Corporate and professional Updates, 2019

Good news For Income Tax Return Fillers:

• ITR Filing: Good News! Income tax return filing process simplified; Big relief in LTCG from CBDT
• ITR for Capital Gains: For all those taxpayers who have to report long-term capital gains (LTCG), especially from equity shares and equity mutual funds in the financial year 2018-19, there is some piece of good news.
• LTCG details while filing the income tax return for the assessment year 2019-20 has now been simplified. The LTCG tax on such equity investments was re-introduced for the FY 2018-19 and reporting capital gains in the ITR forms appeared challenging to most taxpayers. To report the LTCG, the assessee was required to provide a separate computation of capital gains for each scrip (equity share) or units of mutual fund sold during the year and the aggregated amount should be provided.
• CBDT has clarified that the assessee will now have the option to either enter the scrip wise details of long term capital gains or enter the self-calculated aggregate value of long term capital gains directly under respective items without entering scrip wise details. As a taxpayer, now one may exercise either option based on one’s convenience.

 Key Due Dates:

• 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
• 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one financial year for the specified and notified services.
• 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
• 10-07-2019 – Filing GSTR-7 (for the assessee who is required to deduct TDS under GST) for the m/o June 2019.
• 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
• 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
• 13-07-2019 – GSTR-6 for Input Service Distributor.
• 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
• 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
• 15-07-2019- ESI/PF Payment for m/o June 2019.
• 15-07-2019- FLA Report is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
• 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
• 20-07-2019 – GSTR-3B for the m/o June 2019.
• 20-07-2019 – GSTR-5 for the m/o June 2019.
• 20-07-2019 – GSTR-5A for the m/o June 2019.
• 25-07-2019-  EPF returns filing for the month of June 2019.
• 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
• 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
• 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
• 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
• 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
• 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
• 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.