Corporate and Professional Updates on 22nd April 2019

Direct Tax Updates:

• The Central Board of Direct Taxes (CBDT) has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and ‘drop filers’ of tax returns. According to the non-filer monitoring system (NMS) of the I-T department, data for 20.4 million non-filers has been obtained between 2013 and 2017, of which 2.5 million are those who are inconsistent — popularly known as ‘dropped filers’.
• The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers. The said data has been shared with assessing officers. This information may be acted upon as efficiently as possible to widen the tax base, said the officer cited above. The NMS data shows a sharp increase in non-filers since 2013. In 2014, the number of non-filers was 1.22 million, which surged to 6.75 million in 2015. The number of dropped filers in FY18 stood at 2.52 million, down from 2.83 million in FY17.

Other Updates:

• Finmin asks all depts to review govt guarantees.
• India’s oil needs are well secured.
• Job creation down 1.7 pc in Feb: ESIC payroll data.
• SBI offers 20 bps discount on electric vehicle loans.
• Jio fastest with 22.2 mbps download speed in March.
• Blackstone buys Essel Propack for up to $460 million, to launch open offer at Rs 139/share.
• RBI committee to peg excess capital at Rs 3 trillion, says BofAML.
• OMCs unlikely to be impacted by US withdrawal of sanction waiver.
• Jet Airways bids set to draw a blank; Etihad to say no, TPG back out too.
• RBI may tweak Feb 12 circular on stressed assets to 30-day grace period.
• Gail top bidder for IL&FS wind power plants with Rs 4,800-crore offer.
• JNPT raise offer to buy Air India tower.
• Coal import rises 9% to 234 MT in FY19.
• BEML, Syndicate Bank sign MoU, to book ₹100 cr-biz.
• McLeod Russel to sell 3 Assam estates to Luxmi Tea Company for₹150 crore.
• SpiceJet and Emirates enter into a code-share agreement.
• Reliance Jio GigaFiber to offer broadband, landline and TV combo for ₹600.
• SECI postpones manufacturing-linked solar bid for 3 GW till May 14.
• Hindustan Copper board to consider fund raising via QIP.
• Spice Jet to deploy sub-leased aircraft from Jet lessors.
• DTH players violating new norms to face strict action.
• Financial Express Banking on banks: Air India SPV seeks to lower debt burden.
• March air traffic growth slowest in 5 yrs. groundings, flight cancellations to blame.
• Volkswagen moves Supreme Court against NGT’s Rs. 500 crore fine.
• Once A-rated at S&P, struggling Oman economy risks further cut in ratings
• Debt schemes: Mutual Funds exposure to DHFL group firms at Rs. 6,500 crore.
• RBI has $43 billion excess capital.
• Flows into Asian bonds touch $5 billion in March.
• Sensex cracks over 480 points, Nifty below 11,600.
• Oil prices soar by about 3 per cent as plans US end to Iran sanction waivers.
• Rupee drops 32 paise, may stay weak if crude spikes.

Key Due Dates:

• 20-04-2019 – GSTR-3B for the m/o March 2019.
• 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
• 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
• 30-04-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19
• 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.

Quote of the Day:

Smart Working May Leads to more Professionalism.