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

Central Government makes further amendments to Schedule VII of the Companies Act, 2013 which relates to Activities which may be included by companies in their Corporate Social Responsibility Policies.

Foreign portfolio investors withdrew over Rs 6,200 crore from Indian capital markets in the first two weeks of October, as global recession fears and trade war concerns weighed on sentiments.Foreign investors pulled out a net amount of Rs 4,955.2 crore from the equities and Rs 1,261.9 from the debt segment, taking the total net withdrawal to Rs 6,217.1 crore during October 1-11, as per latest depositories data.

GST: Voluntary payment of tax to be intimated vide DRC-01A and not DRC-03. Annual Return for assessee below 2 crore turnover is deemed to have filed, if not filed

📯 IDT (GST & Customs) Revision Videos for Nov 19 :

💁‍♂ By Vishal Bhattad Sir

https://www.youtube.com/playlist?list=PL01GEcXwiXulmfByJI1LCNFv8q7a8QDax

Q324 Correct Answer is (b)

Q292 Correct Answer is (c)

World Bank says that India is facing a severe Slump and cuts GDP forecast to 6%, the most among South Asian nations

Most auto companies are expected to report another dismal performance for September quarter (Q2) of 2019-20, as poor demand and steep discounts singed their earnings.

The average of the brokerages, including Kotak Securities, ICICI Securities, Prabhudas Lilladher, and Antique, estimates that net profit of top eight companies in the auto universe (including the consolidated earnings of Tata Motors) to see a 46.2 per cent year-on-year (YoY) drop for Q2FY20. This will be the sixth consecutive quarter of a double-digit decline in net profits,

Gross non-performing assets (GNPA) for public sector banks (PSBs) in the agriculture sector has exceeded Rs 1 trillion. According to Reserve Bank of India (RBI) data, the GNPA from agriculture and allied activities in these banks was Rs 1.04 trillion at end-July, against total credit of Rs 942,869 crore (about Rs 9.4 trillion).Thus, the ratio of GNPA to total credit is over 11 per cent.