Direct Tax Updates:
- Income Tax Return (ITR) filing compulsory for persons who deposit over Rs 1 crore in a current account in a year, spend over Rs 2 lakh on foreign travel or have an annual electricity bill of more than Rs 1 lakh.
- Income tax department has begun scrutiny of the data of traders registered with GST network as also with municipal corporations in Madhya Pradesh and Chhattisgarh. The department has also written to municipal corporations to introduce a column for PAN in the application form for getting a shop and establishment licences.
- Pre-filled Income Tax Return (ITR) Forms are of great help for the assessees as they need not enter all the information in each and every place of the form. Pre-filled Income Tax Return (ITR) Forms have made e-filing of Income Tax Return 2019-20 easier than before, as assessees need not enter all the information.
- Income Tax Assessing Officer couldn’t pass assessment order without considering claim raised by assessee in ITR: HIGH COURT OF KARNATAKA. Deepak Dhanaraj v. ITO Bengaluru*
Indirect tax updates:
- CBIC has issued the GST audit Manual 2019 after approval by the Board. The purpose of this Audit Manual is to outline the principles and policies of audits conducted under the CGST ACT, 2017 and the Rules made there under.
- Total number of entities filing GST returns has seen steady declined in the last four months for which data is available. Between February and May this year, the number of entities filing GST return has declined by almost 8 lakh, which is nearly 10% of the total GST return filed in the country.
- Exports fall for first time in nine months amid trade tensions
- Shriram Transport looking to raise up to₹10,000 crore through NCDs
- Sun Pharma Surges 3.6% After Morgan Stanley Double Upgrade
- IRDAI may Relax Rules for Pension Plans & Ulips, Make Surrenders Easy
- Aditya Birla Fashion acquires 51% stake in Finesse International for ₹60 crore
- Securitisation Market Records 50% Growth in Q1
- India’s steel exports fall 34% to 6.36 MT in 2018-19
- Govt may issue sovereign bonds in phases, first lot to be of $3-4 billion
- Manipal Hospitals set to buy Medanta for ₹6,000 crore
- MFs differ with banks over DHFL resolution, may opt for the DRT route
- Customers forgotten in rush for electric vehicles, says TVS Motor chairman
- Exports contract 9.71% in June; trade deficit narrows to $15.28 b
- Sun Pharma launches capsules for lipid disorder treatment in US
- NCLAT order on Essar Steel has rewritten IBC rules: Lenders
- Ashok Leyland temporarily shuts Pantnagar plant
- IndiGo secures credit facility worth ₹2,577 crore amidst promoters dispute
- NIIF may invest $100 million in Multiples PE’s third fund
- Ambuja looks to expand cement capacities with buys in RMCs, aggregates
- BHEL, CONCOR tie up for rail-based logistics terminal at Haridwar
- Reckitt Benckiser and Apollo Hospitals tie up to launch ‘Arogya Rakshak’
- ‘Amazon Prime Video, ZEE5 in talks for a platform deal’
- Govt diverting around Rs 17,000 crore from petrol and diesel cess kitty
- Investors flee debt funds as credit quality slumps to lowest in 16 months
- USFDA completes Chennai facility audit with zero observations: Natco Pharma
- Sales improve 16% in the first quarter: Tata Steel
- NTPC raises ₹4,300 cr through bonds
- Sensex Rises 160 Points on Infy Surge, Macro Data
- Hero Electric eyes South India for new plant
- Real estate developers at risk as stress in credit market dries up funding
- Cotton Greaves increases stake in electric two-wheeler maker Ampere
Key Due Dates:
- 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
- 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one financial year for the specified and notified services.
- 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
- 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
- 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
- 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
- 13-07-2019 – GSTR-6 for Input Service Distributor.
- 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o May’19.
- 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
- 15-07-2019- ESI/PF Payment for m/o June 2019.
- 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received FDI or made FDI abroad for m/o June 2019.
- 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
- 20-07-2019 – GSTR-3B for the m/o June 2019.
- 20-07-2019 – GSTR-5 for the m/o June 2019.
- 20-07-2019 – GSTR-5A for the m/o June 2019.
- 25-07-2019- EPF return filing for the month of June 2019.
- 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
- 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of June’19.
- 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
- 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
- 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
- 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
- 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.
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