{"id":5851,"date":"2019-06-18T17:49:14","date_gmt":"2019-06-18T12:19:14","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=5851"},"modified":"2021-08-17T17:14:22","modified_gmt":"2021-08-17T11:44:22","slug":"corporate-and-professional-updates-on-14th-june-2019","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-14th-june-2019\/","title":{"rendered":"Corporate and Professional Updates on 14th June 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-69e19de42d3dc\" 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-69e19de42d3dc\"  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-14th-june-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-14th-june-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-14th-june-2019\/#RBI_Updates\" title=\"RBI Updates:\">RBI Updates:<\/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-14th-june-2019\/#SEBI_Updates\" title=\"SEBI Updates:\">SEBI 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-14th-june-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-14th-june-2019\/#Key_Due_Dates\" title=\"Key Due Dates:\">Key Due Dates:<\/a><\/li><\/ul><\/nav><\/div>\n\r\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax_Updates\"><\/span><strong><em>Direct Tax Updates:<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/images.yourstory.com\/cs\/wordpress\/2015\/05\/yourstory_itr.jpg\" alt=\"Related image\" \/><\/figure>\r\n\r\n\r\n\r\n<ul>\r\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Advance Tax<\/a> last date is 15.06.19 of first instalment for FY 2019-20. Pay on time &amp; avoid levy of penal interest.<\/li>\r\n<li>If your landlord happens to be an NRI, make sure you deduct TDS each month from the rental payment. TDS needs to be 31.2% of the rent, unless the NRI landlord furnishes a certificate stating that his total income in India is estimated to fall below the tax exemption limit.<\/li>\r\n<li>Income Tax Advance Tax Last date is 15.06.2019\u00a0 for paying first installment of Advance Tax for FY 2019-20. Non\/short payment is liable to penal interest.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax_Updates\"><\/span><strong><em>Indirect Tax Updates:<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/mediaindia.eu\/wp-content\/uploads\/2017\/06\/GST-online.jpg\" alt=\"Related image\" \/><\/figure>\r\n\r\n\r\n\r\n<ul>\r\n<li>Finance Ministry unveiled a roadmap for the implementation of the new <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GST return<\/a> mechanism. It has also put in place a transition mechanism. The new mechanism will be used on a trial basis from July to September. For the large taxpayers (those whose aggregate annual turnover in the previous fiscal was more than 5 crore, Form GST ANX will replace GSTR 1 from October.<\/li>\r\n<li>CBIC has issued a Clarifications on filing of Annual Return (FORM GSTR-9) based on the queries with respect to filing of this Annual return. It is clarified that the last date for filing of Annual return in FORM GSTR-9 will remain 30th June 2019.<\/li>\r\n<li>Many Indian exporters approached the Delhi High Court last week against the government for not extending the benefits of EPCG \u00a0scheme to <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">goods and services tax (GST)<\/a> regime.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2><span class=\"ez-toc-section\" id=\"RBI_Updates\"><\/span><strong><em>RBI Updates:<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/images.livemint.com\/rf\/Image-621x414\/LiveMint\/Period2\/2018\/11\/01\/Photos\/Processed\/rbi-act-kLQH--621x414@LiveMint.jpg\" alt=\"Related image\" \/><\/figure>\r\n\r\n\r\n\r\n<ul>\r\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> staff will come up with a new framework by mid-July. The task is to simplify liquidity management by spelling out the why, how and what of liquidity. When the central bank\u2019s staff begins to hammer out a new framework, they should keep in mind that more communication is good communication.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2><span class=\"ez-toc-section\" id=\"SEBI_Updates\"><\/span><strong><em>SEBI Updates:<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/130e178e8f8ba617604b-8aedd782b7d22cfe0d1146da69a52436.ssl.cf1.rackcdn.com\/sebi-issues-risk-framework-guidelines-showcase_image-2-a-8383.jpg\" alt=\"Image result for SEBI pics\" \/><\/figure>\r\n\r\n\r\n\r\n<ul>\r\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> is planning to rejig the structure of credit rating firms under which the companies will be required to have independent directors forming the majority on the boards and a nominee of the regulator. Recent investigations in IL&amp;FS default revealed the apparent conflict of interest in the conduct of the business of credit rating companies in India.<\/li>\r\n<li>The <a href=\"https:\/\/carajput.com\/sebi-consulting.php\">Securities and Exchange Board of India (SEBI)<\/a> has introduced a \u201cprobability of default\u201d mechanism to keep credit rating agencies (CRAs) in check. The directive could reduce the number of companies that are in the top-rated category.\u00a0According to the new framework, rating agencies have to assign the default probability to each rated debt instrument, and disclose its benchmark by December-end.\u00a0The move assumes significance given that it helps reduce recurrence of major default cases such as the Infrastructure Leasing &amp; Financial Services (IL&amp;FS) crisis, which brought rating agencies under the government\u2019s and regulator\u2019s lens.\u00a0<\/li>\r\n<li>IL&amp;FS commercial papers were downgraded from \u2018triple A\u2019 to \u2018D\u2019 (or, default grade) in just 40 days.\u00a0\u201cIn order to enable investors to discern the performance of a CRA vis-a-vis a standardised probability of default (PD) benchmark scale, CRAs, in consultation with Sebi, shall prepare and disclose standardised and uniform PD benchmarks for each rating category on their website, for 1-year, 2-year and 3-year cumulative default rates, both for the short-run and long-run,\u201d Sebi said on Thursday.\u00a0<\/li>\r\n<li>The standardised and uniform PD benchmarks should be disclosed on the website of each CRA for ratings of long-term and short-term instruments on a consolidated basis for all financial instruments rated by a CRA \u2014 by December 31, 2019. Further, the regulator tweaked norms on computation of default rates by rating agencies. It says rating agencies may re-index probability benchmark and tolerance level from time to time.\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p><strong><em><a href=\"https:\/\/carajput.com\/services\/epf-registration.php\">Employee Provident Fund<\/a> Updates:<\/em><\/strong><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/images-na.ssl-images-amazon.com\/images\/I\/614SnfuFqSL._SY355_.png\" alt=\"Related image\" width=\"653\" height=\"653\" \/><\/figure>\r\n\r\n\r\n\r\n<ul>\r\n<li>The government on Thursday announced reducing the total rate of contribution made by workers and employers towards the <a href=\"https:\/\/carajput.com\/pf-esi.php\">Employees\u2019 State Insurance (ESI)<\/a> scheme from 6.5 per cent to 4 per cent for the first time in over two decades.\u00a0The move is expected to benefit around 1.3 million employers who will see a 40 per cent reduction in the rate of contribution they make for their employees, in line with the provisions of the Employees\u2019 State Insurance Act, 1948.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><strong><em>Other Updates:<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<ul>\r\n<li>FinMin starts groundwork for fresh bank consolidation<\/li>\r\n<li>India&#8217;s economy big worry for Modi: FICCI<\/li>\r\n<li>Airtel submits Rs 644 crore bank guarantee for merger<\/li>\r\n<li>IndiGo Q4 profit jumps 5-fold to Rs 590 crore<\/li>\r\n<li>Provide names of big loan defaulters: CIC to RBI<\/li>\r\n<li>Radio City to acquire 40 Big FM stations for Rs 1,050 cr<\/li>\r\n<li>Arcelor, Resurgent said to mull joint bid for Essar plant<\/li>\r\n<li>China&#8217;s planned curbs on aluminium scrap imports nettles Indian players<\/li>\r\n<li>India Inc Q4 revenue growth slumps to six-quarter low of 10.7%<\/li>\r\n<li>Indian Hotels to go on global expansion spree, may opt to buy out firms<\/li>\r\n<li>Avendus Future acquires stake in Bikaji Foods for Rs 40 crore<\/li>\r\n<li>Lupin&#8217;s Goa plant may face regulatory action, says USFDA after inspection<\/li>\r\n<li>BHEL Q4 results: Net profit jumps 50 per cent at \u20b9682.7 crore<\/li>\r\n<li>Colgate-Palmolive Q4 net up 4.7% to Rs 197.50 cr<\/li>\r\n<li>Inventory write-off drags Natco Pharma\u2019s net down 60%<\/li>\r\n<li>Pension scheme provisioning pushes Oil India into red<\/li>\r\n<li>PIL against the operations of the Paytm Post Paid Wallet filed in Delhi HC<\/li>\r\n<li>Zee Entertainment Enterprises Q4 net profit up 26.8% to \u20b9292.53 crore<\/li>\r\n<li>Kerala to levy 1% flood cess from 1 June<\/li>\r\n<li>Govt proposes WTO-compliant schemes to boost Make in India<\/li>\r\n<li>Zee stake sale to be completed by July, says Punit Goenka<\/li>\r\n<li>GDP growth in Q4 likely to moderate to 6.1-5.9%, may lead RBI to cut rates: SBI report<\/li>\r\n<li>Bid for BPSL: Lenders move NCLAT for quick approval to JSW Steel\u2019s plan<\/li>\r\n<li>Ingen resolution plan for Orchid Pharma rejected again<\/li>\r\n<li>India Inc revenue growth in Q4 hits six-quarter low of 10.7 pc<\/li>\r\n<li>Confident of timely payment of salary for May: BSNL chief<\/li>\r\n<li>Amid recovery in greenback Rupee settles with 2 paise gain against USD<\/li>\r\n<li>Emami\u2019s net sales up 5 per cent at Rs 635 crore<\/li>\r\n<li>Care Ratings expects power generation to grow<\/li>\r\n<li>Sun Pharma Q4 profit halves to Rs 636 crore<\/li>\r\n<li>Lookout notice issued against DHFL promoters\u00a0<\/li>\r\n<li>Airtel Africa may raise\u00a0$1\u00a0billion from stake sale<\/li>\r\n<li>World Bank to invest\u00a0$35\u00a0mn in Manapurram Finance<\/li>\r\n<li>Tech Mahindra &amp; MKI collaborate for Japanese market<\/li>\r\n<li>Welspun in talks to own slum rehabilitation projects, loaned by Dewan Housing Finance Ltd<\/li>\r\n<li>RBI extends timing for fund transfer through RTGS till 6 pm from Jun 1: RBI<\/li>\r\n<li>GMR Warora Energy on verge of defaulting on over Rs 3,000-crore loans<\/li>\r\n<li>Adani offers lenders Rs 500 cr upfront in fresh bid for Jaypee Infratech<\/li>\r\n<li>Tata Steel can withstand 20% drop in EBITDA over next 2 years: S&amp;P Global<\/li>\r\n<li>Steel may grow by 6-8 pc in FY20 amid concerns over dumping from China<\/li>\r\n<li>FDI inflows record first decline in six years this fiscal<\/li>\r\n<li>Pfizer Q4 net up 4.74 per cent to Rs 109.47 crore<\/li>\r\n<li>IT Dept trains officers to detect tax evasion in shell Cos<\/li>\r\n<li>Hind Copper consolidated Q4 net up 16% to Rs 40 cr<\/li>\r\n<li>Mphasis Q4 net profit up 11.9 per cent to Rs 266 crpre<\/li>\r\n<li>NMDC net profit grows 31% to\u20b91,453 cr in Q4<\/li>\r\n<li>Gail to list Gail Gas, plans \u20b954,000 crore capex in 2-3 years<\/li>\r\n<li>Tata Consultancy Services listed among top 50 US companies for diversity<\/li>\r\n<li>Bank ETF launch likely By Dec, to help funds mop-up, cut govt stake in banks<\/li>\r\n<li>IRB Infrastructure Q4 net profit dips 13% to\u20b9208 crore<\/li>\r\n<li>SBI looks to raise up to \u20b918,000 cr via QIP<\/li>\r\n<li>NCLT asks Sebi to conclude probe into ITC, LIC allegations against Leela<\/li>\r\n<li>Lakshmi Vilas Bank Q4 net loss narrows to Rs 264 crore<\/li>\r\n<li>India can attract 1.5-2 per cent FDI to GDP ratio: Nomura<\/li>\r\n<li>DLF transfers Rs 330 crore land to JV with GIC for settlement of dues<\/li>\r\n<li>Rupee slips 18 paise against dollar on high dollar demand<\/li>\r\n<li>Sensex, Nifty clock fresh closing highs on fund inflows<\/li>\r\n<li>NCLAT gives 4 weeks to Bakshi to settle dispute with HUDCO<\/li>\r\n<li>PNB narrows Q4 loss to Rs 4,750 crore.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2><span class=\"ez-toc-section\" id=\"Key_Due_Dates\"><\/span><strong><em>Key Due Dates:<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<ul>\r\n<li>The Due Date of GSTR-3b For the Month Of May is 20th June 2019.<\/li>\r\n<li>The Due Dates for the Deposit of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> for the Purchase of Property 30th June 2019.\\<\/li>\r\n<li>Annual Return For Registered Tax Payers is 30th June 2019.<\/li>\r\n<\/ul>\r\n\r\n\r\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax Updates: Income Tax Advance Tax last date is 15.06.19 of first instalment for FY 2019-20. Pay on time &amp; avoid levy of penal interest. If your landlord happens to be an NRI, make sure you deduct TDS each month from the rental payment. TDS needs to be 31.2% of the rent, unless the &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":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5851"}],"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=5851"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5851\/revisions"}],"predecessor-version":[{"id":16086,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5851\/revisions\/16086"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}