{"id":3932,"date":"2018-04-09T08:54:58","date_gmt":"2018-04-09T03:24:58","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3932"},"modified":"2021-08-11T14:58:44","modified_gmt":"2021-08-11T09:28:44","slug":"corporate-and-professional-updates-9th-april-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-april-2018\/","title":{"rendered":"corporate and professional updates 9th 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-69edb087385b9\" 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-69edb087385b9\"  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-9th-april-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-and-professional-updates-9th-april-2018\/#Indirect_Tax_Update\" title=\"Indirect Tax Update:\">Indirect Tax Update:<\/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-9th-april-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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-april-2018\/#RBI_Updates\" title=\"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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-april-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-april-2018\/#FAQ_on_E-WAY_BILLS\" title=\"FAQ on E-WAY BILLS:\">FAQ on E-WAY BILLS:<\/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-9th-april-2018\/#Key_dates\" title=\"Key dates\">Key dates<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.agdenetim.com\/mp-include\/uploads\/2015\/03\/1425307532_banner2.jpg\" alt=\"Image result for CORPORATE AND PROFESSIONAL\" \/><\/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>Madras High Court held that\u00a0 the main criteria for treating a person as the Principal Officer is that he should be in charge of the management, administration and day-to-day affairs of the company. It further holds that merely because the petitioner was the non-executive Chairman of the <a href=\"https:\/\/carajput.com\/blog\/tag\/public-limited-company\/\">company<\/a>, it cannot be said that he was in-charge of the day-to-day affairs, management and administration of the company. HC heavily relies on statement of Company\u2019s that the assessee was not in charge of the day-to-day management and administration of the company and was neither drawing any salary nor sitting fees for attending boarding meetings\u00a0[TS-160-HC-2018(MAD)]<\/li>\n<li>Delhi ITAT held that\u00a0\u00a0\u201cPromotion of brand by a branch office in India is also required to be done at ALP in the same way in which it is done for a transaction between the foreign enterprise and its associated enterprise in India\u201d.\u00a0[TS-224-ITAT-2018(DEL)-TP]<\/li>\n<li>ITRs for AY 18-19 notified. <a href=\"https:\/\/carajput.com\/blog\/tag\/e-filing-of-return\/\">E-filing<\/a> Mandatory except for ITR1 &amp; 4 for individual\/HUF having income upto 5lacs &amp; no refund&amp; individual of 80 years or more.<\/li>\n<li>CBDT clarifies through Press Release that, any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a standard deduction of Rs 40000\/-or amount of pension whichever is less.<\/li>\n<li>Income tax department has set up a committee to look into the tax implications of the super-rich leaving\u00a0the country to settle abroad and also arrive at the country\u2019s stand on such migrations.<\/li>\n<li>CBDT notifies Income Tax Return Forms for Assessment Year 2018-19<\/li>\n<li>CBDT gives Clarification regarding applicability of standard deduction to pension received from former employer<\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/carajput.com\/blog\/all-you-know-about-documents-required-under-the-gst-refund-system\/\">More read : all you know about documents required under the gst refund system<\/a><\/strong><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">Indirect Tax Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Indirect Taxes Committee of ICAI invites comments &amp; suggestions from members on proposed GST Audit Report formats; Releases draft of Form GSTR 9C &#8211; GST Audit Report, Form GSTR 9D \u2013 GST statement of particulars which needs to be furnished along with Audit Report, and relevant draft Annexures to said Form GSTR 9D;<\/li>\n<li>CBIC introduces IT Grievance Redressal Mechanism for grievances of taxpayers due to technical glitches on GST Portal-reg. &#8211; Circular No. 39\/13\/2018-GST.<\/li>\n<li>Big Relief For Exporters in Case Of LUT:\u00a0 As per Latest Circular No. 40\/14\/2018-GST dt. 06.04.2018 Exporters to file LUT in FORM GST RFD-11 on the\u00a0 \u00a0 portal\u00a0 only. LUT will be deemed to be accepted as soon as ARN is generated. No document needs to be physically submitted\u00a0 \u00a0to\u00a0 the jurisdictional office.<\/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>Directors disqualification is being removed by filing writ petition in the High court.\u00a0 Last date to approach High court isApril 30, 2018.<\/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>RBI has decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 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>The Payment of Gratuity (Amendment) Bill, 2018 has been passed by Lok Sabha on 15th\u00a0March, 2018 and by the Rajya Sabha on 22nd March, 2018, has been brought in force on 29th\u00a0March,2018.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:\u00a0\u00a0<\/span>What is the Part-A Slip?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>Part-A Slip is a temporary number generated after entering all the details in PART-A. This can be shared or used by transporter or yourself later to enter the PART-B and generate the E-way Bill. This will be useful, when you have prepared invoice relating to your business transaction, but don\u2019t have the transportation details. You can enter invoice details and keep it ready for transportation, once the transportation is ready.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2 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><\/h2>\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 GSTR-1 for feb 2018(turnover more than Rs1.50 cr):10.04.2018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Disclaimer:<\/em><\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional \/ tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener &amp; Founder Director of Rajput Jain &amp; Associates , a leading Tax &amp; Investment Planning Advisory Service Provider. His blog can be found at\u00a0<a href=\"https:\/\/carajput.com\/blog\/\">https:\/\/carajput.com\/blog\/<\/a>For any query you can write to\u00a0<a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a>. Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0\u00a0\u00a0<a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a>\u00a0or call at\u00a009811322785\/4 9555 5555 480)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Madras High Court held that\u00a0 the main criteria for treating a person as the Principal Officer is that he should be in charge of the management, administration and day-to-day affairs of the company. It further holds that merely because the petitioner was the non-executive Chairman of the company, it cannot be said that &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4],"tags":[1214,1215,1212,1213,1216],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3932"}],"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=3932"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3932\/revisions"}],"predecessor-version":[{"id":15417,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3932\/revisions\/15417"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}