Corporate and Professional Updates on 28th March 2019

Direct Tax Updates:

  • CBDT notifies the Securities and Exchange Board of India Regulations, 1996 for the purposes of the section 9A of the Income Tax Act.
  • Staring at a shortfall in direct tax collection, Central Board of Direct Taxes (CBDT) Chairman P C Mody took a meeting of senior tax officials in Mumbai on Tuesday to review collection figures ahead of the deadline of advance tax payment this Friday. So far the tax department has collected a little less than Rs 8 trillion against the target of Rs 12 trillion for the current financial year. According to sources, the CBDT has directed principal chief commissioners and chief commissioners to observe major advance taxpayers of the Mumbai region and to provide day-to-day updates to the apex body, besides seek explanation from companies if there is negative advance tax outgo.

Indirect tax updates:

  • CBIC Notifies Changes in Format of Shipping Bill for Export of Goods
  • Businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms. The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the taxpayers to view and download a report on tax liability as declared in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return).
  • While GSTR-1 for a month is filed by the 11th day of the succeeding month, GSTR-3B is filed and taxes paid by the 20th day of the succeeding month. GSTN, in a statement said, since GSTR-1 and GSTR-3B are filed independent of each other, a need was felt to provide facility to view liability declared in both the forms at one place. The new facility enables the taxpayers to view these two liabilities in one table for each return period at one place, which can be compared.

RBI Updates:

  • The Reserve Bank of India (RBI) on Tuesday infused Rs. 34,561 crore into the banking system in exchange for dollars, in its first dollar-rupee swap auction. In a statement, the central bank said the auction received bids for dollar 16.31 billion, approximately three times the notified amount. Through the auction, RBI bought dollars totalling dollar 5.02 billion at a premium of Rs. 7.76, which works out to an annualized rate of 3.76% from authorized dealers and paid them rupees in return. After three years, these banks will buy back the same amount of dollars at the premium offered

SEBI Updates:

  • SEBI came out with guidelines for business continuity plan and maintaining disaster recovery site for market infrastructure institutions, including clearing corporations. In June 2012, the watchdog prescribed framework for Business Continuity Plan and Disaster Recovery Site for stock exchanges and depositories.
  • The Securities and Exchange Board of India has deferred the implementation of tighter norms for royalty payments by listed companies by three months. The new rules will require companies to seek shareholder approval for payments made to related parties towards brand usage or royalty in excess of 2% of the company’s annual turnover. This rule was to come into effect from next month.

Other Updates:

  • NCLAT sets aside Jyoti Structures liquidation
  • Gold imports dip 5.5 pc during April-Feb to $29.5 bn
  • Reliance Communications Enterprises pledges 12.50 crore shares of RCom with IndusInd Bank
  • ‘Regulatory sandbox’ norms for fintech firms in 2 months: Shaktikanta Das
  • HDFC To raise Rs 3,000 crore through NCDs
  • KPTL to buy 85 % stake in Swedish firm for $24 m
  • Tata Power-backed company to sell power from Prayagraj plant without discount
  • IndianOil, BPCL arm bag entire stake in Abu Dhabi block
  • Food inflation likely to go up to 2% in FY20: Report
  • Sun Pharma gets observation from USFDA for Gujarat plant
  • Fortis facilitating PE stake sales in SRL Diagnostics
  • Tata Power inks pact to sell EEPL for $11 million
  • US markets extend losses as treasuries advance
  • France, China sign 15 commercial deals, including with Airbus, EDF
  • Edelweiss eyes $1 billion corpus for latest fund
  • Netmeds buys health tech startup KiViHealth, draws up $10-million investment plan
  • Credit and debit cards make for over half of electronic payments volume: RBI Governor
  • Axis Bank eye branch expansion to match HDFC Bank, ICICI Bank
  • IGST-credit-first rule: Taxpayers unsure of GSTN fiat’s legal status
  • IREDA likely to blacklist Birla Sunlife Mutal Fund
  • Coal makes way for solar energy in United States
  • Syndicate Bank extends deadline for ESPS till March 30
  • Jet to start operating 75 planes by April-end: Govt
  • PFC to pay entire Rs 14,500 crore for REC acquisition
  • Europe adopts copyright reform in blow to tech giants
  • NCLAT stays notice for RCom’s spectrum cancellation
  • Uco Bank gets Rs 14,000 crore windfall
  • NCLT probes Sterling lenders on absconding promoters
  • FTC seeks more information to review Bristol-Celgene’s $74 billion planned merger
  • High Court allows Vedanta to take part in Nalco’s alumina sale tender
  • HCC to raise Rs 1,750 crore through monetisation of claims
  • Trai to hold consultation with BSNL, MTNL on 4G spectrum allocation: Govt
  • RBI accepts $5 bn from banks at currency swap auction to ease liquidity
  • NCLT asks RP of Jyoti Structures to submit revised resolution plan
  • Centre may look at diluting stake in PSUs to below 51% without ceding control
  • L&T bags ₹352-cr solar plant order from Raasi Green Earth
  • ‘Domestic tractor sales may log double-digit growth this fiscal’
  • ‘India maintains lead in consumer optimism’
  • SAIL supplies first batch of LHB wheels to Railways
  • ITC’s John Players now part of Reliance Retail’s wardrobe
  • RBI sets high cut-off premium at debut dollar/rupee swap auction
  • ‘India now seeing more buyout-style transactions’: PwC’s Sanjeev Krishan
  • RBI slaps ₹2 crore penalty on PNB for violating SWIFT norms
  • L&T makes open offer to buy 31% in Mindtree for ₹5030 crore
  • Allahabad Bank to raise ₹4,000 crore equity capital via various modes
  • India becomes second largest market for Marks & Spencer after UK
  • Rail Vikas Nigam IPO fixes price band at Rs 17-19 per share; to start this Friday
  • JCB to start new production facility in Gujarat; invests Rs 650 crore
  • Nirav Modi case: NCLAT notice to corp affairs ministry on PNB ex-CEO’s plea
  • BoB to develop agri-digital platform; inks 6 MoUs
  • Sensex zooms 425 pts on global rebound ends up at 38,233.41; Nifty above 11,450
  • Goldman too warns against yield curve panic
  • Jet Air buyer will have to bring in Rs 4,500 crore
  • Bank of Baroda to Raise up to $1b by Selling Bonds Abroad
  • Currency in circulation dips since note ban
  • Digital adoption may result in economic growth: Report
  • MERC approves 700 MW PPA of Tata Power for 5 yrs
  • Sale of UBHL shares of Mallya fetch Rs 1,008 cr: ED
  • UK to not impose any new tariffs on Indian seafood exporters after Brexit
  • Govt to crack down on mills for selling sugar below MSP, letter warns
  • Sebi defers implementation of new royalty payment corporate code
  • Adani becomes 1st Indian port operator to record 200 MT cargo movement
  • NCLT approves revised resolution plan for Jyoti Structures
  • India produces 8.74 MT crude steel in February: worldsteel
  • CBDT raises alarm as direct tax collection falls short
  • Tata, GIC to buy stake in GMR Airports for Rs 8,000 cr
  • NTPC raises $450 million from global markets
  • L&T Hydrocarbonbags large order from Oman
  • DLF QIP issue subscribed two times; to raise Rs 3,200 crore
  • Dr Reddy’s China focus will require deft manoeuvring
  • Govt may ease norms for EVs to qualify for FAME incentives
  • Essar Steel CoC meets over payout of Arcelor Mittal’s ₹42,000 crore offer.
  • Gold prices fall for second day, silver bucks trend.
  • HC refuses to stay proceeding in defamation case against Ratan Tata, others.
  • RIL to gain from personal data laws: Merrill Lynch.
  • India-US joint crackdown on tax evasion by MNCs.
  • City gas distribution rights to help oil marketing firms diversify, says Fitch Ratings.
  • Mindtree drops share buyback plan, panel to look into open offer by L&T.
  • Raghuram Rajan joins the chorus, says GDP growth numbers may be overstated.
  • Tatas to enter airport business with GMR stake buy.
  • Consumption Fund from ICICI Prudential Mutual Fund.
  • Infected US shale oil faces rejection in Asia.
  • Changes in APEDA Act, Essential Commodities Act required to help farmers.
  • Rupee settles marginally lower at 68.88 vs US dollar

Key Due dates:

  • Due date March 31, 2019 is the last day for filing of the belated income tax return (ITR) for the Financial Year 2017-2018.
  • Due date March 31, 2019 is the last day of tax planning for the Financial Year 2018-2019.
  • Due date March 31, 2019 is the last day for filing of revised income tax return (ITR) for the Financial Year 2016-2017.
  • Due date March 31, 2019 is the last day for linking of Aadhaar number with the PAN.
  • ITC in respect of the invoices issued during 2017-18   may be availed till the due date of GSTR 3B for the month of March 2019.
  • The Due Date of GSTR-3B for the month of March 2019 is 20th April 2019.
Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

Recent Posts

Reducing Compliance by Review of CIRP Forms

IBBI issued a discussion paper for Reducing Compliance by Review of CIRP Forms The Insolvency and Bankruptcy Board of India… Read More

1 day ago

Eligibility U/S 197 for Certificate for Lower TDS Deduction

Eligibility U/S 197 for a certificate for Nil or lower TDS deduction Income Covered & Eligibility Condition of Apply U/s… Read More

1 day ago

Interpretation of “May be Taxed” in DTAAs

Interpretation of "May be Taxed" in DTAAs In the context of Double Taxation Avoidance Agreements (DTAAs), the terminology used to… Read More

3 days ago

GSTN rolls out form for tobacco manufacturers to Report I/O

GSTN rolls out form for tobacco manufacturers to report inputs, outputs to tax authorities GSTN rollout for tobacco manufacturers to… Read More

1 week ago

12A CIRP Withdrawal can’t be postponed until CoC Constituted

12A CIRP withdrawal application cannot be kept pending for constitution of CoC Indeed, the Insolvency and Bankruptcy Code (IBC) was… Read More

1 week ago

Statutory Compliance Calendar 2023-24

Statutory Compliance Calendar 2023-24 Statutory Compliance Due date for the May 2024 Income Tax and GST Due Date Calendar of June… Read More

1 week ago
Call Us Enquire Now