New amendments/ updates for Fy-19

New amendments/ updates for Fy-19
March 18, 2019 bassadmin
In Uncategorized
  1. Income tax e-returns filed for the April-February period has grown nearly 30% compared with the corresponding period in FY18. While almost 6.4 crore taxpayers filed returns in the first 11 months of the fiscal, the government is expecting 7.6 crore returns to be filed by the end of FY19 against 6.7 crore in FY18.
  2. Supreme Court decision dated 05/03/19 confirming addition u/s 68 of share capital and premium received from Kolkata companies…  CIT Appeal, ITAT, Delhi HC all decided this matter in favour of assessee but SC on revenue appeal reversed appellate orders of authorities below.  SC held practice of conversion of unaccounted money through the cloak of share capital/premium must be subjected to careful scrutiny.  PR CIT Central Vs.  NRA iron and steel p Ltd.
  3. China’s plan to cut the rate of value added tax this year has been generally welcomed by commodity markets, as the lower cost burden would help businesses and stimulate sales at a time of slower economic growth.
  4. RBI’s move to align risk weights of banks’ exposure to non-banking finance companies (NBFCs) with their respective credit ratings will help banks to create a lending headroom of Rs 1.4 lakh crore, Crisil said in a report.
  5. Government is planning to promulgate an Ordinance amending the Insolvency and Bankruptcy Code (IBC) and adding a chapter on cross-border insolvency. This would give comfort to foreign investors in India and vice-versa.

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