{"id":4186,"date":"2018-06-06T01:10:18","date_gmt":"2018-06-05T19:40:18","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4186"},"modified":"2021-08-11T11:41:39","modified_gmt":"2021-08-11T06:11:39","slug":"corporate-and-professional-updates-6th-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-6th-june-2018\/","title":{"rendered":"corporate and professional updates 6th 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-69d2932c5b80b\" 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-69d2932c5b80b\"  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-6th-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-6th-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-6th-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-6th-june-2018\/#IBBI_UPDATES\" title=\"IBBI UPDATES\">IBBI 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-6th-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-6th-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-6th-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<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/scintilladigi.com\/wp-content\/uploads\/2017\/07\/corporate-film-making-company.jpg\" alt=\"Image result for corporate\" \/><\/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>AAR rules that the Liaison office (\u2018LO\u2019) of the Applicant (International Zinc Association,\u00a0a Belgium based International\u00a0Non-Pro<\/li>\n<li>fit Association) established in India\u00a0for conducting programmes \/ conferences \/ training on importance of zinc,\u00a0not liable to tax in India under the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax Act<\/a> or India-Belgium DTAA, holds membership fee and contribution received from Indian members as non-taxable;\u00a0[TS-284-AAR-2018]<\/li>\n<li>AAR rules that Indian hotel managed and operated by Applicant (a Luxembourg based group engaged in operation and management of the hotels) would constitute its fixed place PE in India and income from the Indian hotel owner for provision of global reservation services (\u2018GRS\u2019) [arising out of Centralised services agreement (\u2018CSA\u2019)], would be attributable to its PE in India; Rejects applicant&#8217;s stand that since the question raised in application is only whether the income from GRS can be taxed as \u2018royalty\u2019 or FTS, AAR cannot adjudicate upon the issue of existence of PE, cites its duty as per Rule 12 of AAR Procedure Rules, 1996 to look at \u2018all aspects of the questions set forth\u2019 which would enable it to pronounce a ruling;[TS-283-AAR-2018]<\/li>\n<li>Mumbai ITAT deletes over Rs. 3,200 cr. capital gains addition made by AO invoking Explanation 5 to Sec. 9(1) [relating to indirect transfers] in case of resident company (\u2018assessee\u2019) during AY 2011-12; ITAT notes that during relevant AY, Singaporean parent had infused Rs. 148.52 cr. by way of share capital subscription for funding assessee\u2019s acquisition of two Indian entities, however, AO linked the purchasing of shares of fifth degree holding company located outside India (for Rs. 1002 cr) to arrive at the valuation for shares issued by assessee to the Singapore entity, and made alleged capital gains addition;[TS-285-ITAT-2018(Mum)]<\/li>\n<li>CBDT announced Information reward scheme under which a person can get reward up to Rs. 50 lakh for giving information to Investigation Directorates in Income Tax Department about substantial evasion of tax on income or assets in India.<\/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>announced Benami Transactions Informants Reward Scheme, 2018; a person can get reward up to Rs. One crore for giving specific information to Income Tax Dept about benami properties as well as proceeds from such properties.<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a>: For refund in case of export of non-GST &amp; exempted goods without payment of IGST, LUT\/bond is not required. Circular 45\/19\/2018-GST of 30.5.18.<\/li>\n<li>International passengers buying goods at airport \u2018duty-free\u2019 shops will not be subject to GST and the revenue department will soon clarify on this exemption. They will have to only collect a copy of the passport from the passenger to whom it sells the goods.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_E-WAY_BILLS\"><\/span><span style=\"text-decoration: underline;\"> <strong><em>FAQ on E-WAY BILLS:<\/em><\/strong><\/span><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<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<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"IBBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">IBBI UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Insolvency and Bankruptcy Board of India (IBB) has issued\u00a0Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018\u00a0to streamline the procedure for recommendation and appointment\u00a0of Interim Resolution Professional (IRP) or liquidator.<\/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>govt is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank Ltd, OBC and Central Bank of India.\u00a0 If the plan goes through, the merged entity will become the second-largest bank in the country with combined assets of\u00a0\u20b916.58 trillion.<\/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: <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> :-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 GST TRAN-2- 30.06.2018<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: AAR rules that the Liaison office (\u2018LO\u2019) of the Applicant (International Zinc Association,\u00a0a Belgium based International\u00a0Non-Pro fit Association) established in India\u00a0for conducting programmes \/ conferences \/ training on importance of zinc,\u00a0not liable to tax in India under the Income-tax Act or India-Belgium DTAA, holds membership fee and contribution received from Indian members 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":[1654,1209,558,2055,1651],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4186"}],"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=4186"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4186\/revisions"}],"predecessor-version":[{"id":15361,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4186\/revisions\/15361"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}