{"id":4090,"date":"2018-05-25T00:02:17","date_gmt":"2018-05-24T18:32:17","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4090"},"modified":"2021-08-11T12:19:49","modified_gmt":"2021-08-11T06:49:49","slug":"corporate-and-professional-updates-25th-may-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-25th-may-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 25TH 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-69d0dc1283523\" 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-69d0dc1283523\"  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-25th-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-25th-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-25th-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-25th-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-25th-may-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER 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-25th-may-2018\/#Key_Date\" title=\"Key Date:\">Key Date:<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\">CORPORATE AND PROFESSIONAL UPDATES 25TH MAY 2018<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-Updates-global-cma.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8148\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-Updates-global-cma.png\" alt=\"\" width=\"859\" height=\"505\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-Updates-global-cma.png 859w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-Updates-global-cma-300x176.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/GST-Updates-global-cma-768x452.png 768w\" sizes=\"(max-width: 859px) 100vw, 859px\" \/><\/a><\/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>Calcutta HC upholds ITAT order for AYs 2008-09 and 2009-10,\u00a0\u00a0rules that\u00a0provision for bad and doubtful debt deduction\u00a0u\/s 36(1)(viia) incase of assessee-bank (a regional rural bank) \u200bhas to be computed @ 10% of the aggregate monthly average advances by taking\u00a0\u200b&#8217;cumulative\u200b&#8217;\u200b\u00a0 outstanding advances by rural branch;\u00a0[TS-261-HC-2018(CAL)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Gujarat\u00a0HC\u00a0upholds\u00a0ITAT\u00a0order for\u00a0AY\u00a02009-10, denies capital gains exemption benefit u\/s. 54F to\u00a0assessee-individual as the construction of the flats for personal use was completed before the sale of the capital asset (i.e. land);\u00a0Assessee\u00a0owned a land with a\u00a0bungalow\u00a0on it, which was demolished to construct 8 flats, 4 of which were sold to buyers and rest were occupied by\u00a0assessee\u00a0for her own residence,\u00a0assessee\u00a0considered the proportionate land apportioned to 4 flat purchasers as sale of land belonging to her and claimed Sec. 54F benefit;\u00a0[TS-258-HC-2018(GUJ)]<\/li>\n<li>Mumbai ITAT rules that\u00a0Dominos Pizza International Franchising Inc\u00a0(a US based company) does not create a PE in India for AY 2012-13 by virtue of the\u00a0Master Franchises Agreement (MFA) entered with Jubilant Food Works Ltd. (\u2018Jubilant\u2019) for the franchise of Dominos Pizza Store in India;\u00a0Rejects Revenue\u2019s stand that Jubilant constitutes assessee\u2019s dependent agent PE in India, referring to various clauses of MFA, ITAT observes that no activities are carried out by Jubilant on behalf of assessee;\u00a0[TS-260-ITAT-2018( Mum)]<\/li>\n<li>Task force rewriting the income-tax laws has been granted three months more till August to submit its report to the government.\u00a0CBDT set up to draft a law to replace the income Tax Act, which has been in force since 1961, was to submit its report by this month-end.<\/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<\/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>E-way bill for moving goods within a state will become mandatory\u00a0from June 3, with the country-wide roll out of the mechanism. The government had launched the electronic-way or e-way bill system from April 1 for moving goods worth over Rs 50,000 from one state to another.<\/li>\n<li>If turnover 1.5 cr or more, Last Day to file GSTR-1 for Apr is\u00a031.5.2018\u00a0&amp; for May is 10.6.2018. From May, 10 days to file GSTR-1 i.e. before <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR3B.<\/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:\u00a0<\/span>What are the documents that need to be carried along with the goods being transported?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The person in charge of a conveyance shall carry the invoice or bill of supply or delivery challan, bill of entry as the case may be and a copy of the e-way bill number generated from the common portal. Please refer relevant rules for details.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> is planning to ease the norms for mutual funds (MF) participation in the derivative markets. The regulator is considering measuring such as, allowing domestic funds to &#8216;write&#8217; options and increasing cap on F&amp;O investments.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Cabinet cleared the IBC Ordinance paving way to a host of changes in the modality of\u00a0the Insolvency and Bankruptcy Code (IBC).\u00a0\u00a0The Ordinance is based on the changes suggested in a report by a 14-member Insolvency Law Committee.<\/li>\n<\/ul>\n<h2 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><\/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>CORPORATE AND PROFESSIONAL UPDATES 25TH MAY 2018 Direct Tax: Calcutta HC upholds ITAT order for AYs 2008-09 and 2009-10,\u00a0\u00a0rules that\u00a0provision for bad and doubtful debt deduction\u00a0u\/s 36(1)(viia) incase of assessee-bank (a regional rural bank) \u200bhas to be computed @ 10% of the aggregate monthly average advances by taking\u00a0\u200b&#8217;cumulative\u200b&#8217;\u200b\u00a0 outstanding advances by rural branch;\u00a0[TS-261-HC-2018(CAL)] Gujarat\u00a0HC\u00a0upholds\u00a0ITAT\u00a0order for\u00a0AY\u00a02009-10, &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":[1514,2194,2180,1209,1542,2195,1518,1533],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4090"}],"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=4090"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4090\/revisions"}],"predecessor-version":[{"id":15375,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4090\/revisions\/15375"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}