Corporate and Professional Updates on 11th May 2019

Corporate and Professional Updates on 11th May 2019

Direct Tax Updates:

• CBDT vide order dated 30th April 2019 stated that  Income Tax dept. to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR.
• India has notified the inter-governmental agreement with the US for exchange of country-by-country reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion.
• The Income Tax Department will now share information such as reported turnover and gross income declared with the Goods and Services Tax Network to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central Board of Direct Taxes has said the agreement will include provisions for confidentiality, a mechanism for safe preservation of data and timelines for furnishing information.

Also, read ;Taxation on Income from Equity and Debt Mutual Fund

Basic of Bitcoin Taxation in India

Indirect Tax Updates:

• Gujarat High Court in the matter of Octagon Communications Pvt Ltd Vs Union of India allows filing of GSTR-3B without payment of GST.
• Input Tax credit is admissible even if Consideration is paid through Book Adjustments. In re Senco Gold Ltd GST AAR West Bangal.

Other Updates:

• FinMin may raise cap on 59-minute loans to Rs 3-5 cr
• CBI’s Look Out Circulars against Bhushan steel boss
• ISB to set up repository to store all public data
• Companies get more time to submit ACTIVE form
• Auditors have questions to answer, says govt
• ONGC gets green nod for Rs 240 cr project in Assam
• India, UK in talks to build aircraft carrier : Report
• Lupin, Zydus Pharma recall products in the US
• Sebi may be asked to relax 75% promoter stake norm for PSBs
• Govt to give financial aid to minority investors filing class action suits
• Sebi’s co-location order delays announcement of NSE’s FY19 results
• Govt sees little scope for Jet Airways revival as bidders stay away: Report
• Vodafone Idea promoters contribute Rs 17,920 crore to rights issue
• Infibeam sacks auditor for sharing unpublished price-sensitive information
• IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
• Ipca Labs inks pact to acquire Ramdev Chem for Rs 108.5 cr
• Non-filers of GST returns to be barred from generating e way bills from June 21
• Rupee falls by 24 paise on strong dollar demand
• Sensex rallies 490 points; Nifty reclaims 11,700-mark
• Self-assessed GST return permitted.
• 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
• Hindustan Zinc’s profit down 24%
• SBI to consider Jet staff’s billion-dollar bid after May 10
• India has secured additional oil supplies to tide over Iran sanctions
• SAT sets aside NSE’s 2017 order against OPG Securities in co-location case
• TPG Growth-backed Asia Healthcare Holdings acquires Nova IVI Fertility

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.