Tax & Regulatory Updates: June 2019
Direct Tax Updates
In this notification CBDT seeks to amend form 15H (To prevent TDS on your Income). This amendment seeks to clarify the filling procedure of Form 15H. Person shall accept declaration in case where his income is less than rebate available under 87A of income tax act. This amendment came into force from 22nd day of May, 2019.
In this notification the CBDT States about the agreement between the government of Republic of India and The Government of Republic of Marshall Islands. Both parties of the agreement will exchange Information Related to tax matters.
To nab tax evaders and reduce black money generation, the income tax department and Goods and Services Tax Network (GSTN) signed an agreement to facilitate exchange of data between the two. The IT department will share key financial information with GSTN. This move will allow IT department to verify the information filled businesses in income tax return compared with annual GST returns.
In notification CBDT has proposed new audit form for trusts and institutions in order to seek more details from trusts and institutions. The said notification amended rule 17B related to audit rules for trusts and institutions. The proposed Audit Report format is much detailed from the earlier one and consequently seeks extensive information on many facts which were not asked earlier the new form like object of trust institutions, TDS compliance and more.
To prevent countries from routing transactions through other countries in order to avoid taxes. Government has made changes in tax audit form – 3CD in GST as well as GAAR, which came into effect on 20 August 2018. In view of representations from stakeholders the last date of reporting have been further extended from 31st march 2019 to 31st march 2020 via circular no. 9_2019.
Indirect Tax Updates
This notification seeks to change the wordings for the website www.aces.gov.in to www.cbic-gst.gov.in