Latest News Today – Government Extends Date For Filing Tax Forms On Foreign


Government has extended deadline for submission of Form CA and Form CB till August 15

Giving further relaxation for manual filing of forms 15 CA and 15 CB related to foreign remittances, the Central Board of Direct Taxes (CBDT) on Tuesday extended the deadline for the purpose till August 15, 2021. It has been done keeping in mind the problems being faced by taxpayers in using the new e-filing portal while uploading the forms.

Earlier the department had extended the deadline till July 15, however as taxpayers continue to face problems with the portal, the extension till August 15, 2021 has been granted, a statement by CBDT said.

“Authorised dealers are advised to accept such forms till  August 15, 2021 for the purpose of foreign remittances. A facility will be provided on the new e-filing portal to upload these forms at a later date for the purpose of generation of the Document Identification Number (DIN),” said the statement.

According to provisions of the Income Tax Act, 1961, Form 15CA and 15CB are to be filed electronically. Taxpayers upload the Form 15CA along with the chartered accountant certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorised dealer for any foreign remittances.

However ever since the new e-filing portal was launched on June 7, 2021, taxpayers across the country have been facing problems while submitting their returns as well as uploading relevant documents. 

The Finance Ministry has taken up the matter with Infosys, the company which is managing the portal, and asked it to rectify the problems at the earliest.



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Latest News Today – Centre Extends Deadline For Seeking Comments On Draft


Government has extended the deadline for seeking views on draft e-commerce rules

The Centre has extended the deadline for seeking suggestions on the proposed e-commerce rules till July 21, 2021 according to a notification issued by it on Monday.

Earlier the Ministry of Consumer Affairs had sought feedback on the proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020, till July 6, 2021.

“It has now been decided to extend the timeline for receipt of comments and suggestions on the draft e-commerce rules. Views or comments on the proposed amendments may be sent by July 21, 2021 by email,” the ministry’s notification read.

The extension was given after several e-commerce firms including some leading names like Tata Group and Amazon had, during a meeting held with the Centre, urged it to give them some more time to submit comments on the draft rules, official sources said.

The ministry had released the draft e-commerce rules on June 21, prohibiting “fraudulent” flash sales, as well as mis-selling of goods and services on e-commerce platforms.



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Latest News Today – Tamil Nadu Extends Lockdown Till July 12, Allows Dining


Daily case counts in Tamil Nadu have remained below the 5,000 mark over the past few days. File

Chennai:

Sticking to its calibrated approach in lifting Covid restrictions, the Tamil Nadu government today extended the lockdown by a week, till July 12, while providing several relaxations in curbs across all districts.

Restaurants in the state have now been allowed to serve dine-in customers at 50 per cent capacity and while adhering to Covid protocols. Hotels, lodges and guesthouses, too, can function.

Amusement parks have been given a go-ahead to open. They must allow visitors up to a maximum of 50 per cent of their capacity and ensure that Covid SOPs are followed to the T.

The state government has divided the 38 districts in the state into three categories to streamline its response to the pandemic. The first category has 11 hotspot districts, the second has 23 districts with lower active case counts and the third has four districts, including Chennai, where the situation has significantly improved.

Earlier, the state government had extended several relaxations to Group-II and Group-III districts. Now, uniform relaxations are in place across the state.

Gymnasiums, which got a go-ahead to function in Group-II and Group-III districts earlier, can now open in all districts.

Offices in the IT and IT-enabled sectors can now function with 50 per cent attendance. Buses have been given the nod to operate within districts and between districts with the number of passengers capped at 50 per cent of seat capacity. Use of air-conditioners in buses remains prohibited. The state government has removed the requirement of e-passes for inter-district travel.

Cinema halls, bars, swimming pools, schools, colleges and zoos continue to remain shut and political and social gatherings are also prohibited.

Research scholars, including those pursuing MPhil and PhD courses, can now visit campuses of education institutions for work relating to their research.

Weddings and funerals are now allowed in all districts. A wedding function can be attended by a maximum of 50 guests and not more than 20 people can take part in a funeral.

The relaxations come as daily case counts in the state have remained below the 5,000 mark over the past few days.

The state recorded 4,230 new cases and 97 deaths over the past 24 hours. The number of active cases currently stands at 37,526.



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Latest News Today – Reserve Bank Of India (RBI) Extends Regulatory


In September 2019, RBI superseded the board of PMC Bank and placed it under restrictions

The Reserve Bank on Friday extended the regulatory restrictions on Punjab and Maharashtra Cooperative (PMC) Bank by another six months till December 2021 to enable the completion of its takeover by Centrum Financial Services. Paving the way for takeover of the crisis-ridden bank, the RBI had earlier in the month granted in-principle approval to Centrum Financial Services to set up a small finance bank (SFB).

“Taking into account the time required for completion of various activities involved in the process…the validity of the …Directive dated September 23, 2019, as modified from time to time, has been extended for a further period from July 1, 2021 to December 31, 2021, subject to review,” the RBI said in a notification.

In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including cap on withdrawals by customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL. The restrictions have been extended several times since then.

Initially, the RBI had allowed depositors to withdraw Rs 1,000, which was later raised to Rs 1 lakh per account to mitigate their difficulties. In June 2020, the RBI had extended the regulatory restrictions on the cooperative bank by six months till December 22, 2020. Later it was further extended till June 30, 2021.

In response to an Expression of Interest (EOI) floated by PMC Bank for its reconstruction in November 2020, certain proposals were received. After careful consideration, the RBI said, the proposal from Centrum Financial Services along with Resilient Innovation was found to be prima facie feasible.

Accordingly, the RBI on June 18, 2021 granted ”in-principle” approval to Centrum Financial Services to set up a small finance bank under the general guidelines for ”on tap” Licensing of Small Finance Banks in the Private Sector.

PMC Bank had invited EoI from eligible investors for investment/ equity participation for its reconstruction and had received four proposals. To launch the SFB, the Centrum Group has formed an equal joint venture with Resilient Innovations, an arm of Gurugram-based BharatPe. But Centrum Capital will be the promoter of SFB, under the prevailing laws.

The joint venture will infuse Rs 1,800 crore capital into PMC, Jaspal Bindra, executive chairman of Centrum Group had said.

As of March 31, 2020, PMC Bank’s total deposits stood at Rs 10,727.12 crore and total advances at Rs 4,472.78 crore. Gross NPAs were at Rs 3,518.89 crore at end-March, 2020.



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Latest News Today – Government Exempts Tax On COVID-Related Aid, Extends


The government extended the timelines of filing tax compliances amid COVID-19

The government extended deadlines for various income tax compliances on Friday, June 25, and said that the amount paid by an employer to employees for COVID-19 treatment would be exempted from tax, in order to provide relief amid the COVID-19 pandemic. The payment received from an employer by family members in case of the death of an employee due to COVID-19 would also be exempt from income tax, according to a statement by the Ministry of Finance. (Also Read: Easing Income Tax Norms, Centre Allows Cash Payment Of ₹ 2 Lakh For COVID Treatment )

As per the announcement, this means that any amount spent by a person for the treatment of an employee would become free from taxation. Also, the person who pays for the treatment and the beneficiary of the payment will not face any tax liability.

Tax exemptions on COVID-19 Treatment, Deaths: 

Several taxpayers received financial help from their employers or well-wishers for meeting their expenses incurred in COVID-19 treatment, said the statement, adding that, income tax will be exempted on the amount received by a taxpayer from an employer or from any person.

Meanwhile, earlier last month, the Income Tax department announced that hospitals, nursing home, COVID care centres, or similar other medical facilities providing treatment for coronavirus could accept cash payment of ₹ 2 lakh or more till May 31, 2021, after receiving a valid identity proof such as PAN card or Aadhaar of the patient and the payee.

this copy is being updated



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Latest News Today – Road Transport Ministry Extends Validity Of Documents


Ministry of Road Transport has extended validity of all vehicle-related documents till September 30, 2021

In a bid to help citizens who could not get a chance to renew their driving licenses, fitness certificates of vehicles, registration documents and permits since last year, owing to the Coronavirus induced lockdowns, the Ministry of Road Transport and Highways has extended the validity of all such documents till September 30, 2021.

The ministry had earlier notified in March that validity of all these documents was valid till June 30, 2021.

On Thursday, it directed enforcement authorities to consider all those documents, whose validity had expired since February 1, 2020, as valid till September 30, 2021.

This will help citizens in availing transport related services, while maintaining social distancing as per the prevailing Covid norms, the ministry said.



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Latest News Today – Bengal extends Covid restrictions till June 30,


Kolkata:

The West Bengal government today extended the lockdown in the state by two weeks, till June 30, but announced several relaxations to the curbs that were imposed to control the spike in Covid cases during the eight-phase Assembly elections.

The decision came following a steady decline in daily Covid counts and active cases. The state, which was reporting about 20,000 cases daily in mid-May, recorded 3,984 cases yesterday. The active case count in the state is now 17,651.

Chief Minister Mamata Banerjee today said that the Covid positivity rate, which had climbed to 32 per cent during the elections, is now around 5 per cent. She added that nearly 2 crore people in the state have received their vaccine shots.

Easing the restrictions, the state government has now allowed factories and other production units to resume operations with 50 per cent staff strength. The staff members attending work should have received their Covid vaccines and protocols such as wearing of masks and physical distancing should be followed. The government has also given a go-ahead to restaurants and bars to resume dine-in services between noon and 8 pm with 50 per cent seating capacity.

According to the order issued by Chief Secretary H K Dwivedi, the operation of local trains, metro rail and inland water transport remains suspended except for special trains transporting personnel attached to emergency services. The movement of private vehicles, taxis and auto-rickshaws, too, remains prohibited unless they are on their way to healthcare units or airports. Public movement and all other outdoor activities, other than those associated with emergency services, would not be allowed between 9 pm and 5 am, as per the guidelines.

As per the new guidelines, government offices can function from June 16 at 25 per cent staff capacity and authorities must make transport arrangements for the staff. Private offices have been allowed to operate with 25 per cent attendance between 10 am and 4 pm. Employers shall arrange transport for the staff members and obtain e-passes from the district administration, say the guidelines.

Parks can now open from 6 am to 9 am for morning walkers, but only those who have received the vaccine will be allowed in.

Retail shops in malls and market complexes, and haats can now stay open for an hour more, from 7 am to 11 am. These outlets can function with a maximum of 25 per cent staff strength and at 30 per cent customer capacity. Vendors too can trade during these hours.

Other shops can function from 11 am to 6 pm, the guidelines say. The government has not allowed social and academic meetings and beauty parlours and spas will remain shut. The order says that games and sports may resume in stadiums and clubs without the presence of spectators.

A maximum of 50 guests will be allowed at wedding ceremonies and not more than 20 people can attend a funeral. Banks will open between 10 am and 2 pm.

Responding to a question on the evaluation process after Class X and Class XII board exams were cancelled in view of the pandemic, the Chief Minister said the respective boards will take a decision in the matter.



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Latest News Today – Reserve Bank Of India (RBI) Extends Risk-Based Internal


Housing finance companies have been asked to put in place a RBIA framework by June 30

The Reserve Bank of India (RBI) on Friday extended risk-based internal audit (RBIA) system for housing finance companies to enhance quality and effectiveness of their internal audit system. The provisions will apply to all deposit-taking housing finance companies irrespective of their size, as well as non-deposit-taking housing finance companies with asset size of Rs 5,000 crore and above, the RBI said in a statement.

The housing finance companies have been asked to put in place a RBIA framework by June 30, 2022. An effective RBIA is an audit methodology that links an organisation’s overall risk management framework and provides an assurance to the board of directors and senior management on quality and effectiveness of an organisation’s internal controls, risk management and governance-related systems and processes.

The RBI says an internal audit function should broadly assess and contribute to overall improvement of an organisation’s governance, risk management and control processes by using a systematic and disciplined approach. The function is an integral part of sound corporate governance and considered as third line of defence.



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Latest News Today – Nifty Extends Record Run, Sensex Jumps Over 400 Points


Reliance Industries was top Nifty gainer, the stock rose 5.65% to hit an intraday high of Rs 2,090.

The Indian equity benchmarks extended gains in afternoon trading led by gains in Reliance Industries, HDFC, HDFC Bank, Kotak Mahindra Bank, Bharti AIrtel, ITC and Infosys. The Nifty 50 index touched an all-time high of 15,469.65 and 30-shares Sensex jumped as much as 414 points. Decline in daily Covid-19 cases is fuelling the rally in Indian equities.

As of 1:50 pm, the Sensex rose 397 points to 51,512 and Nifty 50 index advanced 127 points or 0.83 per cent to 15,465.

Investors’ sentiment has improved in the recent past due to a steady decline in daily COVID-19 cases nationwide. Earlier this week, the country reported its lowest daily rise of cases in more than a month.

India’s Covid case count rose to over 2.75 crore as 1.86 lakh more tested positive in a day. This is the lowest daily rise in 44 days. The steady dip comes as scientists are studying if the B.1.617 strain is behind the surge in the last two months.

Buying was visible across sectors as eight of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index’s over 1 per cent gain. Nifty Media, Energy, PSU Bank, Realty and FMCG indices also rose between 0.4-0.8 per cent.

On the other hand, pharma and select auto and IT shares were witnessing a mild selling pressure.

Mid- and small-cap shares were trading mixed as Nifty Midcap 100 rose 0.3 per cent and Nifty Smallcap 100 index declined 0.1 per cent.

Shares of the country’s most valued company – Reliance Industries – rose as much as 5.65 per cent, its biggest single day gain since March 3, 2021, to hit an intraday high of Rs 2,090 on the back of heavy trading volumes. As many as 12.97 lakh Reliance Industries shares changed hands on the BSE compared with an average of 3.92 lakh shares traded daily in the past two weeks, data from stock exchange showed. Reports suggest that global research firm – Jefferies – has recommended buying Reliance Industries for target price of Rs 2,580 per share.

Adani Ports, Grasim Industries, Coal India, Eicher Motors, Kotak Mahindra Bank, JSW Steel, Bharti Airtel, Tata Steel, HDFC, Hindalco, Divi’s Labs, Bharat Petroleum and ONGC also rose between 1-3 per cent.

On the flipside, Sun Pharma, Mahindra & Mahindra, Dr Reddy’s Labs, Nestle India, NTPC, ICICI Bank, TCS, Titan, Wipro and Indian Oil were among the losers.



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