{"id":3854,"date":"2018-03-16T00:29:37","date_gmt":"2018-03-15T18:59:37","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3854"},"modified":"2023-09-02T11:22:02","modified_gmt":"2023-09-02T05:52:02","slug":"corporate-professional-updates-16th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-professional-updates-16th-march-2018\/","title":{"rendered":"Corporate &#038; Professional updates 16th 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-69d3140a34b7b\" 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-69d3140a34b7b\"  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-16th-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-professional-updates-16th-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-professional-updates-16th-march-2018\/#RBI_Update\" title=\"RBI Update:\">RBI Update:<\/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-16th-march-2018\/#Sebi_updates\" title=\"Sebi updates\">Sebi 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-16th-march-2018\/#Icai_updates\" title=\"Icai updates \">Icai updates <\/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-16th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-16th-march-2018\/#Key_dates\" title=\"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=\"Image result for corporate and professional updates\" \/><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>The Finance Bill, 2018 as passed by Lok Sabha has inserted a new proviso in section 145A to provide that the securities held by a scheduled bank or public financial institution shall be valued in accordance with ICDS(Income Computation and Disclosure Standards ) after taking into account the extant guidelines issued by the RBI in this regard.<\/li>\n<li>The Union Cabinet, chaired by Prime Minister Shri Narendra Modi has approved an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between India and Iran.<\/li>\n<li>AAR rules that the applicant company (a non-resident seller based in Finland)\u00a0eligible for lower rate of tax @ 10.506% (inclusive of surcharge and cess) on capital gains arising on sale of listed shares, as per proviso to Sec 112(1),\u00a0follows Delhi HC ruling in Cairn UK;\u00a0[TS-110-AAR-2018]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Income tax department\u00a0has provisionally attachedbenami properties\u00a0of over Rs 39 billion in more than 1,200 cases, the\u00a0Finance Ministry\u00a0informed the\u00a0Rajya Sabha\u00a0on Mar 13, 2018. &#8220;Show cause notices for provisional attachment of\u00a0benami properties\u00a0were issued in over 1,500 cases and provisional attachment has been made in over 1,200 cases.<\/li>\n<li>While quashing the revisional assessment in the case of\u00a0Sangeeta Jain, <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Appellate Tribunal (ITAT) Delhi bench recently ruled that\u00a0capital gain exemption\u00a0allowed by the Assessing Officer (AO) on the basis of the certificate from Tahasildar cannot be treated as erroneous.<\/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<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Gst updates<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>The Central Board of Excise and Customs (CBEC) has sanctioned Rs 4,000 crore worth refunds to exporters in 4 months since October. Still about Rs 10,000 crore worth claims are stuck due to discrepancies in the information furnished by exporters to <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST Network (GSTN)<\/a> in filing GSTR 1 or Table 6A or GSTR 3B and shipping bill filed with Customs.<\/li>\n<li>GST Council has decided to extend GSTR-3B return filling up to\u00a030.06.2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GST Council has been announced e-way bill for inter-State movement of goods across the country from\u00a001.04.2018. For intra- State movement of goods, e-way bill system will be introduced with effect from a date to be announced in a phased manner but not later than\u00a001.06.2018.<\/li>\n<\/ul>\n<p>More read:<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/key-characteristics-for-auto-population-of-e-invoice-details-in-gstr-1-2a-2b-4a-6a\/\">Key characteristics for Auto-population of e-invoice<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/overview-of-invoice-furnishing-facility-iff-under-qrmp-scheme\/\">Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme<\/a><\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> has issues notification regarding\u00a0Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits.\u00a0Vide notification no RBI\/2017-18\/139, dated 13th March 2018.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> today said unutilised Investor Protection Fund (IPF) interest income accruing during a specific financial year can be carried forward to the next fiscal to enable effective utilisation of such money by the commodity derivative exchanges.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Icai_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Icai updates <\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>If any member want to change the Region (e.g. Central region to Northern region or Northern to other Region) or Place of voting (like residence in Chandigarh &amp; doing Job in Gurgaon) then he\/she can change his Professional address.https:\/\/appforms.icai.org\/memberAddressUpdate\/-Change it online &amp; submit the hard copy to ICAI with your signature on or before\u00a0<span data-term=\"goog_1381201376\">31\/03\/2018<\/span>. Otherwise for voting you will have to go to your place as mentioned in your professional address as per ICAI records.<\/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>Can active company (non-defaulting) apply for CODS 2018 to file its overdue documents?<\/li>\n<li>Answer:\u00a0As per introduction given in the Scheme, it is clear that the Scheme has been rolled out for defaulting companies only which are yet to file their annual filing documents which are due to be filed upto 30.06.2017.<\/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><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> for the Month of February 2018: 20-03-2018<\/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","protected":false},"excerpt":{"rendered":"<p>Direct tax The Finance Bill, 2018 as passed by Lok Sabha has inserted a new proviso in section 145A to provide that the securities held by a scheduled bank or public financial institution shall be valued in accordance with ICDS(Income Computation and Disclosure Standards ) after taking into account the extant guidelines issued by the &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":[1115,1069,1119],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3854"}],"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=3854"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3854\/revisions"}],"predecessor-version":[{"id":15450,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3854\/revisions\/15450"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}