{"id":5676,"date":"2019-03-01T15:21:39","date_gmt":"2019-03-01T09:51:39","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5676"},"modified":"2021-12-09T18:54:57","modified_gmt":"2021-12-09T13:24:57","slug":"corporate-and-professional-updates-on-1st-march-2019","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-march-2019\/","title":{"rendered":"Corporate and Professional Updates on 1st March 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-69ea50c99e879\" 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-69ea50c99e879\"  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-1st-march-2019\/#Corporate_and_Professional_Updates_on_1st_March_2019\" title=\"Corporate and Professional Updates on 1st March 2019\">Corporate and Professional Updates on 1st March 2019<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-march-2019\/#Direct_Tax_Updates\" title=\"Direct Tax Updates:\">Direct Tax Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-march-2019\/#Indirect_tax_Updates\" title=\"Indirect tax Updates:\">Indirect tax Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-march-2019\/#RBI_Updates\" title=\"RBI Updates:\">RBI Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-march-2019\/#SEBI_Updates\" title=\"SEBI Updates:\">SEBI Updates:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-march-2019\/#Key_Due_Dates\" title=\"Key Due Dates:\">Key Due Dates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-march-2019\/#More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_THIRD_WEEK\" title=\"More updates :CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK\">More updates :CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-march-2019\/#More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_SECOND_WEEK\" title=\"More updates:CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER SECOND WEEK\">More updates:CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER SECOND WEEK<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/images.financialexpress.com\/2018\/11\/income-tax-1-1.jpg\" alt=\"Related image\" width=\"851\" height=\"567\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_Updates_on_1st_March_2019\"><\/span>Corporate and Professional Updates on 1st March 2019<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax_Updates\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><em><span style=\"text-decoration: underline;\">Direct Tax Updates:<\/span><\/em><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income tax<\/a> department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.<\/li>\n<li style=\"text-align: justify;\">In addition to that, you are also required to pre-validate your bank account with the income tax department e-filing portal to receive tax refund.<\/li>\n<li style=\"text-align: justify;\">The income tax refunds will be credited only to bank accounts which are linked to PAN from March 1, 2019. If your <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> 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.<\/li>\n<li style=\"text-align: justify;\">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.<\/li>\n<li style=\"text-align: justify;\">\u201cThe 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,\u201d said the official cited above.\u00a0Under 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.<\/li>\n<li style=\"text-align: justify;\">Those with income up to Rs 5 lakh will not have to pay tax, as they have been given tax credits in the interim Budget passed by Parliament. If various investment schemes are also factored in, those with income up to Rs 10 lakh might also escape the tax net in the next financial year.\u00a0Sources said with elections round the corner, the government does not want to bring in the long-pending report.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_tax_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Indirect tax Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.lawctopus.com\/wp-content\/uploads\/2017\/04\/gst-essay.jpeg\" alt=\"Image result for hd pics on inDirect Tax\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>The government has detected <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> evasion of\u00a0Rs.20,000 crore so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax officer said on Wednesday.\u00a0Central Board of Indirect Taxes and Customs Member John Joseph further said the department would soon call a meeting of the representatives of the real estate sector to understand transition issues faced by the sector post reduction in GST rates.\u00a0The GST Council earlier this week decided to cut tax rates on under-construction apartments and affordable housing to 5% and 1%.<\/li>\n<li>The builders will not be able to claim credit for the taxes paid on inputs, like steel, cement.\u00a0The earlier GST rate on under-construction apartments and affordable housing was 12% and 8% with input tax credit (ITC), respectively. On demand for giving ITC relief to the builders of the under-construction flats which are already built but not yet sold to buyers.<\/li>\n<li>The recent exemption offered from the goods &amp; services tax levied on development rights, including transferable development rights, development rights certificates and joint development agreements. Realtors\u2019 body, the National Real Estate Development Council, has written to the Ministry of Housing and Urban Affairs seeking clarity.<\/li>\n<li>The <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Council proposed that intermediate tax on development rights will be exempted only for such residential projects on which GST is payable.\u00a0The government decided to more than halve the GST rates for under-construction projects to 5% from 12%. The GST Council removed the input tax credit, while GST on affordable housing was reduced to a marginal 1% along with expanding definition of such homes. Ready properties that have received occupancy certificate do not attract GST.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/blog.internshala.com\/wp-content\/uploads\/2014\/11\/RBI2.jpg\" alt=\"Related image\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> Tuesday said it would shortly put into circulation new-series Rs 100 denomination bank notes bearing the signature of its Governor Shaktikanta Das.<\/li>\n<li>The RBI will shortly issue Rs 100 denomination bank notes in Mahatma Gandhi (new) series bearing the signature of Das, the central bank said in a release.<\/li>\n<li>The design of these notes is similar in all respects to the Rs 100 bank notes in circulation currently.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.outlookindia.com\/outlookmoney\/public\/uploads\/article\/gallery\/52dbe9c21c0f7c9fce4b320db3420e18.jpg\" alt=\"Related image\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/sebi-consulting.php\">Securities and Exchange Board of India<\/a> 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 \u2018competent authority\u2019 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.<\/li>\n<li>Experts said the move was aimed at reducing ambiguity and curbing the misuse of the regulations.\u00a0While at present the rules allow a \u201ccompetent authority\u201d to provide an open offer exemption, the regulations have not defined who act as a \u201ccompetent authority\u201d, leaving it can open for interpretation. Typically, a competent authority can be a sector regulator or ministry.<\/li>\n<\/ul>\n<h4 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><\/h4>\n<ul style=\"text-align: justify;\">\n<li>Challan-cun Statement in respect to tax Deducted under sec. 194IB for the month of Jan is 2nd March 2019.<\/li>\n<li>Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> collected \/deducted in the month of February is 7th February 2019.<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_THIRD_WEEK\"><\/span><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/professional-update-for-the-month-of-october\/\">More updates :CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_SECOND_WEEK\"><\/span><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/corporate-tax-update-for-the-month-of-october-forth-week\/\">More updates:CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER SECOND WEEK<\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4 style=\"text-align: justify;\"><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Corporate and Professional Updates on 1st March 2019 Direct Tax Updates: Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN. In addition to that, you are also required to pre-validate your bank account with the income tax department e-filing portal to receive &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9,1,15],"tags":[893,7177,6114,558,541,561,7179,7178,7180,7183],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5676"}],"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=5676"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5676\/revisions"}],"predecessor-version":[{"id":5678,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5676\/revisions\/5678"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}