{"id":3719,"date":"2018-02-05T10:40:26","date_gmt":"2018-02-05T05:10:26","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3719"},"modified":"2021-12-04T16:57:21","modified_gmt":"2021-12-04T11:27:21","slug":"corporate-and-professional-updates-5th-feb-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-feb-2018\/","title":{"rendered":"Corporate And Professional Updates 5th Feb 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-6a0595e5b9496\" 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-6a0595e5b9496\"  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-updates-5th-feb-2018\/#Corporate_And_Professional_Updates_5th_Feb_2018\" title=\"Corporate And Professional Updates 5th Feb 2018\">Corporate And Professional Updates 5th Feb 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-updates-5th-feb-2018\/#RBI_Update\" title=\"RBI Update:\">RBI Update:<\/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-updates-5th-feb-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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-feb-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-feb-2018\/#GST_UPDATE\" title=\"GST UPDATE\">GST UPDATE<\/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-updates-5th-feb-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-feb-2018\/#Other_updates\" title=\"Other updates\">Other updates<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-feb-2018\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-feb-2018\/#Read_more_about_What_is_core_Business_Activity_GST\" title=\"Read more about: What is core Business Activity GST\">Read more about: What is core Business Activity GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-feb-2018\/#Read_more_about_Important_decisions_made_at_the_43rd_GST_Council_meeting\" title=\"Read more about: Important decisions made at the \u00a043rd GST Council\u00a0 meeting\">Read more about: Important decisions made at the \u00a043rd GST Council\u00a0 meeting<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img decoding=\"async\" src=\"https:\/\/www.agdenetim.com\/mp-include\/uploads\/2015\/03\/1425307532_banner2.jpg\" alt=\"Image result for corporate and professional updates\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_And_Professional_Updates_5th_Feb_2018\"><\/span>Corporate And Professional Updates 5th Feb 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong>RBI Update:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> has imposed a monetary penalty of Rs. 0.50 lakh (Rupees Fifty thousand only) on The Sircilla Co-operative Urban Bank Ltd., Sircilla, Telangana, in exercise of the powers vested in it under the provisions of Section 47A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), for violation of Reserve Bank of India directives and guidelines on Exposure Norms and Statutory\/Other Restrictions and Know Your Customer (KYC) Norms\/Anti-Money Laundering(AML) Measures.\u00a0Vide press release 2017-2018\/2094, dated 1st February 2018<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong>Direct Tax:<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Hyderabad ITAT upholds assessee&#8217;s liability to deduct tax at source u\/s. 195 on payment of sale consideration for immovable property to non-resident vendors (based in US) during AY 2010-11, however, rejects Revenue\u2019s invocation of Sec. 50C (which deems stamp duty valuation as sale consideration) while determining <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> liability of assessee;\u00a0\u00a0[TS-32-ITAT-2018(HYD)]<\/p>\n<p>ITAT Delhi held that<em>\u00a0<\/em>if own funds are more than investment in shares, such investment has to be treated to be out of own funds and hence interest expenditure is not required to be allocated to exempt income on proportionate basis as per Rule 8D of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Rules<\/a>.\u00a0The ACIT, circle-1(1), Gurgoan V. Cairn India Ltd.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong>Indirect Tax:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>CBEC made amendment in Custom Act, 1962(52of 1962) by way of notification no\u00a0\u00a057\/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. 798 (E), dated the 30th June, 2017.\u00a0Vide notification no 22\/2018, dated 2nd February 2018<\/p>\n<h3><span class=\"ez-toc-section\" id=\"GST_UPDATE\"><\/span><strong>GST UPDATE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>E-Way Bill postponed due to Technical Glitches.\u00a0The Central Government has decided to postpone the implementation.<\/p>\n<p>CBEC has issued\u00a0\u00a09 <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">UTGST Tax<\/a> Rate, 10 Integrated Tax (Rate) and 9 Central Tax (Rate) Notifications which in total amount to 27 Notification to give effect to Changes in GST Rate and its related Provision as recommended by 25th GST Council Meeting.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong>FAQ on GST:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Query:What is the implication of GST in respect of duty paid goods removed before the appointed date and returned after the appointed date?<\/p>\n<p>Answer:If any duty paid goods are sold\/removed not being earlier than six months of appointed date under the earlier law are returned\u00a0within six months\u00a0of the appointed date, the seller is eligible for refund of duty paid if the sales is made to unregistered buyer, if the sale is to a registered buyer then he will have to charge <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> as a supply.<\/p>\n<p>In case goods are returned after six months from the appointed date, tax is payable by the person receiving the goods as purchase from unregistered supplier and a registered person will have to charge GST as supply as normal.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Other_updates\"><\/span><strong>Other updates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> will now be able to impose a minimum penalty of Rs 5 crore on stock exchanges and clearing corporations if they breach regulations as\u00a0announcements for the capital markets in the Union Budget 2018.<\/p>\n<p>SBI Invites Applications for Empanelment of Chartered Accountant Firms for Concurrent Audit at State Bank of India.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong>Key Dates:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Payment of TDS\/TCS deducted\/collected in Jan:\u00a007\/02\/2018<\/p>\n<p>Taxpayers with annual aggregate turnover more than Rs.1.5 crore need to file GSTR-1 for December on monthly basis:\u00a010\/02\/2018<\/p>\n<p>Taxpayers with annual aggregate turnover up to Rs. 1.5 crore need to file GSTR-1 for December on quarterly basis:\u00a010\/02\/2018<\/p>\n<p><span style=\"text-decoration: underline;\">Quotes of the day<\/span>:<\/p>\n<p>A broken trust can is described as melted chocolate. No matter how hard u tries to freeze it, it will never return to its true shape.<\/p>\n<p>When you find a dream inside your heart don\u2019t ever let it go because, Dreams are the seeds from which beautiful tomorrows grow.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Read_more_about_What_is_core_Business_Activity_GST\"><\/span><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/what-is-core-business-activity-in-gst\/\">What is core Business Activity GST<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Read_more_about_Important_decisions_made_at_the_43rd_GST_Council_meeting\"><\/span><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/43rd-gst-council-meeting\/\">Important decisions made at the \u00a043<sup>rd<\/sup> GST Council\u00a0 meeting<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Corporate And Professional Updates 5th Feb 2018 RBI Update: The Reserve Bank of India has imposed a monetary penalty of Rs. 0.50 lakh (Rupees Fifty thousand only) on The Sircilla Co-operative Urban Bank Ltd., Sircilla, Telangana, in exercise of the powers vested in it under the provisions of Section 47A (1) (b) read with Section &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4],"tags":[162,442,936,939,1725,1726,444,1724,483],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3719"}],"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=3719"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3719\/revisions"}],"predecessor-version":[{"id":19445,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3719\/revisions\/19445"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}