Corporate and Professional Updates on 21st February 2019

Direct tax Updates:

• DIRECTORATE OF INCOME TAX (SYSTEM) issued Instruction No. 6 dt. 20-02-2019 regarding Processing of Return of AY 2017-18 and Issue of notice for prima facie adjustment under 143(1)(a).

Indirect tax Updates:

• GST Council adjourns meeting, to decide on lowering levy for real estate on Sunday
• CBIC vide Notification No. 09/2019-CT dt. 20-02-2019 extended the last date of filing GSTR-3B for the month of January, 2019 up to 22.02.2019.

Other updates:

• MCA Notification dated 19-02-2019 Central Government makes the following rules, further to amend the Companies Rules, 2014 and also to amend the Companies.
• Supreme Court of India in the case of Ram Siromani Tripathi & Ors. Vs State of U.P. & Ors. Held that No adjournment on the ground of non-presence of counsel in court.
• Non-filing of appeal changes character of protective additions to substantive additions.
• DCIT Vs M/s Nirala Housing Pvt. Ltd.
• Moody’s upgrades outlook on Yes Bank to stable.
• IL&FS probe ED registers money laundering case.
• India to remain fastest growing economy.
• Case SC dismisses contempt plea against SBI
• FDI during April-Dec 2018-19 falls 7% to $33.49 Billion.
• Allahabad Bank, IOB’s stake sale in Universal Sompo General Insurance gathers pace
• to infuse Rs 48,239 cr. in 12 PSBs Corporation Bank gets Rs 9,086 cr.
• Saudi Aramco in talks with Reliance Industries, others to invest in oil.
• FinMin expects bad loan recoveries to touch Rs 1.80 trillion in FY19.
• France court orders UBS to pay $5.1 billion for Swiss accounts scandal.
• Govt calls meeting next week on mandatory hallmarking of gold jewellery.
• Supreme Court holds Anil Ambani guilty in Ericsson case.
• Alembic Pharma gets USFDA nod for glaucoma drug.
• IRDAI spells out draft norms of standard mediclaim policy.
• Aviation industry is challenging, says Naresh Goyal.
• Lite Bite Foods to buy 4 restaurant brands from Phoenix Mills Group arm.
• Only Jio, BSNL add mobile users in Dec, Voda Idea lost maximum Coal India gets SEBI exemption for share buyback programme
• EPFO likely to announce 8.55% interest on EPF for FY19
• Tata Motors betting big on electric buses, hopeful demand will grow
• Vodafone Idea eyes 100% network integration by June 2020
• Mukesh Ambani’s RIL world’s 6th fastest growing retailer beats Jeff Bezos’ Amazon, Nike
• World’s biggest mortgage-backed covered bond market sets another record
• Maruti Suzuki, Hyundai rule list of top 10 cars sold in January
• Sonalika Tractors’ exports soar 130% in January
• Govt mulls additional petroleum reserves
• Fine on benami can be up to 25 per cent of property rate
• SBI writes of Rs 10,000 as bad loans; 19 PSBs totalling Rs 41,000 as bad loans
• Sensex snaps 9-day losing run, rebounds over 400 points
• TCS recognised as a global top employer.

Key Due dates:

• Due Date of GSTR 3B has been Extended upto 22nd February 2019.

Quote of the day:

I have always said ‘yes’ to opportunities and experiences.