Direct Tax Updates:
- CBDT clarified that the revised higher threshold for filing appeals would be applicable to all pending cases as well. The Board directed the income tax department to withdraw all such pending cases where claim amounts fall below the revised limit from appellant forums by October 31.
- Indian startups with turnover in excess of Rs 25 crore may have to pay income tax even though they may be eligible for the three-year tax holiday announced by the government. That’s because under tax laws, the threshold for exemption remains at Rs 25 crore. It has not yet been enhanced to Rs 100 crore in line with the DPIIT.
- The Securities and Exchange Board of India (Sebi) on Wednesday eased the process for on-boarding overseas investors. The market regulator also introduced an ‘informant mechanism’ to gather better evidence and crack down on insider-trading cases. The Sebi board clarified on the debt-to-equity ratio companies need to maintain to be eligible for buybacks. Sebi said foreign portfolio investors (FPIs) would no longer be required to meet the ‘broad-basing’ criteria, under which at least 20 investors were required to establish a fund. Also, central banks that are not members of the Bank for International Settlements (BIS) will be allowed to register as FPIs. Offshore funds floated by Indian mutual funds will be permitted to invest in the domestic markets under the FPI route.
- “This is a much-needed boost to the FPI route, which had been languishing on account of multiple issues in the past few months. Relaxing the broad-based criteria will open up the FPI route to a whole new category of entities that were unable to meet the 20-investor test. The most interesting part lies in the references made to the rationalisation of P-notes.
- Airtel, Voda Idea lose 30 mn users in March, Jio gains
- Evaluating Jet Airways opportunity, says Hinduja Group
- NCLAT reserves order on ArcelorMittal
- PNB may take control of 2-3 small state-run banks
- Indian millennials optimistic about economic outlook
- Tech Mahindra inks defence contract worth Rs 300 cr
- HPCL to borrow Rs 8K cr in FY20 to fund expansion
- Co-location: NSE moves Securities Appellate Tribunal against Sebi rulings
- New Indian government faces crucial foreign policy decisions, say US experts
- US-China trade war gradually destabilising world economy
- 46 pc ultra high net worth Indians to increase investment in private equity
- L&T market capitalisation to touch Rs 3 lakh crore in five years: AM Naik
- Oil rises on US-Iran tensions, but trade war concerns weigh
- Rupee edges up 2 paise against US dollar as investors turn cautious.
- Reliance Capital protests ratings downgrade
- India reports trade deficit with 11 RCEP members in FY 2018-19
- OPEC members meet to assess oil market after US sanctions on Iran
- NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
- Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
- ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
- CBDT allows AMCs to directly manage offshore funds out of India
- NBFC crisis to top agenda of new govt
- Jet employee group offers to invest $700 million
- AgMA Energy plans to launch India-specific agri products
- No interest in taking control of IndiGo: Rakesh Gangwal
- Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
- ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
- TCS eyes double-digit growth in FY20, says COO Subramaniam
- Dr Reddy’s Laboratories serves a bitter medicine in March quarter.
- Life insurance industry to focus on millennials, digital-human interface
Key Due Dates:
- 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.
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