Corporate and Professional Updates on 13th May 2019

Direct Tax Updates:

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  • ITR-3 (Excel Utilities) has been issued by CBDT on 10/05/2019 for assessment year 2019-20 (i.e. for financial year 2018-19) Now Tax audit can be done by Chartered Accountants for Individual & HUF.
  • Managerial remuneration: Where a company made provision for payment of managerial remuneration to assessee, same created an obligation on assessee to bear tax liability on salary.
  • 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.

Indirect tax Updates:

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  • Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers.
  • GST payable on freight charges recovered from customers without issuance of consignment note. Case Name: In re Siemens Limited.
  • 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:

  • Piramal Group plans to buy operational renewable power projects of Mytrah
  • NBFC crisis imminent, says Corp Affairs Secy
  • RBI study finds why there’s a dip in bank deposits
  • Positive sentiment continues for manufacturing sector in Q4, capacity utilisation up at 80%: FICCI survey
  • NCLT dismisses ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure
  • FPIs press exit button, pull out Rs 3,207 crore from markets in May
  • DMart Q4 net profit rises 21.4% at Rs 203 crore but margins remain weak
  • PNB Housing Finance reports net profit of Rs 379.7 cr in Q4FY19; up 51%
  • Apple’s wait bears fruit with sub-continent’s biggest store in Mumbai
  • Reliance entry to digitise 5 million kirana stores by 2023: report
  • SRF to sell engineering plastics business to DSM India for ₹320 crore
  • PC Jeweller gets board’s nod for export division demerger
  • Tata group’s perfume brand Skinn eyes Rs 500-crore turnover by 2023
  • Vedanta’s benign March quarter results bring no solace for investors
  • Accor in talks to invest up to $50 million in Treebo Hotels
  • NCLAT dismisses insolvency plea against SpiceJet
  • Unilever considers $1 billion bid for skincare brand Drunk Elephant
  • Govt to set up panel under DGFT to look at steel availability for engineering exporters
  • Moody’s India probing IL&FS AAA rating by ICRA executives after whistle-blower complaint
  • US-China talks break up with no deal after Trump hikes tariffs on $200 billion in Chinese imports
  • Dalmia Bharat Q4 profit jumps over 2-fold to Rs 264 cr
  • Jaypee Infratech insolvency: Lenders ask NBCC to withdraw some conditions
  • COAI approaches DoT to stop sale of mobile signal boosters on e-commerce sites.

Key Due Dates:

  • GSTR-3B for the month of April 2019 is 20th May 2019.

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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