{"id":4500,"date":"2018-06-30T00:19:37","date_gmt":"2018-06-29T18:49:37","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4500"},"modified":"2021-11-20T18:54:09","modified_gmt":"2021-11-20T13:24:09","slug":"corporate-and-professional-updates-30th-june-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-june-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 30TH 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-69eab5a413ab6\" 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-69eab5a413ab6\"  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-30th-june-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_30TH_JUNE_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 30TH JUNE 2018\">CORPORATE AND PROFESSIONAL UPDATES 30TH JUNE 2018<\/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-30th-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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-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-30th-june-2018\/#FAQ_on_GST\" title=\"FAQ on GST:\">FAQ on GST:<\/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-30th-june-2018\/#GST_UPDATE\" title=\"GST UPDATE\">GST UPDATE<\/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-30th-june-2018\/#MCA_Update\" title=\"MCA\u00a0Update:\">MCA\u00a0Update:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-june-2018\/#SEBI_UPDATES\" title=\"SEBI UPDATES\">SEBI UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-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-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-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-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-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-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-june-2018\/#QUARTERLY_RETURN_FOR_REGISTERED_PERSONS_WITH_AGGREGATE_TURNOVER_UP_TO_RS_150_CRORES_GSTR-1_-31_JULY_2018\" title=\"QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY\u00a02018\">QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY\u00a02018<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-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<h2><\/h2>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19137\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/06\/corporate.jpg\" alt=\"\" width=\"819\" height=\"569\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_30TH_JUNE_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 30TH JUNE 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\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>\n<li>Supreme Court held that even if the entire expenditure incurred for acquisition of a capital asset is treated as application of income for charitable purposes u\/s 11(1)(a) of the act, the assessee is also entitled to claim depreciation u\/s 32. Revenue\u2019s argument that the grant of depreciation amounts to giving double benefit to the assessee is not acceptable.\u00a0{CIT vs. Rajasthan And Gujarati Charitable Foundation Poona (Supreme Court)}<\/li>\n<li>ITAT Kolkata held that the entire profit credited to the partners\u2019 accounts in the firm would be exempt from tax in the hands of such partners, even if the income chargeable to tax becomes NIL in the hands of the firm on account of any exemption or deduction as per the provisions of the Act.\u00a0\u00a0{Shri Vinod Agarwal Vs. Pr. C.I.T. Central\u00a0(ITAT Kolkata)}<\/li>\n<li>Panaji ITAT deletes addition towards undisclosed income relating to alleged deposits of Rs. 8.85 cr made by Karnataka MLA (assessee) in a co-operative bank during AYs 2009-10 to 2011- 12; AO had made additions on the basis of statements given by Bank\u2019s Asst. General Manager (\u2018GM\u2019) with regard to the entries recorded in the diary found during the course of survey operations u\/s. 133A;\u00a0[TS-336-ITAT-2018(PAN)]<\/li>\n<li>Gujarat HC rejects capital gains addition on goodwill for AY 1994-95, rejects AO&#8217;s stand that assessee (Bisleri International P Ltd) undervalued goodwill (at Rs. 15.67 lakhs) by allocating higher valuation to trademark (Rs.313.50 lakhs) for transfer of trademark, goodwill, technical know-how, etc. to Coca Cola Company;\u00a0[TS-335-HC-2018(GUJ)]<\/li>\n<li>CBDT clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess. Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this, a foreign company was considered as a tax resident of India, only if the control and management of its affairs were wholly in India during that financial year.<\/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<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> E-WAY BILLS<\/a>:<\/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>Which types of transactions need the e-way bill?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer: <\/span>For 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 from an unregistered person or for reasons other than supply also e-way bill is mandatory.<\/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 Activit<span style=\"color: #0000ff;\">y <\/span><\/a><a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\"><span style=\"color: #0000ff;\">GST<\/span><\/a><\/em><\/strong><\/p>\n<p><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/43rd-gst-council-meeting\/\">Important decisions made at the \u00a043<sup>rd<\/sup> GST Council\u00a0 meeting<\/a><\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on GST:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span>Will the out-of-pocket expenses charged by professionals to claim reimbursement of expenses incurred by them for rendering services to their clients be included in the transaction value?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>Yes. Any expenses incurred by the supplier relating to supply until the services are delivered, and which are charged to the recipient, will have to be included in the transaction value.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"GST_UPDATE\"><\/span><strong>GST UPDATE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li class=\"artTitle\"><span style=\"color: #000000;\">GST: E-way bill implementation deferred due to glitches.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><strong><span style=\"text-decoration: underline;\">MCA\u00a0Update:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>MCA informs that to access DSC-related services of MCA, new settings are required effective from Feb 03, 2018.<\/li>\n<li>MCA will ask the CS and CA of the companies concerned to update the information related to their directors at the time of filing of annual results. The information will include details such as passport, <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> number, and contact details along with the physical address of directors.<\/li>\n<li>With the intent to update the registry,\u00a0MCA would be conducting\u00a0KYC of all Directors\u00a0of all companies annually through a new e-form viz.\u00a0DIR-3 KYC to be notified and deployed shortly.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI 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\/sebi-consulting.php\">SEBI<\/a> has issued List of 1690 Defaulters as on May 31, 2018, for Non-Payment of the penalty imposed by SEBI through Orders passed up to December 31, 2017.<\/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\u00a0<\/a>has introduced a Single Master Form for reporting of FDI in India. Visit the link for more details-https:\/\/calalitgoel. com\/rbi-new-circular-fdi\/.<\/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>DGFT has allowed submission of application seeking authorization for import \/ export of restricted items, after making online application, through e-mail instead of physical papers after payment of applicable fees.<\/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>\n<h5><span class=\"ez-toc-section\" id=\"QUARTERLY_RETURN_FOR_REGISTERED_PERSONS_WITH_AGGREGATE_TURNOVER_UP_TO_RS_150_CRORES_GSTR-1_-31_JULY_2018\"><\/span><strong>QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY\u00a02018<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/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<p><strong><span style=\"text-decoration: underline;\">Quote of the day<\/span><\/strong><\/p>\n<p>\u201cIt is fellow\u2019s viewpoint, and he understands ours, then we can sit down and work out our differences understanding that gives us an ability to have peace. When we understand the other.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 30TH JUNE 2018 Direct Tax : Supreme Court held that even if the entire expenditure incurred for acquisition of a capital asset is treated as application of income for charitable purposes u\/s 11(1)(a) of the act, the assessee is also entitled to claim depreciation u\/s 32. Revenue\u2019s argument that the grant &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,172,9,4],"tags":[1455,2870,2873,2871,2874],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4500"}],"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=4500"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4500\/revisions"}],"predecessor-version":[{"id":19138,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4500\/revisions\/19138"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}