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.

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Corporate and Professional Updates on 1st June 2019

Direct Tax Updates:

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  • Delhi High Court restrained the Income Tax Department from taking any action against VVIP chopper deal scam accused Gautam Khaitan against whom a black money case has been lodged. Court said Khaitan, an advocate by profession, has made out a “good prima facie” case for grant of interim relief and grave prejudice would be caused to him if the authorities are not restrained at this stage from proceeding further. 
  • CBDT do not want to let go the Revenue Dues owed by Shell Companies that have been deregistered by the MCA. But the task is easier said than done, as it would mean the restoration of over 4,000 companies identified by the CBDT. The CBDT has been holding talks with the MCA over this.

Indirect Tax Updates:

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  • The new option has been introduced wherein the consignment of one e-way bill has to be moved in multiple vehicles, after moving to transshipment place.
  • Different high courts in the country have given stay orders on several fiats of the National Anti-profiteering Authority (NAA) for the GST, casting doubts on the legal tenability of the way the nearly one-and-half-a-year-old set-up operates and passes orders on alleged cases of profiteering by businesses.A review by FE revealed that at least five firms have got reliefs from the high courts, in what allowed them to defer coughing up an aggregate amount of Rs 430 crore. 

RBI Updates:

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  • Government is open to providing more powers to the RBI to direct lenders to take action on stressed assets. There is a growing view in the government that there has to be some regulatory supervision over debt resolution by the RBI.
  • RBI has asked NBFCs with asset size of more than Rs.5,000 crore to appoint a chief risk officer (CRO) with clearly specified role and responsibilities, in view of the increasing role in direct credit intermediation of these companies. The RBI directive comes in the backdrop of the IL&FS imbroglio and its ripple impact on NBFCs.
  • RBI wants NBFCs with assets of more than 5,000 Crore must appoint a Chief Risk Officer (CRO). It said that with the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to Augment Risk Management Practices.
  • RBI Appointed Committee headed by Aadhaar architect Nandan Nilekani submits its suggestions on Promoting Digital Payments to RBI Governor Shaktikanta Das. The 5-member team was formed in January this year to consult with various stakeholders of the payments ecosystem and deliberate on solutions to further strengthen the industry

Other Updates:

  • MCA sees Rs 2.8 lakh cr recovery from IBC-led RP.
  • IOC to examine US sanction’s impact on CPCL plans
  • India may witness slowdown as oil imports decline
  • DoT to soon settle merger/transfer of licences in M&As
  • BoB looks to rationalise 800-900 branches
  • Pre-monsoon rainfall deficit drops to 22 per cent
  • Reliance Capital protests ratings downgrade
  • India reports trade deficit with 11 RCEP members in FY 2018-19
  • OPEC members meet to assess oil market after US sanctions on Iran
  • NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
  • Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
  • ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
  • NBFC crisis to top agenda of new govt.
  • Jet employee group offers to invest $700 million
  • AgMA Energy plans to launch India-specific agri products
  • No interest in taking control of IndiGo: Rakesh Gangwal
  • Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
  • ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
  • TCS eyes double-digit growth in FY20, says COO Subramaniam
  • Dr Reddy’s Laboratories serves a bitter medicine in March quarter
  • RBI’s vision document on payment systems to spur digital economy: Fintech firms
  • Life insurance industry to focus on millennials, digital-human interface
  • IMFA posts loss of Rs 74 cr in January-March qtr
  • Power producers seek removal of double taxation on imported coal
  • RBI to boost card payments with 34% increase in PoS terminals by end of 2021
  • Japan’s Orix to acquire wind assets of IL&FS
  • GST Council may consider national bench of AAAR next month
  • FPIs withdraw Rs 6,399 crore in May so far
  • AstraZeneca moves US court against Aurobindo
  • RBI releases ‘Vision 2021’ for payment systems for ‘cash-lite’ society

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

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.

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Corporate and Professional Updates on 11th May 2019

Direct Tax Updates:

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  • CBDT vide order dated 30th April 2019 stated that  Income Tax dept. to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR.
  • India has notified the inter-governmental agreement with the US for exchange of country-by-country reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion.
  • The Income Tax Department will now share information such as reported turnover and gross income declared with the Goods and Services Tax Network to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central Board of Direct Taxes has said the agreement will include provisions for confidentiality, a mechanism for safe preservation of data and timelines for furnishing information.

Indirect Tax Updates:

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  • Gujarat High Court in the matter of Octagon Communications Pvt Ltd Vs Union of India allows filing of GSTR-3B without payment of GST.
  • Input Tax credit is admissible even if Consideration is paid through Book Adjustments. In re Senco Gold Ltd GST AAR West Bangal.

Other Updates:

  • FinMin may raise cap on 59-minute loans to Rs 3-5 cr
  • CBI’s Look Out Circulars against Bhushan steel boss
  • ISB to set up repository to store all public data
  • Companies get more time to submit ACTIVE form
  • Auditors have questions to answer, says govt
  • ONGC gets green nod for Rs 240 cr project in Assam
  • India, UK in talks to build aircraft carrier : Report
  • Lupin, Zydus Pharma recall products in the US
  • Sebi may be asked to relax 75% promoter stake norm for PSBs
  • Govt to give financial aid to minority investors filing class action suits
  • Sebi’s co-location order delays announcement of NSE’s FY19 results
  • Govt sees little scope for Jet Airways revival as bidders stay away: Report
  • Vodafone Idea promoters contribute Rs 17,920 crore to rights issue
  • Infibeam sacks auditor for sharing unpublished price-sensitive information
  • IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
  • Ipca Labs inks pact to acquire Ramdev Chem for Rs 108.5 cr
  • Non-filers of GST returns to be barred from generating e way bills from June 21
  • Rupee falls by 24 paise on strong dollar demand
  • Sensex rallies 490 points; Nifty reclaims 11,700-mark
  • Self-assessed GST return permitted.
  • Adani Group to invest Rs 57,594 crore to expand Mundra port
  • Ashok Leyland sales up seven per cent in April at 13,626 units
  • Hindustan Zinc’s profit down 24%
  • SBI to consider Jet staff’s billion-dollar bid after May 10
  • India has secured additional oil supplies to tide over Iran sanctions
  • SAT sets aside NSE’s 2017 order against OPG Securities in co-location case
  • TPG Growth-backed Asia Healthcare Holdings acquires Nova IVI Fertility

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.

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.

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Corporate and Professional Updates on 1st May 2019

Direct Tax Updates:

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  • CBDT vide order dated 30th April 2019 stated that Income Tax dept. to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR.
  • India has notified the inter-governmental agreement with the US for exchange of country-by-country reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion.
  • The Income Tax Department will now share information such as reported turnover and gross income declared with the Goods and Services Tax Network to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central Board of Direct Taxes has said the agreement will include provisions for confidentiality, a mechanism for safe preservation of data and timelines for furnishing information.
  • CBDT has left the onus of data-sharing on the principal director general of income tax or director general of income tax. “Spontaneous exchange of data the modalities of which shall be decided by the concerned specified authorities,” an order issued by the CBDT said. Details captured in returns, status of filing income tax returns and turnover ratio will form part of the information package to be shared with GSTN. The data can be matched with the business returns of the assessee.

Indirect Tax Updates:

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  • GST officers are working out a mechanism to deal with non-payment of taxes by large number of small restaurants and B2C entities which are collecting taxes from customers but not depositing the levy with the government.
  • CBIC has clarified vide its Circular, that IGST Credit will be first used to offset IGST Liability and thereafter it can be used to offset CGST and SGST/UGST liability in any order and in any proportion as per newly inserted Rule 88A of the CGST Rules vide Notification No. 16/2019-Central Tax dated 29th March, 2019.
  • GST officers are working on a system where businesses above a certain turnover threshold will have to generate ‘e-invoice’ on government or GST portal for every sale, thereby effectively reducing the room for tax evasion. To start with, businesses above a specified threshold will just get a unique number for every electronic invoice or e-invoice generated.

Other Updates:

  • FinMin may raise cap on 59-minute loans to Rs 3-5 cr
  • CBI’s Look Out Circulars against Bhushan steel boss
  • ISB to set up repository to store all public data
  • Companies get more time to submit ACTIVE form
  • Ipca Labs inks pact to acquire Ramdev Chem for Rs 108.5 cr
  • RBI may allow 66% lenders’ approval for resolution of stressed assets
  • IndiGo, Tatas protest govt’s basis for allotting Jet Airways slots
  • After Lee Fixel exit, Tiger Global prowls for B2B startup deals in India
  • Jet Airways says will validate refund claims in 45 days
  • Ericsson moves Supreme Court against returning Rs 580 crore to Anil Ambani’s RCom
  • UltraTech Cement Q4 net profit at Rs 1,014 crore
  • US-based Avaya announces partnership with Standard Chartered bank
  • Cyberattacks to cost firms $5.2 trillion in next 5 years: Accenture
  • Customer complaints against banks surge 25% to 1.63 lakh in FY18
  • Office space worth $35 bn can be listed under REIT: JLL India
  • RBI too joins global peers in raising gold bullion reserves
  • Non-filers of GST returns to be barred from generating e way bills from June 21
  • Rupee falls by 24 paise on strong dollar demand
  • Sensex rallies 490 points; Nifty reclaims 11,700-mark
  • Self-assessed GST return permitted.

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.

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.

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Corporate and Professional Updates on 22nd April 2019

Direct Tax Updates:

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  • The Central Board of Direct Taxes (CBDT) has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and ‘drop filers’ of tax returns. According to the non-filer monitoring system (NMS) of the I-T department, data for 20.4 million non-filers has been obtained between 2013 and 2017, of which 2.5 million are those who are inconsistent — popularly known as ‘dropped filers’.
  • The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers. The said data has been shared with assessing officers. This information may be acted upon as efficiently as possible to widen the tax base, said the officer cited above. The NMS data shows a sharp increase in non-filers since 2013. In 2014, the number of non-filers was 1.22 million, which surged to 6.75 million in 2015. The number of dropped filers in FY18 stood at 2.52 million, down from 2.83 million in FY17.

Other Updates:

  • Finmin asks all depts to review govt guarantees.
  • India’s oil needs are well secured.
  • Job creation down 1.7 pc in Feb: ESIC payroll data.
  • SBI offers 20 bps discount on electric vehicle loans.
  • Jio fastest with 22.2 mbps download speed in March.
  • Blackstone buys Essel Propack for up to $460 million, to launch open offer at Rs 139/share.
  • RBI committee to peg excess capital at Rs 3 trillion, says BofAML.
  • OMCs unlikely to be impacted by US withdrawal of sanction waiver.
  • Jet Airways bids set to draw a blank; Etihad to say no, TPG back out too.
  • RBI may tweak Feb 12 circular on stressed assets to 30-day grace period.
  • Gail top bidder for IL&FS wind power plants with Rs 4,800-crore offer.
  • JNPT raise offer to buy Air India tower.
  • Coal import rises 9% to 234 MT in FY19.
  • BEML, Syndicate Bank sign MoU, to book ₹100 cr-biz.
  • McLeod Russel to sell 3 Assam estates to Luxmi Tea Company for₹150 crore.
  • SpiceJet and Emirates enter into code-share agreement.
  • Reliance Jio GigaFiber to offer broadband, landline and TV combo for ₹600.
  • SECI postpones manufacturing-linked solar bid for 3 GW till May 14.
  • Hindustan Copper board to consider fund raising via QIP.
  • Spice Jet to deploy sub-leased aircraft from Jet lessors.
  • DTH players violating new norms to face strict action.
  • Financial Express Banking on banks: Air India SPV seeks to lower debt burden.
  • March air traffic growth slowest in 5 yrs. groundings, flight cancellations to blame.
  • Volkswagen moves Supreme Court against NGT’s Rs. 500 crore fine.
  • Once A-rated at S&P, struggling Oman economy risks further cut in ratings
  • Debt schemes: Mutual Funds exposure to DHFL group firms at Rs. 6,500 crore.
  • RBI has $43 billion excess capital.
  • Flows into Asian bonds touch $5 billion in March.
  • Sensex cracks over 480 points, Nifty below 11,600.
  • Oil prices soar by about 3 per cent as plans US end to Iran sanction waivers.
  • Rupee drops 32 paise, may stay weak if crude spikes.

Key Due Dates:

  • 20-04-2019 – GSTR-3B for the m/o March 2019.
  • 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
  • 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
  • 30-04-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19
  • 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.

Quote of the Day:

Smart Working May Leads to more Professionalism.

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.

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Corporate and Professional Updates on 20th April 2019

Direct Tax Updates:

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  • CBDT has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and ‘drop filers’ of tax returns. According to the non-filer monitoring system of the I-T department, data for 20.4 million non-filers has been obtained between 2013 and 2017, of which 2.5 million are those who are inconsistent — popularly known as ‘dropped filers’.
  • CBDT Committee on ‘Profit Attribution to Permanent Establishment (PE) in India’ said MNCs that are incurring global losses or a global profit margin of less than 2 per cent and have operations in India will be deemed to have made a profit of 2 per cent of Indian revenue or turnover and will be taxed accordingly.
  • The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers
  • The Central Board of Direct Taxes (CBDT) has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and ‘drop filers’ of tax returns. According to the non-filer monitoring system (NMS) of the I-T department, data for 20.4 million non-filers has been obtained between 2013 and 2017, of which 2.5 million are those who are inconsistent — popularly known as ‘dropped filers’.
  • “We are issuing notices in all the non-filer/dropped filer cases across the country, and proceedings shall be initiated accordingly in the relevant cases,” said an assessing officer. Typically, the penalty for non-filing is pursued under Section 271F of the Income Tax Act, and that for late filing under Section 234. If an assessee files returns after the due date of August 31 but before December 31, it will attract a penalty of Rs 5,000. For those who file returns after December 31, the penalty rises to Rs 10,000. However, there is an exemption for small taxpayers — if the total income does not exceed Rs 5 lakh per annum, the maximum penalty will be Rs 1,000.
  • The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers. The said data has been shared with assessing officers. This information may be acted upon as efficiently as possible to widen the tax base, said the officer cited above. The NMS data shows a sharp increase in non-filers since 2013. In 2014, the number of non-filers was 1.22 million, which surged to 6.75 million in 2015. The number of dropped filers in FY18 stood at 2.52 million, down from 2.83 million in FY17.

Indirect Tax Updates:

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  • GST 20.4.2019 is Last date to file GSTR-3B of March 2019 & claim pending ITC of 2017-18, not claimed till now but shown by Suppliers in their GSTR-1.

RBI Updates:

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  • The Reserve Bank of India (RBI) on Thursday released a draft ‘Enabling Framework for Regulatory Sandbox’ in order to support the country’s rapidly growing fintech space. The sandbox will begin the testing process with 10-12 selected entities focusing on financial inclusion, payments and lending, digital KYC, etc. The cohorts may run for varying time periods, but should ordinarily be completed within six months, said the RBI.
  • A regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain regulatory relaxations for the limited purpose of the testing. The regulatory sandbox would be within a well-defined space and duration where the RBI will provide the requisite regulatory guidance, so as to increase efficiency, manage risks, and create new opportunities for consumers.
  • The draft guidelines highlight the clear principles and role of the proposed regulatory sandbox, its pros and cons, the reasons for setting up the regulatory sandbox and expectations of the RBI from the sandbox. The central bank has invited comments on the draft guidelines from stakeholders by May 8.

Key Due Dates:

  • 20-04-2019 – GSTR-3B for the m/o March 2019.
  • 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
  • 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
  • 30-04-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19
  • 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.

Quote of the Day:

Your personal life, your professional life, and your creative life are all intertwined. I went through a few very difficult years where I felt like a failure. But it was actually really important for me to go through that. Struggle, for me, is the most inspirational thing in the world at the end of the day – as long as you treat it that way.
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.

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Corporate and professional updates on 17th April 2019

Direct Tax Updates:

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  • The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources. The revised Form will come into effect from May 12, 2019.

Indirect Tax Updates:

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  • Renewable power companies have moved the Delhi High Court, seeking to exempt the renewable energy certificates (RECs) from the goods and services tax (GST). The case will also have implications on priority sector lending certificates, used widely in the banking sector. These certificates current attract a GST rate of 12 per cent.The court on Tuesday issued notices to the Centre, the GST Council and the Central Board of Indirect Taxes and Customs in this regard.
  • RECs fall under the definition of securities, argued Rastogi. “These scrips are traded on IEX and PXIL and are electricity derivatives,” Rastogi said. RECs are widely used in the renewable purchase obligations by companies and states. Launched in 2010, RPOs make it obligatory for distribution companies, open-access consumers and captive power producers to meet part of their energy needs through green energy. Pre-defined RPO target for all states, currently ranges from 3 per cent to 10 per cent of the total energy requirement of the states. RPO is divided in two parts- solar RPO and non-solar RPO. The states or utilities that are unable to fulfil their RPO can buy RECs, which represents 1mw-hour of power produced from a renewable energy source. There are around 12,000 projects under REC mechanism with a total capacity of 5,383 MW.
  • Central Electricity Regulatory Commission reduced the REC prices to a historic low to match with prevailing tariffs. It was earlier in the range of Rs 1.5-3.5/unit Harry Dhaul, director general of the Independent Power Producers Association of India (IPPAI), said the taxability of REC will prove to be fatal for the power consumers by further increasing the costs of electricity.

Other Updates:

  • Infosys’ digital strategy to curb attrition.
  • Samsung says it sold 2 milion A series smartphones in 40 days, clocks USD 500 million in sales.
  • India’s trade deficit narrows to $10.89 bn in March, exports grow 11%.
  • Trump asks Boeing to rebrand 737 Max in ‘what the hell do I know’ tweet.
  • Wipro Q4FY19 preview: Analysts see dip in margins; modest rise in PAT.
  • Net interest margin of NBFCs likely to come under pressure.
  • India’s cotton output to decline to 343 lakh bales in FY19.
  • Export of oilmeals rose 31% to Rs 6,222 cr in FY19.
  • Lakshmi Vilas Bank to allot near 5% shares to India bulls Housing Finance.
  • Gold falls by Rs 200 on muted demand, extends losses for 4th day.
  • Metropolis Healthcare makes a strong stock market debut; lists up 9% from IPO price.
  • Spice Jet shares surge more than 8% on launch of new international flights.
  • NBFC-MFIs raise Rs 26,000 cr through securitisation in FY19.
  • Rupee drops 25 paise to close at 69.42 vs USD.
  • TCS shares jump nearly 5 pc after Q4 results; m-cap rises by Rs 36,136 cr.

Key Due Dates:

  • 18-04-2019 – Quarterly return for taxpayers opting for Composition Scheme(GSTR-4)
  • 20-04-2019 – GSTR-3B for the m/o March 2019.
  • 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
  • 14-04-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o Feb’19.
  • 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
  • 30-04-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19
  • 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 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.

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Corporate and Professional Updates on 4th April 2019

Direct Tax Updates:

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  • India and US will be signing an information-sharing agreement before the end of the fiscal year. Companies headquartered in the US but having operations and taxability in India now need not file country-by-country (CbC) reports in India, according to a pact signed between India’s tax department and the US
  • In a press release, the Central Board of Direct Taxes (CBDT) has clarified that for such international companies, filing CbC reports in the US would be  These would then be shared with the Indian tax authority, the CBDT, under an information-sharing agreement which will be signed between the countries before the end of the fiscal year. This will reduce the compliance burden on firms. The deadline for furnishing the CbC report was earlier extended.

Indirect Tax updates:

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  • If any invoices have been skipped to be entered, you can simply enter them in respective columns, along with current month’s invoices, entering the original Invoice dates.
  • Amendments in B2B : These can be done thru Table No. 9A of GSTR-1. You need to select the year FY 2017-18, enter the invoice number, and make appropriate amendments after clicking on ‘Amend Invoice’, under tab ‘Uploaded by Taxpayer’
  • Amendments in Exports : These can be done thru Table No. 9A of GSTR-1. You need to select the year FY 2017-18, enter the invoice number, and make appropriate amendments after clicking on ‘Amend Invoice’, under tab ‘Uploaded by Taxpayer’
  • Amendments in B2C Large : These can be done thru Table No. 9A of GSTR-1. You need to select the year FY 2017-18, enter the invoice number, and make appropriate amendments after clicking on ‘Amend Invoice’, under tab ‘Uploaded by Taxpayer’
  • Amendments in B2C Small : These can be done thru Table No. 10 of GSTR-1. You need to select the year FY 2017-18, enter the relevant month and Original Place of Supply (POS), and make appropriate amendments after clicking on ‘Amend Details’

Other Updates:

  • Banks can now refer defaulters to NCLT.
  • BlackRock begins its biggest organisational overhaul in years.
  • Britain to seek further delay to Brexit: Theresa May.
  • SC order on RBI circular negative for banks, may defer debt resolution.
  • Rel Jio transfers fibre and tower infrastructure to InvITs.
  • Tea board fixes ₹98/kg as green leaf price for April.
  • NTPC’s installed capacity at 55,126 MW.
  • MG Motor India in talks with payment gateways.
  • EU drags India to WTO over import duties on ICT products.
  • Security Exchange Board of India issues circular on appointment of administrators.
  • Insolvency law’s objective is reorganisation of defaulting firms, not recovery of dues.
  • Titan increases stake in CaratLane with Rs 99.99 cr investment.
  • Shapoorji Pallonji Infra sells 194 MW solar portfolios to Spring Energy.
  • Aurobindo Pharma, Lupin recall drugs in US market.

Key Due Dates:

  • 10-04-2019 – GSTR 8 for E-Commerce operators for the m/o March 2019.
  • 10-04-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o March 2019.
  • 11-04-2019 – GSTR-1 for the month of March 2019 for taxpayers with Annual Aggregate turnover More than 1.50 Crore.
  • 13-04-2019 – GSTR-6 for Input Service Distributor.
  • 18-04-2019 – Quarterly return for taxpayers opting for Composition Scheme(GSTR-4)
  • 20-04-2019 – GSTR-3B for the m/o March 2019.
  • 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
  • 14-04-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o Feb’19.
  • 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
  • 30-04-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19
  • 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 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.

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