the people of India.

Justice Mishra is 100% correct in demanding RCOM spectrum dues of Rs.31000 crs from JIO.
.
===========>
.
▶️▶️ To provide more transparency, easiness and efficiency, some commitments have been made by the IT Department and expecting honesty and compliant from taxpayers through the Taxpayers’ Charter. For the compliance, Taxpayers can approach the Taxpayers’ Charter Cell.
▶️▶️ E-verification of Income Tax Return (ITR) of AY 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20* has been re-enabled upto 30.09.2020 for taxpayers who could not verify the ITR within the prescribed time.  
2️⃣ Goods and Services Tax:
▶️▶️ Excel offline utility is now available to prepare form GSTR-4 (Annual Return) by the composition taxpayers in download tab of GST Portal.
▶️▶️ Taxpayers can now file application for revocation of cancellation of registration again, if previous revocation application is rejected.  
3️⃣ Corporate & Allied Laws
▶️▶️ MSME has clarified that validity of existing registrations (i.e. EM Part-II, UAM) prior to 30.06.2020 shall continue till 31.03.2021. the facility of editing and amendment in existing registrations also can be done till the same date.
▶️▶️ It is also clarified that value of Plant & Machinery shall be taken Written Down Value (WDV) as at the end of financial year as defined by the Income Tax Act and not the cost of acquisition or original price for Udyam (MSME) Registration under the new criteria. 📢
.
===========>
.
✒️ Supreme Court has held that the failure to lodge FIR complaining dowry & harassment before death of victim inconsequential.

✒️ Supreme Court has allowed registration for BS-IV vehicles whose sales details were uploaded on Vahan or those with temporary registration.

✒️ Supreme Court has set aside the direction issued by the Delhi High Court to Oriental Insurance Company Ltd to plant hundred trees in a claims matter.

✒️ Delhi High Court has refused to stay a pollution cess of Rs 50 Lakhs slapped on Delhi Development Authority by Delhi Pollution Control Committee for alleged water contamination of stormwater drains on the Samalkha-Dwarka Road.

✒️ prime Minister Narendra Modi has expanded the faceless assessment scheme to all taxpayers, unveiled a single-page Taxpayers’ Charter and promised a faceless appeal mechanism from September, 2020.
.
===========>
.
⚫PM said that mammoth steps have been taken to make the country self-reliant in the defence sector, import of more than 100 military equipment has been stopped.From missiles to light military helicopters, from assault rifles to transport aircraft all will be made in India. 
⚫Russian President greeted the Indian Govt on 74th Independence Day, India rightfully enjoys high prestige among the international community and the success achieved by India in economic, social and other spheres is widely acknowledged.
⚫The Govt withdraw a controversial tweet which talked about a proposal to bring transactions under the income tax scanner.The tweet was put up by mygovindia. According to the tweet the Govt proposed to include life insurance premium above Rs 50,000, health insurance premium over Rs 20,000, foreign travel, education-related fees, and donations above Rs 100,000 in a year in the list of Statement of Financial Transactions. Other transactions proposed to be included are purchase of white goods, jewellery and paintings over Rs 100,000, and demat accounts and bank lockers.
⚫The Manipur Govt extended the complete lockdown till August 31 to contain the spread of COVID-19 in the state.
⚫The small & medium textiles exporters assn has asked the Govt to introduce 'faceless assessments and faceless appeals' in the indirect tax regime as well so that exporters interaction with GST officials could be eliminated.
⚫Steel demand is expected to decline significantly in 2020-21 in line with a projected contraction in the global economy due to production cuts amidst ongoing lockdowns.
⚫The I-tax dept is undergoing a complete restructuring exercise with regional e-assessment centres set up across 20 cities, apart from the national centre in Delhi. Some 4,224 officers have been diverted to the faceless assessment unit, leaving about 2,000 officers in the residual jurisdiction, which will no longer carry out any assessment exercise.
⚫The Govt may not have to inject fresh capital into the PSBs as one-time loan restructuring by the RBI has reduced additional fund requirements by them.
⚫India is now the third most affected country by total cases and fourth by death toll, it added 431983 cases in the past 7 days alone. India left even the US and Brazil behind in seven-day average of daily new coronavirus cases.
⚫High-speed mobile Internet services were restored on a trial basis in one district each in Kashmir and Jammu regions over a year after the facility was suspended.
.
===========>
.
INVOICE INCENTIVISATION

Mera Bill Mera Adhikaar is conceptualised as scheme which incentivises citizens & consumers to ask for genuine invoices from the seller when making business to consumer ( B2C) purchase of goods or services, which are under the purview of Goods and Services Tax. This would serve the objective of encouraging tax compliant behaviour, in the business to consumer (B2C) stage of the transactions, by the consumers & business across India.

GSTN, with it’s partner for this application (M/s e-connect Solutions Pvt. Ltd.), is developing a technology platform which will enable citizens to register themselves and upload invoices on a user friendly mobile application and portal . Robust technology will allow this mobile application & portal to automatically read the key details from printed invoices, like GSTIN, invoice number, amount paid & tax amount.

At the end of a month, few *lucky invoices would be identified by a process of draw of lots, and given reward as an incentive of observing tax compliant* behaviour. The draw of lots will be conducted by another Government agency. Since the draw of lots would be conducted on individual invoices, every invoice could be a potential future reward at the time of upload. Thus, uploading more invoices in a month would increase a consumer’s chance of winning the reward. Consequently, citizens would be incentivised to report maximum number of transactions on this system. The system would also facilitate verification of winning invoices before disbursal of reward, to ensure that only genuine invoices are given the reward.

This scheme would serve multiple objectives of incentivising and rewarding compliant behaviour by the consumers, encouraging tax compliant businesses, boosting consumer spending, and, checking tax evasion.
Source: GSTN

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


Thanks for reading

Friday, 14 August 2020

14 August 2020 News and Updates

14 August 2020 News and Updates

Ø  Balance of payments to be 'very, very strong' this year, green shoots visible in economy: Piyush Goyal
Ø  Spectrum of bankrupt telcos who owe statutory dues cannot be sold: Govt to SC
Ø  Petroleum and Natural Gas Regulatory Board Chairman bats for unified gas price
Ø  India's economy is slowly recovering, shows Nomura India Business Resumption Index
Ø  India to promote manufacturing of some products to boost market share
Ø  Govt to unveil more steps to attract investment in defence sector: Rajnath
Ø  Imports from related party will be scrutinised by Customs: Expert
Ø  Debt recast to give relief to Rs 3 trn retail, small corp debt: Crisil
Ø  Market regulator cracks whip on front runners at Reliance Securities
Ø  Saudi Aramco to go ahead with plans to boost oil output capacity, says CEO
Ø  Equity MFs see outflows for first time in 4 years: AMFI
Ø  Auto sector expects recovery this month: FADA
Ø  Around 68% rural Indians faced ‘high’ monetary difficulty during lockdown: Survey
Ø  IndiGo plans to raise up to ₹4,000 crore through QIP
Ø  Titan reports consolidated Q1 net loss of ₹297 cr
Ø  Equitas Holdings June qtr net down 25% at ₹52.5 cr
Ø  Sebi issues guidelines to help trustees of MFs in monitoring AMCs' activities 
Ø  FinMin calls for real-time monitoring of key infra projects to push growth
Ø  South Indian Bank to set up non-financial subsidiary
Ø  JSW Cement pushes IPO plans to 2022 as cement demand crashes
Ø  Bank of Baroda Q1 result: Net loss of ₹864 cr due to higher provisions
Ø  Commerce ministry’s investigation arm recommends anti-dumping duty on Chinese chemical
Ø  UBS Principal Capital Asia sells Axis Bank shares worth over Rs 150 crore
Ø  ICICI Bank sets floor price at Rs 351.36 for QIP
Ø  RIL-Aramco deal: Still working on deal to invest in Reliance, says Aramco CEO
Ø  Andhra's new industrial policy holds out juicy land sops for investors
Ø  India GDP to shrink by 4.5% in 2020: Report
Ø  India defers certificate for rice export to EU
Ø  RIL breaks into top 100 global companies
Ø  Debt recast to worsen asset quality: Fitch
Ø  Airbnb contributed $320 million to the Indian economy in 2019: Oxford Economics
Ø  Allow JSPL to pay $55 mn to subsidiary: HC
Ø  I-T dept cracks down on Chinese entities
Ø  Foreign investors get tax compliance relief for AIF investment in IFSC
Ø  About 5-8% of loan book will be recast under RBI scheme, says ICRA
Ø  Axis Bank raises Rs 10,000 cr via allotment of equity shares to QIBs
Ø  Singapore's economy sees worst ever quarterly contraction of 13.2%
Ø  Moody's assigns B3 rating with negative outlook to Vedanta's USD notes
Ø  IndiGo in talks to leaseback 12 of its ATR aircraft to raise funds
Ø  Adani Ports Q1 net profit falls 26 per cent to ₹758 crore
Ø  Tata Motors bets big on automatics in Covid-19 times
Ø  Bosch reports Q1 net loss at ₹121 cr
Ø  Freshworks, Hexaware announces global partnership
Ø  JSW Steel output down 5% in July
Ø  ADIA, HDFC MF buy Inox Leisure shares in bulk deal
Ø  DAC approves proposals to buy ₹8,722.38 crore military hardware
Ø  S&P 500 on verge of reclaiming February highs due to US stimulus hopes
Ø  Mahindra among 14 global CEOs to endorse road map for better economic system 
Ø  Households’ FMCG consumption in April-June highest in two years: Report
Ø  COVID-19 may accelerate shift in global trade relations, supply chains: Moody’s
Ø  CIAL reports Rs 72 crore loss in Q1 of current fiscal
Ø  India levies anti-dumping duty on black toner from China, others
Ø  Corona lockdown effect: Industrial production declines by over 16 per cent in June
Ø  RBI asks large UCBs to implement system-based asset classification from June 2021
Ø  Deutsche Bank infuses funds in India ops
Ø  23 players including Bombardier, Alstom attend meeting on running private trains: Railways
Ø  NMDC hikes iron ore rates by Rs 300 to Rs 2,950 a tonne effective from August 12
Ø  Equalisation levy: MasterCard moves HC
Ø  Govt panel proposes 2 formats for BRSR
Ø  NCLAT rejects plea to start insolvency proceedings against Tata Chemicals
Ø  Gadkari calls for increased global investment in highways, MSME sectors
Ø  Over 1,700 big wilful defaulters together owe Rs 37,020 crore to PNB
Ø  Reliance Commercial Finance gets 13 EoIs from global, domestic investors
Ø  Bharat Forge reports consolidated loss of Rs 127.3 crore in Apr-Jun qtr
Ø  Japan to provide financial assistance to 10 Japan-India tech tie-ups
Ø  BSE getting traction on gold trade
Ø  PM to unveil next phase of direct tax reforms on Thursday
Ø  Ashok Leyland reports ₹389 cr net loss in Q1 due to Covid-19 lockdown
Ø  Sundram Fasteners reports Q1 loss of ₹23 crore
Ø  Brigade Enterprises posts ₹63.90 crore loss for Q1
Ø  India's fuel demand dips 11.7% in July
Ø  Mahindra Finance's ₹3,089 cr rights issue subscribed 1.3 times
Ø  Centre allows registration, sale of EVs without pre-fitted battery
Ø  ABN Amro exits trade, commodity finance in wider industry shake-up
Ø  Tata Power merges Mundra plant into parent for capital support
Ø  RBI asks urban cooperative banks to implement system-based asset classification from June 2021
Ø  UK’s deep economic recession may send strong global headwinds to India
Ø  CIL seeks lower rail tariff for coal transportation
Ø  I-T Department raids premises of Chinese entities in money laundering case
Ø  US signs $1.5 billion COVID-19 vaccine deal with Moderna for 100 million doses
Ø  Medtronic to invest Rs 1,200 crore to expand Hyderabad R&D centre
Ø  Retail inflation inches up to 6.93% in July
Ø  US jobless claims fall below 1 million
Ø  India is a difficult market to be in at this moment of time, says Carlsberg Global CEO
Ø  Eicher Motors and Volvo JV to acquire Volvo's India bus business
Ø  JSPL starts supply of special grade rail tracks for new phase of Kolkata Metro
Ø  Railways rules out fare regulator for pvt trains, to allow competition in transport sector
 Ø  Tata Steel reports Rs 4,648 cr net loss in Q1 due to reduced income
Ø  China extends anti-dumping duties on Indian optical fibres for 5 years
Ø  SBI eyes three-fold rise in retail, MSME gold loan business in FY21
Ø  PE/VC investments drop 51% to $4.1 billion as big deals shrink in July
Ø  French unemployment rate hits 37-year low in Q2 2020 as lockdown bites
Ø  Godrej Industries Q1 net profit down 40% at ₹106 cr
Ø  US budget deficit climbs to record $2.81 trillion
Ø  FPIs continue to repose faith in private insurers
Ø  GAIL (India) profit plunges to ₹643 crore in Q1
Ø  Grasim net down 67% on weak demand
Ø  JSW Group revenue down by $2 billion in FY20
Ø  Need to upgrade Ordnance Factories to lower import dependence, say defence experts
Ø  Government to switch ₹28,000 crore of bonds for longer term securities
Ø  BPCL's net profit up 22% for April-June quarter
Ø  Tata Motors launches India's biggest tipper truck
Ø  Lenders, govt diverge on sale of spectrum with bankrupt telcos
Ø  RBI tightens regulations for core investment companies
Ø  SIP inflows hit 22-month low in July at ₹7,831 crore
Ø  RBI remains net purchaser of US dollar in June, buys USD 9.814 billion
Ø  Search and seizure, international tax cases out of faceless assessment ambit: CBDT
Ø  Larsen & Toubro wins ‘significant’ contracts for various businesses
Ø  PM unveils new tax platform, says tax paying to become seamless, painless, faceless
Ø  J&J ties up with Biological E for manufacturing Covid vaccine in India
Ø  Gems, jewellery exports dip 38% in July as virus slows global demand

.
========>
.
Some points to be remember in case of company incorporation:-

1) While filling data online in spice+ Part A, fill all data very cautiously. Also if possible attach main object(as approved by client).
2) Every time, if possible, take screenshot of Spice+ Part A,I.e. RUN.
3) If you proceed for payment and an amount has been deducted from your bank account and Spice+ Part A page get expired or forcefully logged out you, then dont panic & after again logged in MCA may show you message that challan or SRN is marked as unpaid then still dont cancel your SRN.
4) Its MCA error. Wait for 48hours. Your challans will be shown as paid after 48hrs. Also advice clients that due to lockdown or system/techical error of MCA, a process of company incorporation may get delayed.
5) Same case with Spice+ Part B, Save your data at every stage. Then keep ready all docs.with you before filling Part B.
6) Give name to all attachments in small letters. Avoid capital letter, commas, space. Check size of attachments before attaching it to Spice+ Part B. This will help you to avoid extra size reduction of attachments and duplication of work, after downloading of forms.

7) In case of any company, now stamp paper & notary is not required at all. It is done away with.
8) In case PAN TAN not received then call to CRC to ask 15 digit application number. Mention contact number & email id of client very cautiously. Coz soft copy will be deliver to client's mail id.
9) In case if you are using google Chrome for filling data in spice+ Part B, and forms are unable to download then dont panic, use Internet explorer or mozilaa firefox.
10) Also at the time of starting your day always do following steps
clear temporary files %temp%

clear google/internet explorer/mozilla firefox browser history

clear cache memory. The reason for this👆🏻 is there are lots of changes done by MCA. Due to such changes, MCA get cluttered with old technical files. So we need to clear it.

11) At the end of part B dont attach MOA and AOA to the site. It is only mandatory in some specific cases only. Like section 8 Co., producer Co,etc.
12) And please note that there will be 5 files that everyone need to download and upload on mca In following sequence only:- 
1. Part B
2.MOA
3. AOA
4. AGILE
5. INC-9
.
========>
.
 Income Tax Form 26AS: Hotel bills of over Rs 20,000 will now reflect in your ITR; check other changes

In a move to curb widespread tax evasion, the Government of India has proposed to widen the scope and reduced the threshold of various transactions to further include even white good purchases, property tax payment, medical and life insurance premium and even hotel payments.

Prime Minister Narendra Modi on August 13 launched the 'Transparent Taxation' platform while announcing multiple reforms to improve tax compliance, faceless assessment and ease of filing returns. As part of the rehaul, the government has also proposed to reduce the threshold of various transactions for tax disclosure. This is aimed at widening the income tax base and checking tax evasion.

The list will now include white good purchases, property tax payment, medical and life insurance premium and even hotel payments.

So, the next time you pay a hotel bill or medical insurance premium of more than Rs 20,000, incur an expenditure of amount exceeding Rs 50,000 on life insurance or more than Rs 1 lakh for school fee, purchase white goods, jewellery, marble or paintings, be mindful that the entity you have made the payment to will be informing the government of your transaction.

Even payments made to the government such as property tax and electricity bills would be reported if they exceed Rs 20,000 and Rs 1 lakh, respectively. Business-class airline travel, whether domestic or foreign, would be reported, as per communication from the Ministry of Finance. These would be reflected in an individual's tax account statement called Form 26-AS.

“Earlier, a majority of the high-value transactions were linked to the financial sector such as banks, demat accounts, but now this move aims to bring everyone under the lens. So, even normal payments for school fees and white goods or painting purchases above Rs 1 lakh would be reported and even bank account deposits would be checked”.
Some of these had already been announced earlier during the Union Budget or are being captured through income tax returns. But a formal implementation has been announced. Under the existing scenario, property purchase above Rs 30 lakh, Rs 10 lakh invested in shares, mutual funds, demat, credit card and fixed deposit transactions above Rs 10 lakh were reported.

The limit for cash deposits in banks has been enhanced from Rs 10 lakh to Rs 25 lakh for savings account and Rs 50 lakh for current account. But, if you have bank transactions exceeding Rs 30 lakh then you would have to file a tax return, whether your transaction has been reported or not.

“Government has introduced new sections and is making reporting of certain transactions mandatory to unearth black money. This is because the number of people subjected to scrutiny is being reduced. The tax department wants to say have faith that taxpayers won’t be harassed as they are relying on data analytics,” While it remains to be seen how this would be implemented and whether individual taxpayers would be burdened with additional compliance. But since June 2020, many notices have been issued to taxpayers to verify whether they have incurred certain high-value transactions.

“Notices to confirm transactions reported under the taxpayers' PAN have already been issued based on the information reported to the government. The taxpayer simply needs to log-in to confirm whether the transactions belong to him or her”. Once you verify or decline the transaction, the tax department would cross verify with your income tax returns if any.

The options for an individual include, whether the information is correct, wrong or duplicate. “If you decline the information then they would verify with the company that supplied the information. If you are proved wrong then you would have to revise your income tax return”.

Another case in point is whether the threshold limits for certain transactions have been set low to include everyone under the tax net. A big group of diners at the restaurant would exceed Rs 20,000 in hotel bill, school payments have been exceeding the Rs 1 lakh mark for many, while Mediclaim premium would be beyond Rs 20,000 for a family for four.

“The threshold may seem low if we take into account bigger cities like Mumbai, Bangalore and Delhi, but they are reasonable from the government standpoint, which would take into consideration smaller towns".

.
========>
.
Key highlights of PM Modi’s speech (13 August, 2020) on Tax Reform:

1. Faceless Income Tax Scrutiny – Now, Income tax assessment shall be done completely faceless. No local officer shall be involved in the process. Such process shall be secretive to tax payer as well as tax officers.

2. Seamless, faceless and tireless process now. 

3. Faceless Income Tax Appeals

4. No issue on transfer posting of Income tax officers

5. Only 1.5 Crores Indian pays Income Tax out of 130 Crores. Hence, taxpayers should come forward to pay their taxes properly.

6. In last 6 year, about 1500 laws and regulations have been abolished by Modi’s Govt. for ease of business in India.
7. Introduced TaxPayer’s Charter, wherein the commitment of Income Tax department and expectations of the TaxPayers have been set.

Hope, this will improve the quality of assessments, even if there would be more litigation at ITAT/HC/ SC level due to difference of opinion of Tax Payers and Income Tax Department.
.
========>
.
⚫Promoting a transparent and fair tax regime, PM unveiled ‘taxpayers’ charter’, enshrining rights of assesses in a statute under the Income tax law. With this, India joined ranks with a handful of countries like the US, Australia and Canada that have such a provision in their law.
⚫With the launch of ‘Transparent Taxation — Honoring the Honest’ platform, PM also unveiled faceless appeal and expanded the scope of faceless assessment, eliminating physical interface between taxpayers and tax authority. It does away with territorial jurisdiction and substitutes individual discretion with team based assessment, thereby bringing in transparency.
⚫India's retail inflation rose to 6.93% in July on higher food prices, remaining above the RBI's medium-term target for a 10th straight month.
⚫The RBI imposed a total penalty of Rs 10 lakh on four cooperative banks for deficiencies in regulatory compliance. The penalty has been imposed for contravention of the directions issued by RBI on 'Exposure Norms and Statutory/Other Restrictions-UCBs.
⚫With a record single-day increase of 66,999 cases, India's COVID-19 tally rose to 23,96,637, while the death toll climbed to 47,033 with 942 people succumbing to the disease.
⚫A record high of over 8 lakh tests have been done for detection of COVID-19 in a span of 24 hours, taking the cumulative testing figure in India to 2.68 crore.

.
========>
.
Income Tax update in F.Y. 2020-21
All transaction show in 26AS and also fill in Income Tax return---

1) payment of educational fee/donations above Rs. 1 lac p.a.
2) electricity bill Rs. 1 lakh Or above
3) Domestic business class air travel/foreign travel. 
4) payment to hotels above Rs. 20000/-
5) Purchase Of jewellery, painting, mobile etc above Rs. 1 lac. 
6) deposit in current account above Rs. 50 lakh. 
7) Deposit in saving account above Rs. 25 Lakh. 
8) payment bof property Tax above Rs. 20000 p.a.
9) life insurance premium above Rs. 50000/-
10) health insurance premium above Rs. 20000/-
11) Share Transactions/D-mat accounts/ Bank Lockers
Compulsory Filing of return by the person having bank transaction above Rs. 30 Lakh, all professionals, business having turnover above Rs. 50 Lakh, payment of rent above Rs. 40000/-
.
========>
.
✒️ Supreme Court held that daughters would have equal coparcenery rights in Hindu Undivided Family (HUF) properties even if they were not alive at the time of the 2005 amendment to the Hindu Succession Act, 1956.
✒️ Supreme Court has observed that considerable unexplained delay on the part of Drug authorities to test a sample can render any penalty under Drugs and Cosmetics Act, 1940, based upon the said analysis of the sample, as void.
✒️ Supreme Court has dismissed plea filed by Mahua Moitra which challenged the Centre's circular which states that Chief Minister's Funds or State Relief Funds will not come within the purview of Corporate Social Responsibility (CSR) activities under Section 135 of the Companies Act, 2013.
✒️ Supreme Court has sought the Centre's response on whether Telecom Spectrum can be sold/ auctioned in the insolvency proceedings faced by the telecommunication companies.
.
========>
.
⚫The Supreme Court  ruled that the daughters cannot be deprived of their right of equality and will have equal coparcenary rights in joint Hindu family property even if the father died before the Hindu Succession (Amendment) Act 2005.   
⚫The IIP contracted by 16.6% in June compared to 33.8% in May and a record 57.6% slide in April. This is likely to pull down first-quarter GDP of 2020-21, the data for which would be released this month-end.
⚫The I-Tax dept unearthed a massive nexus of Chinese co's and individuals that had allegedly created several shell firms to carry out money laundering and hawala transactions of over Rs 1,000 crore.
 
⚫With tighter debt recast norms announced by the RBI, the likely restructuring by banks will be around 5-8% of their overall loan book
⚫The Railways has stated that all regular passenger train services will remain suspended till further notice, but 230 special trains will continue to be in service.
⚫Over 10 lakh Indians have returned from abroad after the Govt launched the "Vande Bharat" evacuation mission.
.
========>
.
CBDT has conveyed that it is targeting to complete close to 49,500 Scrutiny Assessments under Faceless e-Assessment Scheme by September-15-2020. Till date out of Total 58,319 Cases picked up for Faceless Scrutiny Assessment for the AY 2018-2019, 8,700 Cases have been disposed off.  
Dear Members keep follow up the pending Scrutiny cases and no excuse of Covid-19 this time.
.
========>
.
Central Board of Direct Taxes (CBDT) chief set a monthly target of disposing of pending appeals by sending communication through the e-filing portal and or through emails only.
Dear Members keep follow up the pending Appeal Before CIT(A).
.
========>
.
⚫PM is likely to unveil new measures to promote tax-friendliness and transparency, during a video conference with officers and taxpayers scheduled for Thursday. These measures may include the unveiling of a taxpayer charter to empower assessees by outlining their rights to get time-bound services, and expansion of the scope of faceless assessment to prevent harassment.
⚫FPI in domestic equities has turned positive for the year. Sustained flows over the past four months have helped erase the deficit caused by record selling in March and April. 
⚫The 1787 big wilful defaulters owe more than Rs 37,000 crore to PNB as of the end of the first quarter of 2020-21, according to the list of wilful defaulters with outstanding of Rs 25 lakh and above as of June 30 uploaded on the PNB website.
⚫The country's gem and jewellery exports contracted by 38.10% in July to $1.35 billion due to weak global demand on account of the Covid-19, according to the Gems and Jewellery Export Promotion Council.
⚫Half of the world's youth population is subject to anxiety or depression-causing circumstances and more than a third are uncertain of their future career prospects due to the Covid-19, according to a survey by International Labour Organization.
⚫India has recorded its worst spike of 67,066 coronavirus cases, taking its total to 2,395,471. With 950 fatalities India's death toll now stands at 47,138.
⚫PM is likely to unveil new measures to promote tax-friendliness and transparency, during a video conference with officers and taxpayers scheduled for Thursday. These measures may include the unveiling of a taxpayer charter to empower assessees by outlining their rights to get time-bound services, and expansion of the scope of faceless assessment to prevent harassment.
⚫FPI in domestic equities has turned positive for the year. Sustained flows over the past four months have helped erase the deficit caused by record selling in March and April. 
⚫The 1787 big wilful defaulters owe more than Rs 37,000 crore to PNB as of the end of the first quarter of 2020-21, according to the list of wilful defaulters with outstanding of Rs 25 lakh and above as of June 30 uploaded on the PNB website.
⚫The country's gem and jewellery exports contracted by 38.10% in July to $1.35 billion due to weak global demand on account of the Covid-19, according to the Gems and Jewellery Export Promotion Council.
⚫Half of the world's youth population is subject to anxiety or depression-causing circumstances and more than a third are uncertain of their future career prospects due to the Covid-19, according to a survey by International Labour Organization.
⚫India has recorded its worst spike of 67,066 coronavirus cases, taking its total to 2,395,471. With 950 fatalities India's death toll now stands at 47,138.
.
========>
.

👉🏻HC issues notice to Govt challenging the restriction of ITC u/s 36(4) of GST

The Hon’ble Bench of Rajasthan High Court has issued notice to Govt, in case of Rule 36(4), which places a restriction on availment of ITC @10/20% over and above amount reflected in GSTR 2A, despite having valid Tax Invoice. discussed by CA. Satuti Mahajan 
👇🏻 👇🏻 👇🏻
https://youtu.be/JDH6IKOdaNE
.
========>
.
✒️ Punjab and Haryana High Court has stayed two notifications of the Government of Haryana including the OBC 'Gadaria' community as Scheduled Caste, noting that the State Government has no power under Article 341 of the Constitution of India, 1949 to specify any caste, race or tribe, or part or group.
✒️ Punjab and Haryana High Court has imposed costs of Rs. 1,00,000/- on the Directors of a Mumbai-based company, who had appeared before it against disqualification order passed against them, only to reap benefits of a precedent set by the High Court, without there being territorial jurisdiction.
✒️ Jammu and Kashmir High Court has sought comments from the Union Territory Administration as to how to make all recruitments and promotions strictly in terms of the Rules governing the post and not in-charge basis, noting that because of ad-hocism in recruitment and promotions, a lot of litigation is being generated by the government.
✒️ Karnataka High Court has directed the Registrar General of the High Court to register a suo-motu criminal Petition under Section 482 of the Code of Criminal Procedure, 1973 to quash a private complaint lodged against a Judicial Magistrate First Class.
.
========>
.
Chinese Exports To India Fall By 24.7 Per Cent Even As India's Exports To China Rise By 6.7 Per Cent
Aug 10, 2020 12:43 PM

Time to boycott products made in China to show solidarity with the martyred soldiers.
The Chinese exports to India since January have fallen by 24.7 per cent year on year to $32.28 billion amid growing calls to boycott China after its aggression along the Line of Actual Control (LAC), India Today has reported.

The total trade between the two countries has thus been slashed to $43.47 billion - a drop of 18.6 per cent.

One of the biggest blows to China has come in the form of its share in the Indian smartphone market which has come down from 81 per cent to 72 per cent.

Incidentally, the exports from India to China though have registered a growth of 6.7 per cent since January to rise to $11.09 billion. China imported a record high 27,207 metre of PVC from India in June - more than five times compared to 5,174 metre recorded in May as India accelerated PVC exports during the Covid-19 lockdown.

The central government is also scrutinising a list of Chinese import items which can instead be supplied by local industries under the Atmanirbhar Bharat campaign.
.
========>
.
⚫The Nomura India Business Resumption Index, which tracks the pace of economic activity, showed a slight improvement in the week ended August 9, but economists said the data point to an uneven recovery and largely reflect pent-up demand.
⚫The market value of the world's equities has risen above the dollar value of the global economy, which some investors say is a sign of overheated markets.Total market capitalisation reached $87.83 trillion, compared with the 2019 GDP of all countries, at $87.75 trillion. 
⚫Daily road construction during the three-month-long nationwide lockdown hovered around 18 km a day as the Govt and the NHAI used labour optimally to complete work with minimal hindrance.
⚫To provide Rs 50,000 crore equity support to stressed MSME units, a Fund of Funds announced as part of the Rs 20.97 trillion Aatmanirbhar Bharat Abhiyan package is expected to get operation soon.
⚫Crisil said that the central bank's move on restructuring will help soften the Covid-19 impact on the asset quality of banks. Without this, gross NPAs could have touched a two decade high of 11.5% by March 2021, but will now likely print considerably below that level.
⚫The coronavirus cases in India jumped to 2.22 million with the country reporting 62,064 new infections on Monday. The death toll from the pandemic reached 44,597.
⚫Healthy and well spread rainfall this year raises hope amid the woes stemming from the Covid-19. Never­theless, as the monsoon season progresses, select regions are experiencing a shortage in rainfall, while others have to deal with an abundance of it. 

.
==============>
.
📲 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

Monday, 10 August 2020

10 August 2020 News and Updates

10th August 2K20

Ø  Defence reforms to steer India towards self reliance, boost indigenous production: Industry
Ø  'Up to $54-bn remittance loss for Asia-Pacific'
Ø  BSNL to enhance data speed in A&N Islands
Ø  IBBI lists out potential red flags for RPs
Ø  IndusInd Bank acquires 7.82% stake in Eveready
Ø  India attractive proposition for UK businesses exploring alternative to China: UKIBC

Ø  81% SMEs confident of recovery post Covid, 57% have no cash reserve: Survey
Ø  Invoking self-reliant India, govt bans import of 101 defence items
Ø  Saudi Aramco half-year profits plunge 50% due to Covid-19 pandemic impact
Ø  NCLAT says no to insolvency proceedings against Gujarat Ambuja Exports
Ø  Lupin, Sun Pharma recalling products in the US market, says USFDA

Ø  PM Modi launches ₹1-lakh crore Agriculture Infrastructure Fund
Ø  RIL’s financial services assets spike; indicate big plans are in the works
Ø  Aurobindo Pharma enters Covid-19 vaccine race
Ø  Renault India ramps up dealer network amid Covid-19 fight
Ø  Spanish court declares IL&FS transport arm ‘insolvent’

Ø  Asia-Pacific may see $31.4-54.3 bn remittance losses due to Covid-19: ADB
Ø  HNIs' holding in Indian companies rises to ten-quarter high in Q1
Ø  Huawei to stop smartphone chip production due to US sanctions
Ø  Oil giant Aramco sticks with dividend even as profit crashes
Ø  Govt proposes separate emission norms for agri machinery

Ø  Airtel, Vodafone Idea priority plans: TRAI to give decision within 2 weeks of telcos reply
Ø  India attracts $22 billion FDI during COVID-19: Amitabh Kant
Ø  UltraTech expects subdued performance as economy slows down

Ø  Telecom operators revenue growing strongly defying coronavirus, says Fitch
Ø  India must focus on protecting economy not on what rating agencies think: Rajan
.
===========>
.
✒️ Supreme Court has held that the mere fact that crime is heinous and that release of prisoner would send a negative message not relevant factors to deny probation

✒️ Jammu and Kashmir High Court has issued notices to the Union Ministry of Home Affairs and Union Territory Administration on a Petition challenging 100% domicile reservation in public employment, prevalent in the Union Territory.

✒️ Karnataka High Court has stayed the private complaint registered against a Judicial Magistrate First Class, under Sections 166, 205, 120 (A) 211, 219, 499 and 34 of the Indian Penal Code, 1860.

✒️ Kerela High Court has held that no bar on filing anticipatory bail applications in triple talaq cases , but should plead reasons for not approaching Magistrate.

✒️ Kerela High Court has held that Sec 57 of Transfer of property Act permits Court to declare a property free of encumbrance even against will of Encumbrancer.
.
===========>
.
If Corporate Debtor is an MSME, even if the promoters/directors have been declared as wilful defaulters, they can apply under the provisions of Section 230 of the Companies Act, 2013 as they are exempted from Section 29A of IBC, 2016 – Ravindranath Narayana Rao Vs. Maruthanayagam Kathiresh – NCLT Chennai

Case Citation: [2020] ibclaw.in 59 NCLT

NCLT held that since the Corporate Debtor is an MSME, even if the promoters- directors have been declared as 'wilful defaulters', they can apply under the provisions of Section 230 of the Companies Act, 2013 as they are exempted from Section 29A of IBC, 2016. Even after the declaration of initiation of liquidation proceedings, the promoters- directors still have a chance to tender definite plan for taking over the  company as a going concern or under the provisions of Section 230 of the Companies Act, 2013. The Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016 contemplates that a period of 90 days has to be provided for completion of a Scheme of compromise or arrangement from the date of the order of liquidation, during which period the prospective Resolution Applicant can very well submit his Scheme under Section 230 of the Companies Act, 2013.
https://ibclaw.in/if-corporate-debtor-is-an-msme-even-if-the-promoters-directors-have-been-declared-as-wilful-defaulters-they-can-apply-under-the-provisions-of-section-230-of-the-companies-act-2013-as-they-are-exemp/
.
===========>
.
⚫Invoking the PM Atmanirbhar Bharat initiative, the Ministry of Defence announced a phased, year-wise embargo on the import of 101 items of defence equipment. As an equipment type comes under the import embargo, the military will be required to buy it from Indian defence manufacturers.
⚫PM will present a new outline for a self-reliant India in his address to the nation from the ramparts of the Red Fort on August 15.The various depts and ministries of the Govt are working seriously to implement Modi's initiative for a self-reliant India and that it is an attempt to give a fresh dimension to Mahatma Gandhi's push for 'Swadeshi'.

⚫Overseas investors remained net buyers in Indian markets by investing a net of Rs 7,842 crore in equities and Rs 485 crore in the debt segment crore in the first week of August amid better than expected results by big Indian co's.

⚫The flood situation in Bihar remained grim as 87,000 more people were affected by the deluge. The total number of flood-affected people in the state has risen to 74 lakh, while deaths caused due to the deluge stood at 23.
⚫With a record single day increase of 64,399 cases, India's Covid tally mounted to 2.15 million, while the death toll climbed to 43379 with 861 new fatalities being reported in a day.
⚫Nearly 3,800 central security force personnel have so far infected by the Covid-19 disease in almost all the states in the region.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝


Thanks for reading

Sunday, 9 August 2020

9 August 2020 News and Updates

⚫The domestic power transmission segment is expected to attract investments worth Rs 1.8 trillion in the next five years, according to a report by ICRA.It said evacuation infrastructure for renewable energy projects will drive investments in the power transmission segment.
⚫Insurers have seen more than 90,600 Covid-related claims worth Rs 1,463 crore, of which almost 60,000 claims amounting to Rs 563.81 crore have been settled.While initially, the claim amount was high, now it has moderated as many states have prescribed a standard treatment rate for Covid-19.

⚫The RBI constituted K V Kamath committee on one time loan restructuring, but it won’t be easy for the panel to negotiate the rocky road that led to the failure of all such efforts in the past.
⚫In an effort to plug GST evasion and frauds and ease compliance, the existing GST return filing system is being enhanced to have an in-built invoice matching system to determine input tax credit and liability.The returns will be auto-populated to minimize errors, ease reconciliation and simplify compliance.
 
⚫Gold price surged for the 16th straight session and touched an all-time high of Rs 57,008 per 10 grams.Silver, too, continued its upward movement, with the price touching a record-high of Rs 77,840 per kilogram. 
⚫New business premium of life insurers grew 6.86% in July to Rs 22,986 crore. It was, largely driven by private insurers performance.

⚫PM will launch a financing facility of Rs one trillion under the Agriculture Infrastructure Fund. He will also release the sixth instalment of funds of Rs 17,000 crore to 85 million farmers under the PM-KISAN scheme.
⚫The online auction of coal blocks for commercial mining and sale for private co's will commence in October and winners will be declared in November. The Centre has also extended the deadline for various processes under the auction including a site visit, sale of tender documents, and submission of technical bids.

⚫India's FDI regime is the most liberal in the world, and even during the pandemic, the country has attracted over $22 billion worth of direct investments
⚫Indian banks will not have to pay GST on reverse charge mechanism for facilitating trade for exporters or importers through foreign banks, as per a recent ruling by an appellate tribunal.

⚫The demand for small warehouses within city limits is expected to rise over the next one year as e-commerce firms are targeting to ensure same-day deliveries of food and grocery items to customers.
⚫A total of 196 doctors in the country, majority of them being general practitioners, have succumbed to Covid-19 so far, said the IMA, requesting the PM for his attention on the issue.

.
============>
.
👉 Announcement Regarding Guidance Notes of IPCE/Intermediate Nov 2020 Exams - (07-08-2020)
https://resource.cdn.icai.org/60714exam49351.pdf

👉 Review Engagements on Interim Financial Information in the Current Evolving Environment Due to COVID-19 - (07-08-2020)
https://resource.cdn.icai.org/60696aasb49345.pdf

👉 Important Announcement - DMBF August 2020 Examination - (07-08-2020)
https://resource.cdn.icai.org/60654exam49341a.pdf

👉 Reserve Bank announces constitution of an Expert Committee
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50182

.
============>
.
GST -

Petitioner seeking quashing of summons and consequent exemption from appearance of its partner in recording her statement during ongoing investigation in the case of classification of goods – Assessee SLP against High Court order rejecting the writ petition of the assessee-petitioner on the ground that summons were issued in accordance with law – HELD - We decline to interfere in this Special Leave Petition - However, it will be open to the petitioner to request the concerned authority to defer the recording of statement of the petitioner until the lockdown period is over. That request be considered on its own merits and in accordance with law - The Special Leave Petition is dismissed
.
============>
.
GST –
Interception and detention of vehicle on its return journey, without the goods – transportation of goods for auction – HELD - there was no offence for which the vehicle could have been detained on its return journey - the detention was on account of a misunderstanding of the nature of the transaction and transportation of the goods - on the return journey, when the vehicle was intercepted, it was not carrying any goods that had contravened the provisions of the Act - the respondent is directed to forthwith release the vehicle that has been detained through detention notice - The Writ Petition is allowed
.
============>
.
UPCOMING DUE DATES:

1️⃣ Income Tax:

## 15.08.2020 is the due date to issue Form 16 to employees for FY 2019-20 and Form 16A to other deductees for Q4 of FY 2019-20.

## 30.09.2020 is the due date to file Belated/Revised Income tax return for FY 2018-19.

## 31.03.2021 is the due date for SFT (Significant Financial Transactions) response (Form 61A/ Preliminary) for FY 2019-20.

## 31.03.2021 was the due date of filing of TDS/TCS Return of Q1 (20-21).

2️⃣ Goods and Services Tax:

## GSTR-3B Due Dates:

❇️ 20.08.2020 is the due date to file GSTR-3B for the month of July, 2020 for taxpayers having turnover more than INR 5 crores.
 
❇️ 12.09.2020/23.09.2020 for May and June month for the taxpayers having turnover upto Rs. 5 Crores and the principal place of business situated in West and South india.

❇️ 15.09.2020 /25.09.2020 for May and June month for the taxpayers having turnover upto Rs. 5 Crores* and the principal place of business situated in East and North india.

Note- Interest @ 9% shall be applied after passing above-mentioned due date till 30.09.2020.

## GSTR-1 Due Dates:

❇️ 11.08.2020 is last date for the month of July, 20 month to file GSTR-1 for taxpayers is having turnover exceeding Rs. 1.5 Crores.

3️⃣ Corporate & Allied Laws:

## MCA has announced a “Moratorium Period" from 01.04.2020 to 30.09.2020 for filing of ROC Forms and no additional fees will be charged for such period due to late filing of any form due within this period.📢

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


Thanks for reading

Friday, 7 August 2020

7 August 2020 News and Updates

7th August 2K20

Economic Times

Ø  Wipro announces collaboration with Intel
Ø  Business optimism slips to record low
Ø  IBBI amends liquidation process norms
Ø  RBI asks banks not to open current accounts for customers having cash credit, overdraft facilities
Ø  ITC's food business crosses Rs 10,000 cr sales milestone in FY20, Rs 600 cr short of Britannia
Ø  Ratings agency ICRA expects two-wheeler sales to decline 16-18 per cent in FY21
Ø  LIC acquires close to 5% stake in YES Bank

Business Standard

Ø  RBI holds rates amid rising inflation: Key announcements and takeaways
Ø  RBI announces special liquidity facility of Rs 10,000 cr for Nabard, NHB
Ø  IDBI Bank inks pact to divest 27% stake in insurance JV for Rs 595 cr
Ø  HPCL reports 157% jump in June quarter's net profit at Rs 2,253 cr
Ø  Novartis India Q1 net profit jumps over 5-fold to Rs 4.39 cr on price cuts
Ø  Loan restructuring may only provide short-term respite to lenders

Business Line

Ø  Vodafone Idea Q1 loss widens to ₹25,460 crore on AGR liabilities
Ø  IEX opposes CERC’s key proposal in power market reforms
Ø  Embassy Office Parks REIT posts 8% lower Q1 profits
Ø  Whirlpool India Q1 profit falls 92% to ₹16 cr
Ø  JK Tyre posts ₹204-crore net loss in Q1
Ø  Torrent Power standalone Q1 net rises 33% to ₹366 crore

Mint

Ø  Microsoft expands TikTok takeover ambitions to entire global business: Report
Ø  Lupin signs exclusive pact for distribution of 2 complex injectable drugs
Ø  Adani Electricity Mumbai sells shares worth ₹202 crore in Yes Bank
Ø  Torrent Power Q1 profit up 35% at ₹374 cr
Ø  IHCL Q1: Net loss of ₹280 crore, revenue of ₹ 175 crore

Financial Express

Ø  RBI says protracted spread of COVID-19 poses downside risk to economy
Ø  Jubilant FoodWorks enters FMCG space with launch of ready-to-cook sauces, pastes
Ø  Abu Dhabi’s Etihad Airways posts $758 million in half-year losses
Ø  Total, Adani to apply for petrol pump licence in India
 
Deccan Chronicle

Ø  RBI increases gold loan-to-value ratio to 90%, interest rates unchanged
Ø  Sensex ends 362 points higher after RBI policy, Nifty tops 11,200
Ø  Fugitive merchant Nirav Modi's trial in UK will start in September.
.
==≠========>
.
⚫The RBI opted for a status quo and left interest rates unchanged, but maintained an accommodative stance, implying more rate cuts in future if the need arises to support the economy hit by the Covid-19 crisis.
⚫The RBI announced an additional special liquidity facility of Rs 10,000 crore equally split between Nabard and the NHB to help small financiers and home loan companies amid COVID-19 difficulties.The liquidity facility will be offered at the policy repo rate.
⚫The RBI allowed another restructuring of loans for small businesses impacted by the Covid-19. MSMEs that didn’t slip into NPA till March 1, 2020 and were treated as standard accounts will benefit from the scheme which will have to be implemented by March 1, 2021.This is an extension of a continuing scheme, in place till December 31, 2020, which was meant for ‘standard’ accounts till January 1, 2020.
⚫The RBI barred banks from opening current accounts for customers who have availed cash credit or overdraft facilities, stressing that there is a "need for discipline" on this front.
⚫The RBI said it will set up an innovation hub to encourage start-ups and companies address the challenges of financial inclusion and efficient banking transactions. The hub aims to bring solutions to the financial sector by tapping into areas such as cyber security, data analytics, delivery platforms, and payment services.
 📈 Opening of Multiple Current A/c not permitted for existing CC/OD account holders
📈 Collection a/c is new option, rather than opening of multiple Current A/c.
📈 Consortium bankers will operate thru escrow account mechanism, permitting ONLY COLLECTION, NOT WITHDRAWLS
New Era in Indian Banking regulations..... more regulated/ difficult fund management time for Industries & Businesses.
.
==≠========>
.
 SEBI amends disclosure norms about intimation of record date to stock exchanges

⛺A company is required to inform all stock exchanges where it is listed or where stock derivatives are available on its stock or where its stock form part of an index on which derivatives are available.

🌴The record date is for the purpose of declaration of dividend; issue of right or bonus shares; issue of shares for conversion of debentures or any other convertible security; shares arising out of rights attached to debentures or any other convertible security and corporate actions like mergers, de-mergers, splits and bonus shares.

To give effect to this, Sebi has amended LODR (Listing and Disclosure Requirements) Regulations, the regulator said in a notification on Wednesday.

Record date, in market parlance refers to a particular date fixed by issuing company when an investor must own shares to be eligible to receive corporate dividends or bonus shares among others.

🍁Markets regulator Sebi has amended disclosure norms pertaining to intimation of record date to stock exchanges. Under the norms, listed companies will intimate the record date for corporate events, including dividend declaration, bonus share and rights issue, to stock exchanges.

🍀https://www.google.com/amp/s/www.moneycontrol.com/news/business/markets/sebi-amends-disclosure-norms-about-intimation-of-record-date-to-stock-exchanges-5655111.html/amp

🌂https://www.sebi.gov.in/legal/regulations/aug-2020/securities-and-exchange-board-of-india-listing-obligations-and-disclosure-requirements-second-amendment-regulations-2020_47274.html



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


Thanks for reading

Thursday, 6 August 2020

6 August 2020 News and Updates

6th August 2K20

Ø  Reliance Industries Limited ranked no 2 brand globally after Apple Inc
Ø  India terminates anti-dumping probe on naphthalene imports from China, EU, others
Ø  Zenara Pharma receives DCGI approval to manufacture, sell Favipiravir tablets
Ø  Icra warns against moratorium extension
Ø  RHFL audit proves diversion of funds: Sources
Ø  RCom insolvency case adjourned to Aug 19

Ø  Consultants likely to scrutinise government tenders and track Make-in-India: DPIIT
Ø  July services activity shrinks for fourth month in a row; PMI at 34.2
Ø  Canara Bank net profit up 23.5% at Rs 406 crore for June quarter
Ø  Govt extends Sebi chairman Ajay Tyagi's term for another 18 months
Ø  Strides Pharma Science Q1 net profit jumps over 4-fold to Rs 102 cr
Ø  Domestic pharmaceutical industry to clock 4-6% growth in FY21: Icra
Ø  Adani Gas profit declines 42% in June quarter as lockdown impacts sales

Ø  India, Japan to hold investment forum
Ø  Adani Gas to soon start full-service fuel retailing
Ø  A ‘marathon’ run for BDR Pharma, maker of two Covid-19 drugs
Ø  Apollo Tyres posts ₹135-cr loss in Q1
Ø  Visaka Industries Q1 net up 49% at ₹34 crore
Ø  DLF Q1 net loss at ₹71 crore
Ø  Bad loans sold to ARCs: Banks may have to increase provision for security receipts
Ø  Oman India Joint Investment Fund II buys 1.63% in DCB Bank
Ø  US to pay $1 bn for 100 mn doses of J&J's potential coronavirus vaccine

Ø  Airtel Kenya-Telkom merger called off
Ø  Italy intervenes to suspend sale of Telecom Italia stake to KKR
Ø  HDFC hits the street with ₹14,000 crore equity fundraise
Ø  Sweden’s economy posted record slump during pandemic peak
Ø  Teladoc bets big on online medicine with $18.5-bn Livongo deal

Ø  US, China plan to review phase-one trade deal mid-month
Ø  Income Tax compliance made easier; fewer cases go for scrutiny: FinMin
Ø  Foreign trade regulator rejig to cut imports, promote ‘Make in India’ and ‘Ease of Doing Business’
Ø  Sashidhar Jagdishan to take charge as HDFC Bank CEO from October 27

Ø  India's fuel demand may take 6-9 months to reach normal levels: IOC
Ø  BMW records first loss since 2009 as pandemic hits sales
.
=========>
.

⚫The Govt proposes to expand the scope of the production linked incentive scheme to five or six more more sectors, including air conditioners and TV sets, leather, chemicals, furniture, tyres and toys, in a bid to boost manufacturing in the country.
⚫India's dominant services industry, shrank for a fifth straight month in July as restraining measures to stop the spread of the coronavirus hurt business activity and led to record job cuts.
⚫Medical technology industry has suffered around 50-85% drop in revenue during April-June with a decline in surgical procedures at hospitals due to COVID-19.

⚫Income tax returns picked up for scrutiny has reduced to 0.25% of the total ITRs filed in AY 2018-19, from 0.55% in AY 2017-18.
⚫Gujarat has emerged as most tax compliant state in the country in terms of proportion of return filers to PAN holders in AY 2018-19. The state had 22.3% income tax return filers out of the total PAN card holders in AY 2018-19, followed by Delhi, Punjab and Telangana.

⚫The Supreme Court suggested there should be cheaper treatment for Covid-19 patients in smaller towns and asked the Centre to consider the aspect of prompt release of claims by insurance companies which cannot keep their hands off at the time of pandemic.
⚫Extremely heavy rains will continue to batter Mumbai and neighbouring areas until Thursday morning

.
=========>
.

✅ GST Updates 

🎯The facility to view, filed and download returns of period July 2017 has been restored on GST portal.

🎯Portal has allowed downloading of details of invoices in Table 8A of GSTR-9 under Annual Return menu. 

🎯8A is now downloadable in Excel format as Zip file for FY 2018-19.

🎯DHC in Jian International, 2020: If refund application is not processed in 15 days dept lost right to point out any deficiency and application deemed to be completed in all respects. 
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝


Thanks for reading

5 August 2020 News and Updates

Ø  RBI's Monetary Policy Committee meets next week amid urgency to revive growth
Ø  CG Power lenders' negotiate a higher bid
Ø  Trai's scrutiny of Airtel & Voda Idea's premium plans isn't over yet
Ø  Govt amends IRDAI rules to permit insurance intermediaries to operate in all SEZs
Ø  Ujjivan open to acquisition and partnerships
Ø  Reliance Comm liable to pay SSTL AGR dues, DoT identifies combined liability worth more than Rs 25k cr

Ø  Apple plans to move 10% of its global manufacturing to India in 5 years
Ø  India's June crude oil imports lowest in over 5 yrs; exports fall
Ø  AIIB in talks with India for financing of $8-billion health infra scheme
Ø  Steel firms hike prices by Rs 2,000 a tonne in 10 days on demand spike
Ø  Fitch cuts US credit outlook to 'negative' due to budget loss amid Covid-19
Ø  Trai poses more questions to Airtel, Voda Idea on priority plans

Ø  IndianOil to invest ₹13,805 cr to set up new plant in Odisha
Ø  Lupin recalls 35,928 bottles of generic antibiotic drug in the US
Ø  IRB Infra gets award letter for executing ₹1,755 cr Vadodara-Mumbai Expressway stretch
Ø  Tata Motors takes Covid hit; Q1 loss widens to ₹8,443 cr
Ø  Audit of listed companies may be done digitally during Covid-19

Ø  FPIs net buyers for 2nd month in July, invest ₹3,301 crore
Ø  Siemens Healthineers expands into cancer care with $16.4 bn deal for Varian
Ø  The govt and RBI face a trilemma regarding PSBs
Ø  Bengal takes ₹1,022-cr loan from Centre to iron out discom liquidity stress
Ø  NHAI, REC cut interest rate on capital gains bonds

Ø  Centre’s finances: Q1 fiscal deficit at 83% of FY21 target
Ø  India’s forex reserves at new record high of $523 billion
Ø  Liquor sales decline up to 60% in May-June in states with high Corona cess: Report
Ø  Covid drags down PE investment in warehousing segment by 92% in Jan-June

Ø  Microsoft in advanced talks to buy TikTok’s US business
Ø  Apple now world's most valuable company, dethrones Saudi Aramco
Ø  Maruti domestic sales were up 1.3% in July but don't exhale yet
Ø  GST collection slips over 14% to Rs 87,422 crore in July

Ø  'Tata Motors on disciplined growth path'
Ø  MoD plans to boost domestic arms buys
Ø  India's manufacturing activity contracted at a sharper pace in July: Survey
Ø  India's manufacturing activity contracted at a sharper pace in July: Survey
Ø  America's oldest retailer seeks bankruptcy
Ø  GMR Infra to divest part of non-core assets

Ø  Rising real lending rates causing steep fall in credit flows, GDP: Report
Ø  Shortest ruling 10-year benchmark bond ever: Changes within three months
Ø  Covid-19 impact: HSBC warns loan losses could hit $13 bn as profit dips 65%
Ø  Bank of India Q1 net profit rises three-fold to Rs 844 cr as bad loans ease
Ø  Google to buy 6.6% stake in home security firm ADT for $450 million

Ø  SEBI tightens disclosure norms for proxy advisory firms
Ø  Reliance Ind ‘not to bid’ for BPCL
Ø  Lockdowns bring down Manufacturing PMI to 46 in July
Ø  Investments in Indian start-ups soar 322% in July
Ø  Jain Irrigation close to signing debt restructuring
Ø  Apollo Tyres to consolidate, de-risk by expanding into new geographies: Vice-Chairman Neeraj Kanwar
 
Ø  Moody's upgrades Yes Bank following capital raise
Ø  DGCA objects to SpiceJet's promotional offer
Ø  Bandhan Bank holding firm sells 20.95% stake to meet RBI norms
Ø  Tech Mahindra starts covid-19 screening service for ₹1,200 per person
Ø  Franklin Templeton debt funds see further dip in NAV as Future Group defaults

Ø  FDI in commercial mining: Govt nod needed for firms from nations sharing border with India
Ø  SBI economists pitch for loan recasts in select sectors
Ø  Asia’s factory pain eases as China’s activity jumps
Ø  COVID-19: BHEL grapples with uncertainty over returning to normal business operations
Ø  FPIs remain net sellers of Indian debt for fifth straight month

Ø  Real estate sentiment hit an all-time low in Apr-Jun due to pandemic, survey states
Ø  Indices extend loses for 4th day, Sensex plunges 667 points, Nifty below 10,900
Ø  Manufacturing activity shrinks faster in July, PMI below June-level
Ø  Serum-Oxford COVID-19 vaccine gets DCGI grant for human trials in India

Ø  Worst seems to be over, farm sector to cushion COVID-19 impact on economy: FinMin report
Ø  RBI Guv headed MPC begins deliberations
Ø  Steelmakers face trouble in procuring iron ore
Ø  Voda Idea pays up Apr-Jun license fees
Ø  EU scrutinize Google's plan to buy Fitbit
Ø  NMDC sees 13% rise in production in July, sales grow 7%
Ø  US-based DFC backs IndusInd Bank's loan to Aviom India Housing Finance

Ø  July exports at nearly last year's level; economy on path to revival: Goyal
Ø  Sashidhar Jagdishan to succeed Aditya Puri as HDFC Bank CEO
Ø  Wiserfunding enters Indian market, to provide lending solutions for SMEs
Ø  India's fuel demand may take 6 to 9 months to reach normal levels: IOC
Ø  Bharti Airtel shareholders approve scheme of VSAT operations merger
Ø  Lupin gets US FDA approval to market generic diabetes drug in the US

Ø  CAG wants to look into recap of public sector banks by FinMin
Ø  Mukesh Ambani preps up for a multi-billion dollar play in renewables
Ø  CERC gives nod for third power exchange in the country
Ø  NTPC Group’s power generation in July rises 13%
Ø  Government looking at non-tariff barriers to curb Chinese imports
Ø  GMR Infrastructure evaluating de-merger options

Ø  Sales may reach FY 20 level in 2nd half of current fiscal : Maruti’s Bhargava
Ø  SAIL's July sales up 50 pc to 15.83 lakh tonnes
Ø  SocGen culls top ranks after $1.5-bn loss; lines up new generation of leaders
Ø  Argentina strikes $65-bn debt agreement after restructuring breakthrough
Ø  IMF says coronavirus may shrink global imbalances further in 2020
Ø  96 pc of 60,000 ventilators ordered by govt are 'Make in India'

Ø  NITI panel recommends scrapping of buffer stock subsidy scheme for sugar
Ø  Spirits maker Diageo takes 772 mn pounds write down for Indian market amid COVID-19
Ø  Ayana Renewable acquires two solar power assets of First Solar in Karnataka
Ø  Dilip Buildcon bags road project worth Rs 1,140.50 cr in Telangana

Ø  Fuel demand in July falls due to high prices, fresh lockdowns
Ø  Apple, Samsung proposes Rs 11,000 crore mobile phone production in India
Ø  American countries looking for cheaper generic drugs from India

.
===============>
.
👉🏻Appellate Procedure under Income Tax Act 1961
(Appellate Procedure under Income Tax Act 1961 by Adv. (CA) Ved Jain Ji (Past President, ICAI)
👇🏻 👇🏻 👇🏻
https://youtu.be/ua_yABGxHgA 

👉🏻Search and Seizure under Income Tax
(Law Relating to Search and Seizure under Income Tax Explained by *Dr.(CA) Rakesh Gupta JI*, Ex Member - ITAT (Income Tax Appellate Tribunal)
👇🏻 👇🏻 👇🏻
https://youtu.be/16zBYHC68Ks

👉🏻Appellate Procedure before ITAT (Income Tax Appellate Tribunal)
(Practical aspects of appeals before the Income Tax Appellate Tribunal (ITAT)  by *Sr. Advocate Ajay Vohra Ji* and *Advocate Gaurav Jain Ji*)
👇🏻 👇🏻 👇🏻
https://youtu.be/OwvDpp-x9Ms 

👉🏻Interplay of Income Tax Law with Indian Constitution and other relevant Laws
(Interplay of Income Tax Law with Indian Constitution and other relevant Laws in real life situations by *CA. (Adv) Kapil Goel*)
👇🏻 👇🏻 👇🏻
https://youtu.be/eXP6THuex9c
.
===============>
.
👉 Arrangements by the Committee for Members in Practice (CMP), ICAI - 
https://www.icai.org/post/arrangements-committee-for-members-in-practice

👉 SEBI Settlement Scheme, 2020 - One Time Settlement Scheme - 
https://resource.cdn.icai.org/60455clcgc49261.pdf

👉 Frequently Asked Questions on the SEBI Settlement Scheme, 2020 - One Time Settlement Scheme issued by the Securities and Exchange of Board of India on 27th July, 2020. - 
https://resource.cdn.icai.org/60451clcgc49259.pdf

👉 Organizing Orientation Course and Information Technology Training through virtual mode for Foundation and Direct Entry route students by the Regional Councils and Branch offices of ICAI - (31-07-2020)
https://www.icai.org/post/ocitt-virtual-mode

👉 Exposure Draft of Guidance Note on Revenue from Operations in case of Contractors (Last date of comments: August 31, 2020) - (01-08-2020)
https://resource.cdn.icai.org/60469research49279.pdf

👉 GST changes that you should be aware of
https://economictimes.indiatimes.com/

.
===============>
.
GST Updates

July 2017 data removed from GST Portal:

1. GST Portal is notified vide Section 146 of the CGST Act' 2017 which facilitates all the compliance support under GST.

2. Now today on 1st August 2020 Return Data for July 2017 has been removed from GSTN portal not available for viewing

3. No were in law it is mentioned that GSTN would preserve data for 3 Years only but while viewing the Electronic Liability Register the Portal is showing "Maximum period for viewing ledger is 3 years" 

4. Now its high time to start taking data backup for earlier period as it would be quiet helpful during the assessment stage.

5. This action might be taken for lack of storage space but no intimation was given prior.

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


Thanks for reading