Corporate and professional Updates on 16th August 2019

Direct Tax Updates:

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  • In order to prevent such instances and to maintain proper audit trail of all communication, the CBDT has, vide Circular No.19/2019 dated 14.08.2019 laid down parameters specifying the manner in which any communication issued by any income-tax authority relating to assessment, appeals, orders, statutory or otherwise, exemptions, enquiry, investigation, verification of information, penalty, prosecution, rectification, approval etc. to the assessee or any other person will be dealt with. All such communication issued on or after the 1st of October, 2019 shall carry a computer-generated Document Identification Number (DIN) duly quoted in the body of such communication.
  • CBDT has also specified exceptional circumstances where the communication may be issued manually but only after recording reasons in writing and with the prior written approval of the Chief Commissioner / Director General of Income-Tax concerned. In cases where manual communication is required to be issued, the reason for issue of manual communication without DIN has to be specified alongwith the date of obtaining written approval of the Chief Commissioner / Director General of Income-Tax in a particular format.

RBI Updates:

  • The central bank’s spot dollar purchases in June were the lowest in four months, although the Reserve Bank of India (RBI) doubled its purchases of the US currency in the forwards market. Mint Road bought $4.4 billion and sold $2 billion in June, taking the net spot dollar purchases to $2.4 billion, according to the latest RBI data. This is the lowest spot dollar purchase by the central bank since February this year. In the forwards market, the central bank bought $ 4.9 billion, as the outstanding forwards fell from $18.3 billion in May to $13.4 billion in June, RBI data indicate. Foreign portfolio investors were cautious during the month bringing in a little over $1 billion, about one fourth the amount brought into the country in May.
  • The rupee weakened by about 1% during the month to end at Rs 69.05 by end June. Besides, the uncertainty in the global markets following the trade war between US and China has also made foreign currency flows to emerging market economies very volatile. RBI may continue to go slow in dollar purchases as portfolio flows have slowed down after the budget, which brought in tax changes for the uber-rich. But the proposal to raise dollar funds by the government to partfinance its expenses is expected to increase dollar flows into the country, which would require the central bank to purchase these dollars to release rupee funds in the local markets. The government is working on a sovereign benchmark for external borrowing, which is expected to be finalised by September this year, after which one could see some pick-up in dollar flows.

Other Updates:

  • India’s consumer confidence drops in August: Report
  • Airtel fastest mobile broadband network, Jio now slowest
  • Startups with turnover up to Rs 25 cr to get tax break
  • Gadkari eyes Rs 10L crore revenue from Bharatcraft 
  • Labour code on mandatory minimum wages notified
  • CAIT seeks extension of last date to file GST return
  • Trump talks up economy, talks down Fed amid mixed data
  • EPFO to allocate equity investments equally in Nifty and Sensex firms
  • Extraordinary steps needed to deal with financial sector stress : NITI V-C
  • FPI norm easing: Big bucks from cash-flush West Asia banks likely
  • Govt files IPO document for IRCTC with Sebi, plans to offload 12% stake
  • US deficit to hit $960 bn in 2019, top $1 tr in 2020: Report
  • Lupin divests its Japanese injectables business to Abu Dhabi company
  • Super-rich surcharge leaves financial sector poorer as FPIs pull out ₹6,700 cr
  • Brazil, Vietnam tighten grip over coffee market
  • Pharma body wants certainty, predictability in price-control mechanism
  • Stimulus to industry creates moral hazard, says CEA
  • Depositors’ law not applicable to NSEL: Bombay High Court
  • Gillette India Q4 net up 32 per cent at ₹46 cr
  • Airtel has strong balance sheet: Goldman Sachs
  • Domestic air traffic growth falls to five-year low in January-July 2019
  • DLF denies charge of non-disclosure of key information in QIP
  • Businesses get four months to settle pre-GST tax disputes
  • NTPC gets shareholders’ nod to raise up to Rs15,000 crore via bonds
  • India-Peru: Fifth round of Trade Negotiations held in New Delhi
  • Nepal, India review bilateral ties with special focus on connectivity, economic partnership
  • BRICS bank looks to tap into Indian Rupee offshore market
  • MCA issues clarification on firms’ merger date
  • Rupee crashes to over 8-mth low of 71.81 against USD
  • Sensex sinks 587 points; Yes Bank nosedives 14 per cent
  • Gold continues bull run, nears Rs 39,000 mark
  • India’s petrol imports in July hit highest in at least eight years

Key Due Dates:

  • STATUTORY COMPLIANCE CALENDARS FOR AUGUST 2019: 07 August: 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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