{"id":4248,"date":"2018-06-15T11:08:12","date_gmt":"2018-06-15T05:38:12","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4248"},"modified":"2021-08-10T18:32:29","modified_gmt":"2021-08-10T13:02:29","slug":"corporate-and-professional-updates-15th-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-june-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 15TH 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-69d2f6afa017c\" 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-69d2f6afa017c\"  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-15th-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-15th-june-2018\/#_Indirect_Tax\" title=\"\u00a0Indirect Tax:\">\u00a0Indirect 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-15th-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-15th-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-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-15th-june-2018\/#KEY_DATE\" title=\"KEY DATE:\">KEY DATE:<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/07\/1-768x433.jpg\" alt=\"Image result for corporate and professional\" \/><\/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 holds that the non-compete fee received by Applicant [Holding company of Mcmillan Group (a leading publisher) and resident of UK] constitutes business income u\/s 28(va), however it is not taxable in India in absence of Applicant having PE under India-UK DTAA; Applicant received non-compete fee pursuant to Share Purchase Agreement (SPA) entered with Indian Company (ADI) for <a href=\"https:\/\/carajput.com\/blog\/tag\/transfer-of-shares-by-companies-to-iepf\/\">transfer of shares<\/a> of another Indian company, MPS Limited in which Applicant held 61.46% shares;\u00a0[TS-305-AAR-2018]<\/li>\n<li>AAR rules that the Applicant (a Singaporean based MasterCard group company, which carries out group\u2019s principal business of transaction processing and payment related services) has a fixed place PE, service PE and dependent agent PE in India under Article 5 of the India Singapore DTAA in respect of the services with regard to use of a global network and infrastructure to process card payment transactions for Customers in India;\u00a0[TS-304-AAR-2018]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CIT vs. L&amp;T Finance Ltd (Bombay High Court) S. 271(1) (c) Penalty: Merely using the words that there is concealment of income and \/ or furnishing inaccurate particulars of income is not sufficient. The same should be particularized by the AO with a finding.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Indirect_Tax\"><\/span>\u00a0<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 made amendment in the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Central Goods and Services Tax Rules, 2017<\/a>. These rules may be called the Central Goods and Services Tax (Fifth Amendment) Rules, 2018 which shall come into force on the date of their publication in the Official Gazette.\u00a0Vide notification no\u00a026\/2018, dated 13th June 2018.<\/li>\n<li>The Central Board of Indirect Taxes and Customs (CBIC) has extended the refund fortnight for fast track clearance of pending dues to exporters by two days till June 16.<\/li>\n<li>Last date to file GSTR-3B for the month of May 2018 is June 20,2018.<\/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<\/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>:\u00a0If the vehicle, in which goods are being transported, having e-way bill is changed, then what is required to be done?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>.\u00a0The e-way bill for transportation of goods should always have the vehicle number that is actually carrying the goods. There may be requirement to change the vehicle number after generating the e-way bill or after commencement of movement of goods, due to trans-shipment or due to breakdown of vehicle. In such cases, the transporter or generator of the e-way bill can update the new vehicle number in Part B of the EWB.<\/li>\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>More read:<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/key-characteristics-for-auto-population-of-e-invoice-details-in-gstr-1-2a-2b-4a-6a\/\">Key characteristics for Auto-population of e-invoice<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/overview-of-invoice-furnishing-facility-iff-under-qrmp-scheme\/\">Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme<\/a><\/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><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has mooted a proposal that at least 40 per cent of the sanctioned limit should be a term loan component. For borrowers with an aggregate fund-based working capital limit of Rs 1.5 billion and above from the banking system wef October 1, 2018.<\/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>Government has notified the Officer&#8217;s, who may, before institution of any prosecution under FCRA compound the offences, on payment of the amount specified in the notification. In case more than one offence has been committed by a person, the total amount of compounding for such offences shall not be more than the value of the foreign contribution involved.<\/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>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<\/li>\n<li>DUE DATE FOR FILLING GST TRAN-2- 30.06.2018<\/li>\n<\/ul>\n<div class=\"entry-content post_content\" style=\"text-align: justify;\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax: AAR holds that the non-compete fee received by Applicant [Holding company of Mcmillan Group (a leading publisher) and resident of UK] constitutes business income u\/s 28(va), however it is not taxable in India in absence of Applicant having PE under India-UK DTAA; Applicant received non-compete fee pursuant to Share Purchase Agreement (SPA) entered &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":[2396,2394,2395,2390,2392,2389,2393,2397,2391],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4248"}],"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=4248"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4248\/revisions"}],"predecessor-version":[{"id":15333,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4248\/revisions\/15333"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}