{"id":4176,"date":"2018-06-01T00:10:18","date_gmt":"2018-05-31T18:40:18","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4176"},"modified":"2021-08-11T11:52:45","modified_gmt":"2021-08-11T06:22:45","slug":"corporate-and-professional-updates-1st-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-1st-june-2018\/","title":{"rendered":"corporate and professional updates 1st June 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-69d0484f6cd70\" 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-69d0484f6cd70\"  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-1st-june-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-1st-june-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-1st-june-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-1st-june-2018\/#RBI_Update\" title=\"RBI Update:\">RBI Update:<\/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-1st-june-2018\/#MCA_UPDATES\" title=\"MCA UPDATES\">MCA 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-1st-june-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-1st-june-2018\/#Key_Date\" title=\"Key Date:\">Key Date:<\/a><\/li><\/ul><\/nav><\/div>\n<h3 style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.kotak.com\/content\/dam\/Kotak\/herosliderbanner\/corporate-landing.png\" alt=\"Image result for CORPORATE\" \/><\/h3>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><em><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Delhi ITAT rules that the wholly owned Indian subsidiary of Daikin Industries Ltd. (assessee, a Japanese company), constitutes assessee\u2019s dependent agent PE for AY\u00a02006-07; Holds that the entire\u00a0activities of identifying customers, negotiating and finalizing prices with customers in India etc. were done by DAIPL (Indian subsidiary) not only for the products sold as distributor, but also for which assessee claimed to have made direct sales in India;[TS-274-ITAT-2018(DEL)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Pune ITAT\u00a0\u00a0accepts assessee\u2019s (land owner) plea that advance received from developer towards flat booking shall not be taxable in subject AY 2009-10 on receipt basis, but in subsequent AY\u00a0when the project was completed and tenements \/ flats were handed over to the prospective buyers;\u00a0[TS-271-ITAT-2018(PUN)]<\/li>\n<li>AAR holds that payment received by the Applicant (a US based technology company) from its India based group company\u00a0under the\u00a0\u00a0non-exclusive Reseller Agreement for sale of\u00a0applicant&#8217;s content delivery solutions directly to customers in India, not\u00a0taxable\u00a0as FTS\/FIS or Royalty\u00a0under the Act or India-US DTAA;\u00a0[TS-273-AAR-2018]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>AAR rules that the \u2018front-end fee\u2019 payable by a customer in India, for appraisal of loan application carried outside India, under the financing arrangement with the Applicant (a France based Financial Institution), not \u2018interest\u2019 under Article 12 of India-France DTAA, follows Bombay HC ruling in Commonwealth Development Corporation; Notes that in order to constitute interest under India-France DTAA, the income must be from debt claims, observes that there was no debt claim in existence when the \u2018front-end fee\u2019 for loan application appraisal was payable, further notes that the payment was fixed and mandatory and neither dependent upon nor connected with the loans advanced;\u00a0[TS-272-AAR-2018]<\/li>\n<li>CBDT has notified that\u00a0 the provisions of clause (viib) of sub-section (2) of section 56 of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act<\/a> shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the consideration has been received for issue of shares from an investor in accordance with the approval granted by the Inter-Ministerial Board of Certification under clause (i) of sub-para (3) of para 4 of the notification number G.S.R. 364(E), dated 11th April, 2018 and published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i) dated the\u00a011th April.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><em><span style=\"text-decoration: underline;\">Indirect Tax<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>CBEC has notified that\u00a0 the National Academy of Customs, Indirect Taxes and Narcotics, Department of Revenue, Ministry of Finance, Government of India, as the authority to conduct the examination as per the rule.\u00a0Vide Notification No. 24 \/2018, dated 28th May 2018.<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Special Refund Fortnight to be organized from May 31 to June 14 in which Center and state GST officers will strive to clear all GST refund applications received on or before April 30, 2018.<\/li>\n<li>Govt. has clarified that in case of a claim for refund of balance in the electronic cash ledger filed by an ISD or a composition taxpayer and non-resident taxable person, the filing of the details in <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> and GSTR-3B is not mandatory. The filing of applicable return shall be sufficient for claiming the said refund. Further, it also clarified that LUT or bond is not required for the refund claims on account of export of non-GST and exempted goods without payment of IGST.<\/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 does taxpayer enter Part-A details and generate e-way bill, when he is transporting goods himself?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>Sometimes, taxpayer wants to move the goods himself. E-way bill Portal expects the user to enter transporter ID or vehicle number. So if he wants to move the goods himself, he can enter his GSTIN in the transporter Id field and generate Part-A Slip. This indicates to the system that he is a transporter and he can enter details in Part-B later when transportation details are available.<\/li>\n<li><span style=\"text-decoration: underline;\">Query:<\/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<p><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><\/p>\n<p><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><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> (vide directive DCBR.CO.AID\/D-42\/12.22.218\/ 2017-18 dated May 23, 2018) has extended directions issued to Rupee Co-operative Bank Ltd., Pune, Maharashtra for a further period of three months from June 01, 2018 to August 31, 2018 subject to review.\u00a0Vide press release 2017-2018\/3106, dated 28th May 2018.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>MCA has issued Clarification with regard to provisions under Section 135(5) of the Companies Act, 2013\u00a0regarding spending on CSR activities.<\/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>ICAI Representation submitted to CBDT by Direct Taxes Committee of ICAI &#8211; Notification No 23\/2018, dated 24th May, 2018 amending Rule 11UA omitting CA ineligible to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method &#8211; (30-05-2018).<\/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><strong>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores: GSTR-1 :-31. July\u00a02018<\/strong><\/li>\n<li><strong>Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return: GSTR-1 (may2018):-10 june 2018<\/strong><\/li>\n<li><strong>Due date for filling GST TRAN-2- 30.06.2018<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Delhi ITAT rules that the wholly owned Indian subsidiary of Daikin Industries Ltd. (assessee, a Japanese company), constitutes assessee\u2019s dependent agent PE for AY\u00a02006-07; Holds that the entire\u00a0activities of identifying customers, negotiating and finalizing prices with customers in India etc. were done by DAIPL (Indian subsidiary) not only for the products sold as &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":[2094,1640,2092,1515,1209,1639,2091,558,1641,2076,1638,1637,2093],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4176"}],"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=4176"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4176\/revisions"}],"predecessor-version":[{"id":15367,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4176\/revisions\/15367"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}