{"id":4314,"date":"2018-06-20T01:30:51","date_gmt":"2018-06-19T20:00:51","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4314"},"modified":"2021-08-10T18:50:50","modified_gmt":"2021-08-10T13:20:50","slug":"corporate-and-professional-updates-20th-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-june-2018\/","title":{"rendered":"corporate and professional updates 20th 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-69dcb7894cc3f\" 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-69dcb7894cc3f\"  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-20th-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-20th-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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-june-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\u00a0\">OTHER UPDATES\u00a0<\/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-20th-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:\/\/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 remits comparability of 2 companies for benchmarking product development services rendered by assessee [engaged in business of import, wholesale trade, manufacture of drug and medicines and research in pharmaceuticals products]\u00a0for AY 2008-09; In respect of CIT(A)\u2019s exclusion of Celestial Lab Ltd, ITAT holds that no deeper probe of the financial statements were made by the authorities below to find out reasons for earning super normal profits in the subject year and also how the functional profile was different from assessee.[TS-457-ITAT-2018(Mum)-TP]<\/li>\n<li>Delhi ITAT deletes addition u\/s 68 [dealing with unexplained cash credits] in respect of cash deposited in the bank accounts of assessee-individual during AYs 2010-11 to 2012-13, despite assessee being unable to explain the sources of cash deposits; Holds that Sec. 68 is applicable only when the credits are found in the books of account of assessee, relies on\u00a0jurisdictional HC ruling in Ms. Mayawati; Clarifies that\u00a0a credit in the bank account of an assessee cannot be construed as a \u2018credit\u2019 in the books of the assessee, remarks that \u201cThe account of the assessee in the books of the bank is different from the books of the assessee.\u00a0[TS-306-ITAT-2018(DEL)]<\/li>\n<li>CBDT has proposed amendments in two forms and one rule under to Income Tax Rules, 1962. It has suggested changes in Form No.36 for filing an appeal to the ITAT and in Form 36A, which is a memorandum of cross-objections to the ITAT.<\/li>\n<li>Govt has notified 280 as the cost inflation index (CII) number for FY 2018-19. This CII number is important as it will be used to compute inflation adjusted long-term capital gains (LTCG) on assets such as house, gold, debt mutual funds etc.<\/li>\n<li>CBEC has issued a circular clarifying the Procedure for e-commerce exports through Post and clarification regarding personal imports.\u00a0As\u00a0there are large\u00a0 number of cases where low-value-small-shipments, which characterize e-commerce environment, are shipped through post.<\/li>\n<\/ul>\n<p>More read:<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/how-to-file-tds-return-online\/\">How to file a return of TDS online<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/new-revise-tds-tcs-return-filing-due-date-payment-due-date\/\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/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 can the taxpayer use the SMS facility to generate the e-way bill?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>The taxpayer has to register the mobile numbers through which he intends to generate the e-way bill on the e-way bill system. Please see the user manual for SMS based e-way bill generation available on the portal for further details.<strong><em><span style=\"text-decoration: underline;\">\u00a0<\/span><\/em><\/strong><\/li>\n<\/ul>\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 (RBI)<\/a> has imposed a monetary penalty of Rs. 5 lakh on M\/s Kosamattam Finance Ltd. (the company) under section 58G(1)(b) read with sub-section 5(aa) of section 58B of the RBI Act, 1934 for violation of directions\/orders issued by Reserve Bank of India from time to time.<\/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 nhas plans to dematerialize all unlisted companies with paid up capital of more than\u00a0Rs.\u00a050 Million (Rs. 5 crore and above)\u00a0their shares by\u00a030th\u00a0June, 2018\u00a0and rest of the companies may dematerialize by\u00a030th\u00a0September, 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\u00a0<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>PNB\u2019s fraud risk management division issued advisory following reports of borrowings against fake property title deeds, fictitious address proofs and sham <a href=\"https:\/\/carajput.com\/income-tax-services.php\">income tax returns<\/a> against the people involved to help.<\/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>DUE DATE FOR FILLING GST TRAN-2- 30.06.2018<\/strong><\/li>\n<li><strong>DUE DATE FOR GSTR-3B -20.06.2018<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Mumbai ITAT remits comparability of 2 companies for benchmarking product development services rendered by assessee [engaged in business of import, wholesale trade, manufacture of drug and medicines and research in pharmaceuticals products]\u00a0for AY 2008-09; In respect of CIT(A)\u2019s exclusion of Celestial Lab Ltd, ITAT holds that no deeper probe of the financial &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":[2426,2432,2429,2433,2403,2427,2431,2430,2428],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4314"}],"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=4314"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4314\/revisions"}],"predecessor-version":[{"id":15344,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4314\/revisions\/15344"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}