Corporate and Professional Updates on 13th April 2019

Direct Tax Updates:

• Income tax department, and the collection of data, based on Permanent Account Numbers, the tax authorities have been moving to a system of verification of such information, and taking action if such verification shows that the relevant income has not been offered to tax. The verification seems to have been carried out in many cases for financial year. Where income has not been offered to tax in the return of income, a notice is issued for reassessment.
• This is absolutely fine and the correct thing to do, in order to detect cases of tax evasion. Unfortunately, as in the past, the problem lies in the  The manner in which some of these enquiries have been conducted and reassessment proceedings commenced leaves much to be desired. Very often, the time given to the taxpayer to respond to the notices is very short, at times, just about a week.

RBI Updates:

• RBI injected a total liquidity of Rs 2.98 Lakh Crore in the market in 2018-19
• RBI permits Reinsurance Brokers to open Non-Interest Bearing Foreign Currency Accounts with banks for undertaking transactions.

SEBI updates:

• SEBI issues Revised Guidelines for System Audit to be conducted by Mutual Funds and Asset Management Companies (AMCs). The guidelines come after “considering the importance of system audit in technology driven asset management activity and to enhance and standardise the system audit.

Other Updates:

• Panacea Biotec’s lenders approve one-time settlement of outstanding dues.
• Standard Chartered to pay $1.1 billion for sanctions violations.
• Fitch affirms ‘BBB-‘ rating to Exim Bank, stable outlook.
• ‘No deal’ Brexit risks severe economic shock, IMF warns.
• India highest recipient of remittances at USD 79 billion in 2018.
• India probes dumping of ‘aluminium, zinc coated flat products’ from China, Vietnam, Korea.
• Gold falls Rs 235 on muted demand.
• Government meets FY19 fiscal deficit goal of 3.4%
• India to grow at 7.3% in 2019 and 7.5% in 2020: IMF
• Tatas take over Usha Martin’s steel business
• Current economic atmosphere ‘a delicate moment’: IMF
• PSEs to stay PSUs even with below 51% govt stake
• BSNL collects record Rs 6,500 crore in revenue.

Key Due Dates:

• 13-04-2019 – GSTR-1 for the month of March 2019 for taxpayers with Annual Aggregate turnover More than 1.50 Crore.
• 13-04-2019 – GSTR-6 for Input Service Distributor.
• 18-04-2019 – Quarterly return for taxpayers opting for Composition Scheme(GSTR-4)
• 20-04-2019 – GSTR-3B for the m/o March 2019.
• 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
• 14-04-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o Feb’19.
• 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
• 30-04-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19
• 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.