{"id":5748,"date":"2019-04-22T12:58:21","date_gmt":"2019-04-22T07:28:21","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5748"},"modified":"2021-08-17T17:44:59","modified_gmt":"2021-08-17T12:14:59","slug":"corporate-and-professional-updates-on-20th-april-2019","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-20th-april-2019\/","title":{"rendered":"Corporate and Professional Updates on 20th April 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-69eaa8cec5293\" 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-69eaa8cec5293\"  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-20th-april-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-20th-april-2019\/#Indirect_Tax_Updates\" title=\"Indirect Tax Updates:\">Indirect Tax Updates:<\/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-20th-april-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><em><span style=\"text-decoration: underline;\">Direct Tax Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img decoding=\"async\" src=\"https:\/\/universityobserver.ie\/wp-content\/uploads\/2017\/11\/EU-Education-Report.jpg\" alt=\"Related image\" \/><\/p>\n<ul>\n<li style=\"text-align: justify;\">CBDT has directed the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-Tax<\/a> Department to initiate penalty proceedings by June 30 against non-filers and \u2018drop filers\u2019 of tax returns. According to the non-filer monitoring system of the I-T department, data for 20.4 million non-filers has been obtained between 2013 and 2017, of which 2.5 million are those who are inconsistent \u2014 popularly known as \u2018dropped filers\u2019.<\/li>\n<li style=\"text-align: justify;\">CBDT Committee on &#8216;Profit Attribution to Permanent Establishment (PE) in India&#8217; said MNCs that are incurring global losses or a global profit margin of less than 2 per cent and have operations in India will be deemed to have made a profit of 2 per cent of Indian revenue or turnover and will be taxed accordingly.<\/li>\n<li style=\"text-align: justify;\">The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers<\/li>\n<li style=\"text-align: justify;\">The Central Board of Direct Taxes (CBDT) has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and \u2018drop filers\u2019 of tax returns.\u00a0According to the non-filer monitoring system (NMS) of the I-T department, data for 20.4 million non-filers has been obtained between 2013 and 2017, of which 2.5 million are those who are inconsistent \u2014 popularly known as \u2018dropped filers\u2019.<\/li>\n<li style=\"text-align: justify;\">\u201cWe are issuing notices in all the non-filer\/dropped filer cases across the country, and proceedings shall be initiated accordingly in the relevant cases,&#8221; said an assessing officer.\u00a0Typically, the penalty for non-filing is pursued under Section 271F of the Income Tax Act, and that for late filing under Section 234. If an assessee files returns after the due date of August 31 but before December 31, it will attract a penalty of Rs 5,000. For those who file returns after December 31, the penalty rises to Rs 10,000. However, there is an exemption for small taxpayers \u2014 if the total income does not exceed Rs 5 lakh per annum, the maximum penalty will be Rs 1,000.<\/li>\n<li style=\"text-align: justify;\">The tax department has initiated action based on the NMS database, which has identified such non-filers and dropped filers. The said data has been shared with assessing officers. This information may be acted upon as efficiently as possible to widen the tax base, said the officer cited above.\u00a0The NMS data shows a sharp increase in non-filers since 2013. In 2014, the number of non-filers was 1.22 million, which surged to 6.75 million in 2015.\u00a0The number of dropped filers in FY18 stood at 2.52 million, down from 2.83 million in FY17.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.veluassociates.com\/wp-content\/uploads\/2018\/05\/gst.jpg\" alt=\"Related image\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>GST 20.4.2019 is Last date to file GSTR-3B of March 2019 &amp; claim pending ITC of 2017-18, not claimed till now but shown by Suppliers in their GSTR-1.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">RBI Updates:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/img.etimg.com\/thumb\/msid-67154603,width-300,imgsize-212363,resizemode-4\/new-promotion-policy-causes-heartburn-at-rbi.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 (RBI)<\/a> on Thursday released a draft \u2018Enabling Framework for Regulatory Sandbox\u2019 in order to support the country\u2019s rapidly growing fintech space.\u00a0The sandbox will begin the testing process with 10-12 selected entities focusing on financial inclusion, payments and lending, digital KYC, etc. The cohorts may run for varying time periods, but should ordinarily be completed within six months, said the RBI.<\/li>\n<li>A regulatory sandbox usually refers to live testing of new products or services in a controlled\/test regulatory environment for which regulators may permit certain regulatory relaxations for the limited purpose of the testing.\u00a0The regulatory sandbox would be within a well-defined space and duration where the RBI will provide the requisite regulatory guidance, so as to increase efficiency, manage risks, and create new opportunities for consumers.<\/li>\n<li>The draft guidelines highlight the clear principles and role of the proposed regulatory sandbox, its pros and cons, the reasons for setting up the regulatory sandbox and expectations of the RBI from the sandbox. The central bank has invited comments on the draft guidelines from stakeholders by May 8.<\/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 style=\"text-align: justify;\">\n<li>20-04-2019\u00a0&#8211;\u00a0GSTR-3B\u00a0for the m\/o March 2019.<\/li>\n<li>30-04-2019\u00a0&#8211; <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a>\u00a0for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover\u00a0upto than\u00a01.50 Crore.<\/li>\n<li>30-04-2019\u00a0&#8211; Deposit of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> for m\/o March 2019.<\/li>\n<li>30-04-2019\u00a0&#8211; Furnishing challan-cum-statement in respect of tax deducted u\/s 194-IA\/194IB in month of March&#8217;19<\/li>\n<li>30-04-2019\u00a0&#8211; Due date for uploading declarations received from recipients in Form. 15G\/15H during the quarter ending March, 2019.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><em>Your personal life, your professional life, and your creative life are all intertwined. I went through a few very difficult years where I felt like a failure. But it was actually really important for me to go through that. Struggle, for me, is the most inspirational thing in the world at the end of the day &#8211; as long as you treat it that way.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax Updates: CBDT has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and \u2018drop filers\u2019 of tax returns. According to the non-filer monitoring system of the I-T department, data for 20.4 million non-filers has been obtained between 2013 and 2017, of which 2.5 million are those who are inconsistent &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[7588,893,7587,541,7591,7585],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5748"}],"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=5748"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5748\/revisions"}],"predecessor-version":[{"id":16100,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5748\/revisions\/16100"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}