Corporate and Professional Updates on 5th April 2019

Corporate and Professional Updates on 5th April 2019

Income Tax Updates:

• The Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20. While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised.
• Individuals, firms and companies have to file returns for the income earned in 2018-19 during the course of current fiscal. ITR-1 is filed by individuals having a total income of up to Rs 50 lakh, having income from salaries, one house property, other sources (like interest), and agricultural income up to Rs 5,000.
• ITR-2 is filed by Individuals and HUFs not having income from profits and gains of business or profession, while ITR-3 is filed by individuals and HUFs having income from profits and gains of business or profession. ITR-4 or Sugam is meant for individuals, HUFs and firms (other than LLP) having a total income of up to Rs 50 lakh and having presumptive income from business and profession.
• Those filing ITR-3 and ITR-6 (companies) will have to disclose information regarding turnover / gross receipts reported for Goods and Services Tax included now in ITR-3 and ITR- 6 also. Last year, it was applicable only for those assessees filing ITR-4.The last date of filing Income Tax Return (ITR) is July 31 for those who are not required to get their accounts audited.
• CBDT has amended Rule 12 of the Income Tax Rules, 1962 w.e.f 1.4.2019 which provides forms and manner of furnishing of return of income. The amendments have been made for AY 2019-20.
• A CBDT with an intent to give effect to the Judgement(s)/order(s) of Hon’ble Supreme Court on Aadhaar-PAN for filing return of income, has mandated to quote Aadhaar while filing the return of income unless specifically exempted as per any notification issued under sub-section (3) of section 139AA of the Act.
• CBDT said 6.87 crore Income Tax Returns were filed during FY 2017-18 as compared to 5.48 crore ITRs filed during FY 2016-17, translating into a growth of 25 per cent. Also, during FY 2017-18, the number of new ITR filers increased to 1.07 crore as compared to 86.16 lakh new ITR filers added during FY 2016-17.

RBI Updates:

• The Reserve Bank of India has issued notification with respect to Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) or any other place of business in India by foreign entities.The Reserve Bank of India has issued notification with respect to Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) or any other place of business in India by foreign entities.
• Central Bank has advised that no prior approval of the Reserve Bank of India shall be required, if Government approval or license/ permission by the concerned Ministry/ Regulator has already been granted for opening of a BO/LO/PO or any other place of business in India where the principal business of the applicant falls in the Defence, Telecom, Private Security and Information and Broadcasting sector.
• The RBI has announced the revised Bank Rate, which is revised downwards by 25 basis points from 6.50 per cent to 6.25 per cent with immediate effect. All penal interest rates on shortfall in reserve requirements, which are specifically linked to the Bank Rate, also stand revised as Bank Rate plus 3.0 percentage points (9.25 per cent) or Bank Rate plus 5.0 percentage points (11.25 per cent).
• Bank Rate refers to the official interest rate at which RBI will provide loans to the banking system which includes commercial / cooperative banks, development banks etc. Such loans are given out either by direct lending or by rediscounting (buying back) the bills of commercial banks and treasury bills.
• Thus, bank rate is also known as discount rate. When RBI increases the bank rate, the cost of borrowing for banks rises and this credit volume gets reduced leading to decline in supply of money.

 

Other Updates:

• Maruti cut vehicle production by 21% in March
• Will work for better transmission of rates: RBI Guv
• India’s spend on R&D low: Niti Aayog chief
• Banks may lose over Rs 90,000 crore as Videocon sinks
• Govt mulls attractive VRS for BSNL, MTNL revival
• No consensus on release of funds for Jet Airways
• Fitch retains India’s credit rating at ‘BBB-‘ with a ‘stable outlook’
• Govt sells Rs 1,150 cr ‘enemy’ Wipro shares, state-owned firms major buyers
• Mukesh Ambani, Sunil Mittal consider competing for stake in Zee: Report
• Govt close to meeting fiscal deficit target of 3.4%: Economic Affairs Secy
• USFDA clearance may strengthen Cipla
• PVR files complaint with SEBI against Ronnie Screwvala’s allegations
• JSW Living ventures into steel furniture business
• IL&FS Financial Services gross NPA at 90%: Uday Kotak
• Dispensing more cups of coffee, Shell also sells fuel
• M&A deals in India declined 17% to $25.8 billion in Jan-Mar: Report
• Lenders to invite bids for Jet Airways stake sale on 6 April
• New government to announce proposed industrial policy: Suresh Prabhu
• Govt may cap export of anti-rabies vaccine
• India will be a big market for H&M globally.
• Fitch raises alarm over India’s high joblessness, rural distress
• IndiGo is Asia’s best low cost airline; bags award by TripAdvisor
• Tencent mops up $6 billion in huge dollar bond sale
• Motilal Oswal raises Rs 850 crore via India Realty Excellence Fund
• Rupee slumps 76 paise to 69.17 vs USD post RBI policy
• Sensex ends 192 points lower post RBI policy
• Reliance Jio Digital Services acquires AI firm Haptik in Rs 700 crore deal.

Key Due Dates:

• 10-04-2019 – GSTR 8 for E-Commerce operators for the m/o March 2019.
• 10-04-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o March 2019.
• 11-04-2019 – GSTR-1 for the month of March 2019 for taxpayers with Annual Aggregate turnover More than 1.50 Crore.
• 13-04-2019 – GSTR-6 for Input Service Distributor.
• 18-04-2019 – Quarterly return for taxpayers opting for Composition Scheme(GSTR-4)
• 20-04-2019 – GSTR-3B for the m/o March 2019.
• 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
• 14-04-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o Feb’19.
• 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
• 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.

• More updates:INCOME TAX UPDATE 18 NOVEMBER 2015

  More updates:INCOME TAX UPDATE 14 NOVEMBER, 2015