{"id":4037,"date":"2018-05-12T00:34:46","date_gmt":"2018-05-11T19:04:46","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4037"},"modified":"2023-11-30T14:05:34","modified_gmt":"2023-11-30T08:35:34","slug":"corporate-and-professional-updates-12th-may-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-12th-may-2018\/","title":{"rendered":"corporate and professional updates 12th may 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-69eaa4d7bd4f2\" 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-69eaa4d7bd4f2\"  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-12th-may-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_12TH_MAY_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 12TH MAY 2018\">CORPORATE AND PROFESSIONAL UPDATES 12TH MAY 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-12th-may-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-12th-may-2018\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/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-12th-may-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-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-12th-may-2018\/#MCA_Updates\" title=\"MCA Updates\">MCA Updates<\/a><\/li><\/ul><\/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-12th-may-2018\/#Companies_Prospectus_and_Allotment_of_Securities_Rules_2014_obtain_ISIN_and_to_file_ROC_Form_PAS-6\" title=\"Companies (Prospectus and Allotment of Securities) Rules, 2014: obtain\u00a0ISIN\u00a0and to file\u00a0ROC\u00a0Form PAS-6\">Companies (Prospectus and Allotment of Securities) Rules, 2014: obtain\u00a0ISIN\u00a0and to file\u00a0ROC\u00a0Form PAS-6<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/ak9.picdn.net\/shutterstock\/videos\/4479587\/thumb\/1.jpg\" alt=\"Image result for corporate and professional updates\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_12TH_MAY_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 12TH MAY 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>Direct Tax:<\/em><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Bombay HC holds that\u00a0expenditure incurred during AY 1986-87 for obtaining technical knowhow under a license is classifiable u\/s. 35AB (which allows\u00a0deduction for 1\/6th\u00a0of amount)\u00a0and not u\/s. 37 ;\u00a0Rejects assessee\u2019s contention that the word \u2018acquiring\u2019 occurring in Sec. 35AB necessarily mean acquisition of ownership rights in technical knowhow, holds that\u00a0\u201cobtaining of technical knowhow under a license would also amount to acquiring knowhow as the words &#8216;on ownership basis&#8217; is completely absent in Sec. 35AB(1).[TS-233-HC-2018(BOM)]<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Mumbai ITAT deletes Sec. 68 addition on account of share premium received\u00a0\u00a0by assessee-<a href=\"https:\/\/carajput.com\/blog\/tag\/public-limited-company\/\">company<\/a>\u00a0\u00a0during AY 2012-13 from its Hong Kong based holding companies; Relies on Bombay HC ruling in case of Vodafone India Services Private Limited wherein it was held that issue of shares at premium is a capital account transaction and does not give rise to income chargeable to tax, observes that this position is accepted by CBDT in its instruction No. 2 \/2015.\u00a0[TS-232-ITAT-2018(MUM)]<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"text-decoration: underline;\"><span style=\"color: #000000;\"><strong><em>Indirect Tax:<\/em><\/strong><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">West Bengal AAR holds that maintenance of railway tracks is taxable as \u2018works contract\u2019 u\/s 2(119) of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST Act<\/a> at 18% GST under Sr. No. 3(ii) of Notification No. 11\/2017-CT (Rate); Notes that work to be executed involves repair, maintenance and fitting of immovable property viz. railway tracks and also transfer of property in goods in course thereof and therefore, is a \u201ccomposite supply\u201d of labour and goods in the nature of works contract, classifiable under Heading 9954.\u00a0[TS-171-AAR-2018-NT]<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_E-WAY_BILLS\"><\/span><span style=\"text-decoration: underline;\"><span style=\"color: #000000;\"><strong><em>FAQ on E-WAY BILLS:<\/em><\/strong><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Query:\u00a0Can Part-B entry be assigned to another transporter by authorized transporter?<\/span><\/li>\n<li><span style=\"color: #000000;\">Answer:\u00a0Part-B can be entered by the transporter assigned in the EWB or generator himself. But the assigned transporter cannot re-assign to some other transporter to update Part-B on the EWB system.<\/span><\/li>\n<li><span style=\"color: #000000;\">Query: How to enter invoice having different states for \u201cBill to\u201d and \u201cShip to\u201d places and what will be the tax rates?\u00a0\u00a0<\/span><\/li>\n<li><span style=\"color: #000000;\">Answe:In &#8216;Bill to Ship to&#8217; model three persons involved in a transaction namely,<\/span>\n<ul>\n<li><span style=\"color: #000000;\">\u201dA\u201f is the person who has ordered \u201cB\u201f to send goods directly to \u201cC\u201f.\u00a0<\/span><\/li>\n<li><span style=\"color: #000000;\">\u201cB\u201f is the person who is sending goods directly to \u201cC\u201f on behalf of \u201cA\u201f.<\/span><\/li>\n<li><span style=\"color: #000000;\">\u201cC\u201f is the recipient of goods.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">In this complete scenario two supplies are involved and accordingly two tax invoices are required to be issued i.e. one invoice by \u201cB\u201d to \u201cA\u201d and second invoice by \u201cA\u201d to \u201cC\u201d. In case of &#8216;Bill to Ship to&#8217; only one e-way bill required to be generated, either by the \u201cA\u201d or by the \u201cB\u201d. This is required to complete the cycle of transactions and taxes will change for inter-state transactions.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Updates\"><\/span><span style=\"text-decoration: underline;\"><span style=\"color: #000000;\"><strong><em>MCA Updates<\/em><\/strong><\/span><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">MCA has notified amendment to various rules under Companies Act, 2013. The amendments are effective from May 07, 2018. The amended provisions have been discussed as under:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">MCA has amended\u00a0the Companies (Meetings of the Board and its Powers) Rules, 2014. A new provision has been inserted to Rule 4 of the said rules providing that any\u00a0other director may participate through video conferencing or other audio visual means if there is quorum in a meeting through physical presence of directors.<\/span><\/li>\n<li><span style=\"color: #000000;\">MCA has amended\u00a0the Companies (Audit and Auditors) Rules,2014. Amendment has been made to rule 3 whereby proviso to sub-rule 7 of Rule 3 and explanation there under have been omitted. Which means that\u00a0the requirement of ratification of appointment of Auditor in every annual general meeting (AGM) till the conclusion of sixth AGM has been removed.\u00a0Further Rule 9 of the said rules has been omitted. Rule 10A and Rule 14 have also been amended.<\/span><\/li>\n<li><span style=\"color: #000000;\">MCA has amended\u00a0the Companies (Registration Office and Fees) Rules, 2014.\u00a0A new provision has been inserted under to Rule 10(3) providing that &#8211;\u00a0Registrar shall allow fifteen days&#8217; time for re-submission in case of reservation of name through web service\u00a0-RUN for rectification of defects if any. Earlier re-submission was not allowed in case of re-submission of application through RUN.<\/span><\/li>\n<li><span style=\"color: #000000;\">MCA made\u00a0An amendment \u00a0in Annexure I of\u00a0the Companies (Registration Office and Fees) Rules, 2014 prescribing\u00a0additional fee of Rs. 100 per day effective\u00a0from\u00a0July 1, 2018\u00a0for delayed in filing of annual return and financial statements. The additional fee shall also be applicable to revised financial statement or board report as well as Secretarial audit report.<\/span><\/li>\n<li><span style=\"color: #000000;\">MCA has amended\u00a0the Companies (Appointment and Qualification of Directors) Rules, 2014 whereby amendment has been made to Rule. The revised norm provides that in case of appointment of Independent Director,\u00a0none of the relatives of such independent director should be indebted to the company, its holding subsidiary or associate Company or their promoters, or directors;\u00a0or has given a guarantee or provided any security in connection with indebtness of any third person to its holding, subsidiary or associate company or their promoter or directors for an amount of Rs. 50 Lakhs at any time during the two immediately preceding financial years or during current financial year.<\/span><\/li>\n<li><span style=\"color: #000000;\">MCA has amended\u00a0the Companies (Prospectus and Allotment of Securities) Rules, 2014.\u00a0The amendment prescribes omission of rule 4 &#8211; Reports to be set out in the Prospectus, rule 5- Other matters and reports to be stated in the prospectus and rule 6- Period for which information to be provided in certain cases.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Companies_Prospectus_and_Allotment_of_Securities_Rules_2014_obtain_ISIN_and_to_file_ROC_Form_PAS-6\"><\/span><span style=\"color: #000080;\"><strong><u><em>Companies (Prospectus and Allotment of Securities) Rules, 2014: obtain\u00a0ISIN\u00a0and to file\u00a0ROC\u00a0Form PAS-6<\/em><\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><em>As per\u00a0<strong>Rule 9B<\/strong>\u00a0of Companies (Prospectus and Allotment of Securities) Rules, 2014 every non-small\u00a0<strong>PRIVATE LIMITED COMPANY\u00a0<\/strong>has to obtain\u00a0<strong>ISIN\u00a0<\/strong>and to file\u00a0<strong>ROC\u00a0Form PAS-6\u00a0<\/strong>and get\u00a0<strong>Demat Registration<\/strong> done with NSDL\/CDSL. <\/em><em><strong>Advantages with RJA <sup>\u00ae<\/sup>-RTA:<\/strong><\/em><\/p>\n<ul>\n<li><em><strong>LOWER PROCESSING FEES<\/strong><\/em><\/li>\n<li><em><strong>LEAST Annual Charges for First Financial Year<\/strong><\/em><\/li>\n<li><em>Obtain ISIN of your company in less than 2 working days<\/em><\/li>\n<li><em>100% Digital process of obtaining ISIN<\/em><\/li>\n<li><em>PAN India presence with connectivity in over 24 cities<\/em><\/li>\n<li><em>Professional Management comprising of CAs, CS, Lawyers etc.<\/em><\/li>\n<li><em>Referral incentive for practicing professionals from NSDL\/ CDSL<\/em><\/li>\n<li><em>Extensive support for Debenture\/ Preference ISIN<\/em><\/li>\n<li><em>Fastest execution of Corporate Actions like Right issue, Private Placement etc.<\/em><\/li>\n<li><em><strong>NUMBER 1 RTA IN UNLISTED SPACE FOR 4 CONSECUTIVE YEARS<\/strong><\/em><\/li>\n<\/ul>\n<p><em>For further queries, kindly contact by email or call us at the below mentioned numbers.<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong><em>Key dates<\/em><\/strong>:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\"><a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">Return of TDS\/TCS<\/a> collected in March:\u00a031.05.2018<\/span><\/li>\n<li><span style=\"color: #000000;\">Due date for filling of GSTR-6- 31 . may . 2018<\/span><\/li>\n<li><span style=\"color: #000000;\">Due date for filling GST TRAN-2- 30.06.2018<\/span><\/li>\n<li>Read our articles:\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\">E-Invoice Mechanism under the GST<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/blocking-the-e-way-bill-creation-system-if-fails-to-file-gstr-3b-gstn\/\">Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\">Reasons for the Movement of Goods under the GST<\/a><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 12TH MAY 2018 Direct Tax: Bombay HC holds that\u00a0expenditure incurred during AY 1986-87 for obtaining technical knowhow under a license is classifiable u\/s. 35AB (which allows\u00a0deduction for 1\/6th\u00a0of amount)\u00a0and not u\/s. 37 ;\u00a0Rejects assessee\u2019s contention that the word \u2018acquiring\u2019 occurring in Sec. 35AB necessarily mean acquisition of ownership rights in technical &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":[2536,1392,1391,1209,2537,448,1393,1387,1388,1390,1389],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4037"}],"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=4037"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4037\/revisions"}],"predecessor-version":[{"id":25696,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4037\/revisions\/25696"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}