{"id":3878,"date":"2018-03-28T12:43:43","date_gmt":"2018-03-28T07:13:43","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3878"},"modified":"2021-08-11T16:19:55","modified_gmt":"2021-08-11T10:49:55","slug":"corporate-and-professional-updates-28th-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-march-2018\/","title":{"rendered":"Corporate and professional updates 28th 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-69d3432d49403\" 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-69d3432d49403\"  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-28th-march-2018\/#Corporate_and_professional_updates_28th_march_2018\" title=\"Corporate and professional updates 28th march 2018\">Corporate and professional updates 28th march 2018<\/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-28th-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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-march-2018\/#_Indirect_Tax\" title=\"\u00a0Indirect Tax\">\u00a0Indirect Tax<\/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-28th-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-march-2018\/#MCA_updates\" title=\"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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-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-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-march-2018\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_professional_updates_28th_march_2018\"><\/span><span style=\"color: #ff9900;\">Corporate and professional updates 28th march 2018<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/SS.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11208\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/SS.jpeg\" alt=\"\" width=\"681\" height=\"383\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/SS.jpeg 1000w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/SS-300x169.jpeg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2021\/02\/SS-768x432.jpeg 768w\" sizes=\"(max-width: 681px) 100vw, 681px\" \/><\/a><\/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>Kerala HC reverses ITAT order, upholds re-assessment initiated (beyond 4 years) for AY 1994-95 on Tata Ceramics\u00a0\u00a0Ltd. (\u2018assessee\u2019, which did not commence production in subject AY),\u00a0due to assessee&#8217;s failure to disclose the entire interest income from Bank deposits in its return of income;\u00a0[TS-138-HC-2018(KER)]<\/li>\n<li>SC dismisses CBDT\u2019s SLP against Meghalaya HC ruling allowing Sec. 244A interest on TDS refund\u00a0 to assessee-deductee (a co-operative bank) for AYs 2000-01 to 2003-04;\u00a0[TS-127-SC-2018]<\/li>\n<li>Mumbai\u00a0 ITAT deletes penalty imposed u\/s 221(1) r.w.s. 140A(3) (for failure to pay self-assessment tax [\u2018SA tax\u2019] within the stipulated time) for AY 2009-10, holds that amended Sec. 140A(3) does not envisage any penalty for non-payment of self-assessment tax;\u00a0[TS-139-ITAT-2018(Mum)]<\/li>\n<li>31-03-18 is last day for filing of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a> 1 to 7 for Financial Year 2016-17 (Note- change in law \u00a0ITR cannot be filed later) and for Financial Year 2015-16 with penalty<\/li>\n<li>Mumbai ITAT upholds Sec.69A addition in the hands of individual-assessee (non-resident) towards Rs. 2.85 Cr claimed to be received from US based TV production company for AY 2005-06 citing assessee&#8217;s failure to prove creditworthiness of US company;\u00a0[TS-135-ITAI-2018(Mum)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Delhi ITAT holds the profit arising on sale of shares (i.e. penny stock in\u00a0 present case) taxable as business income for AY 2011-12, and not short term capital gains (\u2018STCG\u2019) in hands of assessee-individual;\u00a0[TS-141- ITAT-2018(DEL)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Uttarakhand HC upholds ITAT order,\u00a0accepts Indian Oil Corporation\u2019s (\u2018assessee\u2019) plea that\u00a0\u00a0payment made to the carrier under the contracts for transporting the petroleum products shall be subject to TDS u\/s. 194C and not u\/s. 194I ;\u00a0[TS-140-HC-2018(UTT)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBDT extended deadline for PAN-Aadhaar linking from 31 March to June 30-2018.\u00a0<span style=\"text-decoration: underline;\">https:\/\/www.moneycontrol.com\/ news\/india\/pan-aadhaar- linking-deadline-extended-to- june-30-cbdt-2537831.html<\/span>CBDT issues clarification regarding requirement for furnishing of country by country report under section 286(4) of<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> IT Act, 1961<\/a>.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Indirect_Tax\"><\/span>\u00a0<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 made amendment in the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Central Goods and Services Tax Rules, 2017<\/a>. These rules may be called the Central Goods and Services Tax (Third Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette.\u00a0Vide notification no14\/2018 \u2013 Central Tax, dated 23rd March 2018.<\/li>\n<li>31-03-18 is last date to file GSTR-6 (return by an input service distributor) for the month of July, 2017 to February, 2018.<\/li>\n<li>Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council&#8217;s nod.<\/li>\n<li>CBEC has issued a notification that the return in\u00a0FORM\u00a0<a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a>\u00a0for the month of\u00a0April, May, and June, 2018\u00a0shall be furnished electronically through the common portal, on or before\u00a020th May,\u00a020th June &amp; 20th July, 2018 respectively.CBEC prescribes due dates for filing <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> for April to June Notification March 23, 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><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI Update<\/span><\/em><\/strong><span style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>CBEC has issued Clarification on issues related to Job Work.\u00a0Vide Circular No.38\/12\/2018, dated 26th March 2018.<\/li>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has issued notification regarding\u00a0Annual Closing of Government Accounts \u2013 Transactions of Central \/ State Governments \u2013 Special Measures for the Current Financial Year (2017-18).\u00a0Vide notification no RBI\/2017-18\/144, dated 27th March 2018.<\/li>\n<\/ul>\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>Delhi High Court allows Manual Filing of Returns by Disqualified Directors\u00a0under Condonation of\u00a0Delay Scheme ( COD Scheme ) manually instead of online.<\/li>\n<li>MCA has notified the Companies (Incorporation) Second Amendment Rules, 2018\u00a0which shall come into force on the date of their publication in the Official Gazette i.e 23-03-2018.<\/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> has completed the investigation against 20 brokers, who allegedly gained unfair access to NSE&#8217;s trading facility and\u00a0colocation (colo) controversy<\/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>ICAI has formed a special group to interact with the Government on day-to-day basis for the formation of National Financial Reporting Authority (NFRA) Rules.<\/li>\n<li>ICAI has decided to give an opportunity by way of Scheme for restoration of their members names retrospectively upto 31 March, 2018<\/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>UIDAI introduces face authentication as means of verifying Aadhar users alongwith iris or fingerprint scan w.e.f. 01.07.2018. PTI.<\/li>\n<li>ICAI given an opportunity to get name restored with retrospective effect. The benefit of the scheme may be availed by submitting the prescribed application in Form 9 on or before 31st March, 2018 in order to be eligible for inclusion of name in the List of Voters as on 1st April 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>RERA has made it compulsory for developers to get title insurance for all projects, opening a new segment of over Rs 10,000 crore for insurance companies.<\/li>\n<li>A high-level panel set up to review the Insolvency and Bankruptcy Code (IBC) is likely to have recommended against extending a 270-day moratorium for restructuring a company after its case is admitted by the NCLT<\/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 style=\"text-align: justify;\">Filing of ITR for AY 2017-18:\u00a031.03.2018<\/li>\n<li style=\"text-align: justify;\">Filing of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a> for AY 2016-17 with penalty of Rs. 5000:\u00a031.03.2018<\/li>\n<li style=\"text-align: justify;\">Filing of GSTR-6 for july 2017-feb-2018 :31.03.2018<\/li>\n<li style=\"text-align: justify;\">Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018<\/li>\n<li style=\"text-align: justify;\">Filing of <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> for feb 2018(turnover more than Rs1.50 cr):10.04.2018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and professional updates 28th march 2018 Direct Tax: Kerala HC reverses ITAT order, upholds re-assessment initiated (beyond 4 years) for AY 1994-95 on Tata Ceramics\u00a0\u00a0Ltd. (\u2018assessee\u2019, which did not commence production in subject AY),\u00a0due to assessee&#8217;s failure to disclose the entire interest income from Bank deposits in its return of income;\u00a0[TS-138-HC-2018(KER)] SC dismisses CBDT\u2019s &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":[1157,1161,1158,1159,1160],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3878"}],"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=3878"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3878\/revisions"}],"predecessor-version":[{"id":15442,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3878\/revisions\/15442"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}