Corporate and Professional Updates on 4th May 2019

Corporate and Professional Updates on 4th May 2019

Direct Tax Updates:

• CBDT released data that after clocking steep growth of 25% in the three years to FY18, the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% lower than 6.74 crore filed in FY18.
• Income tax department has released the software utility in excel format for filing ITR2 for FY2018-19. It is to be used by individuals having capital gains or more than one house property but not by those individuals having income from business and profession.

Indirect Tax Updates:

• GSTR-9 is merely a compilation of data filed in GSTR-3B and GSTR-1. As per the instructions of the form GSTR-9, it is stated that information of outward supplies ‘may’ be derived from Form GSTR 1. Hence, so far as Outward supplies and tax payable in the annual return is concerned, the same are to be extracted from Form GSTR 1 only.

Other Updates:

• Almost 1 million being evacuated as Cyclone Fani nears India
• Samsung to make more in India, invest Rs 2,500 cr
• PMO reviews 59-minute loan scheme, Rs 37,870 crore disbursed
• CIL plans 530 mn tonnes of fuel for power plants in FY20
• PNB Housing Finance to mop up $1 billion from foreign markets
• Air traffic growth hits 5-yr low in FY19 at 11.6%; cargo at 6%
• Amrapali’s lawyers given flats & penthouses: Forensic auditors to SC
• Kamdhenu Ltd net profit up 43% to Rs 22 crore in FY19
• Shapoorji Pallonji Real Estate partners with Lokhandwala Infra.
• NBFC crisis may push up borrowing costs for real estate developers
• Centre’s tax revenue at Rs 13.2 trillion in FY19, missed target by 11%
• Rs 7 trillion of corporate papers downgraded since start of IL&FS fiasco
• Two-wheeler sales fall in April as makers avoid stockpiling at dealerships
• Agritech start-up Ninjacart may tie up with supermarkets for groceries
• Tata Power Q4 net profit drops 92%; declares dividend of Rs 1.30 per share
• India again postpones US tariffs on high-value goods with eye on GSP
• Govt plans to reduce GST rate and basic customs duty on gold
• Chanda Kochhar misled RBI on $365 million loan to Essar group firm despite red flag.
• Demonetisation effect wanes, income tax returns shrink in FY19
• Slowdown in India’s economy, growth may ease to 6.5% in Q4FY19.
• Dvara KGFS raises Rs 97 crore in Series E round
• Bandhan Bank Q4 net soars 68%, asset quality improves
• Buybacks, IPOs, strategic deals lead disinvestment process in FY19
• Dabur India posts 6% decline in Q4 profit
• TechM to deploy blockchain solution to curb spam calls
• Axis RERA Fund invests Rs 60 crore in Chennai’s Akshaya Group
• India eyes Guyana as Iran oil supplies end.
• CLP may buy Morgan Stanley’s wind assets
• Tesla plans to raise $2 billion from stock, bond offerings
• Bombay Dyeing posts net profit of ₹1,253.33 crore in March quarter
• BSE to conduct mock trading session for various segments on May 4
• TPG’s Asia Healthcare agrees to buy Nova IVI.
• Hindustan Zinc Q4 profit falls over 19% at ₹2,012 crore
• Standard Life to sell 1.78% stake in HDFC Life for ₹1,404 crore
• JSW enters paints business with ₹600 crore investment.

Key Due Dates:

• Payment of TDS Deducted in April is 7th May 2019.
• GSTR-1 Due Date for the month of April 2019 is 11th May 2019.
• GSTR-3B for the month of April 2019 is 20th May 2019.