Corporate and Professional Updates on 24th May 2019

Direct Tax Updates:

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  • CBDT wants religious and charitable trusts that enjoy tax exemption on their income to be more open about their affairs. The apex direct tax policy making body has sought public comments on a set of draft rules that modifies an over four decade old audit report format for these entities.
  • Senior citizens with a taxable income of up to Rs 5 lakh can now submit in banks and post offices Form 15H to claim exemption from TDS on interest income on deposits, according to a CBDT notification. Earlier, the limit for seeking Tax Deducted at Source (TDS) exemption was Rs 2.5 lakh. The Central Board of Direct Taxes (CBDT) has issued a notification amending Form 15H to give effect to the Budget announcement. The Union Budget 2019-20 has given full tax rebate to individuals having a taxable annual income of up to Rs 5 lakh, benefitting around 3 crore middle class taxpayers.
  • The amendments by the CBDT states that banks and financial institutions would accept Form 15H from assessees whose tax liability is ‘nil’ after considering rebate available under Section 87A of the Income Tax Act, 1961. Senior citizens, above 60 years of age, have to submit Form 15H to banks at the beginning of a financial year to ensure that no tax is deducted at source on interest income. To provide tax relief to the taxpayers earning income up to Rs 5 lakh a year, the Budget increased the rebate under Section 87A from Rs 2,500 to Rs 12,500, thereby ensuring that those earning income up to Rs 5 lakh do not have to pay any taxes.

Indirect Tax Updates:

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  • GST Authority has come out with a draft of a new and simplified return form. The new form is expected to be formally rolled out in July. Through this exercise, made public on Wednesday, the authority aims to obtain feedback on the user interface and its functionalities.

Other Updates:

  • India’s rating hinges on policies of new govt: Moody’s
  • Adani Ports to set up first container terminal outside India in Myanmar
  • De-growth in domestic traffic due to Jet Airways grounding: Icra
  • DP World acquires 76% stake in KRIL
  • Startups to restart talks on issues with govt
  • Modi’s big win signals strong GDP growth to continue
  • EPFO may suspend investment in private sector bonds, say sources
  • Nippon Life, Reliance Capital sign deal for sale of mutual fund arm
  • GIC Q4 PAT down 19.7% at Rs 603 cr on provisioning for IL&FS exposure
  • Basmati exporters hold shipments to Iran fearing payment defaults
  • Domestic pharma companies eye robust growth from US market in FY20
  • Steel Strips Wheels bags orders for 400,000 wheels
  • New govt to award lease rights for 6 non-metro airports to Adani
  • Hindujas may invest₹1,500 cr in Jet
  • Stable govt to boost economic growth, foreign fund flow: India Inc
  • After OFS, promoter stake in Adani Green reduces to 80%
  • China says door open to trade talks, but slams tech controls
  • Spectrum auction, 5G trials top Telecom Ministry agenda for new government
  • Stock market wealth grew by ₹75 lakh cr since Modi-led NDA won polls in 2014
  • Liberalization of debt financing norms: The need to evaluate investment models
  • DHFL Pramerica MF merges schemes with risk debt, launches side pocket in 2 FMPs
  • BJP’s victory to improve biz sentiment, boost pvt investment: Fitch
  • EU, China, Thailand join hands against India’s ICT products tariff
  • Ola Fleet Tech gets Rs 40-crore loan from Tata Motors Finance
  • April witnesses 96% fall in M&A deal values: Report
  • Rupee pares gains, settles 36 paise down at 70.02           
  • Sensex sheds 298.82 to close at 38,811; Nifty shrinks to 11,650
  • Paytm Payments Bank posts profit of Rs 19 cr in FY’19
  • Hulst BV acquires additional 98,100 shares in NIIT Technologies

Key Due Dates:

  • Deposit of TDS /TCS for the month of April for purchase of property is 30th May 2019.
  • TDS return for March Quarter By all Deductors is 31st May 2019.

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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Legal Disclaimer:
This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. All efforts and measures have been taken to assure the accuracy and correctness of the information presented in this update but cannot be guaranteed in any manner. We are not obligated to any responsibility or liability to any one for any damage or loss incurred by going with the information given in this update.

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