{"id":5215,"date":"2018-08-06T01:00:13","date_gmt":"2018-08-05T19:30:13","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5215"},"modified":"2021-08-09T16:10:49","modified_gmt":"2021-08-09T10:40:49","slug":"corporate-and-professional-updates-6th-aug-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-6th-aug-2018\/","title":{"rendered":"corporate and professional updates 6th aug 2018"},"content":{"rendered":"<p style=\"text-align: justify;\"><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=\"692\" height=\"447\" \/><strong><em><span style=\"text-decoration: underline;\">Direct Tax :<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Madras HC reverses ITAT order for AY 2000-01, Rejects Revenue&#8217;s capital expenditure plea for non-compete fees paid by assessee-company (a television broadcasting co.) to one of its directors for not competing with assessee\u2019s business for 5 years; Though HC acknowledges that the doctrine of enduring benefit is on the wane for determining whether an expenditure is capital or not, it observes that \u201c&#8230; the assessee has not acquired any new business, profit making apparatus has remained the same, the assets used to run the business remained the same and there is no new business or no new source of income, which accrue to the assessee on account of its payment\u201d;[TS-429-HC-2018(MAD)]<\/li>\n<li>Madras HC (Division Bench) upholds Single Judge\u2019s order dismissing assessee\u2019s writ against DRP order &amp; AO\u2019s final assessment order for AY 2012-13 citing alternate remedy before CIT(A); Notes that DRP rejected assessee\u2019s objections against AO\u2019s draft assessment order on the ground of limitation (citing 1 day delay in filing) on the basis that DRP had no power and\/or authority and\/or jurisdiction to condone the delay in filing the objection;[TS-759-HC-2018(MAD) -TP]<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">INDIRECT TAX<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>India could consider offering a one-time settlement to clear legacy central excise duty and VAT issues to ensure they do not linger and act as a drag in the<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a> regime.<\/li>\n<li>Incentives on digital payments-customers making payments through Rupay card and BHIM UPI, would get a cash back of 20 per cent of the total GST amount, subject to a maximum limit of Rs 100,<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">FAQ on GST :<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Query:\u00a0\u00a0What are the prescribed offences under CGST\/SGST Act?<\/li>\n<li>Answer:The <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST\/SGST Act<\/a> codifiesthe offences and penalties in Chapter XVI. The Act lists 21 offences in section 122, apart from the penalty prescribed under section 10 for availing compounding by a taxable person who is not eligible for it.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">MCA UPDATES<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>MCA has\u00a0revised\u00a0the\u00a0version\u00a0of the eForm ADT-1 (Information to the Registrar by Company for appointment of Auditor) and Form DIR \u2013 3KYC (Application for KYC of Directors),<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">RBI UPDATES <\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has added some gold to its reserves. the central bank bought 2.5 tonnes in March, following a fractional 0.3-tonne addition in December. These increases are the first since November 2009 when it bought 200 tonnes from IMF.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">OTHER UPDATES<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>DGFT has issued a Trade Notice stating that Activation of E-com module for applying for SEIS, based on ANF 3B shall be effective from 01-09-2018.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em>\u00a0KEY DUE DATES<\/em><\/strong><strong><em>\u00a0<\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> (JULY 2018)-AUG 20th, 2018<\/li>\n<li>GSTR-5 (JULY 2018)-AUG 20th, 2018<\/li>\n<li>GSTR-6 (JULY 17 \u2013 AUG\u201918)- SEP 30TH, 2018<\/li>\n<li>GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018<\/li>\n<li>GSTR-5A (JULY 2018)-AUG 20th, 2018<\/li>\n<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT 10TH, 2018.<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">Quarterly return<\/a> for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(july 2018)-Aug 10<sup>th<\/sup> 2018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Madras HC reverses ITAT order for AY 2000-01, Rejects Revenue&#8217;s capital expenditure plea for non-compete fees paid by assessee-company (a television broadcasting co.) to one of its directors for not competing with assessee\u2019s business for 5 years; Though HC acknowledges that the doctrine of enduring benefit is on the wane for determining &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":[5619,1296,5618,5622,558,5620,5621],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5215"}],"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=5215"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5215\/revisions"}],"predecessor-version":[{"id":15172,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5215\/revisions\/15172"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}