{"id":4516,"date":"2018-07-02T01:16:11","date_gmt":"2018-07-01T19:46:11","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4516"},"modified":"2021-08-19T12:17:43","modified_gmt":"2021-08-19T06:47:43","slug":"corporate-and-professional-updates-2nd-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-2nd-july-2018\/","title":{"rendered":"Corporate and Professional updates 2nd july 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-69d00bc162e89\" 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-69d00bc162e89\"  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-2nd-july-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-2nd-july-2018\/#INDIRECT_TAX\" title=\"INDIRECT TAX\u00a0\">INDIRECT TAX\u00a0<\/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-2nd-july-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-2nd-july-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-2nd-july-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-2nd-july-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-2nd-july-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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-2nd-july-2018\/#TURNOVER_EXCEEDING_RS_15_CRORES_OR_OPTED_TO_FILE_MONTHLY_RETURN_GSTR-1_JUNE_2018_-10_JULY_2018\" title=\"TURNOVER EXCEEDING RS. 1.5 CRORES OR OPTED TO FILE MONTHLY RETURN: GSTR-1 (JUNE 2018):-10 JULY\u00a0 2018\">TURNOVER EXCEEDING RS. 1.5 CRORES OR OPTED TO FILE MONTHLY RETURN: GSTR-1 (JUNE 2018):-10 JULY\u00a0 2018<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-2nd-july-2018\/#DUE_DATE_FOR_FILLING_GST_3B-_20072018\" title=\"DUE DATE FOR FILLING GST 3B- 20.07.2018\">DUE DATE FOR FILLING GST 3B- 20.07.2018<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/07\/1-768x433.jpg\" alt=\"Image result for corporate and professional\" width=\"822\" height=\"464\" \/><\/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>Calcutta HC rules that in search cases,\u00a0the due date for filing return, in order to avail carry forward of loss [as required u\/s 139(3)], stands extended till the date specified in notice u\/s. 153A(1)(a);\u00a0HC\u00a0holds that since the search operations in case of assessee-individual were initiated on September 2, 2004, it was no longer necessary for assessee to file his regular return for subject AY 2004-05\u00a0\u00a0by October 31, 2004 [i.e due-date u\/s. 139(1)];\u00a0[TS-337-HC-2018(CAL)]<\/li>\n<li>ITAT Kolkata held that assessee is having only one portfolio that is of investment and is consistently following to declare capital gain or loss on sale on investment, <a href=\"https:\/\/carajput.com\/blog\/tag\/what-is-interim-dividend-and-final-dividend\/\">dividend<\/a> is earned on investment and there is not stock in trade portfolio. Besides, the assessee is consistently valuing investment at cost and does not claim the diminution in valuing of investment. We have noted the intention of the assessee that the Board of Directors of the assessee company has passed the resolution stating that the motive of the company is to deal in investment and not to trade in shares, therefore, we are of the view that assessee\u2019s income i.e <a href=\"https:\/\/carajput.com\/blog\/tag\/short-term-capital-gain-us-502\/\">Short term Capital Gain<\/a> by way of sale of investment should be assessed under the head \u2018capital gain\u2019 instead of \u2018business income\u2019. Therefore, we direct the Assessing Officer to treat the assessee as an investor and assess the income under the head \u2018Short term Capital Gain\u2019.[DPJ Viniyog Pvt. Ltd. Vs DCIT (ITAT Kolkata)]<\/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\u00a0<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>New <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GST return<\/a> forms would be introduced\u00a0from January 1\u00a0after successful beta-testing of the software, Finance Secretary Hasmukh Adhia said. He said wrong input tax credit claims are a potential area of evasion in the GST regime and one-to-one invoice matching is the key to checking evasion.<\/li>\n<li>CBIC extends RCM relaxation by 3 months upto 30th September 2018, Notification issued.<\/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:\u00a0\u00a0<\/span>How many times can Part-B or Vehicle number be updated for an e-way bill?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The user can update Part-B (Vehicle details) as many times as he wants for movement of goods to the destination. However, the updating should be donewithin the validity period.<\/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><\/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 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<\/a> has released the data on\u00a0External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB) and Rupee Denominated Bonds (RDB)\u00a0both, through Automatic Route and Approval Route, for the month of May 2018.<\/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 would be conducting\u00a0KYC of all Directors\u00a0of all companies annually through a new eform viz.\u00a0DIR-3\u00a0KYC. \u00a0Every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in \u2018Approved\u2019 status, would be mandatorily required to file form DIR-3 KYC\u00a0\u00a0on or\u00a0before\u00a031 Aug,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>Public sector lender Indian Bank has decided to withdraw a resolution related to dividend payment after the RBI said, the bank can declare dividend after fully providing for mark-to-market (MTM) loss, gratuity and any other provisions.<\/li>\n<li>The\u00a0Central Board\u00a0of Trustees, EPF in their meeting have approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month.<\/li>\n<li>Indian Overseas Bank invite applications from CA Firms for assignment of Concurrent Audit in the Prescribed Format. The Application downloaded from the website should be filed in and duly signed by authorised signatory and should be emailed to\u00a0<a href=\"mailto:conauditapp@iob.in\">conauditapp@iob.in<\/a>in pdf format on or\u00a0before 06-07-2018.<\/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>\n<h5><span class=\"ez-toc-section\" id=\"TURNOVER_EXCEEDING_RS_15_CRORES_OR_OPTED_TO_FILE_MONTHLY_RETURN_GSTR-1_JUNE_2018_-10_JULY_2018\"><\/span><strong>TURNOVER EXCEEDING RS. 1.5 CRORES OR OPTED TO FILE MONTHLY RETURN: GSTR-1 (JUNE 2018):-10 JULY\u00a0 2018<\/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_3B-_20072018\"><\/span><strong>DUE DATE FOR FILLING GST 3B- 20.07.2018<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h5>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Calcutta HC rules that in search cases,\u00a0the due date for filing return, in order to avail carry forward of loss [as required u\/s 139(3)], stands extended till the date specified in notice u\/s. 153A(1)(a);\u00a0HC\u00a0holds that since the search operations in case of assessee-individual were initiated on September 2, 2004, it was no &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150],"tags":[2945,2946,1455,590,558,2944],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4516"}],"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=4516"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4516\/revisions"}],"predecessor-version":[{"id":16194,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4516\/revisions\/16194"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}