Income Tax Department Unveils New Annual Information Statement: Details Inside

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Taxes

oi-Vipul Das

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The Income Tax Department yesterday on 1st November 2021 has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statement (AIS)” under the “Services” tab on the new Income tax e-filing portal (https://www.incometax.gov.in) The display of Form 26AS on the TRACES portal will also continue in parallel till the new AIS is validated and completely operational, claimed Central Board of Direct Taxes in a statement yesterday under the Ministry of Finance and Department of Revenue.

Income Tax Department Unveils New Annual Information Statement: Details Inside

The new AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, foreign remittance information, etc. The reported information has been processed to remove duplicate information. A taxpayer will be able to download AIS information in PDF, JSON, CSV formats, according to the department.

A facility has been established for the taxpayer to submit online feedback if they consider the information is erroneous, refers to another person/year, or is duplicate. Feedback can also be provided in bulk by submitting multiple pieces of information. Taxpayers can also use an AIS Utility to monitor AIS and input feedback in an offline mode. In the AIS, the reported value and the value following feedback will be displayed individually. If the information is changed or rejected, the source of the information may be addressed for clarification and confirmation.

A simplified Taxpayer Information Summary (TIS) has also been generated for each taxpayer which shows the aggregated value for the taxpayer for ease of filing return. TIS shows the processed value (i.e. the value generated after deduplication of information based on pre-defined rules) and derived value (i.e. the value derived after considering the taxpayer feedback and processed value). If the taxpayer submits feedback on AIS, the derived information in TIS will be automatically updated in real-time. The derived information in TIS will be used for pre-filing of Returns (pre-filling will be enabled in a phased manner).

Taxpayers should remember that the Annual Information Statement (AIS) includes information presently available with the Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in the Annual Information Statement (AIS). Taxpayers should check all related information and report complete and accurate information in the Income Tax Return, said Income Tax Department.

Taxpayers are asked to review the information in the Annual Information Statement (AIS) and provide feedback if any of it needs to be changed. When submitting the ITR, the value stated in the Taxpayer Information Summary (TIS) may be taken into account. If the ITR has already been submitted and some information has been left out, the return may be updated to add the missing information.

In case there is a variation between the TDS/TCS information or the details of tax paid as displayed in Form 26AS on the TRACES portal and the TDS/TCS information or the information relating to tax payment as displayed in AIS on Compliance Portal, the taxpayer may rely on the information displayed on TRACES portal for the purpose of filing of ITR and for other tax compliance purposes. Taxpayers may refer to the AIS documents (AIS Handbook, Presentation, User Guide, and FAQs) provided in the “Resources” section or connect with the helpdesk for any queries through the “Help” section on the AIS Homepage. the department further clarified.

Story first published: Tuesday, November 2, 2021, 8:26 [IST]



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Rs 45,000 crore IPOs set to fuel India Inc’s capex plans, BFSI News, ET BFSI

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The huge fundraise by companies and start-ups through initial public offerings is set to drive the capex engine of India Inc. With abundant liquidity and a rise in stock market fortunes, companies are rushing to raise money via the primary route.

At the forefront of the fundraising are start-ups, which are flocking the stock markets with astronomical valuations, though many such as Zomato are yet to turn a profit. Investors are eager to buy into these IPOs, banking on growth opportunities that digital reach has afforded to these nascent companies.

The startups being listed are joining the broader India Inc, which is on cusp of a burgeoning investment capex cycle as several indicators show.

While a chunk of the IPO money is going as returns to early investors who had bet on the potential of these companies, such as Ant Financial and Softbank offloading stakes through offer for sale in the Paytm IPO, huge capital is being available for further growth initiatives.

IPO rush

At least 30 companies are looking to collectively raise over Rs 45,000 crore through IPOs during October-November. Of the total fundraising, a large chunk would be garnered by technology-driven companies, including FinTechs.

The firms that are expected to raise funds through their IPOs during October-November include Policybazaar (Rs 5,710 crore), Emcure Pharmaceuticals (Rs 4,500 crore) Nykaa (Rs 4,000 crore), CMS Info Systems (Rs 2,000 crore), MobiKwik Systems (Rs 1,900 crore). In addition, Northern Arc Capital (Rs 1,800 crore), Ixigo (Rs 1,600 crore), Sapphire Foods (Rs 1,500 crore), Fincare Small Finance Bank (Rs 1,330 crore), Sterlite Power (Rs 1,250 crore) RateGain Travel Technologies (Rs 1,200 crore) and Supriya Lifescience (Rs 1,200 crore) may float their IPOs during the period under review.~

Fund deployment

While Nykaa has said that it will use the IPO proceeds to set up new retail stores, fund capital spending and repay debts, PolicyBazaar plans to use Rs 1,600 crore of the proceeds to enhance visibility and awareness of its brands including Policybazaar and Paisabazaar, Rs 375 crore will be used for new opportunities to expand growth initiatives to increase its consumer base including offline presence, Rs 600 crore for funding strategic investments and acquisitions and Rs 375 crore for expanding its presence outside India. Keventer Agro will use the proceeds of Rs 155 crore will be used to repay debt and Rs 110.76 crore will be used for funding capital expenditure requirements. Start-up fundraising

The funds raised by Indian unlisted startups have crossed the $10 billion mark spread across 347 deals, according to PwC India. This was twice the amount of funding received in Q3CY20 and was up about 41% over the second-quarter figure.

The increase in funding activity was noted across all sectors, both by value and volume.

Fintech, Edtech and SaaS were the top three hot investment sectors in CY21, together accounting for about 47 per cent of the total funding activity. The fintech sector saw a four-fold increase in funds raised in the first three-quarters of CY21, over the first three-quarters of CY20. Six fintech companies reached unicorn status.

Editors View is a weekly column written by Amol Dethe, Editor, ETCFO. Click here to read his previous columns.



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Ex-SBI chairman Chaudhury’s bail plea rejected in loan scam case, BFSI News, ET BFSI

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The Chief Judicial Magistrate of Jaisalmer Court on Monday rejected the bail application of former SBI chairman Pratip Chaudhury, arrested in the Jaisalmer hotel loan fraud case, and sent him to judicial custody till November 15.

The former SBI chairman will now have to spend his Diwali behind bars, said sources.

He will be in judicial custody for 15 days till November 15, they added.

Pratip Chaudhury was arrested from Delhi on Sunday and brought to Jaisalmer on Monday.

After that he was produced in the court of Chief Judicial Magistrate, his lawyer moved the bail application, but CJM Hanuman Sahai Jat after hearing rejected the bail application of Pratip Chaudhury and ordered to send him to judicial custody till November 15, following which he was was taken to jail.

The case relates to a hotel group in Jaisalmer which took a loan of Rs 24 crore from SBI in 2008. When the hotel group did not pay full instalments of the loan, the bank allegedly went against the RBI rules and declared it NPA after confiscating the property. It is alleged that later the property was also sold in a wrong manner. At present, the value of this property is being said to be around Rs 200 crore.

The SBI in a statement said that all the facts of the case were not presented before the court properly and SBI was not made a party to the case.

“‘Garh Rajwada’ was a hotel project in Jaisalmer, financed by the Bank in 2007. The project remained incomplete for over 3 years and the key promoter passed away in April 2010. The account slipped into NPA in June 2010. Various steps taken by the Bank for completion of the project as well as recovery of dues didn’t yield desired results. Hence as part of Bank’s recovery efforts, the dues were assigned to an ARC for recovery in March 2014. This sale to ARC by the Bank was done through a laid down process as per the policy of the Bank. “We further understand that the borrower was subjected to IBC process by the said ARC and the asset has been acquired by an NBFC in December 2017, again through due process under the orders of NCLT, Delhi,” the statement said.

“As recovery efforts failed, approvals for sale to ARC were taken in Jan 2014, the assignment to ARC was completed in March 2014. It transpires now that the borrower had initially filed an FIR with the State Police against the sale of asset to ARC. Aggrieved against the negative closure report filed by Police authorities, the borrower had filed a ‘Protest petition’ before the Hon’ble CJM Court. Incidentally SBI was not made a party to this case. All the directors of that ARC including Chaudhuri, who joined their Board in October 2014, have been named in the said case. Incidentally, Chaudhuri retired from Bank’s service in September 2013.

“It appears from the copies of the proceedings now accessed by us that the Hon’ble Court does not appear to have been briefed correctly on the sequence of events. In as much as SBI was not a party to this case, there was no occasion for the views of SBI being heard as part of this proceedings. SBI would like to reiterate that all due process were followed while making the said sale to ARC. The Bank has already offered its cooperation to the Law Enforcement and Judicial authorities and will provide further information, if any that may be called for from their side,” the SBI statement added further.



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Banks with 95% cards implement RBI order on recurring payments, BFSI News, ET BFSI

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A month after the RBI’s fresh rules on mandates for recurring card payments kicked in, banks accounting for over 95% of credit cards in the market are compliant with the new system. Over 20 lakh e-mandates have been registered by cardholders with a host of merchants.

According to payment industry sources, the banks whose credit cards are eligible for new standing payment mandate include SBI, Axis Bank, HDFC Bank, Yes Bank, American Express, Bank of India, Bank of Baroda, ICICI Bank, HSBC, RBL Bank, IndusInd Bank and Kotak Mahindra Bank. Several banks have enabled the mandate for both debit cards as well as credit cards.

Automatic recurring payments also require the merchant to be on-boarded to the new e-mandate framework. The compliant businesses include most of the OTT (over-the-top) streaming platforms, private life & general insurance companies, global IT giants like Google, Facebook, Microsoft and McAfee, as well as some edtech companies.

Interestingly, Indian cardholders who have registered with overseas service providers, having payment gateways abroad, are not subject to the new rules. This is because the RBI has no jurisdiction to impose second-factor authentication in those markets. It is up to the customer to disable international transactions on their cards.

What has facilitated the fast on-boarding of merchants is IT solutions like SI Hub developed by BillDesk and Mandate HQ developed by Razorpay. However, some domestic banks like Canara Bank & Punjab National Bank and Standard Chartered Bank were until last week in the process of making the necessary system changes.

According to the sources, card-based recurring transactions are 2.5% in terms of the number of transactions and 1.5% in terms of the value of the total card payments done in the country. On average, approximately 75% of domestic recurring transactions are of values of up to Rs 5,000. The corresponding figure for cross-border recurring transactions is approximately 85%.



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Banks face pressure on NIM as they lower rates to outsmart rivals, BFSI News, ET BFSI

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An intense price war in retail loans ahead of the festive season has led to a pronounced fall in interest income for banks, putting pressure on their key profitability parameter: Net interest margins (NIM).

Five of the seven state-owned banks that have announced their quarterly earnings so far have reported lower NIM for the September quarter. These banks, however, managed to report a rise in net profit largely on account of bad loan recovery and write-back of provision made in earlier quarters.

Captains in the banking industry said that they would rely on credit growth to boost NIM in the next two quarters since lending rates would likely remain soft until the monetary policy authority continues its accommodative stance to support economic recovery.

The banking sector’s weighted average lending rates dropped 31 basis points in September to 7.20%, the biggest monthly fall since November 2016. Public-sector banks led the race in slashing loan costs. Lending rates were already low as banks followed regulatory signal on softer interest rate regime over the past two years.

Room for further deposit rate cuts is not available for lenders as real interest rate is already negative, keeping the NIM sticky below 3% for most of them.

Punjab National Bank reported the steepest 25% drop in net interest income among state-owned lenders that have announced their quarterly earnings so far. Canara Bank and Indian Bank have lower NII and NIM for the quarter under review.

The market became too competitive with all large banks lowering interest rates, leading to a fall in NIM, said Indian Overseas Bank chief executive Partha Pratim Sengupta last week. IOB, however, clocked 4.6% higher net interest income even as its NIM fell to 2.51% for the quarter ending September 30 from 2.57% in the year-ago period.

Punjab & Sind Bank has had a marginal rise in NII while its NIM dropped. Bank of Maharashtra and Uco Bank, on the other hand, reported a rise in both NII and NIM.

Indian Bank chief executive Shanti Lal Jain expects interest income to rise in the next two quarters with higher credit off-take, in line with expected economic recovery. Uco Bank’s AK Goel shared a similar view.

Public sector banks, however, would likely face a challenge in terms of credit growth from their private sector peers, which are typically more aggressive in retail lending.

Over the last five years, public sector banks’ market share has dropped by around 10% in both deposits and advances. “Clearly, asset quality and the resultant profitability, as well as capital challenges, have been the key factor in the slowdown of the public sector banks,” Acuite Ratings & Research said in a note.



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Here’s what top banks are offering this festive season, BFSI News, ET BFSI

Banking & Finance

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While the COVID-19 and the resultant lockdown affected the celebrations last year, the festive season finally seems to be getting back on track.

The country is celebrating Diwali this week, giving an opportunity to companies and banks to incentivise their business by offering discounts on a range of items from jewellery to smartphones.

The lockdown was heavy on most, and affected the finances of several families. However, to ensure that these temporary setbacks do not come in the way of Diwali shopping and celebrations, a number of festive offers are up for grabs this year.

State Bank of India- #KhushiyonKaSwagat

This Diwali, if a customer of State Bank of India (SBI) applies for a car loan through YONO app, then they can get an interest rate concession of up to 0.5%, with zero processing fees, the bank said in a tweet.

Customers can get cash back offers up to Rs 2,500 on every purchase on e-commerce sites such as Flipkart and Amazon. Besides, one can get instant loan approval now.

The bank is offering car loans from 7.25%, gold loans from 7.50%, personal loans from 9.60%.

Additionally, the home loan offer which was started in September is still there. SBI currently offers home loans at only 6.7% for any amount and any tenure without any processing fees.

ICICI Bank- #FestiveBonanza

ICICI Bank launched ‘Festive Bonanza’ with a complete range of offers, heavy discounts and cash back available on a range of products, including luxury items from premium brands and leading e-commerce platforms.

As part of the ‘Festive Bonanza’, the bank is offering up to 20% cash back and discount on every purchase on Amazon, Myntra, Flipkart, Jiomart, Reliance Digital, among other platforms.

Besides, benefits are there for retail and business customers on various banking products and services such as home loan, car loan, overdraft facility and others.

Diwali 2021: Here's what top banks are offering this festive season

HDFC Bank- #FestiveTreats

HDFC bank has partnered with over 10,000 merchants across more than 100 locations to offer special deals specifically created for their personal and business needs in this Diwali time.

Benefits offered to customers include cash backs and no-cost EMIs on premium mobile phones, up to 22.5% cash back and no-cost EMI on electronics and consumer goods such as washing machines and refrigerators on shopping platform Amazon by using HDFC Bank’s credit and debit cards.

Personal loans starting at 10.25% interest with instant disbursal in account are also there. Customers can avail car loans starting at 7.50% with zero foreclosure charges and funding of up to 100% on two-wheeler loans and 4% less on interest rates, the bank said

BOI- #BOIUtsav

Bank of India has announced a 35 basis-point cut in its home loan interest rates and 50 basis-point reduction in vehicle loan interest rates. The minimum rate now starts at 6.50% against 6.85% on home loans and 6.85% against 7.35% earlier on vehicle loans.

This special rate, which was effective from October 18 till December 31, is available for customers applying for fresh loans, and for those seeking transfer of loans. Processing charges have also been waived for both the loans till 2022.

Axis Bank- #DilSeOpenCelebrations

Axis Bank is offering waivers of 12 EMIs on select home loan products in this festive season and providing on-road finance without any processing fees for two-wheelers customers.

To boost local retailers during this season, Axis Bank has roped in more than 2,500 local stores across 50 cities. The bank customers will get discounts up to 20% on shopping from these stores. Besides, one can get 10% or more cash back when purchasing on popular e-commerce platforms such as Flipkart and Amazon.

BOB- #KhushiyonKaTyohaar

Bank of Baroda also extended Diwali offers. This bank has slashed interest rates on both home car loans that start from 6.5% and 7% respectively. Processing charges are also waived for both the loans.



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Yes Bank appoints Sharad Sharma non-executive director, BFSI News, ET BFSI

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New Delhi, Yes Bank on Monday said it has appointed Sharad Sharma as a non-executive director with effect from November 1, 2021. “Sharad Sharma has been co-opted as non-executive director of the board of the bank with effect from November 1, 2021, to broad base the board,” Yes Bank said in a release.

The decision comes vide a notification from the Finance Ministry under the ‘Yes Bank Ltd Reconstruction Scheme 2020‘.

Sharma will continue to hold his office until an “alternate board” is constituted by the bank in accordance with the procedure laid down in its Memorandum and Articles of Association, Yes Bank said in a regulatory filing.

He will be eligible to be appointed on the “alternate board” to be constituted under the Scheme with the approval from shareholders in due course, it said.

Sharma is a career banker with 40 years of experience in the banking industry.

He was Managing Director of State Bank of Mysore during the period from August, 2012 to April 2016, where he was seconded from State Bank of India (SBI). He joined Union Bank of India as a probationary officer in 1975 before joining SBI as PO in September, 1977.

Sharma held various assignments across all fields of a banking organisation, including exposure to international banking, when he was posted in SBI’s 100 per cent owned Canadian banking subsidiary.

His major interest has been primarily in the corporate and SME banking segment. PTI KPM MR MR



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RBI, BFSI News, ET BFSI

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Unity Small Finance Bank Limited, a joint venture between Centrum Group and Bharatpe, has commenced operations as a small finance bank with effect from Monday, according to an RBI release.

On October 12, the Reserve Bank gave the final licence to Unity Small Finance Bank, a consortium floated by Centrum Financial Services and Resilient Innovations, an arm of the digital lending platform Bharatpe, four months after giving it an in-principle nod to establish a small finance bank and then takeover the scam-ridden Punjab and Maharashtra Cooperative (PMC) Bank, which was under direct RBI control since mid 2019.

In June, the Reserve Bank had given the in-principle approval for the 12th small finance bank licence to the consortium provided its takes over PMC, the city-based cooperative lender under restrictions for more than two years after a massive over Rs 7,000-crore fraud.

The Centrum group owns 51 per cent in Unity Small Finance Bank and the remaining equity is held by the Gurugram-based Bharatpe.

While giving the in-principle, the RBI said it has been accorded in specific pursuance to the Centrum Financial Services Limited’s offer in February in response to the Expression of Interest published by the Punjab & Maharashtra Co-operative Bank Ltd, Mumbai. PTI NKD MR MR



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Punjab & Sind Bank Q2 rises 25.29% sequentially

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Punjab & Sind Bank (PSB) on Monday reported a net profit of ₹218 crore for the quarter-ended September 30 as against a net loss of ₹401 crore in the same quarter last fiscal.

On a sequential basis, net profit for the quarter under view grew 25.29 per cent as compared to net profit of ₹174 crore in the first quarter this fiscal.

S Krishnan, Managing Director & CEO, PSB expressed confidence that the public sector lender will be able to sustain this bottomline performance in the subsequent quarters as well.

Operating profit rises

Operating profit of the bank for the quarter increased 20.29 per cent to ₹249 crore as compared to ₹207 crore in the same quarter last fiscal.

Gross non performing assets stood at ₹9,823 crore as on September-end 2021 as against ₹9,055 crore in June-end 2021. It stood at ₹8,673 crore as on September 2020.

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HDFC reports 31.7% jump in standalone net profit in Q2

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Housing Development Finance Corporation (HDFC) Ltd on Monday reported a 31.7 per cent jump in its standalone net profit for the second quarter of the fiscal, led by higher dividend income as well as a drop in expenses.

It said that the individual approvals and disbursements grew by 67 per cent and 80 per cent, respectively, during the half-year ended September 30, 2021 compared to the corresponding period in the previous year. “Individual disbursements in the month of October 21 were the highest ever in a non-quarter end month,” it further said.

Spike in total income

For the quarter ended September 30, HDFC had a standalone net profit of ₹3,780.5 compared to ₹2,870.12 crore in the corresponding quarter last fiscal. Its total income increased by 4.2 per cent to ₹12,226.39 crore in the second quarter of the fiscal as against ₹11,732.70 crore in the same period last fiscal.

The net interest income for second quarter of the fiscal rose by 13 per cent to ₹4,108.51 crore from ₹3,646.54 crore a year ago. The net interest margin was 3.6 per cent for the quarter under review as against 3.7 per cent for the first quarter of the fiscal. Dividend income shot up to ₹1,171.26 crore in the July to September 2021 from ₹322.97 crore a year ago.

Home loans demand

“The demand for home loans continues to remain strong. Growth in home loans was seen in both the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector,” HDFC said in a statement on Monday.

The collection efficiency for individual loans on a cumulative basis improved to stand at over 98 per cent during the quarter ended September 30. The provisions as at September 30, 2021 stood at ₹13,340 crore

As per regulatory norms, the gross non-performing loans as at September 30, 2021 stood at ₹10,341 crore. This is equivalent to 2 per cent of the loan portfolio compared to 2.24 per cent as on June 30, 2021.

Expected credit loss was ₹452 crore for the second quarter of the fiscal, marginally higher than ₹436 crore a year ago. This was however, a 34.1 per cent drop from the expected credit loss of ₹686 crore as of June 30, 2021.

As at September 30, 2021, loans restructured under the RBI’s resolution framework for Covid-19 related stress (OTR 1 and 2.0) was equivalent to 1.4 per cent of the loan book compared to 0.9 per cent as at June 30, 2021.

Of the loans restructured, 63 per cent are individual loans and 37 per cent are non-individual loans. Of the total restructured loans, 35 per cent is in respect of just one account. Assets under management increased by 10.6 per cent to ₹5.97-lakh crore as of September 30 from ₹5.4-lakh crore a year ago.

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