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Corporate and Professional Updates on 7th May 2019

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Corporate and Professional Updates on 7th May 2019

Direct Tax Updates:

The finance ministry on Monday said there was growth of 19 per cent in income-tax returns (ITRs) electronically filed for the assessment year 2018-19 (AY19), compared to those in 2017-18 (AY18).The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19.
On the other hand, a total 67.4 million returns were e-filed in 2017-18 (FY18), which included 54.7 million for AY18. The statement came amid some reports that the number of returns e-filed in FY19 saw a decrease on yearly basis.
The deadline for filing income tax returns (ITR) is July 31 for every assessment year. If you miss the deadline, you can always file a belated return by up to March 31 with penalty of the following year. If you have also missed the deadline for filing a belated return, you can’t file it after March 31.
Capital Gains: Though section 50C is a deeming provision and the AO is obliged to compute the capital gains by taking the valuation arrived at by the DVO in place of the actual consideration received by the assessee, the assessee is entitled to challenge the correctness of the DVO’s valuation before the CIT and the Tribunal. The DVO has to be given an opportunity of hearing.

Indirect Tax Updates:

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST.
Delhi High Court has directed the GST Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled on January 1.
CBIC has informed that the IEC holders can register with the Goods and Services Tax Identification Number (GSTIN). It was said that no Digital Signature is required for the same.

Other Updates:

E-comm policy, data localisation figure in Indo-US meet
Trade war would be ‘bad for the world’
Bharti Airtel posts surprise Q4 profit of Rs 107 crore
L&T buys Rs 113 cr Mindtree shares in open mkt
ICICI Bank Q4 profit drops 5% to Rs 969 crore
Jaypee Infra lenders to mull NBCC revised bid
Policy to boost exports on anvil as trade deficit hits new high of $176 bn
State-owned discoms’ debt set to rise to pre-Uday levels of Rs 2.6 trn
Forgers are forcing $9-trillion global trade financing into digital age
Govt cannot ensure cheaper oil to India, says US commerce secretary
HDFC Bank board may go for splitting stock into two later this month
Wockhardt Q4 net loss narrows to Rs 14.47 cr
Industry bodies list key issues for GST Council meet next month
Gujarat Gas net jumps 77% in March quarter
PFS reports Q4 net profits at Rs 36.76 crore
The liquidation process for ABG Shipyard commences
Medlife acquires Bengaluru-based Myra Medicines
NRIs can remit up to $1 mn from the sale of property in India
Investor wealth erodes by ₹1.24 lakh cr as markets plunge
Finance Commission to meet RBI governor, bank officials during Mumbai visit
Asset quality improves but the trend in slippages, provisions key of ICICI Bank.
UK entrepreneur says SBI allows him to bid for Jet Airways
Mastercard commits $1 bn investment in India in next 5 yrs; to develop India as a global tech node
Anand Piramal, Kris Gopalakrishnan, Accel Partners, others pouring $74 million in Mukesh Bansal’s CureFit
China gives a modest boost to the economy with RRR cut amid renewed trade tensions
India’s services sector output growth at 7-month low in April: PMI
Sensex slumps 363 pts as US-China trade talks derail
End-user IT spending in India to reach USD 15 bn in 2019: Report
Sun Pharmaceutical eyes Chinese market
Over 100 US cos visiting India to explore business opportunities.

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.
More updates: INCOME TAX UPDATE 18 NOVEMBER 2015

More updates:INCOME TAX UPDATE 14 NOVEMBER, 2015

Tags: Goods and Services Tax Identification Number (GSTIN)GST councilincome-tax returns (ITRs)The deadline for filing income tax returns (ITR)

7 years ago

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.