{"id":4983,"date":"2018-07-17T11:55:03","date_gmt":"2018-07-17T06:25:03","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4983"},"modified":"2021-08-10T16:00:45","modified_gmt":"2021-08-10T10:30:45","slug":"corporate-and-professional-updates-17th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-17th-july-2018\/","title":{"rendered":"corporate and professional updates 17th 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-69d2631d4bd9c\" 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-69d2631d4bd9c\"  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-17th-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-17th-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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-17th-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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-17th-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-17th-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:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/07\/1-768x433.jpg\" alt=\"Image result for corporate and professional\" \/><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>Delhi ITAT deletes penalty u\/s 271(1)(c) on TP-adjustment in case of assessee providing IT\/software development services to its AE for AY 2002-03; Notes that TP-adjustment was made on the ground that under-utilization of capacity for assessee (a captive service provider) was due to insufficient orders given by AE and therefore, AE should have compensated assessee for such under-utilization;\u00a0[TS-607- ITAT-2018(DEL)-TP]<\/li>\n<li>Kerala HC upholds ITAT order for AY 2008-09, denies deduction to assessee-employer for belated payment of employees&#8217; contribution to PF\/ESI beyond the PF Act due-date, follows co-ordinate bench ruling in\u00a0Merchem Ltd.; Rejects assessee\u2019s stand that co-ordinate bench ruling requires reconsideration since it misread SC ruling in Alom Extrusions Ltd, holds that the two rulings &#8211;\u00a0Alom Extrusions Ltd. and Merchem Ltd.\u00a0\u00a0apply in two different fields, \u201dthe former with reference to Section 43B(b), being employer&#8217;s contribution and the latter dealing with employee&#8217;s contribution as covered by Section 36(1)(va)\u201d;\u00a0[TS-378-HC-2018(KER)]<\/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\u00a0\u00a0<\/span>When can a taxpayer pay tax on a provisional basis?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>Under the GST regime, the taxpayer\u00a0normally\u00a0pays tax on a self-assessment basis.\u00a0If a taxpayer is unable to determine the value and tax rate applicable to the goods\/services they supplied, they should raise a request\u00a0for provisional assessment, citing the reasons why they need to pay tax on a provisional basis. This request will be processed by a tax officer.<\/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><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<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<\/a> releases monthly data on India\u2019s international trade in services with a lag of around 45 days.<\/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<p style=\"text-align: justify;\">MCA is conducting KYC of all Directors of all companies annually through a new form viz. DIR-3 KYC<\/p>\n<ul style=\"text-align: justify;\">\n<li>Every Director who has been allotted DIN on or before 31st march, 2018 and whose DIN status is \u2018Approved\u2019.<\/li>\n<li>Due date\u00a0of filing of DIR-3KYC is on or before\u00a031st August, 2018.<\/li>\n<li>Mandatory Information DIR-3 &#8211; Unique Personal Mobile Number, Personal Email ID, OTP on Email ID and Mobile No.<\/li>\n<li>Certification of DIR-3 KYC &#8211;\u00a0 DSC of Director &amp; DSC of practicing professional (CA\/CS\/CMA)<\/li>\n<li>Filing of DIR-3 KYC would be mandatory for Disqualified Directors<\/li>\n<li>If director fails to file DIR-3 KYC the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as \u2018Deactivated\u2019 with reason as \u2018Non-filing of DIR-3 KYC\u2019<\/li>\n<li>There will be following Consequences of filing of DIR-3 KYC after due date, After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.<\/li>\n<li>MCA notifies &#8216;Nil Fee&#8217; and &#8216;Delayed Fee of Rs. 5,000&#8217; for Filing e-Form DIR-3 KYC under rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014, applicable w.e.f. 10 July 2018<\/li>\n<li>MCA notifies format of e-form DIR-3 KYC under new Rule 12A (Directors KYC) along with procedure for restoration of deactivated DINs of Directors, applicable w.e.f. 14 July, 2018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">ICAI Election 2018 ICON created on\u00a0<span style=\"text-decoration: underline;\">www.icai.org<\/span>. And first notification to opt for polling booth change in the same city for the Members of\u00a0 Delhi, Bengaluru, Chennai, Kolkatta and Mumbai posted. 8th August, 2018 is last date to exercise the option.<\/p>\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><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-6<\/a> (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<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores-<a href=\"https:\/\/carajput.com\/gst\/gst-return.php\"> GSTR-1<\/a> (Apr-Jun, 2018)-Jul 31st, 2018.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Delhi ITAT deletes penalty u\/s 271(1)(c) on TP-adjustment in case of assessee providing IT\/software development services to its AE for AY 2002-03; Notes that TP-adjustment was made on the ground that under-utilization of capacity for assessee (a captive service provider) was due to insufficient orders given by AE and therefore, AE should &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":[4104,1296,558,4182,5394,5393],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4983"}],"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=4983"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4983\/revisions"}],"predecessor-version":[{"id":15292,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4983\/revisions\/15292"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}