{"id":4439,"date":"2018-06-27T00:44:51","date_gmt":"2018-06-26T19:14:51","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4439"},"modified":"2021-11-20T19:18:41","modified_gmt":"2021-11-20T13:48:41","slug":"corporate-and-professional-updates-27th-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-27th-june-2018\/","title":{"rendered":"corporate and professional updates 27th 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-69f43be27c51f\" 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-69f43be27c51f\"  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-27th-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-27th-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-27th-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-27th-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-27th-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>Direct Tax :<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Ahmedabad ITAT rules that mere non-furnishing of Tax Residency Certificate (\u2018TRC\u2019) cannot\u00a0per se\u00a0be treated as a trigger to disentitle the treaty benefits; During relevant AYs 2013-14 and 2014-15, assessee-company paid\u00a0\u00a0installation \/ commissioning charges to a US entity without deducting TDS on the ground that absent \u2018make available, payment doesn\u2019t constitute Fees for Included Services under Article 12 of India-US DTAA;\u00a0[TS-330-ITAT-2018(Ahd)]<\/li>\n<li>Mumbai ITAT rules that capital gains of Rs. 455.70 Cr. arising to assessee-company (a tax resident of Singapore), pursuant to trading in Indian securities during AY 2011-12, not taxable in India under Article 13(4) of India-Singapore DTAA; Rejects Revenue\u2019s stand that in view of Article 24 (Limitation of Benefit clause), capital gains exemption under Article 13(4) cannot be allowed since income was not repatriated to Singapore, ITAT clarifies that Article 24 does not have much relevance insofar as it relates to applicability of Article 13(4);\u00a0[TS-321-ITAT-2018(Mum)]<\/li>\n<li>CBDT has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under the law. The advisory issued by the Board remind the taxpayers to not accept cash of Rs. 2,00,000\/- or more in aggregate from a single person in a day or for one or more transactions relating to one event or occasion.<\/li>\n<li>Delhi ITAT in the case of Ravina Khurana hearing 15 joint appeals held that\u00a0there is no justificationimposing the penalty without mentioning the grounds\u00a0specified in the notice issued under section 274 of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act<\/a>.<\/li>\n<li>Rollout of tax collection at source was deferred to July 1; implementation after systems fully ready\u00a0that will give a breather to Amazon, Flipkart and other e-commerce service providers.<\/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>Due date of\u00a0\u2013 Tran \u2013 2. Registered persons under <a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST <\/a>but unregistered under old regime-\u00a0June 30, 2018.<\/li>\n<li>Bombay High Court has held that GST shall be payable on &#8221; one time payment&#8221; upon creation of lease for a period more than 60 years even if the Lessor is a body set \u00a0up by the State Government and there shall not be any exemption. Builder Association of Navi Mumbai vs. UOI 2018.<\/li>\n<li>Bombay High Court has held that Cenvat ( now ITC) is mere concession and not as a matter of right and conditions and restrictions imposed for availing the benefits shall have to be complied with. JCB India Ltd Vs.UOI.2018 (3) ZSTPT 140 Bom.<\/li>\n<li>The Central Government is all set to bring\u00a0 35 amendments in the current GST laws including clarification for refunds, changes in the enabling provisions for reverse charge mechanism (RCM) and composition scheme and returns filing etc.<\/li>\n<li>e-way bill \u2013 Where goods moved from a DTA unit to a <a href=\"https:\/\/carajput.com\/sez-stpi.php\">SEZ<\/a> unit or vice versa located in the same State, there is no requirement to generate an e-way bill, if the same has been exempted under rule 138(14)(d) of the CGST Rules<\/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>Whether e-way bill is required for all the goods that are being transported?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The e-way bill is required to transport all the goods except exempted under the notifications or rules. Movement of handicraft goods or goods for job-work purposes under specified circumstances also requires e-way bill even if the value of consignment is less than fifty thousand rupees.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_UPDATES\"><\/span><strong><em>RBI UPDATES<\/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> relaxed its April notification, which forbade FPIs from investing more than 20 per cent of their portfolios in bonds issued by a single corporate group.<\/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>DUE DATE FOR FILLING GST TRAN-2- 30.06.2018<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Ahmedabad ITAT rules that mere non-furnishing of Tax Residency Certificate (\u2018TRC\u2019) cannot\u00a0per se\u00a0be treated as a trigger to disentitle the treaty benefits; During relevant AYs 2013-14 and 2014-15, assessee-company paid\u00a0\u00a0installation \/ commissioning charges to a US entity without deducting TDS on the ground that absent \u2018make available, payment doesn\u2019t constitute Fees for &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":[2552,2655,1622,1455,2654,558,2653,2656,2657],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4439"}],"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=4439"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4439\/revisions"}],"predecessor-version":[{"id":19141,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4439\/revisions\/19141"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}