{"id":5232,"date":"2018-08-08T01:27:31","date_gmt":"2018-08-07T19:57:31","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5232"},"modified":"2021-08-09T16:06:17","modified_gmt":"2021-08-09T10:36:17","slug":"corporate-and-professional-updates-8th-aug-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-8th-aug-2018\/","title":{"rendered":"corporate and professional updates 8th aug 2018"},"content":{"rendered":"<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/nebula.wsimg.com\/f7e64d0a11db5fbf52fc402c9413ad4b?AccessKeyId=257631260A7E0C08008A&amp;disposition=0&amp;alloworigin=1\" alt=\"Image result for corporate and professional\" \/><strong><em><span style=\"text-decoration: underline;\">Direct Tax :<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>ITAT remits issue whether price fixed under MAP concluded with USA in respect of call centre and share services transactions with US-AEs can be adopted in case of transactions with non-US AEs for AY 2009-10; Follows co-ordinate bench ruling in assessee\u2019s own case for AY 2006-07 wherein similar issue was restored back to TPO with the direction that if factors influencing the price are similar between US and non-US transactions, the price adopted for US transactions may be adopted for non-US transactions also; Thus, ITAT restores matter back to AO\/TPO for fresh decision with the same directions;[TS-761-ITAT-2018(B ang)-TP]<\/li>\n<li>Amritsar ITAT Third member (TM) rules in favour of assessee-companies for AYs 2008-09 &amp; 2009-10, holds that penalty levy is not sustainable in case where the AO records satisfaction while initiating penalty proceedings u\/s. 271(1)(c) with regard to alleged &#8216;concealment of income&#8217;, but finally imposes penalty for \u2018concealment \/ furnishing inaccurate particulars of income\u2019; With respect to recording of satisfaction at the assessment stage, ITAT Third Member rejects assessee\u2019s stand and clarifies that post insertion of sub-section (1B) to Sec. 271 vide Finance Act, 2008, the AO need not specifically record as to whether each item of addition\/disallowance is a case of concealment of income or furnishing of inaccurate particulars of income;[TS-428-ITAT-2018(ASR)]<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/learn\/basic-understanding-of-rebate-us-87a-of-i-tax-act.html\">More read :income tax rebate u s 87a<\/a><\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST Audit<\/a>:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:<\/span>What is the penalty provided for any contravention for which no separate penalty has been prescribed under CGST\/SGST Act?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>Section 125 of the CGST\/SGST Act provides that any person who contravenes any provision of the Act or the rules made under this Act for which no separate penalty has been prescribed shall be punishable with a penalty that may extend to Rs. 25,000\/-.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Indirect\u00a0Tax:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Services Tax (GST)<\/a> Council on cleared a pilot project to offer digital incentives, in the form of cash back of 20 per cent of GST paid on business-to-consumer transactions using RuPay and BHIM\u00a0platforms, subject to a cap of Rs 100 per transaction.<\/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>is likely to hike import duty on about 300 textile products to boost domestic manufacturing and create employment opportunities, sources said.\u00a0Foreign direct investment norms for the sector may also be relaxed. The duties could be enhanced to 20 per cent from the current level of 5-10 %.<\/li>\n<li>Prime Minister On\u00a0August 21\u00a0will launch India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial in rural areas.\u00a0Two branches of the bank are already operational. Rest of the 648 branches will be launched across country in ever district.<\/li>\n<li>The Ministry of Law &amp; Justice has notified the Specific Relief (Amendment) Act, 2018, shall come into force on such date as the Central Government may, by notification in the Official Gazette, notify.<\/li>\n<li>has extended e-visa facility for citizens of 165 countries at 25 airports and five seaports; the Lok Sabha was informed by Tourism Minister K J Alphons.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">SEBI UPDATES<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> has decided to discontinue with the registration of Sub-Brokers\u00a0as a market intermediary.\u00a0The registered Sub-Brokers shall have time\u00a0till\u00a0March 31, 2019\u00a0in order to migrate to act as an AP and \/ or Trading Member (TM).<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"text-decoration: underline;\"><strong><em>KEY DUE DATES<\/em><\/strong><strong><em>\u00a0<\/em><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>GSTR-3B (JULY 2018)-AUG 20th, 2018<\/li>\n<li>GSTR-5 (JULY 2018)-AUG 20th, 2018<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-6<\/a> (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- <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a>-(july 2018)-Aug 10<sup>th<\/sup>\u00a02018<\/li>\n<\/ul>\n<div class=\"entry-content post_content\" style=\"text-align: justify;\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : ITAT remits issue whether price fixed under MAP concluded with USA in respect of call centre and share services transactions with US-AEs can be adopted in case of transactions with non-US AEs for AY 2009-10; Follows co-ordinate bench ruling in assessee\u2019s own case for AY 2006-07 wherein similar issue was restored back &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":[5630,5629,1296,5631,5632,558,4038,5633],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5232"}],"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=5232"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5232\/revisions"}],"predecessor-version":[{"id":15171,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5232\/revisions\/15171"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}