{"id":3985,"date":"2018-04-24T00:07:02","date_gmt":"2018-04-23T18:37:02","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3985"},"modified":"2021-08-11T13:39:52","modified_gmt":"2021-08-11T08:09:52","slug":"corporate-and-professional-updates-24th-april-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-april-2018\/","title":{"rendered":"corporate and professional updates 24th April 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-6acbcd14a55fe\" 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-6acbcd14a55fe\"  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-24th-april-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-and-professional-updates-24th-april-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-and-professional-updates-24th-april-2018\/#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-24th-april-2018\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-april-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-april-2018\/#Icai_updates\" >Icai updates<\/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-24th-april-2018\/#Key_Dates\" >Key Dates:<\/a><\/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 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>68 Bogus loans: The assessee is not required to explain the &#8220;source of source&#8221; prior to insertion of the proviso to s. 68. If the assessee has discharged the primary onus placed upon it u\/s 68 by filing confirmation letters, the Affidavits, the full address and pan numbers of the creditors, the Revenue has to proceed against the persons whose source of funds are alleged to be not genuine\u00a0Pr. CIT vs. Veedhata Tower Pvt. Ltd (Bombay High Court)<\/li>\n<li>56(2)(viia)\/ Rule 11UA: The &#8220;fair market value&#8221; of shares acquired has to be determined by the taking the book values of the underlying assets and not their market values\u00a0Minda SM Technocast Pvt. Ltd vs. ACIT (ITAT Delhi)<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>: With effect from 9th April 2018, registration, statement upload and all other facilities for Form No. 61, 61A and 61B have been migrated from e-filing portal to the\u00a0Reporting\u00a0\u00a0\u00a0Portal\u00a0(https:\/\/report.insight.gov.in)\u00a0 Notifications:\u00a0\u00a0\u00a0Form No.60\u00a0\u00a0|\u00a0\u00a0Form No.61\u00a0\u00a0| \u00a0Form No.61A\u00a0 | \u00a0Form No.61B<\/li>\n<li>30.4.18 is Last Date to pay <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> deducted u\/s 194IB by individual\/HUF not liable to <a href=\"https:\/\/carajput.com\/tax-audit.php\">Tax audit<\/a> from rent more than 50000 pm from Jun 17 to Mar 18 in Form 26QC.<\/li>\n<li>CBDT vide notification no 3 of 2018 dated\u00a05 April 2018\u00a0notified rule 114E regarding furnishing of SFT to be applicable for FY 2017-18, wherein\u00a0amendment of section 285BA made by Finance Act 2014 wherein Annual Information Report (AIR) has been replaced by Statement of Financial Transaction (SFT) or reportable account.<\/li>\n<li>Addition for Jewellery within limits prescribed by CBDT circular not sustainable.\u00a0Case Name:\u00a0Smt. Ritu Bajaj Vs. The Dy. C.I.T (ITAT Delhi.\u00a0Appeal Number : ITA No. 4101\/DEL\/2017\u00a0Date of Judgement\/Order : 09\/03\/2018<\/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>Allahabad High Court held that any E-Way Bill which is not duly filled up cannot be construed to be a valid document and it would be treated as if the goods are not accompanied by appropriate \/ valid E-Way bill.\u00a0\u00a0Apparently there is a convention of the provision of the Act which mandates that the E-Way bill should be accompany the goods in transit &#8211; There is no illegality in seizing goods for violation of provision of the Act.\u00a0Time To Time Logistics Versus Union Of India And 3 Others<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_E-WAY_BILLS\"><\/span><span style=\"text-decoration: underline;\"><em><strong>FAQ on E-WAY BILLS:<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Query:\u00a0Can I transport the goods with the e-way bill without vehicle details in it?<\/li>\n<li>Answer:\u00a0\u00a0\u00a0No. One needs to transport the goods with a e-way bill specifying the vehicle number, which is a carrying the goods. However, where the goods are transported for a distance of less than 10 kilo meters within the State from the place of business of consignor to the place of transporter for further transportation, then the vehicle number is a not mandatory.<strong><em><span style=\"text-decoration: underline;\">\u00a0<\/span><\/em><\/strong><\/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>MCA is intensifying its drive against shell companies. After taking action against 226,000 shell companies last year, it has now zeroed in on another 225,000 suspected shell companies. The ministry has sent notices to these companies, asking whether they had filed statutory financial returns.<\/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> \u00a0today proposed to drastically cut the timeline for listing of debt securities to six days from 12 days at present. It\u00a0has proposed to make ASBA (Application Supported by Blocked Amount) mandatory for all the investors applying in a public issue of debt securities.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Icai_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Icai updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Kindly Subscribe Annual Membership 2018-19 of NIRC. Last year statistics -65 programs, Par Excellence Speakers, Contemporary topics Pay\u00a0nirc-icai.org\/seminars<\/li>\n<li>Gurugram Branch of ICAI is hosting &#8220;Certification Course on Concurrent Audit of Banks&#8221; starting 7th July (weekends till 22nd July).<\/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>GSTR-1 for the taxpayers with annual turnover up to Rs 1.5 cr for the January to March on Quarterly basis:\u00a030.04.2018<\/li>\n<li>Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> collected in March:\u00a030.04.2018<\/li>\n<li>E-filing of form 15G\/H for March Quarter:\u00a030.04.2018<\/li>\n<li>Due date for filling of<a href=\"https:\/\/carajput.com\/gst\/gst-return.php\"> GSTR-6<\/a>&#8211; 31 . may . 2018<\/li>\n<li>Due date for filling GST TRAN-2- 30.06.2018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: 68 Bogus loans: The assessee is not required to explain the &#8220;source of source&#8221; prior to insertion of the proviso to s. 68. If the assessee has discharged the primary onus placed upon it u\/s 68 by filing confirmation letters, the Affidavits, the full address and pan numbers of the creditors, the Revenue &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":[1288,1289,1209,1293,558,1292,1290,1291],"class_list":["post-3985","post","type-post","status-publish","format-standard","hentry","category-companies-act-roc","category-direct-tax","category-gst","category-income-tax","category-indirect-tax","tag-annual-information-report-air-has-been-replaced-by-statement-of-financial-transaction-sft-or-reportable-account","tag-e-way-bill-which-is-not-duly-filled-up-cannot-be-construed-to-be-a-valid-document","tag-e-way-bills","tag-fair-market-value-of-share-book-value","tag-key-due-dates","tag-ministry-has-sent-notices-to-225000-shell-companies","tag-one-needs-to-transport-the-goods-with-a-e-way-bill-specifying-the-vehicle-number","tag-sebi-cut-the-timeline-for-listing-of-debt-securities-to-six-days-from-12-days"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Direct Tax: 68 Bogus loans: The assessee is not required to explain the &quot;source of source&quot; prior to insertion of the proviso to s. 68. 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