{"id":5078,"date":"2018-07-26T13:40:30","date_gmt":"2018-07-26T08:10:30","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5078"},"modified":"2021-12-03T12:23:21","modified_gmt":"2021-12-03T06:53:21","slug":"corporate-and-professional-updates","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES"},"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-69d8cb58dc6d6\" 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-69d8cb58dc6d6\"  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\/#CORPORATE_AND_PROFESSIONAL_UPDATES\" title=\"CORPORATE AND PROFESSIONAL UPDATES\">CORPORATE AND PROFESSIONAL UPDATES<\/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\/#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\/#_Summary_of_Amendments\" title=\"\u00a0Summary of Amendments:\">\u00a0Summary of Amendments:<\/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\/#Tax_Audit_3CD_Revised\" title=\"Tax Audit 3CD Revised:\">Tax Audit 3CD Revised:<\/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\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates\/#RBI_Update\" title=\"RBI Update:\">RBI Update:<\/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\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/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\/#Legal_Compliance_Audit_service_in_India\" title=\"Legal Compliance Audit service in India\">Legal Compliance Audit service in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates\/#Income_tax_Chart_2020_with_covering_latest_Covid_Relaxations_Alternative_Tax_Regime\" title=\"Income tax Chart 2020 with covering latest\u00a0Covid Relaxations &amp; Alternative Tax Regime\u00a0\">Income tax Chart 2020 with covering latest\u00a0Covid Relaxations &amp; Alternative Tax Regime\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/srryz1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5175\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/srryz1-300x183.jpg\" alt=\"srryz\" width=\"729\" height=\"446\" \/><\/a><\/span><\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES\"><\/span>CORPORATE AND PROFESSIONAL UPDATES<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\/\"><strong><em><span style=\"text-decoration: underline;\">Direct Tax :<\/span><\/em><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Allahabad HC reverses ITAT order and rules in favour of Revenue for AY 1997-98, upholds AO\u2019s addition of excise duty payable to the value of closing stock; Rejects ITAT\u2019s view that since the excise duty was payable on goods lying in bonded warehouse, the assessee-company did not incur any cost on account of excise duty which can be added towards closing stock;[TS-400-HC-2018(ALL)]<\/li>\n<li>HC allows assessee\u2019s (a foreign company) writ, sets aside final assessment order passed u\/s 143(3) without passing draft assessment order as mandated by DRP provisions u\/s 144C(1) for AY 2011-12; Notes that while giving effect to Tribunal\u2019s order in remand proceedings, AO passed a final order without passing a draft assessment order;\u00a0[TS-719-HC-2018(BOM)-TP]<\/li>\n<li>Karnataka HC dismisses assessee\u2019s appeal against ITAT-order holding that AO was justified in adopting reasonable operating profit margin for ALP computation in absence of relevant material to the contrary for AY 2006-07; Follows co-ordinate bench ruling in Softbrands wherein it was held that \u201cunless the finding of the Tribunal is found ex facie perverse, the Appeal u\/s. 260-A of the Act, is not maintainable\u201d;\u00a0[TS-629-HC-2018(KAR)-TP]<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"_Summary_of_Amendments\"><\/span><strong><em><span style=\"text-decoration: underline;\">\u00a0Summary of Amendments:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol style=\"text-align: justify;\">\n<li>\u00a04 &#8211; <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GSTIN<\/a> to be mentioned.<\/li>\n<li>\u00a019 &#8211; Allowance under Section 32AD is to be reported.<\/li>\n<li>24 &#8211; Deemed gains under Section 32AD to be reported.<\/li>\n<li>\u00a026 &#8211; Clause (g) of Section 43B (sum payable to Indian Railways for use of assets) has to be reported.<\/li>\n<li>\u00a031 &#8211; Cash receipts more than INR 2,00,000 under Section 269ST is to be reported.<\/li>\n<li>\u00a034 &#8211; Details with respect to transactions not disclosed in <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS Return<\/a>\/ TCS Return is to be reported.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Tax_Audit_3CD_Revised\"><\/span><a href=\"https:\/\/carajput.com\/tax-audit.php\">Tax Audit<\/a> 3CD Revised:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">(6 Amendments + 9 Insertions)<br \/>\nSummary of Amendments:<\/p>\n<ol style=\"text-align: justify;\">\n<li>\u00a029A &#8211; Advance received on capital asset forfeited to be reported here {Section 56(2)(ix)}.<\/li>\n<li>\u00a029B &#8211; Income of gifts exceeding INR 50,000 to be reported here {Section 56(2)(x)}.<\/li>\n<li>\u00a030A &#8211; Details about &#8220;Primary Adjustments&#8221; in transfer pricing to be reported here as per Section 92CE.<\/li>\n<li>\u00a030B &#8211; Limitation of Interest deductions for borrowings from a AE upto 30% of EBITDA is to be furnished here.<\/li>\n<li>\u00a030C &#8211; Details of Impermissible Avoidance Agreement to be furnished as referred to in Section 96.<\/li>\n<li>\u00a036A &#8211; Dividend received under Section 2(22)(e) is required to be reported here.<\/li>\n<li>\u00a042 &#8211; Details w.r.t. Form 61 (details of no PAN Form 60 received), Form 61A (SFT) and Form 61B (SRA) is to be provided here.<\/li>\n<li>\u00a043 &#8211; Details w.r.t. CbC Reporting as referred to in Section 286 is required to be reported.<\/li>\n<li>\u00a044 &#8211; BREAK UP of total expenditure in respect of GST Registered and Unregistered Entities is required to be given.<\/li>\n<\/ol>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><strong><em><span style=\"text-decoration: underline;\">F<\/span><\/em><\/strong><em><span style=\"text-decoration: underline;\">AQ on <\/span><\/em><em><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">G<\/a><\/span><\/em><strong><em><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">ST Audit<\/a>:<\/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:<\/span>Is summary assessment order to be necessarily \u00a0passed against the taxable person?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span> In certain cases like when goods are under\u00a0transportation or are stored in a warehouse, and the\u00a0taxable person in respect of such goods cannot be \u00a0ascertained, the person in charge of such goods shall be\u00a0deemed to be the taxable person and will be assessed to\u00a0tax (section 48 of MGL).<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Directions under Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) &#8211; The United Cooperative Bank Limited, Bagnan Station Road (North), P.O. \u2013 Bagnan, Dist &#8211; Howrah, Pin \u2013 711303, West Bengal.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">KEY DUE DATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\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>\n<li style=\"text-align: justify;\">Quarterly statement of TDS deposited for the quarter ending June 30, 2018<\/li>\n<li style=\"text-align: justify;\">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 style=\"text-align: justify;\">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 style=\"text-align: justify;\">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 style=\"text-align: justify;\">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 style=\"text-align: justify;\">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 style=\"text-align: justify;\">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>More read for related\u00a0 blogs:<br \/>\n<h4><span class=\"ez-toc-section\" id=\"Legal_Compliance_Audit_service_in_India\"><\/span><a href=\"https:\/\/carajput.com\/learn\/legal-compliance-audit-in-india.html\">Legal Compliance Audit service in India<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Income_tax_Chart_2020_with_covering_latest_Covid_Relaxations_Alternative_Tax_Regime\"><\/span><a href=\"https:\/\/carajput.com\/archives\/latest-income-tax-chart-2020-duly-updated-containing-also-the-covid-relaxations-and-alternative-tax-regime.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/latest-income-tax-chart-2020-duly-updated-containing-also-the-covid-relaxations-and-alternative-tax-regime.pdf\"><strong>Income tax Chart 2020 with covering latest\u00a0<\/strong><\/a><strong><a href=\"https:\/\/carajput.com\/archives\/latest-income-tax-chart-2020-duly-updated-containing-also-the-covid-relaxations-and-alternative-tax-regime.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/archives\/latest-income-tax-chart-2020-duly-updated-containing-also-the-covid-relaxations-and-alternative-tax-regime.pdf\">Covid Relaxations &amp; Alternative Tax Regime\u00a0<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES Direct Tax : Allahabad HC reverses ITAT order and rules in favour of Revenue for AY 1997-98, upholds AO\u2019s addition of excise duty payable to the value of closing stock; Rejects ITAT\u2019s view that since the excise duty was payable on goods lying in bonded warehouse, the assessee-company did not incur &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":[5523,5512,5522,5517,5510,5518,5515,5516,5526,5520,5519,5514,5513,5525,5524,5529,5511,535,5528,5527,5521],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5078"}],"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=5078"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5078\/revisions"}],"predecessor-version":[{"id":19393,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5078\/revisions\/19393"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}