TAXVANI

Women now hold 18% of board seats in India, 95% of Nifty 500 cos have at least one female board member

Synopsis
Part of the credit for this improvement goes to multiple initiatives taken by the Indian government and regulatory bodies. Yet, there's much to be done still.

Women representation in India Inc boardrooms has improved in recent times but the Covid-19 pandemic has slowed down the pace of growth and much more ground has to be covered to ensure gender parity at workplaces, a new report shows.

Women now hold 18% of board seats in India, up from 13% in 2017 and 6% in 2013, said an EY report, 'Diversity in the boardroom: Progress and the way forward', shared exclusively with ET. Almost 95% of Nifty 500 companies have at least one female board member compared to 69% in 2017, it said.

"Your electricity will be disconnected tonight...": Know the latest scam to save yourself

Synopsis

Many users have been receiving messages on WhatsApp or via SMS from random numbers that says that their electricity connection will be suspended soon unless they immediately call a certain number. What is the latest electricity bill scam? How can you identify whether the SMS you are getting regarding your electricity bill is real or fake?

If you pay your electricity bill online, then you must read about this latest scam that fraudsters are using to trick people. Electricity boards or suppliers often inform customers about the total amount of the electricity bill for a certain month and the due date via SMS or WhatsApp messages. Using a similar format, scamsters are now sending fake messages about unpaid electricity dues to users to dupe them.

Know all about the latest electricity bill scam
Many users have been receiving messages on WhatsApp or via SMS from random numbers that says that their electricity connection will be suspended soon unless they immediately call a certain number. The message reads: "Dear Customer Your Electricity power will be disconnected Tonight at 8.30 pm from electricity office. because your previous month bill was not update, please immediately contact with our electricity 8240471159 Thank you."

Several users have tweeted about getting such messages on Twitter. Giving an account of how people have fallen for this trap, Digamber Karekar, a Twitter user recently shared a social media post. He mentioned, "One of our family friends was fleeced of Rs 25000 by cyber fraud. Daughter got an SMS stating that their electric meter will be disconnected today for non-payment of dues. Hence call on the given number. Daughter forwarded the call to her father. Father called that number, and he was asked to download an APP to make a payment. On downloading he was asked to make a test payment of Rs 5. On doing the same he found Rs. 25,000 debited to his account. BEWARE."

Steps to follow to avoid the latest electricity bill scam
TheState Bank of India(SBI) recently warned customers against falling prey to fraudulent messages about unpaid electricity bills. "Understand "YehWrongNumberHai"! Never call back or respond to such SMSs as these are a scam to steal your personal/financial information. Stay Alert and #SafeWithSBI," the lender wrote in a post on Twitter.

The bank has also pointed out a few ways to find out whether the SMS you are getting regarding your electricity bill is real or fake. Follow these steps:

1) You need to check whether the message has come from a personal phone number or an official number. The electricity board or supplier generally sends SMS from an official number.

2) Check if any message or person (calling from a random number) is asking you to take immediate action about your electricity bill payment. Fraudsters often create urgency or panic, so that individuals do not have much time to think.

3) Read the message carefully and you will find several spelling and grammatical errors.

The bank has asked the users to make safe choices and verify the source before taking any action.

Moreover, if you have missed the payment of your electricity bill for any month, contact the electricity board or supplier. You can find the official contact details of any electricity board in your previous electricity bills.

Text message scams, also known as smishing, are one of the most popular tricks scamsters use to steal personal information and money. Fraudsters also trick individuals in the guise of updating their Know your Customer (KYC) details online.

Source:https://economictimes.indiatimes.com/wealth/save/electricity-bill-scam-whatsapp-sms-your-electricity-will-be-disconnected-tonight-know-the-latest-scam-to-save-yourself

NFRA Publishes list of Audit firms/ auditors Who not filed mandatory NFRA-2 form

The National Financial Reporting Authority has published a list of audit forms/auditors who have not filed the mandatory e-form, NFRA-2, for the reporting period 2018-19 and 2019-20.

The annual return is to be filed in accordance with Rule 5 of National Financial Reporting Authority Rules, 2018. The auditors/audit firms of class of companies specified in Rule 3 of NFRA Rules 2018 are required to file the annual return on or before 30th November every year.

In the past also NFRA had identified cases of non-compliance with the above statutory requirements and sent intimations to defaulting firms. A list of such firms/auditors was also published on the website of NFRA and intimated to Ministry of Corporate Affairs.

For the reporting period 2018-19 (audit reports signed during the period 01.04.2018 to 31.03.2019), NFRA-2 was supposed to be filed by 30 November 2019. As it was the first year of filing, the date was extended upto 4 September 2020. A review revealed that a total of 617 audit firms/auditors have still not filed NFRA-2 for the reporting period 2018-19.

For the next reporting period, 2019-20 (Audit reports signed during the period 01.04.2019 to 31.03.2020), a total 1684 audit firms have so far not filed NFRA-2. The due date for filing NFRA-2 for reporting period 2019-20 was 30 November 2020.

The list of audit firms/auditors in default in respect of both these years is available on NFRA website (https://nfra.gov.in/nfra_domain). An intimation is also being sent by NFRA to such audit firms/auditors.

Attention of all defaulting audit firm/ auditors is invited to the fact that non-filing of NFRA-2 form is a non-compliance covered under Rule 13 of NFRA rules and attracts penal provisions. The rule has been further amended vide NFRA amendment Rules 2022 dated 17.06.22. The amended Rule 13 is published on NFRA website

(https://nfra.gov.in/sites/default/files/236669.pdf)

The list of defaulting audit firms/auditors for the reporting period after 2020-21 is also being reviewed and will be published soon.

It is also reminded that the due date for the reporting period 2021-22 (Audit reports signed during the period 01.04.2021 to 31.03.2022) is 30 November 2022. Auditors/firms are advised to file NFRA-2, if not already done so.

Direct Tax collections continue to register steady growth.

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 09th October, 2022

PRESS RELEASE

Direct Tax Collections for F.Y. 2022-23 up to 08.10.2022

The provisional figures of Direct Tax collections up to 8th October, 2022 continue to register steady growth.

Direct Tax collections up to 8th October, 2022 show that gross collections are at Rs. 8.98 lakh crore which is 23.8% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 7.45 lakh crore which is 16.3% higher than the net collections for the corresponding period of last year. This collection is 52.46% of the total Budget Estimates of Direct Taxes for F. Y. 2022-23.

So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 16.73% while that for PIT (including STT) is 32.30%. After adjustment of refunds, the net growth in CIT collections is 16.29% and that in PIT collections is 17.35% (PIT only)/16.25% (PIT including STT).

Refunds amounting to Rs.1.53 lakh crore have been issued during the period 1st April, 2022 to 8th October 2022, which are 81.0% higher than refunds issued during the same period in the preceding year.

(Surabhi Ahluwalia)

Pr. Commissioner of Income Tax(OSD)

(Media & Technical Policy)

Official Spokesperson, CBDT

Clarification issued by UDIN Directorate

Due to some technical issues, Members are unable to generate UDIN under FRN Category. As a temporary Measure, Members are advised to generate UDIN under "Not Applicable" Category in place of FRN. Members may put FRN under Remarks column. The technical glitch is likely to be resolved soon.

UDIN Directorate

Reduction of time limit for verification of ITR from 120 days to 30 days

DGIT (S) Notification No 5/2022 dated 29.07.2022 issued for Reduction of time limit for verification of ITR from 120 days to 30 days of transmitting the data of ITR electronically.

This notification will come into effect from 01.08.2022.

Click here for complete notification

E- invoicing for the taxpayers having aggregate turnover exceeding Rs. 10 Crore with effect from the 1st day of October, 2022

MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)

NOTIFICATION

New Delhi, the 1st August, 2022

No. 17/2022–Central Tax

G.S.R. 612(E).—In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21st March, 2020, namely:-

In the said notification, in the first paragraph, with effect from the 1st day of October, 2022, for the words “twenty crore rupees”, the words “ten crore rupees” shall be substituted.

[F. No. CBIC-20021/2/2022-GST]

Rajeev Ranjan, Under Secy.

Note : The principal notification No. 13/2020 – Central Tax, dated the 21st March, 2020 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated the 21st March, 2020 and was last amended vide notification No. 01/2022-Central Tax, dated the 24th February, 2022, published vide number G.S.R. 159(E), dated the 24th February, 2022.

Click here for complete notification

Banks to move government on TDS on loan waivers

Synopsis

Slices of loans waived to lessen the strain on defaulting borrowers are being interpreted as 'benefits' that lenders are passing on to borrowers under the new provisions the government has come out on tax deducted at source (TDS).

Banks will soon move the government as they find themselves caught in the tax net while settling and rejigging loans to give distressed borrowers a second chance.

Slices of loans waived to lessen the strain on defaulting borrowers are being interpreted as 'benefits' that lenders are passing on to borrowers under the new provisions the government has come out on tax deducted at source (TDS).

Even though there is no transfer of cash from the bank to the borrower, the extent of haircuts taken by lenders is imputed as 'income' for the borrower.

For instance, if a bank cuts the loan outstanding from ₹100 crore to ₹40 crore as the borrower is unable to repay or arrange periodic interest outgo, the bank will have to pay a 10% TDS of ₹6 crore on the ₹60 crore which is written off from the full loan amount.

"This would put an additional burden on banks in the course of loan restructuring. We feel this particular TDS provision was inserted without adequate consultation and understanding of the consequences. It's a strange situation where the bank has to make a sacrifice on account of waiver as well as organise for TDS. We have decided to pursue the matter with the government," a senior banker told ET.

The tax implication was pointed out by a banker at a recent meeting, following which the industry body, Indian Banks' Association, decided at its managing committee meeting to send a representation to the government.

Multiple transactions are being included in the TDS provisions as this is the easiest manner in which the tax net can be widened as the payer is made liable for deduction as well as suffer the consequences for non-deduction.

According to senior chartered accountant Dilip Lakhani, "The scope of TDS seems to have been broadened. Prima facie, the provisions of Section 194R (dealing with TDS) may not apply to the banking industry when there is a settlement of loan with the borrower and a certain amount is written off in the process. However, the fear among bankers is probably emanating from the word 'benefit' in the new circular on TDS."

"Courts have held that if a borrower has borrowed funds specifically for the acquisition of plant or machinery or land or building for a project, then the remission of liability is not chargeable to tax. On the other hand, the circular deals with cases where the benefit is taxed as income. Also, if a bank deducts the tax, the issue of granting credit to the borrower will also be debatable if the said amount is not chargeable to tax," said Lakhani.

Lakhani and other tax experts believe that the Central Board of Direct Taxes, the apex body under the ministry of finance, should clear the fog on TDS arising from loan waivers and sacrifices - particularly because the economic stress may require a sizeable amount of loan restructuring and settlement by banks.

Government should also consider investing more resources and manpower in swiftly disposing of lower or nil withholding tax certificate requests, said Ashish Mehta, partner at the law firm Khaitan & Company. "Since in case of loan settlements, banks will pay the TDS out of borrowers' money, the latter should approach the tax department in making the request. This will ease the burden in cases where the parties are facing genuine hardships. And there will be added complication for banks if there is insufficient money in borrowers' accounts, and banks are required to ask the borrower for funds," said Mehta.

TAXVANI

Women now hold 18% of board seats in India, 95% of Nifty 500 cos have at least one female board member

Synopsis
Part of the credit for this improvement goes to multiple initiatives taken by the Indian government and regulatory bodies. Yet, there's much to be done still.

"Your electricity will be disconnected tonight...": Know the latest scam to save yourself

NFRA Publishes list of Audit firms/ auditors Who not filed mandatory NFRA-2 form

Direct Tax collections continue to register steady growth.

Clarification issued by UDIN Directorate

Reduction of time limit for verification of ITR from 120 days to 30 days

E- invoicing for the taxpayers having aggregate turnover exceeding Rs. 10 Crore with effect from the 1st day of October, 2022

Last date for Filing of Form 11 extended upto 15th July, 2022

E-filing of ITR-U (Updated Return) using Excel Utility enabled for ITR 1 and 4

Banks to move government on TDS on loan waivers

Slices of loans waived to lessen the strain on defaulting borrowers are being interpreted as 'benefits' that lenders are passing on to borrowers under the new provisions the government has come out on tax deducted at source (TDS).

Total Pageviews

SynopsisPart of the credit for this improvement goes to multiple initiatives taken by the Indian government and regulatory bodies. Yet, there's much to be done still.

Slices of loans waived to lessen the strain on defaulting borrowers are being interpreted as 'benefits' that lenders are passing on to borrowers under the new provisions the government has come out on tax deducted at source (TDS).

Total Pageviews

Synopsis
Part of the credit for this improvement goes to multiple initiatives taken by the Indian government and regulatory bodies. Yet, there's much to be done still.