{"id":3917,"date":"2018-04-05T11:09:39","date_gmt":"2018-04-05T05:39:39","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3917"},"modified":"2021-12-04T12:46:03","modified_gmt":"2021-12-04T07:16:03","slug":"corporate-and-professional-updates-5th-april-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-2018\/","title":{"rendered":"Corporate and Professional Updates 5th April  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-69f54119c67e3\" 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-69f54119c67e3\"  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-5th-april-2018\/#Corporate_and_Professional_Updates_5th_April_2018\" title=\"Corporate and Professional Updates 5th April 2018\">Corporate and Professional Updates 5th April 2018<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-2018\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-2018\/#ITR_2\" title=\"ITR 2\">ITR 2<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-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-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-2018\/#MCA_Update\" title=\"MCA Update\u00a0:\">MCA Update\u00a0:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-2018\/#Key_dates\" title=\"Key dates\">Key dates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-2018\/#New_TDS_deduction_No_cash_transactions_exceeding_1_Crore_-Section_194N\" title=\"New TDS deduction No cash transactions exceeding 1 Crore -Section 194N\">New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-2018\/#Extention_of_TDSTCS_statement_filing_Date\" title=\"Extention of TDS\/TCS statement filing Date\">Extention of TDS\/TCS statement filing Date<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-5th-april-2018\/#TDS_payment_to_resident_contractors\" title=\"TDS payment to resident contractors\">TDS payment to resident contractors<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.essentialenglishcentre.com\/wp-content\/uploads\/2015\/03\/English-for-Business.jpg\" alt=\"Image result for corporate and professional\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_Updates_5th_April_2018\"><\/span>Corporate and Professional Updates 5th April 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><em><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/em><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>SC dismisses Revenue\u2019s SLP against Delhi HC judgement allowing Sec. 80HHE deduction to New Delhi Television Ltd. (&#8216;NDTV&#8217;, assessee) for AY 1999-00; HC had observed that television news software exported by assessee outside India was \u2018customized electronic data\u2019\u00a0 [as defined in clause (b) to Sec. 80HHE Explanation] to meet the requirement of STAR TVHC had referred to the agreement\/MoU\u00a0 between assessee, New Delhi Television (India) Private Limited (\u2018NTVI\u2019)\u00a0 and STAR TV,\u00a0 and had noted that assessee would be responsible for production of entire software (programming) for a 24-hour Indian news channel which would be supplied to NTVI which would in turn broadcast the said channel through STAR TV.<\/li>\n<li>HC had ruled that \u201cThe expression \u2018any customized electronic data\u2019 is preceded by the disjunctive \u2018or\u2019 which clearly indicates that any customized electronic data would also be considered to be \u2018computer software\u2019 under the inclusive part of the definition.\u201d[TS-151-SC-2018]<\/li>\n<li>ITAT rules on selection of comparables in respect of assessee\u2019s software development segment for AY 2006-07; Excludes 6 comparables on various grounds such as functional dissimilarity, absence of segmental details, ownership of intangibles etc., follows Mphasis ruling; Also remits comparability of Megasoft for consideration of only software services segmental margin following Mphasis ruling\u00a0[TS-212-ITAT-2018(Bang)-TP]<\/li>\n<li>Limit for payment of expenses by cash (Both capital and revenue expenditure) reduced from RS. 20,000 to RS. 10,000 per day in aggregate per person.<\/li>\n<li>No Person shall receive an amount of two lakh rupees or more, by cash (Sec 269ST).<\/li>\n<li>For below Rs. 2 crores turnover cases &#8211; For Non cash sales (through Digital, Online, cheque, Bank etc.) : Net Profit will be taken as 6% of Turnover\/ Gross Receipt. It is 8% For Cash Sales.<\/li>\n<li>Tax Exemption limit is Rs.2,50,000\/- (same as earlier) After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%).<\/li>\n<li>Tax rebate is reduced to Rs.2500 from Rs.5000 per year for taxpayers with income up to Rs.3,50,000 (earlier Rs.5,00,000).<\/li>\n<li>Surcharge at 10 percent of tax levied on rich taxpayers with income between Rs.50 Lakh and Rs.1 Crore. The rate for surcharge for the super-rich, with income above Rs.1 Crore will remain 15%.<\/li>\n<li>Payment of Rent &#8211; Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) &#8211; Deduct TDS @ 5%.<\/li>\n<li>Capital gain in respect of Land and Building period reduced from 3 Years to 2 Years and Base year shifted from 01\/04\/1981 to 01\/04\/2001.<\/li>\n<li>Corporate tax rate for the account year 2017-18 for companies with annual turnover up to Rs.50 crores (in account year 2015-16) is reduced to 25%. No change in firm tax rate of 30%.<\/li>\n<li>Donation made exceeding Rs.2000 will be not be eligible for deduction under section 80G.<\/li>\n<li>Shares of unquoted shares to be taxed at (deemed) fair value.<\/li>\n<li>tax exemption will be available on reinvestment of capital gains in notified redeemable bonds (In addition to investment in NHAI and REC bonds).<\/li>\n<li>Deduction for first time investors in listed equity shares or listed units of equity oriented funds under the Rajiv Gandhi Equity Savings Scheme under section 80CCG of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT act 1961<\/a> is withdrawn from FY 2017-18. If an individual has already claimed deduction under this scheme before April 1, 2017, They shall be allowed to avail a deduction for the next two years.<\/li>\n<li>No tax is applicable for partial withdrawals from National Pension System. NPS subscribers will be able to withdraw 25% of their contribution to the corpus for emergencies before retirement. Withdrawal of 40% of the corpus is tax free before retirement.<\/li>\n<li>In absence of <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.<\/li>\n<li>From Financial Year 2017-18, if Return is not filed within due date, late fee of Rs.5,000 for delay up to 31st December, and Rs.10,000 thereafter.<\/li>\n<li>It is mandatory to disclose the Aadhar number while filing IT Return. Earlier it was optional to disclose the Aadhar number.<\/li>\n<li>Generally, the last date of filing IT returnhttps:\/\/carajput.com\/income-tax-services.php is 31 July. Therefore, it is advisable for taxpayer to get their Aadhar number at the earliest.<\/li>\n<\/ul>\n<ol start=\"2\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ITR_2\"><\/span><span style=\"color: #ff6600;\"><strong>ITR 2<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ol>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span>Is filing of pending documents with ROC under the scheme is a solution to all problems?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>Filing of documents under the scheme means you have regularized the pending filings of annual returns and financial statements. Further, company and its officers would not be prosecuted for delayed filing of the said documents. It also saves companies from payment of hefty additional filing fees under the Companies Amendment Act 2017.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA Update\u00a0:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Ministry of Corporate Affairs informs that\u00a0 Temporary suspension of issuance of allotment of new DINs for Designated Partners\/Partners of LLPs is being extended till further notice. A suitable message would be posted on the portal after revised DIR-3 is made available for filing purposes for issuance of new DPIN\/DINs for Partners of proposed LLPs. Stakeholders may kindly take note and plan accordingly.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_dates\"><\/span><strong><em>Key dates<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li>Filing of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GSTR-4<\/a> for jan-2018-march-2018: 18.04.2018<\/li>\n<li>Filing of GSTR-1 for feb 2018(turnover more than Rs1.50 cr):10.04.2018<\/li>\n<li>More read:\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"New_TDS_deduction_No_cash_transactions_exceeding_1_Crore_-Section_194N\"><\/span><a href=\"https:\/\/carajput.com\/learn\/new-tds-deduction-provision-prevent-cash-transactions-of-more-than-1-crore-section-194n.html\">New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Extention_of_TDSTCS_statement_filing_Date\"><\/span><a href=\"https:\/\/carajput.com\/learn\/nsdl-extension-of-qtr-tdstcs-statement-filing-dates-for-4-quarter-of-fy-201920-until-30-june.html\">Extention of TDS\/TCS statement filing Date<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"TDS_payment_to_resident_contractors\"><\/span><a href=\"https:\/\/carajput.com\/blog\/basic-understanding-on-tds-on-payments-to-resident-contractors-professionals-section-194m-form-26qd-and-form-16d\/\">TDS payment to resident contractors<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and Professional Updates 5th April 2018 Direct Tax: SC dismisses Revenue\u2019s SLP against Delhi HC judgement allowing Sec. 80HHE deduction to New Delhi Television Ltd. (&#8216;NDTV&#8217;, assessee) for AY 1999-00; HC had observed that television news software exported by assessee outside India was \u2018customized electronic data\u2019\u00a0 [as defined in clause (b) to Sec. 80HHE &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":[1063,1876,1870,1879,1871,1036,1875,1880,1878,1868,1869,1872,1874,1873,1877],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3917"}],"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=3917"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3917\/revisions"}],"predecessor-version":[{"id":19428,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3917\/revisions\/19428"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}