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.