Corporate and Professional updates on 3rd September 2019

Direct Tax Updates:

Image result for hd pics on Direct tax
  • Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases.
  • According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall be deemed” to have applied for allotment of PAN and they will not be required to apply or submit any more documents. The rule has come into effect from September 1, it said.
  • The notification said the tax department will “obtain demographic information of an individual from the Unique Identification Authority of India (UIDAI)” for allotment of Permanent Account Number (PAN), a ten-digit alphanumeric identifier issued by it.
  • CBDT chairman P C Mody had told PTI in an interview in July that the department would “suo motu” allot a fresh PAN to a person who files I-T Returns (ITR) with only Aadhaar as part of a new arrangement to link the two databases.
  • In cases where Aadhaar is being quoted and PAN is not there, we could possibly think on the terms of allotting a PAN to the person (who is filing income tax return).”
  • The law provides that the assessing officer can suo motu allot PAN. So, if Aadhaar is being quoted without PAN, I give him the PAN. It becomes linked,” the CBDT chairman had said.
  • Mody was asked if the Income Tax Department-issued PAN will be dead after Finance Minister Nirmala Sitharaman in her Budget speech on July 5 announced that PAN and Aadhaar are being made interchangeable as the government will allow those who do not have PAN to file I-T returns by simply quoting their Aadhaar number and use it wherever they are required to quote PAN.
  • Linking of the two databases is now compulsory and backed by law, the CBDT chief had said. While Aadhaar is issued by UIDAI to a resident, PAN is a 10-digit alphanumeric number allotted by the tax department to a person, firm or entity.
  • Aadhaar holds all vital information of an individual such as name, date of birth, gender, photo and address, and also biometrics. The same set of information is required to get a new PAN.
  • As per data, over 120 crore Aadhaar numbers have been issued in the country and about 41 crore PAN numbers have been generated. Out of these, more than 22 crore PANs are linked with Aadhaar.
  • Section 139 AA (2) of the I-T Act stipulates that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate their Aadhaar number to tax authorities.
  • After the Supreme Court upheld the section 139AA, the government in March this year declared that the deadline for linking PAN-Aadhaar was available till September 30.
  • The apex court, in September last year, had declared the Centre’s flagship Aadhaar scheme was constitutionally valid and held that the biometric ID would remain mandatory for filing of I-T returns and allotment of PAN.
  • The latest notification said the tax department will be “responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing or intimation or quoting or authentication of Aadhaar number or obtaining of demographic information of an individual from the UIDAI, for allotment of permanent account number and issue thereof”.

Other Updates:

  • Foreign borrowings double to $4.98b in July: RBI
  • China’s stimulus measures set to boost cooper price
  • Public sector banks’ heads told to reform boards
  • No tax demand from startups sans appellate tribunal nod
  • Growth of eight core industries slows down to 2.1%
  • Maruti cuts production for 7th straight month in August
  • PNB board to consider Rs 18,000 cr capital infusion
  • Economists predict deeper interest-rate cuts, slow economic growth
  • ISO forecasts global sugar deficit of nearly 5 mn tonnes in 2019-20
  • NHAI to offer roads as collateral, in talks with SBI to fund projects
  • Apple gets to bite into Indian retail as policy hurdles are removed
  • ISO forecasts global sugar deficit of nearly 5 mn tonnes in 2019-20
  • Manufacturing growth slows to 15-month low in August: PMI
  • Jet Airways fails to attract new bidders
  • India Inc’s overseas borrowings more than double to $4.98 billion in July
  • SAIL to provide land for pellet plant joint venture with KIOCL
  • JK Tyre promoter take control of pledged shares after repaying Rs 200 crore loan
  • FDI cap in digital media may hit valuations, fundraising
  • Fintech panel for legislative changes for issuance of FDs in demat form
  • Sitharaman-led panel weighs ordinance to ban e-cigarette sales
  • Modern Foods acquires 75% stake in Supreme Baker
  • ‘Economic slump an opportunity for expansion, acquisitions, hiring talent’
  • DBS revises India’s real GDP growth to 6.2 per cent for FY20
  • Panel blames lack of level playing field, discriminatory regulation for high level of cash in system
  • Tata Steel announces closure of UK factory, nearly 400 jobs on the line
  • Government restores duty-free replenishment facility for jewellery exporters
  • Coal India output drops 10.3 per cent in August
  • Tea profit likely to contract 140-150 bps: Crisil
  • New FDI norms in single brand retail to increase exports
  • SBI Cards says IPO process initiated, decision on timing to hit mkt soon.

Key Due Dates:

  • The Due Date of TDS for the Month of August is 7th September 2019.
  • The Due Date of GSTR-1 for the Monthly Fillers for the Month Of August is 10th September 2019.
  • The Due Date of GSTR-3B for the Month of August 2019 is 20th September 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 2nd September 2019

Direct Tax Updates:

Image result for hd pics on Direct tax
  • CBDT notified creation of a five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues. An order issued by the CBDT said that the ‘startup cell’ will be headed by the member (Income Tax and Computerisation) of the board.

Indirect Tax Updates:

  • GST Notification No. 38/2019-Central Tax dated 31.08.2019 issued waiving requirement to furnish declaration in FORM ITC-04 for the period July, 2017-March 2018 and FY 2018-19.
  • GST Notification No. 40/2019- Central Tax dated 31.08.2019 issued to extend the last date for furnishing GSTR-7 for the month of July, 2019 to 20.09.2019 in J&K and specified 58 flood affected districts of 7 States.
  • GST Notification No. 41/2019- Central Tax dated 31.08.2019 issued to waive the late fees for the month of July, 2019 for FORM GSTR-1 and GSTR-6 to be filed by taxpayers in J&K and 58 flood affected districts across 7 States provided the said returns are furnished by 20.09.2019.

Other Updates:

  • FinMin starts groundwork for fresh bank consolidation
  • India’s economy big worry for Modi: FICCI
  • Airtel submits Rs 644 crore bank guarantee for merger
  • IndiGo Q4 profit jumps 5-fold to Rs 590 crore
  • Provide names of big loan defaulters: CIC to RBI
  • Radio City to acquire 40 Big FM stations for Rs 1,050 cr
  • Arcelor, Resurgent said to mull joint bid for Essar plant
  • China’s planned curbs on aluminium scrap imports nettles Indian players
  • India Inc Q4 revenue growth slumps to six-quarter low of 10.7%
  • Indian Hotels to go on global expansion spree, may opt to buy out firms
  • Avendus Future acquires stake in Bikaji Foods for Rs 40 crore
  • Lupin’s Goa plant may face regulatory action, says USFDA after inspection
  • BHEL Q4 results: Net profit jumps 50 per cent at ₹682.7 crore
  • Colgate-Palmolive Q4 net up 4.7% to Rs 197.50 cr
  • Inventory write-off drags Natco Pharma’s net down 60%
  • Pension scheme provisioning pushes Oil India into red
  • PIL against the operations of the Paytm Post Paid Wallet filed in Delhi HC
  • Zee Entertainment Enterprises Q4 net profit up 26.8% to ₹292.53 crore
  • Kerala to levy 1% flood cess from 1 June
  • Govt proposes WTO-compliant schemes to boost Make in India
  • Zee stake sale to be completed by July, says Punit Goenka
  • GDP growth in Q4 likely to moderate to 6.1-5.9%, may lead RBI to cut rates: SBI report
  • Bid for BPSL: Lenders move NCLAT for quick approval to JSW Steel’s plan
  • Ingen resolution plan for Orchid Pharma rejected again
  • India Inc revenue growth in Q4 hits six-quarter low of 10.7 pc
  • Confident of timely payment of salary for May: BSNL chief
  • Amid recovery in greenback Rupee settles with 2 paise gain against USD
  • Emami’s net sales up 5 per cent at Rs 635 crore
  • Care Ratings expects power generation to grow
  • Sun Pharma Q4 profit halves to Rs 636 crore
  • Lookout notice issued against DHFL promoters 
  • Airtel Africa may raise $1 billion from stake sale
  • World Bank to invest $35 mn in Manapurram Finance
  • Tech Mahindra & MKI collaborate for Japanese market
  • Welspun in talks to own slum rehabilitation projects, loaned by Dewan Housing Finance Ltd
  • RBI extends timing for fund transfer through RTGS till 6 pm from Jun 1: RBI
  • GMR Warora Energy on verge of defaulting on over Rs 3,000-crore loans
  • Adani offers lenders Rs 500 cr upfront in fresh bid for Jaypee Infratech
  • Tata Steel can withstand 20% drop in EBITDA over next 2 years: S&P Global
  • Steel may grow by 6-8 pc in FY20 amid concerns over dumping from China
  • FDI inflows record first decline in six years this fiscal
  • Pfizer Q4 net up 4.74 per cent to Rs 109.47 crore
  • IT Dept trains officers to detect tax evasion in shell Cos
  • Hind Copper consolidated Q4 net up 16% to Rs 40 cr
  • Mphasis Q4 net profit up 11.9 per cent to Rs 266 crpre
  • NMDC net profit grows 31% to₹1,453 cr in Q4
  • Gail to list Gail Gas, plans ₹54,000 crore capex in 2-3 years
  • Tata Consultancy Services listed among top 50 US companies for diversity
  • Bank ETF launch likely By Dec, to help funds mop-up, cut govt stake in banks
  • IRB Infrastructure Q4 net profit dips 13% to₹208 crore
  • SBI looks to raise up to ₹18,000 cr via QIP
  • NCLT asks Sebi to conclude probe into ITC, LIC allegations against Leela
  • Lakshmi Vilas Bank Q4 net loss narrows to Rs 264 crore
  • India can attract 1.5-2 per cent FDI to GDP ratio: Nomura
  • DLF transfers Rs 330 crore land to JV with GIC for settlement of dues
  • Rupee slips 18 paise against dollar on high dollar demand
  • Sensex, Nifty clock fresh closing highs on fund inflows
  • NCLAT gives 4 weeks to Bakshi to settle dispute with HUDCO
  • PNB narrows Q4 loss to Rs 4,750 crore.

Key Due Dates:

  • The Due Date of TDS for the Month of August is 7th September 2019.
  • The Due Date of GSTR-1 for the Monthly Fillers for the Month Of August is 10th September 2019.
  • The Due Date of GSTR-3B for the Month of August 2019 is 20th September 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 31st August 2019

Direct Tax Updates:

Image result for hd pics on direct Tax
  • CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals. It has proposed dramatic changes to the Income Tax Act, which dates back 58 years. People earning between Rs 5 lakh and Rs 10 lakh per year may have to pay 10% income tax.
  • CBDT has withdrawn enhanced surcharge on tax payable on the transfer of certain assets. In order to encourage investment in the capital market, it has been decided to withdraw the enhanced surcharge levied by Finance Act, 2019.
  • CBDT Clarification on applicability of Tax Deduction at Source on cash withdrawals. 2% TDS on cash withdrawals of more than 1 crore in aggregate from a bank account. Applicable from 1 September 2019. Cash withdrawals done from 1 April 2019 till 31 August 2019 shall be counted for TDS purposes.

NEW SEC-194N OF I.TAX ACT- TDS@2% ON CASH WITHDRAWAL ABOVE RS. 1 CRORE

  • Those who have withdrawn ₹one crore or more in cash from banks or post offices upto 31 August will be liable to a 2% tax deducted at source (TDS) on further cash withdrawals from 1 September 2019.
  • Central Board of Direct Taxes (CBDT) said in a clarification that as per the TDS provision introduced in Finance (2) Act of 2019, the withdrawals made so far till 31st August will be counted in computing the ₹1 crore threshold for the levy. However cash withdrawal prior to 1st Sep will not be subjected to TDS

RBI Updates:

  • RBI released The macroeconomic environment remains “unsettled and financial markets are experiencing considerable flux” as the financial year 2019-20 progresses. “The key question that confronts the Indian economy as it looks ahead to the rest of 2019-20.

Other Updates:

  • BHEL bags 200 MW solar energy orders worth Rs 800 cr
  • NBFC crisis to pull down home loan growth: Report
  • Trai to determine the unique mobile subscribers base
  • UCO Bank declares Yashovardhan Birla wilful defaulter
  • FinMin assessing capital needs of PSU banks
  • Lakshmi Mittal’s South African subsidiary facing charges
  • Sebi likely to rejig mutual fund categorisation norms to curb credit risk
  • Cross-border insolvency: Cabinet likely to take up new provisions soon
  • RBI joins peers to buy gold insurance as US-China trade war escalates
  • Hindustan Copper plans to increase ore production five times by 2025
  • Lupin recalls more than 18,000 bottles of antibiotic drug in US market
  • India draws up plan to gain from US-China trade war
  • India imposes higher customs duty on 28 US products
  • Suspect DeMo cash deposits again come under scanner
  • GST Council may give 1-year extension to anti-profiteering authority
  • Vedanta lost $200 m on Sterlite plant shutdown: Anil Agarwal
  • Noose tightens on Swiss account holders; Details of at least 50 Indians shared
  • India has wage problem, not job problem: Mohandas Pai
  • Niti asked to follow due process for suggesting CPSE assets for monetisation
  • Agrochemicals exporters widen their valuation gap vis-à-vis domestic plays
  • ONGC to auction over 60 fields to private operators
  • Rainfall deficiency hits 43 per cent; monsoon progress likely in the next 2-3 days: IMD
  • FPIs remain net buyers in June, invest Rs 11,132 crore
  • India can boost exports of 300 products to US, China amid trade war, says report
  • Jaypee Infratech lenders moot fresh plan to complete housing projects
  • CREDAI seeks bank funding for developers to buy land for affordable housing projects
  • Round-tripping still rampant in gold exports
  • Steel industry seeks safeguard duty to counter rise in imports
  • Start-ups entering listed space via reverse merger.

Key Due Dates:

  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 August: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 August: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 August: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 30th August 2019

Direct Tax Updates:

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  • CBDT issues Clarification in respect of filling-up of the ITR wrt Directors, Foreign assets and NRIs.

Indirect Tax Updates:

  • CBIC extends the officer interface facility to resolve GST invoice mismatches for shipping bills filed up to July 31, 2019.

RBI Updates:

  • The slowdown in the Indian economy could be cyclical, with deep structural problems requiring urgent reforms, according to the Annual Report of the Reserve Bank of India (RBI), released on Thursday. The macroeconomic environment remains. “Unsettled and financial markets are experiencing considerable flux” as the financial year 2019-20 progresses. While consumption drives the demand in India, “phases of sustained high growth in the economy are usually triggered by investment upturns and vice versa”.
  • Reviving consumption demand and private investment has assumed the highest priority in 2019-20. This may involve strengthening the banking and non-banking sectors, a big push for spending on infrastructure and implementation of much needed structural reforms in the areas of labour laws, taxation, and other legal reforms, which will also enhance ease of doing business in pursuit of fulfilling the vision of India becoming a $ 5 trillion economy by 2024-25

Other Updates:

  • NBFC funding to commercial sector plunges 20%: RBI
  • Govt.  to announce two big steps to boost industry
  • Bank fraud touches Rs 71,543 crore in 2018-19: RBI
  • Stimulus package “too little, too late”: Fitch
  • Wipro expands its partnership with Google Cloud
  • Client securities: Sebi extends deadline by a month to implement new provisions
  • Banks contain gross NPAs at 9.1% in FY19: RBI
  • Currency in circulation increases 17% in FY19 to Rs 21.1 trillion: RBI
  • Coal India gets jittery over 100% FDI, commercial mining in sector
  • ONGC plans to borrow $2 billion through overseas debt programme
  • Foreign players to get nod for offshore G-secs: RBI annual report
  • Tiger Global, WestBridge Capital lead $42 million funding round in Vedantu
  • ADB willing to lend over $12 billion to India over the next three years
  • Ambani: India will be leader in adopting technologies of 4th industrial revolution
  • Essel to sell solar power assets to Adani Green Energy for ₹1,300 cr
  • Despite mild inflation, crops expected to get better prices
  • JM Financial’s PE arm invests ₹45 cr in Mumbai-based Innovcare Lifesciences
  • Mutual funds continue to cut exposure to debt of NBFCs
  • MG Motor ties up with Delta Electronics for setting up charging stations
  • RBI’s FY19 profit rises over three-fold at Rs1.76 trillion
  • Adani Green to pick up 205MW of solar assets from Essel for ₹1300 crore
  • Reliance Jio market share may jump to 45%: India Ratings
  • RBI to soon issue new salary norms for private, foreign bank heads
  • Tata Projects executes 41.42-km transmission line in Thailand
  • RBI plays down deepening slowdown as just ‘cyclical downswing’
  • Microfinance industry grew by 42.9 per cent in Q1 of FY20
  • Sensex tanks 383 points on F&O expiry; Nifty ends below 11,000
  • Gold crosses record Rs 40,000-mark as recession fears seep in Auto sales to decline sharply across segments this fiscal
  • Retail FDI norms to increase exports

Key Due Dates:

  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 November: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 November: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 November: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 November: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 29th August 2019

Direct Tax Updates:

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  • Due date for submitting income tax returns is 31st Aug 2019 for all cases in which income tax audit is not mandatory.
  • Task force on direct tax code has recommended abolishing the dividend distribution tax while retaining the longterm capital gains tax and securities transaction tax, a source in the know of the matter said.

RBI Updates:

  • RBI’s balance sheet should be strong enough to support banks if there is a need to recapitalise them during a financial crisis, said the report of the committee to review the economic capital framework (ECF) of the central bank.
  • RBI Governor may have ruled out an Asset Quality Review for NBFCs, but an ongoing central bank inspection of the books of non-bank companies shows that the exercise is as stringent as the official scrutiny that had earlier pushed high-street lenders to declare higher bad loans.

Other Updates:

  • New FDI rules to lure Apple, Oneplus, others: ICEA
  • Cabinet clears Rs 6,268 crore sugar export subsidy
  • US-China trade dispute presents opportunity for India
  • DGCA calls urgent meeting with Indigo, GoAir
  • Voda gets nod to raise share capital to Rs 50K cr
  • India Ratings cuts growth forecast for FY 2019-20 to 6-year low at 6.7%
  • Govt okays 100% FDI in contract mfg, eases rules for single brand retail
  • Moody’s downgrades YES Bank’s ratings, changes outlook to negative
  • After EOI submission, Synergy Group eyes 49% stake in Jet Airways
  • IOC to invest Rs 2 trn in 5-7 yrs, develop a new energy storage technology
  • Iran suggests barter trade with India for sectors like agri, drugs
  • Govt mulls scrapping cap on foreign investment in coal mining
  • Piramal Enterprises defers NCD plans
  • NCLT allows IL&FS to sell seven wind assets to Orix for Rs 4,800 cr
  • Every economy faces headwinds, India no exception: Vedanta
  • Indian Oil to build a 1 GW electric vehicle battery plant
  • Gains from massive bond buying helped transfer higher surplus: RBI
  • Moody’s revises Indian steel producers’ outlook to negative
  • IIFL Wealth to acquire L&T Finance’s wealth management business
  • Trai issues draft of broadcasting and cable services interconnection regulations
  • Despite climate concerns, India further opens up its coal sector.
  • Iran to open bank branch in India in 2-3 months to boost trade
  • Iran, India could seal preferential trade agreement by 2019 end: Iranian envoy
  • US-China trade dispute presents opportunity for India, says DBS report
  • Every economy faces headwinds, India no exception: Vedanta
  • Gold nears Rs 40,000; silver soars Rs 2,110
  • Rate cuts not enough to re-fire damp India housing market: Report
  • Government weighing options on using RBI payout
  • Nestle India will replace Indiabulls Housing Finance in the Nifty-50 Index

Key Due Dates:

  • 31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 30 November: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 November: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 November: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 November: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 28th August 2019

Direct Tax Updates:

Image result for hd pics on direct Tax
  • LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata).
  • The task force to overhaul the nearly 60-year-old Income Tax Act has recommended retaining the long-term capital gains (LTCG) tax and the securities transaction tax (STT), while abolishing the dividend distribution tax (DDT). The panel has instead suggested imposing tax on the person receiving dividends, sources in the know said. The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world, the sources said. The eight-member panel on the direct taxes code (DTC), which submitted its report to Finance Minister Nirmala Sitharaman last week, has proposed a range of reforms for personal income tax by rationalising the highest tax slabs of 20 per cent and 30 per cent to improve compliance.
  •  Although the market has been demanding the withdrawal of the LTCG tax reintroduced in last year’s Budget, the panel, led by Central Board of Direct Taxes Member Akhilesh Ranjan, is learnt to have taken a view that no preferential treatment must be given to any class of investors. The LTCG tax is levied on gains arising from the transfer of listed equity shares exceeding Rs 1,00,000, at 10 per cent. Besides, the case for retaining the STT has been its simplicity of collection and assured revenues. The STT is a direct tax payable on the value of taxable securities transactions done through a stock exchange.
  •  It is levied at 0.1 per cent of turnover for delivery-based equity transactions, while for intra-day transactions, the STT for purchase is nil, and for sale, it is 0.025 per cent of the turnover. “There is a strong case to do away with the DDT to improve investor sentiment. It is resulting in multiplicity of taxation for companies. Besides, foreign shareholders cannot avail of foreign tax credit as the DDT is not borne directly by them,” said a person in the know. “LTCG should continue to be levied as is the case today to promote parity.”
  •  The DDT results in the cascading of taxes as companies pay dividends out of profits which are already taxed. The DDT becomes a cost for foreign shareholders as they find it difficult to avail of foreign tax credits for it, which is a credit in home country for taxes paid overseas. It would also help domestic investors as they can take credit of the DDT while paying income tax or refund if their tax liability is nil. “The idea is to go back to the classical way of taxing dividends in the hands of shareholders,” another source said. This will need changes in Section II5 (O) of the Income Tax Act. The current DDT rate stands at 20.55 per cent including surcharge and cess. “This (removing DDT) has been a long-standing demand of the industry as this leads to triple taxation and increased tax cost for investors in general.
  • Overseas Investors are not able to take credit of the DDT in their home country and this adds to their tax cost. This also makes India competitive vis-a-vis other countries,” Amit Maheshwari, managing partner at Ashok Maheshwary & LLP said. He said shifting the taxation of dividend to the recipient would enable MNCs to utilise the DTAAs with India more effectively to reduce the tax paid on dividends and also claim a credit of that in the home country. “It is expected that this will also bring down the effective tax rate of India which has been repeated called as very high internationally,” he said. For the personal income tax, the task force has recommended reworking slabs of 20 per cent and 30 per cent to improve compliance. 
  • The committee was constituted to look into the direct tax system prevalent in various countries, international best practices, the economic needs of the country, and other related matters. The panel also looked into administration and improvement in revenue targeting, data collection and tax intelligence. The high level panel also recommended slashing the corporate tax rate to an even rate of 25 per cent for both domestic and foreign companies.

Indirect Tax Updates:

  • CBEC said the designated committee will take a decision within 60 days on declaration made by an assessee for relief under the service tax and excise duty amnesty scheme. Sabka Vishwas – Legacy Dispute Resolution Scheme, 2019, will become operational for four months beginning September 1.
  • GST Council will hold its 37th meeting on September 20 in Goa, but is unlikely to consider any rate reduction. Many sectors are clamouring for a rate reduction. They range from automobile to cement to biscuit. Now, if it is done for one sector, it can open floodgates. We should not forget the revenue situation.

RBI Updates:

  • The Reserve Bank of India’s (RBI’s) balance sheet should be strong enough to support banks if there is a need to recapitalise them during a financial crisis, said the report of the committee to review the economic capital framework (ECF) of the central bank. India, with one the lowest sovereign ratings, and not having a reserve currency to boot, should not think that risky actions by the government would still be as safe as advanced economies, said the panel headed by former RBI governor Bimal Jalan. “The fact that ELA (emergency liquidity assistance) operations by the AE (advanced economy) central banks did not result in losses for them should not draw the central banking community into any false sense of complacency about the riskiness of such actions,” the report, released on the RBI website on Tuesday, said. “Had the AEs, which are ‘issuers of reserve currencies’, not followed up their ‘qualitative easing’ programmes with the very significant ‘quantitative easing’, it is possible that their ELA operations could have ended very differently.”
  •  “The committee, therefore, recognised that the RBI’s financial stability risk provisions need to be viewed for what they truly are, i.e. the country’s savings for a rainy day (a financial stability crisis), built up over decades and maintained with the RBI in view of its role as the LoLR (lender of last resort). Its balance sheet, therefore, has to be demonstrably credible to discharge this function with the requisite financial strength.” To maintain resilience, the committee suggested a relatively smaller transfer than what was anticipated. The RBI board accepted the recommendations and transferred the maximum amount of Rs 52,637 crore as excess provisions that the committee gave leeway to.
  • Contrary to expectations, the committee overturned the RBI board’s previous decision of maintaining capital buffer of 3 per cent with medium-to-long term target of 4 per cent. Instead, the committee said the buffer should be between 2-6.5 per cent, and finally suggested that ‘realised equity’, or roughly the contingency fund, should be maintained between 5.5 per cent and 6.5 per cent of the assets, including 1 per cent buffer. Finance Secretary Rajiv Kumar, the government’s nominee on the committee, objected to this, stating that the provision for monetary and financial stability risk should be maintained at 3 per cent.
  • According to the committee, a higher transfer is not possible when banks in India are at a vulnerable position. “While large public sector ownership has been seen as a positive in preventing bank runs in the past, the NPA crisis has thrown light on the challenges that arise if a sizable majority of the banking sector looks at the government for recapitalisation,” the committee said.

Other Updates:

  • China’s new pharma law may open door for India: Report
  • Jio beats Airtel to be top telecom revenue earner
  • Bank recapitalisation unlikely to deliver much: S&P
  • Major relief to stressed realty sector on the anvil
  • Mutual funds are not there to provide risk capital: Sebi chief
  • HDFC Life will continue to beat industry growth: CMD
  • Rupee posts biggest single-day gain in 5 months
  • RBI’s fund transfer eases Centre’s gross tax revenue target to 16%
  • RBI’s bonanza to give govt ammunition to fight slowdown, boost capex
  • Govt to consider relaxing FDI norms in single brand retail on Wenesday
  • Microfinance industry to cross Rs 1 trn loan portfolio in Q2 FY20: Report
  • Sebi asks MF trustees to be more proactive, not wait for regulator to act
  • India calls for uniform GAP standards in SAARC nations
  • Chemical industry seeks restoring tax incentive for R&D
  • Tata Metaliks plans to double ductile iron pipe production
  • Elgi Equipments’ US-subsidiary Pattons expands into LA
  • IndiGo looking for new formula to induct wide-body aircraft: CEO
  • PFC gets shareholders’ approval to raise ₹70,000 cr in a year
  • S&P places IDBI Bank on credit watch negative owing to capital breach
  • Antitrust watchdog CCI to assess media, broadcasting sector
  • CG Power to monetize non-core assets, raise fresh equity
  • Irdai sets up single point of contact for regulatory sandbox
  • DHFL seeks board’s approval to raise funds via share sale
  • FM Nirmala Sitharamana blasts critics of RBI transfer of surplus funds to govt
  • SBI says doesn’t need capital from government
  • Cabinet to soon consider India-Mauritius free trade agreement for approval
  • Government says FDI in chemical industry very low; asks industry to introspect
  • With aim to create 40,000 jobs, vivo to pump in Rs 7500 cr to ramp up mfg in India
  • Maruti Suzuki cuts 3,000 contract jobs
  • Infosys closes Rs 8,260 cr buyback offer, takes back 11.05 cr shares
  • Indian economy set for weakest quarter of growth in five years.

Key Due Dates:

  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 30 November: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 November: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 November: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 November: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 27th August 2019

Direct Tax Updates:

Image result for hd pics on direct Tax
  • LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata)

Indirect Tax Updates:

  • The last date for filing annual GST returns has been extended by three months to November 30 to help taxpayers facing technical problems in furnishing returns, said the Finance Ministry on Monday. “It is hereby informed that the last date for furnishing of annual return in the Form GSTR-9 / Form GSTR-9A and reconciliation statement in the Form GSTR-9C for the financial year 2017-18 is extended from August 31, 2019 to November 30, 2019,” the Central Board of Indirect Taxes & Customs (CBIC) said in a statement. 
  • GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. Taxpayers couldn’t file annual return for the period July 1, 2017 to March 31, 2018 because of “certain technical problems”, said the CBIC. GSTR-9C is filed by those whose annual turnover exceeds? 2 crore. It is a statement of reconciliation between GSTR-9 and the audited annual financial statement, while GSTR-9A is the annual return to be filed those who have opted for the Composition Scheme under GST.
  • GST Council will hold its 37th meeting on September 20 in Goa, but is unlikely to consider any rate reduction. Many sectors are clamouring for a rate reduction. They range from automobile to cement to biscuit. Now, if it is done for one sector, it can open floodgates. We should not forget the revenue situation.

Other Updates:

  • RBI accepts Jalan panel report, approves Rs 1.76 lakh crore surplus transfer to govt
  • India offers 7 oil, gas blocks for bidding under OALP-IV
  • India to import more from US after solving differences
  • No impact of US-China trade war on India: CEA
  • Maruti view at CNG to fill space vacated by diesel cars
  • Last date to file GST annual returns extended
  • Govt to soon consider relaxing FDI norms in single brand, digital media
  • EPFO to launch e-inspection system for companies to simplify process
  • Bank of Baroda wants to buy Rs 6000 cr of securitised NBFC loans in Q2
  • ED probes new IL&FS Financial Services investment in Chennai Super Kings
  • Apple’s $44 billion valuation drop shows growing cost of reliance on China
  • Tata, Adani, Essar file bids to build captive berths at Paradip port
  • 5% duty mooted on Malaysian palm oil imports
  • Jet crisis: Lenders extend deadline for EoIs to August 31
  • Lupin’s South African arm inks pact with Creso Pharma
  • L&T bags ‘significant’ order from NTPC
  • Titagarh Wagons to move out from French arm Arbel Fauvet Rail
  • BPCL to invest up to Rs1,700 crore in building floating LNG terminal in AP
  • RBI employees for consensus on Jalan panel report
  • PE investments, exits in auto parts sector dry up
  • OMCs not to resume fuel supply to Air India without written commitment
  • India to import more from US, commerce ministers to talk to reduce trade deficit
  • India biggest potential thermal coal market for Australia, says report
  • India’s GDP to grow at 6 per cent in April-June, says Ficci report
  • NCDRC directs Unitech to refund over Rs 1 crore to two home buyers
  • Gold hits fresh all-time high of Rs 39,670; silver soars Rs 1,450
  • Sensex soars 793 points on FPI surcharge rollback; Nifty reclaims 11,000
  • Steel consumption set for slowest growth in 3 years

Key Due Dates:

  • For Taking ITC for FY 2018-19 the last date is 20.10.2019, the due date of filing 3B for September 2019 Month.
  • The due date for filing a non-audit Income Tax return is 31.08.2019
  • The due date for  audit assessee and tax audit assessee is 30.09.2019
  • Implementation of new GSTR form RET 01, ANX 1 and ANX 2 staring from 1.10.2019
  • The advance tax payment date is 15.09.2019.
  • Preparation of Balance of all companies is by 1st week of September 2019 Since UDIN is to be generated while singing Balance sheet by Auditor.
  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 November: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 November: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 30 November: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 26th August 2019

Direct Tax Updates:

Related image
  • CBDT has clarified that small start-ups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years from the year of its incorporation.
  • Finance Minister withdraw enhanced surcharge levied on long and short-term capital gains, introduced a transparent mechanism to end alleged tax harassment of businesses, tried to ease liquidity flow to make loans cheaper in order to boost consumer demand and also unveiled certain steps to boost demand for cars to address the slowdown in the auto mart.
  • No Deemed Dividend if Assessee was not a Shareholder when amount been advanced. The issue in the present ground is with respect to addition u/s 2(22)(e) of the Act. ACIT Vs M/s. Bhaawani Shankar Ginning Factory (ITAT Pune).

Indirect Tax Updates:

  • Indirect tax dispute resolution scheme notified
  • The government notified the indirect tax dispute resolution scheme which was announced in the Budget. The scheme will become operational from September 1, and will continue till December 31.

RBI Updates:

  • The RBI board meeting on Monday to finalise its annual accounts, is also likely to take up the Bimal Jalan committee’s recommendations on Economic Capital Framework (ECF) along with the dividend payment to the government, sources said. The committee had submitted its report to the RBI Governor on Friday.
  • The RBI follows a July-June financial year and the dividend is usually distributed in August after annual accounts are finalised. For FY20, the government has pegged a Rs 9,000 crore dividend from the RBI.
  • Sources had earlier told IANS that the RBI may start transferring the first tranche of the surplus this calendar, based on the Jalan panel report. With economy facing a slowdown in key sectors, the government is looking at RBI dividends and surplus to step up public investment and tackle funding gaps. But any decision on capital transfers based on the panel’s proposals may not come on Monday as the board members may need more time to study the recommendations.

Other Updates:

  • India’s trade deficit widened with 25 nations in 3 yrs
  • Cabinet approves award of 3 out of 6 airports to Adani
  • Indian cos supplying to Huawei may face US sanctions
  • Cabinet approves Code on Wages bill
  • BSNL FY19 loss at over Rs 14,000 crore: Govt
  • Icra cuts McLeod Russel’s rating to ‘default’ grade
  • RBI to regulate housing finance firms, review assets
  • Larsen and Toubro receives promoter’s tag in Mindtree with 60% stake
  • CLP inks deal to buy 3 power assets from Kalpataru for Rs 3,275 cr
  • Multiple triggers could boost Axis Bank’s return ratios, say analysts
  • NCLAT reserves order on contempt plea filed against Reliance Infratel
  • Indiabulls Fin to buyback NCDs, masala bonds worth Rs 2,705 cr in Sept
  • Eris Lifesciences board approves buyback plan of up to Rs 100 cr
  • Oil India to exit Russian oil block
  • USFDA issues warning letter to Aurobindo Pharma
  • Vedanta to spend $245 m to explore 10 OALP blocks
  • Lupin gets USFDA nod for Cinacalcet tablets and intraocular solution
  • Blackstone buys stake in L&T Business Park for around ₹700 crore
  • RBI forms working group to review regulatory framework for core investment cos
  • Drug regulator warns of hacking risk in Medtronic insulin pumps
  • India urges Russia to consider energy consuming nations’ interest
  • Service providers may now opt for GST composition scheme till July 31
  • Jet suppliers go on merger spree trying to keep up with Boeing and Airbus output
  • RBI forms working group to review regulatory framework for core investment companies
  • Rupee edges 6 paise higher at 68.89 against US dollar
  • Sensex, Nifty end marginally higher
  • Govt neither divesting nor privatising ONGC: Pradhan
  • MSP of kharif crops raised.

Key Due Dates:

  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 August: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 August: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 August: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 24th August 2019

Direct Tax Updates:

Image result for hd pics on direct Tax
  • CBDT releases draft New FORM No. 10B and rule 17B: Amendment of Form No 10B of the Income-tax Rules, 1962- Draft notification for inputs from stakeholders and the general public.
  • Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. CBDT to file the restoration application with the National Company Law Tribunal (NCLT). MCA will support their stand.

RBI Updates:

  • RBI board sought to create a specialised oversight cadre while reviewing the current structure of supervision at the regulator. With a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks and NBFC, the Board decided to create a specialised supervisory and regulatory cadre within the RBI.
  • RBI board suggested not extending a credit line to struggling NBFCs because it felt there was no systemic liquidity issue but there were solvency concerns in some large entities. The board also revised circular that would replace the controversial “resolution of stressed assets” framework released by the central bank on February 12, 2018.
  • The Reserve Bank of India told non-banking finance companies with assets size of over Rs. 5,000 crores to appoint a Chief Risk Officer (CRO) to improve the standards of their risk management.

SEBI Updates:

  • Sebi has issued norms for participation of mutual fund in commodity derivatives like gold, silver, crude, copper, guar, mentha etc. However, MFs won’t be allowed to take positions in sensitive commodities like agri products subject to frequent government intervention and the Essential Commodities Act. Effective May 21.

Other Updates:

  • India’s consumer confidence drops in August: Report
  • Airtel fastest mobile broadband network, Jio now slowest
  • Startups with turnover up to Rs 25 cr to get tax break
  • Gadkari eyes Rs 10L crore revenue from Bharatcraft 
  • Labour code on mandatory minimum wages notified
  • CAIT seeks extension of last date to file GST return
  • Trump talks up economy, talks down Fed amid mixed data
  • EPFO to allocate equity investments equally in Nifty and Sensex firms
  • Extraordinary steps needed to deal with financial sector stress : NITI V-C
  • FPI norm easing: Big bucks from cash-flush West Asia banks likely
  • Govt files IPO document for IRCTC with Sebi, plans to offload 12% stake
  • US deficit to hit $960 bn in 2019, top $1 tr in 2020: Report
  • Lupin divests its Japanese injectables business to Abu Dhabi company
  • Super-rich surcharge leaves financial sector poorer as FPIs pull out ₹6,700 cr
  • Brazil, Vietnam tighten grip over coffee market
  • Pharma body wants certainty, predictability in price-control mechanism
  • Stimulus to industry creates moral hazard, says CEA
  • Depositors’ law not applicable to NSEL: Bombay High Court
  • Gillette India Q4 net up 32 per cent at ₹46 cr
  • Airtel has strong balance sheet: Goldman Sachs
  • Domestic air traffic growth falls to five-year low in January-July 2019
  • DLF denies charge of non-disclosure of key information in QIP
  • Businesses get four months to settle pre-GST tax disputes
  • NTPC gets shareholders’ nod to raise up to Rs15,000 crore via bonds
  • India-Peru: Fifth round of Trade Negotiations held in New Delhi
  • Nepal, India review bilateral ties with special focus on connectivity, economic partnership
  • BRICS bank looks to tap into Indian Rupee offshore market
  • MCA issues clarification on firms’ merger date
  • Rupee crashes to over 8-mth low of 71.81 against USD
  • Sensex sinks 587 points; Yes Bank nosedives 14 per cent
  • Gold continues bull run, nears Rs 39,000 mark
  • ndia’s petrol imports in July hit highest in at least eight years.

Key Due Dates:

  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 August: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 August: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 August: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 23rd August 2019

Indirect Tax Updates:

Image result for indirect tax hd Pics
  • Companies will get up to 70 per cent duty relief if they settle their pre-GST disputes with the tax authorities, according to a scheme, which will become operational from next month and run till the end of 2019. There will also be an amnesty scheme. Under this, the assessee will have to voluntarily disclose the due taxes. The assessee will have to pay the full amount, but they will not face any legal action. Sabka Vishwas (Legacy Dispute Resolution Scheme), 2019, was announced in the Budget.
  • In cases of confirmed duty demand, where there is no appeal pending, the relief offered is 60 per cent if the duty is up to Rs 50 lakh and 40 per cent if the duty is over Rs 50 lakh. The scheme’s objective is to free as many taxpayers as possible from legacy taxes, the finance ministry said in a statement. The scheme is especially tailored to free small taxpayers from their pending disputes, the statement said. “The government urges taxpayers and all concerned to avail themselves of this scheme and make a new beginning,” the statement said.

Key Points of Finance minister Speech:

  • GST returns to be further simplified Monetary penalties will be on focus, no prosecution anymore. Not fulfilling CSR will be a civil offence, not criminal offence all IT summons will be issued from a centralized system
  • Any notice without a Document Identification Number (DIN) will be treated as invalid. All old notices will be uploaded with DIN on or before 31st October 2019.
  • All notices on which responses have been received will be closed within 3 months from the date of response.
  • Enhanced surcharge on CGs in case of FPIs removed
  • Section 56(2B) of IT Act, 1961 shall be not applicable to a registered startups. A dedicated cell in CBDT will be available to resolve issues related to startup
  • Benefit of Interest Rate reduction will be passed on by the banks.
  • Banks to link Repo rates with Interest rates on loan : Working capital loan and Home loan interest rate change to be effected immediately once RBI repo rate changes
  • Bank Documentation after loan repayment to be completed within 15 days.
  • Online tracking of loan application will be available with status.
  • Banks for One-time settlement of loan by MSME will follow a check box approach
  • Banks to classify matters as Vigilance and Non-vigilance to improve decision making process
  • NBFC to be permitted to use Aadhar authenticated bank KYC to avoid repeated process.
  • All pending GST refund due till date to MSMEs shall be paid within 30 days.
  • All new GST refund due to MSMEs shall be paid within 60 days
  • MSME definition will soon have one single definition
  • Bond markets in India to be deepened.
  • Indian companies to access global markets – Depository Receipt Scheme to be operationalised
  • Aadhar based KYC for domestic retail investors
  • Measures to bring Offshore rupee market to domestic stock exchanges
  • Delayed Infra payment from Government / Central Public Sector Enterprises (CPSEs) will be dash boarded and monitored for early clearance.
  • BS-IV vehicles purchased till 31.3.2020 will remain operational for entire period of registration.
  • Revision of one-time registration fee is deferred till June 2020.
  • Additional 15% depreciation on all vehicles acquired from now till March 2020 is available (in essence 30%)
  • Both Electric Vehicles and Internal Combustion vehicle will continue to be registered.
  • Government departments to replace old vehicles with new ones

Other Updates:

  • MCA sees Rs 2.8 lakh cr recovery from IBC-led RP
  • IOC to examine US sanction’s impact on CPCL plans
  • India may witness slowdown as oil imports decline
  • DoT to soon settle merger/transfer of licences in M&As
  • BoB looks to rationalise 800-900 branches
  • Pre-monsoon rainfall deficit drops to 22 per cent
  • Reliance Capital protests ratings downgrade
  • India reports trade deficit with 11 RCEP members in FY 2018-19
  • OPEC members meet to assess oil market after US sanctions on Iran
  • NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
  • Japan’s Orix to acquire wind assets of IL&FS
  • GST Council may consider national bench of AAAR next month
  • AstraZeneca moves US court against Aurobindo
  • India’s rating hinges on policies of new govt: Moody’s
  • Adani Ports to set up first container terminal outside India in Myanmar
  • De-growth in domestic traffic due to Jet Airways grounding: Icra
  • DP World acquires 76% stake in KRIL
  • Startups to restart talks on issues with govt
  • Modi’s big win signals strong GDP growth to continue
  • EPFO may suspend investment in private sector bonds, say sources
  • Nippon Life, Reliance Capital sign deal for sale of mutual fund arm
  • GIC Q4 PAT down 19.7% at Rs 603 cr on provisioning for IL&FS exposure
  • Basmati exporters hold shipments to Iran fearing payment defaults
  • Domestic pharma companies eye robust growth from US market in FY20
  • Steel Strips Wheels bags orders for 400,000 wheels
  • New govt to award lease rights for 6 non-metro airports to Adani
  • Hindujas may invest₹1,500 cr in Jet
  • Stable govt to boost economic growth, foreign fund flow: India Inc
  • After OFS, promoter stake in Adani Green reduces to 80%
  • China says door open to trade talks, but slams tech controls
  • Spectrum auction, 5G trials top Telecom Ministry agenda for new government
  • Stock market wealth grew by ₹75 lakh cr since Modi-led NDA won polls in 2014
  • Liberalization of debt financing norms: The need to evaluate investment models
  • DHFL Pramerica MF merges schemes with risk debt, launches side pocket in 2 FMPs
  • BJP’s victory to improve biz sentiment, boost pvt investment: Fitch
  • EU, China, Thailand join hands against India’s ICT products tariff
  • Ola Fleet Tech gets Rs 40-crore loan from Tata Motors Finance
  • April witnesses 96% fall in M&A deal values: Report
  • Rupee pares gains, settles 36 paise down at 70.02           
  • Sensex sheds 298.82 to close at 38,811; Nifty shrinks to 11,650
  • Paytm Payments Bank posts profit of Rs 19 cr in FY’19
  • Hulst BV acquires additional 98,100 shares in NIIT Technologies

Key Due Dates:

  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 August: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 August: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 August: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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