{"id":4240,"date":"2018-06-13T11:28:52","date_gmt":"2018-06-13T05:58:52","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4240"},"modified":"2021-08-11T11:17:45","modified_gmt":"2021-08-11T05:47:45","slug":"corporate-and-professional-updates-13th-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-june-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 13TH 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-69d7764c719c7\" 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-69d7764c719c7\"  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-13th-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-13th-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-13th-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-13th-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-13th-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-13th-june-2018\/#_KEY_DATE\" title=\"\u00a0KEY DATE:\">\u00a0KEY DATE:<\/a><\/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>Mumbai ITAT grants Sec. 10B benefit to assessee (a pharma company)\u00a0on export profits earned by its contract manufacturing and research division\u00a0(STAR unit, an approved EOU) during AY 2007-08 with respect to creation of\u00a0\u00a0\u2018dossier\u2019; Rejects revenue\u2019s stand that\u00a0the activity of preparation of dossier cannot be treated as \u2018manufacture or production of an article or thing\u2019 as contemplated in Sec. 10B; ITAT holds that dossier has all the attributes of product being an article or thing, remarks that \u201ccreation of dossier entails the actual production of the formulation initially in the laboratory and therefore upto a batch size\u201d;\u00a0\u00a0[TS-300-ITAT-2018(Mum)]<\/li>\n<li>Chandigarh ITAT raises an alarm over illegal coercive recoveries by Departmental officials in order to achieve their targets at the close of the financial year i.e. by\u00a031st March\u00a0of the year, in complete violation of the directions \/ orders issued by their higher judicial authority,\u00a0\u00a0remarks that, \u201cThis type of practice\u2026..in our view, may lead to severe consequences affecting the administration of justice.\u201d,\u00a0\u00a0directs the Department \/ CBDT to take necessary steps in this respect;[TS-296-ITAT-2018(CHANDI)]<\/li>\n<li>15-06-18 (Friday) is LAST DAY for Payment of Advance Income Tax: All Assessees (15%) except 44AD cases. Challan No.ITNS-280.<\/li>\n<li>LATE FEE ON DELAY IN FILING <a href=\"https:\/\/carajput.com\/income-tax-services.php\">INCOME TAX RETURN<\/a> FOR THE YEAR ENDED 31ST MARCH, 2018 (Asst.Yr: 2018-19) under sec. 234F: \u00a0If ITR filed during 01\/08\/2018 \u2013 31\/12\/2018 : Rs. 5000 and If total income does not exceed Rs.5 Lakhs then Rs. 1000.<\/li>\n<li>Late fee for Return filed during 01\/01\/2019 \u2013 31\/03\/2019 : Late Fee Rs. 10000. If total income does not exceed Rs. 5 Lakhs then this Late Fee will be restricted to Rs. 1000.<\/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><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> on applicable rates to be charged on labour &amp; spares in case of car service where same shown separately. Circular 47\/21\/2018-GST of 8.6.18.<\/li>\n<li>GST applicable on additional interest in case of default in installment payment &amp; late payment charges on credit card dues. CBIC FAQs (Jun 2018).<\/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>:\u00a0What has to be done, if the vehicle number has to be changed for the consolidated e-way bill?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>There is an option available under the \u2018Consolidated EWB\u2019 menu as \u2018regenerate CEWB\u2019. This option allows you to change the vehicle number to existing Consolidated EWB, without changing the individual EWBs. This generates a new CEWB, which has to be carried with new vehicle. Old CEWB will become invalid for use.<\/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><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has issued notification regarding External Commercial Borrowings (ECBs) Monthly reporting through ECB 2 Return.<\/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>The recent amendment to the bankruptcy law \u2014 that requires shareholder approval before a company files for insolvency and also mandates that the administrator convince the tribunal that the resolution plan is effectively implementable \u2014 will benefit small stakeholders but delay resolution.<\/li>\n<li>Indian Valuation Standards as issued by the Institute of Chartered Accountants of India effective for the valuation reports issued on or\u00a0after 1st July, 2018.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_KEY_DATE\"><\/span>\u00a0<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>DUE DATE FOR FILLING GST TRAN-2- 30.06.2018<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: Mumbai ITAT grants Sec. 10B benefit to assessee (a pharma company)\u00a0on export profits earned by its contract manufacturing and research division\u00a0(STAR unit, an approved EOU) during AY 2007-08 with respect to creation of\u00a0\u00a0\u2018dossier\u2019; Rejects revenue\u2019s stand that\u00a0the activity of preparation of dossier cannot be treated as \u2018manufacture or production of an article or &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":[2504,2500,2505,590,2502,2501,2503],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4240"}],"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=4240"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4240\/revisions"}],"predecessor-version":[{"id":15353,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4240\/revisions\/15353"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}