Corporate and Professional Updates on 22nd May 2019

Direct Tax Updates:

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  • Income tax Due date for filing returns for the Financial year 2018-2019 is 31 July 2019.So, Provide all required Documents for filling your Income tax Return AY 19-20 as soon As  possible. penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5 Lakhs.
  • CBDT releases draft notification proposing new audit report for Trust/Institution. Notification F No 370142/6/2019-TPL, dated 21-05-2019. stakeholders are requested to provide inputs on draft Form no. 10B electronically.
  • CBDTs Notification 36/2019”, dated 12th April, 2019 the format of TDS Statement in Form No. 24Q, Annexure-II has been revised. The notification shall come into force w.e.f. 12th May’ 2019. Form 16 and 24Q have been amended to make them more elaborative.

RBI Updates:

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  • The Reserve Bank of India (RBI) board on Tuesday sought to create a specialized oversight cadre while reviewing the current structure of supervision at the regulator. “With a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks, and Non-Banking Financial Companies, the Board decided to create a specialized supervisory and regulatory cadre within the RBI,” said a central bank statement.
  • The Reserve Bank of India (RBI) board on Tuesday suggested not extending a credit line to struggling non-banking financial companies (NBFCs) because it felt there was no systemic liquidity issue but there were solvency concerns in some large entities. The board, headed by RBI Governor Shaktikanta Das, met in Chennai and discussed the NBFC crisis as well as a revised circular that would replace the controversial “resolution of stressed assets” framework released by the central bank on February 12, 2018.
  • The RBI is working on a liquidity framework for the NBFC sector and that may be released soon. Though an asset quality review (AQR) is not on the cards for NBFCs, the board was informed the central bank had called the management of large NBFCs and asked them to submit plans, with timelines, for capital infusion and asset monetisation. The NBFC liquidity issue was discussed at length in the meeting “but the liquidity is enough in the system”, a source said. The central bank is keeping a tab on the liquidity position of these firms on a monthly basis and recently asked NBFCs with assets over Rs 5,000 crore to appoint a chief risk officer.

SEBI Updates:

  • In a step that could significantly deepen the commodity derivatives segment (CDS), market regulator Sebi has issued norms for the participation of mutual fund in commodity derivatives like gold, silver, crude, copper, guar, mentha etc. However, MFs won’t be allowed to take positions in sensitive commodities like agri products subject to frequent government intervention and the Essential Commodities Act. Effective May 21, MFs can participate in gold derivatives only through gold exchange-traded funds launched by asset management companies (AMCs) and in other commodity derivatives through hybrid schemes, which currently invest in equity, debt and gold, Sebi stated in a circular.
  • As most commodities are physically settled, Sebi stated that MFs shouldn’t hold any physical goods for more than 30 days since they first take delivery. “No mutual fund schemes shall invest in physical goods except in ‘gold’ through Gold ETFs. Further, as mutual fund schemes participating in ETCDs (exchange-traded commodity derivatives) may hold the underlying goods in case of physical settlement of contracts, in that case mutual funds shall dispose of such goods from the books of the scheme, at the earliest, not exceeding 30 days from the date of holding of the physical goods.

Other Updates:

  • Airtel, Voda Idea lose 30 mn users in March, Jio gains
  • Evaluating Jet Airways opportunity says Hinduja Group
  • NCLAT reserves order on ArcelorMittal
  • PNB may take control of 2-3 small state-run banks
  • Indian millennials optimistic about the economic outlook
  • Tech Mahindra inks defence contract worth Rs 300 cr
  • HPCL to borrow Rs 8K cr in FY20 to fund expansion
  • Co-location: NSE moves Securities Appellate Tribunal against Sebi rulings
  • ICRA downgrades long-term rating for IDFC First Bank from AA+ to AA
  • High-level committee submit strategies on reducing import: Oil ministry
  • RBI to establish supervisory body to strengthen regulation of banks & NBFCs
  • Corporation Bank plans to trim slippages by 50% to Rs 4000 crore in FY20
  •  EPFO looks to pull back NBFC investments to avert default risk
  • Govt turns the heat on directors in fight against shell companies
  • Small trucks see growth, bucking industry slowdown
  • Solar-powered water pump launched for farming sector
  • Reliance beats Indian Oil Corporation to become biggest Indian company
  • Vedanta bags two copper blocks in Maharashtra
  • India’s thermal coal output seen growing 4.3% annually till 2028: Report
  • 68% Indians feel job market has improved in last 5 years: Survey
  • India among top 20 countries in the Artificial Intelligence readiness ranking
  • IL&FS initiates claim process for 70 group entities
  • Sebi permits mutual funds to participate in commodity derivatives
  • Crompton Greaves Consumer Electricals Q4 net up 36% at Rs 140.54 crore
  • India projected to grow at 7.1% in FY’20: UN report
  • New Indian government faces crucial foreign policy decisions, say US experts
  • US-China trade war gradually destabilising world economy
  •  46 pc ultra high net worth Indians to increase investment in private equity: Survey
  • L&T market capitalisation to touch Rs 3 lakh crore in five years: AM Naik
  • Oil rises on US-Iran tensions, but trade war concerns weigh
  • Rupee edges up 2 paise against US dollar as investors turn cautious.

Key Due Dates:

  • Deposit odf TDS /TCS for the month of April for purchase of property is 30th May 2019.
  • TDS return for March Quarter By all Deductors is 31st May 2019.

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 21st May 2019

Indirect Tax Updates:

  • The amendment to Section 17 (5) of the Central Goods and Services Tax (CGST) Act deals with blocked credit. “Section 17 (5) of the CGST Act and the respective state Acts have led to a paradoxical situation by denying credits as the objective of the GST is free flow of credits when the output is in the course or furtherance of business,” said Abhishek A Rastogi, partner at law firm Khaitan & Co, who filed the writ petition on behalf of real estate companies.
  • “The impugned provisions are against the objectives of GST and have accordingly been challenged on the grounds of arbitrariness and vagueness.” Tax experts said the phrase ‘on his own account’ in the GST law will need to be interpreted differently if one were to take input tax credit. Input tax credit refers to a mechanism under the GST framework wherein the tax a company pays when it purchases raw materials or other services can be passed on to the buyer when the goods or services are sold.

RBI Updates:

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  • The Reserve Bank of India will take a relook at its supervision structure for banks, finance companies and other entities regulated by the central bank. It will initiate a discussion with its board of directors on a proposal to overhaul the crucial job of supervision so that the regulator is better equipped in picking up early warning signs. This may involve consolidating the different supervisory activities under a separate division or head, creating a pool of officials for better analysis of the continuous flow of data from banks and finance companies, and involving specialists.

SEBI Updates:

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  • The Securities and Exchange Board of India on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board. According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.
  • Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.

Other Updates:

  • Aluminium body cautions govt about China
  • WTO warns trade weakness to continue in Q2
  • Australian election results bode well for Adani
  • India adopts new standards for measuring units
  • Irdai proposes to increase 3rd-party insurance premium
  • MNC boardrooms open doors to Indian women leaders
  • Power sector’s outstanding regulatory assets at Rs76,963 cr
  • Full blow trade war will push world towards recession: Morgan Stanley
  • Auditor exits mount at listed SMEs as scrutiny increases after IL&FS crisis
  • Torrent Pharma reports Q4 net loss of Rs 152 crore, cites drug recall
  • Lakshmi Vilas rejects Religare Finance’s disclosure, threatens action
  • US seeks to join Japan-India consultations on IT product tariffs
  • Tata Motors profit dips 47 % in Q4
  • WTO quarterly trade growth indicator still at nine-year low
  • HPCL Q4 net profit jumps 70% on inventory gains
  • Gold imports rise 54% to $ 3.97 billion in April
  • Ford to cut about 10% of global salaried workforce
  • ICICI Bank to buy stake in BSE subsidiary INX for ₹31 crore
  • BPCL Q4 net profit rises 16% to ₹3,125 cr; revenue up 10% at ₹83,942 cr
  • JLR posts 1st profit in four quarters despite China woes
  • Adani Green Energy’s 8.75 crore shares to be offered for sale on Tuesday
  • Bitcoin roars back from ‘flash crash’ to breach $8,000 once more
  • Bank credit to infra sector grows 18.5% in FY19: RBI data
  • TRAI says up to government to take a call on Huawei issue
  • ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Company tells NCLAT
  • Dr Reddy’s to spend $300 million on R&D in FY 20
  • Rupee records biggest gain in 2 months after exit poll results
  • Gold loses sheen, falls Rs 150 on lacklustre demand
  • Investor wealth soars Rs 5.33 lakh cr as exit polls predict return of NDA govt.

Key Due Dates:

  • Deposit odf TDS /TCS for the month of April for purchase of property is 30th May 2019.
  • TDS return for March Quarter By all Deductors is 31st May 2019.

Quote of the day:

  • Being your own person and standing for what you believe is a critical aspect of a good professional life.

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 decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 9th May 2019

Indirect Tax Updates:

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  • CBIC has issued 41 Clarifications on FAQs/ Issues relating to new GST rate structure notified for Real Estate sector applicable from 1 April 2019.
  • Goods and Services Tax regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending.

RBI Updates:

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  • RBI is likely to cut interest rates one more time in June before rising inflation pressures and elevated fiscal deficits leave little room for further accommodation in rest of the year. RBI had cut interest rate by 25 basis points each in February and April to boost economic growth.
  • The Reserve Bank of India is working on its disclosure policy under the Right to Information Act and will release an updated version in a few weeks, possibly after the election results. The central bank had, on April 30, updated its disclosure policy on its website to reflect the omission of certain clauses. 

Other Updates:

  • Oil imports from Iran down 57% y/y in April: Trade
  • US commerce secy warns India against retaliatory tariffs
  • Airtel to merge VSAT ops with Hughes India unit
  • NCLT begins bankruptcy process for RCom
  • Essar shareholder seeks ban on Mittal’s bid
  • BSE Q4 net profit drops 16.46 pc to Rs 51.86 crore
  • RBI’s holding company model for banks will help contain NPAs, says Charan Singh
  • IMF chief Christine Lagarde says US-China tensions ‘threat’ to world
  • Rupee slips to 69.43 against US dollar
  • Multifold increase in investments in B2B startups
  • NBCC offers just Rs 20 crore to operational creditors.
  • HDFC Bank board may go for splitting stock into two later this month
  • Wockhardt Q4 net loss narrows to Rs 14.47 cr
  • Industry bodies list key issues for GST Council meet next month
  • Gujarat Gas net jumps 77% in March quarter
  • PFS reports Q4 net profits at Rs 36.76 crore
  • Liquidation process for ABG Shipyard commences
  • Medlife acquires Bengaluru-based Myra Medicines
  • NRIs can remit up to $1 mn from sale of property in India
  • Investor wealth erodes by ₹1.24 lakh cr as markets plunge
  • Finance Commission to meet RBI governor, bank officials during Mumbai visit
  • Asset quality improves but trend in slippages, provisions key of ICICI Bank.
  • UK entrepreneur says SBI allows him to bid for Jet Airways
  • Mastercard commits $1 bn investment in India in next 5 yrs; to develop India as global tech node.

Key Due Dates:

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

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 8th May 2019

Direct Tax Updates:

  • CBDT said that every CIT has to file 10 prosecution cases for default in the filing of return of income. Considering the Rs 60,000 crore shortfall in direct tax collection in the last fiscal.
  • CBDT wants all IT commissioners to ensure that each AO disposes off at least 25 domestic cases or 20 international cases during the three-month period.

Indirect Tax Updates:

  • Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending, says a report. According to S&P Global Ratings the institutional framework for Indian states is evolving, but there are structural deficits due to persistent revenue expenditure mismatch.
  • S&P Global Ratings credit analyst YeeFarnPhua in the report titled “Public Finance System Overview: Indian States” noted that the passage of the GST bill in 2017 is a major overhaul of tax structure and will help to widen the tax base and improve revenues of state governments.

Other Updates:

  • Oil imports from Iran down 57% y/y in April: Trade
  • US commerce secy warns India against retaliatory tariffs
  • Airtel to merge VSAT ops with Hughes India unit
  • NCLT begins bankruptcy process for RCom
  • Essar shareholder seeks ban on Mittal’s bid
  • India IT & biz market to reach $14.3 bn by 2020
  • Wipro builds blockchain digital currency in Thailand
  • Kerosene subsidy bill builds up 21% to Rs 5,800 cr in FY19; LPG jumps 49.4%
  • Alembic Pharma forms JV to enter a difficult $100 bn Chinese market
  • Zee stake sale at advanced stage, progressing steadily: Essel Group
  • Vedanta Q4 PAT at Rs 2,615 cr, down 34% yoy on Tuticorin plant shutdown
  • Jalan panel to hold 2 more meets before final report on RBI capital size
  • With $41-billion borrowing, ECBs hit five-year high in 18-19
  • Hindalco in consortium to promote use of aluminium cans for beverages
  • Mahindra Logistics Q4 PAT rises 14.5 per cent
  • Porsche fined 535 million euros over diesel emission cheating
  • Merck Ltd renamed as Procter & Gamble Health Ltd
  • ONGC reaffirms strong financials post HPCL takeover
  • Moderate demand dampens Q4 results for FMCG firms
  • DCB Bank expects to double balance sheet in next four years
  • Yes Bank acquires eight crore pledged shares of CG Power
  • Escorts Q4 net profit up 8% at ₹121 crore
  • Saudi Aramco said to give extra oil to Asian buyers
  • Piramal, CPPIB in tie-up for India’s 1st renewables InvIT
  • Centrum’s PE Fund invests Rs 15 cr in Ayurveda Experience, Dunzo
  • BSE Q4 net profit drops 16.46 pc to Rs 51.86 crore
  • RBI’s holding company model for banks will help contain NPAs, says Charan Singh
  • IMF chief Christine Lagarde says US-China tensions ‘threat’ to world
  • Rupee slips to 69.43 against US dollar
  • Multifold increase in investments in B2B startups
  • NBCC offers just Rs 20 crore to operational creditors.

Key Due Dates:

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

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 7th May 2019

Direct Tax Updates:

  • The finance ministry on Monday said there was growth of 19 per cent in income-tax returns (ITRs) electronically filed for the assessment year 2018-19 (AY19), compared to those in 2017-18 (AY18).The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19. On the other hand, a total 67.4 million returns were e-filed in 2017-18 (FY18), which included 54.7 million for AY18. The statement came amid some reports that the number of returns e-filed in FY19 saw a decrease on yearly basis.
  • The deadline for filing income tax returns (ITR) is July 31 for every assessment year. If you miss the deadline, you can always file a belated return by up to March 31 with penalty of the following year. If you have also missed the deadline for filing a belated return, you can’t file it after March 31.
  • Capital Gains: Though section 50C is a deeming provision and the AO is obliged to compute the capital gains by taking the valuation arrived at by the DVO in place of the actual consideration received by the assessee, the assessee is entitled to challenge the correctness of the DVO’s valuation before the CIT and the Tribunal. The DVO has to be given an opportunity of hearing.

Indirect Tax Updates:

  • All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST.
  • Delhi High Court has directed the GST Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled on January 1.
  • CBIC  has informed that the IEC holders can register with the Goods and Services Tax Identification Number (GSTIN). It was said that no Digital Signature is required for the same.

Other Updates:

  • E-comm policy, data localisation figure in Indo-US meet
  • Trade war would be ‘bad for the world’
  • Bharti Airtel posts surprise Q4 profit of Rs 107 crore
  • L&T buys Rs 113 cr Mindtree shares in open mkt
  • ICICI Bank Q4 profit drops 5% to Rs 969 crore
  • Jaypee Infra lenders to mull NBCC revised bid
  • Policy to boost exports on anvil as trade deficit hits new high of $176 bn
  • State-owned discoms’ debt set to rise to pre-Uday levels of Rs 2.6 trn
  • Forgers are forcing $9-trillion global trade financing into digital age
  • Govt cannot ensure cheaper oil to India, says US commerce secretary
  • HDFC Bank board may go for splitting stock into two later this month
  • Wockhardt Q4 net loss narrows to Rs 14.47 cr
  • Industry bodies list key issues for GST Council meet next month
  • Gujarat Gas net jumps 77% in March quarter
  • PFS reports Q4 net profits at Rs 36.76 crore
  • Liquidation process for ABG Shipyard commences
  • Medlife acquires Bengaluru-based Myra Medicines
  • NRIs can remit up to $1 mn from sale of property in India
  • Investor wealth erodes by ₹1.24 lakh cr as markets plunge
  • Finance Commission to meet RBI governor, bank officials during Mumbai visit
  • Asset quality improves but trend in slippages, provisions key of ICICI Bank.
  • UK entrepreneur says SBI allows him to bid for Jet Airways
  • Mastercard commits $1 bn investment in India in next 5 yrs; to develop India as global tech node
  • Anand Piramal, Kris Gopalakrishnan, Accel Partners, others pouring $74 million in Mukesh Bansal’s CureFit
  • China gives modest boost to economy with RRR cut amid renewed trade tensions
  • India’s services sector output growth at 7-month low in April: PMI
  • Sensex slumps 363 pts as US-China trade talks derail
  • End-user IT spending in India to reach USD 15 bn in 2019: Report
  • Sun Pharmaceutical eyes Chinese market
  • Over 100 US cos visiting India to explore business opportunities.

Key Due Dates:

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

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 6th May 2019

Indirect Tax Updates:

  • The Delhi High Court has directed the Goods and Services Tax Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled on January 1. The court has asked the GST Council to relook at the mater in consultation with the Central Board of Indirect Taxes and Customs and the ministry of new and renewable energy. It has given the government two months to revert and scheduled the next hearing in August. “Between divergent AARs and an ad hoc basis of fixing a presumptive valuation between goods and service, the solar sector has had a chaotic induction into GST holds out hope of a quick and definitive solution to this long-standing problem of the solar industry.

Other Updates:

  • NCLT admits Bharti Airtel petition on Rs 112-crore dues
  • Tata Motors may drop small diesel cars from portfolio
  • Auditors have questions to answer, says govt
  • ONGC gets green nod for Rs 240 cr project in Assam
  • India, UK in talks to build aircraft carrier : Report
  • Lupin, Zydus Pharma recall products in the US
  • Sebi may be asked to relax 75% promoter stake norm for PSBs
  • Govt to give financial aid to minority investors filing class action suits
  • Sebi’s co-location order delays announcement of NSE’s FY19 results
  • Govt sees little scope for Jet Airways revival as bidders stay away: Report
  • Vodafone Idea promoters contribute Rs 17,920 crore to rights issue
  • Infibeam sacks auditor for sharing unpublished price-sensitive information
  • IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
  • Anti-dumping duty imposed on saccharin imports from Indonesia
  • L&T MBDA, Tata Power defence proposals get SEZ board approval
  • CII backs FAME-II scheme despite EV makers’ red flag
  • ‘IBC helped creditors recover 195% of liquidation value’
  • ONGC cash reserves erode 98% to ₹167 crore in 1.5 years
  • Early Q4 earnings point to a slowdown in economy
  • India warns WTO about EU’s proposal for e-commerce rules
  • ThyssenKrupp sees room for EU agreement on Tata Steel deal
  • Bajaj Auto sees no slowdown in two-wheeler sales, rides ahead of competition
  • DoT asks Karnataka to align infrastructure roll out policy with RoW policy
  • India’s steel production stood at 27 million tonne in Q1 2019
  • India’s reliance on oil imports jump multi-year high of 84%
  • US-China trade deal enters endgame, positive sign for global economy
  • Dangerous to let viable cos close down: IBBI chief
  • DHFL to raise up to Rs 2,000 cr
  • India for ADB-led mechanism for channeling funds from rich to developing nations.

Key Due Dates:

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

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 4th May 2019

Direct Tax Updates:

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  • CBDT released data that after clocking steep growth of 25% in the three years to FY18, the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% lower than 6.74 crore filed in FY18.
  • Income tax department has released the software utility in excel format for filing ITR2 for FY2018-19. It is to be used by individuals having capital gains or more than one house property but not by those individuals having income from business and profession.

Indirect Tax Updates:

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  • GSTR-9 is merely a compilation of data filed in GSTR-3B and GSTR-1. As per the instructions of the form GSTR-9, it is stated that information of outward supplies ‘may’ be derived from Form GSTR 1. Hence, so far as Outward supplies and tax payable in the annual return is concerned, the same are to be extracted from Form GSTR 1 only.

Other Updates:

  • Almost 1 million being evacuated as Cyclone Fani nears India
  • Samsung to make more in India, invest Rs 2,500 cr
  • PMO reviews 59-minute loan scheme, Rs 37,870 crore disbursed
  • CIL plans 530 mn tonnes of fuel for power plants in FY20
  • PNB Housing Finance to mop up $1 billion from foreign markets
  • Air traffic growth hits 5-yr low in FY19 at 11.6%; cargo at 6%
  • Amrapali’s lawyers given flats & penthouses: Forensic auditors to SC
  • Kamdhenu Ltd net profit up 43% to Rs 22 crore in FY19
  • Shapoorji Pallonji Real Estate partners with Lokhandwala Infra.
  • NBFC crisis may push up borrowing costs for real estate developers
  • Centre’s tax revenue at Rs 13.2 trillion in FY19, missed target by 11%
  • Rs 7 trillion of corporate papers downgraded since start of IL&FS fiasco
  • Two-wheeler sales fall in April as makers avoid stockpiling at dealerships
  • Agritech start-up Ninjacart may tie up with supermarkets for groceries
  • Tata Power Q4 net profit drops 92%; declares dividend of Rs 1.30 per share
  • India again postpones US tariffs on high-value goods with eye on GSP
  • Govt plans to reduce GST rate and basic customs duty on gold
  • Chanda Kochhar misled RBI on $365 million loan to Essar group firm despite red flag.
  • Demonetisation effect wanes, income tax returns shrink in FY19
  • Slowdown in India’s economy, growth may ease to 6.5% in Q4FY19.
  • Dvara KGFS raises Rs 97 crore in Series E round
  • Bandhan Bank Q4 net soars 68%, asset quality improves
  • Buybacks, IPOs, strategic deals lead disinvestment process in FY19
  • Dabur India posts 6% decline in Q4 profit
  • TechM to deploy blockchain solution to curb spam calls
  • Axis RERA Fund invests Rs 60 crore in Chennai’s Akshaya Group
  • India eyes Guyana as Iran oil supplies end.
  • CLP may buy Morgan Stanley’s wind assets
  • Tesla plans to raise $2 billion from stock, bond offerings
  • Bombay Dyeing posts net profit of ₹1,253.33 crore in March quarter
  • BSE to conduct mock trading session for various segments on May 4
  • TPG’s Asia Healthcare agrees to buy Nova IVI.
  • Hindustan Zinc Q4 profit falls over 19% at ₹2,012 crore
  • Standard Life to sell 1.78% stake in HDFC Life for ₹1,404 crore
  • JSW enters paints business with ₹600 crore investment.

Key Due Dates:

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

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 3rd May 2019

Direct Tax Updates:

  • Income Tax Return for FY 17-18 cannot be revised now as the deadline for it was March 31, 2019. You can consider payment of tax and informing the tax department so that in the event of any enquiry by the tax department, you will be able to prove that you have fulfilled your onus of reporting the income and payment of consequent tax.

RBI Updates:

Image result for hd pics on rbi

  • Inflation forecasts by the central bank have gone awry only at time of low food inflation. In most other, forecasts have remained almost close to actual, and in line with the trend in the forecast of other central banks, according to an RBI study. “Episodes of large inflation forecasts errors for India were associated with large and unanticipated shocks emanating from prices of food items, especially perishables such as vegetables” according to sources.
  • The research indicated that a cross-country evidence of data analysed from select central banks suggests that there is a positive correlation of forecast errors with the share of food in the CPI basket. In other words, inflation forecast errors are linked to the share of food inflation in the consumer price basket and the divergence tends to be more with higher weightage of food.

Other Updates:

  • IT sector to create maximum jobs in 2019.
  • Slowdown in FY19 on demand, investment & export.
  • PNB ruined Gitanjali Gems to hide its misdeeds.
  • Jaypee homebuyers want NBCC bid to be reconsidered.
  • Tata Motors sales dip 20 pc to 42,577 units in April.
  • NCLAT allows banks to declare ILFS accounts as NPAs
  • India set to deal with end of US oil waivers: MEA
  • Indian pharma exports hit $19.14 bn, report double-digit growth after 3 yrs
  • India again postpones US tariffs on high-value goods with eye on GSP
  • India’s April unemployment rate increases to 7.6%, says CMIE
  • Rs 7 trillion of corporate papers downgraded since start of IL&FS fiasco
  • Tata Power Q4 net profit drops 92%; declares dividend of Rs 1.30 per share
  • Uncertainty makes Brexit worse than Y2K for customers, says Infosys
  • JSW group enters paints business with Rs 600-cr investment
  • PepsiCo withdraws IPR infringement case against Gujarat potato farmers
  • CIL plans 9% increase in coal allocation to power plants
  • Adani Group to invest Rs 57,594 crore to expand Mundra port
  • Ashok Leyland sales up seven per cent in April at 13,626 units
  • Hindustan Zinc’s profit down 24%
  • SBI to consider Jet staff’s billion-dollar bid after May 10
  • India has secured additional oil supplies to tide over Iran sanctions
  • SAT sets aside NSE’s 2017 order against OPG Securities in co-location case
  • TPG Growth-backed Asia Healthcare Holdings acquires Nova IVI Fertility
  • Standard Life to sell 1.78% stake in HDFC Life for ₹1,404 crore
  • Foreign investors in NSE urge bourse not to challenge big fine
  • Oil falls to lowest in month as US, Russia stanch supply risk
  • Chanda Kochhar misled RBI on $365 million loan to Essar group firm despite red flag: Report
  • India biggest recipient of funds from Asian Development Bank last year
  • TechM to deploy blockchain solution to curb spam calls
  • Dettol beats Band-Aid to become Australia’s most trusted brand
  • Sensex ends 50.12 pts lower at 38,981.43 amid mixed global cues
  • Gold falls Rs 250; silver plunges by Rs 825
  • PNB Housing Finance to mop up USD 1 bn from foreign markets
  • Bandhan Bank Q4 net rises 67 pc at Rs 650.87crore.

Key Due Dates:

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

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

Corporate and Professional Updates on 2nd May 2019

Direct Tax Updates:

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  • 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.
  • CBDT has left the onus of data-sharing on the principal director general of income tax or director general of income tax. “Spontaneous exchange of data the modalities of which shall be decided by the concerned specified authorities,” an order issued by the CBDT said. Details captured in returns, status of filing income tax returns and turnover ratio will form part of the information package to be shared with GSTN. The data can be matched with the business returns of the assessee.

Indirect Tax updates:

Image result for hd pics on Indirect tax

  • Goods and services tax collection touched a record high in April, exceeding Rs 1 trillion for the third time in four months. The mop-up was 10 per cent higher over the previous year. Gross collection for the month was Rs 1.13 trillion, said the finance ministry. Despite the recent rate rationalisation in December, a rise in collection was reported. Of the total collected, the CGST contributed Rs 21,163 crore, the SGST Rs 28,801 crore, the IGST Rs 54,733 crore and cess Rs 9,168 crore.
  • After settlement of the IGST and the balance IGST in a 50:50 ratio between the Centre and states on a provisional basis, the CGST stood at Rs 47,533 crore and SGST at Rs 50,776 crore. The CGST target in the Union Budget for 2019-20 is Rs 6.1 trillion. “The April collection indicates the tax base is increasing gradually, with GST getting stabilised with measures such as e-way bills and effective data  Perhaps one reason for this increase was also a push from businesses to their vendors for reporting sales of 2017-18, for which the last date of claiming credit coincides with GST filings for the month of March,” said Pratik Jain, partner at consultancy PwC India. He felt one could now expect the monthly collection to regularly exceed Rs 1 trillion.

Other Updates:

  • NSE barred from accessing sec market for 6 mths
  • SFIO questions audit partner of KPMG India unit
  • Ambani wants to make the mother of all apps
  • L&T buys VG Siddhartha, Coffee Day stake in Mindtree for Rs 3,210 crore
  • Iraq continues to be India’s top oil supplier
  • Adani’s coal mine in Queensland has new hurdle
  • NBCC gets approvals for revised Jaypee Infra bid
  • GST collection scales all-time high of Rs 1.13 trillion in April
  • Tough life ahead for NBFCs as RBI set to tighten liquidity mismatch limits
  • TRAI pulls up DTH, cable operators for not compliying with new tariff
  • DCM Shriram reports nearly six-fold jump in Q4 net profit at Rs 293 cr
  • Patanjali gets time till May 7 for filing resolution plan
  • Ambuja Cements’ volumes, realisation disappoint
  • Netherlands got $12.8-b Indian FDI in 2017, 2nd biggest after Singapore
  • Review safeguard duties on solar cell imports, Japan tells India
  • Honda Cars India sales up 23 per cent in April 2019
  • Ness Wadia’s board positions in group firms to remain intact
  • UDS buys majority stake in Matrix to expand its business portfolio
  • Royal Enfield total sales decline 17% in April
  • Suzuki Motorcycle India sales up 12.57% in April
  • Over ₹12,000 crore subsidy disbursed to home-buyers: Housing Ministry
  • OYO to buy Amsterdam-based Leisure Group from Axel Springer
  • Tata Steel workers lose faith in Thyssenkrupp deal: works council
  • KFC and Pizza Hut report sales growth in India in Q1
  • Britannia Industries Q4 net up 11.28% at₹294.27 crore
  • Jet Airways ticket refund: Delhi High Court notice to airline on customers’ plea
  • Government fixes 2.1 MT quota for sugar sale in May
  • CEA issues draft guidelines on cross-border power trade
  • Tax filing falls 1% in FY19, indicating overall slowdown: Report
  • Oyo to acquire Amsterdam firm @Leisure for €369 million
  • India Ratings lowers country’s GDP growth projection for FY20 to 7.3 pc
  • Gold slides on sluggish demand, silver firms up
  • NCLAT allows insolvency proceedings
  • Better days seen ahead for Reliance Nippon MF
  • India apprehensive Iran sanctions could boost oil prices, inflation.

Key Due Dates:

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

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For 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. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)