Direct Tax Updates:
- CBDT has clarified that small start-ups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years from the year of its incorporation.
- Finance Minister withdraw enhanced surcharge levied on long and short-term capital gains, introduced a transparent mechanism to end alleged tax harassment of businesses, tried to ease liquidity flow to make loans cheaper in order to boost consumer demand and also unveiled certain steps to boost demand for cars to address the slowdown in the auto mart.
- No Deemed Dividend if Assessee was not a Shareholder when amount been advanced. The issue in the present ground is with respect to addition u/s 2(22)(e) of the Act. ACIT Vs M/s. Bhaawani Shankar Ginning Factory (ITAT Pune).
Indirect Tax Updates:
- Indirect tax dispute resolution scheme notified
- The government notified the indirect tax dispute resolution scheme which was announced in the Budget. The scheme will become operational from September 1, and will continue till December 31.
- The RBI board meeting on Monday to finalise its annual accounts, is also likely to take up the Bimal Jalan committee’s recommendations on Economic Capital Framework (ECF) along with the dividend payment to the government, sources said. The committee had submitted its report to the RBI Governor on Friday.
- The RBI follows a July-June financial year and the dividend is usually distributed in August after annual accounts are finalised. For FY20, the government has pegged a Rs 9,000 crore dividend from the RBI.
- Sources had earlier told IANS that the RBI may start transferring the first tranche of the surplus this calendar, based on the Jalan panel report. With economy facing a slowdown in key sectors, the government is looking at RBI dividends and surplus to step up public investment and tackle funding gaps. But any decision on capital transfers based on the panel’s proposals may not come on Monday as the board members may need more time to study the recommendations.
- India’s trade deficit widened with 25 nations in 3 yrs
- Cabinet approves award of 3 out of 6 airports to Adani
- Indian cos supplying to Huawei may face US sanctions
- Cabinet approves Code on Wages bill
- BSNL FY19 loss at over Rs 14,000 crore: Govt
- Icra cuts McLeod Russel’s rating to ‘default’ grade
- RBI to regulate housing finance firms, review assets
- Larsen and Toubro receives promoter’s tag in Mindtree with 60% stake
- CLP inks deal to buy 3 power assets from Kalpataru for Rs 3,275 cr
- Multiple triggers could boost Axis Bank’s return ratios, say analysts
- NCLAT reserves order on contempt plea filed against Reliance Infratel
- Indiabulls Fin to buyback NCDs, masala bonds worth Rs 2,705 cr in Sept
- Eris Lifesciences board approves buyback plan of up to Rs 100 cr
- Oil India to exit Russian oil block
- USFDA issues warning letter to Aurobindo Pharma
- Vedanta to spend $245 m to explore 10 OALP blocks
- Lupin gets USFDA nod for Cinacalcet tablets and intraocular solution
- Blackstone buys stake in L&T Business Park for around ₹700 crore
- RBI forms working group to review regulatory framework for core investment cos
- Drug regulator warns of hacking risk in Medtronic insulin pumps
- India urges Russia to consider energy consuming nations’ interest
- Service providers may now opt for GST composition scheme till July 31
- Jet suppliers go on merger spree trying to keep up with Boeing and Airbus output
- RBI forms working group to review regulatory framework for core investment companies
- Rupee edges 6 paise higher at 68.89 against US dollar
- Sensex, Nifty end marginally higher
- Govt neither divesting nor privatising ONGC: Pradhan
- MSP of kharif crops raised.
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.
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 firstname.lastname@example.org. Hope the information will assist you in your professional endeavors. For query or help contact: email@example.com or call at 09811322785/4- 9555555480.