Corporate and Professional Updates

Corporate and Professional Updates on 26th August 2019

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.

RBI Updates:

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.

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Other Updates:

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.

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