Corporate and Professional Updates on 13th May 2019

Direct Tax Updates:

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  • ITR-3 (Excel Utilities) has been issued by CBDT on 10/05/2019 for assessment year 2019-20 (i.e. for financial year 2018-19) Now Tax audit can be done by Chartered Accountants for Individual & HUF.
  • Managerial remuneration: Where a company made provision for payment of managerial remuneration to assessee, same created an obligation on assessee to bear tax liability on salary.
  • 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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  • Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers.
  • GST payable on freight charges recovered from customers without issuance of consignment note. Case Name: In re Siemens Limited.
  • 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:

  • Piramal Group plans to buy operational renewable power projects of Mytrah
  • NBFC crisis imminent, says Corp Affairs Secy
  • RBI study finds why there’s a dip in bank deposits
  • Positive sentiment continues for manufacturing sector in Q4, capacity utilisation up at 80%: FICCI survey
  • NCLT dismisses ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure
  • FPIs press exit button, pull out Rs 3,207 crore from markets in May
  • DMart Q4 net profit rises 21.4% at Rs 203 crore but margins remain weak
  • PNB Housing Finance reports net profit of Rs 379.7 cr in Q4FY19; up 51%
  • Apple’s wait bears fruit with sub-continent’s biggest store in Mumbai
  • Reliance entry to digitise 5 million kirana stores by 2023: report
  • SRF to sell engineering plastics business to DSM India for ₹320 crore
  • PC Jeweller gets board’s nod for export division demerger
  • Tata group’s perfume brand Skinn eyes Rs 500-crore turnover by 2023
  • Vedanta’s benign March quarter results bring no solace for investors
  • Accor in talks to invest up to $50 million in Treebo Hotels
  • NCLAT dismisses insolvency plea against SpiceJet
  • Unilever considers $1 billion bid for skincare brand Drunk Elephant
  • Govt to set up panel under DGFT to look at steel availability for engineering exporters
  • Moody’s India probing IL&FS AAA rating by ICRA executives after whistle-blower complaint
  • US-China talks break up with no deal after Trump hikes tariffs on $200 billion in Chinese imports
  • Dalmia Bharat Q4 profit jumps over 2-fold to Rs 264 cr
  • Jaypee Infratech insolvency: Lenders ask NBCC to withdraw some conditions
  • COAI approaches DoT to stop sale of mobile signal boosters on e-commerce sites.

Key Due Dates:

  • 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.

Corporate and Professional Updates on 25th April 2019

Indirect Tax Updates:

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  • The Goods and Services Tax (GST) Council has added flexibility into the way a company can utilize the available input tax credit. Any company would now be eligible to use credit available against paid integrated GST (IGST) to set off tax liabilities of state GST (SGST) and central GST (CGST) in any proportion and in any order, the GST Council said in a circular sent to field formations on Tuesday. Previously, the order of using the IGST credit was kept flexible — it was the company’s choice to set off CGST or SGST first — in a notification dated March 29. However, it was not clear whether a company would be able to use IGST credit to set off SGST liability and CGST liability partially at the same time. It was construed that if a company chooses to set off SGST liability first, it would have to exhaust the entire SGST liability before using the IGST credit to set off CGST liability.
  • In a circular issued on April 23, the GST Council clarified that the IGST credit can be used in a flexible manner. The mandatory requirement to set off IGST liability remains as it is. Industry and observers have welcomed the move.
  • A company has output tax liability of Rs 1,000, Rs 500, and Rs 500 towards IGST, SGST, and CGST, respectively. Let us assume a case where IGST credit of Rs 1,500 is available in the electronic credit ledger for the company at the time of tax payment. According to the GST law, it has to use the IGST credit to pay off the IGST liability first, before using it to discharge SGST or CGST liabilities. This will erase the IGST liability, and reduce the available IGST credit to Rs 500.
  • The company can now use this credit to pay off SGST liability completely, or the CGST liability completely, or both CGST and SGST in any proportion it deems proper. It can use half of the available IGST credit to set off SGST liability and the remaining half to set off CGST liability, or it can use Rs 100 to set of SGST liability, and Rs 400 to set off CGST liability, or any other combination.

RBI Updates:

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  • RBI asks Banks & Financial Institutions to disclose their exposure to the Bankrupt Infra Lender “IL&FS” in their forthcoming earnings announcements and provisions in Q4 accounts. IL&FS and its 348 group companies owe over Rs 94,000 crore, of which over Rs 54,000 crore are owed to banks.
  • RBI is likely to lower the Approval Threshold in its revised circular for Resolving Stressed Assets to 66% of lenders by value from the current level of 100%. RBI is also likely to detail the mechanism for the buyout of exposure from banks that is not in compliance with the majority of the lenders on the Resolution Plan, Third-Party Security and Additional Funding.
  • RBI sells Entire Stake in NHB & NABARD to Govt. for ₹ 1,470 cr. in total. With this, the Government now holds 100% stake in both these Financial Institutions. The transactions were completed on February 26 and March 19.
  • RBI Committee may recommend that all Government Payments & Public Payments to citizens should be made digitally. The move seeks to ensure higher adoption of digital payments among the masses. The RBI panel on digitization is also likely to press for encouraging citizens to pay income tax and challans digitally.

Other Updates:

  • Disclose exposure to IL&FS, RBI tells banks
  • Customer plaints against banks surge 25% in FY18
  • RBI sells entire stake in NHB, Nabard to govt
  • 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
  • Sebi bars cash-strapped Hotel Leelaventure from asset sale to Brookfield
  • SFIO quizzes Deloitte ex-CEO over alleged audit lapses in books of IL&FS
  • No change in Bharti Infratel’s Q4 net amid merger with Indus Towers
  • ONGC arm delays plan to invest in Iran gas field after US sanctions
  • Jalan panel on RBI’s capital size to submit report by June
  • Approach SBI, Jet tells UK entrepreneur who evinced interest in buying the airline
  • Data on jobs, GDP being analysed with a new set of proxies: CEA
  • Govt procures 55.17 lakh tons of wheat so far this year
  • Forensic auditors indicate IGIDR used data shared by MCX to develop an ‘algo-trading strategy’
  • VRS package may save Rs 1,080 cr in annual salary tab: MTNL chief
  • Voda Idea rights issue receives bids for 1109 crore shares: NSE data
  • Nasdaq hits record, S&P nears all-time high on upbeat earnings
  • Delhi HC allows Alembic, Natco to export Bayer drug for specific purposes
  • SBI gets board approval to raise up to $2.5 billion in bonds
  • 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:

  • 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.

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 11th March 2019

Indirect Tax Updates:

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  • Indian businesses that paid most of their goods and services tax liability using input tax credit or reported a significant variation in turnover are being queried by taxmen, a move that has irked industry and prompted it to petition the authorities against such tactics.
  • Tax officials have sent emails seeking information from businesses that paid over 95% of their dues using input tax credit to ascertain the key factors responsible for subdued GST collections.
  • These queries relate to a large variation in turnover reported, negative growth in central GST liability and a wide divergence in input tax credit between GSTR 2A and GSTR3B.
  • In some centers, businesses have been even asked to furnish tax payment challans. GSTR 2A and GSTR3B are return forms. The first includes all information related to purchases, the second is a simplified return form aimed at making life easier for filers. GST was rolled out on July 1, 2017.

Other Updates:

  • Finance Ministry eyeing part of non-core asset sale proceeds of CPSEs as dividend.
  • China, US reached consensus on exchange rate issues.
  • Govt amends SEZ rules in three critical areas.
  • IDBI Bank considering renewal of term for current MD.
  • Savings of millions of armymen now junk due to IL&FS.
  • FinMin may borrow 60% from market for H1.
  • PNB: Agencies to probe who helped Nirav set up UK.
  • Anil Ambani’s Reliance Capital looks beyond Nippon Life for AMC stake.
  • Naresh Goyal to shed stake to 17% in Jet bailout plan; lenders to hold 30%.
  • India seeks Saudi investment in strategic oil storage to resurrect refinery.
  • Govt scraps 6th, 7th rounds of coal mine auction; sale of 19 blocks on hold.
  • Magma Fincorp expects to close FY19 with 20% growth in disbursals.
  • CBDT allows offshore fund managers to operate from India.
  • EPF transfer on job change to become automated from next fiscal.
  • ‘Access to formal credit increases income of farmers’.
  • Suven Life inks pact to buy assets of Rising Pharma units.
  • DLF to launch over Rs 3,000 cr QIP by June.
  • India targets Saudi investment in building strategic oil reserve.
  • US, China have reached consensus on many vital issues.
  • FPIs invest over 2,700 crore in five sessions on global cues.
  • Essar Steel, Binani insolvency resolutions get official clean chit top body says no contradiction.
  • CII releases roadmap for 8% growth in coming years.
  • India-SICA talks to take place soon to help promote bilateral trade and investments.
  • High value cars, jewellery to become cheaper as TCS to be excluded in computing GST.
  • Irdai panel suggests host of steps for speedy settlement of insurance claims.
  • IRDAI issues norms on conflict of interest.

Key Due Dates:

  • 10th March 2019- Monthly GST-TDS/TCS payment in form GSTR-7 for the month of February 2019 under GST.
  • 11th March 2019- GST Filing of returns by registered person with aggregate turnover more than 1.50 crores (GSTR-1) for February 2019.
  • 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
  • 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
  • 15th March 2019- Due date for PF and ESIC payment.
  • 25th March 2019- Due date for filing monthly return of PF.
  • 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.
  • 31st March 2019 – PT payment for the month of February 2019.
  • 31st March 2019 – Due date for filing of GSTR 3B and 1 from July 2017 to September 2018 without late fees.
  • 31st March 2019 – Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July 2017 to December 2018.
  • 31st March 2019 – Due date for Annual return under PT from April to March 2019.
  • 31st March 2019 – Last date for linking Aadhar with PAN.

Quote of the Day:

Professionalism: It’s NOT the job you do it’s HOW you DO the job.”

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 5th March 2019

Direct Tax Updates:

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  • CBDT, in a bid to promote Cashless Transactions, issues an advisory on its Official Website regarding Cash Transactions over and above the prescribed limits specified under the law.
  • Central Government amends the Aadhaar Act and two related laws in order to make Aadhaar based-KYC for Procuring Mobile Connection and Bank Account compulsory. The compulsory use of Aadhaar-based KYC for mobile connections and bank accounts was prohibited by the Supreme court’s judgement dated 26th September 2018.
  • In the light of the increase in the number of Professional Misconduct cases against the Insolvency Professionals, the Insolvency and Bankruptcy Board of India (IBBI) issues a Charter prescribing the responsibilities of the Insolvency Professionals and the Committee of Creditors.
  • Income Tax Tribunal (ITAT) Agra in case of  Fateh Chand Trust & College Committee v/s Commissioner of Income Tax vide it’s IT Appeal No. 406  dated 27th September 2018 has held that Sec 12AA cannot be denied on the ground that assessee was engaged in education with a profit motive.
  • CBDT, in a bid to promote Cashless Transactions, issues an advisory on its Official Website regarding Cash Transactions over and above the prescribed limits specified under the law.

Indirect tax Updates:

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  • GST collections in February dropped to Rs 97,247 crore from Rs 1.02 lakh crore in the previous month. However, compliance improved and the number of sales returns or GSTR-3B filed for the month of January up to February 28, 2019 stood at 73.48 lakh.

SEBI Updates:

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  • SEBI tightened the valuation methodology for liquid mutual funds and did away with the open offer exemption given to those seeking to acquire assets undergoing insolvency resolution. To make sure liquid schemes reflect the underlying portfolio risks.
  • SEBI approves a proposal to Lower Fees charged from Brokers, Stock Exchanges and Companies seeking to get listed in order to bring down the cost of trading in stock markets. It also approves changes in norms for Valuation of Money Market and Debt Securities by Mutual Funds.
  • SEBI made several amendments to its regulations during the meeting and approved lowering of fees charged from brokers, stock exchanges and companies seeking to get listed.  And approved granting permanent registration to custodians instead of periodical renewal every three years.

Other Updates:

  • India needs land, labour reform to aid Mfg.
  • India Inc’s Foreign Borrowings down 45% at $2.42 Billion in January.
  • Stressed accounts of Bhushan Power, Essar up for sale.
  • After Mallya saga, SEBI wants Companies Act changed.
  • MSCI India weight in MSCI EM index likely to fall 20 BPS by November-end.
  • Gail chosen for Vedanta’s Barmer gas output buy.
  • ONGC recieves single bid from US firm for Oil field production upgrade.
  • RIL arm to acquire stake in Grab a Grub and C-Square for Rs 228 crore.
  • IDBI Bank gets govt nod to handle import, export transactions with Iran.
  • DIPAM to set up asset-monetisation cell to hasten sale of CPSE assets.
  • RBI slaps Rs 11 Cr fine on 4 Banks for non-compliance in Swift operations.
  • GMR Hyderabad airport divests stake in flight training academy.
  • ‘Trump’s tirade against India’s Import tariffs unfair’.
  • Coffee Exports up 13% in first 2-months of 2019.
  • BHEL to set up Solar-based EV charger network on Delhi-Chandigarh highway.
  • Adani Ports to pump ₹53,000 Cr to expand capacity of Kattupalli port.
  • Jet pledges FDs worth ₹1,500 Crore with State Bank of India to stay in the air.
  • OPEC likely to defer Output Policy decision until June.
  • Superior execution powers ABB India, but lofty valuations set the bar high.
  • Mahindra Lifespace looks to add strategic investment partners.
  • Panel to review if Sun Pharma, Meril Life merit price cap relief.
  • Despite shining Steel, Power and Debt to remain drag for JSPL.
  • Nestle India unlikely to increase royalty payout beyond 4.5%.
  • Grant Thornton identifies Rs 13,000 crore worth irregularities in report on IL&FS.
  • Orchid Pharma set for fresh EOIs for resolution plan, Divis and Gland Celsus Bio show interest.
  • Govt to set ball rolling for 1 GW Solar Power in NE.
  • Helpless Mumbai Port Trust sits on 1,900-acre Prime land.
  • DBS Bank floats local arm, aims to triple business.
  • GST collection drops to Rs 97,247 Crore in February.
  • SEBI board approves lowering of fees, easier norms for startups.

Key Due Dates:

  • Due Date of GSTR-1 for the month of February in case of monthly Tax Return Fillers is 10th March 2019.

Professional Quotes:

“Believe passionately in what you do, and never knowingly compromise your standards and values. Act likes a true professional, aiming for true excellence, and the money will follow.”

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.
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Corporate and Professional Updates on 4th March 2019

Direct Tax Updates:

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  • The income tax refunds will be credited only to bank accounts which are linked to PAN from March 1, 2019. If your PAN is not yet linked with your bank account, you must provide the details of the same to your bank branch to get an income tax refund.
  • The finance ministry has asked the direct tax code (DTC) panel to revise the existing income-tax slabs, especially in the 20 per cent bracket. The panel has sought three months to incorporate the suggestions.
  • “The current tax rates are ambiguous in nature, especially the lower slabs. As suggested we will work towards harmonising the tax rates, currently prone to interpretation. We will seek more expert voices and weigh the circumstances to incorporate the changes in line with the suggestions we have received,” said the official cited above. Under the current I-T slabs, income up to Rs 2.5 lakh is exempt from tax, those earning up to Rs 5 lakh pay 5 per cent, and those earning up to Rs 10 lakh have to pay 20 per cent tax. Those with income above Rs 10 lakh have to pay 30 per cent tax.

SEBI Updates:

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  • The Securities and Exchange Board of India plans to tighten takeover norms applicable to companies undergoing proceedings under the Insolvency and Bankruptcy Code. Sources said the capital markets regulator would do away with the provision that allowed a ‘competent authority’ to exempt an acquirer from the requirement of an open offer. Only a court or a tribunal would be allowed to provide such exemptions, they added.

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:

  • Due Dates for monthly taxpayers GSTR-1 is 10th March 2019.
  • 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
  • 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
  • 15th March 2019- Due date for PF and ESIC payment.
  • 25th March 2019- Due date for filing monthly return of PF
  • 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.

Professional Quotes:

Being your own person and standing for what you believe is a critical aspect of a good professional life.

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 27th February 2019

Direct tax updates:

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  • Candidates contesting all forthcoming elections will not only have to declare their income-tax returns of the last five years, offshore assets and PAN details, but also those of their spouses and family members as announced by the Government.
  • Form 26 is filed along with the nomination papers giving details about the criminal antecedents, if any, PAN, income tax return of self, spouse and dependent. It is also used to provide a list of assets and liabilities of a candidate, spouse and all dependents. As per the new notification, offshore assets will include the details of deposits or investments in foreign banks, any other body or institution abroad. It will also include details of assets and liabilities abroad.

Indirect Tax Updates:

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FAQ’s on GST:

Ques. Would forward contracts in commodities or currencies be within the ambit of definition of ‘supply’?

Ans. A forward contract is an agreement, executed, to purchase or sell a predetermined amount of a commodity or currency at a pre-determined future date at a pre-determined price. The settlement could be by way of actual delivery of underlying commodity/currency or by way of net settlement of differential of the forward rate over the prevailing market rate on the settlement date. Where the settlement takes place by way of actual delivery of underlying commodity/currency, then such forward contracts would be treated as normal supply of goods and liable to GST. Where the settlement takes place by way of net settlement of differential of the forward rate over the prevailing market rate on the settlement date, the same would be falling within the purview of ‘securities’ as defined in Section 2(101) of the CGST Act, 2017. As securities are neither ‘goods’ nor ‘services’ as defined in the CGST Act, 2017, future contracts are not chargeable to GST. However, if some service charges or service fees or documentation fees or broking charges or such like fees or charges are charged, the same would be a consideration for supply of service and chargeable to GST.

Ques. What is the nature of income earned / expended in instruments like repos and reverse repos and is such income taxable under GST?

Ans. Section 45U(c) of the RBI Act, 1934 defines ‘repos’ as an instrument for borrowing funds by selling securities with an agreement to repurchase the securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed. Section 45U (d) of the RBI Act, 1934 defines ‘reverse repos’ as an instrument for lending funds by buying securities with an agreement to re-sell the securities on a mutually agreed future date at an agreed price which includes interest for the funds lent. Repos and reverse repos are financial instruments of short term call money market that are normally used by banks to borrow from or lend money to RBI. Page 14 of 32 The margins, called the repo rate or reverse repo rate, in such transactions are nothing but interest charged for lending or borrowing of money. Thus they have the characteristics of loans and deposits for interest and are accordingly exempt from GST.

Ques. Whether assignment or sale of secured or unsecured debts is liable to GST?

Ans. Section 2(52) of the CGST Act, 2017 defines ‘goods’ to mean every kind of movable property other than money and securities but includes actionable claim. Schedule III of the CGST Act, 2017 lists activities or transactions which shall be treated neither as a supply of goods nor a supply of services and actionable claims other than lottery, betting and gambling are included in the said Schedule. Thus, only actionable claims in respect of lottery, betting and gambling would be taxable under GST. Further, where sale, transfer or assignment of debts falls within the purview of actionable claims, the same would not be subject to GST Further, any charges collected in the course of transfer or assignment of a debt would be chargeable to GST, being in the nature of consideration for supply of services

Other Updates:

  • April-Jan fiscal deficit at 121.5% of full-year target.
  • SBI calls lenders’ meeting with Naresh Goyal, Etihad.
  • India delays levying retaliatory tariff on U.S. goods.
  • Trai to decide rules for internet calling firms soon.
  • JM files insolvency case against Hotel Leelaventure.
  • True north buys 51% stake in Max Bupa from Max India.
  • After tough times, future is bright for telcos.
  • RBI removes Allahabad Bank, Corp Bank, Dhanlaxmi from PCA framework.
  • ED attaches Nirav Modi’s properties worth Rs 147 crore in PNB fraud case.
  • Adani Group emerges highest bidder for Guwahati airport.
  • NBFC crisis: $22 billion already gone, but more dark days likely ahead.
  • IOC, HPCL win maximum areas under tenth round of city gas bidding.
  • ArcelorMittal sees major capex risk in Essar Steel acquisition.
  • India’s growth momentum slowed down in late 2018.
  • Global, national AAA ratings are not comparable.
  • Govt eases import norms for prototype devices.
  • Mustard crop seen up 19% on higher yield.
  • BHEL’s claims: NCLAT dismisses Monnet Power’s petition.
  • E-wallet companies welcome extension in KYC deadline.
  • Future Group’s too many diversifications were a mistake.
  • Airtel won’t buy 5G spectrum at current prices, says Sunil Mittal.
  • Copper slips from 8-month high, dwindling stockpiles limit losses.
  • Vedanta sells down Sterlite copper concentrate stockpiles.
  • Rating action DHFL’s debt downgraded by Icra.
  • Finance ministry asks PSBs to submit asset sale details to ARCs.
  • Northeast gas grid project likely to get Rs 5k crore from Centre.
  • Jaypee Infra creditors vote against another forensic audit demand.
  • Prabhu for extending interest subsidy to more products from chemical sector.
  • India, Italy discuss ways to promote trade, investments.
  • Kotak Mahindra Bank raises foreign investment limit.
  • Sensex ends 240 points lower on rising India-Pak tension.
  • Iran buys Indian raw sugar for the first time in five-years

Key Due Dates:

  • Due date of TDS Return for the month of January 2019 is 28th February 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 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 25th February 2019

Indirect tax Updates:

GST updates:

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  • A new window has been enabled for claiming TDS/TCS credits. The taxpayer has the option of accepting or rejecting the TDS/TCS credits available and filing their return, after which the credits get transferred to the cash ledger and can be used for making GST payments.
  • A taxpayer can file an appeal against an order passed by an appellate authority or against an advanced ruling by an appellate authority on the GST portal. He even has the option to file an application with the appellate authority in the case of rectification of a mistake in order passed.
  • For affordable housing GST rate reduced from 8% to 1% & for other housing from 12% to 5%.
  • Definition of affordable housing: 90 sq. Meter for non-metro & 60 sq. meter. For metro area.  Cap on Cost of house to be qualified as affordable kept at Rs 45 Lakh for both non-metro and metro areas.
  • A GST registration number can be obtained without the same. New businesses who are in the process of obtaining bank accounts can simultaneously proceed with GST registration, thus saving time.
  • Claiming of ITC and amendment of B2B invoices of 17-18 are re-opened up till March 2019.
  • Users can now amend B2B invoices of FY 2017-18. The facility to amend the GSTR-1 details of FY 17-18 was closed on filing the September 2018 return. The same has been made available while filing returns for the months of January to March 2019. Input tax credit of FY 2017-18 that was omitted and hence unclaimed up till September 2018 can be claimed now up to March 2019 as well. This was a much-needed remedy for taxpayers who made errors reporting any invoice in the past, or previously missed out claiming genuine credit.
  • For composition taxpayers, there is a simpler way to reply to show cause notices(SCN) now. This is in the case of a show cause notice being issued for compulsory withdrawal from the composition scheme, and if proceedings are initiated against the composition taxpayer, he now has the option to reply to show cause notices on the portal.

E-way Bill Updates:

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  • E-way bill data can be imported for GSTR-1.
  • The E-way bill (EWB) and the GST portal has now been integrated. The same gets automatically imported for the B2B and B2C (large) invoices sections as well as the HSN-wise-summary of outward supplies section. Users only need to verify the data and proceed.

Other Updates:

  • Saudi Arabia to make India regional hub for oil supply
  • Assured return scheme for NPS subscribers proposed
  • REC needs nod from at least 50% lenders for PFC deal
  • India to be 2nd-largest 5G market in 10 yrs.
  • 3-4 more banks to come out of RBI’s PCA framework
  • Warren Buffett’s firm reports $25 bn. Q4 loss
  • May postpones vote on Brexit deal until March 12
  • SBI considers moving NCLT for insolvency proceedings against Jet Airways
  • Blackstone, Embassy to launch India’s first real estate investment trust
  • Tata Steel, JSW Steel are key beneficiaries of the rise in steel demand
  • Raymond revamps supply chain, weighs on digital tools for more efficiency
  • Bharti Airtel set to conduct trial of Nokia’s 5G-ready telecom gear
  • JNPT SEZ to bid out 300 acres to manufacturing companies
  • India’s financial condition looking up, says CII-IBA
  • Boards of companies should assert ethical conduct: CII
  • 347 infra projects show cost overruns worth over Rs 3.2 lakh cr.
  • Hindustan National Glass to raise 1,800 cr. to pare debt
  • Uber in talks to sell India food delivery business
  • KKR, Black Rock set to invest in Adnoc pipeline unit
  • Afghanistan launches new export route to India through Iran
  • Wipro shareholders approve bonus issue, increase in authorised share capital
  • Seven of top 10 Indian companies lose₹67,980 crore in m-cap, TCS worst hit
  • RIL preparing to list Reliance Retail soon
  • US-China talks Superpowers haggling over currency pact
  • Lack of big-ticket deals drive down PE/VC investments in January 2019
  • Swiggy in talks to buy Uber Eats India, deal expected to be sealed soon
  • Singapore largest FDI source, leaves Mauritius far behind
  • PNGRB rejects HPCL review petition on ATF pipeline
  • FPIs sell blue-chips take away Rs 30K cr.
  • Foreign portfolio investors pull out over Rs 1,900 cr. from debt market in Feb
  • Unregulated Deposit Ordinance bans only Ponzi schemes not regulated deposits.

Key Due Dates:

  • Due date of TDS Return for the month of January 2019 is 28th February 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 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 21st February 2019

Direct tax Updates:

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

Indirect tax Updates:

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

Other updates:

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

Key Due dates:

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

Quote of the day:

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

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 20th February 2019

Direct Tax Updates:

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  • The government announced a series of changes aimed at freeing investors and entrepreneurs from the so-called angel tax that’s roiled India’s startup ecosystem. It raised the exemption threshold and kept investments by listed companies of certain minimum size, venture capital funds and non-residents in startups outside the ambit of the tax.
  • A notification issued by the government also widened the definition of startups to benefit a larger number of innovators and protect them from the tax. An entity that has been in operation for up to 10 years from its date of incorporation or registration will be considered a startup instead of the current seven years.

Excluded Investors:

  • The investment limit was raised to Rs 25 crore from Rs10 crore now for availing of tax exemption. “Considerations of shares received by eligible startups for shares issued or proposed to be issued by all investors shall be exempt up to an aggregate limit of Rs 25 crore.
  • The Rs 25 crore limit will exclude funds from certain sources. These include non-residents, Category 1 registered alternative investment funds and frequently-traded listed companies with a net worth of Rs 100 crore or turnover of at least Rs 250 crore. The development comes in the wake of startups having been served demands for taxes on angel funds received by them.

Tax Scrutiny:

  • The new norms don’t address cases in which tax demands have already been raised. “In cases where demand notices have been raised, we have directed the tax officers to not enforce recovery of demand.
  • The increase in investment limit to Rs 25 crore and self-declaration procedure with DPIIT are game changers for the startup fraternity.

Indirect Tax Updates:

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  • Compulsory mentioning of the Place of Supply in case of Interstate supply to Unregistered Person.
  • CBIC mandates the reporting of all inter-State supplies made to unregistered persons in Table 3.2 of FORM GSTR-3B and Table 7B of FORM GSTR-1.
  • The Central Board of Indirect Taxes & Customs in its Circular No. 89/08/2019-GST dated February 18, 2019 it shows that the registered persons making inter-State supplies to unregistered persons, composition taxable persons and UIN holders shall report the details of such supplies along with the place of supply of FORM GSTR-3B and the details of all inter-State supplies made to unregistered persons where the invoice value is up to Rs 2.5 lakhs are required to be reported in Table 7B of FORM GSTR-1 as mandated by the law.
  • Contravention of any of the provisions of the Act or the rules made there under attracts penal action under the provisions of section 125 of the CGST Act.

Other Updates:

  • RBI May launch exchange traded fund of PSU bank stocks next fiscal.
  • I-T for charging GST on logo use by subsidiaries.
  • Yes Bank denies any wrong-doing in making report public.
  • National electronics policy eyes 1 cr jobs.
  • Arcelor Mittal buys back shares worth $89 million.
  • Walmart Q4 profits jump 69.5% to $3.7 bn, top estimates.
  • Irdai asks all non-life insurers for a uniform standard health product.
  • WTO pegs global trade at 9-yr low; India exports may face repercussions.
  • Govt raises investment limit for angel tax concession to startups.
  • SIP closure ratio at 18-month high, Dec applications slip to 750,000.
  • Honda to close only UK factory, blames global trends.
  • Reliance Power promoter’s eye 2,500 cr from sale of 18% stake.
  • Vedanta says no revised bid for Essar Steel.
  • I-T dept raids Divi’s Lab premises.
  • Wheat output may cross 100 mt.
  • SEA in pact with Argentinian body to boost vegoil trade.
  • ABB bags 270 cr. orders from Railways.
  • reverts back to old system of awarding oil and gas blocks.
  • Cabinet clears promulgating fresh ordinance for company’s law amendments.
  • SC to pronounce order on Ericsson’s contempt plea against RCom chief Anil Ambani.
  • Jaypee Infra’s promoter makes second attempt to settle dues.
  • Bad loans: 19 PSBs write off nearly Rs 41,000 crore in Q3.
  • Insolvency process: Gaur offers to clear Jaypee Infra dues of Rs 8,358 crore.
  • Vedanta to file fresh writ in High Court Sterlite Copper row.
  • French aerospace firm Safran to have engine plant in Hyderabad.
  • JSW Cement to invest Rs 2,000cr to take capacity to 20mt by’20.
  • Sensex falls for 9th straight session, ends 146 points lower.
  • India’s fuel demand rose 6.4 per cent year-on-year in January.
  • Brent oil eases from 2019 highs as markets await trade talk’s outcome.
  • No PAN is required for transfer of equity shares of listed entities executed by non-residents to their Immediate Relatives.
  • Now INDIAN COMPANIES who are in CIRP process can use ECB to repay their rupee term Loan.

Key Due Dates:

  • Due dates of GSTR-3B (summary return of January) for the month of January 2019 is 20th February 2019.

Quote of the day:

“A professional is someone who can do his best work when he doesn’t feel like it.”

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 11th February 2019

Direct Tax Updates:

Image result for hd pics on Direct Tax

  • The Income Tax department has come to know about the downstream investments with the US government sharing information on downstream companies that are incorporated there. Since 2012, Indian taxpayers are required to disclose additional information on overseas assets such as joint bank accounts with children who are studying abroad. However, the interpretation of ‘beneficial ownership’ is throwing up new challenges on disclosures. The view on the subject, it is understood, is not uniform across the tax department and many tax officials would prefer the CBDT to clarify certain queries related to beneficial ownership.

Indirect Tax Updates:

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FAQ’s On GST:

QUES. Banks deploy various equipment such as Point of Sale machines or ATMs at various locations. At times, the equipment is required to be moved between locations for the purpose of repairs, encryption, etc. Will such movement constitute a supply for the purpose of the GST law?

ANS. Procedure prescribed under Section 143 of the CGST Act, 2017 and Rule 55 of the CGST Rules, 2017 may be followed in such cases. Movement of equipment for the purpose of repairs, etc. does not constitute a supply. The equipment may be moved by the Banks to the location of the third party service providers and after repairs, the equipment may be moved to a central / regional location for the purpose of programming, encryption, reconfiguration, etc. and thereafter to that place of business from where the equipment had been sent earlier. The equipment can be moved between such locations on the basis of a ‘delivery challan’.

QUES. Is a “Bill of Supply” to be issued by a bank for exempt services like interest on loans and advances, inter-se sale or purchase of foreign currency amongst banks?

ANS. As per clause (c) of sub-section (3) of section 31 of the CGST Act, 2017 read with Rule 49 of the CGST Rules, 2017, there is a requirement for issuance of bill of supply for supply of exempt services by Banks. It may be noted, however, that there is no need to issue a separate bill of supply in case any invoice or document has already been issued in accordance with the provisions of any other law. Further, in view of the provisions contained in sub-rule (5) of rule 54 of the CGST Rules, 2017, banks may issue any other document in lieu of bill of supply.

SEBI Updates:

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  • “SEBI will have to revisit regulations governing mutual fund investments.” The trigger for SEBI examination of the issue was a sharp drop in the shares of Zee Entertainment Enterprises Ltd and Dish TV Ltd after some lenders sold pledged shares in the market. With a large number of such pledges outstanding, there may well have been a cascading impact if other lenders too followed suit and sold shares.
  • In Case the share value decreases the promoter entity is expected to add more shares, such that the value of the total number of underlying shares remains above the agreed upon threshold, or redeem some bonds. When funds are raised in such fashion, the underlying shares are not technically pledged. This was first reported by Bloomberg columnist Andy who said that these debt covenants are as fluffy as cotton candy.

Other Updates:

  • India offers 23 Oil Blocks in OALP-III bid round.
  • Mallya had Rs 7,500 Cr to clear all dues but still did nothing.
  • Voda-Idea has a Rs 20K Cr plan to win Jio war.
  • FinMin wants Rs 27,000 Cr more from RBI.
  • Hiring, Production Outlook to improve in Manufacturing Sector in Q3.
  • UK Recession risk in next year up to 30% from 25% a month ago.
  • FPIs turn net buyers in Feb; infuse Rs 5,300 Cr in last 6 trading sessions.
  • 3rd round of Oil, Gas Auction under OALP launched; 23 Blocks up for bidding.
  • RBI MSME package to help recast Rs 1 Trn Loans for 700k Accounts.
  • Two-wheeler Exports from India rise 19.5% in April-January.
  • Engineers India bags Mongolian oil Refinery deal.
  • Anil Ambani Group may sue NBFCs for selling Pledged Shares.
  • Prabhat Dairy to merge subsidiary with itself.
  • Tata Steel Soft Steel Prices slam earnings outlook in near term.
  • Fiscal Powers will aid NITI Aayog to work better with states.
  • IMF warns of Global Economic ‘Storm’ as Growth undershoots.
  • Reliance, TCS leads top 8 valued companies to add Rs 53,741 Crore in Market Cap.
  • National Stock Exchange to introduce Dynamic Price Band for Futures Contracts.
  • Foreign investors restore faith in Indian economy invests Rs 5,300 Crore in last 6 Trading Sessions.
  • Jaguar Land Rover Bonds Tata Motors arm to shun borrowing as China prompts shock write down.

Key Due Dates:

  • Return of outward supplies for January month by regular and casual suppliers having turnover more than 1.5cr. Is 11th January 2019.
  • ISD return for the January month is 13th February 2019.’

Quote of the Day:

“Courage is not the absence of fear, but rather the judgment that something else is more important than fear.”

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.