{"id":4056,"date":"2018-05-18T00:01:49","date_gmt":"2018-05-17T18:31:49","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4056"},"modified":"2021-12-04T11:51:08","modified_gmt":"2021-12-04T06:21:08","slug":"corporate-and-professional-updates-18th-may-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-may-2018\/","title":{"rendered":"corporate and professional updates 18th 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-69d2c57f35fc1\" 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-69d2c57f35fc1\"  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-18th-may-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_18TH_MAY_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 18TH MAY 2018\">CORPORATE AND PROFESSIONAL UPDATES 18TH 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-18th-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-18th-may-2018\/#INDIRECT_TAXES\" title=\"INDIRECT TAXES\">INDIRECT TAXES<\/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-18th-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-18th-may-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-may-2018\/#Key_Date\" title=\"Key Date:\">Key Date:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-may-2018\/#GST_Return_compliances_calendar-_Nov_2020\" title=\"GST Return compliances calendar- Nov 2020\">GST Return compliances calendar- Nov 2020<\/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-18th-may-2018\/#SALIENT_FEATURES_OF_NEW_GST_SYSTEM_IN_INDIA\" title=\"SALIENT FEATURES OF NEW GST SYSTEM IN INDIA\">SALIENT FEATURES OF NEW GST SYSTEM IN INDIA<\/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-18th-may-2018\/#Key_points_of_42nd_GST_council_Meeting_headed_By_FM_N_Sitharaman\" title=\"Key points of 42nd GST council Meeting headed By FM N. Sitharaman\">Key points of 42nd GST council Meeting headed By FM N. Sitharaman<\/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-18th-may-2018\/#GSTN_enable_auto-populated_in_the_E-invoice_information_into_GST_Return_-1\" title=\"GSTN enable auto-populated in the E-invoice information into GST Return -1\">GSTN enable auto-populated in the E-invoice information into GST Return -1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-may-2018\/#Delayed_in_payment_of_GST_then_Intt_to_be_paid_on_net_GST_liability_from_Sep_1_2020\" title=\"Delayed in payment of GST then Intt to be paid on net GST liability from Sep 1, 2020.\">Delayed in payment of GST then Intt to be paid on net GST liability from Sep 1, 2020.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-may-2018\/#Effect_of_GST_on_Advertisement_and_Cinema_Industry\" title=\"Effect of GST on Advertisement and Cinema Industry\">Effect of GST on Advertisement and Cinema Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-may-2018\/#GST_Impact_on_Import_and_Export\" title=\"GST Impact on Import and Export\u00a0\">GST Impact on Import and Export\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-may-2018\/#GST_Impact_on_Real_Estate\" title=\"GST Impact on Real Estate\u00a0\">GST Impact on Real Estate\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.agdenetim.com\/mp-include\/uploads\/2015\/03\/1425307532_banner2.jpg\" alt=\"Image result for corporate and professional updates\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_18TH_MAY_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 18TH 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><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Gujarat HC reverses ITAT order, holds that payment to education society for recouping deficit in payment of tuition fees of employees&#8217; children does not amount to perquisite for AY 2000-01 and 2001-02.<\/li>\n<li>Notes that the children of the employees were studying in that Education Society and were paying fees at a subsidized rate and burden borne by assessee per child per month never exceeded Rs. 1000; [TS-246-HC-2018(GUJ)]<\/li>\n<li>Ahmedabad ITAT opines that location of AO, at the point of time when Tribunal hears and determines the case, is relevant for determining jurisdiction of bench to hear stay\/appeals, however,\u00a0 directs registry to place matter before the President for final decision\u00a0on transfer of assessee\u2019s case to Delhi benches\u00a0;\u00a0[TS-240-ITAT-2018(Ahd)]<\/li>\n<li>Where asssessee had charged depreciation for wind mills at a higher rate than what is mentioned in Schedule XIV of Companies Act, 1956,as windmill had not performed at expected level and nothing was brought on record to show how and on what basis, higher rate of depreciation was arrived,while computing book profit AO had restricted the depreciation as per Schedule XIV of Companies Act, 1956 and holding that assessee had no reason to provide depreciation at a higher rate.-Indus Finance Corporation Ltd. v. Deputy Commissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>.<\/li>\n<li>HUF\u00a0does not come under specified category of relative under section 56(2) (vii), Explanation (e); therefore, money received by an individual from HUF as gift would not considered as valid gift.-Gyanchand M. Bardia v. Income Tax Officer.<\/li>\n<li>Incurred in connection with issue of shares was to be held as capital in nature:\u00a0Madras- HC Sterling Holiday Financial Services Ltd. v. Assistant Commissioner of Income Tax.<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> could be levied only when real income would accrue to assesse. Where a dispute was pending between assessee-contractor and builders, only income that had come to assessee in relevant assessment year would be taxable and not income that would have come to it if claims against builders were allowed.-HC of Kerala- Commissioner of Income Tax v. Sushil Thomas Abrahum.<\/li>\n<li>\u00a0for individuals and <a href=\"https:\/\/carajput.com\/services\/hindu-undivided-family.php\">HUF<\/a> having income from any sources except profits and gains of business and profession, including NRIs.<\/li>\n<li>ITR-1 Sahaj was activated earlier by the department for resident Indians having income from salaries, house property and bank interest with total income of up to Rs 50 lakh.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAXES\"><\/span><strong><em><span style=\"text-decoration: underline;\">INDIRECT TAXES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Constructing residential accomodation for police couldn\u2019t be classified as construction of complex services.-CESTAT New Delhi BENCH, Gupta Construction Company v. Commissioner of Central Excise.<\/li>\n<li>Replacing old damaged water lines of villages was classifiable as commercial construction services.-CESTAT New Delhi- Vijay Kumar Kataria v. Commissioner of Central Excise, Delhi.<\/li>\n<li>Where applicant is a supplier of materials for erection of towers, testing etc. called Tower Package and supply of allied services like survey and erection of towers etc. and wants a ruling on whether he is liable to pay tax on freight bills.<\/li>\n<li>It is held that applicant supplies works contract service and<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a> is to be paid at 18 per cent on entire value of composite supply, including supply of materials, freight and transportation, erection, commissioning etc.and it is merely a composite supplies.-AAR West Bengal-EMC Ltd.,In re.<\/li>\n<li>GST waives off late fees from October for taxpayers who were unable to file GSTR-3B due to technical issues of Trans-1 filing, failed to file TRANS-1 before December 27, 2017.<\/li>\n<li>Accommodation and restaurant services provided by applicant engaged in hotel business within premises of Hotel, to employees and guests of <a href=\"https:\/\/carajput.com\/sez-stpi.php\">SEZ units<\/a> cannot be treated as supply of goods and \/ or services to SEZ units in State; said services constitute &#8216;intra-State&#8217; supplies and are taxable accordingly-AAR Karnataka.<\/li>\n<li>31 May is last day to file GSTR-1 for April if turnover 1.5 cr or more. For May file by 10 June &amp; for June by 10 July i.e before GSTR-3B. Notification No. 18\/28 March.<\/li>\n<li>No late Filing fee if GSTR-3B from October 17 &#8211; April 18 filed by 31 May, where TRAN-1 submitted by 27 December but filed by 10 May due to technical issues.<\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query<\/span>:\u00a0How is the validity of the e-way bill calculated?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The validity period of the EWB is calculated based on the \u2018approx. distance\u2019 entered while generating the EWB. For every 100kms one day is a validity period for EWB as per rule and for part of 100 KM one more day is added. For ex. If approx. distance is 310KMs then validity period is 3+1 days.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"OTHER_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">OTHER UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Aadhaar not mandatory for central govt. employees for getting pension: Minister of State for Personnel. Press Trust of India.<\/li>\n<li>DGFT has issued trade notice w.r.t<span style=\"text-decoration: underline;\">\u00a0<\/span>Non-submission of complete Appendix 4E, containing technical details, chemical reactions and data sheet for advance authorisation applications on self declaration basis under Para 4.04 and 4.07 of HBP for cases relating to NC-4.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Date\"><\/span><span style=\"text-decoration: underline;\"><strong><em>Key Date<\/em><\/strong>:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR Return<\/a> summary for April:\u00a020.05.2018<\/li>\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<li>more updates for related blogs are:\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"GST_Return_compliances_calendar-_Nov_2020\"><\/span><strong><a href=\"https:\/\/carajput.com\/publications\/gst-complainces-calender-nov-2020.pdf\">GST Return compliances calendar- Nov 2020<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"SALIENT_FEATURES_OF_NEW_GST_SYSTEM_IN_INDIA\"><\/span><strong><a href=\"https:\/\/carajput.com\/learn\/salient-features-of-new-proposed-gst-system-in-india.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/salient-features-of-new-proposed-gst-system-in-india.html\">SALIENT FEATURES OF NEW GST SYSTEM IN INDIA<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Key_points_of_42nd_GST_council_Meeting_headed_By_FM_N_Sitharaman\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/\">Key points of 42nd GST council Meeting headed By FM N. Sitharaman<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"GSTN_enable_auto-populated_in_the_E-invoice_information_into_GST_Return_-1\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/gstn-enable-details-to-be-auto-populated-in-e-invoice-into-gstr-1\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/gstn-enable-details-to-be-auto-populated-in-e-invoice-into-gstr-1\/\">GSTN enable auto-populated in the E-invoice information into GST Return -1<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Delayed_in_payment_of_GST_then_Intt_to_be_paid_on_net_GST_liability_from_Sep_1_2020\"><\/span><strong><a href=\"https:\/\/carajput.com\/learn\/delayed-in-payment-of-gst-then-intt-to-be-paid-on-net-gst-liability-from-sep-1-2020.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/delayed-in-payment-of-gst-then-intt-to-be-paid-on-net-gst-liability-from-sep-1-2020.html\">Delayed in payment of GST then Intt to be paid on net GST liability from Sep 1, 2020.<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Effect_of_GST_on_Advertisement_and_Cinema_Industry\"><\/span><strong><a href=\"https:\/\/carajput.com\/publications\/effect-of-gst-on-advertising-and-cinema-induatry.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/effect-of-gst-on-advertising-and-cinema-induatry.pdf\">Effect of GST on Advertisement and Cinema Industry<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"GST_Impact_on_Import_and_Export\"><\/span><strong><a href=\"https:\/\/carajput.com\/publications\/gst-impact-on-import-and-exports.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/gst-impact-on-import-and-exports.pdf\">GST Impact on Import and Export\u00a0<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"GST_Impact_on_Real_Estate\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/gst-impact-on-real-estate\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/gst-impact-on-real-estate\/\">GST Impact on Real Estate\u00a0<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 18TH MAY 2018 Direct Tax: Gujarat HC reverses ITAT order, holds that payment to education society for recouping deficit in payment of tuition fees of employees&#8217; children does not amount to perquisite for AY 2000-01 and 2001-02. Notes that the children of the employees were studying in that Education Society and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,110],"tags":[1415,1417,2307,1209,1420,1419,1416,1418,2308,2306,1282],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4056"}],"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=4056"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4056\/revisions"}],"predecessor-version":[{"id":19424,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4056\/revisions\/19424"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}