{"id":3807,"date":"2018-03-07T00:10:52","date_gmt":"2018-03-06T18:40:52","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3807"},"modified":"2021-12-04T14:35:28","modified_gmt":"2021-12-04T09:05:28","slug":"corporate-and-professional-updates-7th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-7th-march-2018\/","title":{"rendered":"Corporate and Professional updates 7th March 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-69d25e2bbc392\" 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-69d25e2bbc392\"  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-7th-march-2018\/#Corporate_and_Professional_updates_7th_March_2018\" title=\"Corporate and Professional updates 7th March 2018\">Corporate and Professional updates 7th March 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-7th-march-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-updates-7th-march-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-updates-7th-march-2018\/#FAQ_on_Condonation_of_Delay_Scheme_CODS\" title=\"FAQ on Condonation of Delay Scheme (CODS):\">FAQ on Condonation of Delay Scheme (CODS):<\/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-7th-march-2018\/#_Corporate_Law\" title=\"\u00a0Corporate Law:\">\u00a0Corporate Law:<\/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-7th-march-2018\/#Other_updates\" title=\"Other updates\">Other updates<\/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-7th-march-2018\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/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-7th-march-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-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-7th-march-2018\/#Read_more_about_All_about_GST_Offenses_Penalties_and_Appeals\" title=\"Read more about: All about GST Offenses, Penalties, and Appeals\">Read more about: All about GST Offenses, Penalties, and Appeals<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/media.licdn.com\/mpr\/mpr\/AAEAAQAAAAAAAAzaAAAAJGUwMDg1NThhLWJiMDYtNDQzMi05OGQ0LWNkMTcxMDdmNzYwNQ.jpg\" alt=\"Image result for corporate and professional updates\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_updates_7th_March_2018\"><\/span>Corporate and Professional updates 7th March 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><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><em><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/em><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Under section 57(iii) of the Act, only those expenditure are to be allowed which are related to earning of <a href=\"https:\/\/carajput.com\/blog\/taxes-on-income-received-from-blogging-under-income-tax\/\">income<\/a> from other sources. Since the expenditure claimed by the assessee was not incurred to earn income from other sources, the same cannot be allowed.[Monarch Commodities Pvt. Ltd. Vs.\u00a0 DCIT (ITAT Bangalore)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Depreciation allowable in assets cost of which has already been allowed as application of income. Amendment in section 11(6) restricting depreciation in such came is prospective in nature.[CIT Vs Rajasthan and Gujarati Charitable Foundation (Supreme Court of India)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT<\/a> department has unearthed a Rs 3,200 crore scam where 447 companies deducted tax from its employees but did not deposit with the government and diverted to further their business interests.\u00a0The TDS wing of the I-T has initiated prosecution against these firms and in some cases, warrants have been issued, sources said.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>HC allows deduction of lease rent paid on shed rented out due to delay in start of business-\u00a0Where business could not be started due to some difficulties and part of shed taken on lease was given on rent, lease rent paid could be said to be on account of business expediency; same was to be allowed.<\/li>\n<li>The Central Board of Direct Taxes has notified the scheme for centralized issuance of notice, which may be known as the Centralized Communication Scheme, 2018\u00a0and shall come into force on the date of its publication in the Official Gazette.<\/li>\n<li>The Central Board of Direct Taxes has notified the scheme for centralized issuance of notice, which may be known as the Centralized Communication Scheme, 2018\u00a0and shall come into force on the date of its publication in the Official Gazette.<\/li>\n<li>Share premiums can be assessed under Section 68 of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act.<\/a> Cornerstone Property Investments Pvt. Ltd vs. ITO (ITAT Bangalore).<\/li>\n<li>Rent received by an Association of Co-Owners Whose only Objective is to Derive Income from Letting out of Property is Taxable as \u2018Income from House Property\u2019:\u00a0Manek Lodge Properties vs. Add CIT, Mumbai (ITAT).<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>CBEC issued Clarification regarding taxable services provided by the member of the Joint Venture(JV) to the JV and vice versa and inter se between the members of the JV\u00a0Vide Circular No. 35\/9\/2018-GST dated 5th\u00a0March 2018.<\/li>\n<li>E-SANCHIT (enabling the registered persons to file documents online) becomes mandatory w.e.f.\u00a015.03.2018. \u00a0CBEC DO.No.09\/CH (EC)\/2018.<\/li>\n<li>03.18\u00a0is Last Day to file GSTR-1 for Taxpayers with aggregate turnover of more than Rs. 1.50 Crores for Jan, 2018.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_Condonation_of_Delay_Scheme_CODS\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on Condonation of Delay Scheme (CODS):<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query: <\/span>Can the person chargeable with tax pay the amount of demand along with interest and reduced penalty before the service of show cause notice under sub-section (1) or as the case may be, the statement under sub-section (3) of section 74?a<\/li>\n<li><span style=\"text-decoration: underline;\">Answer<\/span>:Yes. The person chargeable with tax pay the amount of tax along with interest undersection 50 and a penalty equivalent to 15% of such tax based on his own ascertainment of such tax or the tax as ascertained by the proper officer and inform the proper officer in writing of such payment. On receipt of such information, the proper officer shall not serve any notice in respect of tax so paid or any penalty payable under the provisions of this Act or rules made thereunder.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Corporate_Law\"><\/span>\u00a0<strong><em><span style=\"text-decoration: underline;\">Corporate Law:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>The Ministry of Corporate Affairs (MCA) has amended the Companies (Accounts) Amendment Rules, 2014 to provide new form AOC-3A for sending financial statements including consolidated financial statements to members, debenture trustees and to all persons other than such members or trustee, being the person so entitled, not less than 21 days before the date of Annual General Meeting by Ind AS Complaint Company<\/li>\n<li>MCA notifies form AOC-3A for Ind AS Complaint Co.s to send financial statements to stakeholders. The Companies (Accounts) Amendment Rules, 2018.<\/li>\n<li>MCA has notified the Companies (Accounts) Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette i.e. 27-02-2018<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Other updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> is likely to stick to its target of making digital wallets inter operable by April despite allowing payment companies two additional months to comply with its customer verification requirement.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Submission of forms received in March to IT commissioner:\u00a007\/03\/2018<\/li>\n<li>Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> deducted\/collected in March:\u00a007\/03\/2018<\/li>\n<li>Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> for Jan on monthly basis:\u00a010\/03\/2018<\/li>\n<li>Payment\u00a0 of annual membership and COP fees for the year 2017-18:\u00a015-03-2018<\/li>\n<li><a href=\"https:\/\/carajput.com\/pf-esi.php\">PF &amp; ESI<\/a> Payment for the month of Feb 2018-:15-03-2018<\/li>\n<li>GSTR-3B for the Month of February 2018: 20-03-2018<\/li>\n<li>due date for linking of Aadhaar number with <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a>, mobile, insurance policy, bank accounts etc:-31-03-2018<\/li>\n<li>ITR Filling last date for <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Returns (ITRs)<\/a> for FY 2015-16 and FY 2016-17:-31-03-2018<\/li>\n<li>Condonation of Delay Scheme 2018 which allows defaulting companies to file its overdue documents which were due for filing.:-31-03-2018<\/li>\n<\/ul>\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_All_about_GST_Offenses_Penalties_and_Appeals\"><\/span><strong><em><u>Read more about<\/u><u>: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/all-about-gst-offenses-penalties-appeals\/\">All about GST Offenses, Penalties, and Appeals<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and Professional updates 7th March 2018 Direct Tax: Under section 57(iii) of the Act, only those expenditure are to be allowed which are related to earning of income from other sources. Since the expenditure claimed by the assessee was not incurred to earn income from other sources, the same cannot be allowed.[Monarch Commodities Pvt. &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":[1606,1037,409,332,1607,1605,632,583,500,444,1608],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3807"}],"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=3807"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3807\/revisions"}],"predecessor-version":[{"id":7214,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3807\/revisions\/7214"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}