{"id":4081,"date":"2018-05-23T16:28:18","date_gmt":"2018-05-23T10:58:18","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4081"},"modified":"2021-08-11T12:14:48","modified_gmt":"2021-08-11T06:44:48","slug":"corporate-and-professional-updates-23rd-may-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-23rd-may-2018\/","title":{"rendered":"corporate and professional updates 23rd may 2018"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6acb8137f31c0\" 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-6acb8137f31c0\"  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-23rd-may-2018\/#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-23rd-may-2018\/#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-23rd-may-2018\/#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-23rd-may-2018\/#_Other_updates\" >\u00a0Other updates<\/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-23rd-may-2018\/#Key_Date\" >Key Date:<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/nebula.wsimg.com\/f7e64d0a11db5fbf52fc402c9413ad4b?AccessKeyId=257631260A7E0C08008A&amp;disposition=0&amp;alloworigin=1\" alt=\"Image result for corporate and professional updates\" \/><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ITAT Delhi held that addition cannot be made for mere non- production of Directors and non- furnishing of their residential address.\u00a0M\/s Om Shubham Investment &amp; Finance Pvt. Ltd. Vs. ITO (ITAT Delhi)<\/li>\n<li>ITAT Delhi held that Depreciation on brand value allowed taking it as intangible assets.\u00a0DCIT Vs. Kuantum Papers Ltd. (ITAT Delhi)<\/li>\n<li>Pune ITAT rejects Revenue\u2019s plea for AY 2009-10 that deduction with respect to Research &amp; Development (R&amp;D) expenditure u\/s 35(2AB) is restricted only to the extent of approval granted by Department of Industrial and Scientific Research (DSIR) in form No.3CL;<\/li>\n<li>Due date for Quarterly statement of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> deposited for the quarter ending March 31, 2018 is\u00a0May 31, 2018<\/li>\n<li>ITAT Kolkata decided that Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm-\u00a0In ITO vs. M\/s. Dayamayee Marble &amp; Granite.<\/li>\n<li>The Income Tax Department has enabled ITR-3 which is applicable for individual and HUF who have income from profits and gains from business or profession. A total of four ITR Forms including ITR-1, 2, 3 and 4 has been launched by the department so far<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Department Cautions TDS Deductors against Quarterly Filing Default failing which, would invite a penalty of Rs 200 for each day of default<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Official portal of GST Dept, GSTN has added Two New Features including Additional details are now available in Form <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-2A<\/a> and Auto drafted Form GSTR-4A<\/li>\n<li>The Maharashtra Authority for Advance Ruling (AAR) held that Liquidated Damages are Classifiable as \u2018Other Services\u2019 and is taxable at the rate of 18%<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a><\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:<\/span>How can the taxpayer use the Android App to generate the e-way bill?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer<\/span><span style=\"text-decoration: underline;\">:<\/span>The taxpayer has to register the EMEI numbers of the mobiles through which he wants to generate the e-way bill on the e-way bill system. Please see the user manual for Mobile App based e-way bill generation, on the portal.<\/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<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Other_updates\"><\/span><em><span style=\"text-decoration: underline;\">\u00a0<strong>Other updates<\/strong><\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>DGFT has extended the last date for mandatory digital payment through e-MPS.A facility for digital payment for miscellaneous applications (e-MPS) was launched recently and was made mandatory w.e.f 01-05-2018.<\/li>\n<li>PNB scam: ED issues summons to Nirav Modi&#8217;s father Deepak Modi, Sister Purvi Mehta and her husband Mayank Mehta<\/li>\n<li>PNB case: Enforcement Directorate seizes Rs 85-Crore Worth Jewellery of Choksi&#8217;s firm brought from Dubai<\/li>\n<li>Supreme Court of India has decided to Hear All Matters Relating to the RBI Directive Stopping Banks from Dealing with Virtual Currencies<\/li>\n<li>Bank fraud: ED attaches Rs 184.68-cr worth assets of Rajasthan -based Chartered Accountant (CA) Bharat Bomb and others in connection with its probe into an alleged Bank Fraud worth over Rs 1,000 Crore<\/li>\n<li>Barely two months after it registered a case against Hyderabad-based Totem Infrastructure Limited for allegedly duping Union Bank of India of Rs 313.84 Crores, CBI filed a charge sheet against three accused., M\/s Totem Infrastructure Limited, Hyderabad, its Promoter and Director<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Date\"><\/span><strong><em>Key Date<\/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 Delhi held that addition cannot be made for mere non- production of Directors and non- furnishing of their residential address.\u00a0M\/s Om Shubham Investment &amp; Finance Pvt. Ltd. Vs. ITO (ITAT Delhi) ITAT Delhi held that Depreciation on brand value allowed taking it as intangible assets.\u00a0DCIT Vs. Kuantum Papers Ltd. (ITAT Delhi) Pune &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,9,4],"tags":[1492,1494,1495,2203],"class_list":["post-4081","post","type-post","status-publish","format-standard","hentry","category-companies-act-roc","category-income-tax","category-indirect-tax","tag-android-app-to-generate-the-e-way-bill","tag-dealing-with-virtual-currencies","tag-due-date-for-quarterly-statement-of-tds","tag-liquidated-damages"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Direct Tax: ITAT Delhi held that addition cannot be made for mere non- production of Directors and non- furnishing of their residential address. 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