Direct Tax Updates:
- ITR-3 (Excel Utilities) has been issued by CBDT on 10/05/2019 for assessment year 2019-20 (i.e. for financial year 2018-19) Now Tax audit can be done by Chartered Accountants for Individual & HUF.
- Managerial remuneration: Where a company made provision for payment of managerial remuneration to assessee, same created an obligation on assessee to bear tax liability on salary.
- 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:
- Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers.
- GST payable on freight charges recovered from customers without issuance of consignment note. Case Name: In re Siemens Limited.
- 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.
- Piramal Group plans to buy operational renewable power projects of Mytrah
- NBFC crisis imminent, says Corp Affairs Secy
- RBI study finds why there’s a dip in bank deposits
- Positive sentiment continues for manufacturing sector in Q4, capacity utilisation up at 80%: FICCI survey
- NCLT dismisses ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure
- FPIs press exit button, pull out Rs 3,207 crore from markets in May
- DMart Q4 net profit rises 21.4% at Rs 203 crore but margins remain weak
- PNB Housing Finance reports net profit of Rs 379.7 cr in Q4FY19; up 51%
- Apple’s wait bears fruit with sub-continent’s biggest store in Mumbai
- Reliance entry to digitise 5 million kirana stores by 2023: report
- SRF to sell engineering plastics business to DSM India for ₹320 crore
- PC Jeweller gets board’s nod for export division demerger
- Tata group’s perfume brand Skinn eyes Rs 500-crore turnover by 2023
- Vedanta’s benign March quarter results bring no solace for investors
- Accor in talks to invest up to $50 million in Treebo Hotels
- NCLAT dismisses insolvency plea against SpiceJet
- Unilever considers $1 billion bid for skincare brand Drunk Elephant
- Govt to set up panel under DGFT to look at steel availability for engineering exporters
- Moody’s India probing IL&FS AAA rating by ICRA executives after whistle-blower complaint
- US-China talks break up with no deal after Trump hikes tariffs on $200 billion in Chinese imports
- Dalmia Bharat Q4 profit jumps over 2-fold to Rs 264 cr
- Jaypee Infratech insolvency: Lenders ask NBCC to withdraw some conditions
- COAI approaches DoT to stop sale of mobile signal boosters on e-commerce sites.
Key Due Dates:
- GSTR-3B for the month of April 2019 is 20th May 2019.
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