Corporate and Professional Updates on 3rd June 2019

Corporate and Professional Updates on 3rd June 2019

Direct Tax Updates:

• Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. CBDT to file the restoration application with the National Company Law Tribunal (NCLT). MCA will support their stand.
• Income tax Due date for filing returns for Financial year 2018-2019 is 31 July 2019.So, Provide all required Documents for filling your Income tax Return AY 19-20 as soon As  possible. penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5 Lakhs.
• Income Tax Department continues to focus and enhance the skills of Assessing Officers to detect black money laundered through shell companies. At the Direct Taxes Regional Training Institutes, AOs have been asked to look closely at books of accounts and income tax returns for current liabilities, loans and advances, which could be used for tax evasion.

Indirect tax Updates:

• GST Council has set up two sub-groups to look into the policy and technical aspects, such as turnover threshold and mode of generation, for e-invoice generation by businesses. While one sub-group will examine the business process, policy and legal aspects for generation of e-invoice, the other will recommend technical aspects for its roll-out.
• The GSTN  said it has started offering free accounting and billing software to MSMEs with an annual turnover of up to Rs 1.5 crore, which would benefit about 80 lakh small businesses. This software would help businesses create invoices and account statements, manage inventory and prepare GST returns.

Other Updates:

• Aluminium body cautions govt about China
• WTO warns trade weakness to continue in Q2
• Australian election results bode well for Adani
• India adopts new standards for measuring units
• Irdai proposes to increase 3rd-party insurance premium
• MNC boardrooms open doors to Indian women leaders
• Power sector’s outstanding regulatory assets at Rs76,963 cr
• Full blow trade war will push world towards recession: Morgan Stanley
• Tata Motors profit dips 47 % in Q4
• WTO quarterly trade growth indicator still at nine-year low
• HPCL Q4 net profit jumps 70% on inventory gains
• Gold imports rise 54% to $ 3.97 billion in April
• Ford to cut about 10% of global salaried workforce
• BPCL Q4 net profit rises 16% to 3,125 cr; revenue up 10% at 83,942 cr
• Bitcoin roars back from ‘flash crash’ to breach $8,000 once more
• Bank credit to infra sector grows 18.5% in FY19: RBI data
• TRAI says up to government to take a call on Huawei issue
• ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Company tells NCLAT

Stock market Updates:

• Dr Reddy’s to spend $300 million on R&D in FY 20
• Investor wealth soars Rs 5.33 lakh cr as exit polls predict return of NDA govt
• Evaluating Jet Airways opportunity, says Hinduja Group
• NCLAT reserves order on ArcelorMittal
• PNB may take control of 2-3 small state-run banks
• Tech Mahindra inks defence contract worth Rs 300 cr
• HPCL to borrow Rs 8K cr in FY20 to fund expansion
• Co-location: NSE moves Securities Appellate Tribunal against Sebi rulings
• ICRA downgrades long-term rating for IDFC First Bank from AA+ to AA
• High-level committee submit strategies on reducing import: Oil ministry
• RBI to establish supervisory body to strengthen regulation of banks & NBFCs
• Corporation Bank plans to trim slippages by 50% to Rs 4000 crore in FY20
• EPFO looks to pull back NBFC investments to avert default risk
• India’s thermal coal output seen growing 4.3% annually till 2028: Report
• 68% Indians feel job market has improved in last 5 years: Survey
• Sebi permits mutual funds to participate in commodity derivatives
• New Indian government faces crucial foreign policy decisions, say US experts

Key Due Dates:

• The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
• Due Date of GSTR-3b For the Month Of May is 20th June 2019.
• The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
• Annual Return For Registered Tax Payers is 30th June 2019.