Direct Tax Updates:
- Income tax registration U/s. 12AA cannot be denied for one suspicious donationIf the genuineness of a donation in one year is doubted, the addition, if any, can be made in the assessment of the relevant assessment year in accordance with law. M/s Urmila Devi Charitable Trust Vs CIT (Exemptions) (ITAT Delhi).
- Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday came down heavily on public sector banks (PSBs) for not reducing their lending rates despite liquidity remaining ample, bond yields being at a multi-year low, and policy rates being lowered by 75 basis points (bps) in the past six months. “Bond yields have come down, policy rates have fallen, the borrowing cost for banks is low, as is evident from softening rates on certificates of deposit (CD), and liquidity is in surplus. I am surprised banks are still not lowering lending rates,” Das told top PSB executives during a meeting, confirmed multiple sources.
- According to a statement uploaded on the RBI website, the governor discussed credit and deposit growth amid a slowing economy. Even as credit growth remains muted, the flow of credit to the needy sectors should not be hampered “while following prudent lending, robust risk assessment and monitoring standards”, he said.
- Sources said the governor had a word of caution for the retail segment. Since all banks are now devising their growth strategy focusing on retail, which is a small sub-set of the overall, banks need to be cautious and retail growth should be in sync with the risk policies set by individual bank boards, Das said, adding that risk monitoring and assessment should be robust for retail loans. The governor also nudged banks to lend to non-banking financial companies (NBFC), instead of remaining risk-averse, since NBFCs are dependent on bank loans. The statement by the RBI said Das discussed the “recent initiatives to address issues relating to NBFCs and the role banks can play in mitigating lingering concerns”.
- The regulator said it has been receiving various references from listed firms regarding violations related to code of conduct. Markets regulator Sebi Friday came out with standardized format for reporting violations of code of conduct, formulated under Prohibition of Insider Trading (PIT) norms.
- Under PIT norms, all listed firms, intermediaries and fiduciaries are required to formulate a code of conduct for designated persons as well as for their relatives and inform the regulator about any such violation. Under the code of conduct, the designated persons and their relatives are barred from trading while in the possession of unpublished price sensitive information.
- Besides they are required to maintain the confidentiality of the UPSI, among others restrictions are placed. The regulator said it has been receiving various references from listed firms regarding violations related to code of conduct. However many of such references provide incomplete details about the nature of violation, designation and functional role of designated persons who have committed the violation, frequency of such violations etc. Such information is crucial for examining the reported violations and taking further necessary action if required.
- Govt looks to cut stake in PSUs to up to 26%.
- RBI has an advice for IMF, World Bank.
- Modi govt sets sights on making India $5 tn economy.
- ‘LIC offers Rs 1.25L-cr line of credit to fund projects’.
- Main gas fields in KG-D6 block in late life stage: Reliance.
- FPIs withdraw Rs 7,712 crore from stocks in July so far.
- Etihad, Hinduja Group back at the deal table for grounded Jet Airways.
- After 12 years, RBI set to modify fit-and-proper norms for bank directors.
- Jio to keep adding subscribers despite decline in average revenue per user.
- Strong rupee, lower GDP likely to tame inflation in India to 4.1%: ADB.
- Embassy likely to mop up additional 14% stake in Indiabulls Real Estate.
- CII identifies 31 items with high export potential.
- 345 infrastructure projects show cost overruns of Rs 3.28 lakh crore.
- Cairn Oil opts for cluster approach, outsourcing model for new fields.
- BHEL bags Rs 486 cr order from NPCIL for Kudankulam project.
- Dr Reddy’s announces closure of transactions with Upsher-Smith Labs.
- Canada’s pension fund OMERS seeks new green energy deals.
- Railways seeks cabinet nod to build 3 freight corridors at ₹3 trillion.
- Investcorp closes maiden India PE fund at₹1,000 cr’.
- Post-$34 billion acquisition by IBM, Red Hat bets big on India.
- Piramal raises ₹1,500 crore from StanChart Bank through NCDs.
- SEBI expands probe into role of 5 credit rating agencies
- SME credit lending grows at 15.6% YoY; Gujarat top state for MSME lending
- USFDA found different dietary, medicinal claims on Patanjali’s sharbat bottles
- Govt to amend IBC to facilitate mediation for individuals
- Dip in India demand hits Russian diamond miner
- S’pore woes ring trade alarm bells
- Mukesh Ambani keeps salary capped at Rs 15 crore for 11th year in a row
- First time in a month, forex reserves fall by USD 1.11 billion
- Brookfield to invest Rs 25,215 cr in Reliance’s telecom tower arm
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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