Corporate and Professional Updates on 13th May 2019

Corporate and Professional Updates on 13th May 2019

Direct Tax Updates:

• ITR-3 (Excel Utilities) has been issued by CBDT on 10/05/2019 for the assessment year 2019-20 (i.e. for the 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 the 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:

• 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 is payable on freight charges recovered from customers without the issuance of the consignment note. Case Name: In re Siemens Limited.
• Gujarat High Court in the matter of Octagon Communications Pvt Ltd Vs Union of India allows the filing of GSTR-3B without payment of GST.
• The input Tax credit is admissible even if Consideration is paid through Book Adjustments. In re Senco Gold Ltd GST AAR West Bengal.

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 the manufacturing sector in Q4, capacity utilization up at 80%: FICCI survey
• NCLT dismisses ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure
• FPIs press the 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 a 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 digitize 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 a 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 the sale of mobile signal boosters on e-commerce sites.

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