Page 13 - Banking Finance May 2022

ROUNDUP

rated in 2019-20 (April-March) opted alized volatility of the price of such through unauthorised pledging. These
for the 15 per cent concessional cor- commodities. funds were used by the brokerage and
porate tax rate announced by the The annualized volatility will be com- its group entities to raise Rs 851 crore
Union government in September puted quarterly based on past 15 from eight banks.
2019. These companies, numbering years' prices of benchmark index of a This marks a rare instance where the
1,244 in 2019-20, cumulatively ac- commodity and risk score for such regulator has charged stock exchanges
counted for just Rs 35.13 crore in to-
commodity will be categorized in four -considered to be the first-level regu-
tal income, government data showed.
levels ranging from "moderate" to lators - for the misconduct of a broker.
For 2019-20, the number of new "very high", Sebi said in a circular.
manufacturing companies that filed Annualized volatility of less than 10 per CBDT notifies ITR forms
corporate tax returns has been taken cent, 10-15 per cent, 15-20 per cent
as 3,219 (the difference between and more than 20 per cent, will have for assessment year 2022-
1,36,909 manufacturing companies risk score of 3 (moderate), 4 (moder- 23
that filed corporate tax returns for ately high), 5 (high) and 6 (very high), The Central Board of Direct Taxes
2019-20 and 1,33,691 companies that respectively. (CBDT) notified five income tax return
filed returns for 2018-19). (ITR) forms for assessment year 2022-
Normal monsoon this SEBI penalises BSE, NSE for 23, requiring more disclosures, includ-
ing details of investment in unincorpo-
year, predicts skymet 'lapses' in Karvy scandal rated entities, and income from over-
India will receive "normal" rainfall this The Securities and Exchange Board of seas retirement benefit accounts from
monsoon season, Skymet Weather, a India (Sebi) has slapped a penalty of Rs taxpayers.
private weather forecasting company 3 crore on the BSE and Rs 2 crore on The ITR Form 1-Sahaj and ITR Form 4-
said adding that the rainfall will be 98% the National Stock Exchange (NSE) for Sugam are forms that cater to a large
of the Long Period Average (LPA). "laxity" in detecting misconduct by number of small and medium taxpay-
Karvy Stock Broking (KSBL).
The long period average for June to ers, the CBDT said. The notification
September period is 880.6mm, based The Hyderabad-based broking outfit gives enough time to assessees to file
on the average between 1961-2010. misused securities worth Rs 2,300 timely returns, it said. "It is one of
Normal rainfall is categorised as be- crore belonging to over 95,000 clients those unusual occurrences when the
tween 96-104% of LPA. Last year, mon-
soon rainfall was 99% of LPA in the Co-operative societies now on a par with companies;
"normal" category and in 2020, mon-
soon was 109% of LPA in "above nor- to be taxed at 15%
mal" category. Cooperative societies will now have to pay a lower Alternate Minimum Tax,
Finance Minister Nirmala Sitharaman announced, in a relief to the groups
New norms for MFs in- with members mostly from rural areas and the farming communities.
vesting in commodity mar- AMT brings into the tax net companies or groups who, in spite of earning
kets profits, pay "zero tax" due to various concessions under tax laws.

Sebi came out with a new framework "Currently, cooperative societies are required to pay Alternate Minimum Tax
for evaluating risk level of commodities (AMT) at the rate of 18.5 per cent. However, companies pay the same at
-- gold and gold- related instruments - the rate of 15 per cent. To provide a level playing field between co-operative
- in which mutual funds are permitted societies and companies, I propose to reduce this rate for the cooperative
to invest on risk-o-meter. societies also to 15 per cent," Sitharaman said in her budget speech.
In a circular, the markets regulator For cooperatives with a total income above Rs 1 crore up to Rs 10 crore, the
said it has been decided that invest- Finance Minister also proposed to reduce the surcharge from the present 12
ment in such commodities by the mu- per cent to 7 per cent. "This would help in enhancing the income of coopera-
tual fund schemes will be assigned a tive societies and its members who are mostly from rural and farming com-
risk score corresponding to the annu- munities," she said.

BANKING FINANCE | MAY | 2022 | 13