Corporate and Professional Updates on 3rd August 2019

Direct Tax Updates:

  • Income Tax department launched ‘e-filing Lite’, a lighter version of online ITR filing facility, on Thursday to facilitate the easy and quick filing of returns by taxpayers.
  • CBDT notified that it is mandatory to quote your Aadhaar number while filing ITR unless specifically exempted. The notification further specifies that tax return cannot be filed either electronically or manually without quoting Aadhaar number. To quote your Aadhaar number in your ITR, additional spaces have been provided.

Indirect Tax Updates:

  • GST collection was above Rs 1 trillion in July, mainly on account of higher mop-up under the integrated GST. GST collection at Rs 1.02 trillion in the month was slightly more than 2 per cent higher than the Rs 99,939 crore in June and 5.8 per cent higher than the Rs 96,483 crore in July last year.

MCA Updates:

  • MCA Charge filing fees new structure wef 1 August 2019: 1. Within 30 days – Normal Fees, 2. Delay Up to 30 days – 6 times normal fees, 3. Delay More than 30 days and up to 90 days – 6 times normal fees plus ad valorem fees 0.05% of amt secured by charge subject to maximum of Rs.5 lacs.Note: 120 days and above charge will not be taken on record by MCA.
  • MCA has notified the Companies (Amendment) Act, 2019 and the provisions of which, shall be deemed to have come into force on the 2nd day of November, 2018, except sections 6, 7 and 8, clauses (i), (iii) and clause (iv) of section 14, sections 20 and 21, section 31, sections 33, 34 and 35, sections 37 and 38 which shall come into force on such date as the Central Government may notify.

Other Updates:

  • PV volumes to come under further pressure in August
  • Honda Cars sales dip 49% to 10,250 units in July
  • Airtel reports Q1 loss of Rs 2,866 crore
  • Economic woes not as bad as 1991: Ex-RBI dy guv
  • Tata Motors cuts Tigor EV price by up to Rs 80,000
  • L&T gets shareholders’ nod to raise Rs 4,000 crore via securities
  • Auto sales in July fall for 9th consecutive month due to poor demand
  • Govt to issue overseas sovereign bonds in tranches: FinMin official
  • CRISIL revises down India’s GDP growth estimate to 6.9% for FY20
  • India, world’s No. 2 coal buyer, plans to cut imports by a third in 5 years
  • MFs’ Essel group exposure likely to fall by 30-50% after Zee stake sale
  • Jeff Bezos sells Amazon shares worth $1.8-bn , reduces stake to $110 bn
  • Life insurance industry likely to see 14-15% growth: CARE
  • Banks free to have separate caps for lending to power, renewables sectors: RBI to Centre
  • DoT may get less than 50% of₹92,000 cr AGR dues from telcos
  • Voltas eyes ₹50-cr business from Kerala this Onam
  • Suzuki Motorcycle India sales up 18% in July
  • Ashok Leyland July sales down 28% at 10,927 units
  • US to slap 10% tariff on $300 billion more in Chinese goods: Donald Trump
  • RBI allows Bank of China to offer regular banking services in India
  • Normal monsoon likely in August, September: IMD
  • Marico Q1 net profit up 21.6% to ₹315 crore
  • SEBI sends letter to MFs detailing 23 lapses in FY 17
  • Shapoorji Pallonji’s solar EPC business announces ₹3,125 crore public offer
  • PNB plans aggressive recoveries to contain gross NPA below 12%
  • NCLAT sets aside order directing return of land to Jaypee Infratech
  • Amazon.in inks lease pact with GMR Hyderabad Airport City
  • Tata Power consolidated Q1 net falls 87 pct year-on-year
  • TVS Motor July sales down 13 per cent at 2,79,465 units
  • Sensex tanks over 450 points, Nifty finishes below 11,000-mark
  • Finance Minister Sitharaman to meet CEOs of PSU banks on Friday
  • Coal India to spend Rs 700 cr to procure 40 rakes

Key Due Dates:

  • 7 August: EQUALIZATION LEVY DEPOSIT- Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non  Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
  • 10 August: GSTR-7 RETURN FILLING DUE DATE – Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous   quarter.
  • 10 August: GSTR-8 RETURN FILLING DUE DATE – GSTR-8 is a return to be filed by e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
  • 11 August: GSTR-1 RETURN FILLING DUE DATE – GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
  • 13 August:  GSTR-6 RETURN FILLING DUE DATE- Due Date for filing return by Input Service Distributors for previous month.
  • 15 August:  PROVIDEND FUND / ESI DUE DATES- Due date for payment of Provident fund and ESI contribution for the previous month.
  • 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
  • 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
  • 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
  • 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.

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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