{"id":3846,"date":"2018-03-14T17:20:49","date_gmt":"2018-03-14T11:50:49","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3846"},"modified":"2021-08-11T16:49:55","modified_gmt":"2021-08-11T11:19:55","slug":"corporate-professional-updates-14th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-professional-updates-14th-march-2018\/","title":{"rendered":"Corporate &#038; professional updates 14th march 2018"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ad0e65998aee\" 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-6ad0e65998aee\"  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-professional-updates-14th-march-2018\/#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-professional-updates-14th-march-2018\/#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-professional-updates-14th-march-2018\/#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-professional-updates-14th-march-2018\/#Mca_updates\" >Mca 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-professional-updates-14th-march-2018\/#Rbi_updates\" >Rbi updates\u00a0<\/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-professional-updates-14th-march-2018\/#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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-14th-march-2018\/#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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-14th-march-2018\/#Key_Dates\" >Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/07\/1-768x433.jpg\" alt=\"\" \/><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>Bombay HC sets aside CCIT\u2019s order rejecting assessee-society\u2019s (running a hospital providing medical facilities at subsidized rates) application for grant\/continuation of exemption u\/s 10(23C)(vic) for AY 2009-10;\u00a0[TS-641-HC-2017(BOM)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CESTAT upholds CENVAT credit reversal on \u2018capital goods\u2019 cleared under Rule 4(5)(a) of <a href=\"https:\/\/carajput.com\/services-vat.php\">CENVAT Credit Rules, 2004<\/a> (CCR) to sister unit and not returned within stipulated period of 180 days of clearance;\u00a0\u00a0[TS-428-CESTAT-2017-EXC]<\/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>CBEC has issued circular regarding Processing of refund applications for UIN entities.\u00a0Vide Circular No. 36\/10\/2018-<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a>, dated 13th March 2018.<\/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>E-way bill shall be required w.e.f\u00a01.4.2018\u00a0for inter-state supplies where value of consignment\u00a0excluding Exempted goods, exceeds Rs. 50000.<\/li>\n<\/ul>\n<p>More read:<\/p>\n<p><em><a href=\"https:\/\/carajput.com\/blog\/conversion-of-llp-into-company-limited-by-shares\/\">Conversion of LLP into Company Limited by Shares<\/a><\/em><\/p>\n<p><em><a href=\"https:\/\/carajput.com\/blog\/everything-that-you-need-to-know-about-limited-liability-partnership\/\">Everything that you need to know about LLP<\/a><\/em><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Mca_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Mca updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>NCLAT allowed the appeal to extend the period of resolution process for another 90 days when the extension is sought beyond the completion of 180 days. Quantum ltd Vs. Indus Finance Corp Ltd.<\/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><em><span style=\"text-decoration: underline;\">\u00a0<\/span><\/em><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> had discontinued the Letter of Undertaking (LOU) &amp; Letter of Comfort (LOC) for trade credit for import into India with immediate effect from.<\/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>Auditing and Assurance Standards Board of ICAI has issues Guidance Note on Audit of Banks 2018, dated 11.03.2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The Supreme Court on extended indefinitely the\u00a0March 31\u00a0deadline for mandatory linking of Aadhaar with bank accounts and mobile phones.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/services\/epf-registration.php\">EPFO<\/a> makes online claims mandatory for provident fund withdrawals above Rs. 10 lakhs<\/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:<\/span>From the particulars of e-Form CODS 2018 it appears that any application related to overdue documents has to be withdrawn before making application in e-Form CODS 2018. Does this mean that MCA will definitely approve all the filings and condone the delay?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Answer<\/span>:\u00a0It is very likely that the<a href=\"https:\/\/www.legalpillers.com\/services\/roc-compliances-of-pvt-ltd-opc\/\"> ROC<\/a> shall condone the delay but annual filings shall be scrutinized in the same way as if uploaded normally and all the punishments for any false filings, miss-statements or mis-representations shall be applicable as per the provisions of the Act<\/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>E- Payment of<a href=\"https:\/\/carajput.com\/pf-esi.php\"> PF<\/a> for February: 15.03.2018<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR return<\/a> summary for February: 20.03.2018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Bombay HC sets aside CCIT\u2019s order rejecting assessee-society\u2019s (running a hospital providing medical facilities at subsidized rates) application for grant\/continuation of exemption u\/s 10(23C)(vic) for AY 2009-10;\u00a0[TS-641-HC-2017(BOM)] CESTAT upholds CENVAT credit reversal on \u2018capital goods\u2019 cleared under Rule 4(5)(a) of CENVAT Credit Rules, 2004 (CCR) to sister unit and not returned within stipulated &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":[1104,1063,1105,1106,1107],"class_list":["post-3846","post","type-post","status-publish","format-standard","hentry","category-companies-act-roc","category-direct-tax","category-gst","category-income-tax","category-indirect-tax","tag-auditing-and-assurance-standards-board-of-icai-has-issues-guidance-note-on-audit-of-banks-2018","tag-condonation-of-delay-scheme","tag-e-way-bill-shall-be-required-w-e-f-1-4-2018-for-inter-state-supplies","tag-rbi-had-discontinued-the-letter-of-undertaking-lou-letter-of-comfort-loc","tag-the-supreme-court-on-extended-indefinitely-the-march-31-deadline-for-mandatory-linking-of-aadhaar"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Direct Tax: Bombay HC sets aside CCIT\u2019s order rejecting assessee-society\u2019s (running a hospital providing medical facilities at subsidized rates) application for grant\/continuation of exemption u\/s 10(23C)(vic) for AY 2009-10; 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