Direct tax Updates:
- The taxman will ‘suo motu’ allot a fresh PAN to a person who files tax returns with only Aadhaar as part of a new arrangement to link the two databases, the CBDT chief said after the Budget proposed that only the biometric ID is enough for tax purposes.
- The government has ruled out a rollback of the ‘super-rich’ tax on foreign portfolio investors (FPIs) organised as trusts or association of persons. The tax on such FPIs will yield an estimated Rs 400 crore, as against the overall revenue gain of Rs 12,000 crore from the surcharge.
- Finance Minister Nirmala Sitharaman in her maiden Budget last week proposed a hike in surcharge for the super-rich from 15 per cent to 25 per cent for incomes between Rs 2 crore and Rs 5 crore, and from 15 per cent to 37 per cent for incomes above Rs 5 crore a year.
- The move will hit 40 per cent of the FPIs. According to reports, about 2,000 FPIs operate as trusts and not companies due to several advantages related to flexibility and tax-efficient repatriation. “There is no question of a rollback. We are not targeting any one section. If you are a non-company, you will be taxed as an individual, the same way you also enjoy the tax or other advantages of being operating as one. We can’t treat them separately.”
- Due date for submitting income tax returns is 31st July 2019 for all cases in which income tax audit is not mandatory. make sure to file your returns within time to avoid penalties.
- Finance ministry shows that about 40% of foreign portfolio investors (FPIs) — those that follow the trust structure will be impacted by the higher surcharge levied in the budget. The majority 60% of FPIs that use the corporate structure will not be impacted.
- RBI norms on large exposures for banks are not only compliant with the Basel requirements, they are stricter in some areas as well, according to the findings of the Basel Committee on Banking Supervision.
- Reserve Bank of India’s (RBI’s) six-member monetary policy committee, oil prices and their impact was a key factor that pushed two members to vote against a cut in the policy repo rate. RBI deputy governor Viral Acharya and nominee member Chetan Ghate voted against a rate cut on the basis of their concerns that rising crude oil prices have the ability to push up everything from headline inflation to inflation expectations. Ghate observed that core inflation, which remains around worrying levels of 5%, will be buttressed by rising crude oil prices, and this makes inflation management challenging.
- The monetary policy committee members showed differences in their assessment of where commodity prices are headed and to what extent these are worrisome.
- Core Sector Growth slows down to 1.8% in January.
- Airtel gets Board Approval to raise Rs 32,000 Crore.
- India to see Lower Productivity, Weak Demand.
- Govt keen on Amalgamation of PSBs.
- NCLAT orders resolution on Essar Steel bid by March 8.
- SEBI wants govt rethink on RBI representation on its Board.
- NSE to introduce Brent Crude Oil Futures Contract on Mar 1.
- DBS to convert its India Operations into wholly-owned subsidiary from Mar 1.
- 2018 best year for M&As as deal values rise 126% to $80 Bn.
- International Finance Corp to invest $165 Mn in Bajaj Finance, Dodla Dairy.
- Infosys says KiranMazumdar-Shaw sold 1,600 Shares without pre-clearance.
- NareshGoyal agrees to step down as Chairman of Jet Airways.
- Iran buys Indian sugar to ease its oil-money headache.
- LG India aims for 30% Growth in commercial ACs this year.
- NIIF, CDC &Eversource Capital to invest $330 mn in Ayana.
- Lupin launches chronic angina treatment drug in the US.
- Future Group to bring 7-Eleven Stores to India.
- Cabinet clears 10,000 Crore FAME II scheme.
- RBI constitutes task force under UshaThorat on offshore rupee markets.
- REC Board approves borrowing limit hike, 11 Per Share Interim Dividend.
- J&J allowed resuming Baby Talc Production.
- Fraud-hit PNB ranks highest in implementation of ‘Reforms Agenda’ in 2018.
- SBICap Ventures’ Neev Fund to invest $5 Million in Renewable Energy Firm Prespl.
- NCLT rejects plea from 8 Operational Creditors.
- Govt revises down FDI inflows into Chemicals drastically.
- Sodexo to increase focus on Small and Medium enterprises in India.
- Rupee recoups 52 Paise to end at 70.72 per Dollar.
- Kotak ties up with ADIA for USD 600 Mn Distressed Assets Fund.
- Increasing Exports can lead to Better Jobs, Higher Wages in India.
- L&T Finance to raise up to Rs 1,500 Cr via NCDs.
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.
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