{"id":4063,"date":"2018-05-19T00:01:48","date_gmt":"2018-05-18T18:31:48","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4063"},"modified":"2021-12-03T18:41:24","modified_gmt":"2021-12-03T13:11:24","slug":"corporate-and-professional-updates-19th-may-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-19th-may-2018\/","title":{"rendered":"corporate and professional updates 19th 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-69d2aaefb0eb7\" 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-69d2aaefb0eb7\"  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-19th-may-2018\/#corporate_and_professional_updates_19th_may_2018\" title=\"corporate and professional updates 19th may 2018\">corporate and professional updates 19th 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-19th-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-19th-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-19th-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-19th-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-19th-may-2018\/#ICAI_updates\" title=\" \nICAI updates\"> \nICAI updates<\/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-19th-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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-19th-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-19th-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-19th-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<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/images.humanresourcesonline.net.s3.amazonaws.com\/wp-content\/uploads\/2015\/10\/Jerene-Oct-2015-training-shutterstock-700x420.jpg\" alt=\"Related image\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_updates_19th_may_2018\"><\/span>corporate and professional updates 19th 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><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/em><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Madras HC\u00a0directs the order u\/s 201(1)\/(1A)\u00a0\u200b(for <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> default on payments to non-resident) \u200bbe treated as\u00a0\u200b&#8217;show-\u200bcause\u200b&#8217;\u200b \u00a0notice to the assessee instead of remitting back the matter for a fresh consideration; HC observes that &#8216;principles of natural justice&#8217; have not been followed by the Revenue while passing the order, notes that\u00a0materials\u00a0 which\u00a0 have\u00a0 been\u00a0referred to in the\u00a0order\u00a0\u200bpassed by AO \u200bwere never disclosed to the assessee\u200b; HC also notes that AO&#8217;s order does not deal with all the factual objections raised by the assessee\u200b and\u00a0HC concludes that &#8220;The respondent having referred\u00a0 to several\u00a0 materials\u00a0and information not pertaining to the petitioner\/assessee in the impugned\u00a0order and arriving at a conclusion against the petitioner largely based on\u00a0such information, the impunged proceedings can be directed to be treated as a show cause notice\u200b&#8221;\u200b;\u00a0Directs the assessee to submit preliminary objections wherein it can also raise plea of limitation\u00a0\u200b(initiation of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> default proceedings beyond 6 years) ; HC rejects taxpayer&#8217;s request that &#8220;it\u00a0should be furnished with all information that the respondent has referred to and relied on or might have collected behind the back of the petitioner\u200b&#8221;, HC instead directs taxpayer to request specific documents and \u200b\u200bexplain its relevancy \u200bto the tax authorities\u00a0:HC\u00a0[TS-248-HC-2018(MAD)]<\/li>\n<li>Delhi ITAT holds that any claim to treat expenditure as extra-ordinary and not arising in normal course of business &#8220;needs to be demonstrated with strict evidence\u201d;\u00a0[TS-345-ITAT-2018(DEL)-TP]<\/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 Income Tax.<\/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 <a href=\"https:\/\/carajput.com\/services\/hindu-undivided-family.php\">HUF<\/a> 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.\u00a0Where 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 ofKerala- Commissioner of Income Tax v. Sushil Thomas Abrahum.<\/li>\n<li>CBDT has directed the Income Tax department to hold a special &#8216;grievance redressal fortnight&#8217; next month to address taxpayers&#8217; disputes regarding rectification and adjustments made in tax demands. between\u00a0June 1-15.<\/li>\n<li>Gujarat High Court in the case of\u00a0M\/s. Remark Flour Mills Pvt. Ltd. Vs State of Gujarat Directed that\u00a0Collecting post-dated cheques under coercion during raid is not permissible, when no tax demand has been confirmed or crystallized.<\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>The Central Board of Indirect Taxes &amp; Customs has notified the Customs Brokers Licensing Regulations, 2018\u00a0in supersession of the Customs Brokers Licensing Regulations, 2013.<\/li>\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, 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.<br \/>\nGST 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<\/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><span style=\"text-decoration: underline;\">:\u00a0<\/span>Whether the e-way bill can be cancelled? If yes, under what circumstances?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Answer<\/span><span style=\"text-decoration: underline;\">:<\/span>Yes, e-way bill can be cancelled if either goods are not transported or are not transported as per the details furnished in the e-way bill. The e-way bill can be cancelledwithin 24 hours\u00a0from the time of generation<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>MCA release a corrigendum related to Companies (Audit &amp; Auditors) Second Amendment Rules, 2018 .<\/li>\n<li>MCA Clarification on Condonation of Delay Scheme, 2018 on 17.05.2018 (General Circular) Click on the link for more information\u00a0<span style=\"text-decoration: underline;\"><strong>https:\/\/ccurl.in\/ NWe0rf<\/strong><\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"ICAI_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\"><br \/>\nICAI updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ICAI has released aFAQ on accounting treatment of increase in liability on account of enhancement of the gratuity ceiling\u00a0from Rs. 10 lakhs to Rs. 20 Lakhs due to Payment of Gratuity (Amendment) Act 2018.<\/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>Read our articles:\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<h4 style=\"text-align: justify;\"><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>corporate and professional updates 19th may 2018 Direct Tax: Madras HC\u00a0directs the order u\/s 201(1)\/(1A)\u00a0\u200b(for TDS default on payments to non-resident) \u200bbe treated as\u00a0\u200b&#8217;show-\u200bcause\u200b&#8217;\u200b \u00a0notice to the assessee instead of remitting back the matter for a fresh consideration; HC observes that &#8216;principles of natural justice&#8217; have not been followed by the Revenue while passing the &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":[2294,1454,1451,2293,409,1063,1452,1209,1450,2291,2527,1453],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4063"}],"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=4063"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4063\/revisions"}],"predecessor-version":[{"id":19415,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4063\/revisions\/19415"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}