Corporate and Professional Updates on 10th August 2019

Direct Tax Updates:

• Reference is invited to the Circular No. 3 of 2018 dated 11.07.2018 (the Circular) of Central Board of Direct Taxes (the Board) and its amendment dated 20th August, 2018 vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal High Courts and SLPs/appeals before Supreme Court have been specified. Representation has also been received that an anomaly in the said circular at para 5 may be removed.

Other Updates:

• MCA sees Rs 2.8 lakh cr recovery from IBC-led RP
• IOC to examine US sanction’s impact on CPCL plans
• India may witness slowdown as oil imports decline
• DoT to soon settle merger/transfer of licences in M&As
• BoB looks to rationalise 800-900 branches
• Pre-monsoon rainfall deficit drops to 22 per cent
• Reliance Capital protests ratings downgrade
• India reports trade deficit with 11 RCEP members in FY 2018-19
• OPEC members meet to assess oil market after US sanctions on Iran
• NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
• Japan’s Orix to acquire wind assets of IL&FS
• GST Council may consider national bench of AAAR next month
• AstraZeneca moves US court against Aurobindo.
• Co-location: NSE moves Securities Appellate Tribunal against Sebi rulings
• 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
• 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.
• Reliance Capital protests ratings downgrade
• India reports trade deficit with 11 RCEP members in FY 2018-19
• OPEC members meet to assess oil market after US sanctions on Iran
• NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
• Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
• ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
• CBDT allows AMCs to directly manage offshore funds out of India
• NBFC crisis to top agenda of new govt
• Jet employee group offers to invest $700 million
• AgMA Energy plans to launch India-specific agri products
• No interest in taking control of IndiGo: Rakesh Gangwal
• Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
• ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
• TCS eyes double-digit growth in FY20, says COO Subramaniam
• Dr Reddy’s Laboratories serves a bitter medicine in March quarter.

Key Due Dates:

• STATUTORY COMPLIANCE CALENDAR FOR AUGUST 2019: 07 Augus: TDS/TCS LIABILITY DEPOSIT – Due date of depositing TDS/TCS liabilities for previous month.
• 7 August: EQUALIZATION LEVY DEPOSIT- Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non  Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
• 10 August: GSTR-7 RETURN FILLING DUE DATE – Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous   quarter.
• 10 August: GSTR-8 RETURN FILLING DUE DATE – GSTR-8 is a return to be filed by e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
• 11 August: GSTR-1 RETURN FILLING DUE DATE – GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
• 13 August:  GSTR-6 RETURN FILLING DUE DATE- Due Date for filing return by Input Service Distributors for previous month.
• 15 August:  PROVIDEND FUND / ESI DUE DATES- Due date for payment of Provident fund and ESI contribution for the previous month.
• 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
• 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
• 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
•  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
• 31 August: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
• 31 August: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
• 31 August: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
• 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.