👉🏻Composition scheme biz to now file simplified self-Assessed GST return quarterly
(Giving relief to composition scheme taxpayers under the GST, the finance ministry has allowed such businesses to file 'self-assessed tax' return on quarterly basis in a simplified form)
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http://bit.ly/2W7TOrM
Bombay High Court has directed the CBDT to put a halt on its policy of rewarding Commissioner Income Tax (Appeals) to enhance assessments and levy penalty. The petitioners, Chamber of Tax Consultants, had approached the court challenging the CBDT’s direction in Central Action Plan of offering incentives.
Income tax return forms being notified with additional disclosure requirements, CBDT) has issued a notification on April 12, 2019 (effective May 12, 2019) amending the Form 16 (TDS certificate for salary income) and the format of quarterly TDS return. In the new format of Form 16, there is a specific column for reporting total amount of salary received from other employers, which was not a part of the old Form 16. For allowances exempt under Section 10 of the Income Tax Act as well as for various eligible deductions, specific line item has been provided to capture different allowances/ deductions separately, rather than as a consolidated amount for certain deductions in the previous format.
Telangana high court has rejected a writ petition challenging the imposition of interest on total GST liability including ITC. The GST Council had at its 31st meeting on December 22 recommended that interest should be charged only on the net liability of a taxpayer, after taking into account the admissible input tax credit (ITCNSE 0.56 %).
MCA has extended the deadline for ACTIVE -22A uploading photos of business premises to June 15, 2019 giving corporates more time to comply with a provision aimed at spotting shell companies.
Sebi has reduced the minimum subscription requirement as well as defined trading lots for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). REITs have to offer their units in lots worth at least Rs 50,000 in initial and follow on public offers. The minimum value of a single lot should be Rs 1 lakh in the case of InvITs.
RBI set a premium of 8.38 rupees at the three-year buy-sell swap auction and accepted the entire planned $5 billion up on offer.
👉🏻RBI permits Foreign Portfolio Investors to invest in municipal bonds
(FPI investment in municipal bonds shall be reckoned within the limits set for FPI investment in State Development Loans (SDLs)
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http://bit.ly/2GHSoPd
👉🏻MCA ready to strike against IL&FS tainted Deloitte
(MCA has taken an aggressive view over malpractices by Deloitte over the last decade which have led to papering over the large cracks in its finances)
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http://bit.ly/2GGneHW
👉🏻Businesses can apply for revoking cancellation of GST registration by July 22 - CBIC
(CBIC said it is providing a "one-time opportunity" to apply for revocation of cancellation of GST registration by July 22, 2019, for the those entities for whom cancellation order has been passed up to March 31, 2019)
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http://bit.ly/2XKYiVo
👉With the Commerce and Industry Ministry taking steps to support Budding Entrepreneurs, as many as 342 Startups have received intimation regarding exemption from Angel Tax since February
👉RBI gives its Approval to go-ahead for Electronic Mandates through both Debit Cards as well as Net-Banking in lieu of the earlier Aadhaar Based Authentication, paving the way for Banks and Fintech Companies to Auto-Debit Recurring Payments such as for Home Loans and Mutual Funds. The National Payments Corporation of India (NPCI) received the final approval from the RBI and the retail payments body has asked banks to implement both the e-mandate measures by June 30.
👉RBI may revisit its policies to attract more Foreign Capital and restrict drainage of it to Overseas Markets, a move which will act as supplying oxygen to a capital-starved country. This may also address the sharp volatility of rupee in currency market.
ICSI cannot charge Fee for providing Copies of Revaluation Papers applied through RTI: Supreme Court [Read Judgment]
Read more at: https://www.taxscan.in/icsi-fee-revaluation-rti-supreme-court/35335/
Assessment u/s 153C of the Income Tax Act on non-recording of reasons & unsigned order sheet invalid. Sri Sesha Sai Township P. Ltd. Vs ACIT (ITAT Visakhapatnam).
CBIC has now clarified that the IGST credit can be used in payment of CGST or SGST in any order or proportion. Businesses that have accumulated Integrated GST (IGST) credit in their books can settle it against central and state tax dues in any proportion, the revenue department has said.
RBI is working on revising the framework for resolution of stressed assets, including providing additional 60 days to borrowers to repay dues, as part of efforts to mitigate hardships faced by genuine businesses. Against the backdrop of the Supreme Court quashing an RBI circular, issued on February 12, 2018, a revised set of rules is under works and would be released soon.
RBI committee may recommend that all government payments to citizens should be made digitally, one person aware of the matter said, requesting anonymity. The move seeks to ensure higher adoption of digital payments among the masses.
MCA has issued Advisory on the MCA portal w.r.t various Charge related e-Forms, RD – 1, GNL – 5 and the change which have been made and which are under progress after the notification of the Companies (Amendment) Ordinance 2019.
MCA ACTIVE-22A :About 4 lakh out of a total of the country's over 11 lakh 'active' companies have so far complied with the new KYC norms mandated by the MCA. Meanwhile, the deadline for complying the new disclosure norms has been extended till June 15 from April 25 earlier.
