{"id":3894,"date":"2018-03-31T11:46:57","date_gmt":"2018-03-31T06:16:57","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3894"},"modified":"2021-08-11T16:01:17","modified_gmt":"2021-08-11T10:31:17","slug":"corporate-professional-updates-31st-march-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-professional-updates-31st-march-2018\/","title":{"rendered":"Corporate &#038; Professional updates 31st 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-6ac731e01adbc\" 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-6ac731e01adbc\"  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-31st-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-31st-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-31st-march-2018\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-31st-march-2018\/#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-31st-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:\/\/ak9.picdn.net\/shutterstock\/videos\/4479587\/thumb\/1.jpg\" alt=\"Image result for corporate and professional\" \/><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>Chandigarh ITAT allows Sec. 80IC deduction to assessee-company (running a hotel in Himachal Pradesh under the Eco-tourism project) for AY 2007-08 on account of \u2018substantial expansion\u2019 in building, furniture and fixtures; Rejects Revenue\u2019s stand that the expansion in building, furniture and fixtures cannot constitute an investment in plant and machinery for the purpose of reckoning \u2018substantial\u2019 expansion\u2019 u\/s. 80IC.\u00a0[TS-145-ITAT-2018(CHANDI)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>ITAT holds that TP-adjustment towards notional interest on outstanding AE receivable is required to be made for AY 2004-05, notes that credit period extended to AE was higher than credit period extended to non-AEs; Assessee had argued that it did not charge interest to AE as well as non-AE for delayed payments; However, ITAT rejects interest rate of 6.75% applied by TPO based on cost of capital, directs that adjustment should be made using interest rate for export packing credit of 1.92%.\u00a0\u00a0\u00a0[TS-199-ITAT-2018(Mum)-TP]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>ITAT Kolkata holds that \u201cInitial Intention\u201d of the assessee to decide whether an activity amounts to \u2018Trading activity\u2019 or \u2018Investment activity\u2019.\u00a0[I.T.O Vs. M\/s Nupur Carpets Pvt. Ltd. (ITAT Kolkata)]<\/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>31-3-18 (Saturday) is LAST DATE for eligible assessees to opt for Composition Scheme by filing intimation in Form <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> CMP-02 for FY 2018-19.<\/li>\n<li>The Central Board of Excise and Customs (CBEC) extended the time limit for filing of <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> for both entities who have turnover up to 1.5 crores and more than 1.5 crore.<\/li>\n<li>Exporters of goods or services or both are hereby informed that they are required to furnish Letter of Undertaking for Financial Year 2018-19 prior to starting issuing export invoices if they opt to export the goods or services or both without payment of tax.<\/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_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> rolled out the regulations to allow cross-border mergers and amalgamation that could boost foreign direct investment into the country. The Foreign Exchange Management (Cross Border Merger) Regulations, 2018, will cover both inbound and outbound investments.<\/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> approved changes proposed by the Uday Kotak panel on improving corporate governance standards such as splitting the post of chairman and managing director, tighter rules for independent directors, enhanced disclosure of related-party transactions and mandatory secretarial audits for listed entities &amp; their subsidiaries.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><\/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><em><span style=\"text-decoration: underline;\">:<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Filing of ITR for AY 2017-18:\u00a031.03.2018<\/li>\n<li>Filing of ITR for AY 2016-17:\u00a031.03.2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Filing of GSTR-6 for july 2017-feb-2018 :31.03.2018<\/li>\n<li>Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018<\/li>\n<li>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>Direct Tax: Chandigarh ITAT allows Sec. 80IC deduction to assessee-company (running a hotel in Himachal Pradesh under the Eco-tourism project) for AY 2007-08 on account of \u2018substantial expansion\u2019 in building, furniture and fixtures; Rejects Revenue\u2019s stand that the expansion in building, furniture and fixtures cannot constitute an investment in plant and machinery for the purpose &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":[1587,1063,1588,1591,1590,1172,1589,1586],"class_list":["post-3894","post","type-post","status-publish","format-standard","hentry","category-companies-act-roc","category-direct-tax","category-gst","category-income-tax","category-indirect-tax","tag-initial-intention","tag-condonation-of-delay-scheme","tag-foreign-companies-eligible-to-seek-condonation","tag-form-gst-cmp-02","tag-rbi-allow-cross-border-mergers","tag-rbi-rolled-out-the-regulations-to-allow-cross-border-mergers-and-amalgamation","tag-sebi-approved-changes-proposed-by-the-uday-kotak","tag-sec-80ic-deduction-to-assessee-for-substantial-expansion"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Direct Tax: Chandigarh ITAT allows Sec. 80IC deduction to assessee-company (running a hotel in Himachal Pradesh under the Eco-tourism project) for AY 2007-08 on account of \u2018substantial expansion\u2019 in building, furniture and fixtures; 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