{"id":3940,"date":"2018-04-11T10:48:50","date_gmt":"2018-04-11T05:18:50","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3940"},"modified":"2021-08-11T15:20:42","modified_gmt":"2021-08-11T09:50:42","slug":"corporate-and-professional-updates-11th-april-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-april-2018\/","title":{"rendered":"corporate and professional updates 11th 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-69d3082424018\" 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-69d3082424018\"  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-11th-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-11th-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-11th-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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-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-11th-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.jetairways.com\/Images\/cards\/management.jpg\" alt=\"Image result for corporate\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct tax<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ITAT directs application of TNMM over TPO\/DRP\u2019s CUP-method for benchmarking assessee\u2019s payment of technical know-how fee to AE for AYs 2012-13 &amp; 2013-14; Follows co-ordinate bench ruling in assessee\u2019s own case in the preceding year wherein TNMM was accepted as MAM; Thus, ITAT opines\u00a0<em>that \u201cwe restore the issue to the file of the Assessing Officer\/TPO for applying the TNMM in respect of technical fee payment for determination the arm\u2019s length price\u201d<\/em>[TS-213-ITAT-2018(DEL)-TP]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>ITAT remits TP-issues for Aptean India for fresh decision for AY 2011-12; Notes that some additional grounds were raised by assessee before DRP but the same were not decided by DRP; Thus, opines that \u201cwe feel it proper to restore the entire matter back to the file of DRP for fresh decision with the direction that the DRP should decide the additional grounds also along with main grounds raised by the assessee\u201d; Directs assessee to decide all grounds by way of a speaking and reasoned order after providing hearing opportunity\u00a0\u00a0[TS-214-ITAT-2018(Bang)-TP]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Sec-194-H\/201 <a href=\"https:\/\/carajput.com\/blog\/tag\/tds-tcs-changes-to-covid19\/\">TDS<\/a> Liability: Law on whether relationship is that of &#8220;principal and agent&#8221; and whether payment is of the nature of &#8220;commission&#8221; explained. Non-compliance of s. 194H attracts the rigor of s. 201 which provides for consequences of failure to deduct or pay the tax. Jagran Prakashan vs. DCIT 345 ITR 288 (All) distinguished on factsThe Director, Prasar Bharati vs. CIT (Supreme Court)<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Sec- 148: The AO is not entitled to issue a reopening notice only on the basis that the foreign company has a permanent establishment (PE) in India if the transactions in respect of which it is alleged that there has been an escapement of income had already been disclosed by the Indian subsidiary and found by the Transfer Pricing Officer (TPO) to be at arm&#8217;s length\u00a0Honda Motor Co. Ltd vs. ADIT (Supreme Court<\/li>\n<li>CBDT sets June 30th deadline for collection of 100% demand as on April 1, 2018 in cases where TDS 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>CBDT TPOs &amp; each DRP to pass a minimum number of orders through the Income tax Business Application Module (ITBA)<\/li>\n<li>CBDT notifies Income Tax Return Forms for Assessment Year 2018-19<\/li>\n<\/ul>\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>CBEC seeks to impose definitive anti-dumping duty on the imports of &#8220;Phosphorus Pentoxide&#8221; originating in or exported from China PRVide Notification No. 19\/2018-Customs (ADD) dated 06.04.2018.<\/li>\n<li>CBIC introduces IT Grievance Redressal Mechanism for grievances of taxpayers due to technical glitches on GST Portal-reg. \u2013 Circular No. 39\/13\/2018-GST.<\/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:<\/span>Is there any validity period for e-way bill?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The validity period of e-way bill or consolidated e-way bill depends upon the distance of the goods have to be transported. The validity is one day upto 100km and for every 100 km or part thereafter it is one additional day.<\/li>\n<\/ul>\n<p><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><\/p>\n<p><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><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Updates\"><\/span><strong><em>RBI Updates<\/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=\"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>Due date for payment of PF for the month of March:\u00a015.04.2018<\/li>\n<li>Filing of GSTR-4 for jan-2018-march-2018: 18.04.2018<\/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 ITAT directs application of TNMM over TPO\/DRP\u2019s CUP-method for benchmarking assessee\u2019s payment of technical know-how fee to AE for AYs 2012-13 &amp; 2013-14; Follows co-ordinate bench ruling in assessee\u2019s own case in the preceding year wherein TNMM was accepted as MAM; Thus, ITAT opines\u00a0that \u201cwe restore the issue to the file of the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,4],"tags":[1234,1233,1214,920,1209,1231,1232],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3940"}],"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=3940"}],"version-history":[{"count":2,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3940\/revisions"}],"predecessor-version":[{"id":15423,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3940\/revisions\/15423"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}