Direct Tax Updates:

• 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 7^th 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.

Direct Tax Updates:

• 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 7^th 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.

Direct Tax Updates:

• 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.