Corporate and Professional Updates on 11th May 2019

Direct Tax Updates:

Image result for direct tax Hd pics
  • CBDT vide order dated 30th April 2019 stated that  Income Tax dept. to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR.
  • India has notified the inter-governmental agreement with the US for exchange of country-by-country reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion.
  • The Income Tax Department will now share information such as reported turnover and gross income declared with the Goods and Services Tax Network to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central Board of Direct Taxes has said the agreement will include provisions for confidentiality, a mechanism for safe preservation of data and timelines for furnishing information.

Indirect Tax Updates:

Image result for indirect Tax hd Pics
  • Gujarat High Court in the matter of Octagon Communications Pvt Ltd Vs Union of India allows filing of GSTR-3B without payment of GST.
  • Input Tax credit is admissible even if Consideration is paid through Book Adjustments. In re Senco Gold Ltd GST AAR West Bangal.

Other Updates:

  • FinMin may raise cap on 59-minute loans to Rs 3-5 cr
  • CBI’s Look Out Circulars against Bhushan steel boss
  • ISB to set up repository to store all public data
  • Companies get more time to submit ACTIVE form
  • Auditors have questions to answer, says govt
  • ONGC gets green nod for Rs 240 cr project in Assam
  • India, UK in talks to build aircraft carrier : Report
  • Lupin, Zydus Pharma recall products in the US
  • Sebi may be asked to relax 75% promoter stake norm for PSBs
  • Govt to give financial aid to minority investors filing class action suits
  • Sebi’s co-location order delays announcement of NSE’s FY19 results
  • Govt sees little scope for Jet Airways revival as bidders stay away: Report
  • Vodafone Idea promoters contribute Rs 17,920 crore to rights issue
  • Infibeam sacks auditor for sharing unpublished price-sensitive information
  • IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
  • Ipca Labs inks pact to acquire Ramdev Chem for Rs 108.5 cr
  • Non-filers of GST returns to be barred from generating e way bills from June 21
  • Rupee falls by 24 paise on strong dollar demand
  • Sensex rallies 490 points; Nifty reclaims 11,700-mark
  • Self-assessed GST return permitted.
  • Adani Group to invest Rs 57,594 crore to expand Mundra port
  • Ashok Leyland sales up seven per cent in April at 13,626 units
  • Hindustan Zinc’s profit down 24%
  • SBI to consider Jet staff’s billion-dollar bid after May 10
  • India has secured additional oil supplies to tide over Iran sanctions
  • SAT sets aside NSE’s 2017 order against OPG Securities in co-location case
  • TPG Growth-backed Asia Healthcare Holdings acquires Nova IVI Fertility

Key Due Dates:

  • Payment of TDS Deducted in April is 7th May 2019.
  • GSTR-1 Due Date for the month of April 2019 is 11th May 2019.
  • GSTR-3B for the month of April 2019 is 20th May 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.

**********************************************************

If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.

Legal Disclaimer:
This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. All efforts and measures have been taken to assure the accuracy and correctness of the information presented in this update but cannot be guaranteed in any manner. We are not obligated to any responsibility or liability to any one for any damage or loss incurred by going with the information given in this update.

© 2016 Rajput Jain & associates. All rights reserved.

Facebooktwittergoogle_plusredditpinterestlinkedinmail

Leave a Reply

Your email address will not be published. Required fields are marked *