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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Corporate and Professional Updates 19th July 2019

Direct Tax Updates:

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  • CBDT has notified changes in Form 16, the certificate issued by employers for tax deducted at source (TDS) for salaried employees, seeking disclosure of more details, especially about exempt allowances.
  • Form 16 is a certificate issued by an employer detailing the TDS deducted with respect to payment to its employees. According to current income tax rules, every employer is required to issue the Form 16 with details of the salary paid and tax deducted at source of each of its employee. The Form 16 is usually issued by mid-June.
  • Tax department has sought detailed bifurcation about exemptions taken by salaried employees under Section 10 of Income-tax Act, which include leave travel allowance (LTA), life insurance, pension, gratuity, leave encashment, transport allowance and house rent allowance.
  • Earlier, where the disclosure of various deductions was mentioned in a consolidated manner, ranging from 80C, 80CCD, 80E, 80G would now be required to be disclosed separately
  • It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources.
  • The Standard deduction which was introduce has to be mention separately in Form 16
  • The above changes will help in scrutinising income tax returns (ITRs) more precisely and plug possibility of tax leakage.
  • PAN of Lender Mandatory in case of Loan for House Property.

RBI Updates:

  • The Reserve Bank of India (RBI) on Thursday released a draft ‘Enabling Framework for Regulatory Sandbox’ in order to support the country’s rapidly growing fintech space. The sandbox will begin the testing process with 10-12 selected entities focusing on financial inclusion, payments and lending, digital KYC, etc. The cohorts may run for varying time periods, but should ordinarily be completed within six months, said the RBI.
  • A regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain regulatory relaxations for the limited purpose of the testing. The regulatory sandbox would be within a well-defined space and duration where the RBI will provide the requisite regulatory guidance, so as to increase efficiency, manage risks, and create new opportunities for consumers.
  • The draft guidelines highlight the clear principles and role of the proposed regulatory sandbox, its pros and cons, the reasons for setting up the regulatory sandbox and expectations of the RBI from the sandbox. The central bank has invited comments on the draft guidelines from stakeholders by May 8.

Other Updates:

  • India needs land, labour reform to aid Mfg.
  • India Inc’s Foreign Borrowings down 45% at $2.42 Billion in January.
  • Stressed accounts of Bhushan Power, Essar up for sale.
  • After Mallya saga, SEBI wants Companies Act changed.
  • MSCI India weight in MSCI EM index likely to fall 20 BPS by November-end: Goldman Sachs.
  • Gail chosen for Vedanta’s Barmer gas output buy.
  • ONGC recieves single bid from US firm for Oil field production upgrade.
  • RIL arm to acquire stake in Grab a Grub and C-Square for Rs 228 crore.
  • IDBI Bank gets govt nod to handle import, export transactions with Iran.
  • DIPAM to set up asset-monetisation cell to hasten sale of CPSE assets.
  • RBI slaps Rs 11 Cr fine on 4 Banks for non-compliance in Swift operations.
  • GMR Hyderabad airport divests stake in flight training academy.
  • ‘Trump’s tirade against India’s Import tariffs unfair’.
  • Coffee Exports up 13% in first 2-months of 2019.
  • BHEL to set up Solar-based EV charger network on Delhi-Chandigarh highway.
  • Adani Ports to pump ₹53,000 Cr to expand capacity of Kattupalli port.
  • Jet pledges FDs worth ₹1,500 Crore with State Bank of India to stay in the air.
  • OPEC likely to defer Output Policy decision until June.
  • Superior execution powers ABB India, but lofty valuations set the bar high.
  • Mahindra Lifespace looks to add strategic investment partners.
  •  Panel to review if Sun Pharma, Meril Life merit price cap relief.
  • Despite shining Steel, Power and Debt to remain drag for JSPL.
  • Nestle India unlikely to increase royalty payout beyond 4.5%.
  • Grant Thornton identifies Rs 13,000 crore worth irregularities in report on IL&FS.
  • Orchid Pharma set for fresh EOIs for resolution plan, Divis and Gland Celsus Bio show interest.
  • Govt to set ball rolling for 1 GW Solar Power in NE.
  • Helpless Mumbai Port Trust sits on 1,900-acre Prime land.
  • DBS Bank floats local arm, aims to triple business.
  • GST collection drops to Rs 97,247 Crore in February.
  • SEBI board approves lowering of fees, easier norms for startups.

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 18th July 2019

Direct tax Updates:

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  • Income tax department has begun scrutiny of the data of traders registered with GST network as also with municipal corporations in Madhya Pradesh and Chhattisgarh. The department has also written to municipal corporations to introduce a column for PAN in the application form for getting a shop and establishment licences.
  • Pre-filled Income Tax Return (ITR) Forms are of great help for the assessees as they need not enter all the information in each and every place of the form. Pre-filled Income Tax Return (ITR) Forms have made e-filing of Income Tax Return 2019-20 easier than before, as assessees need not enter all the information.
  • Income Tax Assessing Officer couldn’t pass assessment order without considering claim raised by assessee in ITR: HIGH COURT OF KARNATAKA. Deepak Dhanaraj v. ITO Bengaluru.

Indirect Tax Updates:

  • Total number of entities filing GST returns has seen steady declined in the last four months for which data is available. Between February and May this year, the number of entities filing GST return has declined by almost 8 lakh, which is nearly 10% of the total GST return filed in the country. 
  • Central GST Commissionerate arrested two traders for allegedly floating over 50 shell companies to fraudulently to avail IGST refunds after GST council recently issued guidelines to curb refund related frauds. Two availed IGST refund by showing export of textile goods over Rs 350 crore and collected IGST refund of over Rs 50 crore.

RBI Updates:

  • RBI is examining the priority sector lending norms for promoting export credit, Commerce and Industry Minister Piyush Goyal said. Certain enabling guidelines are under consideration and when issued, those are expected to release additional Rs 35,000-68,000 crore export credit under priority sector.
  • RBI is examining the priority sector lending norms for promoting export credit, Commerce and Industry Minister Piyush Goyal said. Certain enabling guidelines are under consideration and when issued, those are expected to release additional Rs 35,000-68,000 crore export credit under priority sector.

Other Updates:

  • PNB awaits SBI resolution plan on Jet Airways.
  • NSE launches weekly options on Nifty IT index.
  • Venezuelans scramble for food, water as oil exports hit.
  • Crisis-hit Jet Airways defaults on repayment of ECBs.
  • Former Essar directors oppose Arcelor takeover.
  • TVS Motor announces 2nd interim dividend of 140%.
  • Siemens’ Finance arm buys 46% Stake in Greenko’s wind unit.
  • Oil, Gas Policy: Govt not to seek share of profits in less explored areas.
  • Moody’s upgrades rating for Central Bank, IOB over capital infusion.
  • IRDAI seeks proposal from LIC on stake reduction in the IDBI Bank.
  • GST Council to meet on March 19 to finalise real estate tax structure.
  • RBI inching towards becoming tenth largest holder of gold worldwide.
  • Godfrey Phillips denies charges of FDI norms violation.
  • Dr Reddy’s wants UK firm to pay $70-million compensation.
  • MEP Infra secures over ₹1,400 Cr for 3 ‘Hybrid Annuity’ Road Projects.
  • Auto woes drive dip in German industrial output.
  • Prices of BLF fall in most tea producing states in February.
  • NHPC eyes 46% higher capex next fiscal.
  • National Housing Bank’s norms will not address credit risk of HFCs.
  • Govt bans unregulated deposits offered by builders, jewelers.
  • Jet Airways denies report of ₹2,050 Crore loan from PNB.
  • RBI warned of demonetisation impact on Indian economy, no effect on black money.
  • China pushes against US demands on trade deal enforcement, yuan.
  • Encouraging neighbours to buy electricity from India: CERC eases Power trading norms.
  • Jaypee homebuyers will get Flats in 3 years, assures NBCC.
  • Steel-making units for SME sector become imperative.
  • HSBC Daisy moves Supreme Court in Anil Ambani, Reliance Infratel’sRs 230 Crore default case.
  • Sensex posts biggest gains in 6 Months, reclaims 37K mark in Pre-poll Rally.
  • FCI sells almost entire pulses stock of 2.98 lakh tonne.
  • Global economy hits weakest spell since financial crisis a decade ago.
  • Rupee gains 25 Paise against Dollar on Positive cues.

FAQ’s on GST:

Ques.Is a “Bill of Supply” to be issued by a bank for exempt services like interest on loans and advances, inter-se sale or purchase of foreign currency amongst banks?

ANS.As per clause (c) of sub-section (3) of section 31 of the CGST Act, 2017 read with Rule 49 of the CGST Rules, 2017, there is a requirement for issuance of bill of supply for supply of exempt services by Banks. It may be noted, however, that there is no need to issue a separate bill of supply in case any invoice or document has already been issued in accordance with the provisions of any other law. Further, in view of the provisions contained in sub-rule (5) of rule 54 of the CGST Rules, 2017, banks may issue any other document in lieu of bill of supply.

Ques.Where a Bank takes a separate registration for a separate business vertical, say for Bullion business, whether the requirement for reversal of 50 percent will also apply to bullion purchased by the Bank?

ANS.In terms of Section 2(94) read with Section 25(4)&(5) of the CGST Act, 2017, a person required to obtain more than one registration within a State or more than one State shall be treated as a distinct person for each such registration. Section 17(4) of the CGST Act, 2017 is applicable qua each registration and not for the Bank as a whole, provided each of the business verticals is separately registered. Therefore, a bank engaged in trading in bullion may not opt for 50 percent reversal in respect of its purchases of bullion, where it is separately registered as a business vertical.

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 17th July 2019

Direct Tax Updates:

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  • The increase in effective tax rate to 43% for those earning Rs 5 crore and more has spread disquiet in India Inc’s Csuite, raising the possibility of salary reviews. As per the latest records available, 144 executives of BSE 500 companies on average earned Rs 11.4 crore annually.
  • CBDT new guidelines says that any offence connected to undisclosed foreign bank account or assets in any manner cannot be compounded. Revised guidelines of Income Tax and to make strict decision against tax invaders new Income Tax guidelines has came into effect from June 17, 2019.
  • Due date for tax filing (Non-audit case) for FY 2018-2019 is *31 July, 2019. Non filling of ITR may result in: Imposition of penalty of Rs. 1000/Rs.5000/Rs.10,000. Notice from Income Tax department. Not being able to obtain refund of excess TDS Deducted. Penal interest of 1% per month or part thereof on tax liability.

Indirect Tax Updates:

  • GST collection of states and union territories increased to Rs 5.18 lakh crore in the financial year 2018-19, a significant rise from Rs 2.91 lakh crore in 2017-18, Finance Minister said the Centre government released Rs 81,177 crore compensation to the states during the fiscal year 2018-19 against Rs 48,178 crore released in FY18.

SEBI Updates:

  • SEBI came out with a new format for compliance report on corporate governance to be submitted by listed companies to stock exchanges. In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial year and within six months from end of financial year that can be submitted along with second quarter report.
  • The Securities and Exchange Board of India (SEBI) is looking at options to limit the use of Articles of Association (AoA) of a company by some shareholders to get special power over others, a source has told Money control.

Other Updates:

  • Panacea Biotec’s lenders approve one-time settlement of outstanding dues.
  • Standard Chartered to pay $1.1 billion for sanctions violations.
  • Fitch affirms ‘BBB-‘ rating to Exim Bank, stable outlook.
  • ‘No deal’ Brexit risks severe economic shock, IMF warns.
  • India highest recipient of remittances at USD 79 billion in 2018.
  • India probes dumping of ‘aluminium, zinc coated flat products’ from China, Vietnam, Korea.
  • Gold falls Rs 235 on muted demand.
  • Government meets FY19 fiscal deficit goal of 3.4%.
  • India to grow at 7.3% in 2019 and 7.5% in 2020.
  • Tatas take over Usha Martin’s steel business.
  • Current economic atmosphere a delicate moment.
  • PSEs to stay PSUs even with below 51% govt stake.
  • BSNL collects record Rs 6,500 crore in revenue.
  • Exports grow 11% in March; trade deficit narrows.
  • Jet lenders still undecided on funding; board to meet Tue.
  • Infosys’ digital strategy to curb attrition.
  • Samsung says it sold 2 milionA series smartphones in 40 days, clocks USD 500 million in sales.
  • India’s trade deficit narrows to $10.89 bn in March, exports grow 11%.
  • Trump asks Boeing to rebrand 737 Max in ‘what the hell do I know’ tweet.
  • Wipro Q4FY19 preview: Analysts see dip in margins; modest rise in PAT.
  • Net interest margin of NBFCs likely to come under pressure.
  • India’s cotton output to decline to 343 lakh bales in FY19.
  • Export of oilmeals rose 31% to Rs 6,222 cr in FY19.
  • Maruti Suzuki retains top slot even in tough FY19.
  • Work hard stocks rise; firm says USFDA inspection yields no observations.
  • Firms with turnover over ₹2 cr. can now start filing GST audit reports for FY18.
  • IBC cases admitted over RBI circular to continue, says IBBI chief.
  • Lakshmi Vilas Bank to allot near 5% shares to Indiabulls Housing Finance.
  • Gold falls by Rs 200 on muted demand, extends losses for 4th day.
  • Metropolis Healthcare makes a strong stock market debut; lists up 9% from IPO price.
  • SpiceJet shares surge more than 8% on launch of new international flights.
  • NBFC-MFIs raise Rs 26,000 cr through securitisation in FY19.
  • Rupee drops 25 paise to close at 69.42 vs USD.
  • TCS shares jump nearly 5 pc after Q4 results; m-cap rises by Rs 36,136 cr.
  • Sensex ends 139 pts higher; TCS rallies nearly 5 pc.

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 12th July 2019

RBI Updates:

Image result for RBI hd Pics
  • The Reserve Bank (RBI) slashed by half its US dollar purchases in May from the month before to just about dollar 2.5 billion as the inflows slowed amid uncertainty over US interest rates and elections The central bank bought dollar 5.1 billion and sold dollar 2.6 billion in May, taking net spot dollar purchases to dollar 2.5 billion, according to the latest figures released by the RBI. This is almost half the level of net dollar purchases in April this year, when the central bank bought net of dollar 4.9 billion from the spot market. The central bank was a net seller in May 2018, during which it sold  dollar 5.8 billion.
  • The central bank has remained a very passive participant in the forward markets as well. It bought dollar 224 million in the forward markets in May, RBI data showed. Foreign portfolio investors were cautious during the month bringing in a little less than dollar 1 billion during the month. Also, foreign direct investments slowed during the month. The rupee weakened by about 0.1% during the month to end at dollar 69.65 by end May. But after the general elections, there has been an improvement in foreign portfolio investments. The rupee has also gained against the dollar indicating strong inflows through a variety of sources.
  • After the union budget, there has been some slowdown in portfolio flows in the secondary markets. But the proposal to raise dollar funds by the government to part-finance its expenses is expected to increase dollar flows, which would require the central bank to purchase these dollars to release rupee funds. The government is working on a sovereign benchmark for external borrowing that will be finalised in September this year, after which there could be some pickup in dollar flows.

SEBI Updates:

  • The government has sought information from the Securities and Exchange Board of India about the origins of those foreign portfolio investors that use the trust structure and the assets that they manage, said a person familiar with the development. It also asked for data on the tax liability of each of the structures employed by FPIs — trusts, companies and limited liability partnerships.
  • A large number of FPIs in India will be impacted as they are structured either as trusts or AoPs. In the meantime, the Asia Securities Industry and Financial Markets Association, an FPI lobby group, met senior Sebi officials to share their concerns on the budget proposal to increase the tax surcharge on the super-rich. As per data provided to the government, 40% of the FPIs use the trust structure, while 60% of them prefer to use the corporate structure.

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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