{"id":5267,"date":"2018-08-28T00:17:37","date_gmt":"2018-08-27T18:47:37","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5267"},"modified":"2021-08-10T10:44:35","modified_gmt":"2021-08-10T05:14:35","slug":"corporate-and-professional-updates-28th-aug-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-aug-2018\/","title":{"rendered":"corporate and professional updates 28th 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-69ed82da9a4ab\" 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-69ed82da9a4ab\"  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-28th-aug-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-28th-aug-2018\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/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-28th-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-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-aug-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-aug-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-28th-aug-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\u00a0\">KEY DUE DATES\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/07\/srryz1.jpg\" alt=\"Image result for PROFESSIONAL UPDATES\" width=\"705\" height=\"429\" \/><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>Kerala HC reverses ITAT order, holds that payment made by assessee (an Indian co.) to a US co. for\u00a0providing management, financial, legal, public relations, treasury and risk management service, not Fees for Included Services (\u2018FIS\u2019) under Article 12 of India-USA DTAA,\u00a0Sec. 195 <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> not applicable;\u00a0Rejects ITAT view that the US co. facilitated the assessee to take decisions in the managerial, financial and risk management aspects by providing their knowledge, expertise etc. and hence there was a transfer of specific technology for the purpose of decision making;[TS-473-HC-2018(KER)]<\/li>\n<li>Kolkata ITAT deletes Sec 68 addition for consideration on sale of shares, allows assessee-individual\u2019s LTCG 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;\u00a0[TS-402-ITAT-2018(Kol)]<\/li>\n<li>Method for estimating the income in the previous year on the basis of net profit at a particular rate while finalising the assessment u\/s144 of the Act cannot be applied for all subsequent years &#8211; Order of ITAT set aside &#8211;\u00a0<strong>CIT Vs. Raees Alam Siddiqui (2018 (8) TMI 1372 &#8211; Allahabad HC).<\/strong><\/li>\n<li>CBDT has released parameters for manual selection of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Returns<\/a> for Complete Income Tax Scrutiny during financial year 2018-19 vide Instruction No. 04\/2018 Dated: 20th August 2018.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>CBEC has pricribed the due date for quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of upto Rs.1.5 crores for the quarter July, 2018 to September, 2018 is 15<sup>th<\/sup>November 2018.<\/li>\n<li><strong>CBIT&amp;C<\/strong>extends the due dates for filing Form GSTR-3B for the m\/o JUL\u201918 &amp; AUG\u2019 18\u00a0<strong>for the<\/strong>\u00a0registered persons in the flood affected Kerala,\u00a0Kodagu district in Karnataka and Mahe in the UT of Puducherry to 05.10.18 &amp; 10.10.18 respectively\u2013\u00a0<strong>Notification No.36\/2018 \u2013 CT, dt.24.08.18.<\/strong><\/li>\n<li>The modus operandi adopted by the petitioner is to transport the goods without e-way bill and as and when he is caught and the Truck is detained, he will make payment of tax and get the Truck released &#8211; HC refuses to grant any relief &#8211;\u00a0<strong>Vanrajbhai Hasmukhbhai Chauhan Vs. State of Gujarat (2018 (8) TMI 1376 &#8211; Gujarat HC)<\/strong><strong>.<\/strong><\/li>\n<li>The office of the state <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> (erstwhile commercial tax department) has issued a notification offering existing taxpayers a window\u00a0till August 31\u00a0to complete their migration to GST.<\/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>Query:\u00a0If you are always trying to be normal, you will never know how amazing you can be.<\/li>\n<li>Answer:\u00a0\u00a0\u00a0Upon confiscation, the title in the confiscated goods shall vest in the Government and every Police officer to whom the proper officer makes a request in this behalf, shall assist in taking possession of the goods.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/learn\/tax-invoice-in-goods-and-service-tax.html\">Read more:what is GST invoice<\/a><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>\u00a0by over two hours till 5 pm.\u00a0&#8220;It has been decided to permit stock exchanges to set their trading hours in the SLB Segment&#8230; between 9 AM and 5 PM,&#8221; the Securities and Exchange Board of India (Sebi) said in a circular.<\/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>ICAI clarifies that the\u00a0Tax Audit done U\/s 44AD, 44ADA and 44AE shall not be taken into account for Counting the Number of Tax Audit limit of 60 per member in practice.<\/li>\n<li><strong>ICAI\u00a0<\/strong><strong>releases\u00a0<\/strong>ICAI Valuation Standard effective for the valuation reports issued on or after 1st July, 2018. Link athttps:\/\/resource.cdn.icai.org\/51432vsb41162.pdf.<\/li>\n<li><strong>ICAI:<\/strong>CCBMP publishes an E-Book on\u201cReady Reckoner on Regulatory Aspects of Articled \/ Audit Assistants: Capacity Building for CA Firms &amp; Practitioners\u201d.<\/li>\n<li>Niti Aayog has suggested the government to bring down import duty on gold from the existing level of 10 per cent and also slash the GST rate on the precious metal from the current 3 per cent. It has also recommended the govt to review and revamp the gold monetisation scheme and the sovereign gold bond scheme and introduce new gold savings account in banks.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><strong><em>KEY DUE DATES\u00a0<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>GSTR-3B (aug 2018)-sep 20th, 2018<\/li>\n<li>GSTR-6 (JULY 17 \u2013 AUG\u201918)- SEP 30TH, 2018<\/li>\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-4<\/a> (JULY-SEP, 2018)-OCT 18th, 2018<\/li>\n<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-nov 15 , 2018.<\/li>\n<li>Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(aug 2018)-sep 11th 2018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Kerala HC reverses ITAT order, holds that payment made by assessee (an Indian co.) to a US co. for\u00a0providing management, financial, legal, public relations, treasury and risk management service, not Fees for Included Services (\u2018FIS\u2019) under Article 12 of India-USA DTAA,\u00a0Sec. 195 TDS not applicable;\u00a0Rejects ITAT view that the US co. facilitated &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":[435,1296,5690,558,5689,5693,5695,5696],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5267"}],"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=5267"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5267\/revisions"}],"predecessor-version":[{"id":6959,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5267\/revisions\/6959"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}