{"id":4165,"date":"2018-05-29T00:28:43","date_gmt":"2018-05-28T18:58:43","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4165"},"modified":"2021-12-03T15:41:59","modified_gmt":"2021-12-03T10:11:59","slug":"corporate-and-professional-updates-29th-may-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-may-2018\/","title":{"rendered":"corporate and professional updates 29TH 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-69eaa37e9dd55\" 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-69eaa37e9dd55\"  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-29th-may-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_29TH_MAY_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 29TH MAY 2018\">CORPORATE AND PROFESSIONAL UPDATES 29TH 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-29th-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-29th-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-29th-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-29th-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-29th-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-29th-may-2018\/#Read_more_about_What_is_core_Business_Activity_GST\" title=\"Read more about: What is core Business Activity GST\">Read more about: What is core Business Activity GST<\/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-29th-may-2018\/#Read_more_about_All_about_GST_Offenses_Penalties_and_Appeals\" title=\"Read more about: All about GST Offenses, Penalties, and Appeals\">Read more about: All about GST Offenses, Penalties, and Appeals<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.kotak.com\/content\/dam\/Kotak\/herosliderbanner\/corporate-landing.png\" alt=\"Image result for CORPORATE\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_29TH_MAY_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 29TH 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>SC dismisses Revenue\u2019s SLP against Rajasthan HC judgment in case of a transport contractor (\u2018assessee\u2019); HC had held that assessee-contractor was not liable to deduct TDS u\/s. 194C where freight payments are directly made by third party company (i.e. contractee) to truck-owners; HC had rejected Revenue\u2019s stand that since the contractee-company was making payment to truck owners on assessee&#8217;s behalf, assessee was liable to deduct <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> as it was the contractor and the truck owner were subcontractors; HC had clarified that \u201c194(c) read with 204(iii) will come into operation only on the payment made by assessee and as rightly discussed since payment is not made by the assessee if at all there is default the default is of Mangalam Cement (i.e. contractee company).\u201d; Thus, upholding HC order, SC opines that \u201cWe do not find any ground to interfere with the impugned order.\u201d[TS-257-SC-2018]<\/li>\n<li>ITAT upholds assessee&#8217;s selection of foreign AE as tested party and TNMM as MAM to benchmark transaction of payment fees for advisory and other services to AE for AYs 2011-12 and 2012-13; Directs AO to benchmark the transaction by considering foreign comparables selected by assessee and remits matter for limited purpose of verification of assessee&#8217;s claim that its margin was withing 5% range of average margin for comparables, follows ITAT order for AY2009-10 and 2010-11; Separately for benchmarking of IT enabled services for AY 2012-13, ITAT directs exclusion of Excel Infoways Ltd as it was in the process of closing its BPO division in relevant year and in view of its fluctuating profit margin, follows Allscripts India Pvt. Ltd., TIBCO Software India Pvt. Ltd and Qlogic India Pvt. Ltd.ruling; Further directs TPO to verify employee cost to sales ratio of Universal Print Systems Ltd. and exclude it as comparable if the same is less than 25% , follows Goldman Sachs Services ruling : Pune ITAT\u00a0[TS-362-ITAT-2018(PUN)-TP]<\/li>\n<li>CBDT Released <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a> 6 as well for FY 2017-18, Now All ITRs for AY 2018-19 are available for e-Filing \u00a0https:\/\/studycafe.in\/2018\/04\/ cbdt-released-itr-1-to-itr-7- forms-for-fy-2017-18-ay-2018- 19.html<\/li>\n<li>CBDT notified the 6th Amendment Rules wherein it is provided that only Merchant Bankers are entitled to do Valuation of Unquoted Shares and the Chartered Accountants are no more eligible to do so. Rule 11UA w.e.f. on or after May 24, 2018.<\/li>\n<li>In a major relief to Start-ups, CBDT has notified that Income Tax is not payable on issuing share capital at excess premium by eligible start-ups.Notification No. 24\/2018\/F. No.370142\/5\/2018-TPL dated May 24, 2018.<\/li>\n<li>All seven <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITRs<\/a> are to be filed electronically on the official web portal of the department -https:\/\/www.incometaxindiaefigov.in, except for some category of taxpayers, the CBDT had said.<\/li>\n<li>31.5.18\u00a0is last date to file AIR in Form 61A by Banks etc &amp; also in Tax Audit cases where cash above Rs 2 lacs received against any sale invoice. Penalty of 500 per day for not filing AIR in time. If no transaction to report, file SFT Preliminary Response at Reporting Portal\u00a0https:\/\/report.insight. gov.in<\/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>Central Board of Indirect Tax &amp; Customs gives a notification on applicability of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Integrated Goods and Services Tax<\/a> (integrated tax) on goods supplied while being deposited in a customs bonded warehouse-reg.\u00a0Vide Circular no 3\/1\/2018 \u2013 IGST, dated 25th May 2018.<\/li>\n<li>Intra-state e-Way Bill wef 25.05.18 in Andaman &amp; Nicobar, Chandigarh, Dadra &amp;\u00a0Nagar Haveli, Daman, Diu, Lakshadweep, Maharashtra &amp; Manipur.<\/li>\n<li>CBIC-\u00a0The Circular clarified that integrated tax shall be levied and collected at the time of final clearance of the warehoused goods for home consumption.Circular No. 3\/1\/2018-IGST dated May 25, 2018<\/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>Query:\u00a0\u00a0Which types of transactions that need the e-way bill?<\/li>\n<li>Answer:\u00a0For transportation of goods in relation to all types of transactions such as outward supply whether within the State or interstate, inward supply whether from within the State or from interstate including an unregistered person or for reasons other than supply also, e-way bill is mandatory.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\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>Consumer complaint not maintainable after settlement through Arbitration. National Consumer Disputes Redressal Commission.<\/li>\n<li><a href=\"https:\/\/carajput.com\/services\/epf-registration.php\">Employees\u2019 Provident Fund Organization (EPFO)<\/a> has asked its field offices to credit 8.55% interest rate for 2017-18, the lowest rate since 2012-13 fiscal, into the PF accounts of around 5 crore subscribers.<\/li>\n<\/ul>\n<h4 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><\/h4>\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<li>\n<h4><span class=\"ez-toc-section\" id=\"Read_more_about_What_is_core_Business_Activity_GST\"><\/span><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/what-is-core-business-activity-in-gst\/\">What is core Business Activity GST<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Read_more_about_All_about_GST_Offenses_Penalties_and_Appeals\"><\/span><strong><em><u>Read more about<\/u><u>: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/all-about-gst-offenses-penalties-appeals\/\">All about GST Offenses, Penalties, and Appeals<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 29TH MAY 2018 DIRECT TAX SC dismisses Revenue\u2019s SLP against Rajasthan HC judgment in case of a transport contractor (\u2018assessee\u2019); HC had held that assessee-contractor was not liable to deduct TDS u\/s. 194C where freight payments are directly made by third party company (i.e. contractee) to truck-owners; HC had rejected Revenue\u2019s &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":[1629,435,1627,1630,1409],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4165"}],"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=4165"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4165\/revisions"}],"predecessor-version":[{"id":19409,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4165\/revisions\/19409"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}