Corporate and Professional Updates on 24th July 2019

Direct Tax Updates:

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  • Income Tax Return filing due date for the A.Y. 2019-20 has been extended to 31.08.2019, Vide F No. 225/157/2019/ITA.II dated 23-07-2019.

Indirect Tax Updates:

  • GST Department- Competent Authority lodged a first information report (FIR) against assesse under provisions of Code of Criminal Procedure, 1973 (Cr. P C) for offences punishable under sections 420, 467, 468, 471, 34 and 120-B of Indian Penal Code (IPC).

RBI Updates:

  • The Reserve Bank of India under Governor Shaktikanta Das has come up with a medium-term strategy framework aimed at fostering confidence in the internal and external value of the rupee and contributing to macroeconomic stability and regulating markets and institutions under its ambit to ensure financial system stability and consumer protection. 
  • The RBI is also aiming at strengthening the external communication framework to convey its roles and functions. The core purpose of this initiative is “to foster monetary and financial stability conducive to sustainable economic growth and to ensure the development of an efficient and inclusive financial system.” The mission is “to promote the economic and financial wellbeing of the people of India in terms of price and financial stability; fair and universal access to financial services; and a robust, dynamic and responsive financial intermediation infrastructure.” The RBI said these core purposes and values remain valid while a need was felt to have a mediumterm dynamic vision statement.

Other Updates:

  • IMF cuts India’s GDP growth forecast to 7% for FY20.
  • Infra, power segments depress L&T Q1 earnings.
  • HUL net up 15%; Q1 volume growth weak at 5%
  • NCLAT’s Essar Steel order not applicable to Ruchi Soya
  • DHFL’s insurance arms solvent, safe: IRDAI chief.
  • NSE excludes Reliance Infra, Reliance Capital from F&O segment
  • IGPC wants banks to be allowed to buy gold, become bullion bankers
  • Brookfield’s plan to acquire cash-strapped Suzlon hits a roadblock
  • Rana Kapoor, Morgan Credits pledge 7.34% stake in YES Bank with lenders
  • Zee Entertainment reports 62.6% hike in Q1 net profit at Rs 530 cr.
  • Promoter stake in Cox & Kings down to 39% over payments default
  • SEBI may moot peer review mechanism for credit ratings
  • Motor Vehicle Amendment Bill gets green signal in Lok Sabha
  • Fitch, Moody’s cut Boeing’s credit rating outlook to negative
  • Reliance Industries’ stake sale talks with Saudi Aramco hit roadblock
  • Tata Power plans ₹2,500-cr asset sale to pare debt
  • Moody’s assigns ‘Baa3’ rating to Hero FinCorp
  • Oriental Bank of Commerce Q1 net profit at₹113 crore
  • RBI names Kanungo to run monetary policy portfolio after Viral Acharya quits
  • Aditya Birla Sun Life MF’s debt investors face cliff edge risk
  • Supreme Court extends NRC deadline to 31 August
  • RBI launches medium-term strategy framework Utkarsh 2022
  • RIL denies Oberoi Hotels stake buy report; says, no plan to buy EIH shares from ITC
  • Investments in Kisan Vikas Patra to now double in 9 years 5 months: FinMin
  • Capex revival 12-18 months away, says Larsen and Toubro
  • Rupee settles almost flat at 68.94 against US dollar
  • Sensex, Nifty end lower for 4th day; bank, auto stocks drag
  • IndusInd Bank plans to raise up to Rs 20,000 cr by issuing bonds
  • Crude oil up 0.28 per cent on upbeat global cues
  • Supreme Court cancels Amrapali registration, asks NBCC to complete projects

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.

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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