Dear Professional friends,
I presume majority of CAs in practice are all very busy in the month of filing returns and closing the financials, living through very tough times in profession and practice with frequent deadlines. It can get monotonous at times but the profession is surely geared to take this challenge.
8th December 2021 was a sad day for the whole country, with the loss of a person with the highest post in defense due an unforeseen incident – CDS Bipin Rawat and his fellow officers on duty. The whole country mourned for the loss and demise of one of the highest ranked officers of our country.
The Pandemic has taken a new turn with a new variant in virus, Omicron. India has already received cases with Omicron and Government is also briefing up the ecosystem to cause lesser damage. Although it has mutated several times faster than the earlier viruses, the world of science has also cautioned against excess panicking and travel bans. We also hear the news that the results against the same being more risker and thus encouraging to see the light at the end of the tunnel.
KSCAA after a break of one year due to pandemic is now back with its most awaited Sports day and talent day, which is scheduled and planned on 11th and 12th of Dec 2021. The event historically has a participation of a more than 400 to 500 CAs and their family members, who would join to participate and display highest amount of sportsmanship. This time, we also have live relay of the cricket event with the hope that those could not participate can enjoy the same back in home.
Our mega event, Annual conference will be in March 2021 and we are still contemplating whether to conduct the same through virtual or physical mode. Our hearts still stay physically to welcome you all, network, introspect on what we do, contemplate new ideas, and reaffirm our paths.
- Delhi HC: No deemed dividend arises if sum is advanced to shareholder against sale of property.
- Gujarat HC:AO to allow TDS credit to employee even if TDS isn’t deposited by employer. Where TDS has been deducted by employer of assessee, it will always been open for department to recover same from said employer and credit of same could not have been denied to assessee.
- ITAT Jaipur : Sum received from husband with no intention to repay isn’t loan no violation of Sec. 269SS.
- ITAT Delhi: Amendment disallowing employee’s contribution to ESI/PF has no retro-effect. FA 2021 amendment to section 36(1)(va) does not apply to any AY prior to AY 2021-22.
- CBDT issues more clarifications on deduction & collection of tax at source u/s 194-O, 194Q & 206C(1H)circular no. 20 of 2021 [f.no.30142/56/2021-tpl], dated 25-11-2021.
- Fin Min :India and USA agree on transitional approach on equalization levy on e-commerce operators.
“The GST Collections are reaching newer levels each passing month and the month of November is no exception, it has reached a gross collection of Rs. 1,31,526 crore and it has been the second-highest collection since the introduction of GST. GST Portal is also undergoing constant update and this month the portal has incorporated enhancements, some of the important enhancements include enabling the functionality of EVC for all taxpayers and many more. I also want to inform our members that November has been an eventful month for KSCAA – IDT Committee, we have launched our short videos discussing topics that are the need of the hour, the videos have received tremendous support from the viewers. We request all members to make use of this opportunity.”
Corporate and Allied Laws
Companies Act, 2013 – Verification of DINs to be de-flagged on expiry of disqualification
The Ministry of Corporate Affairs recently issued a public notice posted on its portal in which it had flagged the DINs of Directors found to be disqualified under sub-section 2(a) of section 164 of the Companies Act, 2013 w.e.f. 1st November 2016 for a period of five years. This is for the information of all the concerned that DINs eligible to be de-flagged on expiry of the period of disqualification are in the process of verification. Necessary action shall be taken shortly.
Reserve Bank of India
- Re-appointment of RBI Governor for a period of three years
The Ministry of Finance through Department of Financial services vide Notification S.O.4597(E) dated 29.10.2021 exercises the powers conferred by clause (a) of sub-section (1) r/w sub-section (4) of Section 8 of the Reserve Bank of India, Act 1934, wherein the Central Government hereby re-appoints Shri Shaktikanta Das, as the Governor of RBI, for a period of three years.
- Clarification on prudential norms on IRAC
The Reserve Bank of India, vide its circular dated 12th November 2021, has issued clarification on certain aspects of the extant regulatory guidelines to harmonize and to ensure uniformity in the implementation of Income Recognition, Asset Classification and Provisioning – IRACP norms across all lending institutions. For complete details, please refer to circular – RBI/2022-2022/125 DOR.STR.REC.68/21.04.048/2021-22 dated 12.11.2021.
- RBI cautions Co-operative Societies from using the word “Bank” in their names
The RBI in its press release dated 22.11.2021 has advised the members of public to exercise caution while dealing with Co-operative Societies as they cannot use the words “bank”, “banker”, or “banking” as part of their names, except as permitted under the provisions of Banking Regulation Act, 1949.
I strongly feel that we are living in times of severe fear and the resultant distress isn’t just appropriate to growth. Fear can only breed fear, the character with fear is being camouflaged as real. The fear prisms even the starkest of reality and pushes them more deeper to fear. The way to come out of this is to breathe new thought, start afresh, and then see fear slowly fading out. Helen Keller once said, “Avoiding danger is no safer in the long run than outright exposure. The fearful are caught as often as the bold” . Let us explore to newer opportunities, newer things and see the world as colourful as it is.
Happy Reading !
CA. Chandan Kumar Hegde A