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News update-Entrepreneurship, Taxation, Personal Finance & Succession planning-29 July 2021

Posted on by Business So Simple in Thought of the day

All newspaper compilation from Economic times, Live mint & Financial express on Entrepreneurship, Taxation, Personal Finance & Succession planning. Refer link:

1. *How NRIs are taxed in India*

https://www.livemint.com/money/personal-finance/how-nris-are-taxed-in-india-11627498347246.html

2. *Fast growing gold loans turn sour hit by lockdowns*

https://economictimes.indiatimes.com/wealth/personal-finance-news/fast-growing-gold-loans-turn-sour-hit-by-lockdowns/articleshow/84823940.cms

3. *In small town India, a shift underway from savings to investments*

https://www.livemint.com/money/personal-finance/in-small-town-india-a-shift-underway-from-savings-to-investments-11627497497878.html

4. *New MF platform would result in a duplication push*

https://www.livemint.com/money/personal-finance/new-mf-platform-would-result-in-a-duplication-push-11627492097403.html

5. *Claiming TDS credit will be difficult if bank doesn’t have PAN data*

https://www.livemint.com/money/personal-finance/claiming-tds-credit-will-be-difficult-if-bank-doesn-t-have-pan-data-11627497012519.html

6. *No formal sector job loss during Covid as per EPFO payroll data, says government*

https://economictimes.indiatimes.com/wealth/personal-finance-news/no-formal-sector-job-loss-during-covid-as-per-epfo-payroll-data-says-government/articleshow/84823983.cms

7. *Do a cost-benefit analysis when you decide on repayment of loans*

https://www.livemint.com/money/personal-finance/do-a-cost-benefit-analysis-when-you-decide-on-repayment-of-loans-11627496507287.html

8. *Growth prospects of commercial realty look promising in second half of 2021*

https://www.financialexpress.com/money/growth-prospects-of-commercial-realty-look-promising-in-second-half-of-2021/2299298/

9. गवर्नमेंट टॉक्स हेडलाइंस -29 जुलाई 2021-

Thought of the day- 29 July 2021 -Each is great in his own place (Part-3)

Posted on by Business So Simple in Thought of the day

He who has no faith in himself can never have faith in God.

The idea of duty varies much among different nations. In one country, if a man does not do certain things, people will say he has acted wrongly; while if he does those very things in another country, people will say that he did not act rightly–and yet we know that there must be some universal idea of duty. In the same way, one class of society thinks that certain things are among its duty, while another class thinks quite the opposite and would be horrified if it had to do those things. Two ways are left open to us–the way of the ignorant, who think that there is only one way to truth and that all the rest are wrong, and the way of the wise, who admit that, according to our mental constitution or the different planes of existence in which we are, duty and morality may vary. The important thing is to know that there are gradations of duty and of morality–that the duty of one state of life, in one set of circumstances, will not and cannot be that of another.

To illustrate: All great teachers have taught, “Resist not evil,” that non resistance is the highest moral ideal. We all know that, if a certain number of us attempted to put that maxim fully into practice, the whole social fabric would fall to pieces, the wicked would take possession of our properties and our lives, and would do whatever they like with us. Even if only one day of such nonresistance were practised, it would lead to disaster. Yet, intuitively, in our heart of hearts we feel the truth of the teaching “Resist not evil.” This seems to us to be the highest ideal; yet to teach this doctrine only would be equivalent to condemning a vast portion of mankind. Not only so, it would be making men feel that they were always doing wrong, and cause in them scruples of conscience in all their actions; it would weaken them, and that constant self-disapproval would breed more vice than any other weakness would. To the man who has begun to hate himself the gate to degeneration has already opened; and the same is true of a nation. Our first duty is not to hate ourselves, because to advance we must have faith in ourselves first and then in God. He who has no faith in himself can never have faith in God. Therefore, the only alternative remaining to us is to recognise that duty and morality vary under different circumstances; not that the man who resists evil is doing what is always and in itself wrong, but that in the different circumstances in which he is placed it may become even his duty to resist evil.

-Swami Vivekananda

Invitation for public comments on proposed International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021

Posted on by Business So Simple in Financial Prudence, Legal awareness

International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India.

The intermediaries play an important role by providing the intermediation facilities between their clients and the various regulated financial products and financial services in the IFSC. The intermediaries are also essential for building the ecosystem of capital markets in the IFSC.

IFSCA proposes to enact a regulatory framework for the intermediaries in the capital markets operating in IFSC, focusing on ease of doing business and consistent with the fundamental principles laid down by International Organization of Securities Commissions.

The proposed IFSCA (Capital Market Intermediaries) Regulations, 2021 (Intermediaries Regulations) inter alia provide for regulatory requirements in respect of registration, obligations and responsibilities, inspection and enforcement of various types of capital market intermediaries such as broker dealers, clearing members, depository participants, investment bankers, portfolio managers, investment advisers, custodians, credit rating agencies, debenture trustees and account aggregators.

Further, the proposed Intermediaries Regulations envisage registered capital market intermediaries to undertake cross-border business in capital markets in India and foreign jurisdictions, subject to certain conditions such as ring fencing of operations, appropriate risk management and internal controls, maintenance of records etc.

The consultation paper is available on the website of IFSCA at the weblink – https://ifsca.gov.in/PublicConsultation.

Comments and suggestions from public are invited on the proposed Intermediaries Regulations by August 18, 2021.

Ministry of Finance Press Release dated 28 July 2021

Financial assistance towards MSMEs

Posted on by Business So Simple in MSME

Government has taken a number initiatives for providing financial assistance to the Micro, Small and Medium Enterprises (MSMEs) to cope with the financial impact of the COVID-19 pandemic which inter-alia include measures such as :

  1. Rs. 20,000 crore Subordinate Debt for MSMEs,
  2. Rs. 4.5 lakh crore Collateral free Automatic Loans under Emergency Credit Line   Guarantee Scheme (ECLGS) for businesses, including MSMEs.
  3. Rs. 50,000 crore equity infusion through MSME Fund of Funds
  4. Rs.15,000 crore Special Refinancing Facility for Small Industries Development Bank of India (SIDBI) from RBI as a specific response to COVID-19 for on lending/refinancing purposes
  5. Credit Guarantee Scheme to facilitate loans to 25 lakh persons through Micro Finance Institutions,
  6. Rs 30,000 crore Special Liquidity Scheme for NBFCs/HFC/MFIs,
  7. Rs. 90,000 crore partial Credit Guarantee Scheme 2.0 for Liabilities of NBFCs/MFIs.

In view of the challenges faced by taxpayers due to the outbreak of Novel Corona Virus (COVID-19), the Government of India has taken several taxation related measures for the industries including MSMEs which inter-alia include measures such as :-

  1. extension of various time limits for compliances and statutory actions under the taxation laws
  2. extension of date for filing declaration under the Direct Tax Vivad se Vishwas Act
  3. issuance of corporate tax refunds,
  4. extension of the date of incorporation of eligible start up for claiming deduction under the relevant provisions of income tax act,
  5. extending the  date for making various investment/payment for claiming deduction under Chapter VIA-B of the Income Tax
  6. Concessional rates of interest in lieu of the normal rate of interest of 18% per annum for delayed tax payments.

This information was given by Union Minister for Micro, Small and Medium Enterprises, Shri Narayan Rane in a written reply in the Rajya Sabha.

Ministry of Micro,Small & Medium Enterprises Press Release dated 28 July 2021

Issues Related to Hate Crimes/Lynching Law

Posted on by Business So Simple in Legal awareness

Government has initiated comprehensive review of the existing Criminal Laws with the view to make them relevant to the contemporary law & order situation as well as to provide speedy justice to the vulnerable sections of the society. Government of India intends to create a legal structure which is citizen-centric and prioritises to secure life and to preserve human rights.

In judgment dated 17.07.2018 of the Hon’ble Supreme Court in Writ Petition (Civil) No. 754 of 2016 in the matter of Tehseen S. Poonawalla Vs. Union of India, the court has not directed this Ministry to ask the National Crime Records Bureau (NCRB) to collect hate crime data.

‘Police’ and ‘Public Order’ are State subjects under the Seventh Schedule to the Constitution of India and State Governments are responsible for prevention, detection, registration and investigation of crime and for prosecuting the criminals through their law enforcement agencies. However, the Ministry of Home Affairs has issued advisories to States and UTs, from time to time, to maintain law and order and ensure that any person who takes law into his/her own hand is punished promptly as per law. An advisory dated 04.07.2018 was issued to the States and UTs to keep watch on circulation of fake news and rumours having potential of inciting violence, take all required measures to counter them effectively  and  to  deal  firmly  with  persons  taking  law  into  their  own hands. Further, advisories dated 23.07.2018 and 25.09.2018 were issued to the State Governments/UT Administrations for taking measures to curb incidents of mob lynching in the country. The Government, through audio-visual media, has also generated public awareness to curb the menace of mob lynching. The Government has also sensitized the service providers to take steps to check the propagation of false news and rumours having potential to incite mob violence and lynching.

This was stated by the Minister of State for Home Affairs, Shri Nityanand Rai in a written reply to question in the Rajya Sabha today.

Ministry of Home Affairs Press Release dated 28 July 2021

India logs 85.88 % growth in merchandise exports in April-June 2021, ascompared to same period last year, Government has taken a number of steps to ensure reliable and adequate supply chains

Posted on by Business So Simple in Entrepreneurship

The Government has taken a number of steps, including strengthening of domestic manufacturing and promoting trade ties, with a number of trading partners, so as to ensure reliable and adequate supply chains. This is an ongoing process, based on the changing requirements in a dynamic world.

The existing Trade Agreements also ensure seamless supplies for the domestic manufacturing sector on preferential terms. Further, a review of some of the existing Agreements has been initiated.In addition, bilateral trade negotiations with a number of countries have been initiated. We have entered into a Supply Chain Resilience Initiative (SCRI) with Japan and Australia to enhance the resilience of supply chains in the Indo-Pacific Region.

There has been substantial growth in India’s Merchandise exports in April-June 2021 which was USD 95.39 Billion, exhibiting a positive growth of 85.88 per cent over the same period last year and a positive growth of 17.90 per cent over April-June 2019, across commodity groups such as Engineering goods, Petroleum products, Gems &Jewellery, Organic & Inorganic Chemicals, Textile & Garments, Electronic goods, Plastic & Linoleum etc from across the country, including from Gujarat.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel, in a written reply in the Lok Sabha today.

Ministry of Commerce & Industry dated 28 July 2021

52,391 entities recognized as startups.

Posted on by Business So Simple in Entrepreneurship, Startups

Ministry of Commerce & Industry Press Release dated 28 July 2021

52,391 entities recognized as startups.


More than 5.7 lakh jobs have been reported by such start ups.

As per Industry estimates, there are 53 unicorns currently in India, with a tentative valuation of Rs. 1.4 lakh crore.

Indian startup ecosystem is widely recognized as the 3rd largeststartup ecosystem. As of 14th , July 2021 total 52,391 entities are recognized as startups by Department for Promotion of Industry and Internal Trade (DPIIT) and as of 14th July 2021, more than 5.7 lakh jobs have been reported by more than 50,000 startups.

As per Industry estimates, there are 53 unicorns currently in India, with a tentative valuation of Rs. 1.4 lakh crore. Valuation of a company is a market driven exercise and the data of individual companies is not maintained by DPIIT.

The Startup India initiative is a flagship initiative of Government of India which aims to build a strong ecosystem for nurturing innovation and Startups in the country. A 19-point Startup India Action Plan was launched in January 2016 which paved the way for the introduction of a number of policy initiatives to build a strong, conducive, growth-oriented environment for Indian startups. Hon’ble Prime Minister unveiled Startup India: The Way Ahead at 5 years celebration of Startup India on 16th January 2021 which includes actionable plans for promotion of ease of doing business for startups, greater role of technology in executing various reforms, building capacities of stakeholders and enabling a digital Aatmanirbhar Bharat.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri SomParkash, in a written reply in the Lok Sabha today.

With an aim to further improve ease of doing business, Centre launches the “Secured Logistics Document Exchange” along with a Calculator for Green House Gas Emissions

Posted on by Business So Simple in Entrepreneurship

With an aim to further improve ease of doing business, Centre launches the “Secured Logistics Document Exchange” along with a Calculator for Green House Gas Emissions


The SLDE platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitized, secure and seamless document exchange system.

Digital transformation in the logistics sector to achieve the targets of improved India’s ranking in Logistics Performance Index

The Digital initiative set to improve logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability

These digital initiatives are launched to fill gap areas where no action has yet been taken either by private players or any of the line ministriesPosted Date:- Jul 28, 2021

With an aim to further improve ease of doing business, Centre today launched the “Secured Logistics Document Exchange” along with a Calculator for Green House Gas Emissions

The Digital initiative is now set to improve logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability in a big way.

These digital initiatives have been launched to fill the gap areas where no action has yet been taken either by private players or any of the line ministries. The Launch Event was attended by more than 75 participants from the Central Ministries, Banks, IT companies, international organizations, logistics sector stakeholders and industry bodies.

The Event emphasized on the importance of digital transformation in the logistics sector to achieve the targets of improved India’s ranking in Logistics Performance Index; reduction in logistics cost and establishment of indigenous India-specific metrics for continual improvement in logistics.

The Logistics Division with the mandate of “Integrated Development of the Logistics Sector” has planned specific digital initiatives with a focus on integrating the various digital systems across ministries/ departments and filling gaps so identified. In this context, key digital initiatives including SLDE platform for digital exchange of logistics-related documents and a Calculator for GHG emissions for choosing sustainable and right mode of transport for freight movement, have been developed.

The SLDE platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitized, secure and seamless document exchange system.

This will enable generation, storage and interchange of logistics-related documents digitally using Aadhaar and blockchain-based security protocols for data security and authentication; it will also provide a complete audit trail of document transfer, faster execution of transaction, lower cost of shipping and overall carbon footprint, easy verification of authenticity of documents, lowered risk of fraud, etc. The proof of concept of the platform has been developed and executed with banks (ICICI, Axis Bank, State Bank of India and HDFC Bank) and stakeholders including freight forwarders, exporters, importers and vessel operators.

Along with the SLDE, Centre also launched a Green House Gas Emission calculator as well.The GHG Calculator is an efficient, user-friendly tool and provides for calculating and comparing GHG emissions across different modes. It allows for commodity-wise comparison of GHG emissions and total cost of transportation, including their environmental cost, between movement by road and rail. The tool is intended to facilitate appropriate modal choice for allconcerned.

In his opening remarks Special Secretary (Logistics), Shri Pawan Kumar Agarwal remarked on the importance of Digital Transformation in the Logistics space and highlighted the role of Logistics Division in facilitating digital integration across the sector through such critical initiatives that have interface with more than one Ministry / Department. He further added that the initiatives launched at the event have the potential of creating a lasting and significant impact on the sector.

Emphasising on the benefit of sectors u doing business in the logistics sector that the SLDE platform would facilitate, the banking sector endorsed the robustness of the SLDE platform and lauded the efforts of the Logistics Division, MOCI, in this direction. Emphasising on the need for a fast, secure and efficient way of exchanging logistics-related documents including digitization of the e-bill of lading, all industry stakeholders expressed their support and adoption of this initiative.

Speaking on the occasion representatives from user industry associations like Federation of Indian Export Organisations (FIEO), Container Freight Station Association of India (CFSAI), etc., stressed on the importance and utility of a tool for calculating GHG emissions and basing modal choice on availability of environmental costs estimates would go a long way in promoting green and sustainable logistics

Ministry of Commerce & Industry Press Release dated 28 July 2021

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Government identified 2,38,223 companies as shell companies between 2018-2021

Posted on by Business So Simple in Company Law

Ministry of Corporate Affairs Press Release dated 27 July 2021

There is no definition of the term “Shell Company” in the Companies Act and it normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose such as tax evasion, money laundering, obscuring ownership, benami properties etc. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today.

The Minister further stated that the Special Task Force set up by the Government to look into the issue of “Shell Companies” has inter-alia recommended the use of certain red flag indicators as alerts for identification of Shell Companies.

The Government has undertaken a Special Drive for identification and striking off Shell Companies during the last three years, the Minister stated.

The Minister tabled a list of the total number of companies struck off u/s 248 State/ Union Territory-wise as under:

Name of the State/ UT

No. of Struck off Companies

2018 to June 2021

RoC-Ahmedabad

9243

RoC-Andaman

41

RoC-Bangalore

11185

RoC-Chandigarh

4908

RoC-Chennai

11217

RoC-Chhattisgarh

947

RoC-Coimbatore

2992

RoC-Cuttack

3731

RoC-Delhi

45595

RoC-Ernakulam

9189

RoC-Goa

597

RoC-Gwalior

4920

RoC-HimachalPradesh

858

RoC-Hyderabad

20488

RoC-Jaipur

9222

RoC-Jammu

393

RoC-Jharkhand

1848

RoC-Kanpur

15803

RoC-Kolkata

15022

RoC-Mumbai

52869

RoC-Patna

4683

RoC-Pondicherry

191

RoC-Pune

5552

RoC-Shillong

1256

RoC-Uttarakhand

555

RoC-Vijayawada

4918

Total

238223