NICAI UPDATES

NICAI Updates:

1. Income Tax Advance Tax last date is 15.06.19 of first instalment for FY 2019-20. Pay on time & avoid levy of penal interest.
2. 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.
3. Finance Ministry unveiled a roadmap for the implementation of the new GST return 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.
4. RBI 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’s staff begins to hammer out a new framework, they should keep in mind that more communication is good communication.
5. SEBI 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&FS default revealed the apparent conflict of interest in the conduct of the business of credit rating companies in India.

Source:-CA Raj Chawla