Corporate and Professional Updates on 13th August 2019

Direct Tax Updates:

  • CBDT had exempted registered startups from the purview of the angel tax provision except for those that have already received tax demand notices with the intent of granting them relief at the appeals stage.
  • Gift received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was not exigible to income tax as in case of individual, the HUF has not been included in the definition of relative in explanation to section 56(2) (vii). Pankil Garg Vs PCIT (ITAT Chandigarh).

Indirect tax Updates:

  • GST Less than a fifth of the businesses registered as regular taxpayers have so far filed their first annual returns (for FY18) under the new system, even as the deadline for the same is this month-end. This has raised concerns over the compliance readiness of the industry, and is threatening to undermine the ability of the tax administration to plug revenue leakages which are perceived to be large.

SEBI Updates:

  • Sebi has come up with a new set of proposals with the aim to improve transparency and the quality of portfolio management service (PMS) in India, besides improving distribution practices. PMS products currently have a minimum investment limit of Rs 25 lakh and are typically sold to high net-worth individuals.
  • Sebi is planning to ease its norms for ‘Muni Bonds’ to help smart cities and other registered entities working in areas of city planning and urban development work, like municipalities, raise funds through issuance and listing of their debt securities.

Other Updates:

  • Reliance, BP joint venture to invest in KG basin
  • Etihad says not feasible to reinvest in Jet Airways
  • Fullerton India Credit aims to raise $250-300 million via offshore loan
  • Sun Pharma’s Q1 nos: One-off boost likely from US supplies
  • IBM, Tata join US tech platform’s governing council
  • New U.S. rule could disqualify half of visa applicants
  • Syndicate Bank expects Rs 4,000 cr from NPA recovery
  • Saudi Aramco interest in Reliance Industries upstages PSU mega refinery
  • Anil Agarwal pulls out of race for acquiring grounded Jet Airways
  • Reliance Jio ties up with Microsoft for digital transformation
  • India’s steel output edges past world in H1 of CY2019, lags China
  • Govt set to dilute 3.5-year-old air pollution norms for thermal plants
  • CARE Rating revises outlook on 11 solar firms to negative
  • Coastal shippers demand more facilities at ports
  • HIL posts lower Q1 profit of Rs 40 cr
  • Visaka Industries profit slips to Rs 23 crore in Q1
  • Cox & Kings unable to declare Q1 results
  • Eros International Q1 net falls 55% to ₹27.05-cr
  • CCI slaps Rs14 crore fine on Jaiprakash Associates
  • Tech Mahindra to pay 490 crore for 65% stake in Mad*Pow
  • CBS, Viacom in final stages of all-stock merger
  • Natco gets six USFDA observations for its Mekaguda plant
  • Jaguar Land Rover sales increase 5% in July at 37,945 units
  • Economic slowdown: Govt plans urgent steps to boost exports
  • SME-focused Ugro Capital eyes over Rs 1,000 crore loan book
  • China promises to address India’s concern over ballooning trade deficit
  • GSP roll-back: Exports of goods to US grew 32% in June
  • Gold imports up 35.5 per cent during Apr-Jun
  • Syndicate Bank expects Rs 4,000 cr from NPA recovery in FY20
  • Reliance to be zero-net debt company in 18 months: Ambani
  • Reliance Retail may get global partner

Key Due Dates:

  • STATUTORY COMPLIANCE CALENDAR FOR AUGUST 2019: 07 Augus: TDS/TCS LIABILITY DEPOSIT – Due date of depositing TDS/TCS liabilities for previous month.
  • 7 August: EQUALIZATION LEVY DEPOSIT- Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non  Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
  • 10 August: GSTR-7 RETURN FILLING DUE DATE – Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous   quarter.
  • 10 August: GSTR-8 RETURN FILLING DUE DATE – GSTR-8 is a return to be filed by e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
  • 11 August: GSTR-1 RETURN FILLING DUE DATE – GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
  • 13 August:  GSTR-6 RETURN FILLING DUE DATE- Due Date for filing return by Input Service Distributors for previous month.
  • 15 August:  PROVIDEND FUND / ESI DUE DATES- Due date for payment of Provident fund and ESI contribution for the previous month.
  • 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
  • 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
  • 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 August: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 August: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 August: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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