CBDT has amended Rule 12 of the Income Tax Rules, 1962 w.e.f 1.4.2019 which provides forms and manner of furnishing of return of income. The amendments have been made for AY 2019-20.
CBDT with an intent to give effect to the Judgement(s)/order(s) of Hon'ble Supreme Court on Aadhaar-PAN for filing return of income, has mandated to quote Aadhaar while filing the return of income unless specifically exempted as per any notification issued under sub-section (3) of section 139AA of the Act.
CBDT said 6.87 crore Income Tax Returns were filed during FY 2017-18 as compared to 5.48 crore ITRs filed during FY 2016-17, translating into a growth of 25 per cent. Also, during FY 2017-18, the number of new ITR filers increased to 1.07 crore as compared to 86.16 lakh new ITR filers added during FY 2016-17.
RBI will issue a revised circular for resolution of stressed assets following the Supreme Court verdict striking down its February 12, 2018, circular as ultra vires. The verdict could jeopardise some Rs. 3.4 lakh crore of bank loans across sectors, including Rs.2 lakh crore of exposure to the power sector.
Reserve Bank said it will hold further discussions with banks on linking interest rates on personal, home, auto and MSME loans with various benchmark rates, a move that would further delay issuance of final guidelines on the issue.
Insolvency regulator Insolvency and Bankruptcy Board of India has summarised the Supreme Court’s landmark judgment that struck down the RBI’s February 12 circular last year on stressed assets, raising awareness on how the apex court has dealt with the issues concerned.
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Analysis of Bombay High Court Judgement in Gautam Landscapes Private Ltd. vs. Shailesh S. Shah & Ors.
The Court under section 9 of the Arbitration is empowered to grant ad-interim and interim reliefs even if the document is not adequately stamped and also at the same time, the Court need not wait for outcome of the said adjudication for passing any order under section 9 & 11 of Arbitration.
Read full case analysis at : https://dasgovernance.com/2019/04/07/analysis-of-bombay-high-court-judgement-in-gautam-landscapes-private-ltd-vs-shailesh-s-shah-ors/
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# GST
➖ CBIC Circular No. 97/16/2019-GST dated 5th April’2019 on clarification regarding exercise of option to pay tax under notification No. 2/2019- CT(R) dt. 07.03.2019
## Existing Taxpayers
- Registered Tax Payer who wants to opt to pay central tax @3% can apply now in From CMP-02 by selecting the category of registered person as “Any other supplier eligible for composition levy” as listed at Sl. No. 5(iii) of the said Form, latest by 30th April, 2019.
- Such person shall also furnish a statement in FORM GST ITC03 in accordance with the provisions of sub-rule (3) of rule 3 of the said rules.
## New Registrations
Who wants to opt for payment of central tax @ 3% by availing the benefit of the said notification, if eligible, may do so by indicating the option at serial no. 5 and 6.1(iii) of FORM GST REG-01 at the time of filing of application for registration.
## Benefit of the said notification is PAN based Once opted for any place of business in any State or Union territory shall be deemed to be applicable in respect of all other places of business registered on the same Permanent Account Number.
# *ue Dates
CMP-02 : By 30th April'2019
CMP-03 : By 30th May'2019
➖ Due Date of GSTR-1 (Outward Supply Return for taxpayers with Turnover more than Rs. 1.5 crores) is APRIL 11, 2019.
➖ Due Date of GSTR-9/9A (Annual Return) for the F.Y. 2017-18 is 30.06.2019.
# MCA
➖ For All Companies incorporated upto 31.12.2017, MCA has notified ACTIVE form 22A. The due date of filing Form ACTIVE is APRIL 25, 2019. Otherwise, the penalty will be INR 10,000.
➖ FORM DPT-3 - Every Company (other than Government Company) is required to file Form DPT-3 for money or loan NOT considered as deposits taken between 01.04.2014 to 22.01.2019 till APRIL 22, 2019. Auditor's Certificate is also required.
➖ The application (SPICe) for incorporation of a company shall be accompanied by a linked e-form AGILE (Application for registration of the Goods and Services Tax Identification Number (GSTIN), Employees’ State Insurance Corporation (ESIC) registration pLus Employees’ Provident Fund Organisation(EPFO) registration) with effect from 31st March 2019, as notified vide Companies (Incorporation) Third Amendment Rules, 2019 dated 29th March 2019.
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👉CBIC gives Service Providers with turnover of up to Rs 50 Lakh time till April 30 to opt for the Composition Scheme and pay 6% GST. Businesses which apply for new registration may avail the said benefit in Form GST REG-01 at the time of filing application for registration.
👉GST Portal issues Advisory to Taxpayers on Invoice Series to be used w.e.f. 1st April, 2019
👉Denying reports of it approving the merger of Lakshmi Vilas Bank and Indiabulls Housing Finance, the RBI informs that the merger does not have its nod so far and it would examine the proposals once it receives them from the merging entities.
👉NSE Co-Location Case: SEBI orders Investigation and Forensic Audit of 13 more Trading Members of the National Stock Exchange linked to the Co-Location Scam at exchange. This is in addition to the ongoing probe against 9 other trading members initiated by the SEBI earlier.
👉India has identified and shared a list of 380 products including horticulture, textiles, chemicals and pharmaceuticals with China as their shipments hold huge export potential in the neighbouring country, to bridge Trade Deficit
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Income Tax department has notified I-T return forms for individuals and companies for the assessment year 2019-20. While there has been no change in ITR-1 or Sahaj, which is to be filled by the salaried class, some sections in ITR 2, 3, 5, 6 and 7 have been rationalised.
Income Tax Department has barred directors as well as those who have invested in unlisted companies from filing income tax return forms Sahaj and Sugam.
The directors in both listed and unlisted companies will be required to file their returns in ITR-2 to disclose details of DIN, PAN and equity holding with the names of the companies.
GST rule 46 implies that with the start of new financial year 2019-20 a new invoice series, unique for the financial year is to be started by the GST taxpayers. Similar provision is there in Rule 49 of the CGST Rules 2017, in respect of issue of Bill of Supply by registered taxpayers availing Composition Scheme or supplying exempted goods or services or both.
RBI announced that certain NBFC will be able to get a licence as authorised foreign exchange dealer.“With a view to improve the ease of undertaking forex transactions by increasing the last-mile touch-points of regulated entities to sell foreign exchange for non-trade current account transactions.
IBC Section 29(A) of Code needs amendment, Only after the initial clutter of insolvency cases is cleared, marrying the pre-Insolvency and Bankruptcy Code (IBC) mechanism with the current law for resolving bad debts could be considered, said Union Finance Minister Arun Jaitley.
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Analysis of Supreme Court Judgement in Jai Balaji Industries Ltd. vs. State Bank of India & Ors.
NCLAT Rules clearly stipulates service of notice on the other side, pursuant to issuance of notice by the NCLAT in the appeal, regardless of supply of advance copy of appeal paperbook prior to the issuance of notice by NCLAT.
Read full case analysis at : https://dasgovernance.com/2019/04/08/analysis-of-supreme-court-judgement-in-jai-balaji-industries-ltd-vs-state-bank-of-india-ors/
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One more decision for stay application for not paying even 20% of income tax demand under incometax tax.
Latest
High Court set a side ITO order directing assessee to pay 20% of tax demand [Read Order] :: http://www.taxknowledge.in/income-tax/5ca5db4d06ac1065082a1785
Earlier
High Court:- Assessee is not required to pay 20% of demand till disposal of stay application [Read Order]:: http://www.taxknowledge.in/income-tax/5c724d0a06ac1065082a16f6
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Analysis of Supreme Court Judgement in A. R. Radha Krishna vs. Dasari Deepthi & Ors.
High Court order allowing quashing petition be dismissed in case of no evidence of unimpeachable quality being brought on record to indicate that allowing the proceedings to continue would be an abuse of process of the court.
Read full case analysis at : https://dasgovernance.com/2019/04/09/analysis-of-supreme-court-judgement-in-a-r-radha-krishna-vs-dasari-deepthi-ors/
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➖ CBDT vide notification No. 32/2019 dt. 01-04-2019 notifies ITR forms
## ITR 1 (SAHAJ) : For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand]
[Not for an individual who is either Director in a company or has invested in unlisted equity shares]
## ITR 2 : For Individuals and HUFs not having income from profits and gains of business or profession
## ITR 3 : For individuals and HUFs having income from profits and gains of business or Profession
## ITR 4 (SUGAM) : For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE]
[Not for an individual who is either Director in a company or has invested in unlisted equity shares]
## ITR 5 : For persons other than- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
## ITR 6 : For Companies other than companies claiming exemption under section 11
## ITR 7 : For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D)
➖ Only very senior citizen (i.e. above 80 years) filling ITR 1 and ITR 4 will be entitled to file physical returns and all other Individuals will have to file their ITR electronically.
➖ Additional details to be furnished in new ITR Forms
## Assessee who are filing ITR 2 or ITR 3* have to provide history of their stay in India to determine residential status for income tax purposes.
## In case rental income from house property on which tax has been deducted, the details of TAN/PAN of the tenant for claiming the credit for the tax deducted by the tenant has to be given.
## In case any tax has been deducted by the buyer in respect of sale of any immovable property then have to mandatorily furnish the details of the PAN of the buyer for claiming the TDS credit.
## Assessee having business or profession with GST registration are now needed to furnish GST Revenue, GSTIN (GST Number). This disclosure is extended to ITR Forms from 3-6.
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MCA has issued Companies (Incorporation) Amendment Rules, 2019 and Companies (Registration offices and Fees) Amendment Rules, 2019 which have come into force from 25.02.19. As per the revised Rules, Companies not flouting the applicable provisions of maintenance of Registered office, appointment of Statutory Auditor(s) /Cost Auditor(s), Key Managerial Personnel, Company Secretary will have the status as ‘ACTIVE-Non-Compliant’.
To ensure Compliance, every company incorporated on or before 31.12.17 is required to file the e-form INC-22A-Active Company Tagging Identities and Verification (ACTIVE).
#Applicable to all the companies incorporated on or before 31.12.17.
#Annual filing should be completed before filing the E-form.
#Non-filing of the E-forms within due date will disable filing of form SH-7, PAS-3, DIR-12 (except for cessation), INC-22 and INC-28.
#The E-form is to be filed on or before 25.04.19, otherwise a penalty of INR 10,000 is imposed.
#Photograph in PDF format, of the registered office showing outside and inside office, latitude and longitude along with Director/KMP who is attesting the Form shall serve as the attachment for the E-Form.
#Companies in the process of Amalgamating/liquidating/strike off or liquidated or struck off are exempted to file the E-Form INC 22A.
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💡Revised version of the eForm INC-35 -AGILE (Application for Goods and services tax Identification number, employees state Insurance corporation registration pLus Employees provident fund organisation registration)
which is filed as linked form with SPICe for incorporation of a Company is available on MCA21 Company Forms Download page. The revised form contains fields relevant to EPFO notified vide the Companies
(Incorporation) third Amendment Rules, 2019 dated 29th March 2019. Stakeholders may take note and refer instruction kit for more details.
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👉After detecting mismatches in some E-Way Bill Submissions, the Centre is now examining more GST Network (GSTN) data to see if such evasions are increasing sufficiently enough to consider withdrawing the facility of generating multiple e-way bills on a single invoice.
👉RBI issues Norms & Guidelines for Banks to set up New Currency Chests, which include minimum area of 1,500 Square Feet for Strong Room.
👉Bharti Airtel gets SEBI approval for Rs 24,000 Crore Rights Issue
👉UK High Court rejects Vijay Mallya written appeal against Extradition Order. The Westminster Magistrates' Court had already ordered the extradition of Mallya which was accepted by the UK Home Office. India has now decided to send a Special Team to London to assist CPS in the Oral Hearing of the Anti-Extradition Appeal in the UK High Court.
👉BSE signs a Memorandum of Understanding (MoU) with HDFC Bank with an endeavor to strengthen the BSE Startups platform by spreading more awareness on the benefits of listing of startups on this BSE startup platform. The startup platform was launched by BSE on December 22 with an aim to encourage entrepreneurs to get listed and raise equity capital for their growth and expansion.
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