Corporate and Professional updates on 11th July 2019

Direct tax Updates:

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  • The taxman will ‘suo motu’ allot a fresh PAN to a person who files tax returns with only Aadhaar as part of a new arrangement to link the two databases, the CBDT chief said after the Budget proposed that only the biometric ID is enough for tax purposes.
  • The government has ruled out a rollback of the ‘super-rich’ tax on foreign portfolio investors (FPIs) organised as trusts or association of persons. The tax on such FPIs will yield an estimated Rs 400 crore, as against the overall revenue gain of Rs 12,000 crore from the surcharge. 
  • Finance Minister Nirmala Sitharaman in her maiden Budget last week proposed a hike in surcharge for the super-rich from 15 per cent to 25 per cent for incomes between Rs 2 crore and Rs 5 crore, and from 15 per cent to 37 per cent for incomes above Rs 5 crore a year.
  • The move will hit 40 per cent of the FPIs. According to reports, about 2,000 FPIs operate as trusts and not companies due to several advantages related to flexibility and tax-efficient repatriation. “There is no question of a rollback. We are not targeting any one section. If you are a non-company, you will be taxed as an individual, the same way you also enjoy the tax or other advantages of being operating as one. We can’t treat them separately.”
  • Due date for submitting income tax returns is 31st July 2019 for all cases in which income tax audit is not mandatory. make sure to file your returns within time to avoid penalties.
  • Finance ministry shows that about 40% of foreign portfolio investors (FPIs) — those that follow the trust structure will be impacted by the higher surcharge levied in the budget. The majority 60% of FPIs that use the corporate structure will not be impacted.

RBI Updates:

  • RBI norms on large exposures for banks are not only compliant with the Basel requirements, they are stricter in some areas as well, according to the findings of the Basel Committee on Banking Supervision.
  • Reserve Bank of India’s (RBI’s) six-member monetary policy committee, oil prices and their impact was a key factor that pushed two members to vote against a cut in the policy repo rate. RBI deputy governor Viral Acharya and nominee member Chetan Ghate voted against a rate cut on the basis of their concerns that rising crude oil prices have the ability to push up everything from headline inflation to inflation expectations. Ghate observed that core inflation, which remains around worrying levels of 5%, will be buttressed by rising crude oil prices, and this makes inflation management challenging.
  • The monetary policy committee members showed differences in their assessment of where commodity prices are headed and to what extent these are worrisome.

Other Updates:

  • Core Sector Growth slows down to 1.8% in January.
  • Airtel gets Board Approval to raise Rs 32,000 Crore.
  • India to see Lower Productivity, Weak Demand.
  • Govt keen on Amalgamation of PSBs.
  • NCLAT orders resolution on Essar Steel bid by March 8.
  • SEBI wants govt rethink on RBI representation on its Board.
  • NSE to introduce Brent Crude Oil Futures Contract on Mar 1.
  • DBS to convert its India Operations into wholly-owned subsidiary from Mar 1.
  • 2018 best year for M&As as deal values rise 126% to $80 Bn.
  • International Finance Corp to invest $165 Mn in Bajaj Finance, Dodla Dairy.
  • Infosys says KiranMazumdar-Shaw sold 1,600 Shares without pre-clearance.
  • NareshGoyal agrees to step down as Chairman of Jet Airways.
  • Iran buys Indian sugar to ease its oil-money headache.
  • LG India aims for 30% Growth in commercial ACs this year.
  • NIIF, CDC &Eversource Capital to invest $330 mn in Ayana.
  • Lupin launches chronic angina treatment drug in the US.
  • Future Group to bring 7-Eleven Stores to India.
  • Cabinet clears 10,000 Crore FAME II scheme.
  • RBI constitutes task force under UshaThorat on offshore rupee markets.
  • REC Board approves borrowing limit hike, 11 Per Share Interim Dividend.
  • J&J allowed resuming Baby Talc Production.
  • Fraud-hit PNB ranks highest in implementation of ‘Reforms Agenda’ in 2018.
  • SBICap Ventures’ Neev Fund to invest $5 Million in Renewable Energy Firm Prespl.
  • NCLT rejects plea from 8 Operational Creditors.
  • Govt revises down FDI inflows into Chemicals drastically.
  • Sodexo to increase focus on Small and Medium enterprises in India.
  • Rupee recoups 52 Paise to end at 70.72 per Dollar.
  • Kotak ties up with ADIA for USD 600 Mn Distressed Assets Fund.
  • Increasing Exports can lead to Better Jobs, Higher Wages in India.
  • L&T Finance to raise up to Rs 1,500 Cr via NCDs.

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 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 it 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 return 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 10th July 2019

Indirect Tax updates:

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  • Centre will now pay the input tax credit (ITC) refunds of state taxes, thereby reducing transaction time and costs, and manual interface in claim processing. The central government has been authorised to pay the amount of refund towards state taxes the taxpayers,” according to the 2019-20 budget.
  • Central Board of Indirect Taxes and Customs through its Press Release has issued 12 Clarifications regarding Annual Returns and Reconciliation Statement. It is a welcome step by the government to clarify most of the issues for the benefit of Stakeholders, including the process to be followed by the assessee and the CBIC.

RBI Updates:

  • The financial system’s liquidity is in “huge” surplus and the Union Budget’s announcements related to non-banking financial companies (NBFCs) are adequate to take care of the liquidity needs of the sector, Reserve Bank of India (RBI) Governor Shaktikanta Das.
  • “Overall, the system liquidity is in huge surplus since June 1. We have also announced a liquidity back stock for banks to implement the NBFC package announced by the FM in the Budget. We have also decided to frontload the FALLCR, which will infuse additional liquidity’ in a press conference after chairing the customary post-Budget board meeting of the central bank.
  • The government is planning another round of overhaul of the foreign direct investment (FDI) policy with changes across sectors including insurance, contract manufacturing, digital media, and information utilities, besides single-brand retail trade, in line with the Budget announcements. The insurance sector could be opened up to 74 per cent FDI under the approval route to bring parity with the banking sector, according to proposals under consideration. The current 49 per cent foreign investment limit through the automatic route in insurance is likely to be maintained. “Banking is a more sensitive sector compared to insurance. 

Other Updates:

  • Exports fall for first time in nine months amid trade tensions
  • Shriram Transport looking to raise up to₹10,000 crore through NCDs
  • Sun Pharma Surges 3.6% After Morgan Stanley Double Upgrade
  • IRDAI may Relax Rules for Pension Plans & Ulips, Make Surrenders Easy
  • Aditya Birla Fashion acquires 51% stake in Finesse International for ₹60 crore
  • Securitisation Market Records 50% Growth in Q1
  • India’s steel exports fall 34% to 6.36 MT in 2018-19
  • Govt may issue sovereign bonds in phases, first lot to be of $3-4 billion
  • Manipal Hospitals set to buy Medanta for ₹6,000 crore
  • MFs differ with banks over DHFL resolution, may opt for the DRT route
  • Customers forgotten in rush for electric vehicles, says TVS Motor chairman
  • Exports contract 9.71% in June; trade deficit narrows to $15.28 b
  • Sun Pharma launches capsules for lipid disorder treatment in US
  • NCLAT order on Essar Steel has rewritten IBC rules: Lenders
  • Ashok Leyland temporarily shuts Pantnagar plant
  • IndiGo secures credit facility worth ₹2,577 crore amidst promoters dispute
  • NIIF may invest $100 million in Multiples PE’s third fund
  • Ambuja looks to expand cement capacities with buys in RMCs, aggregates
  • BHEL, CONCOR tie up for rail-based logistics terminal at Haridwar
  • Reckitt Benckiser and Apollo Hospitals tie up to launch ‘Arogya Rakshak’
  • ‘Amazon Prime Video, ZEE5 in talks for a platform deal’
  • Govt diverting around Rs 17,000 crore from petrol and diesel cess kitty
  • Investors flee debt funds as credit quality slumps to lowest in 16 months
  • USFDA completes Chennai facility audit with zero observations: Natco Pharma
  • Sales improve 16% in the first quarter: Tata Steel
  • NTPC raises ₹4,300 cr through bonds
  • Sensex Rises 160 Points on Infy Surge, Macro Data
  • Hero Electric eyes South India for new plant
  • Real estate developers at risk as stress in credit market dries up funding
  • Cotton Greaves increases stake in electric two-wheeler maker Ampere

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 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 it 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 return 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 9th July 2019

MCA Update

Director KYC – General Circular 07/2019 : DIR KYC date will be extended and method of doing KYC will be updated as under:-

  • If all details of Director are same as on MCA portal,  then web-based KYC verification.
  • if email / mobile number is required to be updated_ then DIR-3 KYC based verification.
  • if any other info to be updated,  then first file DIR-6 and then DIR-3 KYC based verification.

Point To be Considered While Submitting DPT-3

  • This form is applicable on all companies except :-
  1. A government company
  2. A banking company
  3. A non-banking financial company registered with the Reserve Bank of India
  4. A housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987.
  5. However, insurance companies are registered with IRDA, so the obligation to file DPT-3 is
  6. Also applicable on them.

FAQ’s on DPT-3

Ques.  What are the due dates of filing Forms DPT-3?

Ans.  In case of one time return: 29th June, 2019 and in case of annual return: 30th June, 2019

Ques.  In which cases auditor’s certificate is mandatory to be attached?

Ans.  Auditor’s certificate is mandatory only in the case when a return of deposit is filed, i.e. When the radio button two or four is selected.

Ques. What are the amounts which have to be entered in the forms?

Ans. In case of one time return: Consolidated amount received on or after 1st April, 2014 and outstanding as on 31st March, 2019. In case of annual return: Amount outstanding as on 31st March, 2019 received at any time.

Ques. What to do if the object clause prefilled is not matching with the object of the company?

Ans. This is due to the reason that the objects clause is not in sync with the MGT-7 and it is picked on the basis of the CIN of the company.

As per the discussion, stakeholders are advised not to raise tickets in this regard and ignore what is being prefilled.

Ques. If the company does not have any outstanding amount as on 31st March, 2019, is the e-Form DPT-3 required to be filed?

Ans. No, company does not have to file any return.

Ques.  Is the interest along with the principal amount of the loan to be reported?

Ans. If the interest amount is outstanding as on 31st March, 2019, then yes it also has to reported as a consolidated figure with the principal amount under the respective head.

Ques. Which date Company need to mention in Column No. 7 “Date of last closing of accounts”

Ans. The date will be 31st March, 2019.

Due dates for the Month of July 2019

  • Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalization 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 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 month of 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 it 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 return 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write to info@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 6th July 2019

Direct Tax Updates:

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  • Direct tax revenue has grown 78 percent i.e 11.37 lakh Crores from 2014 to 2019. Propose to enhance surcharge on taxable income of Rs. 2 to 5 cr and Above 5 Crore* effective tax rate will  increase by around 3% and 7%, respectively
  • Corporate Tax- Tax Rate of 25% on Companies with turnover from 250 Cr of upto Rs. 400 crores. This   will cover 99.3 % companies.
  • Start up’s would not be require Scrutiny by IT Department. Carry forward and set off losses for startups and increase in period of exemption of capital   gains from the  sale of residential house for investment in startups up to March 2021.
  • Additional deduction of Rs. 1.5 lakh for interest on loans borrowed for affordable housing  until 2020 (upto 45 Lakhs). STT is proposed to be restricted to the difference between settlement and strike price of  options.
  •  Interchangeability of PAN and Aadhaar for Income Tax Returns. Faceless E-assessment for Tax Scrutiny. TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year.

Indirect tax Updates:

  • GST rate reduced on electric vehicle from 12% to 5%. Tax deduction on loan taken for purchase of electric vehicle: Additional Income tax deduction of      Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle.
  • Start up’s would not be require Scrutiny by IT Department. Carry forward and set off losses for startups and increase in period of exemption of capital   gains from the  sale of residential house for investment in startups up to March 2021.
  • Additional deduction of Rs. 1.5 lakh for interest on loans borrowed for affordable housing  until 2020 (upto 45 Lakhs). STT is proposed to be restricted to the difference between settlement and strike price of  options.
  •  Interchangeability of PAN and Aadhaar for Income Tax Returns. Faceless E-assessment for Tax Scrutiny. TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year.

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 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 it 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 return 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 5th July 2019

Direct Tax Updates:

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  • Income Tax Advance Tax last date is 15.06.19 of first instalment for FY 2019-20. Pay on time & avoid levy of penal interest.
  • If your landlord happens to be an NRI, make sure you deduct TDS each month from the rental payment. TDS needs to be 31.2% of the rent, unless the NRI landlord furnishes a certificate stating that his total income in India is estimated to fall below the tax exemption limit.
  • Income Tax Advance Tax Last date is 15.06.2019 for paying first installment of Advance Tax for FY 2019-20. Non/short payment is liable to penal interest.

Indirect Tax Updates:

  • Finance Ministry unveiled a roadmap for the implementation of the new GST return mechanism. It has also put in place a transition mechanism. The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the previous fiscal was more than 5 crore, Form GST ANX will replace GSTR 1 from October.
  • CBIC has issued a Clarifications on filing of Annual Return (FORM GSTR-9) based on the queries with respect to filing of this Annual return. It is clarified that the last date for filing of Annual return in FORM GSTR-9 will remain 30th June 2019.
  • Many Indian exporters approached the Delhi High Court last week against the government for not extending the benefits of EPCG  scheme to goods and services tax (GST) regime.

SEBI Updates:

  • The Securities Appellate Tribunal (SAT) on Wednesday put the ball in markets regulator Sebi’s court to decide whether certain derivative trades carried out by Allied Financial were fraudulent and whether those could be annulled. Sebi has to decide on the two aspects by July 17. If the trades are annulled, then it would impact counter-parties involved in the concerned transactions for no fault of theirs. Additionally, if the Sebi order favours annulment of trades, then any party can annul contracts in the future, thus putting the system at risk. Trades have an underlying guarantee that they would be settled by the stock exchange in case of a payment default by a broker/clearing agent.
  • The tricky matter regarding the settlement of Nifty options contracts between clearing member IL&FS Securities Services, broker-cum-trader Allied Financial Services, and several other market participants, has landed before the Securities and Exchange Board of India (Sebi). On Wednesday, the Securities Appellant Tribunal (SAT) remanded the matter to Sebi, directing the capital markets regulator to hear out all parties involved and pass a final order by July 17. According to the SAT’s directives, all parties involved have to submit their representation to Sebi by July 8. They can all then appear before the regulator for personal hearings between July 10 and July 16, before Sebi decides on how the calls will be settled. More importantly, the tribunal has stated that settlement of the derivatives trades will continue to remain in abeyance till July 22.

RBI Updates:

  • The Reserve Bank of India (RBI) has constituted a working group to review the regulatory guidelines and supervisory framework applicable for core investment companies (CIC), as the extant framework is not adequate to handle the complex corporate governance structures that the companies have now become. CICs are holding companies of non-banking financial companies (NBFCs).
  • The working group will be headed by Tapan Ray, non-executive chairman of Central Bank of India and former secretary, Ministry of Corporate Affairs.
  •  The terms of reference of the working group would be to examine the current regulatory framework for CICs in terms of adequacy, efficacy and effectiveness of every component thereof and suggest changes therein, to assess the appropriateness of and suggest changes to the current approach of the RBI towards registration of CICs, to suggest measures to strengthen corporate governance and disclosure requirements for CICs. And to suggest appropriate measures to enhance the RBI’s off-sight surveillance and on-site supervision over CICs. 

Other Updates:

  • Gross tax to GDP ratio dips to 10.9% in FY’19: SurveyGovt mulling ban on two and three-wheelers: Gadkari
  • Banks see whopping 73% spike in frauds in FY19
  • SFIO probe ordered against Jet Airways, its group cos
  • Govt considering centralised internet monitoring
  • HDFC wants NCLT to keep Jet’s HQ out of IBC process
  • Brickwork Ratings cuts outlook on Edelweiss’ NCDs to negative
  • ‘Plenty of blame to go around’: Urjit Patel admits RBI failed on bad loans
  • 8% annual growth needed for GDP to touch $5 trn by FY25: Economic Survey
  • US adds India along with China, EU to steel tariff dispute at WTO
  • Centre cuts reliance on market borrowings to finance fiscal deficit
  • EU objects to Hindalco’s plan to buy aluminum producer Aleris Corp
  • Indo-US trade talks set to resume
  • As India begins to grey, workplace policies may have to change
  • ArcelorMittal’s ₹42,000-crore bid for Essar Steel gets NCLAT nod
  • ‘Anticipated pre-buying of commercial vehicles prior to BS-VI norms unlikely’
  • RSB Transmissions setting up ₹180-cr propeller shaft unit in Sri City
  • CCI orders probe on Maruti Suzuki’s discounting practices
  • Yes Bank acquires 9.57% stake in Eveready by invoking pledged shares
  • State-run banks should be freed of constraints, says Raghuram Rajan
  • MCA orders fraud probe against Jet Airways
  • US drags India to WTO over duty hike on 28 American goods
  • Economic Survey 2019: Finance Ministry makes progress in strategic sale of 28 CPSEs
  • Economic Survey 2019: Steel production to hit 128.6 MT by 2021
  • Budget Economic Survey 2019: Indian economy grows to $2.75 trillion despite slowing global economy

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 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 it 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 return 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 4th July 2019

Indirect Tax Updates:

Related image
  • The amendment to Section 17 (5) of the Central Goods and Services Tax (CGST) Act deals with blocked credit. “Section 17 (5) of the CGST Act and the respective state Acts have led to a paradoxical situation by denying credits as the objective of the GST is free flow of credits when the output is in the course or furtherance of business,” said Abhishek A Rastogi, partner at law firm Khaitan & Co, who filed the writ petition on behalf of real estate companies.
  • “The impugned provisions are against the objectives of GST and have accordingly been challenged on the grounds of arbitrariness and vagueness.” Tax experts said the phrase ‘on his own account’ in the GST law will need to be interpreted differently if one were to take input tax credit. Input tax credit refers to a mechanism under the GST framework wherein the tax a company pays when it purchases raw materials or other services can be passed on to the buyer when the goods or services are sold.

RBI Updates:

  • The Reserve Bank of Indiawill take a relook at its supervision structure for banks, finance companies and other entities regulated by the central bank. It will initiate a discussion with its board of directors on a proposal to overhaul the crucial job of supervision so that the regulator is better equipped in picking up early warning signs. This may involve consolidating the different supervisory activities under a separate division or head, creating a pool of officials for better analysis of the continuous flow of data from banks and finance companies, and involving specialists.

SEBI Updates:

  • The Securities and Exchange Board of India on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board. According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.
  • Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.

Other Updates:

  • India’s trade deficit widened with 25 nations in 3 yrs
  • Cabinet approves award of 3 out of 6 airports to Adani
  • Indian cos supplying to Huawei may face US sanctions
  • Cabinet approves Code on Wages bill
  • BSNL FY19 loss at over Rs 14,000 crore: Govt
  • Icra cuts McLeod Russel’s rating to ‘default’ grade
  • RBI to regulate housing finance firms, review assets
  • Larsen and Toubro receives promoter’s tag in Mindtree with 60% stake
  • CLP inks deal to buy 3 power assets from Kalpataru for Rs 3,275 cr
  • Multiple triggers could boost Axis Bank’s return ratios, say analysts
  • NCLAT reserves order on contempt plea filed against Reliance Infratel
  • Indiabulls Fin to buyback NCDs, masala bonds worth Rs 2,705 cr in Sept
  • Eris Lifesciences board approves buyback plan of up to Rs 100 cr
  • Oil India to exit Russian oil block
  • USFDA issues warning letter to Aurobindo Pharma
  • Vedanta to spend $245 m to explore 10 OALP blocks
  • Lupin gets USFDA nod for Cinacalcet tablets and intraocular solution
  • Blackstone buys stake in L&T Business Park for around ₹700 crore
  • RBI forms working group to review regulatory framework for core investment cos
  • Drug regulator warns of hacking risk in Medtronic insulin pumps
  • India urges Russia to consider energy consuming nations’ interest
  • Service providers may now opt for GST composition scheme till July 31
  • Jet suppliers go on merger spree trying to keep up with Boeing and Airbus output
  • RBI forms working group to review regulatory framework for core investment companies
  • Rupee edges 6 paise higher at 68.89 against US dollar
  • Sensex, Nifty end marginally higher
  • Govt neither divesting nor privatising ONGC: Pradhan
  • MSP of kharif crops raised

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 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 it 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 return 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 2nd July 2019

Indirect Tax updates:

  • Policymakers could merge the 12% and 18% slabs under the goods and services tax going forward as revenue increases, thereby effectively making it a two-tier tax. Jaitley made the suggestion in a Facebook post on the second anniversary of the GST roll out. He had opted out of the new government due to health reasons. The former finance minister, who had led the GST talks with states, said as many as 20 states were already showing more than a 14% increase in their revenue. These states no longer require the Centre to compensate them for revenue loss arising out of the GST implementation, he said. Under the GST framework, most items of consumer use have been brought in the 18%, 12% and even 5% category.
  • The GST Council, chaired by the union finance minister and comprising finance ministers of states, has reduced tax rates over the last two years “Except on luxury and sin goods, the 28% slab has almost been phased out. Zero and 5% slabs will always remain. Observing that a sudden reduction of tax rates on all categories of goods could lead to a massive loss of revenue for the government, leaving it without resources to spend.
  • The exercise had to be done in a gradual manner as the revenues increased. “The fear of the states today is that for the first five years they get a guaranteed 14% increase. Every state has been paid its share of tax as also from the compensation fund, if necessary. We have just completed two years of GST
  • A single-slab GST is possible only in extremely affluent countries where there are no poor people, adding that it would be inequitable to apply a single rate in countries where there are a large number of people below the poverty line. “In the pre-GST regime, the rich and the poor, on various commodities, paid the same tax. The multiple slab system not only checked inflation, it also ensured that the aam aadmi products are not exorbitantly taxed.

RBI Updates:

Image result for rbi hd pics
  • The Reserve Bank of Indiawill take a relook at its supervision structure for banks, finance companies and other entities regulated by the central bank. It will initiate a discussion with its board of directors on a proposal to overhaul the crucial job of supervision so that the regulator is better equipped in picking up early warning signs. This may involve consolidating the different supervisory activities under a separate division or head, creating a pool of officials for better analysis of the continuous flow of data from banks and finance companies, and involving specialists.

SEBI Updates:

  • The Securities and Exchange Board of India on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board. According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.
  • Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.

Other Updates:

  • FinMin starts groundwork for fresh bank consolidation
  • India’s economy big worry for Modi: FICCI
  • Airtel submits Rs 644 crore bank guarantee for merger
  • IndiGo Q4 profit jumps 5-fold to Rs 590 crore
  • Provide names of big loan defaulters: CIC to RBI
  • Radio City to acquire 40 Big FM stations for Rs 1,050 cr
  • Arcelor, Resurgent said to mull joint bid for Essar plant
  • China’s planned curbs on aluminium scrap imports nettles Indian players
  • India Inc Q4 revenue growth slumps to six-quarter low of 10.7%
  • Indian Hotels to go on global expansion spree, may opt to buy out firms
  • Avendus Future acquires stake in Bikaji Foods for Rs 40 crore
  • Lupin’s Goa plant may face regulatory action, says USFDA after inspection
  • BHEL Q4 results: Net profit jumps 50 per cent at ₹682.7 crore
  • Colgate-Palmolive Q4 net up 4.7% to Rs 197.50 cr
  • Inventory write-off drags Natco Pharma’s net down 60%
  • Pension scheme provisioning pushes Oil India into red
  • PIL against the operations of the Paytm Post Paid Wallet filed in Delhi HC
  • Zee Entertainment Enterprises Q4 net profit up 26.8% to ₹292.53 crore
  • Kerala to levy 1% flood cess from 1 June
  • Govt proposes WTO-compliant schemes to boost Make in India
  • Zee stake sale to be completed by July, says Punit Goenka
  • GDP growth in Q4 likely to moderate to 6.1-5.9%, may lead RBI to cut rates: SBI report
  • Bid for BPSL: Lenders move NCLAT for quick approval to JSW Steel’s plan
  • Ingen resolution plan for Orchid Pharma rejected again
  • India Inc revenue growth in Q4 hits six-quarter low of 10.7 pc
  • Confident of timely payment of salary for May: BSNL chief
  • Amid recovery in greenback Rupee settles with 2 paise gain against USD
  • Emami’s net sales up 5 per cent at Rs 635 crore
  • Care Ratings expects power generation to grow
  • Sun Pharma Q4 profit halves to Rs 636 crore
  • Lookout notice issued against DHFL promoters 
  • Airtel Africa may raise $1 billion from stake sale
  • World Bank to invest $35 mn in Manapurram Finance
  • Tech Mahindra & MKI collaborate for Japanese market
  • Welspun in talks to own slum rehabilitation projects, loaned by Dewan Housing Finance Ltd
  • RBI extends timing for fund transfer through RTGS till 6 pm from Jun 1: RBI
  • GMR Warora Energy on verge of defaulting on over Rs 3,000-crore loans
  • Adani offers lenders Rs 500 cr upfront in fresh bid for Jaypee Infratech
  • Tata Steel can withstand 20% drop in EBITDA over next 2 years: S&P Global
  • Steel may grow by 6-8 pc in FY20 amid concerns over dumping from China
  • FDI inflows record first decline in six years this fiscal
  • Pfizer Q4 net up 4.74 per cent to Rs 109.47 crore
  • IT Dept trains officers to detect tax evasion in shell Cos
  • Hind Copper consolidated Q4 net up 16% to Rs 40 cr
  • Mphasis Q4 net profit up 11.9 per cent to Rs 266 crpre
  • NMDC net profit grows 31% to₹1,453 cr in Q4
  • Gail to list Gail Gas, plans ₹54,000 crore capex in 2-3 years
  • Tata Consultancy Services listed among top 50 US companies for diversity
  • Bank ETF launch likely By Dec, to help funds mop-up, cut govt stake in banks
  • IRB Infrastructure Q4 net profit dips 13% to₹208 crore
  • SBI looks to raise up to ₹18,000 cr via QIP
  • NCLT asks Sebi to conclude probe into ITC, LIC allegations against Leela
  • Lakshmi Vilas Bank Q4 net loss narrows to Rs 264 crore
  • India can attract 1.5-2 per cent FDI to GDP ratio: Nomura
  • DLF transfers Rs 330 crore land to JV with GIC for settlement of dues
  • Rupee slips 18 paise against dollar on high dollar demand
  • Sensex, Nifty clock fresh closing highs on fund inflows
  • NCLAT gives 4 weeks to Bakshi to settle dispute with HUDCO
  • PNB narrows Q4 loss to Rs 4,750 crore.

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 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 it 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 return 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 1st July 2019

Indirect Tax:

Image result for indirect tax hd pics
  • Finance Ministry said the additional discount given by a company to a dealer in certain cases will be liable to GST. Where the discount is linked to specific activities to be done by the dealer such as advertisement, exhibition, etc, it would qualify as a supply by the dealer to the company and the dealer would have to pay GST.
  • The due date for filing GSTR-9, GSTR-9A, and GSTR-9C for the FY 2017-18 has been extended by two months, till 31 August 2019. For non-filing of GST returns, E-way bills to be blocked from 21-08-2019 now for not filing returns two consecutive tax periods.
  • The new system for raising all the tax invoices on the GST portal has received in-principle approval for implementation from 1 January 2020 in the 35th meeting of GST Council. This applies to only B2B invoicing. By this system, no separate e-way bill will be required in case of e-invoice. Returns to be framed from these e-invoices. A phased implementation is being worked out.
  • Aadhaar-enabled GST Registration introduced: GST Council has given a go-ahead to a new system for verification of taxpayers registering themselves under GST. Aadhaar number shall be linked to the GSTIN while generation.

Points to be considered while Submitting DPT-3:

  • Some points for Form DPT 3:
  • This form is applicable on all companies except :-
  • a government company
  • a banking company
  • a non-banking financial company registered with the Reserve Bank of India
  • a housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987.

However, insurance companies are registered with IRDA, so the obligation to file DPT-3 is

also applicable on them.

The e-form DPT-3 is a dynamic form which works on the basis of radio button selected

by the user.

FAQ’s on DPT-3

Ques. What are the due dates of filing Forms DPT-3?

Ans. In case of one time return: 29th June, 2019 and in case of annual return: 30th June, 2019

Ques.  In which cases auditor’s certificate is mandatory to be attached?

Ans. Auditor’s certificate is mandatory only in the case when a return of deposit is filed, i.e.

when the radio button two or four is selected.

Ques.  What are the amounts which have to be entered in the forms?

Ans. In case of one time return: Consolidated amount received on or after 1st April, 2014 and outstanding as on 31st March, 2019.

In case of annual return: Amount outstanding as on 31st March, 2019 received at any time.

Ques. What to do if the object clause prefilled is not matching with the object of the company?

Ans. This is due to the reason that the objects clause is not in sync with the MGT-7 and it is picked on the basis of the CIN of the company.

As per the discussion, stakeholders are advised not to raise tickets in this regard and ignore what is being prefilled.

Ques. If the company does not have any outstanding amount as on 31st March, 2019, is the e-Form DPT-3 required to be filed?

Ans.No, company does not have to file any return.

Ques. Is the interest along with the principal amount of the loan to be reported?

Ans.If the interest amount is outstanding as on 31st March, 2019, then yes it also has to

reported as a consolidated figure with the principal amount under the respective head.

Ques. Which date Company need to mention in Column No. 7 “Date of

last closing of accounts”

Ans. The date will be 31st March, 2019.

DIR KYC date will be extended and method of doing KYC will be updated as under:-

1. If all details of Director are same as on MCA portal,  then web-based KYC verification.

2. if email / mobile number is required to be updated_ then DIR-3 KYC based verification.

2. if any other info to be updated,  then first file DIR-6 and then DIR-3 KYC based verification.

Other Updates:

  • NCLT admits Jet Airways into bankruptcy process
  • DBS revises India GDP forecast for FY20 down to 6.8 pc
  • New industrial policy to be announced soon: Prez
  • MPC members voted for cut but flagged risks to inflation
  • Adding 78,000 petrol pumps is uneconomical: Crisil
  • China asks India to take an independent call on Huawei
  • 30 new judges appointed in NCLT courts across India
  • Moody’s downgrades Tata Motors with negative outlook on JLR worries
  • EPFO halts investment in private sector bonds due to NBFC crisis
  • Worst growth for India’s corporate bonds in over 10 years fuels concern
  • Mining’s share of India’s GDP fell to 1.53% in FY18 from 1.93% in FY13
  • Govt. identifies 5,106 risky exporters who fraudulently claimed GST refunds
  • FSSAI plans to expand notified entry points for food imports
  • Recovery of bad debt from steel companies to dip
  • GAIL hires LNG carrier from Mitsui
  • Jaypee Infratech resolution plan: Creditors await NCLAT hearing
  • Cairn Oil & Gas shortlists Lloyd’s Register for developing OALP-1 blocks
  • NHPC ties up 2,500-MW thermal power
  • Govt to push campaign against black money at faster pace: President Kovind
  • Credit, deposit growth loses momentum: RBI data
  • L&T to get three board positions at Mindtree
  • Oil jumps 3% to $63 as Iran shoots down US drone in Gulf
  • Retail, FMCG to add 2.76 lakh new jobs in April-September FY20
  • Bajaj Holdings buys majority stake in MSL as Maharashtra government exits joint venture
  • Nearly one-fourth of India Inc posted losses in FY19
  • Government starts crackdown on dummy firms
  • Intertrust acquires tech solutions provider Viteos for $330 million
  • Centre, states need to pursue labour law reforms: SBI report
  • Forex trading platform for retail participants ready for rollout on Aug 5
  • Sensex soars 489 points as dovish Fed lifts global markets
  • Gold crosses Rs 34,000-mark, at 5-year high in global market

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 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 it 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 return 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 17th June 2019

Direct Tax Updates:

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  • CBDT has tightened framework for compounding of offences almost shutting the window for money laundering, non-disclosure of foreign assets or possession of a benami asset. The latest guidelines which come into effect from June 17, clearly state offences in this category cannot normally be compounded. However, finance minister can relax restrictions on consideration of a report from CBDT.
  • CBDT has issued notification no 10/2019 for further changes in rule 31A(5) and 31AA(5) for e-filing of TDS returns. The procedure is same as issued as earlier, now the tds return can be validated either through DSC or EVC. The EVC generation is same as ITR EVC.

Indirect Tax Updates:

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  • Goods and Services Tax Council, the federal indirect tax body, is set to take several decisions to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June. The government plans to increase scrutiny on businesses amid lower-than-expected GST collections after handholding them through the first two years of the tax reform. The 35th meeting of the GST Council will seek to introduce compliance requirements, initially on big businesses and eventually on all merchants to curb tax leakage.  
  • GST compliance will take enforcement activities under the indirect tax system to the next level. At present, the ministry of corporate affairs (MCA) is implementing a geotagging scheme for companies aimed at identifying every active company and the people behind them. Pooling the geo-tagging information available from the MCA database with the data generated by indirect tax authorities will help in verifying the credentials of different parties to a transaction. However, all measures to improve compliance will be implemented only in a gradual way, starting with the largest businesses. The slow recalibration of the tax system is meant to avoid a backlash that the tax reform had witnessed immediately after its rollout two years ago, forcing the council to defer tax return filing deadlines several times and temporarily suspend some of the safety features of the new system. 
  • With revenue receipts below targets, the central government, which has the Constitutional obligation to compensate states for their revenue shortfall in the first five years of GST implementation, and states that worry about loss of revenue in the subsequent years are keen to gradually increase enforcement measures. Experts said grievances that some businesses and traders, especially the smaller ones, have about GST are not about the indirect tax per se, but on account of the light the technology-driven tax sheds on sales, that makes it harder to avoid paying tax on income. No big tax rate cut is likely in the forthcoming meeting of the council.

NBFC Updates:

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  • Fixed income investors perceive non-banking finance companies (NBFCs) as less of a problem than housing finance companies (HFCs), corporate bond data shows. The cost of borrowing for AAArated NBFCs declined by 13 basis points in May versus April in the debt market, while it increased by 19 basis points for AAA-rated HFCs, according to a report by CARE Ratings.
  • NBFCs have been witnessing higher cost of borrowings compared with all other categories, including Alternative Investment Funds and HFCs, since April 2018. The yields on corporate bonds and commercial paper have been on the rise following the stress in the NBFC sector from September 2018 and defaults by IL&FS. Corporate bond yields have since moved down to 8.49% in May, from 9.8% in September. Similarly, commercial paper yields have moved lower to 7.48% in May from 7.72% in September.

Other Updates:

  • BHEL bags 200 MW solar energy orders worth Rs 800 cr
  • NBFC crisis to pull down home loan growth: Report
  • Trai to determine the unique mobile subscribers base
  • UCO Bank declares Yashovardhan Birla wilful defaulter
  • FinMin assessing capital needs of PSU banks
  • Lakshmi Mittal’s South African subsidiary facing charges
  • Sebi likely to rejig mutual fund categorisation norms to curb credit risk
  • Cross-border insolvency: Cabinet likely to take up new provisions soon
  • RBI joins peers to buy gold insurance as US-China trade war escalates
  • Hindustan Copper plans to increase ore production five times by 2025
  • Lupin recalls more than 18,000 bottles of antibiotic drug in US market
  • India draws up plan to gain from US-China trade war
  • India imposes higher customs duty on 28 US products
  • Suspect DeMo cash deposits again come under scanner
  • GST Council may give 1-year extension to anti-profiteering authority
  • Vedanta lost $200 m on Sterlite plant shutdown: Anil Agarwal
  • Noose tightens on Swiss account holders; Details of at least 50 Indians shared
  • India has wage problem, not job problem: Mohandas Pai
  • Niti asked to follow due process for suggesting CPSE assets for monetisation
  • Agrochemicals exporters widen their valuation gap vis-à-vis domestic plays
  • ONGC to auction over 60 fields to private operators
  • Rainfall deficiency hits 43 per cent; monsoon progress likely in the next 2-3 days: IMD
  • FPIs remain net buyers in June, invest Rs 11,132 crore
  • India can boost exports of 300 products to US, China amid trade war, says report
  • Jaypee Infratech lenders moot fresh plan to complete housing projects
  • CREDAI seeks bank funding for developers to buy land for affordable housing projects
  • Round-tripping still rampant in gold exports
  • Steel industry seeks safeguard duty to counter rise in imports
  • Start-ups entering listed space via reverse merger

Key Due Dates:

  • 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

Corporate and Professional Updates on 14th June 2019

Direct Tax Updates:

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  • Income Tax Advance Tax last date is 15.06.19 of first instalment for FY 2019-20. Pay on time & avoid levy of penal interest.
  • If your landlord happens to be an NRI, make sure you deduct TDS each month from the rental payment. TDS needs to be 31.2% of the rent, unless the NRI landlord furnishes a certificate stating that his total income in India is estimated to fall below the tax exemption limit.
  • Income Tax Advance Tax Last date is 15.06.2019  for paying first installment of Advance Tax for FY 2019-20. Non/short payment is liable to penal interest.

Indirect Tax Updates:

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  • Finance Ministry unveiled a roadmap for the implementation of the new GST return mechanism. It has also put in place a transition mechanism. The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the previous fiscal was more than 5 crore, Form GST ANX will replace GSTR 1 from October.
  • CBIC has issued a Clarifications on filing of Annual Return (FORM GSTR-9) based on the queries with respect to filing of this Annual return. It is clarified that the last date for filing of Annual return in FORM GSTR-9 will remain 30th June 2019.
  • Many Indian exporters approached the Delhi High Court last week against the government for not extending the benefits of EPCG  scheme to goods and services tax (GST) regime.

RBI Updates:

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  • RBI staff will come up with a new framework by mid-July. The task is to simplify liquidity management by spelling out the why, how and what of liquidity. When the central bank’s staff begins to hammer out a new framework, they should keep in mind that more communication is good communication.

SEBI Updates:

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  • SEBI is planning to rejig the structure of credit rating firms under which the companies will be required to have independent directors forming the majority on the boards and a nominee of the regulator. Recent investigations in IL&FS default revealed the apparent conflict of interest in the conduct of the business of credit rating companies in India.
  • The Securities and Exchange Board of India (Sebi) has introduced a “probability of default” mechanism to keep credit rating agencies (CRAs) in check. The directive could reduce the number of companies that are in the top-rated category. According to the new framework, rating agencies have to assign the default probability to each rated debt instrument, and disclose its benchmark by December-end. The move assumes significance given that it helps reduce recurrence of major default cases such as the Infrastructure Leasing & Financial Services (IL&FS) crisis, which brought rating agencies under the government’s and regulator’s lens. 
  • IL&FS commercial papers were downgraded from ‘triple A’ to ‘D’ (or, default grade) in just 40 days. “In order to enable investors to discern the performance of a CRA vis-a-vis a standardised probability of default (PD) benchmark scale, CRAs, in consultation with Sebi, shall prepare and disclose standardised and uniform PD benchmarks for each rating category on their website, for 1-year, 2-year and 3-year cumulative default rates, both for the short-run and long-run,” Sebi said on Thursday. 
  • The standardised and uniform PD benchmarks should be disclosed on the website of each CRA for ratings of long-term and short-term instruments on a consolidated basis for all financial instruments rated by a CRA — by December 31, 2019. Further, the regulator tweaked norms on computation of default rates by rating agencies. It says rating agencies may re-index probability benchmark and tolerance level from time to time. 

Employee Provident Fund Updates:

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  • The government on Thursday announced reducing the total rate of contribution made by workers and employers towards the Employees’ State Insurance (ESI) scheme from 6.5 per cent to 4 per cent for the first time in over two decades. The move is expected to benefit around 1.3 million employers who will see a 40 per cent reduction in the rate of contribution they make for their employees, in line with the provisions of the Employees’ State Insurance Act, 1948.

Other Updates:

  • FinMin starts groundwork for fresh bank consolidation
  • India’s economy big worry for Modi: FICCI
  • Airtel submits Rs 644 crore bank guarantee for merger
  • IndiGo Q4 profit jumps 5-fold to Rs 590 crore
  • Provide names of big loan defaulters: CIC to RBI
  • Radio City to acquire 40 Big FM stations for Rs 1,050 cr
  • Arcelor, Resurgent said to mull joint bid for Essar plant
  • China’s planned curbs on aluminium scrap imports nettles Indian players
  • India Inc Q4 revenue growth slumps to six-quarter low of 10.7%
  • Indian Hotels to go on global expansion spree, may opt to buy out firms
  • Avendus Future acquires stake in Bikaji Foods for Rs 40 crore
  • Lupin’s Goa plant may face regulatory action, says USFDA after inspection
  • BHEL Q4 results: Net profit jumps 50 per cent at ₹682.7 crore
  • Colgate-Palmolive Q4 net up 4.7% to Rs 197.50 cr
  • Inventory write-off drags Natco Pharma’s net down 60%
  • Pension scheme provisioning pushes Oil India into red
  • PIL against the operations of the Paytm Post Paid Wallet filed in Delhi HC
  • Zee Entertainment Enterprises Q4 net profit up 26.8% to ₹292.53 crore
  • Kerala to levy 1% flood cess from 1 June
  • Govt proposes WTO-compliant schemes to boost Make in India
  • Zee stake sale to be completed by July, says Punit Goenka
  • GDP growth in Q4 likely to moderate to 6.1-5.9%, may lead RBI to cut rates: SBI report
  • Bid for BPSL: Lenders move NCLAT for quick approval to JSW Steel’s plan
  • Ingen resolution plan for Orchid Pharma rejected again
  • India Inc revenue growth in Q4 hits six-quarter low of 10.7 pc
  • Confident of timely payment of salary for May: BSNL chief
  • Amid recovery in greenback Rupee settles with 2 paise gain against USD
  • Emami’s net sales up 5 per cent at Rs 635 crore
  • Care Ratings expects power generation to grow
  • Sun Pharma Q4 profit halves to Rs 636 crore
  • Lookout notice issued against DHFL promoters 
  • Airtel Africa may raise $1 billion from stake sale
  • World Bank to invest $35 mn in Manapurram Finance
  • Tech Mahindra & MKI collaborate for Japanese market
  • Welspun in talks to own slum rehabilitation projects, loaned by Dewan Housing Finance Ltd
  • RBI extends timing for fund transfer through RTGS till 6 pm from Jun 1: RBI
  • GMR Warora Energy on verge of defaulting on over Rs 3,000-crore loans
  • Adani offers lenders Rs 500 cr upfront in fresh bid for Jaypee Infratech
  • Tata Steel can withstand 20% drop in EBITDA over next 2 years: S&P Global
  • Steel may grow by 6-8 pc in FY20 amid concerns over dumping from China
  • FDI inflows record first decline in six years this fiscal
  • Pfizer Q4 net up 4.74 per cent to Rs 109.47 crore
  • IT Dept trains officers to detect tax evasion in shell Cos
  • Hind Copper consolidated Q4 net up 16% to Rs 40 cr
  • Mphasis Q4 net profit up 11.9 per cent to Rs 266 crpre
  • NMDC net profit grows 31% to₹1,453 cr in Q4
  • Gail to list Gail Gas, plans ₹54,000 crore capex in 2-3 years
  • Tata Consultancy Services listed among top 50 US companies for diversity
  • Bank ETF launch likely By Dec, to help funds mop-up, cut govt stake in banks
  • IRB Infrastructure Q4 net profit dips 13% to₹208 crore
  • SBI looks to raise up to ₹18,000 cr via QIP
  • NCLT asks Sebi to conclude probe into ITC, LIC allegations against Leela
  • Lakshmi Vilas Bank Q4 net loss narrows to Rs 264 crore
  • India can attract 1.5-2 per cent FDI to GDP ratio: Nomura
  • DLF transfers Rs 330 crore land to JV with GIC for settlement of dues
  • Rupee slips 18 paise against dollar on high dollar demand
  • Sensex, Nifty clock fresh closing highs on fund inflows
  • NCLAT gives 4 weeks to Bakshi to settle dispute with HUDCO
  • PNB narrows Q4 loss to Rs 4,750 crore.

Key Due Dates:

  • 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.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.