{"id":4184,"date":"2018-06-04T19:09:12","date_gmt":"2018-06-04T13:39:12","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4184"},"modified":"2021-08-11T11:46:09","modified_gmt":"2021-08-11T06:16:09","slug":"corporate-and-professional-updates-4th-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-4th-june-2018\/","title":{"rendered":"corporate and professional updates 4th 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-69f545ba67009\" 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-69f545ba67009\"  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-4th-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-4th-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-4th-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-4th-june-2018\/#MCA_UPDATES\" title=\"MCA UPDATES\u00a0\">MCA UPDATES\u00a0<\/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-4th-june-2018\/#RBI_updates\" title=\"RBI updates\">RBI 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-4th-june-2018\/#KEY_DATE\" title=\"KEY DATE:\">KEY DATE:<\/a><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><ul class='ez-toc-list-level-5'><li class='ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-4th-june-2018\/#DUE_DATE_FOR_FILLING_GST_TRAN-2-_30062018\" title=\"DUE DATE FOR FILLING GST TRAN-2- 30.06.2018\">DUE DATE FOR FILLING GST TRAN-2- 30.06.2018<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><img decoding=\"async\" src=\"https:\/\/carajput.com\/art_imgs\/due-date-for-annual-return.jpg\" alt=\"\" \/><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>Cochin ITAT rejects assessee\u2019s\u00a0(a software company)\u00a0stand that payment to its sister concern (\u2018USTIPL\u2019) under the sub-contracting agreement amounts to reimbursement of expenses, upholds applicability of TDS u\/s 194J; Perusing agreement between assessee and USTIPL, ITAT notes that assessee had\u00a0engaged USTIPL to depute resources and provide other administrative support to manage its project requirements with clients and in consideration, assessee had to reimburse all expenses incurred by USTIPL on the resources deputed to assessee and the apportioned cost of specific support services;\u00a0[TS-278-ITAT-2018(COCH)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>ITAT upholds TNMM as most appropriate method (MAM) rejecting assessee\u2019s CUP\/CPM for AY 2011-12, follows Tribunal ruling in assessee own\u00a0case\u00a0stating that comparability under CUP method was not only faulty but devoid of proper analysis due to various assumptions and in absence of reliable data; Admits additional grounds in relation to inclusion \/ exclusion of comparables being fundamental and necessary for adjudication; Rejects assessee\u2019s contention to exclude E-Zest solution as it was engaged in end-to-end\u00a0development\u00a0and software project\u00a0development\u00a0services; Remits comparability of 15 companies on various grounds such as contradicting observations of DRP and assessee, non-adjudication by lower authorities etc.;\u00a0[TS-208-ITAT-2018(Bang)]<\/li>\n<li>CBDT issued official notification for reward schemes for <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a>\u00a0Informants\u00a0https:\/\/studycafe.in\/2018\/05\/cbdt-issues-reward-schemes-for-income-tax-informants.html<\/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>CBEC has extended the time the time limit for furnishing the return by an Input Service Distributor in FORM GSTR-6 under sub-section (4) of section 39 of the said Act read with rule 65 of the<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> Central Goods and Services Tax Rules, 2017<\/a>, for the months of July, 2017 to June, 2018, till the 31st day of July, 2018. Vide notification no 25\/2018<\/li>\n<li>For GST Refund GSTR-1 &amp; 3B not must for all. Composition taxpayer to file GSTR-4, ISD-GSTR-6 &amp; non-resident-GSTR-5. Circular 45\/19\/2018-GST of 30.5.18.<\/li>\n<li>The Central Board of Indirect Taxes and Customs (CBIC) have asked its field offices to levy GST on goods in customs warehouse only at the time of final clearance.<\/li>\n<li>CBEC issued procedure for sanction of pending IGST refund claims where records have not been transmitted from GSTN to DG systems.CIRCULAR NO.12\/2018-CUSTOMS [F.NO.450\/119\/2017-CUSIV], DATED 29-5-2018<\/li>\n<li>Eight state governments on Thursday announced their plans to roll out the electronic way bill (e-way bill) mechanism for transport of goods within their territories by\u00a0June 3, a move that would lead to pan-India implementation of the crucial ant-evasion system under the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">goods and services tax (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 the distance has to be calculated, if the consignments are imported from or exported to other country?<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The approximate distance for movement of consignment from the source to destination has to be considered based on the distance within the country. That is, in case of export, the consignor place to the place from where the consignment is leaving the country, after customs clearance and in case of import, the place where the consignment is reached the country to the destination place and cleared by Customs.<\/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=\"MCA_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA UPDATES\u00a0<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Delhi High Court has sought a formal explanation from the MCA for its twin circulars of September 2017 that deregistered over 1 lakh companies for failure to file annual returns for three years and disqualified their directors.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI updates<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>RBI has ended the special dispensations granted earlier for NBFCs owned by the government.\u00a0Instead, it has specified a roadmap, stretching till 2021-22, for these lenders to meet the norms on capital adequacy, provisioning and corporate governance.<\/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><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>\n<h5><span class=\"ez-toc-section\" id=\"DUE_DATE_FOR_FILLING_GST_TRAN-2-_30062018\"><\/span><strong>DUE DATE FOR FILLING <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GST TRAN-2-<\/a> 30.06.2018<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Cochin ITAT rejects assessee\u2019s\u00a0(a software company)\u00a0stand that payment to its sister concern (\u2018USTIPL\u2019) under the sub-contracting agreement amounts to reimbursement of expenses, upholds applicability of TDS u\/s 194J; Perusing agreement between assessee and USTIPL, ITAT notes that assessee had\u00a0engaged USTIPL to depute resources and provide other administrative support to manage its project requirements &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":[1648,1649,2059,1455,1647,558],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4184"}],"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=4184"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4184\/revisions"}],"predecessor-version":[{"id":15364,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4184\/revisions\/15364"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}