{"id":5056,"date":"2018-07-24T12:37:56","date_gmt":"2018-07-24T07:07:56","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5056"},"modified":"2021-12-02T18:33:14","modified_gmt":"2021-12-02T13:03:14","slug":"corporate-and-professional-updates-24th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-july-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 24TH 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-69d04d9a32e74\" 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-69d04d9a32e74\"  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-24th-july-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_24TH_JULY_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 24TH JULY 2018\">CORPORATE AND PROFESSIONAL UPDATES 24TH JULY 2018<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-july-2018\/#Direct_Tax\" title=\"Direct Tax;\">Direct Tax;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-july-2018\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-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-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-july-2018\/#MCA_Update\" title=\"MCA Update;\">MCA Update;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-july-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-july-2018\/#Read_more_about_What_is_core_Business_Activity_GST\" title=\"Read more about: What is core Business Activity GST\">Read more about: What is core Business Activity GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-24th-july-2018\/#Read_more_about_All_about_GST_Offenses_Penalties_and_Appeals\" title=\"Read more about: All about GST Offenses, Penalties, and Appeals\">Read more about: All about GST Offenses, Penalties, and Appeals<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.heritagebhutan.com\/wp-content\/uploads\/2016\/10\/Corporate-2.jpg\" alt=\"Image result for corporate updates\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_24TH_JULY_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 24TH JULY 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><em><strong><span style=\"text-decoration: underline;\">Direct Tax;<\/span><\/strong><\/em><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Delhi ITAT allows Sec 11 benefit to Indian Olympic Association for AY 2011-12, holds that sponsorship contract for 2010 Asian Games and Youth Olympic Games does not constitute activity in the nature of trade, commerce or business; Elaborately discusses the amendment to Sec 2(15) by Finance Act, 2008 referring to Finance Minister&#8217;s Speech, CBDT circular No. 11\/2008 as per which the amendment is applicable only to entities whose purpose is of advancement of general public utilities and whether the entity is engaged in activity of trade, etc is a question to be decided based on facts of each case;\u00a0[TS-396-ITAT-2018(DEL)]<\/li>\n<li>Delhi Tribunal Special Bench rules that goodwill qualifies for depreciation u\/s. 32, follows SC ruling in Smifs Securities Ltd. wherein it had ruled that goodwill falls under the expression \u2018or any other business or commercial rights of similar nature\u2019 appearing u\/s. 32(1); During relevant AY 2001-02,\u00a0assessee-company took over all the assets and liabilities of a partnership firm, which inter-alia included goodwill valued at Rs. 10cr.;\u00a0Rejects Revenue\u2019s stand that\u00a0since goodwill of a business cannot be transferred separately\u00a0de hors\u00a0the transfer of business, it cannot be included in the expression \u2018any other business or commercial rights of similar nature\u2019 used in the provision to explain the unspecified intangible assets ;\u00a0[TS-395-ITAT-2018(DEL)]<\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>GST Quarterly Returns approved for taxpayers with turnover less than Rs 5cr (tax payments to continue on monthly basis)<\/li>\n<li>Sanitary Napkins exempted from GST going forward<\/li>\n<li>No decision on 1% sugar cess on GST<\/li>\n<li>GST on bamboo flooring reduced to 12%<\/li>\n<li>GST on hotels would now be on actual tariff &amp; not declares tariff<\/li>\n<li>Ethanol for Oil Marketing Companies now GST at 5% vs 18% earlier<\/li>\n<li>5% GST ceiling on footwear raised from Rs 500 to Rs 1000<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> on paints &amp; varnishes, wall putty cut from 28% to 18%<\/li>\n<li>GST on all leather items cut from 28% to 18%<\/li>\n<li>A GST on consumer electronics &#8211; *TV (up to 27&#8243;), Washing Machine, Refrigerator, mixer, juicer, grinder* cut from 28% to 18%<\/li>\n<li>GST on special purpose vehicles, work truck, trailer cut from 28% to 18%<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on GST Audit:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span><strong>Who will bear the cost of special audit?<\/strong><\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span><strong>The expenses for examination and audit including he\u00a0remuneration payable to the auditor will be determined\u00a0and borne by the Commissioner.<\/strong><\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li><strong>Extension of time inviting comments on updating National Voluntary Guidelines till August 10, 2018.<\/strong><strong>\u00a0<\/strong><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><span style=\"text-decoration: underline;\"><em><strong>KEY DUE DATES<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><em>30 July 2018 &#8211;<\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2018<\/li>\n<li>Due date for furnishing of challan-cum-statement in respect of tax deducted undersection 194-IA for the month of June, 2018<\/li>\n<li>Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of June, 2018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em>31 July 2018 &#8211;<\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Quarterly statement of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> deposited for the quarter ending June 30, 2018<\/li>\n<li>Annual return of income for the assessment year 2018-19 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report under section 92E.<\/li>\n<li>Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending June 30, 2018<\/li>\n<li>Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is July 31, 2018)<\/li>\n<li>Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on or before July 31, 2018)<\/li>\n<li>Statement in Form no. 10 to be furnished to accumulate income for future application undersection 10(21) or 11(2) (if the assessee is required to submit return of income on or before July 31, 2018)<\/li>\n<li>Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2017-18 and of foreign tax deducted or paid on such income in Form no. 67. (If the assessee is required to submit return of income on or before July 31, 2018.<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Read_more_about_What_is_core_Business_Activity_GST\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Read_more_about_All_about_GST_Offenses_Penalties_and_Appeals\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4 style=\"text-align: justify;\"><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 24TH JULY 2018 Direct Tax; Delhi ITAT allows Sec 11 benefit to Indian Olympic Association for AY 2011-12, holds that sponsorship contract for 2010 Asian Games and Youth Olympic Games does not constitute activity in the nature of trade, commerce or business; Elaborately discusses the amendment to Sec 2(15) by Finance &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":[5473,5474,1296,5472,5469,5471,558,5475,5470],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5056"}],"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=5056"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5056\/revisions"}],"predecessor-version":[{"id":19374,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5056\/revisions\/19374"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}