{"id":4927,"date":"2018-07-13T17:11:49","date_gmt":"2018-07-13T11:41:49","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4927"},"modified":"2021-11-20T18:55:12","modified_gmt":"2021-11-20T13:25:12","slug":"corporate-and-professional-updates-13th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-july-2018\/","title":{"rendered":"Corporate and professional updates 13th 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-69d04cea15779\" 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-69d04cea15779\"  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-13th-july-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_13th_july_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 13th july 2018\">CORPORATE AND PROFESSIONAL UPDATES 13th july 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-13th-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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-13th-july-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/nebula.wsimg.com\/f7e64d0a11db5fbf52fc402c9413ad4b?AccessKeyId=257631260A7E0C08008A&amp;disposition=0&amp;alloworigin=1\" alt=\"Image result for corporate and professional\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_13th_july_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 13th july 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 style=\"text-align: justify;\">\n<li>Andhra Pradesh and Telangana HC rejects assessee-petitioner\u2019s plea that reduced compounding fee @ 3% \u200bis applicable in view of the revised CBDT guidelines of December 2014, \u200bholds that guidelines that were in existence at the time of filing\u200b of\u200b the compounding application in August, 2014 (which prescribed for higher compounding fees @ 5%) were applicable; Observes that assessee had filed compounding application u\/s. 279(2) with respect to prosecution proceedings initiated against it for failure to remit <a href=\"https:\/\/carajput.com\/blog\/tag\/tds-tcs-changes-to-covid19\/\">TDS<\/a>, however, the same was rejected for non-payment of compounding fees as assessee disputed its quantum;\u00a0[TS-372-HC-2018(AP)]<\/li>\n<li>Bangalore ITAT confirms interest levy u\/s. 201(1A) for TDS default by assessee-payer during AYs\u00a02011-12 to 2015-16, despite\u00a0\u200bnon-applicability of primary <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> liability due to losses reported by\u00a0non-resident\u00a0\u200b\u200bpayee&#8217;s Indian PE; Rejects assessee\u2019s stand that when no tax is payable there cannot be any loss to the exchequer and, therefore, levy of interest which is compensatory in nature cannot be sustained;\u00a0[TS-371-ITAT-2018( Bang)]<\/li>\n<li>TDS:\u00a0TDS u\/s 194A &#8211; NOIDA &#8211; composition of the Authority is statutorily provided by Section 3 of 1976 Act itself, hence, there is no denying that Authority has been constituted by Act itself &#8211; NOIDA is a Corporation &#8211; No TDS liability on interest paid to NOIDA \u2013\u00a0CIT (TDS) &amp; Anr Vs. Canara Bank (2018 (7) TMI 664 &#8211; Supreme Court).<\/li>\n<li>IT:\u00a0Penalty u\/s 271(l)(c) &#8211; The legislature does not intend to penalize every person whose claim is disallowed. This is not the aim of the legislature \u2013CIT\u00a0\u00a0Vs. Samtel India Ltd. (2018 (7) TMI 660 &#8211; Delhi High Court).<\/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 Activi<span style=\"color: #0000ff;\">ty <\/span><\/a><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST<\/a><\/span><\/em><\/strong><\/p>\n<p><strong><em><u>Read more about<\/u><u>: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/all-about-gst-offenses-penalties-appeals\/\">All about GST Offenses, Penalties, and Appeals<\/a><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\">Key Features \u2013 Return Preparation Utility (RPU) version 2.3:<\/p>\n<ul style=\"text-align: justify;\">\n<li>A new column for \u201cDeduction under Section 16 (ia)\u201d is added under Annexure II (i.e. Salary details) for Form 24Q-Q4<\/li>\n<li>The above referred deduction is applicable for regular and Correction statements for Form 24Q-Q4.<\/li>\n<li>Deduction under Section 16 (ia) will be applicable for statements pertaining to F.Y. 2018-19 onwards.\u00a0Introduction of new remark code for Form 26Q<\/li>\n<li>A new remark code \u201cR\u201d is introduced under field \u201cRemarks\u201d in Annexure I (i.e. deducted details) for deduction on interest income for Senior Citizens.<\/li>\n<li>This will be applicable only for section code 194A (i.e. interest other than interest on securities).\u00a0Same will be applicable for Regular and Correction statements pertaining to Form 26Q from F.Y. 2018-19 onwards.<\/li>\n<li>Incorporation of latest\u00a0 (FVU) version 5.8 (applicable for TDS\/TCS statements pertaining to FY 2010-11 onwards) and FVU version 2.3 (applicable for TDS\/TCS statements from FY 2007-08 up to FY 2009-10).<\/li>\n<li>This version of FVU is applicable with effect from June 29, 2018.<\/li>\n<li>The Date for updation Of Entity Master Form on RBI website has been extended to 20th July 2018.<\/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>CBDT has revised the Threshold Limits for Filing of Appeals\/SLP by the<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax<\/a> Department Vide Circular No. 3\/218 dated July 11,2018.<\/li>\n<li>Service Tax Audit &#8211; Vires of sub-rule (2) of Rule 5A of the Service Tax Rules, 1994 as substituted by notification no. 23\/24\/ST &#8211; HC quashed the notice following the Delhi HC judgment \u2013\u00a0Infinity Infotech Parks Ltd. &amp; Anr Vs. Union of India &amp; Ors (2018 (7) TMI 667 &#8211; Calcutta HC).<\/li>\n<li>Threshold Monetary Limits for filing Departmental Appeals has been increased in case of (i)\u00a0ITAT \/ CESTAT\u00a0from Rs.10 Lac to Rs.20 Lac; (ii)\u00a0High Courts\u00a0from Rs.20 Lac to Rs.50 Lac; and in case of (iii)\u00a0Supreme Courtfrom Rs.25 Lac to Rs.1 Crore.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST Audit<\/a>:<\/span><\/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 the time limit to pass assessment orders under Section 62 and 63 (Best Judgement and\u00a0Non-filers)?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>Assessment orders under these sections must be passed\u00a0within 5 years\u00a0from the due date of the annual return (GSTR-9).<\/li>\n<\/ul>\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 (RBI)<\/a> has extended the Directions issued to the Gomti Nagariya Sahakari Bank Ltd., Jaunpur (Uttar Pradesh) for a further period of four months from July 11, 2018 toNovember 10, 2018, subject to review.<\/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 has issued an\u00a0advance alert on its website w.r.t the DSC of directors to be used on Form DIR-3KYC. The\u00a0PAN based DSC in case of Indian Nationals\u00a0and in case of foreign nationals,\u00a0applicant&#8217;s name in DSC would be matched with his \/ her name entered while filing the form (DIR-3 KYC).<\/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>ICAI\u00a0invites comments by 10.08.2018 on Exposure Draft of Accounting Standard (AS) 19, Employee Benefits.<\/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>GSTR-3B (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><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-5A<\/a> (Jun 2018)-Jul 20th, 2018<\/li>\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>Due date for furnishing of Form 24G by an office of the Government where TDS for the month of June, 2018 has been paid without the production of a challan-15th july<\/li>\n<li>A Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of May, 2018-15th july<\/li>\n<li>Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of May, 2017-15th july<\/li>\n<li>Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2018-15th july<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 13th july 2018 Direct Tax : Andhra Pradesh and Telangana HC rejects assessee-petitioner\u2019s plea that reduced compounding fee @ 3% \u200bis applicable in view of the revised CBDT guidelines of December 2014, \u200bholds that guidelines that were in existence at the time of filing\u200b of\u200b the compounding application in August, 2014 &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":[5062,5066,5068,1296,558,5065,5064,5063,5067],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4927"}],"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=4927"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4927\/revisions"}],"predecessor-version":[{"id":19135,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4927\/revisions\/19135"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}