{"id":5238,"date":"2018-08-10T00:50:40","date_gmt":"2018-08-09T19:20:40","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5238"},"modified":"2021-11-20T16:37:31","modified_gmt":"2021-11-20T11:07:31","slug":"corporate-and-professional-updates-10-aug-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10-aug-2018\/","title":{"rendered":"corporate and professional updates 10 aug 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-69d0dc033d921\" 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-69d0dc033d921\"  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-10-aug-2018\/#corporate_and_professional_updates_10_aug_2018\" title=\"corporate and professional updates 10 aug 2018\">corporate and professional updates 10 aug 2018<\/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-10-aug-2018\/#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-10-aug-2018\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/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-10-aug-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-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10-aug-2018\/#MCA_UPDATES\" title=\"MCA UPDATES\">MCA UPDATES<\/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-10-aug-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-10-aug-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\u00a0\">KEY DUE DATES\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<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=\"665\" height=\"430\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_updates_10_aug_2018\"><\/span>corporate and professional updates 10 aug 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span>Direct Tax :<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Kerala HC reverses ITAT order, upholds CIT\u2019s cancellation of registration in case of assessee-Trust\u00a0(having objects of establishing a fund for carrying out public charity); HC notes that assessee implements social welfare schemes of various State Governments and carries on work of distribution of food in various schools through entrustment made by other charitable institutions; Firstly, HC clarifies that \u201cThe mere assertion that there is no profit motive will not suffice especially when for implementing the schemes the assessee takes money from the State Government or the intermediary.\u201d;[TS-438-HC- 2018(KER)]<\/li>\n<li>Bangalore ITAT rules in favour of Revenue, disallows Apple India\u2019s claim for warranty expenses provision to the extent of Rs. 82.5 cr.<\/li>\n<li>for AY 2013-14, upholds AO\u2019s order restricting warranty provision @ 2.14% of sales; Referring to the provision for preceding as well as succeeding AYs, ITAT observes that year-end provision was getting accumulated disproportionate to the increase in turnover, further takes note of huge difference in the amount of provision made and actual utilization;[TS-432-ITAT-2018( Bang)]<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Returns<\/a> filed by As many as 209,000 &#8216;non-filers&#8217; filed in last fiscal and paid taxes worth Rs 64.16 billion, Minister of State for Finance Shiv Pratap Shukla said.<\/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<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span>INDIRECT TAX<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Govt introduced four bills to amend the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Services Tax (GST)<\/a> laws which among other things seek to simplify the return forms and raise the turnover threshold for availing composition scheme to Rs 1.5 crore.<\/li>\n<li>10.08.2018 (Friday) is Last Day to file GSTR-1 for monthly return outward suppliers for July, 2018.<\/li>\n<li>Migration cases where Provisional ID received can follow specified process till 31.8.18 to complete registration. Notification 31\/2018 of 6-8-18.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST<\/a> <a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">Audit<\/a>:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query\u00a0<\/span>What is the penalty prescribed for a person who opts for composition scheme despite being ineligible for the said scheme?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>Section 10(5) provides that if a person who has paid under composition levy is found as not being eligible for compounding then such person shall be liable to penalty to an amount equivalent to the tax payable by him under the provisions of the Act i.e. as a normal taxable person and that this penalty shall be in addition to the tax payable by him..<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_UPDATES\"><\/span><em><span style=\"text-decoration: underline;\">MCA UPDATES<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>MCA\u00a0Form DIR-3 KYC is likely to be revised on MCA21 portal w.e.f.\u00a09th AUG 2018. As per the revised form, stakeholders may kindly note that \u2018Aadhaar\u2019 shall now be mandatory only for applicants who are \u2018Residents of India\u2019.<\/li>\n<li>MCA has made amendment in the Companies (Prospectus and Allotment of Securities) Rules, 2014,These rules may be called the companies (prospectus and Allotment of Securities) Second Amendment Rules, 2018.<\/li>\n<li>Which shall come into force from the date of their publication in the Official Gazette.<\/li>\n<li>MCA has made amendment in the \u00a0section 1 of the Companies (Amendment Act,2017 (1 of 2018), the Central Government hereby appoints the7th Day of August ,2018as the date on which the provisions of section 10 of the said Act shall come into force.<\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>The\u00a0Negotiable Instruments(Amendment) Act, 2018\u00a0has been notified to primarily address issues of dishonour of cheques and to deal with unnecessary delay in disposal of such cases.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><strong><em>KEY DUE DATES<\/em><\/strong><strong><em>\u00a0<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\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>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><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">Quarterly return<\/a> for registered persons with aggregate turnover up to Rs. 1.50 Crores- <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> (JULY- SEP, 2018)-OCT 10TH, 2018.<\/li>\n<li>Quarterly return 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>corporate and professional updates 10 aug 2018 Direct Tax : Kerala HC reverses ITAT order, upholds CIT\u2019s cancellation of registration in case of assessee-Trust\u00a0(having objects of establishing a fund for carrying out public charity); HC notes that assessee implements social welfare schemes of various State Governments and carries on work of distribution of food in &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":[3951,4104,5641,1296,5644,5643,5642,5640],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5238"}],"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=5238"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5238\/revisions"}],"predecessor-version":[{"id":6940,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5238\/revisions\/6940"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}