Categories: Direct TaxIndirect TaxRBI Consultancy

Corporate and Professional Updates on 10th May 2019

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Direct Tax Updates:

ITAT Pune in the matter of Ayushi Patni Vs DCIT Has decided that Date of possession of flat is date of actual purchase for claiming exemption u/s 54F of the Income Tax Act.
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:

Central Board of Indirect Taxes and Customs (CBIC) clearly stated that Homebuyers will not have the option to choose between old and new goods and services tax rates as the choice only lies with builders.
File your GST Return for the month of April 2019 before 15th of May 2019.

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.
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.
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.

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.

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Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.