{"id":4041,"date":"2018-05-14T22:59:43","date_gmt":"2018-05-14T17:29:43","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4041"},"modified":"2021-08-11T12:48:29","modified_gmt":"2021-08-11T07:18:29","slug":"corporate-and-professional-updates-14th-may-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-14th-may-2018\/","title":{"rendered":"Corporate and Professional Updates 14th 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-69d2931963b0a\" 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-69d2931963b0a\"  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-14th-may-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-14th-may-2018\/#Indirect_Tax\" title=\"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-14th-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-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-14th-may-2018\/#MCA_Update\" title=\"MCA Update:\">MCA Update:<\/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-14th-may-2018\/#SEBI_updates\" title=\"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-14th-may-2018\/#Key_dates\" title=\"Key dates:\">Key dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><img decoding=\"async\" src=\"https:\/\/4.bp.blogspot.com\/-wNJClJqatnY\/VyitHIW_mDI\/AAAAAAAAJWQ\/aADIWyCr7kwwv9OmGZd_ZtMc0FhhDqH_ACLcB\/s1600\/corporate.jpg\" alt=\"Image result for corporate and professional updates\" \/><span style=\"text-decoration: underline;\"><em><strong>Direct Tax:<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ITAT rules on selection of comparables in respect of assessee rendering ITeS to AE for AY 2010-11; Follows co-ordinate bench ruling in Rampgreen Solutions considering the similar functional profile of the assessee and that of the Rampgreen and even the same subject AY involved; Excludes 3 comparables (Accentia Technologies, I-gate Global and Infosys BPO) on the grounds of extraordinary events such as amalgamation, acquisition; Also excludes TCS E-Serve <a href=\"https:\/\/carajput.com\/blog\/tag\/international-financial-services-centre\/\">International<\/a> Limited being engaged in provision of software development services and thus not functionally comparable; However, ITAT remits the comparability of TCS E-Serve Ltd back to the AO\/TPO after considering assessee\u2019s submission regarding its substantial related party transactions : Delhi ITAT\u00a0[TS-330-ITAT-2018(DEL)-TP]<\/li>\n<li>SC dismisses Revenue SLP against Rajasthan HC decision that had upheld ITAT-order deleting Rs.2.07cr TP-adjustment; ITAT had upheld non-applicability of CUP-method on royalty payment to AE; HC had relied on earlier order in assessee\u2019s own case for deleting the adjustment : SC\u00a0[TS-326-SC-2018-TP]<\/li>\n<li>Tax Recovery Officer could not declare a transaction of transfer as void under section 281 and if revenue wants to have transaction nullified under section 281, it must go to civil court to seek declaration to that effect- Madras HC<\/li>\n<li>Estimating expenditure incurred on labour &amp; wages in new units\u00a0merely on basis of comparision with expenditure incurred in old units\u00a0and made addition on account of unexplained expenditure, such addition was unjustified \u2013 HC.<\/li>\n<li>If assessee claimed rice packing expenditure as assessee procured paddy from farmers in bags and old bags leftover were utilized in new unit to pack rice but failed to support said explanation by any inventory detail in respect of utilization of old bags in new unit, addition under section 69C in respect of packing expenditure was justified.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><span style=\"text-decoration: underline;\"><em><strong>Indirect Tax<\/strong><\/em>:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>AAR holds that supply of power \/ electricity by applicant to related entity for latter\u2019s captive consumption, would tantamount to \u2018supply of goods\u2019 liable to<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a> even if made without consideration; Notes that under the proposed arrangement, applicant would receive coal or any other inputs from such related entity and after processing thereof, electricity shall be supplied as an output; Rejects applicant\u2019s stand that said activity results in \u2018job work\u2019. \u00a0[TS-166-AAR-2018-NT]<\/li>\n<li>Central Board of Indirect Taxes and Customs (CBIC) wrote to officials for proactive approach in facilitating the enrolment and helping the applicants in case they have committed any bona fide mistakes while making the application will only further our cause of achieving a trade-friendly image.<\/li>\n<li>The Authority for advance ruling under the GST Law has recently given a ruling treating EPC contracts for construction of solar power plants as works contract.<\/li>\n<li>Interest charged by Del Credere agent on short term loan exempt from <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a>.<\/li>\n<li>SLP granted for taxability of allotment fee on let-out shops under \u2018Renting of immovable property service\u2019.<\/li>\n<li>Temporary transfer of copyrighted programme couldn\u2019t be taxed under \u2018Programme producer service\u2019.<\/li>\n<li>E-rickshaw Tyres classifiable as new pneumatic tyres of rubber, Taxable at 28% GST-AAR.<\/li>\n<li>GST Applicable on Supply of motor vehicles as scrap after its usage in business- AAR.<\/li>\n<\/ul>\n<p>Read our articles:<\/p>\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<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><span style=\"text-decoration: underline;\">Query<\/span>:\u00a0How does the taxpayer or recipient come to know about the e-way bills generated on his GSTIN by other person\/party?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer<\/span>:\u00a0As per rules, the taxpayer or recipient can reject the e-way bill generated on his <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GSTIN<\/a> by other parties. The following options are available for him to see the list of e-way bills.<\/li>\n<li>He can see on the dashboard, once he logs into the system.<\/li>\n<li>He will get one SMS everyday indicating the total e-way bill activities on his GSTIN.<\/li>\n<li>He can go to reject option and select date and see the e-way bills. Here, system shows the list of e-way bills generated on his GSTIN by others.<\/li>\n<li>He can go to report and see the \u2018EWBs by other parties\u2019.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><em><strong><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>MCA informs that \u00a0Forms AOC4-XBRL and PAS-3 are likely to be revised on MCA21 Company Forms Download page w.e.f\u00a015th MAY 2018. Stakeholders are advised to check the latest version before filing.<\/li>\n<li>Auditor to hold office till 6th AGM without Ratification. MCA withdraws Ratification requirement. The Companies (Audit &amp; Auditors) Rules, 2018.<\/li>\n<li>MCA notifies Sec. 8 of The Companies Act, 2013 alongwith other sections and sub-sections of The Act. Commencement Notification of MCA dated 07.05.2018.<\/li>\n<li>If Quorum is present in physical presence of Director(s), other director(s) may participate through video conference in Board Meeting to decide on specified matters. MCA Ntfcn of 07.05.18.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_updates\"><\/span><span style=\"text-decoration: underline;\"><em><strong>SEBI updates<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>SEBI vide notification dated May 9, 2018 has notified Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 amending Listing Regulations for suitably incorporating the recommendations.<\/li>\n<\/ul>\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><a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">Return of TDS\/TCS<\/a> collected in March:\u00a031.05.2018<\/li>\n<li>Due date for filling of GSTR-6- 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: ITAT rules on selection of comparables in respect of assessee rendering ITeS to AE for AY 2010-11; Follows co-ordinate bench ruling in Rampgreen Solutions considering the similar functional profile of the assessee and that of the Rampgreen and even the same subject AY involved; Excludes 3 comparables (Accentia Technologies, I-gate Global and Infosys &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,4],"tags":[1209,1395,1431],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4041"}],"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=4041"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4041\/revisions"}],"predecessor-version":[{"id":15384,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4041\/revisions\/15384"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}