Latest News – 30 March 21

Business News – 30 March 2021

Ø India, US agree to revamp strategic energy partnership

Ø Adani, Torrent submit EoIs for South-East UP Power Transmission Company

Ø Government not inclined to bear loan moratorium costs

Ø Solar installations on pace for biggest growth in five years, IHS Markit says

Ø CCI’s WhatsApp probe order a red flag for Big Tech

Ø India against Asean in supply chain trilateral

 

Ø Sebi cracks down on pseudo buy and sells orders designed to deceive

Ø Nomura, Credit Suisse warn of big losses after Archegos share dump

Ø Gupta’s Liberty Steel to restart operations, in talks with UK government

Ø Amazon plans to step up e-payments, financial services in India

Ø Govt gets multiple EoIs for privatisation of Neelachal Ispat Nigam

ITR Doesn’t Indicate Savings Bank Interest? Income Tax will send you an SMS to remind you to revise your returns and check your compliance status. 

Ø HPCL buys out Shapoorji Pallonji stake in joint venture LNG terminal

Ø Biocon forms tie-up with Libbs Farmaceutica

Ø UK rejects $234-million bailout request from Sanjeev Gupta’s GFG

Ø GameStop takes $6-bn round trip as results shrugged off

Ø Tatas unlikely to cede ground to Mistry on stake valuation, sale

 

Ø US suspends all trade engagement with Myanmar until the elected government returns

Ø Ascendas India Trust to acquire space in Bengaluru IT park for ₹1,441 crore

Ø Manappuram Finance looks to take Asirwad Microfinance public

Ø Actis to set up 2 green firms with $850 million

Ø BSNL gets the DoT nod for hybrid 4G tender

Ø Global banks warn of possible losses from hedge fund default

Ø Ever Given starts to move in Suez Canal: maritime traffic tracking sites

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ITR Doesn’t Indicate Savings Bank Interest? Income Tax will send you an SMS to remind you to revise your returns and check your compliance status.

Income Tax Dept- Focus on Savings Bank Interest  & Fixed Deposit Intt. 

Since yesterday, March 28, 2021, many taxpayers have received the following SMS from the Internal Revenue Service:

IT Dept. asks tax payers to revise the returns for omission of Savings Bank & FD Interest as messages are sent over the weekend to comply and complete the response on IT portal.

Pay close attention. NISHIL CHAUHAN XXXX (XXXXX19XX12X), The Internal Revenue Service has found high-value data that does not seem to be compatible with the Income Tax Return for Assessment Year 2020-21. (relating to FY 2019-20). Please revise your ITR and request an online response through the Compliance Portal’s e-Campaign page (CP). Login in to the e-filing portal and select the ‘Compliance Portal’ connection from the ‘My Account’ or ‘Compliance’ tab – ITD is an acronym for “Intelligent

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Since the banks are closed until Tuesday, many taxpayers will be unable to confirm their interest income. The deadline for revising returns is March 31, 2021, which is just two days after receiving notice. We should assume or hope that the Internal Revenue Service can allow us more time to file Revise returns.

SEBI – Approved amendments in SEBI LODR Regulations Board Meeting

In addition, the 26AS Statement does not include interest income, which is included in the Compliance Portal. Every taxpayer must reconcile all interest income from Fixed Deposits and Savings Accounts from all banks. This will take more time, and filing updated returns in two days is virtually impossible.

To access the Compliance Portal, go to the IRS e-filing website and select Compliance and Confirm from the drop-down menu.
  • This section is for submitting your response to the High-Value Transactions listed for Assessment Year 2020-21 based on an overview of your income tax return and details obtained from various sources (relating to FY 2019-20).
  • Depending on the nature of the details, submitting a response could take up to 10 minutes.
  • The information displayed could change in the future, depending on the department’s revision of the data obtained from the Reporting Entities.
  • In the future, you will have the choice to amend your answer.
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SEBI – Approved amendments in SEBI LODR Regulations Board Meeting

SEBI – Approved amendments in SEBI LODR Regulations Board Meeting

BRR

– Business Responsibility Reporting to be substituted with Business Responsibility and Sustainability Reporting (BRSR).

– BRSR reporting to become applicable to top 1000 listed companies on a voluntary basis for FY 2021-22 and on a mandatory basis from FY 2022-23.

Dividend Distribution Policy

– Formulation of Dividend Distribution Policy has been extended to top 1000 listed companies from 500 listed companies.

Quarterly Compliances

Timeline for submission of IGR, SHP, CGR harmonized i.e. within 21 days of each quarter.

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Compliance Certificates

Frequency of submission of compliance certificates relating to share transfer
facility and issuance of share certificates within 30 days of lodgement for
transfer, sub-division, etc. is revised from half-year to annual.

Notice of BM in newspaper

Newspaper ad for Notice of BM for financial results dispensed with.

Companies Act (Schedule III) Changes from 1st Apr’21

RMC

Constitution of Risk Management Committee to be applicable to top 1000 listed entities.

– RMC should have at least three members with a majority to be BOD and at least one Director should be Independent.

The role of the RMC has been specified which, inter-alia, includes the formulation
of a detailed risk management policy and monitoring its implementation;
periodic review of such policy; review of the appointment, removal and terms
of remuneration of the Chief Risk Officer (if any), etc.

Investor meetings

Audio/video recording should be disclosed before the next trading day or within 24 hours, whichever is earlier.

– Written transcripts of Investor meetings to be disclosed within 5 working days.

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