Corporate and Professional Updates on 7th June 2019

Direct Tax Updates:

• 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.
• CBDT releases draft notification proposing new audit report for Trust/Institution. Notification F No 370142/6/2019-TPL, dated 21-05-2019. stakeholders are requested to provide inputs on draft Form no. 10B electronically.
• CBDTs Notification 36/2019”, dated 12th April, 2019 the format of TDS Statement in Form No. 24Q, Annexure-II has been revised. The Notification shall come into force w.e.f. 12th May’ 2019. The Form 16 and 24Q have been amended to make them more elaborative.

RBI Updates:

• The repo rate, at which the RBI lends to banks, was cut to 5.75% from 6%, the lowest it’s been since 2010. The cash reserve ratio and statutory liquidity ratio remained unchanged. An ET poll of 28 analysts and economists had predicted a quarter point cut. The Reserve Bank of India lowered interest rates for the third time in succession — to a nine-year low—and shifted its monetary stance to ‘accommodative’ from ‘neutral’ to help revive the economy, which has slowed the most in five years. The shift in stance implies that more cuts are on the way as long as prices remain in check but industry and investors were disappointed by the absence of a special liquidity window for struggling nonbanking finance companies (NBFCs). Stocks and bond prices fell.
• The Reserve Bank of India will constitute an internal working group to review its liquidity management framework to simplify the current framework and bring more clarity in the objectives and quantitative measures on banking liquidity. “While on the whole the current liquidity management framework has worked well, it has also become somewhat complex. An assessment of liquidity position by different market participants has varied markedly and is not always in sync with the actual systemic liquidity position in the economy.

Other Updates:

• Airtel, Voda Idea lose 30 mn users in March, Jio gains
• Evaluating Jet Airways opportunity, says Hinduja Group
• NCLAT reserves order on ArcelorMittal
• PNB may take control of 2-3 small state-run banks
• Indian millennials optimistic about economic outlook
• 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
• Govt turns the heat on directors in fight against shell companies
• Small trucks see growth, bucking industry slowdown
• Solar-powered water pump launched for farming sector
• Reliance beats Indian Oil Corporation to become biggest Indian company
• Vedanta bags two copper blocks in Maharashtra
• 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
• India among top 20 countries in the Artificial Intelligence readiness ranking
• IL&FS initiates claim process for 70 group entities
• Sebi permits mutual funds to participate in commodity derivatives
• Crompton Greaves Consumer Electricals Q4 net up 36% at Rs 140.54 crore
• India projected to grow at 7.1% in FY’20: UN report
• New Indian government faces crucial foreign policy decisions, say US experts
• US-China trade war gradually destabilising world economy
•  46 pc ultra high net worth Indians to increase investment in private equity: Survey
• L&T market capitalisation to touch Rs 3 lakh crore in five years: AM Naik
• Oil rises on US-Iran tensions, but trade war concerns weigh.

Key Due Dates:

• The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
• The 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.