{"id":3815,"date":"2018-03-08T11:16:19","date_gmt":"2018-03-08T05:46:19","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3815"},"modified":"2021-12-25T16:08:07","modified_gmt":"2021-12-25T10:38:07","slug":"corporate-and-professional-updates-8th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-8th-march-2018\/","title":{"rendered":"Corporate and professional updates 8th 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-69d261024f595\" 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-69d261024f595\"  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-8th-march-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_8TH_MARCH_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 8TH MARCH 2018\">CORPORATE AND PROFESSIONAL UPDATES 8TH 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-8th-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-8th-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-8th-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-8th-march-2018\/#MCA_Update\" title=\"MCA Update:\">MCA 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-8th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-8th-march-2018\/#What_is_core_Business_Activity_GST\" title=\"What is core Business Activity GST\">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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-8th-march-2018\/#_All_about_GST_Offenses_Penalties_and_Appeals\" title=\"\u00a0All about GST Offenses, Penalties, and Appeals\">\u00a0All 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_8TH_MARCH_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 8TH 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<li>Depreciation allowable in assets cost of which has already been allowed as application of income. Amendment in section 11(6) restricting depreciation in s uch came is prospective in nature.[CIT Vs Rajasthan and Gujarati Charitable Foundation (Supreme Court of India)]<\/li>\n<li>Mumbai ITAT allows assessee\u2019s (an <a href=\"https:\/\/carajput.com\/blog\/tag\/non-banking-financial-companies-nbfcs\/\">NBFC)<\/a> claim for service tax payment relatable to exempted services\u00a0 during AYs 2010-11 and 2011-12 in absence of input tax credit availability as per the Service tax Rules;\u00a0[TS-100-ITAT-2018(Mum)]<\/li>\n<li>Delhi HC set-asides ITAT order, upholds CIT\u2019s revisionary proceedings u\/s. 263 directing AO to conduct detailed inquiry regarding allowability of Sec. 80IAB deduction to DLF Commercial Developers Ltd. (\u2018assessee\u2019) on sale of bare shell building;\u00a0[TS-99-HC-2018(DEL)]<\/li>\n<li>HC dismisses Revenue&#8217;s ground against ITAT\u2019s exclusion Infosys BPO and inclusion of R Systems International, but admits ground against exclusion of 2 comparables, in respect of assessee\u2019s ITES segment for AY 2012-13; Regarding exclusion of Infosys BPO on the ground that profitability was attributed to its brand value, HC notes that brand value was recognized in several orders, thus holds that \u201cno question of law arises.<\/li>\n<li>Further in respect of inclusion of R systems, HC follows Mckinsey Knowledge Centre wherein it was held that if from the available data on record, the results for financial year can reasonably be extrapolated then the comparable cannot be excluded, thus holds that \u201cthe reasonableness of inclusion of R Systems cannot be questioned\u201d; However, admits 2 questions of law regarding comparability of Surya Pharmaceutical Ltd. and Excel Infosys, lists the appeal on <span data-term=\"goog_719239185\">May 15, 2018<\/span>.\u00a0[TS-135-HC-2018(DEL)-TP]<\/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<\/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:\u00a0<\/span>Can documents which had earlier been filed with some wrong information be revised under this Scheme?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer<\/span>:\u00a0 Reason being, Scheme clearly specifies that only overdue documents due for filing upto 30.06.2017 should be filed under this Scheme and therefore revision of previously filed annual filing e-forms shall not be taken on record.<\/li>\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?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer<\/span>: Yes. The person chargeable with tax pay the amount of tax along with interest under section 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=\"MCA_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA Update<\/span><\/em><\/strong><span style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>SPICe form is likely to be revised on MCA21 Company Forms Download page\u00a0w.e.f 2nd MAR 2018.Stakeholders are advised to check the latest version before filing.<\/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>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>Taxpayers with annual aggregate turnover more than Rs. 1.5 crore need to file GSTR-1 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 PAN, 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<p>Popular blog:<\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_is_core_Business_Activity_GST\"><\/span><strong><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=\"_All_about_GST_Offenses_Penalties_and_Appeals\"><\/span><strong><em><u>\u00a0<\/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<h4 style=\"text-align: justify;\"><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 8TH 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":[1603,960,614,1602,632,558,1599,443,616,1600,1064,1598,1601],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3815"}],"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=3815"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3815\/revisions"}],"predecessor-version":[{"id":20474,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3815\/revisions\/20474"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}