TaxLiner | Summarizing Laws

2021-06-25 17:28:05 Income Tax extension of timelines and COVID-19 tax exemption

​Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic
https://www.incometaxindia.gov.in/communications/circular/circular_no_12_2021.pdf

Publish Date : Friday, June 25, 2021

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2021-06-25 15:34:44 Moneycontrol Market Reports
Taking Stock: Sensex up 226 points, Nifty above 15,850 on a volatile day; midcaps outperform

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2021-06-25 14:30:05 Flash of #Startup News By @HubofCA:

• Bhavish Aggarwal hints at Ola Electric scooter launch soon

• Didi Global IPO to raise up to $4 billion fully covered in US

• Carl Pei's startup Nothing partners Flipkart for India foray

• Y Combinator-backed Zuddl sees 20X growth in 6 months

• Schools partner with edtech startups in droves as new normal sets in

• Lenskart plans 300 more stores, sets up 'Vision Fund' to back startups

• C-suite executives are quitting big companies to find work at startups

• New India e-commerce rules worrying, US-India Business Council says in an internal email

• Paytm IPO: One97 extends deadline for shareholders to submit documents ओपन / कमेंट

2021-06-25 12:32:59 Why Reliance shares ended in the red despite green energy plans?

For the passerby, the over 2 per cent fall in the Reliance Industries stock on Thursday may appear as a thumbs-down to the big bang announcements made by the company’s Chairman and Managing Director Mukesh Ambani at the annual shareholders’ meeting. The reality, though, is a little different.

True, investors were a little disappointed by the prevailing lack of clarity on Saudi Aramco’s stake purchase in the energy business but the real reason behind the fall was more likely the good old “buy the rumour, sell the news” trade.

Shares of the index major had rallied substantially in the run-up to Thursday’s AGM in anticipation of major announcements such as the ones made by Ambani. With investors looking to book profits and some traders unwinding their long position because of the expiry of the June derivative series, the stock failed to exactly reflect what investors made of RIL’s announcements.

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2021-06-25 11:30:04 Tri-Weekly Summarized #Statutory News By Team, Join @HubofCA for Regular Updates:

• The Income-tax Department has carried out search and seizure action on 21.06.2021 on a Raipur based hawala operator. Four premises at Raipur were covered in the action. The modus operandi involved not only giving accommodation entries of sale, purchase etc. to people, but also transportation and end-use facilitation of unaccounted money. Preliminary estimates suggest that hawala transactions exceeding Rs. 100 crore may be involved.

• In order to infuse greater transparency and uniformity in practice, the RBI has decided to prescribe guidelines on the distribution of dividends by NBFCs. These guidelines shall be applicable to all NBFCs regulated by RBI and shall be effective for declaration of dividend from the profits of the financial year ending March 31, 2022, and onwards.

• The MCA has issued clarification with regard to holding of EGMs. After due examination, the MCA has decided to allow companies to conduct their EGMs through VC/ OVCM or transact item through postal ballot up to Dec 31, 2021.

• Tax Inspectors Without Borders (TIWB), a joint initiative of the United Nations Development Programme (UNDP) and the OECD, launched its programme in Bhutan in partnership with India. The programme aims to strengthening tax administration of Bhutan by transferring technical know-how and skills to its tax auditors, and through sharing of best audit practices.

• To ease the compliance burden on tax deductor and tax collector in complying with provisions of sections 206AB and 206CCA, the CBDT has introduced a new functionality "Compliance Check for Sections 206AB amp; 206CCA". Now the board has laid down the procedure for using such functionality. ओपन / कमेंट

2021-06-25 08:41:20 Power Packed AGM: The Ambani Way

https://readon.substack.com/p/power-packed-agm-the-ambani-way ओपन / कमेंट

2021-06-25 06:30:09 CAT Exam to be held in Online Mode: ICMAI releases Time Table

NAA directs GST Officers to collect evidence against suppliers denying GST Rate Cut benefits to Recipient on COVID-19 essentials

ICSI grants concession on CS Executive Registration Fee to Students who lost their Parents

GST Exemption for Hospitals and Medical Services: Madras HC asks Medical College to approach Govt

GST Evasion: Madras HC grants Bail to person accused of Floating Fake Iron-Scrap Company

GST Appellate Authority shall condone delay in Filing Appeal due to COVID-19: Orissa High Court

ICSI extends ECSIN and UDIN Amnesty Scheme, 2021 till June 30, 2021

Disallowance of Interest can’t be made where Interest-Free Funds are sufficient to cover Interest-Free Investments: ITAT

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Glitches have been fixed :) ओपन / कमेंट

2021-06-24 13:02:04 One-Liner Latest Business News:

• S&P cuts India's FY22 growth forecast to 9.5 per cent

• Sensex jumps over 200 points in early trade; Nifty tests 15,750

• Competition Commission probes Google for alleged unfair biz ways

• Moody’s slashes India’s growth forecast to 9.6% from 13.9%

• Suraksha wins bid to buy Jaypee Infratech

• Heineken buys 14.98% more stake in UB

• 40% loss offset by sale of Mallya, Nirav’s assets: ED

• Suraksha group gets lenders’, homebuyers’ approval to buy Jaypee Infratech

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2021-06-24 08:39:55 How an accountant built the biggest ad agency of the world

https://readon.substack.com/p/how-an-accountant-built-the-biggest ओपन / कमेंट

2021-06-24 05:30:06 • HC: ED endowed with better locus than ‘Director’ to file appeal under PMLA

• HC: DIN not liable to be deactivated solely for ‘temporary’ disqualification u/s 164(2)

• HC: Competent Authority’s attachment order under PMLA ‘provisional’; Relegates plot-buyers to Adjudicating Authority

• HC: No sovereign immunity against arbitral award enforcement to Foreign States “wearing commercial entity hat”

• NCLT: Post favouring Resolution Plan, CoC-members can't come up with “new” commercial wisdom on viability

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