{"id":4985,"date":"2018-07-18T10:51:52","date_gmt":"2018-07-18T05:21:52","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=4985"},"modified":"2021-08-10T15:58:30","modified_gmt":"2021-08-10T10:28:30","slug":"corporate-and-professional-updates-18th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-july-2018\/","title":{"rendered":"corporate and professional updates 18th 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-69d04cec1ba9a\" 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-69d04cec1ba9a\"  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-18th-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-18th-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-18th-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-18th-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-18th-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-18th-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 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>Delhi ITAT remits issue of ALP-determination in respect of assessee\u2019s provision of business support services to AE considering that entire TP analysis was made by the TPO on the basis of wrong FAR of the assesse as well as comparables for AY 2010-11; Opines that\u00a0\u201cwhen the entire TP analysis is based upon the wrong FAR of the comparables and the TPO has assumed wrong functions being performed by the taxpayer, the entire subsequent exercise as to selecting the comparables has become erroneous and is of no use to determine the arm\u2019s length price of <a href=\"https:\/\/carajput.com\/blog\/tag\/international-taxation-provisions\/\">international<\/a> transaction for determining ALP of international transaction rather entire exercise needs to be carried out afresh\u201d;\u00a0[TS-521-ITAT-2018( DEL)-TP]<\/li>\n<li>ITAT remits ALP determination of royalty payment to AE for AY 2010-11; Relies upon ITAT order in assessee&#8217;s own case for AY 2007-08 and 2008-09; TPO had restricted the ALP for royalty at 1% of net sales under CUP while assessee had used TNMM for determining ALP of royalty payment; Separately, ITAT rejects assessee&#8217;s ground to set aside DRP&#8217;s order alleging judicial bias, observes that no instance of bias was brought to its notice;\u00a0[TS-524-ITAT-2018(Bang)-TP]<\/li>\n<li><a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> not deductible on Advance Received towards Professional Fee which is returned back.\u00a0Shri A. Naga Srinivas Vs DCIT ( ITAT Hyderabad)<\/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>The govt is likely to retrospectively amend laws governing the <a href=\"https:\/\/carajput.com\/blog\/gst\/\">GST<\/a> to deny transitional credit to taxpayers against cesses levied in the earlier indirect tax regime.<\/li>\n<li>The govt has issued guidelines for IGST refunds for goods and services supplied to <a href=\"https:\/\/carajput.com\/sez-stpi.php\">units in SEZ<\/a>. The detailed guideline are based on notification\/circulars issued by the Finance and Commerce Ministries.<\/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>Is summary assessment order to be necessarily passed against the taxable person?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span> In certain cases, like when goods are under transportation or are stored in a warehouse, and the taxable person in respect of such goods cannot be ascertained, the person in charge of such goods shall be deemed to be the taxable person and will be assessed to tax (proviso to Section 64 of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST \/ SGST Act)<\/a>.<\/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=\"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 set up a 10-member committee to review the penal provisions in the Act.\u00a0The committee, may propose decriminalisation and suggest ways in which to replace the provisions with an in-house mechanism, where a penalty could be levied in instances of default.<\/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 directed to the Banks that effective from September-15-2018, the Banks shall also mention the name of Purchaser of the Demand Draft\/Pay Order\/ Banker&#8217; Cheques etc. on the Face of such Instruments.<\/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>The results of ICAI Final Exam, Foundation Exam and CPT held in May\/June 2018 will be declared on Friday, the 20th July 2018 around 6.00 P.M and that the same can be accessed at\u00a0<span style=\"text-decoration: underline;\">icai.org<\/span><span style=\"text-decoration: underline;\">icaiexam.icai. org<\/span>\u00a0<span style=\"text-decoration: underline;\">caresults.icai.org<\/span>\u00a0<span style=\"text-decoration: underline;\">icai. nic.in<\/span><\/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- <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 remits issue of ALP-determination in respect of assessee\u2019s provision of business support services to AE considering that entire TP analysis was made by the TPO on the basis of wrong FAR of the assesse as well as comparables for AY 2010-11; Opines that\u00a0\u201cwhen the entire TP analysis is based upon &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":[5395,5397,1296,558,5384,5398,5396],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4985"}],"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=4985"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4985\/revisions"}],"predecessor-version":[{"id":15291,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/4985\/revisions\/15291"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=4985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=4985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=4985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}