Corporate and professional Updates on 5th August 2019

Direct Tax Updates:

Image result for direct tax hd pics
  • Finance Minister announced that there will be a change in the rule and the rate of TDS on the maturity amount, where the premium amount is more than 10% of the sum assured (more than 20 % of sum assured (SA) for policies issued between April 1, 2003 and March 31, 2012).

Indirect Tax Updates:

  • GST collections stood at Rs 1.02 lakh crore in July, marginally up from the previous month, official data showed. The July 2019 mop-up was, however, 5.8 per cent higher than the Rs 96,483 crore collected in the same month last year.

RBI Updates:

  • RBI barred NBFCs shall not charge foreclosure charges/pre- payment penalties on any floating rate term loans sanctioned for purposes other than business to individual borrowers, with or without co-obligants,” RBI said in a notification, without specifying from when the new rules will be effective.

SEBI Updates:

  • Sebi slapped Rs 94.5 lakh penalty on 17 entities for indulging in fraudulent trade practices in illiquid stock options segment on the BSE. SEBI during investigation between April-September 2015, found that 81.38 % of all the trades executed in the stock options segment involved reversal of buy and sell positions by the clients and counter-parties in a contract on the same day.

Other Updates:

  • Eight core sectors’ output rises 0.2 per cent YoY: Govt
  • US Fed lowers interest rates for first time since 2008, signals more cuts
  • HDFC lowers lending rates by 10 basis points
  • Auto makers cut production by 11% in Q1: Report
  • Govt receipts only 14% of full year target in 1st qtr
  • Government raises subsidy for non-urea fertilisers
  • Vedanta contributes 0.40% to India GDP, says study
  • Core sector growth at 50-month low in June; 4 out of 8 sectors contract
  • Jewellery exporters may be covered under credit insurance benefit
  • Fiscal deficit touches Rs 4.32 trillion in Q1, 61.4% of budget estimate
  • RBI allows domestic banks to sell NPAs abroad as one-time settlement
  • FPIs pull out over Rs 11,000 crore in July, highest in nine months
  • In 3 months, fiscal deficit exceeds 61% of full-year target
  • Govt, exporters discuss strategy to increase exports to US, China
  • Tamilnadu Petroproducts profit rises 90% in Q1
  • Ashok Leyland’s Q1 profit plunges 45% to ₹230 cr
  • Blue Dart April-June quarter profit drops 73%
  • ICRA’s rating cut stifles Yes Bank’s ability to raise fresh capital
  • Government gives more time to direct tax code panel to finalise report
  • Cabinet approves bill to regulate chit funds industry
  • Eicher Motors Q1 net dips 22% to ₹452 crore
  • Tata Global Beverages Q1 net profit rises 10% to ₹141.68 crore
  • Cabinet approves bill to prohibit all unregulated deposit schemes
  • India’s exports need to contribute $1 trillion in economy: Piyush Goyal
  • US ‘working hard’ with India to help grow its economy: Mike Pompeo
  • Trade war: China blames US’ flip-flop as talks end without breakthrough
  • Cafe Coffee Day term loans put on watch by Icra
  • Rupee settles 6 paise higher against dollar ahead of Fed meet outcome
  • IOC net drops 47 per cent on lower refinery margins
  • Allahabad Bank okays raising Rs 2,000 cr equity capital via QIP
  • India 10-yr bond yield drops as FPIs shift from equities to debt.

Key Due Dates:

  • STATUTORY COMPLIANCE CALENDAR FOR AUGUST 2019: 07 Augus: TDS/TCS LIABILITY DEPOSIT – Due date of depositing TDS/TCS liabilities for previous month.
  • 7 August: EQUALIZATION LEVY DEPOSIT- Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non  Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
  • 10 August: GSTR-7 RETURN FILLING DUE DATE – Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous   quarter.
  • 10 August: GSTR-8 RETURN FILLING DUE DATE – GSTR-8 is a return to be filed by e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
  • 11 August: GSTR-1 RETURN FILLING DUE DATE – GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
  • 13 August:  GSTR-6 RETURN FILLING DUE DATE- Due Date for filing return by Input Service Distributors for previous month.
  • 15 August:  PROVIDEND FUND / ESI DUE DATES- Due date for payment of Provident fund and ESI contribution for the previous month.
  • 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
  • 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
  • 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
  •  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 3rd August 2019

Direct Tax Updates:

  • Income Tax department launched ‘e-filing Lite’, a lighter version of online ITR filing facility, on Thursday to facilitate the easy and quick filing of returns by taxpayers.
  • CBDT notified that it is mandatory to quote your Aadhaar number while filing ITR unless specifically exempted. The notification further specifies that tax return cannot be filed either electronically or manually without quoting Aadhaar number. To quote your Aadhaar number in your ITR, additional spaces have been provided.

Indirect Tax Updates:

  • GST collection was above Rs 1 trillion in July, mainly on account of higher mop-up under the integrated GST. GST collection at Rs 1.02 trillion in the month was slightly more than 2 per cent higher than the Rs 99,939 crore in June and 5.8 per cent higher than the Rs 96,483 crore in July last year.

MCA Updates:

  • MCA Charge filing fees new structure wef 1 August 2019: 1. Within 30 days – Normal Fees, 2. Delay Up to 30 days – 6 times normal fees, 3. Delay More than 30 days and up to 90 days – 6 times normal fees plus ad valorem fees 0.05% of amt secured by charge subject to maximum of Rs.5 lacs.Note: 120 days and above charge will not be taken on record by MCA.
  • MCA has notified the Companies (Amendment) Act, 2019 and the provisions of which, shall be deemed to have come into force on the 2nd day of November, 2018, except sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections 20 and 21, section 31, sections 33, 34 and 35, sections 37 and 38 which shall come into force on such date as the Central Government may notify.

Other Updates:

  • PV volumes to come under further pressure in August
  • Honda Cars sales dip 49% to 10,250 units in July
  • Airtel reports Q1 loss of Rs 2,866 crore
  • Economic woes not as bad as 1991: Ex-RBI dy guv
  • Tata Motors cuts Tigor EV price by up to Rs 80,000
  • L&T gets shareholders’ nod to raise Rs 4,000 crore via securities
  • Auto sales in July fall for 9th consecutive month due to poor demand
  • Govt to issue overseas sovereign bonds in tranches: FinMin official
  • CRISIL revises down India’s GDP growth estimate to 6.9% for FY20
  • India, world’s No. 2 coal buyer, plans to cut imports by a third in 5 years
  • MFs’ Essel group exposure likely to fall by 30-50% after Zee stake sale
  • Jeff Bezos sells Amazon shares worth $1.8-bn , reduces stake to $110 bn
  • Life insurance industry likely to see 14-15% growth: CARE
  • Banks free to have separate caps for lending to power, renewables sectors: RBI to Centre
  • DoT may get less than 50% of₹92,000 cr AGR dues from telcos
  • Voltas eyes ₹50-cr business from Kerala this Onam
  • Suzuki Motorcycle India sales up 18% in July
  • Ashok Leyland July sales down 28% at 10,927 units
  • US to slap 10% tariff on $300 billion more in Chinese goods: Donald Trump
  • RBI allows Bank of China to offer regular banking services in India
  • Normal monsoon likely in August, September: IMD
  • Marico Q1 net profit up 21.6% to ₹315 crore
  • SEBI sends letter to MFs detailing 23 lapses in FY 17
  • Shapoorji Pallonji’s solar EPC business announces ₹3,125 crore public offer
  • PNB plans aggressive recoveries to contain gross NPA below 12%
  • NCLAT sets aside order directing return of land to Jaypee Infratech
  • Amazon.in inks lease pact with GMR Hyderabad Airport City
  • Tata Power consolidated Q1 net falls 87 pct year-on-year
  • TVS Motor July sales down 13 per cent at 2,79,465 units
  • Sensex tanks over 450 points, Nifty finishes below 11,000-mark
  • Finance Minister Sitharaman to meet CEOs of PSU banks on Friday
  • Coal India to spend Rs 700 cr to procure 40 rakes

Key Due Dates:

  • 7 August: EQUALIZATION LEVY DEPOSIT- Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non  Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
  • 10 August: GSTR-7 RETURN FILLING DUE DATE – Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous   quarter.
  • 10 August: GSTR-8 RETURN FILLING DUE DATE – GSTR-8 is a return to be filed by e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
  • 11 August: GSTR-1 RETURN FILLING DUE DATE – GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
  • 13 August:  GSTR-6 RETURN FILLING DUE DATE- Due Date for filing return by Input Service Distributors for previous month.
  • 15 August:  PROVIDEND FUND / ESI DUE DATES- Due date for payment of Provident fund and ESI contribution for the previous month.
  • 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
  • 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
  • 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
  • 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 2nd August 2019

Indirect Tax Updates:

Related image
  • The Maharashtra government would soon issue an order whereby GST refunds would be blocked if an industrial unit fails to submit proof that 80 per cent of its employees are ‘sons of the soil’ as required by rules, it said Thursday. Industries Minister Subhash Desai said a new Government Resolution (GR) would be brought in for this purpose. It would also apply to recruitment of contract employees, he said. If needed, Maharashtra may contemplate bringing a law, on the lines of Andhra Pradesh, to ensure that local people get certain proportion of jobs in industries, he said. Maharashtra was the first state to frame a rule in 1968 that all industrial establishments should hire at least 80 per cent local people, Desai, a Shiv Sena leader, said.  “The first GR was issued on November 18, 1968, and since then the GR has been revised (re-issued) five times till 2008.
  • The government gives refund on Goods and Services Tax to industrial establishments based on their capital investment. In 2018-19, the total refund amounted to Rs 3,035 crore, Desai said. “If the refund is blocked, it will be a huge loss for industrial units and they will not dare violate the rule to hire 80 per cent locals,” he said. The refund would be released only after the industrial unit submits proof that it has complied with the rule. As per government records, overall 90 per cent of employees in industrial sector are locals, while 84 per cent of those occupying supervisor/managerial grade posts are Maharashtrians.

SEBI Updates:

  • Capital markets regulator Sebi slapped Rs 94.5 lakh penalty on 17 entities for indulging in fraudulent trade practices in illiquid stock options segment on the BSE. The regulator, during the course of investigation between April 2015 and September 2015, found that 81.38 per cent of all the trades executed in the stock options segment involved reversal of buy and sell positions by the clients and counter-parties in a contract on the same day.
  •  These entities were among those “whose reversal trades involved squaring off transactions with significant difference in sell value and buy value of the transactions,” Sebi said in similarly worded separate orders on Friday. It further said trades of the entities are non-genuine as they are not executed in normal course of trading, lack basic trading rationale, lead to misleading appearance of trading in terms of generation of artificial volumes, and are hence deceptive & manipulative. By indulging in such trades, the entities have violated provisions of the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) norms, Sebi said. Accordingly, a fine of Rs 9 lakh on Makers Casting, and Rs 8 lakh on Ashok Investors Trust has been levied by Sebi.
  • The orders are in accordance with the Securities and Exchange Board of India’s announcement in April 2018 on taking action in a phased manner against 14,720 entities for fraudulent trade in the illiquid stock options segment. In a separate order, the regulator imposed a penalty of Rs 18 lakh on promoters of Man Industries for not making requisite disclosure to the company and exchanges after change in their shareholding in the firm. “Substantial Acquisition of Shares and Takeovers (SAST) Regulations requires every promoter of a target company to disclose details of any invocation or release of encumbrance of shares. Such disclosure of creation, release and invocation of disclosures required under…has to be made within 7 working days from creation, invocation and release of such encumbrance.

Other Updates:

  • Eight core sectors’ output rises 0.2 per cent YoY: Govt
  • US Fed lowers interest rates for first time since 2008, signals more cuts
  • HDFC lowers lending rates by 10 basis points
  • Auto makers cut production by 11% in Q1: Report
  • Govt receipts only 14% of full year target in 1st qtr
  • Government raises subsidy for non-urea fertilisers
  • Vedanta contributes 0.40% to India GDP, says study
  • Core sector growth at 50-month low in June; 4 out of 8 sectors contract
  • Jewellery exporters may be covered under credit insurance benefit
  • Fiscal deficit touches Rs 4.32 trillion in Q1, 61.4% of budget estimate
  • RBI allows domestic banks to sell NPAs abroad as one-time settlement
  • FPIs pull out over Rs 11,000 crore in July, highest in nine months
  • In 3 months, fiscal deficit exceeds 61% of full-year target
  • Govt, exporters discuss strategy to increase exports to US, China
  • Tamilnadu Petroproducts profit rises 90% in Q1
  • Ashok Leyland’s Q1 profit plunges 45% to ₹230 cr
  • Blue Dart April-June quarter profit drops 73%
  • ICRA’s rating cut stifles Yes Bank’s ability to raise fresh capital
  • Government gives more time to direct tax code panel to finalise report
  • Cabinet approves bill to regulate chit funds industry
  • Eicher Motors Q1 net dips 22% to ₹452 crore
  • Tata Global Beverages Q1 net profit rises 10% to ₹141.68 crore
  • Cabinet approves bill to prohibit all unregulated deposit schemes
  • India’s exports need to contribute $1 trillion in economy: Piyush Goyal
  • US ‘working hard’ with India to help grow its economy: Mike Pompeo
  • Trade war: China blames US’ flip-flop as talks end without breakthrough
  • Cafe Coffee Day term loans put on watch by Icra
  • Rupee settles 6 paise higher against dollar ahead of Fed meet outcome
  • IOC net drops 47 per cent on lower refinery margins
  • Allahabad Bank okays raising Rs 2,000 cr equity capital via QIP
  • India 10-yr bond yield drops as FPIs shift from equities to debt.

Key Due Dates:

  • STATUTORY COMPLIANCE CALENDAR FOR AUGUST 2019: 07 August: TDS/TCS LIABILITY DEPOSIT – Due date of depositing TDS/TCS liabilities for previous month.
  • 7 August: EQUALIZATION LEVY DEPOSIT- Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non  Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
  • 10 August: GSTR-7 RETURN FILLING DUE DATE – Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous   quarter.
  • 10 August: GSTR-8 RETURN FILLING DUE DATE – GSTR-8 is a return to be filed by e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
  • 11 August: GSTR-1 RETURN FILLING DUE DATE – GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
  • 13 August:  GSTR-6 RETURN FILLING DUE DATE- Due Date for filing return by Input Service Distributors for previous month.
  • 15 August:  PROVIDEND FUND / ESI DUE DATES- Due date for payment of Provident fund and ESI contribution for the previous month.
  • 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
  • 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
  • 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
  •  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 1st August 2019

Indirect Tax Updates:

Image result for indirect Tax hd Pics
  • Collection from the goods and services tax (GST) was above Rs 1 trillion in July, mainly on account of higher mop-up under the integrated GST. However, the central and state portions remained subdued, posing a challenge for the revenue target for the financial year. GST collection at Rs 1.02 trillion in the month was slightly more than 2 per cent higher than the Rs 99,939 crore in June and 5.8 per cent higher than the Rs 96,483 crore in July last year. However, Central GST collection was just Rs 17,912 crore in July, down from Rs 18,366 crore in June. State GST collection too was lower at Rs 25,008 crore in the month against Rs 25,343 crore in June.
  • It was the IGST that rose to Rs 50,612 crore against Rs 47,772 crore in this period. Subdued revenue collection poses challenges for Finance Minister Nirmala Sitharaman with a growth target of 16 per cent for the central GST in 2019-20, reinforcing the need for emphasis on data intelligence and policies to plug leakages.
  • The CGST collection target was revised downwards to Rs 5.26 trillion for the fiscal year from the Rs 6.1 trillion estimated in the Interim Budget, following a 9 per cent shortfall in collection in the previous year. “GST collection for the month, despite being more than Rs 1 trillion, would be a matter of concern because this is lower than the Budget estimate. Collection needs to be correlated to the economic situation,” said M S Mani, senior director, Deloitte India. Abhishek Jain, tax partner, EY, said: “The next uptick in collection is expected with the launch of the new return formats and related restricted credit availability only on the matching of it with corresponding disclosures by suppliers, and verification of annual returns/audit reports submitted for FY17-18, etc.
  • ” The compensation cess stood at Rs 8,551 crore, a shade higher than the Rs 8,457 crore in June. A total of 7.579 million GSTR-3B, or summary returns, were filed in July, higher than the 7.425 million in June. A sum of Rs 17,789 crore has been released to the states as GST compensation for April-May 2019. The lower than expected collection weakens the case for further reduction in GST rates, especially for items taxed at 28 per cent. In the GST Council meeting last week only a single segment — electric vehicles (EVs), EV chargers, and hiring EV buses — was considered for rate reduction. The rate for EVs was cut from 12 per cent to 5 per cent, and that for chargers from 18 per cent to 5 per cent. Hiring buses got an exemption. Tax evasion may get tougher with the GST Network (GSTN) and the income-tax department signing a memorandum of understanding to facilitate an exchange of data. 
  • The GST Council in its December 2018 meeting cut the GST rates for 23 goods and services, including movie tickets, TVs and monitor screens, and power banks, and exempted frozen and preserved vegetables from the levy. The rates for consumer durables such as small-screen TVs, refrigerators, and washing machines were cut to 18 per cent from 28 per cent in July last year. In November 2017, the rates for 178 items, including detergents, shampoos and beauty products, were reduced from 28 per cent to 18 per cent. The government is working on measures to stop tax evasion — including data analysis, new return formats, the e-way bill, the proposed e-invoicing system, and mandatory e-ticketing for movie theatres.

Other Updates:

  • PV volumes to come under further pressure in August
  • Honda Cars sales dip 49% to 10,250 units in July
  • Airtel reports Q1 loss of Rs 2,866 crore
  • Economic woes not as bad as 1991: Ex-RBI dy guv
  • Tata Motors cuts Tigor EV price by up to Rs 80,000
  • L&T gets shareholders’ nod to raise Rs 4,000 crore via securities
  • Auto sales in July fall for 9th consecutive month due to poor demand
  • Govt to issue overseas sovereign bonds in tranches: FinMin official
  • CRISIL revises down India’s GDP growth estimate to 6.9% for FY20
  • India, world’s No. 2 coal buyer, plans to cut imports by a third in 5 years
  • MFs’ Essel group exposure likely to fall by 30-50% after Zee stake sale
  • Jeff Bezos sells Amazon shares worth $1.8-bn , reduces stake to $110 bn
  • Life insurance industry likely to see 14-15% growth: CARE
  • Banks free to have separate caps for lending to power, renewables sectors: RBI to Centre
  • DoT may get less than 50% of₹92,000 cr AGR dues from telcos
  • Voltas eyes ₹50-cr business from Kerala this Onam
  • Suzuki Motorcycle India sales up 18% in July
  • Ashok Leyland July sales down 28% at 10,927 units
  • US to slap 10% tariff on $300 billion more in Chinese goods: Donald Trump
  • RBI allows Bank of China to offer regular banking services in India
  • Normal monsoon likely in August, September: IMD
  • Marico Q1 net profit up 21.6% to ₹315 crore
  • SEBI sends letter to MFs detailing 23 lapses in FY 17
  • Shapoorji Pallonji’s solar EPC business announces ₹3,125 crore public offer
  • PNB plans aggressive recoveries to contain gross NPA below 12%
  • NCLAT sets aside order directing return of land to Jaypee Infratech
  • Amazon.in inks lease pact with GMR Hyderabad Airport City
  • Tata Power consolidated Q1 net falls 87 pct year-on-year
  • TVS Motor July sales down 13 per cent at 2,79,465 units
  • Sensex tanks over 450 points, Nifty finishes below 11,000-mark
  • Finance Minister Sitharaman to meet CEOs of PSU banks on Friday
  • Coal India to spend Rs 700 cr to procure 40 rakes

Key Due Dates:

  • 7 August: EQUALIZATION LEVY DEPOSIT- Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non  Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
  • 10 August: GSTR-7 RETURN FILLING DUE DATE – Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous   quarter.
  • 10 August: GSTR-8 RETURN FILLING DUE DATE – GSTR-8 is a return to be filed by e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
  • 11 August: GSTR-1 RETURN FILLING DUE DATE – GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
  • 13 August:  GSTR-6 RETURN FILLING DUE DATE- Due Date for filing return by Input Service Distributors for previous month.
  • 15 August:  PROVIDEND FUND / ESI DUE DATES- Due date for payment of Provident fund and ESI contribution for the previous month.
  • 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
  • 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
  • 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
  • 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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Compliance Last Date 30.09.2019_Applicability of Filing of BEN-2 by the Company

As per section 90 read with Companies (Significant Beneficial Owner) Rules, 2018.

  • Every individual, who acting alone or together, or through one or more persons, including a person’s resident outside India, holds beneficial interests, of not less than 10% in shares of a company shall make a declaration (Form BEN-1) to the company, specifying the nature of his interest and other particulars, as may be prescribed as per annexed rules.
  • Every company shall file a return (Form BEN-2) of significant beneficial owners of the Company and changes therein with the Registrar containing names, addresses and other details as may be prescribed within such time, in such form and manner as may be prescribed.
  • A company shall give notice (Form BEN-4), to any person (whether or not a member of the company) whom the company knows or has reasonable cause to believe.

(a) To be a significant beneficial owner of the company;

(b) To be having knowledge of the identity of a significant beneficial owner or another person likely to have such knowledge; or

(c) To have been a significant beneficial owner of the company at any time during the three years immediately preceding the date on which the notice is issued, and who is not registered as a significant beneficial owner with the company as required under section.

The information required by the notice as above shall be given by the concerned person within a period not exceeding thirty days of the date of the notice.

Definitions under above Rules

 “majority stake” means;-

(I) Holding more than one-half of the equity share capital in the body corporate; or

(ii) Holding more than one-half of the voting rights in the body corporate; or

(iii) Having the right to receive or participate in more than one-half of the distributable dividend or any other distribution by the body corporate.

 “Partnership entity” means a partnership firm registered under the Indian Partnership Act, 7932 (9 of 1,932) or a limited liability partnership registered under the Limited Liability Partnership Act, 2008 (6 of 2009).

“reporting company” means a company as defined in clause (20) of section 2 of the Act, required to comply with the requirements of section 90 of the Act.

“significant beneficial owner” in relation to a reporting company means an individual referred to in sub-section (1) of section 90, who acting alone or together, or through one or more persons or trust, possesses one or more of the following rights or entitlements in such reporting company, namely:-

(i) holds indirectly, or together with any direct holdings, not less than ten per cent. Of the shares.

(ii) holds indirectly, or together with any direct holdings, not less than ten per cent. of the voting rights in the shares;

(iii) has right to receive or participate in not less than ten per cent. of the total distributable dividend, or any other distribution, in a financial year through indirect holdings alone, or together with any direct holdings;

(iv) has right to exercise, or actually exercises, significant influence or control, in any manner other than through direct-holdings alone:

Explanation I – For the purpose of this clause, if an individual does not hold any right or entitlement indirectly under sub-clauses (i), (ii) or (iii), he shall not be considered to be a significant beneficial owner.

Explanation II – For the purpose of this clause, an individual shall be considered to hold a right or entitlement directly in the reporting company, if he satisfies any of the following criteria, namely.’

(i) The shares in the reporting company representing such right or entitlement are held in the name of the individual;

(ii) The individual holds or acquires a beneficial interest in the share of the reporting company under sub-section (2) of section 89, and has made a declaration in this regard to the reporting company.

Explanation III – For the purpose of this clause, an individual shall be considered to hold a right or entitlement  indirectly in the reporting company, if he satisfies any of the following criteria, in respect of a member of the reporting company, namely: –

(i) where the member of the reporting company is a body corporate (whether incorporated or registered in India or abroad), other than a limited liability partnership, and the individual,-

(a) Holds majority stake in that member; or

(b) Holds majority stake in the ultimate holding company (whether incorporated or registered in India or abroad) of that member;

(ii) Where the member of the reporting company is a Hindu Undivided Family (HUF) (through karta), and the individual is the karta of the HUF;

(iii) Where the member of the reporting company is a partnership entity (through itself or a partner), and the individual,-

  • Is a partner; or
  • Holds majority stake in the body corporate which is a partner of the partnership entity; or
  • Holds majority stake in the ultimate holding company of the body corporate which is a partner of the partnership entity.
  • Where the member of the reporting company is a trust (through trustee), and the individual,-
  • Is a trustee in case of a discretionary trust or a charitable trust.
  • Is a beneficiary in case of a specific trust;
  • Is the author or settlor in case of a revocable trust.
  • Where the member of the reporting company is,
  • A pooled investment vehicle; or
  • an entity controlled by the pooled investment vehicle, based in member State of the Financial Action Task Force on Money Laundering and the regulator of the securities market in such member State is a member of the International Organization of Securities Commissions, and the individual in relation to the pooled investment vehicle,-

(A) Is a general partner; or

(B) Is an investment manager; or

(C) Is a Chief Executive Officer where the investment manager of such pooled vehicle is a body corporate or a partnership entity.

Explanation IV-Where the member of a reporting company is,

(i) A pooled investment vehicle; or

(ii) An entity controlled by the pooled investment vehicle,

Based in a jurisdiction which does not fulfil the requirements referred to in clause (v) of Explanation III, the provisions of clause (i) or clause (ii) or clause (iii) or clause (iv) of Explanation III, as the case may be, shall apply.

Explanation V – For the purpose of this clause, if any individual, or individuals acting through any person or trust, act with a common intent or purpose of exercising any rights or entitlements, or exercising control or significant influence, over a reporting company, pursuant to an agreement or understanding, formal or informal, such individual, or individuals, acting through any person or trust, as the case may be, shall be deemed to be ‘acting together’.

Explanation VI – For the purposes of this clause, the instruments in the form of global depository receipts, compulsorily convertible preference shares or compulsorily convertible debentures shall be treated as ‘shares’.

“Significant influence” means the power to participate, directly or indirectly, in the financial and operating policy decisions of the reporting company but is not control or joint control of those policies.

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 July 2019

Direct Tax Updates:

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  • Income Tax Return filing due date for the A.Y. 2019-20 has been extended to 31.08.2019, Vide F No. 225/157/2019/ITA.II dated 23-07-2019.

Indirect Tax Updates:

  • GST Department- Competent Authority lodged a first information report (FIR) against assesse under provisions of Code of Criminal Procedure, 1973 (Cr. P C) for offences punishable under sections 420, 467, 468, 471, 34 and 120-B of Indian Penal Code (IPC).

RBI Updates:

  • The Reserve Bank of India under Governor Shaktikanta Das has come up with a medium-term strategy framework aimed at fostering confidence in the internal and external value of the rupee and contributing to macroeconomic stability and regulating markets and institutions under its ambit to ensure financial system stability and consumer protection. 
  • The RBI is also aiming at strengthening the external communication framework to convey its roles and functions. The core purpose of this initiative is “to foster monetary and financial stability conducive to sustainable economic growth and to ensure the development of an efficient and inclusive financial system.” The mission is “to promote the economic and financial wellbeing of the people of India in terms of price and financial stability; fair and universal access to financial services; and a robust, dynamic and responsive financial intermediation infrastructure.” The RBI said these core purposes and values remain valid while a need was felt to have a mediumterm dynamic vision statement.

Other Updates:

  • IMF cuts India’s GDP growth forecast to 7% for FY20.
  • Infra, power segments depress L&T Q1 earnings.
  • HUL net up 15%; Q1 volume growth weak at 5%
  • NCLAT’s Essar Steel order not applicable to Ruchi Soya
  • DHFL’s insurance arms solvent, safe: IRDAI chief.
  • NSE excludes Reliance Infra, Reliance Capital from F&O segment
  • IGPC wants banks to be allowed to buy gold, become bullion bankers
  • Brookfield’s plan to acquire cash-strapped Suzlon hits a roadblock
  • Rana Kapoor, Morgan Credits pledge 7.34% stake in YES Bank with lenders
  • Zee Entertainment reports 62.6% hike in Q1 net profit at Rs 530 cr.
  • Promoter stake in Cox & Kings down to 39% over payments default
  • SEBI may moot peer review mechanism for credit ratings
  • Motor Vehicle Amendment Bill gets green signal in Lok Sabha
  • Fitch, Moody’s cut Boeing’s credit rating outlook to negative
  • Reliance Industries’ stake sale talks with Saudi Aramco hit roadblock
  • Tata Power plans ₹2,500-cr asset sale to pare debt
  • Moody’s assigns ‘Baa3’ rating to Hero FinCorp
  • Oriental Bank of Commerce Q1 net profit at₹113 crore
  • RBI names Kanungo to run monetary policy portfolio after Viral Acharya quits
  • Aditya Birla Sun Life MF’s debt investors face cliff edge risk
  • Supreme Court extends NRC deadline to 31 August
  • RBI launches medium-term strategy framework Utkarsh 2022
  • RIL denies Oberoi Hotels stake buy report; says, no plan to buy EIH shares from ITC
  • Investments in Kisan Vikas Patra to now double in 9 years 5 months: FinMin
  • Capex revival 12-18 months away, says Larsen and Toubro
  • Rupee settles almost flat at 68.94 against US dollar
  • Sensex, Nifty end lower for 4th day; bank, auto stocks drag
  • IndusInd Bank plans to raise up to Rs 20,000 cr by issuing bonds
  • Crude oil up 0.28 per cent on upbeat global cues
  • Supreme Court cancels Amrapali registration, asks NBCC to complete projects

Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF return filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
  • 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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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Income Tax Updates for Long Term capital Gain

Good news For Income Tax Return Fillers:

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  • ITR Filing: Good News! Income tax return filing process simplified; Big relief in LTCG from CBDT
  • ITR for Capital Gains: For all those taxpayers who have to report long-term capital gains (LTCG), especially from equity shares and equity mutual funds in the financial year 2018-19, there is some piece of good news.
  • LTCG details while filing the income tax return for the assessment year 2019-20 has now been simplified. The LTCG tax on such equity investments was re-introduced for the FY 2018-19 and reporting capital gains in the ITR forms appeared challenging to most taxpayers. To report the LTCG, the assessee was required to provide a separate computation of capital gains for each scrip (equity share) or units of mutual fund sold during the year and the aggregated amount should be provided.
  • CBDT has clarified that the assessee will now have the option to either enter the scrip wise details of long term capital gains or enter the self-calculated aggregate value of long term capital gains directly under respective items without entering scrip wise details. As a taxpayer, now one may exercise either option based on one’s convenience.

 Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF return filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
  • 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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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Procedure of Pre-Validating Bank Account In Income Tax

Steps to Pre- Validate Your Bank Account For Income tax return:

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  • Open the Income Tax official Site i.e. https://www.incometaxindiaefiling.gov.in/home
  • Login to Your Account.
  • The User ID to enter For Login would be your PAN number.
  • After The Logging In Click On the ‘Profile Settings’ tab in your account and then select ‘Prevalidate your bank account’ option.
  • In case your Account Is already pre-validated it will be shown on the screen.
  • If you don’t have a pre-validated account or you if you want to receive the income tax refund in a different bank account, then click on ‘Add’.
  • A new page will open and you will have to enter these details: bank account number, account type, IFSC, bank name, bank branch, and your mobile number and email ID.
  • The mobile number and email ID to be provided here must be the same as mentioned in your bank records.  
  • Click on ‘Pre-validate’. Once clicked, this message will appear on your screen: “Your request for pre-validating bank account is submitted. Status of your request will be sent to your registered.

Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF return filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
  • 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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 July 2019

Indirect tax updates:

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  • The client is a clear-cut case of defaulter who has not paid any amount he is liable for GST ( Fraud & Cheating the Department )since January 2018 and department has cancelled his number and taken action to GST holder.
  • Now the investigating Crime Branch Department has given notice to the Auditor/GSTP  about this case and crime branch is accusing that the Auditor has only uploaded all documents, monthly returns , mobile and email address and received all communications but does not have any proof of forwarding it to the client at all.
  • Their version is the Auditor is also involved in the Fraud promising to take care of everything be it any consequences of negligence or willful committing of Fraud.
  • Interestingly now the same client has taken a new GST registration number and doing business in same place by his new number.
  • The court has given a verdict in favor the client saying he never received any intimation and the Auditor is the one who is responsible for the lack of communication and penalized him .

*This is  an alert message for circulation to all Chartered Accountants and Auditors-and we advise utmost caution to all Auditors /GSTPs and take care not to upload your contact details but the client’s details only *

Other Updates:

  • Government to exit out of 23 CPSEs
  • Need to grow over 8 % to become 5-trn economy: Kant
  • GST Council may weigh GST on petroleum on July 25
  • HPCL refuses to recognise ONGC as its promoter
  • No estimate of Black Money in Swiss Banks: Sitharaman
  • Icra, Care question Grant Thornton’s report on IL&FS
  • NSE to suspend trading in eight DHFL NCDs
  • India’s edible oil imports may rise by 7.3% to record highs in FY20: Expert
  • IOC plans to invest Rs 1 trillion more in Odisha to set up petchem units
  • Jaypee Infra promoters propose to repay all lenders, complete projects
  • NTPC to seek shareholder nod to raise Rs 15K crore, hike borrowing limit
  • SC orders status quo on NCLAT verdict in Essar Steel insolvency case
  • TVS Motor’s Singpore arm invests $7 m in US credit underwriting firm
  • United Spirits Q1 net up 25.66% at Rs 181.7 cr
  • Tata Power plans ₹2,500-cr asset sale to pare debt
  • With customs duty hike, cement importers in the south in a bind
  • NCLAT stays liquidation order against Adhunik Metaliks
  • TVS Motor posts 7.22% growth in Q1 standalone revenues at Rs4,469 crore
  • Kotak Mahindra Bank Q1 net profit rises 33% on lower provisions
  • Oriental Bank of Commerce Q1 net profit at₹113 crore
  • Investments via P-notes decline to ₹81,913 crore in June
  • HDFC twins erase $6.4 billion market value
  • Housing sales down 11 per cent in Q1; demand to rise on tax sops: PropTiger
  • Bengaluru-based Jana Small Finance Bank has second highest NPAs under Mudra scheme
  • Osaka Gas, JBIC invest $100 million to take minority stake in AG&P
  • ‘IMF, World Bank should consult developing economies’ not RBI’s official view
  • India will achieve 8 pc plus growth from FY 2020-2021 onwards: NITI Aayog
  • Gold touches all-time high of Rs 35,970 per 10 gram
  • Inter-ministerial group suggests ban on cryptocurrencies in India
  • Big Four accountants may face CCI probe

Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF return filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
  • 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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 22nd July 2019

Direct Tax Updates:

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  • Income tax registration U/s. 12AA cannot be denied for one suspicious donationIf the genuineness of a donation in one year is doubted, the addition, if any, can be made in the assessment of the relevant assessment year in accordance with law. M/s Urmila Devi Charitable Trust Vs CIT (Exemptions) (ITAT Delhi).

RBI Updates:

  • Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday came down heavily on public sector banks (PSBs) for not reducing their lending rates despite liquidity remaining ample, bond yields being at a multi-year low, and policy rates being lowered by 75 basis points (bps) in the past six months. “Bond yields have come down, policy rates have fallen, the borrowing cost for banks is low, as is evident from softening rates on certificates of deposit (CD), and liquidity is in surplus. I am surprised banks are still not lowering lending rates,” Das told top PSB executives during a meeting, confirmed multiple sources. 
  • According to a statement uploaded on the RBI website, the governor discussed credit and deposit growth amid a slowing economy. Even as credit growth remains muted, the flow of credit to the needy sectors should not be hampered “while following prudent lending, robust risk assessment and monitoring standards”, he said. 
  • Sources said the governor had a word of caution for the retail segment. Since all banks are now devising their growth strategy focusing on retail, which is a small sub-set of the overall, banks need to be cautious and retail growth should be in sync with the risk policies set by individual bank boards, Das said, adding that risk monitoring and assessment should be robust for retail loans. The governor also nudged banks to lend to non-banking financial companies (NBFC), instead of remaining risk-averse, since NBFCs are dependent on bank loans. The statement by the RBI said Das discussed the “recent initiatives to address issues relating to NBFCs and the role banks can play in mitigating lingering concerns”.

SEBI Updates:

  • The regulator said it has been receiving various references from listed firms regarding violations related to code of conduct. Markets regulator Sebi Friday came out with standardized format for reporting violations of code of conduct, formulated under Prohibition of Insider Trading (PIT) norms.
  • Under PIT norms, all listed firms, intermediaries and fiduciaries are required to formulate a code of conduct for designated persons as well as for their relatives and inform the regulator about any such violation. Under the code of conduct, the designated persons and their relatives are barred from trading while in the possession of unpublished price sensitive information.
  • Besides they are required to maintain the confidentiality of the UPSI, among others restrictions are placed. The regulator said it has been receiving various references from listed firms regarding violations related to code of conduct. However many of such references provide incomplete details about the nature of violation, designation and functional role of designated persons who have committed the violation, frequency of such violations etc. Such information is crucial for examining the reported violations and taking further necessary action if required.

Other Updates:

  • Govt looks to cut stake in PSUs to up to 26%.
  • RBI has an advice for IMF, World Bank.
  • Modi govt sets sights on making India $5 tn economy.
  • ‘LIC offers Rs 1.25L-cr line of credit to fund projects’.
  • Main gas fields in KG-D6 block in late life stage: Reliance.
  • FPIs withdraw Rs 7,712 crore from stocks in July so far.
  • Etihad, Hinduja Group back at the deal table for grounded Jet Airways.
  • After 12 years, RBI set to modify fit-and-proper norms for bank directors.
  • Jio to keep adding subscribers despite decline in average revenue per user.
  • Strong rupee, lower GDP likely to tame inflation in India to 4.1%: ADB.
  • Embassy likely to mop up additional 14% stake in Indiabulls Real Estate.
  • CII identifies 31 items with high export potential.
  • 345 infrastructure projects show cost overruns of Rs 3.28 lakh crore.
  • Cairn Oil opts for cluster approach, outsourcing model for new fields.
  • BHEL bags Rs 486 cr order from NPCIL for Kudankulam project.
  • Dr Reddy’s announces closure of transactions with Upsher-Smith Labs.
  • Canada’s pension fund OMERS seeks new green energy deals.
  • Railways seeks cabinet nod to build 3 freight corridors at ₹3 trillion.
  • Investcorp closes maiden India PE fund at₹1,000 cr’.
  • Post-$34 billion acquisition by IBM, Red Hat bets big on India.
  • Piramal raises ₹1,500 crore from StanChart Bank through NCDs.
  • SEBI expands probe into role of 5 credit rating agencies
  • SME credit lending grows at 15.6% YoY; Gujarat top state for MSME lending
  • USFDA found different dietary, medicinal claims on Patanjali’s sharbat bottles
  • Govt to amend IBC to facilitate mediation for individuals
  • Dip in India demand hits Russian diamond miner
  • S’pore woes ring trade alarm bells
  • Mukesh Ambani keeps salary capped at Rs 15 crore for 11th year in a row
  • First time in a month, forex reserves fall by USD 1.11 billion
  • Brookfield to invest Rs 25,215 cr in Reliance’s telecom tower arm

Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF return filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
  • 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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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