Corporate and Professional Updates on 10th May 2019

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.