{"id":4043,"date":"2018-05-15T01:07:20","date_gmt":"2018-05-14T19:37:20","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4043"},"modified":"2021-12-09T16:53:02","modified_gmt":"2021-12-09T11:23:02","slug":"corporate-and-professional-updates-15th-may-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-may-2018\/","title":{"rendered":"Corporate and Professional Updates 15th 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-69d2c56a0034f\" 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-69d2c56a0034f\"  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-15th-may-2018\/#Corporate_and_Professional_Updates_15th_May_2018\" title=\"Corporate and Professional Updates 15th May 2018\">Corporate and Professional Updates 15th 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-15th-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-15th-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-15th-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-15th-may-2018\/#MCA_Update\" title=\"MCA Update:\">MCA Update:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-may-2018\/#Key_dates\" title=\"Key dates:\">Key dates:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-may-2018\/#Read_our_articles\" title=\"Read our articles:\">Read our articles:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-may-2018\/#E-Invoice_Mechanism_under_the_GST\" title=\"E-Invoice Mechanism under the GST\">E-Invoice Mechanism under the GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-may-2018\/#BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\" title=\"Blocking\/Unblocking 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><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-may-2018\/#Reasons_for_the_Movement_of_Goods_under_the_GST\" title=\"Reasons for the Movement of Goods under the GST\">Reasons for the Movement of Goods under the GST<\/a><\/li><\/ul><\/li><\/ul><\/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\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_Updates_15th_May_2018\"><\/span>Corporate and Professional Updates 15th May 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Cochin ITAT denies exemption to assessee-trust for AY 2007-08 and AY 2009-10, rules that assessee\u2019s activities of providing micro finance to poor is purely commercial in nature and there is no element of charity involved, states that such activities cannot be classified under any of the specific activities of relief of the poor, education or medical relief.<\/li>\n<li>Notes that if the main object of the assessee was providing finance to poor, assessee would have provided loans at interest rate below bank rates or by taking a nominal margin on the money they borrowed from banks, also observes that rate of interest charged by assessee was far above the rate prescribed by The Kerala Money Lenders Act.\u00a0\u00a0[TS-237-ITAT-2018(COCH)]<\/li>\n<li>Punjab and Haryana HC dismisses assessee\u2019s writ (engaged in trading of shares through his broker) for AY 2009-10, upholds reassessment proceedings u\/s 147\/148, rules that there was a direct nexus\/live link between material submitted by Investigation Wing and the formation of Revenue\u2019s belief that there has been escapement of income on account use of Client Code Modification (CCM) for shifting losses and manipulating assessee\u2019s income. \u00a0[TS-239-HC-2018(P &amp; H)]<\/li>\n<li>Education Subsidy given by Employer to Schools where Children of Employees pay only part Fee, is not Perquisite: Gujarat HC in Gujarat Co-operative Milk Marketing Federation Ltd vs. ITO,\u00a0held that the subsidy provided by the employer to the school towards the deficit of education expenses of children of his employees is not perquisite in the hands of the employees U\/S 17\u00a0of Income Tax Act 1961.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>During the relevant AY, Revenue had denied exemption on the ground that assessee was providing <a href=\"https:\/\/carajput.com\/blog\/nbfc-microfinance-institution-nbfc-mfi\/\">micro finance<\/a> by taking loan from commercial banks at an interest rate below 15% pa and charging interest @ 29% pa from its clients, thereby engaging in a commercial activity.<\/li>\n<li>States that assessee\u2019s business is hit by proviso to sec.2(15), remarks that even if assessee\u2019s activities were intended towards relief for poor, business of micro finance cannot be considered as incidental to the main objective of assessee-trust.<\/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<li>Amendment Made by The Finance Act, 2010 in Sec 40(a)(ia) of the Income Tax Act is Retrospective in Nature: Supreme Court in CIT vs. M\/s. Calcutta Export Company,\u00a0held that the amendment made to section 40(a)(ia) i.e deposit of tds before filing of return of income by the Finance Act, 2010 being curative in nature, applies retrospectively.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span><span style=\"color: #000080;\"><strong><em><span style=\"text-decoration: underline;\">INDIRECT TAX<\/span><\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Interest charged by Del Credere agent on short term loan exempt from <a href=\"https:\/\/carajput.com\/blog\/gst\/\">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 it usage in business-aAR.<\/li>\n<li>The Delhi Government has notified the first appellate authority\u00a0under Delhi Goods and Services Tax Act wherein the Commissioner (State Tax) authorized all the Additional Commissioners to perform the functions of Appellate Authority to hear appeals under section 107 of the Delhi GST.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_E-WAY_BILLS\"><\/span><span style=\"color: #000080;\"><strong><em><span style=\"text-decoration: underline;\">FAQ on E-WAY BILLS:<\/span><\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span style=\"text-decoration: underline;\">Query<\/span>:\u00a0What are the modes of e-way bill generation, the taxpayer can use?<\/li>\n<li style=\"text-align: justify;\"><span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0The e-way bill can be generated by the registered person in any of the following methods;-\n<ul>\n<li style=\"text-align: justify;\">Using Web based system<\/li>\n<li><\/li>\n<li style=\"text-align: justify;\">SMS based facility<\/li>\n<li style=\"text-align: justify;\">Using Android App<\/li>\n<li>Bulk generation facility<\/li>\n<li>Goods and Services Tax Suvidha Provider &#8211; Using GSP<\/li>\n<li style=\"text-align: justify;\">Using Site-to-Site integration<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><span style=\"color: #000080;\"><strong><em><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Audit Firms to face Penalty If Partners found involved in Fraud: Govt amends Companies (Audit and Auditors) Rules 2014 &#8211; Putting stringent norms for compliance professionals, Rule 9 has now been omitted from the Companies Act 2013 inconsequent to which, audit firms can be punished for an offence done by one of its partner who acted in a fraudulent manner or abetted or colluded in any fraud.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_dates\"><\/span><span style=\"color: #000080;\"><strong><em>Key dates<\/em><\/strong>:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Return of TDS\/TCS collected in March:\u00a031.05.2018<\/li>\n<li>The due date for filing of GSTR-6- 31. may. 2018<\/li>\n<li>Due date for filing GST TRAN-2- 30.06.2018<\/li>\n<li>\n<p class=\"m_6717128265958914854m_4115824003011906955MsoListParagraphCxSpFirst\">PF and ESI for the month of April\u201918\u00a0<b>\u2013<\/b><b>\u00a0<\/b><span class=\"aBn\" tabindex=\"0\" data-term=\"goog_2132067109\"><span class=\"aQJ\">MAY 15, 2018<\/span><\/span><\/p>\n<\/li>\n<li>\n<p class=\"m_6717128265958914854m_4115824003011906955MsoListParagraphCxSpFirst\">The due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March 2018- <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_2132067110\"><span class=\"aQJ\">May 15, 2018<\/span><\/span><\/p>\n<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Read_our_articles\"><\/span>Read our articles:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"E-Invoice_Mechanism_under_the_GST\"><\/span><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\">E-Invoice Mechanism under the GST<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Reasons_for_the_Movement_of_Goods_under_the_GST\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">For query or help, contact:\u00a0\u00a0\u00a0<a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a> or call at 09811322785\/4, 9555 5555 480)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and Professional Updates 15th May 2018 Cochin ITAT denies exemption to assessee-trust for AY 2007-08 and AY 2009-10, rules that assessee\u2019s activities of providing micro finance to poor is purely commercial in nature and there is no element of charity involved, states that such activities cannot be classified under any of the specific activities &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,9],"tags":[1399,1401,1400],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4043"}],"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=4043"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4043\/revisions"}],"predecessor-version":[{"id":19651,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4043\/revisions\/19651"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}