{"id":3820,"date":"2018-03-09T11:40:22","date_gmt":"2018-03-09T06:10:22","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3820"},"modified":"2021-12-04T13:41:11","modified_gmt":"2021-12-04T08:11:11","slug":"corporate-and-professional-updates-9th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-march-2018\/","title":{"rendered":"Corporate and Professional updates 9th 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-69e5dc26bf63d\" 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-69e5dc26bf63d\"  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-9th-march-2018\/#Corporate_and_Professional_updates_9th_march_2018\" title=\"Corporate and Professional updates 9th march 2018\">Corporate and Professional updates 9th 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-9th-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-9th-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-9th-march-2018\/#Gst_updates\" title=\"Gst updates\">Gst updates<\/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-9th-march-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-march-2018\/#SEBI_updates\" title=\"SEBI updates\">SEBI 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-9th-march-2018\/#Other_updtes\" title=\"Other updtes\">Other updtes<\/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-updates-9th-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><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-updates-9th-march-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-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-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-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-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<h2 style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/consultoriacg.com.br\/wp-content\/uploads\/2017\/04\/poder-do-coaching.jpg\" alt=\"Image result for corporate and professional\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_updates_9th_march_2018\"><\/span>Corporate and Professional updates 9th 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>Kolkata ITAT holds that sale of shares by Emami Infrastructure Ltd. (\u2018assessee\u2019) to its second step down 100% subsidiary, not transfer u\/s. 47(iv), rejects assessee\u2019s claim of long term capital loss;<\/li>\n<li>Chandigarh ITAT upholds CIT(Exemption)\u2019s order, rejects I. K. Gujral Punjab Technical University\u2019s (\u2018assessee\u2019) application for grant of approval for exemption u\/s 10(23C)(vi) for AY 2016-17, observes that assessee is\u00a0 generating huge surplus running into hundreds of crores from year to year, which are parked in FDRs instead of being redeployed into education;<\/li>\n<li>Salaried Persons not required to maintain Books of Accounts unless they are engaged in Business or Profession: ITAT\u00a0Kolkata in the case of DCIT vs Subhas Chandra Agarwala &amp; Sons (<a href=\"https:\/\/carajput.com\/services\/hindu-undivided-family.php\">HUF<\/a>).<\/li>\n<li>CBDT had issued a circular, making it mandatory to provide Aadhaar or the enrolment number with <a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT returns<\/a> for everyone.\u00a0Some of those without the unique identification number have managed to find a loophole in the system. They say they have been able to file tax returns by putting in all 0s or 1s instead of the 12-digit Aadhaar.<\/li>\n<\/ul>\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<ul style=\"text-align: justify;\">\n<li>CBEC has amend the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Central Goods and Services Tax Rules, 2017<\/a>.\u00a0These rules may be called the Central Goods and Services Tax (Second Amendment) Rules, 2018 which shall come into force on such date as the Central Government may, by notification in the Official Gazette.\u00a0\u00a0Vide Notification No.12\/2018, dated 7th March 2018.<\/li>\n<li>Assessee not liable to pay tax on goods purchased at concessional rate against Declaration Form for export : HC.<\/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<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Gst_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Gst updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>GSTR-4 offline tool New version 2.0 is now available For preparing your Quarter 3 GSTR-4 (Oct \u2013 Dec) along with amendment of details furnished in Quarter 2 (Jul \u2013 Sep).<\/li>\n<li>CBEC extends Last Date for Submission of GST TRAN-2 to\u00a031.03.2018. E-way bill Rules amended by CGST (Second Amendment Rules), 2018. Ntfcn No.12\/2018.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong><span style=\"text-decoration: underline;\">RBI Update:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India (RBI)<\/a> has imposed, on March 01, 2018, a monetary penalty of\u00a0Rs. 4 million\u00a0on State Bank of India (the bank) for non-compliance with the directions issued by RBI on Detection and Impounding of Counterfeit Notes.\u00a0Vide Press Release 2017-2018\/2385, dated 7th March 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>RBI has notified the Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs).\u00a0Currently, the FPI limit for Government Securities (G-secs) is fungible between investments in G-secs and investment in IRF.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI 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\/sebi-consulting.php\">SEBI<\/a> has re- constituted its committee that suggests roadmap for developing corporate bond market in the country. The 27-member committee would now be chaired by Harun R Khan, former Deputy Governor RBI<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_updtes\"><\/span><strong><em><span style=\"text-decoration: underline;\">Other updtes<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ICAI issued Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits &#8211; (06-03-2018) : Standard on Auditing (SA) 299.<\/li>\n<li>The Ministry of Micro, Small &amp; Medium Enterprises has issued a press release on 07.02.2018 wherein the Union Cabinet has amended the basis of criteria for classifying \u2018Micro, Small and Medium enterprises u\/s 7 of (MSMED) Act, 2006.<\/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>Query:\u00a0What are the implications of non-compliance of this Scheme?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer<\/span>:\u00a0The Scheme in its Para 7 clarifies this position that ROCs shall be allowed to prosecute defaulting companies which do not make compliance with provisions of law using this Scheme.<strong><em>\u00a0<\/em><\/strong><\/li>\n<\/ul>\n<h4 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><\/h4>\n<ul style=\"text-align: justify;\">\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>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<li>\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<h2 style=\"text-align: justify;\"><\/h2>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and Professional updates 9th march 2018 Direct Tax: Kolkata ITAT holds that sale of shares by Emami Infrastructure Ltd. (\u2018assessee\u2019) to its second step down 100% subsidiary, not transfer u\/s. 47(iv), rejects assessee\u2019s claim of long term capital loss; Chandigarh ITAT upholds CIT(Exemption)\u2019s order, rejects I. K. Gujral Punjab Technical University\u2019s (\u2018assessee\u2019) application for &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":[1051,1063,1052,1056,1055,1065,558,1053,1064,1050,1054],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3820"}],"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=3820"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3820\/revisions"}],"predecessor-version":[{"id":19435,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3820\/revisions\/19435"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}