{"id":4579,"date":"2018-07-04T11:25:56","date_gmt":"2018-07-04T05:55:56","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4579"},"modified":"2021-08-10T17:33:40","modified_gmt":"2021-08-10T12:03:40","slug":"corporate-and-professional-updates-7th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-7th-july-2018\/","title":{"rendered":"corporate and professional updates 7th 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-69eab5747337b\" 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-69eab5747337b\"  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-7th-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-7th-july-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-7th-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-7th-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-7th-july-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><\/ul><\/nav><\/div>\n<h2 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\" \/><\/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 style=\"text-align: justify;\">\n<li>Karnataka HC upholds ITAT order, allows Sec. 10B deduction to assessee-company (100% EOU) in respect of the \u2018Deemed Export\u2019 of goods made by it through a third party during AYs 2009-10 &amp; 2010-11, follows co-ordinate Bench order in Tata Elxsi Ltd. rendered in context of Sec. 10A; Rejects Revenue\u2019s stand that Tata Elxsi case was distinguishable as both the units therein were located in STP, however, in present case, the entity through whom the export was made by assessee was not a 100% EOU;\u00a0[TS-345-HC-2018(KAR)]<\/li>\n<li>Karnataka HC dismisses Revenue\u2019s appeal challenging ITAT\u2019s comparables selection for software developer assessee for AY 2006-07, lays down law on interpretation of \u2018substantial question of law\u2019 in respect of appeals against comparables selection in TP cases; Highlighting that the existence of a substantial question of law is\u00a0sine qua non\u00a0for maintaining an appeal before HC u\/s 260A (pari materia with Sec 100 r.w.s. 103 of Civil Procedure Code), reiterates that findings of fact cannot be disturbed while dealing with appeals u\/s 260A unless such findings are ex-facie perverse, unsustainable and exhibit a total non-application of mind by the Tribunal to the relevant facts and evidence, relies on various precedents;\u00a0\u00a0[TS-475-HC-2018(KAR)-TP]<\/li>\n<li>CBDT extended the deadline for the <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a>-Aadhaar linking to\u00a0March 31-2019. The policy-making body of the tax department issued an order, under Section 119 of the Income Tax Act, extending the deadline.<\/li>\n<li>CBDT was not justified in rejecting application\u00a0\u00a0for\u00a0\u00a0condonation\u00a0 of\u00a0\u00a0delay\u00a0\u00a0in\u00a0\u00a0<a href=\"https:\/\/carajput.com\/blog\/tag\/filing-of-income-tax-return\/\">filling\u00a0\u00a0 return\u00a0\u00a0<\/a>where assessee\u00a0\u00a0had\u00a0\u00a0uploaded return sometime\u00a0\u00a0past\u00a0\u00a000:00\u00a0\u00a0hours\u00a0\u00a0 of\u00a0\u00a0the last\u00a0\u00a0date\u00a0\u00a0as\u00a0\u00a0extended\u00a0\u00a0as\u00a0\u00a0 the\u00a0\u00a0 assessee\u00a0\u00a0has\u00a0\u00a0encountered\u00a0\u00a0 certain hardship\u00a0in\u00a0\u00a0uploading\u00a0\u00a0his return. CBDT\u00a0&amp; Ors.\u00a0\u00a0vs.\u00a0\u00a0Regen Infrastructure &amp; Services (P) Ltd. ( High Court \u2013 Madras)<\/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>AAR rules on taxability of high seas supplies, holds that goods which are sold on high seas sale basis are \u2018non-taxable supply\u2019 as no tax is leviable on them till the time of Customs clearance in accordance with Section 12 of Customs Act r\/w Section 3 of Customs Tariff Act; Notes that as per the arrangement, applicant would be buying products from overseas related party at arm\u2019s length pricing against purchase orders received from customers in India and before goods cross the Customs frontier, would be sold by applicant to such customers;\u00a0[TS-275-AAR-2018- NT]<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> implementation has resulted in an increase in direct tax collections with 44 per cent rise in advance tax collections in April-June quarter, despite challenges to the global economy, demonetization and anti-black money measures, direct tax collection has gone up 18 per cent and the impact of GST was not fully visible last 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:\u00a0<\/span>What is bulk generation facility and who can use it?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>Through this facility, user can upload multiple invoices and generate multiple e-way bill at one go .This facility can be used by the taxpayers or transporters who have automated their invoice generation system. In one go, they can prepare bulk requests for e-way bills in a file from their automated system, and upload it on the common portal and generate e-way bill in one go<strong><em><span style=\"text-decoration: underline;\">.<\/span><\/em><\/strong><\/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=\"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\u00a0crackdown on shell companies<span style=\"text-decoration: underline;\">:<\/span>As many as 1,313 \u201clisted\u201d entities that have failed to file their annual reports\u00a0for\u00a0two years face the prospect of being struck off the <a href=\"https:\/\/www.legalpillers.com\/services\/roc-compliances-of-pvt-ltd-opc\/\">registrar of companies\u2019 (ROC)<\/a> database. The move is a continuation of the MCA efforts to weed out shell companies.<\/li>\n<li>The annual return on Foreign Liabilities and Assets (FLA) is required to be submitted directly by all the Indian companies which have received FDI (foreign direct investment) and\/or made FDI abroad (i.e. overseas investment) in the previous year(s) including the current year i.e. who holds foreign Assets or Liabilities in their Balance Sheets on or before\u00a015 TH JULY, 2018.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><em><strong>KEY DUE DATES<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> (Jun 2018)-Jul 20th, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTR-5 (Jun 2018)-Jul 20th, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTR-6 (Jul\u201917 \u2013 Jun\u201918)- Jul 31st, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GSTR-5A (Jun 2018)-Jul 20th, 2018<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (Apr-Jun, 2018)-Jul 31st, 2018<\/li>\n<li>Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return GSTR-1 (Jun 2018)- Jul 10th, 2018<\/li>\n<\/ul>\n<div class=\"entry-content post_content\" style=\"text-align: justify;\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Karnataka HC upholds ITAT order, allows Sec. 10B deduction to assessee-company (100% EOU) in respect of the \u2018Deemed Export\u2019 of goods made by it through a third party during AYs 2009-10 &amp; 2010-11, follows co-ordinate Bench order in Tata Elxsi Ltd. rendered in context of Sec. 10A; Rejects Revenue\u2019s stand that Tata &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":[3244,3242,3245,1455,3243,558],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4579"}],"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=4579"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4579\/revisions"}],"predecessor-version":[{"id":15311,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4579\/revisions\/15311"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}