Day: January 10, 2022

Story Behind The Words "CA Se Dur Raho"

Story Behind The Words “CA Se Dur Raho”

Co-Founder of Lenskart.com Peyush Bansal made a comment in his talk show Shark Tank India that “CA se dur raho”. After these words used by him for CAs, the CA fraternity has started mentioning him at social media handles. CA Neetu Jain posted at LinkedIn that “Peyush Bansal you owe an apology to CA fraternity …

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IT Dept searches in Andhra Pradesh and Telangana; unaccounted cash transactions tune of Rs. 800 crore

Income Tax Department conducts searches in Andhra Pradesh and Telangana The Income Tax Department carried out search and seizure operation on 05.01.2022 on three real estate developers, engaged in the business of land development as well as construction activities in the town of Kurnool and other mofussil areas of Andhra Pradesh and Telangana. More than …

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Chennai Airport’s preparedness for flood threats

Chennai Airport’s boundary lies on the banks of Adyar river for a considerable stretch and often faces with the flood threat during heavy monsoons. Now, to continuously detect the water levels of Adyar river, Automatic water level recorderis installed at the secondary runway bridge site. The system will record the variation in waterlevelsof Adyar river …

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Income Tax Department conducts searches in Kerala

The Income Tax Department carried out search and seizure operation on 05.01.2022 on two groups, engaged in the business of quarry operation.  More than 35 premises spread across districts of Kottayam, Eranakulam, Thrissur, Palakkad and Kannur have been covered in the search operation. During the course of the search operation, various incriminating documents and digital …

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Right Of The Assessee To Cross Examine in Income Tax Search And Seizure: An Analysis

Right Of The Assessee To Cross Examine in Income Tax Search And Seizure: An Analysis

Introduction:- The principles of natural justice forms an integral part of procedural fairness and justness, thereby excluding the scope of arbitrariness. Even though the right of hearing, which forms a part of the principles of natural justice, before an order is passed under some of the provisions of the Income-tax Act 1961, is not specifically …

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SBI ALERT: State Bank made this big change in the rules, GST will have to be paid on every transaction

SBI Rules ALERT The country’s largest public sector bank State Bank of India (SBI) has changed its rules. Now you are doing digital transaction under IMPS so be ready to pay extra. The Reserve Bank of India had given this direction in the October policy, in which the limit for IMPS transactions from all banks …

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SBI Card down 2.42% after Goldman Sachs’s “Sell” initiative

SBI Cards and Payment Services slips 2.42% after Goldman Sachs initiates “Sell” rating for the stock.  The brokerage firm sees headwinds in the form of intense competition and increasing regulatory requirements. Along with this, increase in credit losses is another major concern.  It expects a moderate earnings growth of 18% in FY22-25E vs. 27% in …

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Nifty above 18000. Sensex above 60390 points.

Indian benchmark indices performed really well today. Both Sensex and Nifty were up by more than 1%. Sensex added 650 points to close at 60395.63, while Nifty added 190 points to end at 180003.30. All sectoral indices were in green. But Nifty PSU Bank was the top gaining sector (3.2%). It was followed by Nifty …

Nifty above 18000. Sensex above 60390 points. Read More »

Government Issues Revised Discharge Policy for COVID-19

Government Issues Revised Discharge Policy for COVID-19

Government has issued revised discharge policy for COVID-19 on 9th January 2022. The revised discharge policy is aligned with the COVID-19 clinical management protocol, guidelines for home isolation of mild COVID-19 cases and advisory on Covid 19 testing strategy issued by Ministry of Health & FW. The policy document contains guidelines for treatment and discharge …

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Taxmen to give ‘reasonable time’ to biz to explain reasons for mismatch in GSTR-1, 3B before recovery action

Tax officers will give reasonable time to erring business to explain reasons for mismatch in turnover reported in sales return GSTR-1 and tax payment form 3B before initiating recovery action for short payment or non-payment of taxes. Apex indirect tax body CBIC has issued guidelines on recovery proceedings and said that taxmen would give a ”reasonable time” to …

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Here’s what happens every minute on the internet in 2021

New research has shed light on what happened every minute on the internet in 2021. It found that every 60 seconds more than 500 hours of content was uploaded on YouTube and 695,000 stories were shared on Instagram. Nearly 70 million messages were sent via WhatsApp and Facebook Messenger. In that same minute, there were …

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Macquarie cuts Paytm’s target price to 900. Paytm down 4%

Macquarie maintained its rating as “Underperform” regarding Paytm. It also cuts down Paytm’s target price from 1200 to 900. Macquarie reduces Paytm’s revenue CAGR from 26% to 23%. In addition to this it also cuts Paytm’s earnings projection from 27% to 16% for FY22-25E .  Since its listing, Paytm fell by 40%. At present, it …

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Sensex above 60210. Nifty above 17950. Maruti, UPL and Infosys lead Nifty

Indian benchmark indices trade on positive note. Sensex reclaims 60,000 level. Nifty is above 17,950.  Nifty Auto, Nifty PSU Banks, Nifty Media and Nifty Realty lead the index. Right now, Maruti is leading the index with 3.16% gains. It is followed by UPL and Infosys. It seems to be the expectations of upcoming results and …

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BIG News: Supreme Court agrees to extends limitation period to file cases across the country in view of COVID-19

The Supreme Court on Monday agreed to relax the limitation period to file cases under all general and special laws across the country in view of the surge in COVID-19 cases [In Re: Congizance for Extension of Limitation]. A Bench of Chief Justice of India NV Ramana and Justices L Nageswara Rao and Surya Kant said that it is agreeing to the request by …

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Latest GST News, Information, Notifications & Announcements [Period 03/01/22 to 09/01/22]

Latest GST News, Information, Notifications & Announcements [Period 03/01/22 to 09/01/22]

GST WEEKLY UPDATE : 41/2021-22 (09.01.2022) 1. GST portal allow to file Option to sent request to supplier for filling of GST return: The tab/ option Communicate on GST portal for the filling of the GSTR-1 return, An option has been enabled wherein the supplier can request the recipient to file GST 1 so as …

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Nomura picks Infosys in Large-caps and Persistent in mid-caps

Global Investment Bank, Nomura expressed its view on the IT sector. It expects that the sector EPS upgrade will continue.  It said its order of preference for Large -caps as follows: Infosys Wipro Tech Mahindra HCL Technologies TCS Cognizant  Its order of preference for mid-caps is as follows: Persistent Mphasis L&T Info Mindtree On Friday, …

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Pre-Market Information: Stocks in focus-Reliance Industries, Tata Steel, Sobha, and D’Mart

The global markets are showing mixed trends. The US job data disappoints. Omicron cases are rising. However, equity markets are hoping that the Central banks will slow the pace of rate hikes.  SGX Nifty indicates a positive opening for the Indian markets.  The following stocks are in focus today: Reliance Industries: Company’s wholly-owned subsidiary, Reliance …

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D’Mart quarterly revenue up 18.3%. Net Profit up 32.3%

Retail giant Avenue Supermarts Ltd., aka D’Mart posted good Q3FY22 results.  During Q3 it earned a Revenue of Rs. 9218 Cr. It was up by 18.3% QoQ and 22.2% YoY respectively. The company’s operating profit was Rs.866 Cr. It was up by 29.4% QoQ and 25.7% YoY respectively. It registered a net profit of Rs. …

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