6 November 2020 News and Updates

6th November 2K20

Ø  India best place for long-term investment: PM Modi to global investors

Ø  Employment rate falls to 37.8% in October, a first since the start of recovery in May

Ø  PFC seeks rise in borrowing limit, access to low-cost finance

Ø  India's cotton exports could jump 40% to seven-year high as prices rally

Ø  Eli Lilly receives permission to conduct Phase 3 clinical trials for Covid treatment

Ø  Provision of SARFAESI Act empowering DMs to attach secured assets of borrowers directory: SC

Ø  SAT dismisses RIL appeal against Sebi order seeking payment of Rs 447 cr

Ø  Odisha approves 5 mega investment proposals worth Rs 92,713 crore

Ø  RBI allows all NBFCs to co-lend with banks under revised guidelines

Ø  Sebi doubles foreign investment limit for individual fund houses to $600 mn

Ø  Alibaba revenue up 30% as coronavirus drives demand for e-commerce

Ø  Saudi Arabia's wealth fund buys 2.04% stake in Reliance Retail Ventures

Ø  India, Indonesia discuss coal trade

Ø  Solar installation sees 60% drop due to Covid: Mercom

Ø  Adani Ports to handle crude imports for HPCL’s upcoming refinery in Rajasthan

Ø  Lupin confirms “security incident”, days after Dr Reddy’s cyber attack

Ø  Dalmia Bharat Q2 net profit rises over six-fold to Rs 232 cr

Ø  BASF puts on hold India JV plan for $4 bn chemical complex

Ø  Centre eases compliance norms for BPO industry

Ø  Mirae’s Emerging Bluechip Fund caps SIPs at ₹2,500

Ø  China's entry ban on Indians is a temporary measure: Report

Ø  Adani Transmission Q2 profit falls 7% at ₹214 crore

Ø  Berger Paints rounds up strong Q2 performance by paint companies

Ø  Housing sales likely to decline 35-40% in FY21: ICRA

Ø  Cabinet approves Rs 1,811 crore for 210 MW Luhri hydro plant

Ø  SBI’s profit bump shows resilience against downside: S&P

Ø  Net profit of Emami rises 19.7 per cent in Q2

Ø  Novartis India Q2 net profit at Rs 7.52 cr

Ø  Loan moratorium: RBI urges SC to lift interim order banning declaration of NPAs

Ø  Telangana's GSDP at Rs 6.63 lakh crore in FY' 20: Report

Ø  Even as economic recovery continues, India lost 5.5 lakh jobs in October

Ø  Economy to reach pre-pandemic levels by year-end: Finance Ministry

Ø  Government issues ordinance to amend arbitration law

Ø  Indian realty's institutional fund inflow in 2020 seen at $4.8 bn

Ø  Commercial vehicle volumes to contract 25-28% in FY21, outlook remains negative: Icra

Ø  Suspecting fraud, taxmen block input tax credit of several companies for a year

Ø  Amazon India inks MoU with Silk Mark Organisation of India

Ø  Oct services activity at 54.1, grows for first time in 8 months: PMI

Ø  India expects $3.4 billion FDI in data center infrastructure: Anuj Puri

Ø  Sebi issues guidelines for rights issue by unlisted InvITs to raise funds

Ø  Saudi Arabia to remove curbs on foreign workers to attract overseas talent

Ø  Reliance Jio officials depose before parliamentary panel on data security

Ø  HPCL sees two-fold jump in net profit in Q2, okays Rs 2,500-cr buyback

Ø  Gold recycling hits 8-year-high on record prices

Ø  APSEZ seeks cessation of coal terminal deal at Vizag Port Trust

Ø  Apollo Tyres Q2 net profit more than doubles to ₹200 crore

Ø  Future Retail raises ₹350-cr loans

Ø  United Spirits Q2 net profit down 21% at Rs 125 crore

Ø  Led by GenNext, Sundram Fasteners eyes buyouts in defence, EV segments

Ø  US export jump narrows Sept trade gap to $63.9 billion: Govt

Ø  ED files first chargesheet against Kochhars in ICICI Bank quid-pro quo case

Ø  EuroPacific Growth Fund sells 1.27% stake in Adani Ports for ₹907 crore

Ø  IPO bound Gland Pharma eyes China, Africa market entry

Ø  Adani Enterprises plans ₹50,000 crore capex over 5 years

Ø  SBI net profit grows 52% in September quarter as retail loans shine

Ø  Euro zone economy on track for double-dip recession

Ø  Commercial coal mining: Jindal Power wins block in Chhattisgarh on 3rd day of auction

Ø  CAIT accuses Amazon of violating FEMA norms

Ø  Control of US Senate at stake as Donald Trump's allies face Democrats

Ø  Hospitality industry sees signs of revival in September

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⚫The Govt issued an ordinance to amend the arbitration law to ensure that all stakeholder parties get an opportunity to seek an unconditional stay on enforcement of arbitral awards where the arbitration agreement or contract is "induced by fraud or corruption".

⚫Data centers are to become the next big segment after warehousing and nearly USD 3.4 billion foreign investments is expected in this space in the coming 3-4 months.India is the largest consumer of data, the Govt had suggested that data centers of the world be built in India, thereby making all the data majors to consider investment in the country.

⚫Sebi allowed unlisted Infrastructure Investment Trusts to raise funds through rights issue of their units. It has come out with conditions for issuance of units, guidelines on pricing as well as manner of issuance of units.

⚫Coal India sees a 3x surge in Oct e-auction volumes at 17 mn tonnes. The company said the spike is due to increased demand from the power sector and several unstructured coal buyers.

⚫India has reported 50465 fresh Covid-19 cases in the past 24 hours. Delhi recorded its highest single day spike of 6842 new coronavirus cases.

⚫The ED has filed a charge sheet, against ICICI bank’s former CEO and MD Chanda Kochhar, husband Deepak Virendra Kochhar, and nine others in connection with a money laundering case involving the private lender and Videocon Group.The ED charge sheet also named Videocon Group and chairman Venugopal Dhoot.

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👉 PRESS RELEASE / ANNOUNCEMENT - NOVEMBER 2020 CA EXAMINATIONS - (04-11-2020)

https://www.icai.org/post/press-release-announcement-november-2020-ca-examinations

👉 BOS (Academic) of ICAI presents Live Webinar Series-3 - Interactive Special Counselling Session on 7th November, 2020 from 3PM to 5PM through webcast. - (04-11-2020)

https://icai.org/new_event.html?event=5338

👉 Guidance Note on Accounting for Share-based Payments (Revised 2020) formulated by Research Committee - (04-11-2020)

https://resource.cdn.icai.org/61670research50201gn-sbp.pdf

👉 Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting (Revised 2020) formulated by Research Committee - (04-11-2020)

https://resource.cdn.icai.org/61671research50201gnas25.pdf

👉 SAARC Central Bank Governors Meet for 40th SAARCFINANCE Governors’ Group

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50616

👉 GST digitisation should not harass taxpayers

https://economictimes.indiatimes.com/small-biz/gst/gst-aim-of-digitisation-is-to-convenience-taxpayers-and-not-harass-them-says-bombay-high-court/articleshow/79054196.cms

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⚫The benchmark Nifty 50 index has crossed the 12000 mark for the first time since February 20. In the interim 8.5 month period, the gauge for the performance of India’s 50 blue chip co's plunged to as low as 7511 on March 23. 

⚫Joe Biden stood on the brink of claiming the US presidency from Donald Trump, with a handful of states expecting to complete their vote counts despite Republicans opening legal fights to stop counting in at least two states. Biden held 264 Electoral College votes out of the 270 needed to win the White House, Trump has 214.

⚫Aiming to encourage the work from home trend in India and provide relief to the IT sector, ITeS and BPO industry, the Dept of Telecom initiated major reforms and done away with the registration requirements for other service providers altogether.The central govt also removed the requirement of bank guarantee and static IPs.

⚫The Supreme Court has ruled that the period of allotment of a housing unit to a homebuyer has to be considered from the date of the builder buyer agreement & not from the date of registration of the project under the RERA 2016.

⚫The SEBI has increased the overseas investment limit for individual MFs to $600 million. Earlier, this limit was $300 million.

⚫Delhi High Court said the Delhi Govt has gone completely "haywire" on the pandemic and Delhi can soon become Corona capital of the country. Court's remarks came while hearing petitions relating to non-payment of salaries to doctors, sanitation workers and teachers working with municipal bodies. 

⚫China has barred non Chinese travellers from Britain, France, Belgium, the Philippines and India, imposing some of the most stringent entry curbs of any country as coronavirus cases surge around the world.

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👉🏻Canada issues 4500 invitations under Express Entry for PR

(This is the third instance where Canada issued 4,500 invitations at a time, the largest number of invitations issued in one draw)

👇🏻 👇🏻 👇🏻

https://bit.ly/3p24Nld

👉🏻Can a Practicing Chartered Accountant become Director in A Company?

(Independent Director, Promoter Director, Whole Time Director, Managing Director, Director Simplicitor?)

👇🏻 👇🏻 👇🏻

https://bit.ly/32gg5bM  

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4 November 2020 News and Updates

4th November 2K20

Ø  IMF chief economist urges more fiscal stimulus to boost recovery

Ø  Adani's Stratatech Mineral Resources bags big coal block

Ø  Scam-hit PMC Bank invites EoI from potential investors for reconstruction

Ø  India's GSPL says new pipeline to boost FY22 gas supply by a quarter

Ø  Finmin says no increase in service charges by any public sector bank

Ø  Government reaches out to MNCs over global digital tax

Ø  Sun Pharma's Q2 net profit rises 70% on one-time tax credit

Ø  Adani Group frontrunner for developing Sri Lanka's port terminal: Report

Ø  No additional compliance burden on private firms for LTC scheme: Fin Sec

Ø  Govt may allow EPFO to invest in cash-starved infra sector through AIFs

Ø  European Union considering further legal action in Brexit standoff

Ø  RBI looking to diversify investment options for forex reserves: Report

Ø  Power sector InvIT IndiGrid reports ₹384-crore revenue

Ø  FinMin notifies Abu Dhabi’s Sovereign Wealth Fund

Ø  Adani Ports & SEZ Q2 consolidated profit up 32% to Rs 1,394 cr

Ø  GSFC posts 400% q-o-q rise in standalone Q2 net

Ø  Adani Gas’ Q2 profit jumps 195% fired by volume recovery

Ø  Mangalore Chemicals Q2 net profit up 79 per cent to Rs 40.5 cr

Ø  Ant Group's $37-bn IPO suspended in Shanghai and Hong Kong

Ø  Xiaomi manages to sell 10 million Made in India powerbanks

Ø  Saudi Aramco profits dive in coronavirus-hit Q3

Ø  PVR reports losses of ₹184 crore for Q2 2021

Ø  RBI exploring investment options for forex reserves, sources say

Ø  PM Modi to chair virtual global investor roundtable on Thursday

Ø  India, UAE agree to explore ways to facilitate investments

Ø  India’s exports dip 5.4 pc in October to USD 24.82 bn: Govt data

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⚫PM will chair a virtual global investor round table on Thursday where he will engage and deliberate with top fund houses, business leaders & policymakers on how to accelerate the growth of international investments in the country. At least 20 of the world’s largest pension and sovereign wealth funds with total assets under management of about $6 trillion will participate in the roundtable.These global institutional investors represent key regions, including the US, Europe, Canada, Korea, Japan, the Middle East, Australia & Singapore.

⚫Indian economy is recovering fast and will soon be back on rails as all the parameters have started showing improvement. Finance Secretary also said that FM to unveil another stimulus soon.

⚫India’s merchandise exports fell 5.4% in October, while imports declined at a faster pace of 11.5% than a year ago. However, trade deficit was 25% lower than the previous year at $8.78 billion

⚫India’s manufacturing PMI rose to 58.9 in October, the highest it has achieved in more than a decade.

⚫India has reported 43,659 fresh Covid-19 cases in the past 24 hours. Delhi recorded its highest single-day spike of 6,725 new coronavirus cases.

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: Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s)

♦️https://www.sebi.gov.in/legal/circulars/nov-2020/creation-of-security-in-issuance-of-listed-debt-securities-and-due-diligence-by-debenture-trustee-s-_48074.html

💬Markets regulator Sebi on Tuesday came out with a framework for creation of security for listed debt securities and 'due diligence' that needs to be carried out by debenture trustees

🗯️The new framework will become effective from January 1, 2021, the Securities and Exchange Board of India (Sebi) said in a circular.

✒️In respect of creation of charge of security by issuer, before making the application for listing of debt securities, the issuer will have to create charge as specified in the offer document in favour of the debenture trustee (DT) and also execute debenture trust deed (DTD) with the DT, Sebi said

🍡Stock exchanges have been directed to list the debt securities only upon receipt of a due diligence certificate from DT confirming creation of charge and execution of the DTD.

🏕️read more https://www.google.com/amp/s/www.deccanherald.com/amp/business/business-news/sebi-issues-due-diligence-framework-for-debenture-trustees-910975.html

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👉 02/11/2020  New Content  

Notification No. 88/2020/ F. No. 370142/35/2020-TPL for extension of due dates for filing Income-tax Returns and Tax Audit Reports under the Income-tax Act, 1961 for AY 2020-21 

https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/222832.pdf

👉 Important Announcement - November 2020 Examinations - (02-11-2020)

https://www.icai.org/post/exam50183

👉 Exposure Draft of Revised AS 21, The Effects of Changes in Foreign Exchange Rates - (03-11-2020)

https://www.icai.org/post/ed-revised-as-21-the-effects-of-changes-in-foreign-exchange-rates

👉 GST: Wef 1.11.2020, assessees with turnover above 500 cr must generate IRN before despatch of goods as 30 days relief was only upto 31.10.2020.

(No.73/2020–Central Tax Dated: 1st October, 2020)

👉 November 11, 2020: 

GSTR-1 for October, 2020

Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return

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SEBI UPDATE :

SEBI had issued a circular on Scheme of Arrangement by Listed entities on 10th March 2017, where it had provided various relaxation from listing regulations and compliance requirements by the Listed entities on Scheme of Arrangements, filed with regulators.

SEBI has issued further amendment vide its Circular dated 3rd November 2020.

Key highlights of the SEBI Circular are:

Role of Audit Committee:

Audit Committee should comment on the following, which considering the Scheme of Arrangement for approval:

· Need for the merger/demerger/amalgamation/arrangement;

· Rationale of the scheme;

· Synergies of business of the entities involved in the scheme;

· Impact of the scheme on the shareholders;

· Cost benefit analysis of the scheme.

Committee of Independent Director:

Report from the  Committee  of  Independent  Directors  recommending  the draft  Scheme,  taking  into  consideration,  inter alia,  that  the  scheme  is  not detrimental to the shareholders of the listed entity.

Valuation Report:

Valuation Report to be obtained from the Registered Valuer, recognized under Section 247 of the Companies Act and rules made thereunder.

Restated audited financial statements:

Restated audited financial statements for three financial years, before the date of listing and restated financial statements for the stub period (not older than 6 months) should be disclosed in the newspaper advertisement.

Other disclosures requirements in newspaper advertisement:

Regulator has extended the list of information/disclosure that is required to be disclosed in the newspaper advertisement.

Other information:

· SEBI Circular shall be applicable for all the schemes filed with the stock exchanges after 17th November 2020.

· SEBI to issue comments on the draft scheme, only on receipt of No-Objection Letter from stock exchanges.

· Other provisions of previous circulars, issued in this context shall remain the same.

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✒️ Supreme Court laid down guidelines for determining compensation, maintenance in Matrimonial Cases

✒️ Supreme Court refused a writ petition, challenging constitutionality of Section 8(2) Citizenship Act, 1955 . 

✒️ Supreme Court asks Allahabad High Court Registrar General, explaining about the delay in uploading 2019 Judgement online.

✒️ Supreme Court upheld cancellation of candidature by Punjab National Bank, for being overqualified for peon post.

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3 November 2020 News and Updates

∆ Corporate Snippets on Nov 3 ∆

Ø Hospitality industry pleads for soft loan from Govt.: FHRAI

Ø Agricultural, Marine export bodies may move out of Commerce Ministry

Ø Reliance Capital invites bids for sale of stake in subsidiaries to clear debt

Ø National Investment and Infrastructure Fund acquires 2 Essel projects

Ø Maharashtra government inks ₹35,000 Cr MoUs with 15 companies

Ø Reliance EBITDA improves on rebound; balance sheet strengthened: Moody's

Ø NCAER's business confidence index rises 41.1% in September quarter

Ø NTPC board okays buyback of 197.8 million equity shares worth ₹2,275 Cr

Ø Vedanta, Hindalco post wins in commercial coal auction; new players debut

Ø Data industry to see $5 billion investment by 2025 on higher digitisation

Ø RBI temporarily postpones circular on current account till December 5

Ø L&T bags construction order of bullet train project

Ø Kalrock-Jalan consortium deposits ₹150 cr as first step to take ownership of Jet Airways

Ø Manufacturing PMI at a 13-year high of 58.9 in October

Ø Embassy REIT Q2 profit flat at ₹232.56 crore

Ø Escorts Q2 net more than doubles to ₹227 crore

Ø Zydus Cadila standalone net up 17% in Q2

Ø PNB reports 18% decline in Q2 net profit on higher provisions

Ø Tata Motors sales rise 27% to 49,669 units in Oct

Ø CCI approves acquisition of Bharti AXA by ICICI Lombard

Ø Escorts Ltd reports stellar growth as tractor sales continue to stay strong

Ø Indian Oil says no plan for share buyback as of now

Ø Microsoft's FY20 profit jumps 62% in India to ₹625 cr even as expenses increase nearly 19%

Ø BPCL eyes doubling bunkering oil sales volume to 14 tmt with terminal upgrade

Ø Telecom sector revenue growth at 5% in Q2 on easing of lockdown curbs: Report

Ø Manufacturing PMI expands to 13-year high in October, signals economic recovery

Ø Centre to delink land held by 17 sick PSUs

Ø India's economy worst-hit among emerging markets

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⚫The NDA Govt announced extending the time window for businesses to seek sovereign guaranteed loans under the Emergency Credit Line Guarantee Scheme by one month till November 30. Under the scheme, 100% guarantee coverage is being provided by the National Credit Guarantee Trustee Co for additional funding to the tune of Rs 3 trillion to borrowers. 

⚫Tax payers generated 4.95 crore e-invoices in the first month of the launch of the service, the ministry of electronics and IT said. Besides e-invoices, 6.41 crore eway bills were generated in Oct which was highest in any month since the launch of the service.

⚫The RBI has deferred banks current account maintenance norm till Dec 15, pending a frequently asked question that the central bank would publish on its website.

⚫India has reported a decline in the number of fresh Covid-19 cases to 37592 in the past 24 hours

⚫The Govt attributed the recent surge in active Covid-19 cases in Delhi to the festive season, greater movement of people and laxity in adhering to safe Covid behaviour. 

⚫The Supreme Court on Monday asked the Centre to file status report in six weeks on the proceedings pending in the UK for extradition of fugitive businessman Vijay Mallya to India.

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👉🏻Govt extends Emergency Credit Line Guarantee Scheme ( ECLGS) by one month

(Govt has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till Nov. 30th, 2020, or till such time that an amount of Rs. 3 lakh Cr is sanctioned under the Scheme, whichever is earlier)

👇🏻 👇🏻 👇🏻

https://bit.ly/2TPT3DY

 

👉🏻Tax Audit Limits for AY 2020-21 - Rs.1 Cr / 5 Cr

(Tax Audit Limits for Assessment Year 2020-21 - Rs. 1 Crore / 5 Crore | Section 44AB | Section 44AD | Section 44ADA of Income Tax Act, 1961)

👇🏻 👇🏻 👇🏻

https://bit.ly/34P49zy

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2 November 2020 News and Updates

2nd November 2K20

Ø  GST collection crosses Rs 1 lakh crore mark for first time since February

Ø  Exports clocked by STPI units in H1 FY21 estimated at Rs 2.49 lakh crore: DG

Ø  Power consumption grows 13.38% in October

Ø  Offshore funds rush to avail real estate loan book resolution financing opportunities

Ø  Future Retail rejects Amazon's contention over shareholder agreements

Ø  Mahindra tractor sales up 2 per cent to 46,558 units in October

Ø  Indian economy set to bounce back, emerge stronger from Covid crisis: Ficci

Ø  RIL to go for more acquisitions to boost JioMart, take on Amazon, Flipkart

Ø  Bharti Airtel rings louder than Reliance Jio in net subscriber additions

Ø  Titan eyewear to exit large format stores in three months as sales stagnate

Ø  Brexit talks go into another week as EU, UK push to salvage trade deal

Ø  Govt provides Rs 670-crore support to RRBs to meet regulatory capital

Ø  Ignore arbitrator’s stay: Future tells BSE/NSE on row with Amazon

Ø  Centre may cap RoDTEP benefits for exporters due to resource constraint

Ø  CIL records 19% jump in coal production in October

Ø  Bharat Biotech to launch Covaxin in Q2 2021

Ø  JSW Holdings Sept quarter profit drops to Rs 39 cr

Ø  SME exchanges gain traction as more firms raise funds

Ø  London transport system secures £1.8 bn govt bailout

Ø  In bid for clean air, ‘hydrogen wars’ pit Europe vs China for $700-bn business

Ø  Non-life insurers see nearly 6% fall in premium income at ₹22,775 cr in Sept

Ø  Hero MotoCorp registers highest ever monthly sales in Oct 2020

Ø  Lloyd brightens Havells’ Q2 as core business remains dull

Ø  DLF’s REIT to give a leg-up to the commercial office sector

Ø  UPI crosses 2 billion transactions milestone in October, up 80% from year-ago; value nears Rs 4 lakh cr

Ø  SKF India expects to corner higher share in auto-components market

Ø  Vedanta, Adani among others in race for coal blocks to be auctioned for commercial mining from Monday

Ø  USFDA issues warning to Shilpa Medicare for CGMP violations at Telangana plant

Ø  India's economy worst-hit among emerging markets

Ø  Gold demand in India plunges to 25-year low

Ø  Hospitality industry sees signs of revival in September

Ø  Gold loans double as Covid-hit people pledge family jewellery

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⚫GST collections in October stood at over Rs 1.05 trillion, crossing for the first time Rs 1 trillion mark since February this year. The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh.

⚫The generation of e-way bills, which is mandatory for transporting goods worth over Rs 50000, has gone up 21% in October, while the number of e-invoice generation has touched 2.9 million IRNs a day.

⚫The gross direct tax collection in April-Oct period of the current fiscal stood at Rs 4.95 trillion, down 22% over the same period last fiscal.While corporate tax collection fell 26% to Rs 2.65 trillion, personal income tax collection was 16% lower at Rs 2.34 trillion.

⚫India's power consumption grew 13.38% to 110.94 billion units in October this year, mainly driven by buoyancy in industrial and commercial activities.

⚫In a bid to strengthen capital base, the union Govt has provided Rs 670 crore to Regional Rural Banks considering their importance in agriculture finance during these difficult times.

⚫India has reported a daily jump of 46441 Covid-19 cases, even as the tally has soared to 8,222,231. With 5,664 new Covid cases, Delhi's tally now stands at 392,000.

⚫The suspension of freight trains in Punjab has caused acute shortage of urea for wheat and vegetable crops in Punjab, with the state authorities saying rabi crop sowing is likely to be hit because of it.

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OCT:31, 2020: Tower TALK

Indian Bank is getting stronger and may grow 12%+ this year. Its Q2FY21 profit was 15% higher at Rs. 412 cr. Add.

Hindalco has succeeded in converting its waste red mud into a high-grade construction material. Hold for long term.

SBI Life Insurance’s Q2 profit jumped 131% to Rs 299.73 cr. on 44.82% rise in income to Rs. 18428 cr. A safe bet in this bear market.

Cosmo Films has proposed a buy back at a maximum rate of Rs. 576 per share. Buy around Rs. 472 as it continues to report better earnings.

Kotak Bank’s Q2 profit jumped 26.7% to Rs 2,184.48 cr. on 3.78% rise in revenue to Rs. 8288 cr. The share is slowly and steadily rising. Add

Indo Borax Chemicals, leading manufacturer of boric acid powder and allied chemicals, is available much below its recent highs. Accumulate.

An Ahmedabad analyst recommends to buy Decipher Labs, Gujarat Themis Bio, GSCL Cement, Goldium International, IOL Chemicals, India Gelatine, Kopran, Kakatiya Cement, Kabra Extrusion,Mbl Infra, Mangalam Drugs, NCL Ind, Pix Transmission, Salzer Ele, Themis Bio & Tarmat.

UCO Bank has turned around sharply with Q2 profit at Rs. 30 cr. against a loss of Rs. 892 cr. in Q2FY20. Buy this bank at this rock bottom price of around Rs. 12.

M&M Finance’s Q2 profit jumped 34% to Rs. 353 cr. on 5% rise in revenue. Business was good all-around in the car, tractor and the CV segments. Add.

L&T may declare a special dividend speculated at Rs. 35 per share. Its Rs. 25,000 cr. Mumbai-Ahmedabad Bullet train project is a game changer. Buy for the long term.

DHFL creditors are seeking revised takeover offers from the 4 bidders. Risk bearing investors may enter with a time horizon of 3 years.

Persistent Systems’ Q2 profit grew 14% to Rs. 192 cr. It hopes to better margins in Q3. Add for the long term.

ITC is confident of its food business growing in double digit pace in FY21. This FMGC stock is attractively priced at a low PE. Add.

Ceat’s Q2 sales of Rs. 1978 cr. and NP of Rs. 182 cr. leading to an EPS of Rs. 44.96 v/s Rs. 10.87 in Q2FY20 and FY20 EPS of Rs. 57.17 is an obvious buy around Rs. 1147.

Marico posted Q2 net profit of Rs. 264 cr. (up by 7%). The management had earlier indicated 10% growth in the next two years on robust rural growth. A good FMGC share in a defensive market

Wipro is about to acquire Encore Theme Technologies, a Chennai based specialist providing SaaS and Cloud solutions in financial services. A big positive for Wipro. Buy.

Axis Bank’s Q2 NP of Rs. 1,683 cr. from net loss of Rs. 112 cr. in Q2FY20 has stunned all. Its NIM has also improved on the back of rising revenue and fall in provisions. Add.

Cummins India posted 20.6% fall in NP to Rs. 145.55 cr. on 11% decline in sales. The share quotes at a PE of around 16.5 and deserves to be sold. Stay away for the time being.

Havells India Q2 PAT jumped 82% to Rs. 326 cr. on 10% spurt in income. Profit margin has also risen from 8% to 13%. A good long term buy.

The Q2 results of Tyche, a small cap pharma company, on 10th Nov are likely to be good. In Q1 it doubled its y-o-y profit.

Manufacturing soda ash and home textiles, GHCL posted Q2FY21 EPS of Rs 8 and is exploring a 5-lakh TPA green-field soda ash plant. Despite a difficult period, it may post an EPS of Rs. 30+. The share can fetch a decent gain of 30% in the medium term.

Kaveri Seeds commands 8-10% share of the Rs 15, 000 cr. organised hybrid seed market and is expected to notch an EPS of Rs 60 in FY21. A reasonable P/E of 14x can take its share price to Rs 840. Buy-back of the share is also likely. Accumulate.

Faze Three Autofab provider of automotive fabric and seating systems to automotive giants like General Motors, Ford, Hyundai, M & M, Volvo and Maruti,. etc is expected to notch a FY21 EPS of Rs 12 as against Rs 8.4 in FY20. The share is likely to double from the current level.

Expleo Solutions, earlier known as Thinksoft Global, has deep relationships with leaders in Banking, Financial Services &Insurance (BFSI) space is expected to post a FY21 EPS of Rs 60+. A reasonable P/E of 12.5x can take its share price to Rs 750. Buy.

Rajratan Global Wires among Asia’s largest bead wire and high-carbon steel wire manufacturers has posted the best ever Q2FY21 EPS of Rs 13.3. Based on the current going, it is expected to notch a FY21 EPS of Rs. 45. The share may cross the Rs 450 mark. Buy.

eClerx Ltd., which provides critical business operations services to over 50 global Fortune 500 clients, has notched 30% higher net in Q1FY21 and is expected to post a FY21 EPS of Rs. 75 on its reduced equity resulting from the buyback. The share is poised to touch the Rs. 900 mark.

Great Eastern Shipping took delivery of a second hand very large gas carrier ‘Jag Vishnu’. With a fleet of 46 ships aggregating 3.70 million DWT, it posted a H1FY21 EPS of Rs. 47 and may post FY21 EPS of Rs 65. At a forward P/E of just 7x, the share may cross the Rs. 450 mark.

With a likely FY21 EPS of Rs. 100, the share of Larsen &Toubro, the highly diversified engineering conglomerate with over Rs,1,31,000 market capitalization, is being recommended by some analysts with a price target of Rs. 1250. Buy.

Ester Industries has broken its all-time high of Rs.108 touching Rs.120 on the back of its excellent Q2FY21 EPS of Rs. 5+. Buy at every decline for a target of Rs.200. (We have been recommending this stock from Rs. 50 level)

Menon Pistons, a microcap stock, is a potential multibagger in the making. It trades cheap at a market cap. of lesss than Rs.100 cr. and can easily double from the current level of Rs,13.

Rising e-commerce sales augur well for the stock of Blue Dart Ltd, A dark horse in the making.

Orient Cement looks cheap when compared to other small cap cement players. The stock can easily appreciate 50% from the current level.

Surya Roshni is reportedly faring quite well and the stock has the potential to go back to its glorious days around Rs.400 level.

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👉 Exposure Draft of Interest Rate Benchmark Reform - Phase 2 (Amendments to Ind AS 109, Ind AS 107 and Ind AS 116) - (29-10-2020)

https://www.icai.org/post/exposure-draft-interest-rate-benchmark-reform-phase2

👉 Further extension in the last date for Waiving-off Condonation fees due to late filing of various application Forms related to Students, Articled Assistants, Members & Firms amidst COVID-19 Pandemic - (31-10-2020)

https://www.icai.org/post/further-extension-in-the-last-date-for-waiving-off-condonation-fees

👉 Important Announcement November-2020 CA Examinations - Admit card - (01-11-2020)

https://resource.cdn.icai.org/61647exam50175.pdf

👉 RBI announces Open Market Operations (OMO) Purchase of State Government Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50590

👉 Govt. notifies December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020

Also, extends timeline from December 31st, 2020 to March 31st, 2021 for making payment without additional amount.

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Due date Income Tax Compliance Calendar November-2020

7 November 2020

​​Due date for deposit of Tax deducted/collected for the month of October, 2020. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

14 November 2020

1.​​​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of September, 2020

2.Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of September, 2020

3.​​Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of September, 2020

15 November 2020

1.Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending September 30, 2020​

2.Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of October, 2020 has been paid without the production of a challan

3.Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of October, 2020

30 November 2020

1.​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of October, 2020

2.Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of October, 2020

3.Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of October, 2020

4.Annual return of income for the assessment year 2020-21 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s)

5.Report in Form No. 3CEAA by a constituent entity of an international group for the accounting year 2019-20​

5.​Statement of income distribution by Venture Capital Company or venture capital fund in respect of income distributed during previous Year 2019-20 (Form No. 64)​

6.Statement to be furnished in Form No. 64D by Alternative Investment Fund (AIF) to Principal CIT or CIT in respect of income distributed (during previous year 2019-20) to units holders​

7.Due date to exercise option of safe harbour rules for international transaction by furnishing Form 3CEFA

8.​​Due date to exercise option of safe harbour rules for specified domestic transaction by furnishing Form 3CEFB​

9.Due date for filing of statement of income distributed by business trust to unit holders during the financial year 2019-20. This statement is required to be filed electronically to Principal CIT or CIT in form No. 64A​

10.Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on November 30, 2020)​

11.​Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(1) (if the assessee is required to submit return of income on November 30, 2020)​

12.​Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company has any international/specified domestic transaction]

13.​​Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is November 30, 2020)​

14.Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2019-20 and of foreign tax deducted or paid on such income in Form no. 67. (if due date of submission of return of income is November 30, 2020).​

15.Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm's length price of the remuneration paid to the fund manager. (if the assessee is required to submit return of income on November 30, 2020)

16.Annual return of income for the assessment year 2020-21 for all assessee

The due date for filing of return has been extended from July 31, 2020, October 31, 2020 to November 30, 2020 vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.

17.Annual return of income for the assessment year 2019-20 for all assessee

The due date for filing of return of income under section 139 for the assessment year 2019-20 has been extended to November 30, 2020 vide Order under section 119(2)(a), dated 30-09-2020.

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1 November 2020 News and Updates

Corporate Snippets

Ø Ant Group's IPO sees record $3 Trillion in retail demand

Ø Online giants will have to open ad archives to EU antitrust regulators

Ø DealShare aims ₹7,000 Cr GMV by 2023-24, to expand footprint to 100 cities by March

Ø MoUs to be inked with 25 startups for exchange of tech: IGCAR

Ø NSE-BSE bulk deals: Spruce Grove International buys 82 Lakh Shares of Zee Entertainment

Ø Stimulus measures before festive season to support growth momentum: Report

Ø Nabard to set up subsidiary to guarantee agri-loan

Ø Apple turns the tide in India with record sales; 800,000 iPhones sold in Q2

Ø DLF net profit declines 49% to ₹227.8 Cr in Q2, revenue falls 6%

Ø Axis Bank, subsidiaries to acquire 19% stake in Max Life in revised deal

Ø IOC net profit jumps more than 15 times in Q2 over inventory, forex gains

Ø Jobless rate in urban areas fell to 7.9% in Q3 of last year, shows data

Ø 15th finance panel finalises recommendations, to submit report on Nov 9

Ø IT refunds of ₹1.27 Trillion issued so far this fiscal, says Finance Secy

Ø Won't spare any way in maintaining level-playing field in e-commerce: Govt.

Ø Singapore unemployment rate in third quarter rises to 16-year high

Ø Federal Reserve expands Main Street programme to smaller companies

Ø Eurozone economy soars record 12.7% but fears grow for winter

Ø IndusInd Bank Q2 net falls 53% on higher provisions

Ø Govt. puts off sale of SAIL’s Durgapur steel plant

Ø Karur Vysya Bank net profit jumps 83% to ₹115 Crore 

Ø India Inc needs to respond to various reform measures of Govt.: CEA K V Subramanian

Ø Hike in ethanol prices will be positive for sugar industry: ICRA

Ø IRB InvIT Q2 revenue at ₹296 Cr 

Ø PTC India Fin Services net profit falls 28% to ₹32 Cr in September quarter

Ø Forex reserves surge USD 5.4 billion to all-time high of USD 560.532 billion 

Ø Combined fiscal deficit to cross 13%; Govt. debt to jump over 80% this yr: Report

Ø Govt. to provide production-linked incentives to more sectors: Niti Aayog

Ø German GDP saw 8.2% bounce-back in third quarter

Ø IOC plans to raise ₹20k Cr via privately placed bonds

Ø India to import over 30,000 Tonne of onion, 🥔

Ø RIL says ADIA & PIF to invest ₹3,779 Crore each in Jio Fibre InvITs

Ø States raise FY21 Capex target despite fiscal crunch

Ø Facebook posts 22% jump in Q3 Revenue, but US users down

Ø 37% Engineers find stretched working hours most challenging during WFH: Survey

Ø China says it grants more Debt relief, backs G-20 Coordination 

Ø Grasim signs production deal with Warren Buffett’s specialty chemicals company

Ø US Consumer Spending rose a moderate 1.4% in September

Ø BSE StAR MF registers 76.74 Lakh Transactions worth ₹22,828 cr in Oct

Ø Govt not considering extension of Sugar Export subsidies for 2020-21: Goyal

Ø IFC extends USD 4 billion Loans to Private Companies to fight Pandemic 

Ø Niti Aayog releases Draft Model Act on Land Titles

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ITC cannot be disallowed to purchaser if seller has collected tax but not paid to Govt.

[2020] 120 taxmann.com 345 (Madras)

GST/EXCISE/ST/VAT : Input tax credit cannot be disallowed on ground that seller has not paid tax to Government, when purchaser is able to prove that seller has collected tax and issued invoices to purchaser

Section 16 of the Central Goods and Services Tax Act, 2017/Rule 3 of the Cenvat Credit Rules, 2004 - Input tax credit - Whether Input tax credit cannot be disallowed on ground that seller has not paid tax to Government, when purchaser is able to prove that seller has collected tax and issued invoices to purchaser - Held, yes

Sri Ranganathar Valves (P.) Ltd.

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☀️💡ICAI Update

📑“WE CARE”- An Initiative of ICAI for Senior Chartered Accountants

a unique social security and benevolence program for Senior CA members of age 75 years and above. This initiative would provide support to this valuable segment of ICAI fraternity which endeavours for providing respect, continuous engagement, care and support of the Profession by creating a sense of belongingness.

https://www.icai.org/post/wecare-an-initiative-of-icai-for-senior-chartered-accountants

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✒️ Supreme Court has extended till 31st December, 2020 the deadline for implementation of its judgement on grant of permanent commission has (PC) to women SSC officers in the Indian Navy.

✒️ Supreme Court has asked the bombay High Court to expeditiously hear a plea filed by Varavara Rao’s wife for his bail and also consider whether the writer should be shifted from jail to hospital.

✒️ Supreme Court has issued notice to the Union Government in a plea alleging that two medicines Remdesivir and Favipiravir are being used for the treatment of COVID-19 without approval.

✒️ Supreme Court has stayed the order of the Delhi High Court denying further extension of interim bails granted to undertrials.

✒️ Supreme Court has upheld dismissal of police constable, reiterating that order of dismissal can be passed even if the delinquent official had been acquitted of the Criminal Charge. 

✒️ Supreme Court Grants to move representation seeking exemption from GST on Disability Aids with GST Council.

✒️ Madras High Court states that ROC cannot deactivate DIN of Director for Disqualification in any Company.

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⚫The pandemic induced growth contraction & additional spending to support the needy amounting to a little over 2% of the economy are likely to push the combined fiscal deficit to 13% of GDP this fiscal nearly double of the past year, according to a report.

⚫Stimulus measures announced by the Govt before the festive season will support growth momentum as it will provide a push to consumer demand & traction to the unorganized sector, according to Dun & Bradstreet's latest Economy Forecast report. The signs of recovery are nonetheless fragile as industrial production, bank credit and capital expenditure remain low.

⚫The finance ministry has notified the extended due date for filing ITR for the 2019-20 fiscal. While the deadline for filing ITR by individual taxpayers has been extended by a month till December 31, the due date for those taxpayers whose accounts need to be audited has been extended to January 31, 2021.

⚫The country's foreign exchange reserves swelled by USD 5.412 billion to touch an all time high of USD 560.532 billion in the week ended October 23.

⚫Global coronavirus cases rose by more than 500,000 for the first time on Wednesday, a record one-day increase as countries across the Northern Hemisphere reported daily spikes.

⚫The pandemic induced growth contraction & additional spending to support the needy amounting to a little over 2% of the economy are likely to push the combined fiscal deficit to 13% of GDP this fiscal nearly double of the past year, according to a report.

⚫Stimulus measures announced by the Govt before the festive season will support growth momentum as it will provide a push to consumer demand & traction to the unorganized sector, according to Dun & Bradstreet's latest Economy Forecast report. The signs of recovery are nonetheless fragile as industrial production, bank credit and capital expenditure remain low.

⚫The finance ministry has notified the extended due date for filing ITR for the 2019-20 fiscal. While the deadline for filing ITR by individual taxpayers has been extended by a month till December 31, the due date for those taxpayers whose accounts need to be audited has been extended to January 31, 2021.

⚫The country's foreign exchange reserves swelled by USD 5.412 billion to touch an all time high of USD 560.532 billion in the week ended October 23.

⚫Delhi recorded highest single day rise of 5891 fresh COVID-19 cases on Friday.

⚫Global coronavirus cases rose by more than 500,000 for the first time on Wednesday, a record one-day increase as countries across the Northern Hemisphere reported daily spikes.

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Waiver of Condonation Fees by ICAI

Applicable for All Members, Firms and  Students, 

Condonation Fees waived for where Transactions Date Falling Between 1st April to 31st December

https://icai.org/post/further-extension-in-the-last-date-for-waiving-off-condonation-fees

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⚫UK Prime Minister has announced a second stay at home lockdown across England, starting from next Thursday and to run for four weeks until at least the start of December, in order to deal with the rapidly increasing coronavirus infections.

⚫Canada will admit a record 401,000 new immigrants in 2021, against the usual annual intake of 350,000. It is cheering news for Indians as they account for the bulk of immigrations.

⚫The Indian Institute of Science &  the Research and Development Centre of Indian Oil Corporation have signed an MoU to develop and demonstrate biomass gasification based hydrogen generation technology for producing fuel cell grade hydrogen at an affordable price.

⚫The national capital recorded 5,062 fresh COVID-19 cases. Amid a surge in COVID-19 cases, the Delhi govt allowed marriage gatherings of up to 200 persons in closed spaces.

⚫The Federation of Hotel and Restaurant Associations of India welcomed FSSAI move of mandatory registration for home cooked food sellers which will help reduce health risk of consumers.The apex hospitality association has stated that food operators, whether operating from home or from dark kitchens, should be regulated for cleanliness and hygiene.

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

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30 October 2020 News and Updates

30th October 2K20

Ø  India's April-Sept fiscal deficit at Rs 9.1 lakh crore

Ø  US economy surges 33.1% in Q3, biggest gain on record: Govt

Ø  ServiceNow says India among its fastest growing markets

Ø  Centre proposes mandating license for foreign vessels engaged in coastal shipping in India

Ø  JBIC signs loan agreements totaling Rs 11,000 crore to support Indian Industry

Ø  Shapoorji Pallonji Group submits plan to Supreme Court for separation from Tata Group

Ø  Mahindra Electric eyes investment, bulk deals with e-commerce companies

Ø  US hints at possibility of reducing trade, investment barriers with India

Ø  BPCL Q2 net profit jumps 58% to Rs 2,589.52 cr due to lower expenses

Ø  Cognizant net profit falls 30% to $348 mn in Q3; revenue flat at $4.2 bn

Ø  US pitches cheaper solar tech to India amid high dependence on China

Ø  IMF tells Britain to keep spending to fend off coronavirus crisis

Ø  SFIO searches Sahara's office in Lucknow, probe against group widens

Ø  KKR launches platform to acquire renewable energy assets in India

Ø  Core sector contraction narrows to 0.8% in Sept

Ø  Pidilite Industries acquires Araldite maker for ₹2,100 crore

Ø  TVS Motor Company posts ₹196 crore net in Q2

Ø  MCX Q2 net profit slips 18 per cent to Rs 58.55 crore

Ø  Procter & Gamble sets up ₹400-crore India Growth Fund

Ø  Laurus Labs’ Q2 net zooms to ₹242 crore

Ø  US jobless claims aid fall to 751,000, virus resurges

Ø  SmallCap World Fund bought 1.04% stake in MCX for ₹94 crore

Ø  RBI to conduct second OMO purchase of SDLs next month

Ø  ICICI Prudential Life to raise ₹1,200 crore

Ø  BlackRock is defying stock chaos to launch small-cap value ETF

Ø  Vodafone Idea Q2 net loss narrows to ₹7,218 crore; Arpu rises

Ø  Govt approves mandatory packaging of food grains in jute bags

Ø  Samsung India expects 40% growth in smartphone segment in Q4

Ø  IndiGo posts Rs 1,194 cr loss for September quarter

Ø  RBI imposes Rs 22 lakh fine on DCB Bank for violating marketing norms

Ø  Bidding process of Air India’s divestment would be on enterprise value, says Hardeep Singh Puri

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Increase in the no. of Structured CPE hours being granted in online mode from 15 CPE hours to 20 CPE hours and extension of last date for completion of 20 Structured CPE hours through Digital Learning Hub or Virtual CPE Meetings from 31st October, 2020 to 31st December, 2020 - (29-10-2020)

Continuing Professional Education Directorate & CDS

The Institute of Chartered Accountants of India

29th October, 2020

ANNOUNCEMENT

Increase in the no. of Structured CPE hours being granted in online mode from 15 CPE hours to 20 CPE hours and extension of last date for completion of 20 Structured CPE hours through Digital Learning Hub or Virtual CPE Meetings from 31st October, 2020 to 31st December, 2020

This has reference to earlier announcement dated 23.09.2020 available at https://www.icai.org/post.html?post_id=16516 informing that out of 20 Structured CPE hours which is mandatory to be completed by Members below 60 years holding COP, in each calendar year, 15 Structured CPE hours can be granted through online mode (either through Digital Learning Hub or through above Virtual CPE meetings including mandatory CPE hours on “Code of ethics” and “Standard on auditing”) till 31st October, 2020.

However, taking cognizance of the COVID-19 pandemic situation worldwide when public gathering is still restricted/not advisable, it has been decided to allow grant of 20 Structured CPE hours through online mode till 31st December, 2020.

Accordingly, following may be noted for information and compliance by members, CPE POUs and other stakeholders:-

“Requirement of completion of 20 hours Structured CPE hours which is mandatory to be completed by Members below 60 years holding COP, in each calendar year, can now be fulfilled through online mode (either through Digital Learning Hub or through Virtual CPE meetings including mandatory CPE hours on “Code of ethics” and “Standard on auditing”) till 31st December, 2020.” To clarify, if a member has earned more than 20 Structured CPE hours through Digital learning Hub and/or VCMs till 31st December, 2020, for compliance purpose, only 20 Structured CPE hours will be credited.

Regards

Secretary

CPE Directorate

The Institute of Chartered Accountants of India

‘ICAI BHAWAN',

A-29, Sector 62, NOIDA – 201309

E-mail: cpeadmin@icai.in

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⚫Facing severe revenue stress because of muted economic activity during the Covid-19, the Govt’s fiscal deficit soared to 115% of the full Budget estimates in the first half of 2020-21. The gap between the Centre’s revenue and expenditure touched Rs 9.13 trillion between April &  Sept.

⚫Companies in the UK find it easier doing business in India. But they also find the regulatory and legal hurdles, including those relating to the GST, along with corruption, as major areas of concern, revealed a survey of 106 UK organisations operating in India.

⚫Output in crucial eight industry core sector contracted for the seventh month in a row, but the unlocking of the economy reduced the rate of decline to a mere 0.8% in Sept against 7.3% in the previous month. 

⚫The World Bank said remittances to India would fall this year by 9% to $76 billion due to the ongoing coronavirus pandemic and global economic recession. As the Covid-19 & economic crisis continues, the amount of money migrant workers send home is projected to decline 14% by 2021 compared to the pre-Covid-19 levels in 2019.

⚫Delhi recorded over 5,700 fresh COVID-19 cases, the highest single-day spike till date.

⚫The officials of the anti-evasion branch of the CGST, Delhi (East), have busted a major racket for generation of huge inadmissible input tax credit through fake billing of about Rs 1,278 crore.

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👉🏻CGST officials bust racket for generating fraudulent ITC through fake billing of around Rs 1,278 Cr

(Searches were conducted over more than nine places spread over different locations in the state of Delhi and Haryana to identify the taxpayers, who were defrauding the Govt of its legitimate taxes)

👇🏻 👇🏻 👇🏻

https://bit.ly/34DAglu

👉🏻FinMin extends I-T exemption under LTC cash voucher scheme to non-central government employees

(Govt has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending)

👇🏻 👇🏻 👇🏻

https://bit.ly/2HRqOSw

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29 October 2020 News and Updates

∆ Corporate Snippets on Oct 29 ∆

Ø Abu Dhabi to issue FDI licences allowing 100% foreign ownership

Ø China bought nearly 30% of Indian steel exports in April-Sept: Data

Ø 15th Finance Commission on course to finalise report by end of this month

Ø India extends anti-dumping duty on imports of Fluoroelastomers from China

Ø ITAT rules in favour of Jamsetji Tata Trust, revokes the penalty imposed by Income Tax department

Ø Piramal Housing Finance notifies CCI of proposed combination with DHFL

Ø IBBI approaches SC to club all cases on personal guarantee pending in HCs

Ø SEBI bars investment bankers from sharing bidding data with investors

Ø Italian regulator investigates Google over abuse in digital ad market

Ø Lloyd's insurer Apollo to stop underwriting Adani coal mine from Sep 2021

Ø Air India Express records highest-ever annual profit at ₹413 Cr

Ø Axis Bank posts net profit of ₹1,683 Cr in Sept qtr as bad loans decline

Ø Financial conditions in India are on the mend, affirms CRISIL

Ø Revival on, India will be fastest growing economy next year: FM

Ø Titan reports 37.8% drop in net profit for Q2

Ø Dr Reddy’s Laboratories Q2 net down 30% at ₹762 crore

Ø Heritage Foods nets ₹54 cr in Q2 ‘after adjustments’ related to Future Retail

Ø Airtel awaiting clarity from DoT on AGR dues

Ø Deutsche Bank rebound hinges more than ever on trading unit

Ø India, UK agree to address barriers to sustainable bilateral investment

Ø Wipro to acquire cloud firm Encore Theme Technologies

Ø GlaxoSmithKline Pharma Q2 net profit declines 85% to ₹76.47 Cr

Ø India needs policy intervention to uplift its urban poor

Ø PNB Housing Finance Q2 net profit down 15% at ₹313 crore

Ø Payment deadline for Vivad se Vishwas scheme extended

Ø DPIIT releases next edition of consolidated FDI policy

Ø Digitalisation to drive USD 6.8 trillion IT spending from 2020 to 2023: IDC

Ø Marico Q2 net rises 7.9% to ₹273 Cr, sales up 8.7% to ₹1,989 Cr

Ø RBI asks lenders for ex-gratia payment of interest on interest scheme

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⚫The finance ministry said India and the United Kingdom have agreed to establish a bilateral Sustainable Finance Forum.This partnership is helping set up a Project Preparation Support Facility cum Centre of Excellence for PPP projects. FM said India and the UK have increased cooperation through the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure.

⚫Oil Secretary hinted at more reforms to raise the level of private participation in upstream oil and gas exploration and production, but remained non-committal on the industry's demand for cutting levies to make the business attractive during low price regime.

⚫The SBI inked a pact to raise a $1-billion loan from Japan Bank for International Cooperation  and other Japanese lenders like SMBC, MUFG Bank, and Mizuho Bank. The loan will be used to provide funds to manufacturers, suppliers and dealers of Japanese automobiles in India.

⚫As economic activity revives after the gradual lifting of the lockdown, the demand for gold loans is expected to rise. The gold loan assets of finance co's in country are estimated to grow by 15-18% in current financial year, according to CRISIL.

⚫India has reported a daily jump of nearly 50,000 Covid-19 cases, even as the tally has soared past the 8-million mark.

⚫Delhi on Wednesday recorded over 5,600 fresh cases for the first time, with the city witnessing a sudden surge in daily incidences in the past few days.

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👉 Filing NIL Form CMP-08 statement through SMS on GST Portal

https://www.gst.gov.in/newsandupdates/read/409

👉 Hosting of the details of allotment of assignment as observers for November, 2020 Examination. - (26-10-2020)

https://www.icai.org/post/details-allotment-of-assignment-as-observers-for-nov2020exam

👉 Important Announcement November-2020 CA Examinations - (27-10-2020)

https://resource.cdn.icai.org/61607exam27102020.pdf

👉 ICAI Invites Suggestions for Pre-Budget Memorandum-2021 - (28-10-2020)

https://www.icai.org/post/icai-invites-suggestions-pre-budget-memorandum-2021

👉 Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11989&Mode=0

👉 RBI releases “State Finances: A Study of Budgets of 2020-21”

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50573

👉 Option of repaying the funds availed under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) before maturity

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50578

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28 October 2020 News and Updates

28th October 2K20

Ø  US consumer confidence falls as outlook turns gloomy: Survey

Ø  Tata Motors sees better second half even as it prepares for hard Brexit

Ø  Overseas direct investment plans to face stricter scrutiny

Ø  Patel Engineering bags Rs 1,564 cr order to build 2GW hydro project in Arunachal Pradesh

Ø  Economy saw growth rebound through Q2FY21: Nomura

Ø  Harley Davidson partners with Hero MotoCorp to sell motorcycles in India

Ø  Global FDI flows fell 49% in first half of 2020 due to Covid-19: UNCTAD

Ø  GAIL, ONGC look to firm up strategies for low oil and gas price regime

Ø  Near zero GDP today, among fastest growing next year: FM on Indian economy

Ø  Foreign ownership limits: MSCI India to see passive inflow of $2.5 billion

Ø  Cochin Shipyard, Italy's Fincantieri sign deal for business development

Ø  Bharti Airtel Q2 net loss shrinks 97%, posts highest-ever rise in revenue

Ø  Loan moratorium: Lenders to credit ‘interest on interest’ to borrowers by Nov 5, Centre tells SC

Ø  US senators seek removal of high tariff on pecans imports by India

Ø  CAIT raises concerns on Flipkart-ABFRL deal

Ø  TGV SRAAC in equity, power supply deal with APGPCL

Ø  Angel Broking records highest ever quarterly PAT at ₹74.6 crore in Q2

Ø  ICICI Bank says SEC to not take action in provisioning probe

Ø  Treebo raises ₹10 cr from Vijay Shekhar Sharma and others

Ø  MakeMyTrip Q2 loss narrows to $12.9 million

Ø  Almost 200 European airports face insolvency, airports body ACI Europe says

Ø  Bharti Airtel to exit Ghana business

Ø  Strong sales of drugs, vaccines, propel Merck in Q3

Ø  Global FDI flows fell 49% in first half of 2020 due to COVID-19: UNCTAD

Ø  COVID-19 to erode 3 years of fiscal consolidation gains of states: RBI

Ø  Spike in internal remittance, new EPFO registrations indicate recovery: Report

Ø  Airtel plans to exit Ghanaian telecom market

Ø  Aditya Puri retires; Sashidhar Jagdishan takes over as HDFC Bank MD and CEO

Ø  India sees pick up in consumer demand during festival season: Sitharaman

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Following additional fields have been made mandatory now by ICAI while generating UDIN for GSTR 9C:-

1.Additional GST declared in GSTR 9

2.Additional Interest on account of above accrued to the Government

3.Total ITC Reversed if any

New data asked by UDIN portal for generating UDIN in case of GST Audits.

1. No reference numbers given as to data of which sr no is to be put. If such data is not given, how is user of document expected to match this data to verify UDIN?

2. What is the need to give all of this data when user could have easily matched earlier data and verified UDIN?

3. Sr no 4 asks for data from GSTR 9. CA is certifying GSTR 9c, not GSTR 9, how can such data be asked?

4. There is no field in GSTR 9 which clearly shows Data asked ast Sr no 4 i.e. additional liability. It is merged with the existing data of assessee, so how does ICAI think a user of UDIN will match this data since its nowhere visible?

5. Sr no 5 and Sr no 6: data can be GSTR 9 also and 9C also and both data can be different. No guidance on which data to be used.

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1️⃣✅Govt. notifies December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020;   

Also, extends timeline from December 31st, 2020 to March 31st, 2021 for making payment without additional amount.

2️⃣✅ICAI issued Checklist on Tax Audit under section 44AB of the Income tax Act, 1961.

The said Checklist can be downloaded from the link:

For Pdf: https://resource.cdn.icai.org/61602dtc-taqrb50133a.pdf

For word: https://resource.cdn.icai.org/61603dtc-taqrb50133b.docx

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⚫The Commerce and Industry Ministry is working with states and local bodies to make it easier for businesses to get licences, permissions and approvals. The Govt is looking at addressing problems of quality so that domestic products can be recognised for high quality.

⚫The Centre amended the Jammu and Kashmir Development Act, 1970 for setting up an industrial development corporation for rapid establishment, growth and development of industries in the union territory.

⚫The Govt further extended the date for making payment without any addition under Vivad se Vishwas scheme by three months till March 31, 2021. However, declaration by taxpayers for opting dispute settlement under the scheme must be made by December 31, 2020.

⚫States may see a massive cut in capital expenditure in FY21 due to the revenue impact of the pandemic, the RBI said in its annual study of state finances.The report  found that states drastically cut their capex by Rs 1.26 trillion, or nearly 0.6% of the country’s GDP, in the previous fiscal year 2019-20.

⚫With 36,469 new COVID-19 cases, India's total cases surged to 79,46,429.The recovery rate is at 90.62%.

⚫Delhi recorded 4,853 fresh COVID-19 cases on Tuesday, the highest single-day spike here till date.

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👉🏻Income tax department raids expose Rs 500-crore racket of fake bill entry operation

(Income tax department carried out search and seizure action on a large network of individuals running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing)

👇🏻 👇🏻 👇🏻

https://bit.ly/3jC0Pf4  

👉🏻Latest Changes in Tax Audit Report - Form 3CD

(Form 3CD revised wef 01.10.2020 vide Notification No. 82/2020-Income Tax Dated: 1st October, 2020 but Schema for the same changed on 22.10.2020 - What Would be the Impact?)

👇🏻 👇🏻 👇🏻

https://youtu.be/tr-aMbG_QXQ  

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27 October 2020 News and Updates

Corporate Snippets on Oct 27∆

 

Ø India begins anti-dumping probe into low density polyethylene imports from US, UAE, others

Ø RBI's regulation to improve risk management, governance of HFCs: Experts

Ø 75% of borrowers to benefit from interest concession: CRISIL

Ø India will drive global energy demand: PM Narendra Modi

Ø Amazon set for face-off with Mukesh Ambani's RIL for India retail dominance

Ø Aurobindo Pharma inks pact with New Mountain Capital to sell US-based unit for USD 550 million

 

Ø India's crude steel output dips 3% to 8.5 MT in Sept: World Steel Assoc

Ø RBI encourages investment in sovereign bonds as part of liquidity measures

Ø SEBI plan to introduce capital adequacy norms rattles stockbrokers

Ø PNB scam: London court rejects Nirav Modi's bail application for 7th time

Ø Divestment of US subsidiary to leave Aurobindo Pharma cash positive

 

Ø DIPAM to monetise assets worth over ₹100 Cr

Ø Production from JV with Reliance to represent 15% of India’s gas demand: BP

Ø Modi to meet global funds on November 5, invite investments into India

Ø CDSL Q2 profit after tax surges 68% to ₹48.87 Cr

Ø Ant Group IPO pricing ‘history's largest’: Alibaba's Jack Ma

Ø Lenders ask DHFL's bidders to sweeten their bids by 31 Oct

Ø Torrent Pharma Q2 net profit up 27% at ₹310 crore

Ø Paytm Money launches ETFs, aims for investment by 1 lakh users in 12-18 months

Ø Oil drops on rising virus cases, increasing Libyan output

Ø Top global IT company's market cap erodes by $33 bn due to trimmed outlook

 

Ø BP eyes India's fuel market, wants gas in GST

Ø Economic, oil demand recovery around the corner with development of COVID-19 vaccine: OPEC

Ø Capex: PMO asks 13 oil PSUs to double FY21 spend to ₹2 lakh Cr

Ø GHCL Q2 net profit down 27.7% to ₹85 Cr

Ø PM Modi to inaugurate National Conference on Vigilance and Anti Corruption

Ø Bharat Biotech's COVAXIN receives nod for third phase of human trial

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⚫PM brainstormed with global energy sector leaders on the post pandemic world order and discussed strategies for accelerating investments in the oil and gas value chain. The meeting deliberated on demand scenario as well as ways to revive investment, particularly in oil and gas exploration and production.

⚫NITI Aayog CEO stressed on the need for a clear ten-year road map to boost clean energy technologies & creating standards for innovations.India should focus on strengthening standards & certification infrastructure.Kant also showcased India's ambitious target of having 450GW of renewable energy by 2030 at the international forum.

⚫Goods and Services Tax Network, has launched the facility of filing of Nil statements by composition taxpayers through SMS.This means that composition taxpayers needn't log on to the GST portal for filing nil returns.However, the facility of filing nil statements on GST portal will remain available to taxpayers. 

⚫To boost ethanol production in the country, the Govt is considering extending subsidised loans to grain-based distilleries also under the ongoing scheme.

⚫The Supreme Court said the system of video-conferencing in providing access to justice to citizens during the ongoing pandemic situation has been "extremely successful" and granted liberty to the high courts to frame rules for such virtual hearings for themselves and the subordinate courts.

⚫India reported its lowest single-day spikes in total coronavirus infection tally in over three months. The daily jump of 36,838 in total count was the lowest

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26 October 2020 News and Updates

26th October 2K20

Ø  India and Philippines commence negotiations on investment treaty

Ø  Anil Agarwal lauds Niti's initiative on Hindustan Copper divestment

Ø  Relief for Amazon, arbitration panel says Future can't go to RIL

Ø  Religare gets interest from some investors for RFL; introduces them to lenders

Ø  Pandemic to change Indian insurance sector's landscape: IndiaFirst Life

Ø  Lenders to debt-ridden DHFL to meet on Monday to take call on bids

Ø  India may see $206 bn investment in oil and gas in next 8-10 years

Ø  Vedanta's $1.17 billion debt maturities prompt credit rating warnings

Ø  Bajaj Auto witnesses a strong revival in various export markets

Ø  FPIs remain net buyers in October so far, pump in Rs 17,749 crore

Ø  Coal imports rise 12 per cent to 19 MT in September on improved consumption

Ø  Due date for filing GST annual return for FY19 extended till December 31

Ø  Japan mulls $95.5 billion extra budget to counter Covid-19: Reports

Ø  Franklin Templeton to move Supreme Court against HC order to wind up six debt schemes

Ø  Kotak exploring potential takeover of IndusInd Bank

Ø  Reliance Industries rolls back salary cuts, offers performance bonus: Report

Ø  FPIs remain net buyers in Oct so far amid better-than-expected financial results

Ø  IRDAI proposes changes in insurance advertisement regulations

Ø  India economy on verge of slow recovery as worst is over: PHDCCI

Ø  Yes Bank lacked cost control; aim to cut op expenses by 20 pc in FY21: CEO

Ø  IL&FS to address over 50% of Rs 99k crore debt by March, 2021

Ø  IRDAI proposes lower capital, liberal norms to float micro-insurance companies

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👉 Engagement of Young Professionals (YPs) in Ministry of Corporate Affairs on contract basisPdf(235 KB)

http://www.mca.gov.in/Ministry/pdf/AdvertisementMCA_22102020.pdf

👉 Multipurpose Empanelment Form for the year 2020-21 extended till 6th November, 2020 - (22-10-2020)

https://www.icai.org/post/mef-year-2020-21-extended-till-6thnov2020

👉 Register for Exclusive Blended Online Weekend Batch of Spanish Language (60 Hours) for ICAI Members and Students at New Delhi - From 8th November, 2020 - (22-10-2020)

https://www.icai.org/post/register-exclusive-online-weekend-batch-of-spanish-language-nov2020

👉 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Adv. Information Technology Test - Computer Based Mode on 10th November, 2020 - (22-10-2020)

https://resource.cdn.icai.org/61586exam50104.pdf

👉 RBI announces Open Market Operations (OMO) Purchase of Government of India Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50552

👉 Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11986&Mode=0

👉 Digital Payment Transactions – Streamlining QR Code infrastructure

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11987&Mode=0

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LEGAL-KNOWLEDGE CAPSULE

✒️ Supreme Court has admitted an appeal against a National Green Tribunal order, disposing the execution Petition filed for implementation of measures to restore environmental conditions in Singrauli and Sonebhadra districts of Madhya Pradesh and Uttar Pradesh respectively, allegedly despite non-compliance of its original directions.

✒️ Supreme Court has set aside the order of interim bail granted by Allahabad High Court to former Uttar Pradesh Minister, Gayatri Prajapati who is facing charges in a rape case.

✒️ Delhi High Court has observed that triple talaq has been declared to be void and illegal, it does not mean that the legislature could not have made the continuation of such practice, an offence.

✒️ Delhi High Court has observed that there should be no further extension of interim order in civil cases, interim bails should be granted to undertrials in heinous Crimes.

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🌹DUE DATE EXTENSION UPDATE

✏ GSTR 9, 9C date for FY 2018-19 extended to 31st December, 2020

✏ ITR Filing Date for entities subject to Tax Audit for AY 2020-21 extended to 31st January, 2021

✏ ITR Filing Due Date of International Transactions Taxpayers for AY 2020-21 extended to 31st January, 2021

✏ ITR Filing Due Date for other tax payers extended to 31st December, 2020

✏ Tax Audit Filing Date also extended to 31st December, 2020

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⚫Foreign portfolio investors remained net buyers in Indian markets in October so far, pumping in a net Rs 17,749 crore in the month as better than expected quarterly results, the opening of the economy, and resumption of business activities kept investors' interest intact.

⚫The ongoing 'One District One Product' virtual fair, organised as an experiment amid the COVID-19 pandemic, has been a grand success and has now been extended till October 27.

The fair, organised by FICCI, the ODOP cell and state Govt's MSME dept, is aimed at giving a platform to traditional products at the national and international level and to assist craftsmen and artisans get recognition in newer markets

⚫The country's oil and natural gas sector is likely to see investment to the tune of $206 billion during the next eight to ten years. 

⚫Centre will seek the Parliament's approval for additional spending of Rs 37,000 crore on infrastructure development in the second batch of supplementary demands for grant. FM had earlier in the month announced that Centre's capital expenditure budget for current fiscal has been increased by an additional Rs 25,000 crore from a level of Rs 4,13,000 crore provided for FY21.

⚫India's total cases have risen to 7909049, with 45157 new Covid-10 infections. 

⚫PM has announced that all people will be provided vaccines free of cost in India. An estimated Rs 500 will be spent on vaccination of each person.

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👉 Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B.

https://www.gst.gov.in/newsandupdates/read/408

👉 Important Announcement November 2020 Examinations - Admit Card and Opt Out Window - (23-10-2020)

https://resource.cdn.icai.org/61590exam50116.pdf

👉 Minutes of the Monetary Policy Committee Meeting October 7 to 9, 2020

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50560

👉 GST Annual Return (GSTR 9) & GST Audit (GSTR 9C)  : 31/12/2020

👉 ITR where Audit Required (Form 3CA/3CB, 3CD & 3CEB) : 31/01/2021

👉 Self Asstt Tax due date for payment of self assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh is 31/01/21 (where audit is required) & 31/12/2020 (where no audit is applicable)

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