{"id":3826,"date":"2018-03-10T12:09:54","date_gmt":"2018-03-10T06:39:54","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3826"},"modified":"2021-08-11T17:18:13","modified_gmt":"2021-08-11T11:48:13","slug":"corporate-and-professional-updates-10th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10th-march-2018\/","title":{"rendered":"Corporate and Professional updates 10th 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-69d30dd07ac89\" 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-69d30dd07ac89\"  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-10th-march-2018\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10th-march-2018\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10th-march-2018\/#Mca_updates\" title=\"Mca updates.\u00a0\">Mca updates.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10th-march-2018\/#Rbi_updates\" title=\"Rbi updates\">Rbi updates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10th-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-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10th-march-2018\/#Key_due_dates\" title=\"Key due dates\">Key due dates<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/07\/1-768x433.jpg\" alt=\"\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Kolkata ITAT deletes penalty levied u\/s 271E (for violating conditions \u200bu\/s 269T by repaying loan other than through banking channels)\u00a0 for conversion of loan into equity by assessee-company during AY 2008-09; Holds that squaring-off loan by way of allotment of equity shares\u00a0 is a usual business practice and a part of routine corporate debt restructuring exercise and hence cannot be held as violation of provisions of Sec. 269T ;\u00a0[TS-105-ITAT-2018(Kol)]<\/li>\n<\/ul>\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;\u00a0[TS-101-ITAT-2018(Kol)]<\/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<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Mumbai ITAT allows assessee\u2019s (an NBFC) 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>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<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Mca_updates\"><\/span><strong><span style=\"text-decoration: underline;\">Mca updates.\u00a0<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\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<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Rbi_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Rbi updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\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<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span>Can company file all its overdue documents under this scheme?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0A defaulting company can file only its overdue documents which were due to filed upto 30.06.2017 under this Scheme. Any overdue document which was due for filing from 01.07.2017 shall not be allowed to be filed under this Scheme.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_due_dates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Key due dates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\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>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><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><\/p>\n<p><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><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Kolkata ITAT deletes penalty levied u\/s 271E (for violating conditions \u200bu\/s 269T by repaying loan other than through banking channels)\u00a0 for conversion of loan into equity by assessee-company during AY 2008-09; Holds that squaring-off loan by way of allotment of equity shares\u00a0 is a usual business practice and a part of routine corporate &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4],"tags":[1067,1052,1066,1068,1069,1070],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3826"}],"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=3826"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3826\/revisions"}],"predecessor-version":[{"id":15460,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3826\/revisions\/15460"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}