{"id":3585,"date":"2018-01-09T11:16:33","date_gmt":"2018-01-09T05:46:33","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3585"},"modified":"2021-12-06T12:06:17","modified_gmt":"2021-12-06T06:36:17","slug":"corporate-and-professional-update-9-jan-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/","title":{"rendered":"corporate and professional update 9-jan-2018"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69eaa86f1f39f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69eaa86f1f39f\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATE_9-JAN-2018\" title=\"CORPORATE AND PROFESSIONAL UPDATE 9-JAN-2018\">CORPORATE AND PROFESSIONAL UPDATE 9-JAN-2018<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#FAQ_on_GST\" title=\"FAQ on GST:\">FAQ on GST:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#_Press_Release\" title=\"\u00a0Press Release\">\u00a0Press Release<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#New_on_CODS_2018\" title=\"New on CODS 2018\">New on CODS 2018<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#News_on_Incorporation_of_Companies\" title=\"News on Incorporation of Companies\">News on Incorporation of Companies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#News_on_DIN_and_related_DIR\" title=\"News on DIN and related DIR\">News on DIN and related DIR<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-9-jan-2018\/#News_on_Aadhar_integration\" title=\"News on Aadhar integration\">News on Aadhar integration<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img decoding=\"async\" src=\"https:\/\/4.bp.blogspot.com\/-wNJClJqatnY\/VyitHIW_mDI\/AAAAAAAAJWQ\/aADIWyCr7kwwv9OmGZd_ZtMc0FhhDqH_ACLcB\/s1600\/corporate.jpg\" alt=\"Image result for corporate professional updates\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_9-JAN-2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATE 9-JAN-2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Mumbai ITAT rejects AO\u2019s invocation of deeming fiction u\/s. 50C in computing capital gains on land introduced into an LLP as a capital contribution during AY 2012-13;\u00a0[TS-612-ITAT-2017( Mum)]<\/p>\n<p>Kerala HC reverses ITAT order for AY 2009-10, rules that interest income from bank deposits accrued but not due and hence not credited to assessee\u2019s (a Public sector undertaking) account is taxable;\u00a0[TS-611-HC-2017(KER)]<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>CBEC made amendment in Customs Act, 1962 and Customs Tariff Act, 1975 by way of notification no 50\/2017- Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017.\u00a0Vide notification no 02\/2018, dated 5th January 2018.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a>:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong>Query: What happens in cases where the tax demand confirmed is reduced in appeal \/ revision proceedings?<\/p>\n<p>Answer: The fresh notice of demand is not required to be served in respect of the reduced dues. The Commissioner shall give an intimation of such reduction to the taxable person and the appropriate authority with whom the recovery proceeding is pending.<\/p>\n<p>The recovery proceedings already initiated prior to the disposal of such appeal\/revision may be continued in relation to the amount so reduced from the stage at which such proceedings stood immediately before such disposal.<\/p>\n<p>Taxpayers with annual aggregate turnover less than Rs. 1.5 Cr. Need to file Quarterly GSTR 1 from July to September:\u00a010\/01\/2018<\/p>\n<p>Taxpayers with annual aggregate turnover more than Rs. 1.5 Cr. Need to file monthly <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR 1<\/a> from July to November:\u00a010\/01\/2018<\/p>\n<h3><span class=\"ez-toc-section\" id=\"_Press_Release\"><\/span><strong>\u00a0<\/strong><strong><span style=\"text-decoration: underline;\">Press Release<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>On notification of Companies (Amendment) Act 2017 and applicability of sections 53, 197 &amp; 247 related to Insolvency Process &#8211;<br \/>\n<a href=\"https:\/\/mailer.lunawat.com\/lunawat\/lt.php?id=bAlFWVQBFEZAXBgBFEVFWVUIHAk=Q1FdCREJBgAKVkxbBh4FRUUbARsFcUMYFAAIH0caGA==&amp;client=14885\" data-saferedirecturl=\"https:\/\/www.google.com\/url?hl=en&amp;q=https:\/\/mailer.lunawat.com\/lunawat\/lt.php?id%3DbAlFWVQBFEZAXBgBFEVFWVUIHAk%3DQ1FdCREJBgAKVkxbBh4FRUUbARsFcUMYFAAIH0caGA%3D%3D%26client%3D14885&amp;source=gmail&amp;ust=1515561081686000&amp;usg=AFQjCNFshuEtAY8OTx-xt3tiZOcCbrNDdA\">https:\/\/lunawat.com\/Uploaded_Files\/Attachments\/F_3934.pdf<\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"New_on_CODS_2018\"><\/span><strong><span style=\"text-decoration: underline;\">New on CODS 2018<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The process for \u2018reactivating\u2019 the DINs in system in respect of disqualified Directors is in progress and they may check the status of the relevant DINs by\u00a0<strong><span data-term=\"goog_1597114911\">12th January 2018<\/span><\/strong>. However, they are requested to be ready with necessary \u2018overdue documents\u2019 for filing purposes.<\/p>\n<p>The scheme is not applicable for those Directors who may have been associated with a company which was struck off under Section 248(1) of the Companies Act-2013 and such DINs shall be activated only upon receipt of orders for revival of the said company as per due process laid down under Section 252 of the Companies Act-2013<\/p>\n<h3><span class=\"ez-toc-section\" id=\"News_on_Incorporation_of_Companies\"><\/span><strong>News on Incorporation of Companies<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It is proposed to mandate SPICe (with necessary provision for incorporating Producer Companies) as the only form for incorporation of companies w.e.f.\u00a0<span data-term=\"goog_1597114912\">26th January, 2018<\/span>. Accordingly, INC-7 would be deprecated for incorporation of companies. A detailed notification and FAQs relating thereto would be made available as and when the same is notified.<\/p>\n<p>MCA is proactively designing a Front Office service (replacing INC-1 e-form with Web-Form) for Name Reservation and Change of Name for companies capturing only absolutely essential information from the applicants. The said service is likely to be rolled out on\u00a0<span data-term=\"goog_1597114913\">26th January 2018<\/span>.<\/p>\n<p>A new name reservation service is being developed and is likely to be deployed on\u00a0<span data-term=\"goog_1597114914\">26th January, 2018<\/span>. Therefore w.e.f.00:00 hours of 06-01-2018, INC-1 will not be available on the MCA Portal. Stakeholders are advised to submit INC-1 application till 23:59hours of\u00a0<strong>05-01-2018<\/strong>.<\/p>\n<p>Stakeholders who reserved names using INC-1 are requested to use SPICe for incorporation immediately. However, resubmission of INC-1 is allowed till\u00a0<span data-term=\"goog_1597114915\">23:59<\/span>\u00a0hours of\u00a0<strong><span data-term=\"goog_1597114916\">11-01-2018<\/span><\/strong>.<\/p>\n<p>INC-7 form is likely to be discontinued w.e.f\u00a0<strong><span data-term=\"goog_1597114917\">10.01.2018<\/span><\/strong>. In case the name reserved using INC-1 is to be used for incorporation through SPICe form, users should file the form latest by\u00a0<strong><span data-term=\"goog_1597114918\">17.01.2018<\/span><\/strong>. It is requested that SPICe should be filed with due care as it will be allowed only one resubmission which has to be completed latest by\u00a0<strong><span data-term=\"goog_1597114919\">25.01.2018<\/span><\/strong>. Stakeholders may plan accordingly.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"News_on_DIN_and_related_DIR\"><\/span><strong><span style=\"text-decoration: underline;\">News on DIN and related DIR<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It is proposed to reengineer the process of allotment of DIN by allotting DIN to individuals only at the time of their appointment as Directors (If they do NOT possess a DIN) in companies. DIR-3 (Application for Director Identification Number) would be applicable for the allotment of DIN to individuals in respect of existing companies only and shall be filed by the existing company in which the proposed Director is to be appointed.<\/p>\n<p>Further, DINs to the proposed first Directors in respect of new companies would be mandatorily required to be applied for in SPICe forms (subject to a ceiling of 3 new DINs) only.<\/p>\n<p>It is also proposed to modify DIR-3 to permit allotment of upto 2 new DINs (since SPICe provides for upto 3 new DINs) only in respect of \u2018Producer Companies\u2019. A separate notification would be issued for the same and stakeholders may plan accordingly.<\/p>\n<p>To facilitate corresponding changes in<a href=\"https:\/\/carajput.com\/services-llp-consultancy.php\"> LLP<\/a> eforms due to deprecation of DIR-3, it is proposed to temporarily suspend issuance of allotment of new DINs for Designated Partners\/Partners of LLPs w.e.f\u00a0<span data-term=\"goog_1597114920\">26th January 2018<\/span>\u00a0till\u00a0<span data-term=\"goog_1597114921\">31st March 2018<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"News_on_Aadhar_integration\"><\/span><strong><span style=\"text-decoration: underline;\">News on Aadhar integration<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>MCA is actively considering Aadhaar Integration for availing various MCA21 related services. As a preparatory step, all individual stakeholders viz. DIN holders\/Directors\/Key Managerial Personnel\/Professionals of the ICSI-ICAI-ICMA (whether in employment or in practice) are requested to obtain Aadhaar as early as possible for integrating their details with MCA21 and also ensure that the information in Aadhaar is in harmony with PAN.<\/p>\n<p>When implemented, all MCA21 services shall be available based on Aadhaar based authentication ONLY. The date of Aadhaar integration with MCA21 would be announced shortly. Stakeholders are requested to plan accordingly on PRIORITY so as to avoid future inconvenience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE 9-JAN-2018 Direct Tax: Mumbai ITAT rejects AO\u2019s invocation of deeming fiction u\/s. 50C in computing capital gains on land introduced into an LLP as a capital contribution during AY 2012-13;\u00a0[TS-612-ITAT-2017( Mum)] Kerala HC reverses ITAT order for AY 2009-10, rules that interest income from bank deposits accrued but not due and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,172,4],"tags":[1844,755],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3585"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=3585"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3585\/revisions"}],"predecessor-version":[{"id":19476,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3585\/revisions\/19476"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}