{"id":4691,"date":"2018-07-09T00:11:40","date_gmt":"2018-07-08T18:41:40","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4691"},"modified":"2021-12-03T12:24:53","modified_gmt":"2021-12-03T06:54:53","slug":"corporate-and-professional-updates-9th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-july-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 9TH 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-69eab5a743166\" 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-69eab5a743166\"  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-9th-july-2018\/#Direct_Tax\" title=\"Direct Tax :\">Direct Tax :<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-july-2018\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><\/ul><\/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-9th-july-2018\/#FAQ_on_GST_AUDIT\" title=\"FAQ on GST AUDIT:\">FAQ on GST AUDIT:<\/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-9th-july-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-9th-july-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-july-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-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><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><em><span style=\"text-decoration: underline;\">Direct Tax <\/span><\/em><\/strong><span style=\"text-decoration: underline;\">:<\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Delhi ITAT deletes Sec. 40(a)(i) disallowance of Rs. 120 cr. for airfreight payments made by assessee (a logistic and Cargo handling company) without <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> to non-resident parties during AY 2014-15; Observes that assessee did not claim the airfreight as expenses in the P &amp; L account as the payments were made on behalf of its Indian clients\/customers (who reimbursed the amount to assessee);\u00a0[TS-354-ITAT-2018( DEL)]<\/li>\n<li>Kolkata ITAT allows the long term capital loss claim on off-market sale of shares by assessee to its group company during AY 2009-10; Rejects Revenue\u2019s stand that the off market transaction with group company was a colourable device only to claim the loss and reduce the tax burden;Observes that in present case, the share-sale transaction was duly supported by the required documentary evidence, delivery instructions were also issued to the depository participant evidencing that there was actual delivery of shares;\u00a0[TS-349-ITAT-2018(Kol)]<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBDThas issued\u00a0Final\u00a0Notification (applicable from AY 2017-18) for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, u\/s 115JH of IT Act.<\/li>\n<li>When the revenue has accepted the amount as loan in the hands of other party, it cannot take up a contrary stand and treat the same loan in the hands of the assessee as a gift or a sum received without consideration taxable u\/s-56(2)(vii)(a) &#8211;\u00a0<strong>ITO Vs. Shri Paramveer Abhay Sancheti (2018 (7) TMI 215 &#8211; ITAT Nagpur).<\/strong><\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>CBEC has amended the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Central Goods and Services Tax Rules, 2017<\/a>. These rules may be called the Central Goods and Services Tax (Seventh Amendment) Rules, 2018, which shall be deemed to have come into force with effect from the 12th day of June, 2018.\u00a0Vide notification no 29\/2018, dated 6th July 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GST: CBIT notifies\u00a0CGST (Seventh Amendment) Rules, 2018 and amended Rules 125, 129, 130, 131, 132 &amp; 133 effective from 12.06.2018\u00a0\u2013<strong>N.29\/2018-CT, dt.06.07.2018.<\/strong><\/li>\n<li>Alternate accommodation to be paid to the tenant of the old building by the developer \/ owner &#8211; compensation for alternate accommodation \/ damages for delayed handover of possession of the new premises &#8211; Levy of GST confirmed \u2013\u00a0AAR,\u00a0<strong>in<\/strong><strong>\u00a0Zaver Shankarlal Bhanushali (2018 (7) TMI 227).<\/strong><\/li>\n<li>CBIC has developed a mobile app &#8216;GST Verify&#8217; to protect interest of consumers.\u00a0It is an android app to verify if the person collecting GST from the consumer is eligible to collect it or not.\u00a0It also provides the details of the person collecting GST.<\/li>\n<li>Electricity bills can have GST component at times. Non-tariff charges, which include application fee for releasing connection, rentals charged against metering equipment and labour charges for shifting of meters and service lines, are liable to taxed at 18% under the GST.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_on_GST_AUDIT\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ<\/span><em><span style=\"text-decoration: underline;\"> on <a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST AUDIT<\/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>Is\u00a0a summary assessment order always passed against the taxpayer?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>No, the order is not always passed against the taxpayer. If the goods are being transported or stored in a warehouse, the taxpayer cannot be held responsible for them. In such cases, the order is passed against the person in charge of the goods at that point, per Section 64 of\u00a0the\u00a0CGST\/SGST Act.<\/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<\/a> has decided to put in place a graded enforcement action framework to enable appropriate action in respect of statutory auditors for any lapses observed in conducting a bank\u2019s statutory audit. The framework\u00a0would cover, instances of divergence identified in asset classification and provisioning during the RBI inspection vis-\u00e0-vis the audited financial statements of banks above the threshold specified etc.<\/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> reviewed the mechanism of dividend adjustment for stock options and allowed alteration in strike price.\u00a0According to the regulator, adjustment in strike price will be carried out in case dividend declared by a company is above 5 per cent of the underlying stocks.<\/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><strong>\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li><strong>IBBI<\/strong>has notified, the\u00a0<strong>IBBI (IRP\u00a0for Corporate Persons) (Third Amendment) Reg., 2018.<\/strong><\/li>\n<li>DGFThas\u00a0Notified the office address of DGFT and its Regional Authorities and their Jurisdiction and Private SEZs under the Foreign Trade Policy, 2015-20.<\/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<li>more updates for related blogs are;\n<ul>\n<li><strong><a href=\"https:\/\/carajput.com\/publications\/gst-complainces-calender-nov-2020.pdf\">GST Return compliances calendar- Nov 2020<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/salient-features-of-new-proposed-gst-system-in-india.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/salient-features-of-new-proposed-gst-system-in-india.html\">SALIENT FEATURES OF NEW GST SYSTEM IN INDIA<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/\">Key points of 42nd GST council Meeting headed By FM N. Sitharaman<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/gstn-enable-details-to-be-auto-populated-in-e-invoice-into-gstr-1\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/gstn-enable-details-to-be-auto-populated-in-e-invoice-into-gstr-1\/\">GSTN enable auto-populated in the E-invoice information into GST Return -1<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/delayed-in-payment-of-gst-then-intt-to-be-paid-on-net-gst-liability-from-sep-1-2020.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/delayed-in-payment-of-gst-then-intt-to-be-paid-on-net-gst-liability-from-sep-1-2020.html\">Delayed in payment of GST then Intt to be paid on net GST liability from Sep 1, 2020.<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/publications\/effect-of-gst-on-advertising-and-cinema-induatry.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/effect-of-gst-on-advertising-and-cinema-induatry.pdf\">Effect of GST on Advertisement and Cinema Industry<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/publications\/gst-impact-on-import-and-exports.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/gst-impact-on-import-and-exports.pdf\">GST Impact on Import and Export\u00a0<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/gst-impact-on-real-estate\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/gst-impact-on-real-estate\/\">GST Impact on Real Estate\u00a0<\/a><\/strong><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Delhi ITAT deletes Sec. 40(a)(i) disallowance of Rs. 120 cr. for airfreight payments made by assessee (a logistic and Cargo handling company) without TDS to non-resident parties during AY 2014-15; Observes that assessee did not claim the airfreight as expenses in the P &amp; L account as the payments were made on &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,110],"tags":[3687,3683,3685,3684,1455,1296,3686,3688,558,3055],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4691"}],"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=4691"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4691\/revisions"}],"predecessor-version":[{"id":19392,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4691\/revisions\/19392"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}