{"id":4700,"date":"2018-07-10T11:13:24","date_gmt":"2018-07-10T05:43:24","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4700"},"modified":"2021-08-10T17:12:28","modified_gmt":"2021-08-10T11:42:28","slug":"corporate-and-professional-updates-10th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10th-july-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 10TH 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-69f2de5ade02d\" 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-69f2de5ade02d\"  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-10th-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-10th-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-10th-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-10th-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-10th-july-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><img decoding=\"async\" src=\"https:\/\/4.bp.blogspot.com\/-wNJClJqatnY\/VyitHIW_mDI\/AAAAAAAAJWQ\/aADIWyCr7kwwv9OmGZd_ZtMc0FhhDqH_ACLcB\/s1600\/corporate.jpg\" alt=\"Image result for PROFESSIONAL UPDATES\" \/><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>Madras HC reverses ITAT order for AYs 1998-99 and 1999-2000, allows deduction to assessee-company for expenses incurred on abandoned project, holds the same as revenue in nature as the venture did not fructify; Assessee was invited to take over the\u00a0Chemical Beneficiation Project\u00a0by the Government of Tamil Nadu, however, due to several reasons, Government\u00a0decided to abandon the project and consequently, assessee claimed revenue deduction for major portion of intangibles which was disallowed by AO;\u00a0[TS-332-HC-2018(MAD)]<\/li>\n<li>Karnataka HC allows assessee&#8217;s (distributor of diabetic care and other products) writ, quashes reassessment notice for AY 2006-07; Notes that during assessment proceedings u\/s 143(3), TPO had accepted assessee&#8217;s transactions to be ALP, however, assessment was reopened on March 28, 2013 alleging that assessee&#8217;s transaction would qualify as &#8216;deemed international transaction&#8217; and assessee failed to report the same in Form 3CEB;\u00a0[TS-501-HC-2018(KAR)-TP]<\/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>Punjab &amp; Haryana High Court held that <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> appeal should not be dismissed for delay if No Appellate Authority constituted.\u00a0[R.S. Steel Traders Vs State of Haryana (Punjab &amp; Haryana High Court)]<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_AUDIT\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ 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>When will a best judgement assessment order be withdrawn?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>After a taxpayer receives a best judgement assessment order issued by a tax official, they have 30 days to file their returns for the tax period and pay the tax shown on the assessment. As soon as they have done so, the best judgement assessment order will be withdrawn.<strong><em><span style=\"text-decoration: underline;\">\u00a0<\/span><\/em><\/strong><\/li>\n<\/ul>\n<p>More reads: <strong><a href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\">Reasons for the Movement of Goods under the GST<\/a><\/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<p style=\"text-align: justify;\">Every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in \u2018Approved\u2019 status, would be mandatory required to file form DIR-3 KYC on or before 31st August, 2018. Otherwise LATE FEES PENALTY 5000 FROM 1 SEPTEMBER 2018 AND DIN WILL BE DEACTIVATED.<\/p>\n<ol style=\"text-align: justify;\">\n<li><strong>Documents Required<\/strong>:<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>1. DSC of Director duly Registered;<\/li>\n<li>2. Self attested PAN card;<\/li>\n<li>3. Self attested Aadhar card with updated Mobile number with UIDAI;<\/li>\n<li>4. Self attested Electricity Bill, Mobile Bill, Bank statement of Director (latest 2 Months) of his\/her present address;<\/li>\n<li>5. Latest Passport size photo;<\/li>\n<li>6. DIN declaration cum KYC.<\/li>\n<li>DIR-3 KYC Will be deploy from 10.07.2018.<\/li>\n<\/ul>\n<h2><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>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> (Jun 2018)-Jul 20th, 2018<\/li>\n<\/ul>\n<ul>\n<li>GSTR-5 (Jun 2018)-Jul 20th, 2018<\/li>\n<\/ul>\n<ul>\n<li>GSTR-6 (Jul\u201917 \u2013 Jun\u201918)- Jul 31st, 2018<\/li>\n<\/ul>\n<ul>\n<li>GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018<\/li>\n<\/ul>\n<ul>\n<li>GSTR-5A (Jun 2018)-Jul 20th, 2018<\/li>\n<\/ul>\n<ul>\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 <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> (Jun 2018)- Jul 10th, 2018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Madras HC reverses ITAT order for AYs 1998-99 and 1999-2000, allows deduction to assessee-company for expenses incurred on abandoned project, holds the same as revenue in nature as the venture did not fructify; Assessee was invited to take over the\u00a0Chemical Beneficiation Project\u00a0by the Government of Tamil Nadu, however, due to several reasons, &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":[3767,3765,1296,3768,558,3766],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4700"}],"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=4700"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4700\/revisions"}],"predecessor-version":[{"id":15307,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4700\/revisions\/15307"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}