Corporate and Professional Updates on 6th April 2019

Corporate and Professional Updates on 6th April 2019

Direct Tax Updates:

• 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.
• 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.
• 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.
• 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.

 

RBI Updates:

• RBI has taken a lot of action for infusing additional liquidity into the system –– not only by way of open market operations, but also through the currency swap,” central bank Governor Shaktikanta Das said on Thursday after the monetary policy review. “We have already infused enough liquidity. There has to be effective transmission of rates; we are very particular on this.”
• Corporate and individuals pay advance tax and goods and services tax, resulting in shortage of money in the system. The cash shortage has narrowed in FY20. The RBI Governor also scotched market speculation that the swap auction would become RBI’s primary liquidity management tool. “With regard to OMOs and currency swap …the currency swap auction is an additional instrument we have added to our toolkit to deal with liquidity,” Das said. “We will use all tools to infuse liquidity, depending on the requirement and other relevant factors.”
• Cash availability in the banking system is crucial for deriving the true benefits of policy rate cuts. If the banking system is running an acute cash shortage, interest rates are unlikely to head south in line with the RBI’s policy or repo rate, the rate at which banks borrow short-term money from the central bank.

Other Updates:

• 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.
• 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.

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 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19

• More updates :CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK

  More updates:CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER SECOND WEEK