{"id":5053,"date":"2018-07-23T11:49:04","date_gmt":"2018-07-23T06:19:04","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5053"},"modified":"2021-08-10T15:16:30","modified_gmt":"2021-08-10T09:46:30","slug":"corporate-and-professional-updates-23th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-23th-july-2018\/","title":{"rendered":"corporate and professional updates 23th 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-69d04891d1975\" 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-69d04891d1975\"  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-23th-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-23th-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-23th-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-23th-july-2018\/#MCA_Update\" title=\"MCA Update:\">MCA Update:<\/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-23th-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-23th-july-2018\/#_KEY_DUE_DATES\" title=\"\u00a0KEY DUE DATES\">\u00a0KEY 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:\/\/www.kotak.com\/content\/dam\/Kotak\/herosliderbanner\/corporate-landing.png\" alt=\"Image result for CORPORATE 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>Delhi ITAT upholds taxation\u00a0 of consideration for providing SAP\/CAD software related support as FTS under Article 13(4)(a), being ancillary and subsidiary to the enjoyment of the right \/ property for which royalty was received by assessee\u00a0(a UK co., JCBE), clarifies that \u2018make available\u2019 clause under Article 13(4)(c) is not applicable; ITAT notes that in earlier years, assessee had entered into bilateral agreement under which it used to receive royalty from JCB India (Indian subsidiary) for licensing the technology with an exclusive right to manufacture and market, however, during relevant AY, assessee entered into a Tripartite Agreement whereby the technology was sub-licensed by assessee to JCB investments, and the royalty paid by JCB India was routed through JCB Investments;[TS-389-ITAT-2018(DEL)]<\/li>\n<li>Karnataka HC dismisses Revenue&#8217;s appeal against ITAT decision in Phillips Software Centre case for AY 2003-04; Holds that ITAT&#8217;s observation that\u00a0-TP-provisions were inapplicable to assessee entitled to tax holiday benefit, is \u201ca mere obiter\u201d which had not caused prejudice to Revenue; Observes that such finding was not a finding of fact; Sates that &#8220;Though such an\u00a0obiter\u00a0&#8230;appears to be made .. in\u00a0ignorance of &#8230; Proviso to Sub-section (4) of\u00a0Section 92C&#8230;, but we do not find\u00a0any binding character of such findings or observations\u00a0because as far as the computation of income of the\u00a0assessee is concerned, the Assessing Authority has not\u00a0given any benefit of Section 10-A \u2026 with respect to <a href=\"https:\/\/carajput.com\/blog\/tag\/applicable-transfer-pricing-documentation\/\">Transfer Pricing<\/a> Adjustments\u2026\u201d;\u00a0[TS-701-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>Quarterly Returns approved for taxpayers with turnover less than \u20b9 5 Cr (Tax payments to continue on monthly basis).<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> on hotel rooms\u00a0would now be on actual tariff &amp; not declares tariff.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Goods Exempted from GST-fortified milk, Sanitary Pads, Deities made of stone, marbles or wood. Raakhis, without any precious metals,Raw material used in brooms, Commemorative Coins circulated by RBI or Govt and Saal.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GST reduced from 12% to 5%<\/li>\n<li>Handloom dari and Fertiliser grade phosphoric acid.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>5% GST ceiling on footwearraised from \u20b9 500\/- to \u20b9 1000\/-.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>GST reduced from 28% to 18%:<\/li>\n<li>Leather Items, Lithium-ion batteries, Vaccum cleaners, Mixers, Food grinders, Shavers, Hand dryes, hair clippers, Storage water heaters, Electric smoothing irons, Water cooler, Ice cream freezer, Television\u00a0 (up to 27&#8243;), Washing Machine, Refrigerators, Cosmetics, Perfumes, Scents, Paint, Varnishes and special purpose vehicles, work truck, trailer.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Ethanol for OMC snow at 5% vs 18% earlier.<\/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>What would be the action by the proper officer\u00a0upon conclusion of the audit?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>The proper officer must without delay inform the\u00a0taxable person about his findings, reasons for findings and\u00a0the taxable person\u2019s rights and obligations in respect of\u00a0such findings.<\/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_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Please be noted that MGT-7 Form version is being changed and will be made available shortly. Request you to check for the latest version before proceeding with the filing.<\/li>\n<li>MCA invites applications from CA having 2 years plus experience at\u00a0all over India in compliance, Investigation and inspection related work.\u00a0remuneration will be Rs. 40,000 PM + Rs. 1000\/- as conveyance.\u00a0may apply\u00a0<span style=\"text-decoration: underline;\">https:\/\/cmib.icai.org\/mcaform<\/span>by\u00a028 July, 2018.<\/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>Lok Sabha passed the Fugitive Economic Offenders Bill, 2018, which seeks to bring back white collar criminals, who have fled the country, to face trial in India.\u00a0It seeks to target fugitives for offences exceeding `100 crore.<\/li>\n<li>Rajya Sabha passed the Prevention of Corruption (Amendment) Act, 2013. It comes at a time when bankers are facing intense scrutiny for their lending decisions with many former and current bankers arrested by investigative agencies over loans that have now turned non-performing.<\/li>\n<li>CA final Result -I group 16%, II Group-13%, Both group -13%, CPT* is 28%, Foundation is 19%.<\/li>\n<li>ICAI has arranged the \u2018Tax Cloud\u2019 software on Web based ITR &amp; TDS Return Preparation for Practice Chartered Accountants &amp; CA Firms of ICAI.\u00a0https:\/\/taxcloudindia.com<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_KEY_DUE_DATES\"><\/span>\u00a0<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-6<\/a> (Jul\u201917 \u2013 Jun\u201918)- Jul 31st, 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<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Delhi ITAT upholds taxation\u00a0 of consideration for providing SAP\/CAD software related support as FTS under Article 13(4)(a), being ancillary and subsidiary to the enjoyment of the right \/ property for which royalty was received by assessee\u00a0(a UK co., JCBE), clarifies that \u2018make available\u2019 clause under Article 13(4)(c) is not applicable; ITAT notes &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":[5467,1296,5464,558,5466,5460,5465,5468],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5053"}],"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=5053"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5053\/revisions"}],"predecessor-version":[{"id":15281,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5053\/revisions\/15281"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}