{"id":5557,"date":"2019-02-05T15:14:16","date_gmt":"2019-02-05T09:44:16","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5557"},"modified":"2021-08-18T13:28:35","modified_gmt":"2021-08-18T07:58:35","slug":"corporate-and-professional-updates-on-5th-february-2019","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-5th-february-2019\/","title":{"rendered":"Corporate and Professional Updates on 5th February 2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69edaea941ab6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69edaea941ab6\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-5th-february-2019\/#Direct_Tax_Updates\" title=\"Direct Tax Updates:\">Direct Tax Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-5th-february-2019\/#Updates_Regarding_Rebate\" title=\"Updates Regarding Rebate:\">Updates Regarding Rebate:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-5th-february-2019\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-5th-february-2019\/#Other_Updates\" title=\"Other Updates:\">Other Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-5th-february-2019\/#Key_Due_Dates\" title=\"Key Due Dates:\">Key Due Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">Direct<\/span><em><span style=\"text-decoration: underline;\"> Tax Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"color: #800080;\"><strong><em><span style=\"text-decoration: underline;\">ANGEL TAX:<\/span><\/em><\/strong><\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/i0.wp.com\/inc42.com\/wp-content\/uploads\/2018\/04\/Angel-Tax-1.jpg?fit=1000%2C700&amp;ssl=1\" alt=\"Image result for hd pics on Angel Tax\" \/><\/p>\n<ul>\n<li style=\"text-align: justify;\">The industry department setting up a panel comprising startups, angel investors and income tax officials to look into the issue.\u00a0The department for promotion of industry and internal trade who heads the panel.<\/li>\n<li style=\"text-align: justify;\">India introduced a so-called angel tax in 2012, which counts investments received by startups above their fair market value as taxable income, much to the dismay of angel investors and the startup community. CBDT officials were against scrapping the angel tax altogether citing the possibility of a spurt in shell companies engaged in money laundering, they were ready to look at options to bring a carve-out for startups.<\/li>\n<li style=\"text-align: justify;\">Automatic exemption from angel tax or startups registered with DPIIT could be asked to submit additional documents to prove their genuineness. The CBDT officials looked willing to consider the second option. Further discussions will take place on the proposals.<\/li>\n<li style=\"text-align: justify;\">The objective is to devise a mechanism through which startups can be differentiated from shell companies and get a blanket relief from angel tax,\u201d he added.\u00a0A survey by the Indian Venture Capital Association on Local Circles showed that 73% of the startups that raised capital have received one or more angel tax notices under the Income Tax Act since their inception.\u00a0When asked what happens to the angel tax notices already sent to startups, CBDT would not take any coercive action against startups.<\/li>\n<li style=\"text-align: justify;\">The notices issued to startups are for initiation of assessment. \u201cThe number of cases where actual tax demand has been raised is far less In Last Month DPIIT eliminated the need for certification from an inter-ministerial body for startups seeking exemption from angel tax demands. Such applications routed through DPIIT will now be processed by CBDT within 45 days. Startups were not happy with the clarification and sought a blanket exemption from angel tax.<\/li>\n<li style=\"text-align: justify;\">Angel tax, framed as an anti-abuse provision, was introduced in the Income Tax Act in 2012 to curb the practice of politicians accepting bribes in the guise of share premium in unlisted firms set up by them. The Income Tax Act provides for taxation of the share premium that is above the fair valuation of shares as \u201cother income\u201d.\u00a0As startups are valued on the basis of the business potential of their ideas, which could change with time, they find it hard to justify the premium.\u00a0Tax officials prefer to value these enterprises on the basis of their net asset value, but companies tend to be valued on the basis of their earnings potential.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Updates_Regarding_Rebate\"><\/span><span style=\"color: #800080;\"><strong><em><span style=\"text-decoration: underline;\"><span style=\"text-decoration: underline;\">Updates Regarding Rebate<\/span>:<\/span><\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>The government opted to announce a tax rebate on annual income up to ~5 lakh instead of raising the exemption limit as it did not wish to tinker with rate slabs, The emphasis of the budgetary exercise was on maintaining the economic reforms road map set over four-and-a-half years by Prime Minister Narendra Modi and Union minister Arun Jaitley so that India could continue to be the world\u2019s fastest growing major economy, as per the current finance Minister Piyush Goyal.<\/li>\n<li>The announced annual payout of 6,000 to small and marginal farmers was in keeping with the government\u2019s efforts to ensure sustainable growth in the agriculture sector.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.hdbfs.com\/sites\/default\/files\/2017-07\/GST-2-Header.jpg\" alt=\"Related image\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>GSTN adds 2 New Features in the GST Portal including List of Preferred Banks list while making Payment and the Monthly Refund applications by Quarterly GSTR-1 filers.<\/li>\n<li>CBIC excludes Certain Exempt Services for determining Eligibility for Composition Scheme. CBIC clarifies that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account \u2013 (i) for determining the eligibility for composition scheme under second proviso to sub-section (1) of section 10; (ii) in computing aggregate turnover in order to determine eligibility for composition scheme under GST.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">SEBI Updates:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/static-news.moneycontrol.com\/static-mcnews\/2018\/10\/RTX1KFZK-770x433.jpg\" alt=\"Related image\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>SEBI may re-consider the Liquidity Enhancement Scheme (LES) framework for the Commodities Segment. In the equity segment, there is no such restriction on launching the scheme.<\/li>\n<li>SEBI almost finalises the mechanism for \u201cTap Issue of Bonds\u201d through a Shelf Offer Document and likely to implement it from FY 2020. Under Tap Issue, companies will be allowed to file Shelf Prospectus on the same lines as Private Placements, once a year and raise money when required without going through the process of seeking approval from regulatory authorities.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Other Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>SBI, other performing PSBs may see stake sale.<\/li>\n<li>CERC pushes for 100% power sale in spot market.<\/li>\n<li>IDBI may now become LIC IDBI Bank or LIC Bank.<\/li>\n<li>TDSAT exempts RCom from one-time spectrum charge.<\/li>\n<li>India&#8217;s exports to surpass USD 314 bn peak this year.<\/li>\n<li>Tata&#8217;s plea to bid for Bhushan Steel struck down.<\/li>\n<li>RCOM goes to NCLT to speed up Jio deal, hopes move will expedite DoT nod.<\/li>\n<li>Fugitive tycoon Vijay Mallya&#8217;s extradition to India approved by UK minister.<\/li>\n<li>Zee group&#8217;s Subhash Chandra gives personal guarantee to mutual funds.<\/li>\n<li>NCLAT asks govt for list of IL&amp;FS firms categorised by financial position.<\/li>\n<li>Setback for Tata Steel as NCLAT upholds creditors decision on Bhushan Power.<\/li>\n<li>Sugar mills want Centre to hike ex-mill price to help clear arrears.<\/li>\n<li>Fiscal deficit for April-December at 112% of FY19 Budget Estimate.<\/li>\n<li>to begin process to monetise assets of CPSEs from April.<\/li>\n<li>Anti-dumping duty imposed on \u2018fluoroelastomers\u2019 from China.<\/li>\n<li>JSW Steel\u2019s bid for Bhushan Power upheld.<\/li>\n<li>SRF posts a 26% jump in consolidated net.<\/li>\n<li>ONGC Videsh looks to pare stake in one of its costliest acquisitions.<\/li>\n<li>RBI to announce policy before noon on 7 February.<\/li>\n<li>Ruia, Essar Steel directors move NCLT to squash Mittal&#8217;s bid.<\/li>\n<li>UPL open to buy back TPG Cap, ADIA stakes in Arysta.<\/li>\n<li>Amfi\u2019s MF campaign may turn focus on debt funds Nimesh Shah.<\/li>\n<li>IndoStar to buy IIFL\u2019s CV financing business.<\/li>\n<li>Rating agencies downgrade various loan facilities of DHFL.<\/li>\n<li>Jet Airways debt resolution plan outline is ready.<\/li>\n<li>Aditya Birla Fashion Q3 net up 100% to Rs 70 crore.<\/li>\n<li>TPG Growth set to invest $30 Million in Solara Active.<\/li>\n<li>Coal India approves share owner buyback worth Rs 1,050 crore.<\/li>\n<li>Governance standards improving in corporate India.<\/li>\n<li>Essel Promoters sell Shares worth over Rs 1,050 cr in 6 firms.<\/li>\n<li>Tribunal sets Feb 11 deadline to decide on Arcelor-Essar bid.<\/li>\n<li>Vedanta Resources rating downgraded to Negative.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Due_Dates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Key Due Dates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Due Date for Payment of TDS &amp; TCS Deducted\/Collected in the month of January is 7th\u00a0February 2019.<\/li>\n<li>Due Date for TDS Return for the month of January is 10th\u00a0January 2019.<\/li>\n<\/ul>\n<p><strong><em><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><em>\u201cIf you want to change attitudes, start with a change in behavior. In other words, begin to act the part, as well as you can, of the person you would rather be, the person you most want to become. Gradually, the old, fearful person will fade away.\u201d<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">Disclaimer:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\">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 &amp; Founder Director of Rajput Jain &amp; Associate, a leading Tax &amp; Investment planning Advisor Service provider. His Blog can be found at <a href=\"https:\/\/carajput.com\">https:\/\/carajput.com<\/a> for any query you can write to <a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>. Hope the information will assist you in your professional endeavors. For query or help contact: <a href=\"mailto:singh@carajput.com%20\">singh@carajput.com <\/a>\u00a0or call at 09811322785\/4- 9555555480.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax Updates: ANGEL TAX: The industry department setting up a panel comprising startups, angel investors and income tax officials to look into the issue.\u00a0The department for promotion of industry and internal trade who heads the panel. India introduced a so-called angel tax in 2012, which counts investments received by startups above their fair market &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[6577,6593,2601,6583,6594,6592,6588,561,6584,6587],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5557"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=5557"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5557\/revisions"}],"predecessor-version":[{"id":16147,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5557\/revisions\/16147"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}