Moody’s Investors Service cut its forecast for India’s FY20 GDP growth by 40 bps to 5.8%, in what reflected a continuing trend of such downward revisions by prominent domestic and foreign agencies.

A Parliamentary panel is likely to call top Finance Ministry officials and RBI governor to brief its members about economic slowdown in the country.

The newly-constituted panel met for the first time on Thursday and decided to deliberate on a number of subjects, including role of regulators, auditors, rating agencies and other stakeholder

Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 20% of the eligible credit available in respect of invoices or debit notes, the details of which have been uploaded by the supplier.

These invoices or debit notes have to be uploaded by the suppliers in Form GSTR-1 – the return for outward supplies. Earlier, such credit could be claimed without any restrictions based only on the invoice copy after satisfying other conditions laid down under Section 16 of the CGST Act. The new rule came into effect on October 9.

Airtel and Vodafone Idea added as much as ₹16,500 crore to their combined market value on Thursday after Reliance Jio ended free voice calls.


Jio said it will charge 6p/minute for calls made to rival networks till such time regulator TRAI moves to a zero termination-charge regime.

Haldiram Group has come out as the only bidder interested in acquiring dairy firm Kwality with an offer of around ₹130 crore in the ongoing insolvency process, reports said. The lenders are likely to vote on Haldiram's bid later this month. The insolvency began in December 2018 with Shailendra Ajmera of EY being appointed as the resolution professional for Kwality.

Q321 Correct Answer is (a)

Q297Correct Answer is (b)

IDT REVISION VIDEOS BY JK SHAH CLASSES

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IDT REVISION VIDEOS BY YASHWANT MANGAL SIR

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💁‍♂DIRECT TAXES AMENDMENTS FOR NOV 2019

👨‍🏫 CA BHAWAR BORANA SIR

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👉https://youtu.be/2TguYqhszbE

💁‍♂DIRECT TAXES AMENDMENTS NOTES AND VIDEO FOR Nov 2019

📌SATISH MANGAL SIR

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Ranbaxy promoters Malvinder Mohan Singh and Shivinder Mohan Singh, former managing director of Religare Enterprises (REL) Sunil Godhwani, and two other key executives of REL, Kavi Arora and Anil Saxena, to four days in custody of the Economic Offences Wing (EOW) of the Delhi Police for misappropriating funds of Religare Finvest (RFL), causing it a loss of Rs 2,397 crore.

Paytm goes for internal restructuring

Paytm is building advertising and cloud offerings for Indian businesses, and is planning to bring in more senior hires to expand these verticals over the next few months. Paytm, run by One97 Communications, has over the past few weeks hired several senior leaders, including from Google and Goldman Sachs as it goes for the next stage of expansion.

There were 16,345 more crorepatis in the 2018-19 assessment year (AY) in the country compared to the previous year.However, income inequality remained stark as over 99 per cent of the return filers earned up to Rs 10 lakh.

Around 13.9 per cent of the return filers earned up to Rs 2.5 lakh, which is a threshold for income tax.More than 60 per cent of those filing taxes earn gross income up to Rs 5 lakh in AY19.

Govt invites bids from advisers for strategic disinvestment of 3 PSUs

The government has kicked off strategic disinvestment exercise for this fiscal by inviting bids from advisers for sale of its controlling stake in three PSUs of Container Corporation of India (Concor), North Eastern Electric Power Corporation (NEEPCO) and THDC India.

Besides, the Cabinet has given its nod to sell the government's entire 53.29 per cent stake in Bharat Petroleum Corporation Ltd and its 63.75 per cent stake in Shipping Corporation of India (SCI).

The strategic disinvestment of the five PSUs is expected to fetch Rs 60,000 crore to the exchequer.

In view of declining GST collections from states threatening their finances, the Central government is gearing up to review GST. It intends to reconsider the tax structure, increase tax slabs of non-essential and lifestyle items and consider bringing more items into the GST net.

♻️ CA Final Direct Tax Case Laws for Nov 19 :

By VG Sir

https://youtu.be/ziJdG6dELuo