{"id":3930,"date":"2018-04-07T01:13:47","date_gmt":"2018-04-06T19:43:47","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3930"},"modified":"2021-12-04T13:11:52","modified_gmt":"2021-12-04T07:41:52","slug":"corporate-and-professional-updates-7th-april-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-7th-april-2018\/","title":{"rendered":"Corporate and Professional Updates 7th 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-69d2bc0806f19\" 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-69d2bc0806f19\"  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-7th-april-2018\/#Corporate_and_Professional_Updates_7th_April_2018\" title=\"Corporate and Professional Updates 7th April 2018\">Corporate and Professional Updates 7th 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-7th-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-7th-april-2018\/#MCA_updates\" title=\"MCA updates\">MCA updates<\/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-7th-april-2018\/#FAQ_on_E-WAY_BILLS\" title=\"FAQ on E-WAY BILLS:\">FAQ on E-WAY BILLS:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-7th-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-7th-april-2018\/#More_more_Reasons_for_the_Movement_of_Goods_under_the_GST\" title=\"More more :Reasons for the Movement of Goods under the GST\">More more :Reasons for the Movement of Goods under the GST<\/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-7th-april-2018\/#More_more_Refund_mechanisum_under_GST_service_export\" title=\"More more:Refund mechanisum under GST service export\">More more:Refund mechanisum under GST service export<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.clydeco.com\/images\/made\/uploads\/Blogs\/insurance\/Corporate-ClydeCo-0010_800_450_90_s_c1_c_c.jpg\" alt=\"Image result for CORPORATE AND PROFESSIONAL\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_Updates_7th_April_2018\"><\/span>Corporate and Professional Updates 7th 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>ITAT deletes TP-adjustment of Rs. 339.17 crores in respect of receipt of management support services from AE for AY 2012-13; Relies on co-ordinate bench ruling in assessee\u2019s own case for AY 2011-12 wherein similar adjustment was deleted; Noting that there was no change in facts and circumstances during the year, ITAT follows co-ordinate bench ruling and holds that Nil-ALP determination in respect of management support services is \u2018unwarranted\u2019 and deletes TP-adjustment<\/li>\n<li>An ITAT also deletes AMP-adjustment of Rs.1.03cr made by TPO\/DRP following co-ordinate bench ruling in assessee\u2019s own case in AY 2011-12 which had in turn relied on Maruti Suzuki ruling; Noting that TPO\/DRP had categorically accepted the basic fact that assessee was a manufacturer and also engaged in distribution of products, rejects Revenue\u2019s contention that assessee was only a distributor and thereby Sony Ericsson decision would apply to the case [TS-219-ITAT-2018(Kol)-TP]<\/li>\n<li>ITAT Cochin held that the beneficial shareholders of the lender company are partners of the assessee- firm and therefore the deemed dividend u\/s 2(22)(e) has to be assessed only in the hands of the partners and not in the hands of the assessee- firm.\u00a0[M\/s.Kerala Transport Co. Vs. The Asst. Commissioner of Income-tax (ITAT Cochin)]<\/li>\n<li>The ITAT Delhi held that Builder has to pay tax based on completion stage if significant risk and reward are transferred to buyer. [Commissioner Of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Del Vs. M\/S Banaras House Ltd. (Delhi High Court)]<\/li>\n<li>CBDT has released the new Income-tax return (ITR) Forms for Assessment Year 2018-19. It incorporates the changes made by the Finance Act, 2017 in the Income-tax Act and asks taxpayers to provide figures of Ind AS complaint financial statements, GSTR no.,<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a> turnover, etc.<\/li>\n<li>A CBDT releases interim action plan for first quarter of FY 2018-19; Sets May 31st deadline for issue of Sec. 142(1)\/148 notices in all cases in respect of cash deposits data pushed under \u2018Operation Clean Money\u2019.<\/li>\n<li>CBDT Sets June 30th deadline for disposal of assessments in at least 25 cases (20 in International Taxation cases) per AO\u00a0 of limited scrutiny, set-aside assessment, reopened assessment u\/s 147 and OCM scrutiny.<\/li>\n<li>The CBDT sets June 30th deadline for collection of 100% demand as on April 1, 2018 in cases where <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> has been made but not deposited in the Govt. account.<\/li>\n<li>CBDT further instructs processing of TDS\/TCS defaults for prosecution in atleast 10 cases already identified in earlier two financial years and updating their status by June 30.<\/li>\n<li>A CBDT TPOs &amp; each DRP to pass a minimum number of orders through the Income tax Business Application Module (ITBA).<\/li>\n<li>CBDT Sec. 201(1)\/(1A) orders to be passed in all cases where TDS surveys have been conducted till 31st March, 2018.<\/li>\n<li>Further CBDT sets KRAs in respect of audit objections, investigation units &amp; LTUs.<\/li>\n<li>Shares of unquoted shares to be taxed at (deemed) fair value<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"MCA_updates\"><\/span><strong><em>MCA updates<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Condonation of Delay Scheme, 2018 extended by MCA upto 30.04.2018. General Circular No. 02\/2018.<\/li>\n<li>Extension to 30.04.2018 of last date to file AOC-4 XBRL e-Forms using Ind AS. MCA General Circular No. 01\/2018.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_E-WAY_BILLS\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on E-WAY BILLS:<\/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\u00a0<\/span>Why is the e-way bill required?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>Section 68 of the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Services Tax Act<\/a> mandates that the Government may require the person in charge of a conveyance carrying any consignment of goods of value exceeding such amount as may be specified to carry with him such documents and such devices as may be prescribed. Rule 138 of Goods and Services Tax Rules, 2017 prescribes e-way bill as the document to be carried for the consignment of goods of value more than rupees fifty thousand. Government has issued a notification under rule 138 of Goods and Services Tax Rules, 2017 mandating to carry e-way bill for transportation of goods of consignment of value more than rupees fifty thousand. Hence e-way bill generated from the common portal is required to be carried.<\/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 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<li>\n<h4><span class=\"ez-toc-section\" id=\"More_more_Reasons_for_the_Movement_of_Goods_under_the_GST\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\"><span style=\"color: #0000ff;\">More more :Reasons for the Movement of Goods under the GST<\/span><\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"More_more_Refund_mechanisum_under_GST_service_export\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/refunds-mechanism-under-service-exports-under-gst-2\/\">More more:Refund mechanisum under GST service export<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and Professional Updates 7th April 2018 Direct Tax: ITAT deletes TP-adjustment of Rs. 339.17 crores in respect of receipt of management support services from AE for AY 2012-13; Relies on co-ordinate bench ruling in assessee\u2019s own case for AY 2011-12 wherein similar adjustment was deleted; Noting that there was no change in facts and &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":[1210,1558,1211,1555,1554,1193,1557,1556],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3930"}],"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=3930"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3930\/revisions"}],"predecessor-version":[{"id":19431,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3930\/revisions\/19431"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}