{"id":3841,"date":"2018-03-13T16:21:10","date_gmt":"2018-03-13T10:51:10","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3841"},"modified":"2021-08-11T17:01:35","modified_gmt":"2021-08-11T11:31:35","slug":"corporate-and-professional-updates-13th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-march-2018\/","title":{"rendered":"Corporate and Professional updates 13th 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-69d2a1e7202ba\" 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-69d2a1e7202ba\"  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-13th-march-2018\/#Direct_Tax\" title=\"\nDirect Tax:\">\nDirect 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-13th-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-13th-march-2018\/#Gst_updates\" title=\"Gst updates\">Gst updates<\/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-13th-march-2018\/#Other_updates\" title=\"Other updates\">Other 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-13th-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-13th-march-2018\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span>\n<strong><span style=\"text-decoration: underline;\">Direct Tax<\/span><\/strong><span style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ITAT Delhi held that Section 54\/54F flat booked with builder can be considered as construction of flat.\u00a0ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi)<\/li>\n<\/ul>\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-<a href=\"https:\/\/carajput.com\/blog\/tag\/subsidiary-of-a-foreign-company\/\">company<\/a> 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>Income tax sec 32(2) had to be construed in its own term and not so as to restrict the benefit\u00a0or\u00a0advantage,\u00a0it\u00a0is sought\u00a0\u00a0to confirm; assessee was entitled to carry forward unabsorbed depreciation of\u00a0\u00a0earlier.\u00a0\u00a0(Favour\u00a0\u00a0of\u00a0\u00a0Assessee)\u00a0CIT\u00a0\u00a0vs.\u00a0\u00a0Britis\u00a0 Motor Car \u00a0Co. Ltd.\u00a0\u00a0(High Court- Delhi)<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Supreme court of India held that sales tax on LPG cylinders payable on price finalized by MoP &amp; NG.\u00a0Ms\u00a0Universal\u00a0Cylinders\u00a0Limited Vs The\u00a0Commercial\u00a0Taxes\u00a0Officer (Supreme Court of India)<em><span style=\"text-decoration: underline;\">\u00a0<\/span><\/em><\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>GST Council was told that there is a major variance between the amount of integrated GST and compensation cess paid by importers at custom ports and input tax credit of the same claimed in GSTR-3B, the summary form for input-output.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTN portal recently clarified the liability to pay the late fee for filing GSTR-3B with delay.\u00a0The taxpayer has to pay all liability along with late fees and interest to file Form GSTR 3B due to the system error.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Decisions GST Council Meeting Mar 10. GSTR-1 &amp; 3B till Jun. Inter-state e-way bill wef Apr 1\u00a0&amp; intra-state by\u00a0Jun 1. TDS\/TCS &amp; RCM NA till Jun 30.<\/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<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Mca updates<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Parliamentary panel has asked the government to define &#8220;Shell Company&#8221; in the Companies Act and ensure distinction between those guilty of fraud and those irregular with filings.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ICAI issued advisory to the members came after it received information from the RBI that there have been &#8220;certain issues between the banks&#8217; joint auditors and the banks&#8217; management regarding the allocation of work among the joint auditors<\/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\u00a0\u00a0<\/span>Can Companies who have filed application for revival of Company under section 252 apply for CODS 2018?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Answer<\/span>:\u00a0 Para 4(v) of the Scheme allows such companies which have filed application u\/s 252 to avail benefits of this Scheme subject to NCLT&#8217;s order for revival of such companies.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Payment\u00a0 of annual membership and COP fees for the year 2017-18:\u00a015-03-2018<\/li>\n<li>PF &amp; ESI 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 Income Tax Returns (ITRs) 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 style=\"text-align: justify;\"><strong><em>Disclaimer:<\/em><\/strong><\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional \/ tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener &amp; Founder Director of Rajput Jain &amp; Associates , a leading Tax &amp; Investment Planning Advisory Service Provider. His blog can be found at\u00a0<a href=\"https:\/\/carajput.com\/blog\/\">https:\/\/carajput.com\/blog\/<\/a>For any query you can write to\u00a0<a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a>. Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0\u00a0\u00a0<a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a>\u00a0or call at\u00a009811322785\/4 9555 5555 480)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Direct Tax: ITAT Delhi held that Section 54\/54F flat booked with builder can be considered as construction of flat.\u00a0ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi) 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4],"tags":[1063,1075,1083,1076,1071],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3841"}],"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=3841"}],"version-history":[{"count":2,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3841\/revisions"}],"predecessor-version":[{"id":15455,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3841\/revisions\/15455"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}