{"id":5132,"date":"2018-07-29T23:52:41","date_gmt":"2018-07-29T18:22:41","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5132"},"modified":"2024-10-26T18:24:22","modified_gmt":"2024-10-26T12:54:22","slug":"corporate-and-professional-updates-30th-july-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-july-2018\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATES 30TH 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-69f6e5d3bddd0\" 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-69f6e5d3bddd0\"  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-30th-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-30th-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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-july-2018\/#FAQ_on_E-WAY_BILLS\" title=\"FAQ on E-WAY BILLS:\">FAQ on E-WAY BILLS:<\/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-30th-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-30th-july-2018\/#RBI_Update\" title=\"RBI Update:\">RBI Update:<\/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-30th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-30th-july-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/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\/ssss1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5142\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/ssss1-300x186.jpg\" alt=\"ssss\" width=\"705\" height=\"437\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/ssss1-300x186.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/ssss1.jpg 492w\" sizes=\"(max-width: 705px) 100vw, 705px\" \/><\/a><\/span><\/em><\/strong><\/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>Agra ITAT allows Sec. 89 relief to assessee-employee with respect to arrears received in lieu of employer&#8217;s contribution to an approved superannuation fund [taxable as perquisite u\/s. 17(2)(vii)] during AY 2014-15; Rejects Revenue\u2019s stand that the payments made by employer was perquisites u\/s. 17(2), which cannot qualify for relief u\/s. 89(1) as it covers salary arrears and arrears for profit in lieu of salary u\/s. 17(3) only;\u00a0[TS-408-ITAT-2018(AGR)]<\/li>\n<li>SC clarifies that CBDT\u2019s office memorandum (\u2018OM\u2019) dated July 31, 2017 regarding stay of demand does not interfere with AO\u2019s power to grant stay on deposit of a lesser amount, pursuant to Revenue\u2019s appeal challenging Delhi HC judgment in LG Electronics India Pvt. Ltd.\u2019s (\u2018assessee\u2019) case; SC gives credence to Additional Solicitor General Vikramjit Banerjee&#8217;s submission before it that the said administrative Circular of the CBDT will not operate as a &#8216;fetter&#8217; on the Commissioner, since it is a quasi judicial authority;\u00a0[TS-406-SC-2018]<\/li>\n<li>Calcutta HC upholds ITAT order, rejects Revenue\u2019s stand that since possession of land owned by assessee-company was made over to developer pursuant to development agreement (\u2018DA\u2019) dated February, 2007, <a href=\"https:\/\/carajput.com\/blog\/tag\/ltcg-stcg-not-chargeable-to-tax-to-non-resident-on-account-of-dtaa-benefit\/\">capital gains<\/a> arise in AY 2007-08 in view of Sec. 2(47)(v); HC rules that\u00a0\u201cit is only the kind of possession that is protected u\/s. 53A of the Act of 1882 which is to be regarded as transfer and the mere handing over of possession of an immovable property for any other purpose may not fall within the scope of \u201ctransfer\u201d in Section 2(47)(v);[TS-404- (HC-2018CAL)]<\/li>\n<li>Kolkata ITAT deletes Sec 68 addition for consideration on sale of shares, allows assessee-individual\u2019s <a href=\"https:\/\/carajput.com\/blog\/tag\/ltcg-stcg-not-chargeable-to-tax-to-non-resident-on-account-of-dtaa-benefit\/\">LTCG<\/a> exemption claim; AO had made addition based on information from Investigation Wing that relevant scrip on which LTCG was earned was involved in bogus LTCG scam and assessee&#8217;s PAN was listed in beneficiaries identified by Investigation Wing;[TS-402-ITAT-2018(Kol)]<\/li>\n<li>Calcutta HC upholds ITAT order, rejects Revenue\u2019s stand that since possession of land owned by assessee-company was made over to developer pursuant to development agreement (\u2018DA\u2019) dated February, 2007, capital gains arise in AY 2007-08 in view of Sec. 2(47)(v); HC rules that\u00a0\u201cit is only the kind of possession that is protected u\/s. 53A of the Act of 1882 which is to be regarded as transfer and the mere handing over of possession of an immovable property for any other purpose may not fall within the scope of \u201ctransfer\u201d in Section 2(47)(v);[TS-404- (HC-2018CAL)]<\/li>\n<li>CBDT has extended the \u2018Due Date\u2019 of filling Income Tax Return from 31<sup>st\u00a0<\/sup>July 2018 to 31<sup>st<\/sup>August 2018,\u00a0Dated\u00a026th July 2018\u00a0(F. No. 225\/242\/2018\/ITA.II).<\/li>\n<li>CBDT: The date of Filing of Income tax return for A.Y 2018-19 ( Non Audit) is extended 31-08-2018 Vide Notification No . 225\/242\/248 dated 26-07-18.<\/li>\n<li>CBDT has revised the mandatory tax audit report Form 3CD, which is to be filed by certain taxpayers, to expand the scope of the exercise. An auditor will now have to furnish details related to GST sales, information on transactions covered by transfer pricing provisions, cash transactions and transaction involving TDS.<\/li>\n<li>The Delhi High Court directs Central Board of Direct Taxes to accept online filing of tax returns without furnishing Aadhaar number.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Department is set to crack down on TDS defaul\u00a0ts by government and private sector entities, especially e-retail portals, local bodies like panchayats,\u00a0as the CBDT has directed its assessing officers (AOs)\u00a0across the country to undertake at least 30 surveys or on-spot checks.<\/li>\n<li>The Securities Appellate Tribunal (SAT) on Thursday asked the income tax department to provide clarity on applicability of securities transaction tax (STT) on physically-settled derivative contracts.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/blog\/taxation-on-income-from-equity-and-debt-mutual-fund\/\">More read:Taxation on Income from Equity and Debt Mutual Fund<\/a>.<\/p>\n<ul style=\"text-align: justify;\">\n<li>Mumbai ITAT allows deduction for professional fees \/ merchant banking fees paid to PwC and other financial advisors for conducting financial and legal due diligence during AY 2008-09, observes that the very purpose of the expenditure was to raise funds to meet working capital requirements; Rejects Revenue\u2019s stand that since the funds were raised through issue of rights shares, the payment incurred in connection therewith was capital in nature being incurred for the purpose of raising equity;\u00a0[TS-413-ITAT-2018(Mum) ]<\/li>\n<li>Andhra Pradesh and Telangana HC confirms ITAT order to uphold Sec 68 addition for gifts received by assessee-invidual from his father-in-law for AY 2005-06, rejects assessee&#8217;s reliance on co-ordinate bench ruling in context of <a href=\"https:\/\/carajput.com\/blog\/essential-key-concepts-gift-taxation-income-tax\/\">gift received by assessee<\/a> from his maternal aunt;\u00a0Clarifies\u00a0that\u00a0\u201cthis is not a case where we can import the principle &#8216;what is sauce for the goose is sauce for the gander'&#8221;, also points out that\u00a0gift from maternal aunt which was held non-taxable in view of Sec 56(2)(v), was received after the amendment to Sec. 56(2) unlike gift from father in law which was received prior, refuses to apply spirit of said amendment to grant relief;\u00a0[TS-411-HC-2018(AP)]<\/li>\n<li>Violation of principles of the natural justice by the lower authority &#8211; reliance on the statement of employees &#8211; the statement is stated to have been recorded at the time of inspection and one can easily perceive the mood in which the employee would have been \u2013\u00a0<strong>DXN Herbal Manufacturing (India) Pvt. Ltd. Vs. ITO (2018 (7) TMI 1733 &#8211; Madras HC).<\/strong><\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income tax<\/a> authorities to issue certificate u\/s 195 or 197\u00a0within 30 days, a good step to help the charitable trust and societies to avoid harsh TDS provisions.<\/li>\n<li>Delhi ITAT\u00a0allows deduction u\/s. 37 for foreign exchange fluctuation losses arising\u00a0to PE\u00a0 (project office &#8211; PO)of\u00a0assesses\u00a0(a Spanish company) during AY 2014-15\u00a0on account of advance\/loan received from the Head Office (\u2018HO\u2019) in foreign currency towards meeting the working-capital requirement for project execution; Observes that the utilization of the amounts received from HO did not bring any capital asset into existence for the PO;\u00a0Rejects AO\u2019s contention that\u00a0since PE is never assessed as an independent entity, investment\/remittance by HO cannot be considered as loan, but should be treated as a capital contribution\u00a0by someone in its own business;\u00a0[TS-339-ITAT-2018(DEL)]<\/li>\n<li>Delhi ITAT confirms CIT(A)\u2019s findings upholding FTS taxability on gross basis for professional fees received by assessee-individual (an NRI residing in UK) from Indian companies during AYs 2006-07 to 2009-10; Notes that assessee had returned these income on net basis in his returns of income and had also filed the <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> certificates issued by companies alongwith, rejects assessee\u2019s stand that he mistakenly offered the receipts to tax and that these were commercial receipts for services rendered outside India, not taxable in India absent PE;\u00a0\u00a0[TS-338-ITAT-2018(DEL)]<\/li>\n<li>CBDT launched the allotment of e-PAN. The facility will be available free of cost. This facility, open for a limited period of time, is available only for resident individuals holding a valid Aadhar. No physical document is required to be submitted and you simply need to fill your Aadhar and upload the signature.<\/li>\n<li>Due date to link Aadhaar with PAN extended till 31.03.2019.<\/li>\n<li>CBDT clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess.<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Due Date for Payment of TDS for the month of June, 2018 is 7th July, 2018.<\/li>\n<li>Furnishing of PAN by the transporters (GTA) \u2013 S.194C(6) and 194C(7) are independent of each other and cannot be read together to attract disallowance u\/s.40(a)(ia) r.w.s.194C of the Act \u2013\u00a0<strong>ACIT Vs. Eagle Steel Industries Pvt. Ltd. (2018 (6) TMI 1509 &#8211; ITAT Ahd.)<\/strong><\/li>\n<li>TODAY\u00a0(31 JUL 2018)is the last date for filing\u00a0Apr-Jun\u201918\u00a0Qtr\u00a0Return in\u00a0<a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a>\u00a0for registered persons with aggregate turnover up to Rs.1.50 Crores\u00a0&amp;\u00a0GSTR-6\u00a0for Jul&#8217;17-Jun&#8217;18).<\/li>\n<li>Levy of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> &#8211; Classification &#8211; composite supply &#8211; EPC Contract &#8211; standalone contract for transportation of Equipment for which separate consideration is received &#8211; same is liable to tax as a works contract as per provisions of section 2(119) of the GST Act \u2013\u00a0AAR, Maharashtra\u00a0in Dinesh Kumar Agrawal (2018 (7) TMI 1691)<strong>.<\/strong><\/li>\n<li>Central Government has now given effect to the recommendations of GST Council vide various notifications dated July 26, 2018 and all such notifications, unless specifically mentioned, shall be effective from July 27, 2018.<\/li>\n<li>Union Finance minister said that the 28% category of goods in under GST is being phased out and the bracket currently covers mostly luxury items or sin goods. The tax on other items as cement, air-conditioners, large screen televisions and a handful of others could also be reduced as revenues rise.<\/li>\n<li>One of the significant changes proposed by the GST Council in its recently concluded 28th meeting on July 21, 2018 is inclusion of following transactions in Schedule III to the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST Act, 2017\u00a0<\/a>:Retrospective Application of Merchant Trading, In-bond sales and High sea sales covered in Schedule III.<strong><em><span style=\"text-decoration: underline;\">\u00a0<\/span><\/em><\/strong><\/li>\n<li><strong>CBDT Notification No. 112\/2024 (Issued October 15, 2024)<\/strong>:\n<ul>\n<li>Rule 21AA: The marginal heading and all references to &#8220;section 89(1)&#8221; are updated to &#8220;section 89,&#8221; broadening the scope beyond section 89(1) and simplifying the rule&#8217;s language.<\/li>\n<li>Rule 26B: Assessees can now submit information on non-salary income and tax deductions or collections at source for the financial year using a new Form No. 12BAA, enhancing transparency in declaring diverse income sources.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/blog\/taxation-on-income-from-equity-and-debt-mutual-fund\/\">More read:Taxation on Income from Equity and Debt Mutual Fund<\/a><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>FM\u00a0Jaitley hints at rationalizing <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Rates as Revenue Surge to almost 1 Lac a month as India celebrates the 1<sup>st<\/sup>Anniversary of GST launch, on 1<sup>st<\/sup>\u00a0July, 2018.<\/strong><\/li>\n<li>E-commerce companies to face tax audit over <a href=\"https:\/\/carajput.com\/gst\/gst-refund.php\">GST refund<\/a> issue:\u00a0The anti-profiteering authority has ordered audit of major e-commerce companies like Flipkart, Amazon and Snapdeal, to find out whether they have refunded the excess GST collected from the consumers.<\/li>\n<li>Central Government has now given effect to the recommendations of GST Council vide various notifications dated July 26, 2018 and all such notifications, unless specifically mentioned, shall be effective from July 27, 2018.<\/li>\n<li>The Goods and Service Tax Council would exclusively consider issues related to micro, small and medium enterprises taxpayers at its 29th meeting scheduled for\u00a0August 4, a finance ministry official said.<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Tribunal (GSTAT) will come into effect soon, providing a higher judicial forum for businesses to redress disputes under the new tax framework.\u00a0The GST Council approved creation of the tribunal with a national bench in Delhi and three regional benches in Chennai, Kolkata and Mumbai.<\/li>\n<li>CBIC has notified that the\u00a0services supplied by individual Direct Selling Agents (DSAs) to banks\/ non-banking financial company (NBFCs) are taxable under Reverse Charge Mechanism (RCM).\u00a0Notification No. 15\/2018<\/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:<\/span>Who will bear the cost of\u00a0special audit?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>The expenses for examination and audit including the remuneration payable to the auditor will be determined and borne by the Commissioner.<\/li>\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span>When can a taxable person pay tax on a\u00a0provisional basis?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>As a taxpayer has to pay tax on self-assessment basis,\u00a0a request for paying tax on provisional basis has to come\u00a0from the taxpayer which will then have to be permitted\u00a0by the proper officer. In other words, no tax officer can\u00a0suomoto order payment of tax on provisional basis. This\u00a0is governed by section 44A of MGL. Tax can be paid on a\u00a0provisional basis only after the proper officer has permitted\u00a0it through an order passed by him.<\/li>\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span>Under what circumstances a best\u00a0judgment assessment order issued under section 46\u00a0be withdrawn?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>The best judgment order passed by the Proper\u00a0Officer under section 46 of MGL shall automatically stand \u00a0withdrawn if the taxable person furnishes a valid return\u00a0for the default period (i.e. files the return and pays the tax\u00a0as assessed by him),\u00a0within thirty days\u00a0of the receipt of the\u00a0best judgment assessment order.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_E-WAY_BILLS\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">E-WAY BILLS<\/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\u00a0<\/span>Which types of transactions that need the e-way bill?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:<\/span>For transportation of goods in relation to all types of transactions such as outward supply whether within the State or interstate,\u00a0 inward supply whether from within the State or\u00a0 from interstate including from an unregistered persons or for reasons other than supply also e-way bill is mandatory.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/version-3-0-of-mca21-to-open-a-new-chapter-on-corporate-regulatory\/\"><strong><em><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/em><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Form DIR6 is likely to be revised on MCA21 Company Forms Download page w.e.f 26th JUL 2018. Stakeholders are advised to check the latest version before filing.<\/li>\n<li>Updating of Email ID and Mobile number in DIR-6 has been temporarily disabled till further notice. Stakeholders may kindly take note..<\/li>\n<li>MCA notified that Every Director (including Disqualified Director) who has been allotted DIN on or before 31st March, 2018 and whose DIN is in \u2018Approved\u2019 status, would be mandatorily required to file form DIR-3 KYC on or before 31st August, 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>With an intent to update the registry,\u00a0<strong>MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC<\/strong>to be notified and deployed shortly on the MCA portal.<\/li>\n<li>Updating of Email ID and Mobile number in DIR-6 has been temporarily disabled till further notice. Stakeholders may kindly take note.<\/li>\n<li>Nearly 5.90 Lac (34%) of the 17.90 Lac Companies registred in India are in-active.<\/li>\n<li>(Intimation of change in particulars of Director to be given to the Central Government)<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) \u2013 The Kapol Co-operative Bank Ltd, Mumbai, Maharashtra.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The Monetary Policy Committee (MPC) will meet during\u00a0July 30 to August 1, 2018\u00a0for the Third Bi-monthly Monetary Policy Statement for 2018-19. The resolution of the MPC will be placed on the website at\u00a02.30 pm\u00a0on\u00a0August 1, 2018.<\/li>\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> has released the data on\u00a0External Commercial Borrowings (ECB), Foreign Currency Convertible Bonds (FCCB) and Rupee Denominated Bonds (RDB)both, through Automatic Route and Approval Route, for the month of May 2018.<\/li>\n<li>RBI Enforcement action framework in respect of statutory auditors for the lapses in the statutory audit of commercial banks. &#8211; vide Press Release: 2017-2018\/3425 &#8211; (29\/06\/2018)<\/li>\n<\/ul>\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> proposed Unified Payments Interface (UPI)-based payments for retail investors investing in IPO. The move will help cut down the time taken between closing of an IPO and listing of the security from current six days to just three days.<\/li>\n<li>SEBI proposed measures to provide promoters a say in the price offered to shareholders of companies that are planning to delist from stock exchanges. The proposal is aimed at plugging loopholes in the current delisting method for companies. Issuing a draft paper, Sebi has suggested for a price discovery as per reverse book building (RRB) method, along with considering counter offer of promoter .<\/li>\n<\/ul>\n<p>For details refer to the circular:<\/p>\n<p><strong><a href=\"https:\/\/carajput.com\/press-releases\/sebi-has-extended-the-date-from-30-june-to-15-sept-2020-for-filing-of-financial-results.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">SEBI has extended the date from 30 June to 15 Sept 2020 for the filing of financial results<\/a><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>SEBI barred more than 30 entities from the securities market for at least ten years for alleged fraudulent transactions in the shares of SMS Techsoft.<\/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>Parliament passed the Fugitive Economic Offenders Bill\u00a0to prevent economic offenders from fleeing the country and evading the legal process. It also gives teeth to the Enforcement Directorate to confiscate the property of fugitive economic offenders.<\/li>\n<li>Cash-on-delivery (COD) method of payment option provided by online retailers such as Flipkart and Amazon may be a regulatory grey area as per the Reserve Bank of India&#8217;s (RBI&#8217;s)<\/li>\n<li>India will soon lay down the ground rules for professionals to assess the value of businesses, including those slipping into bankruptcy, according to Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo.<\/li>\n<li>ICAI vide announcement dated July 25,2018 has requested the members to add\/update their mobile number and email-id in the records of ICAI in order to enable the ICAI to send bio-data of candidates, important election related announcements, etc. to members.<\/li>\n<li>Cheque bounce law passed in lok sabha on 23.07.18. 20 % immediately to pay to party, 20 % to deposit in court, 100 % to pay with interest if found guilty within two month. Penalty will be charged 20% to 100% for guilty by court.<\/li>\n<li>North Delhi Municipal Corporation has extended the last date for payment of property tax and availing the rebate of 15% from June 30 to July 15.<\/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>31 July 2018 &#8211;<\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Quarterly statement of TDS 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>GSTR-5A (Jun 2018)-Jul 20th, 2018Due 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>GSTR-6 (Jul\u201917 \u2013 Jun\u201918)- Jul 31st, 2018<\/li>\n<li>GSTR-5 (Jun 2018)-Jul 20th, 2018<\/li>\n<li>GSTR-4 (Apr-Jun, 2018)-Jul 18th, 2018<\/li>\n<li>GSTR-3B (Jun 2018)-Jul 20th, 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<li>Turnover exceeding Rs. 1.5 Crores or opted to file monthly Return GSTR-1 (Jun 2018)- Jul 10th, 2018<\/li>\n<\/ul>\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","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Agra ITAT allows Sec. 89 relief to assessee-employee with respect to arrears received in lieu of employer&#8217;s contribution to an approved superannuation fund [taxable as perquisite u\/s. 17(2)(vii)] during AY 2014-15; Rejects Revenue\u2019s stand that the payments made by employer was perquisites u\/s. 17(2), which cannot qualify for relief u\/s. 89(1) as &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[5567,5566,5562,1296,5563,558,2653],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5132"}],"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=5132"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5132\/revisions"}],"predecessor-version":[{"id":27704,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5132\/revisions\/27704"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}