Corporate and Professional Updates on 29th August 2019

Direct Tax Updates:

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  • Due date for submitting income tax returns is 31st Aug 2019 for all cases in which income tax audit is not mandatory.
  • Task force on direct tax code has recommended abolishing the dividend distribution tax while retaining the longterm capital gains tax and securities transaction tax, a source in the know of the matter said.

RBI Updates:

  • RBI’s balance sheet should be strong enough to support banks if there is a need to recapitalise them during a financial crisis, said the report of the committee to review the economic capital framework (ECF) of the central bank.
  • RBI Governor may have ruled out an Asset Quality Review for NBFCs, but an ongoing central bank inspection of the books of non-bank companies shows that the exercise is as stringent as the official scrutiny that had earlier pushed high-street lenders to declare higher bad loans.

Other Updates:

  • New FDI rules to lure Apple, Oneplus, others: ICEA
  • Cabinet clears Rs 6,268 crore sugar export subsidy
  • US-China trade dispute presents opportunity for India
  • DGCA calls urgent meeting with Indigo, GoAir
  • Voda gets nod to raise share capital to Rs 50K cr
  • India Ratings cuts growth forecast for FY 2019-20 to 6-year low at 6.7%
  • Govt okays 100% FDI in contract mfg, eases rules for single brand retail
  • Moody’s downgrades YES Bank’s ratings, changes outlook to negative
  • After EOI submission, Synergy Group eyes 49% stake in Jet Airways
  • IOC to invest Rs 2 trn in 5-7 yrs, develop a new energy storage technology
  • Iran suggests barter trade with India for sectors like agri, drugs
  • Govt mulls scrapping cap on foreign investment in coal mining
  • Piramal Enterprises defers NCD plans
  • NCLT allows IL&FS to sell seven wind assets to Orix for Rs 4,800 cr
  • Every economy faces headwinds, India no exception: Vedanta
  • Indian Oil to build a 1 GW electric vehicle battery plant
  • Gains from massive bond buying helped transfer higher surplus: RBI
  • Moody’s revises Indian steel producers’ outlook to negative
  • IIFL Wealth to acquire L&T Finance’s wealth management business
  • Trai issues draft of broadcasting and cable services interconnection regulations
  • Despite climate concerns, India further opens up its coal sector.
  • Iran to open bank branch in India in 2-3 months to boost trade
  • Iran, India could seal preferential trade agreement by 2019 end: Iranian envoy
  • US-China trade dispute presents opportunity for India, says DBS report
  • Every economy faces headwinds, India no exception: Vedanta
  • Gold nears Rs 40,000; silver soars Rs 2,110
  • Rate cuts not enough to re-fire damp India housing market: Report
  • Government weighing options on using RBI payout
  • Nestle India will replace Indiabulls Housing Finance in the Nifty-50 Index

Key Due Dates:

  • 31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 30 November: 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 November: 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 November: 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 November: 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.

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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