{"id":5058,"date":"2018-07-25T11:29:36","date_gmt":"2018-07-25T05:59:36","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5058"},"modified":"2021-08-20T12:14:40","modified_gmt":"2021-08-20T06:44:40","slug":"corporate-and-professional-updates-25th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-25th-july-2018\/","title":{"rendered":"Corporate and Professional updates 25th 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-69d04d9a968aa\" 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-69d04d9a968aa\"  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-25th-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-25th-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-25th-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-25th-july-2018\/#SEBI_UPDATES\" title=\"SEBI UPDATES\">SEBI 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-25th-july-2018\/#ORTHER_UPDATES\" title=\"ORTHER UPDATES\">ORTHER 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-25th-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 loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/11\/Untitled24A.png\" alt=\"Image result for professional updates\" width=\"713\" height=\"461\" \/><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>SC dismisses Revenue\u2019s appeal against Bombay HC judgment in case of Hercules Hoists Ltd.; HC had\u00a0dismissed Revenue&#8217;s appeal against ITAT order holding that losses of units eligible for Sec 80-IA benefit can be set off against <a href=\"https:\/\/carajput.com\/blog\/tag\/section-57iii-expenditure-related-to-income-from-other-sources\/\">income from other sources<\/a> and that such losses to be notionally carried forward u\/s 80-IA(5) and set off against profits for computing deduction in subsequent years;\u00a0 [TS-398-SC-2018]<\/li>\n<li>Delhi HC allows assessee-company\u2019s writ, quashes ITAT\u2019s unreasoned order consolidating appeals absent any notice given to assessee before issuing the consolidation order; HC notes that all these appeals preferred by assessee were pending for a long time and were adjourned by various benches at the behest of the Revenue on the groundthat appeals would be consolidated;[TS-397-HC-2018(DEL)]<\/li>\n<li>Bombay HC disallows assessee-company\u2019s (engaged in manufacturing copper foils) claim of expenditure incurred on higher education of one of the director\u2019s son during AY 1997-98 who went abroad for pursuing course in \u2018Business Administration\u2019, holds that the expenditure was \u2018general\u2019 in nature and cannot be said to be incurred wholly and exclusively for the purpose of assessee&#8217;s business;\u00a0[TS-391-HC-2018(BOM) ]<\/li>\n<li>CBDT clarifies that the Rumors Spreading Across in Social Media regarding Extension in Due Date for Non-Tax Audit Cases is fake. The Income Tax Dept further clarified that there are no such plans to extend this deadline beyond 31st July, 2018.<\/li>\n<li>Central Board of Direct Taxes makes rules further to amend Appendix II, in Form No. 3CD. These rules may be called the Income\u2013tax (8th Amendment) Rules, 2018, which shall come into force from the 20th day of August, 2018.\u00a0Vide notification no 33\/2018, dated 20th July 2018.<\/li>\n<li>CBDT amended Tax Audit Report in Form 3CD from 20-8-2018.Important clauses are as follows: Secondary adjustments u\/s 92CE, Interest reduction u\/s 94B, GAAR, Section 56(2) (x), Deemed dividend u\/s 2(22), Compliance under section 269ST, Compliance of FORM 61 or 61A or 61B, &amp; Total expenses of entities registered or not under GST.<\/li>\n<li>CBDT has directed the taxman to dispose of appeals cases where the tax demand is above Rs 50 crore on priority by the year-end. \u201cLitigation is not only a cost on the credibility of a tax administration system but also an indicator of the robustness and fairness of a system of taxation.<\/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>CBEC has issued Clarification in case of SB003 errors and extension of date in SB005 &amp; other cases using officer Interface for rectification of errors w.r.t Refund of IGST on export of goods on payment of duty.<\/li>\n<li>The <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Council has made recommendations on various issues relating to policy, law and procedures, including key recommendations on \u2018reduction in GST rates of more than 50 items, rationalisation of return filing system for small taxpayers, further deferring RCM upto 30 Sept. 2019, amendments in GST laws, etc.<\/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>Query:\u00a0What is the time limit for passing order u\/s 46\u00a0and 47?<\/li>\n<li>Answer:\u00a0The time limit for passing an assessment order under\u00a0section 46 or 47 is three or five years from the due date for\u00a0filing the annual return.<\/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=\"SEBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI 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\/sebi-consulting.php\">SEBI<\/a> is keen to mandate companies that have more than Rs.100 crore as long-term borrowings compulsorily raise at least 25% of their funding needs by selling bonds. Sebi has joined RBI in nudging corporates towards the bond market through its latest draft paper.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"ORTHER_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">ORTHER UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ICAI Clarifies on IND-AS 115 regarding Real Estate Sector, which came into effect from April 1.<\/li>\n<\/ul>\n<h2 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><\/h2>\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<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax; SC dismisses Revenue\u2019s appeal against Bombay HC judgment in case of Hercules Hoists Ltd.; HC had\u00a0dismissed Revenue&#8217;s appeal against ITAT order holding that losses of units eligible for Sec 80-IA benefit can be set off against income from other sources and that such losses to be notionally carried forward u\/s 80-IA(5) and set &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150],"tags":[5479,5480,5481,5482,5485,5483,1296,5476,558,5478,5484,5477],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5058"}],"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=5058"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5058\/revisions"}],"predecessor-version":[{"id":16243,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5058\/revisions\/16243"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}