Corporate and Professional Updates on 24th August 2019

Direct Tax Updates:

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  • CBDT releases draft New FORM No. 10B and rule 17B: Amendment of Form No 10B of the Income-tax Rules, 1962- Draft notification for inputs from stakeholders and the general public.
  • Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. CBDT to file the restoration application with the National Company Law Tribunal (NCLT). MCA will support their stand.

RBI Updates:

  • RBI board sought to create a specialised oversight cadre while reviewing the current structure of supervision at the regulator. With a view to strengthening the supervision and regulation of commercial banks, urban cooperative banks and NBFC, the Board decided to create a specialised supervisory and regulatory cadre within the RBI.
  • RBI board suggested not extending a credit line to struggling NBFCs because it felt there was no systemic liquidity issue but there were solvency concerns in some large entities. The board also revised circular that would replace the controversial “resolution of stressed assets” framework released by the central bank on February 12, 2018.
  • The Reserve Bank of India told non-banking finance companies with assets size of over Rs. 5,000 crores to appoint a Chief Risk Officer (CRO) to improve the standards of their risk management.

SEBI Updates:

  • Sebi has issued norms for participation of mutual fund in commodity derivatives like gold, silver, crude, copper, guar, mentha etc. However, MFs won’t be allowed to take positions in sensitive commodities like agri products subject to frequent government intervention and the Essential Commodities Act. Effective May 21.

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
  • ndia’s petrol imports in July hit highest in at least eight years.

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.

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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