{"id":5270,"date":"2018-08-29T00:26:49","date_gmt":"2018-08-28T18:56:49","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5270"},"modified":"2023-12-28T23:22:07","modified_gmt":"2023-12-28T17:52:07","slug":"corporate-and-professional-updates-29th-aug-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-29th-aug-2018\/","title":{"rendered":"corporate and professional updates 29th aug 2018"},"content":{"rendered":"<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/4.bp.blogspot.com\/-wNJClJqatnY\/VyitHIW_mDI\/AAAAAAAAJWQ\/aADIWyCr7kwwv9OmGZd_ZtMc0FhhDqH_ACLcB\/s1600\/corporate.jpg\" alt=\"Image result for corporate and professional updates\" \/><strong><em><span style=\"text-decoration: underline;\">Direct Tax :<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Mumbai ITAT grants vacancy allowance u\/s 23(1)(c)\u00a0\u00a0to Saif Ali Khan Pataudi (\u2018assessee\u2019) \u00a0in respect of his Bandra flats that could not be let out during AY 2012-13; \u00a0Notes that\u00a0assessee had offered Rs.11.83 lakh\u00a0\u00a0as taxable rent, however, Revenue had substituted a sum of Rs. 50 lakh as reasonable rent for the property, accepts assessee\u2019splea that due to inherent defects\/ construction, the flat could not be let out;\u00a0[TS-488-ITAT-2018(Mum)]<\/li>\n<li>Kolkata ITAT delivers double blow to a Kolkata based Vijay Mallya group entity (&#8216;assessee&#8217;), holds that the sale of its pledged shares by Citicorp would result in a capital gain of Rs. 267 cr for MAT purposes, while also disallowing the deduction of write-off of a similar amount in normal computation for failing to meet the &#8220;business expediency&#8221; test; Mallya group entities United Breweries Holding Ltd. (UBHL) &amp; Bangalore Beverages Ltd. (BBL) availed short term loan of Rs. 200 cr &amp; Rs. 73 cr respectively from Citicorp, for which the assessee stood guarantor by pledging its 6.2 million shares in United Breweries Ltd.;\u00a0[TS-451-ITAT-2018(Kol)]<\/li>\n<li>CBDT has mandated \u2018e-proceeding\u2019 for all income-tax scrutiny in 2018-19. It has also specified seven situations where e-proceeding will not be mandatory this year. These include search cases, cases where returns were filed in paper mode and the assessee doesn\u2019t have an e-filing account, and geographical areas with limited bandwith.<\/li>\n<li>Government of India has notified the Common Application Form (CAF) for the purpose of registration, opening of bank and dematerialized accounts, as well as for <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">Permanent Account Number (PAN)<\/a> application by Foreign Portfolio Investors (FPIs).<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/learn\/basic-understanding-of-rebate-us-87a-of-i-tax-act.html\">Read more : income tax rebate u s 87a<\/a><\/p>\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><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> complaints can be filed at Consumer Helpline No. 011-21400643 regarding GST input credit and profiting under National Anti Profiting Authority Act (NAA).<\/li>\n<\/ul>\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:\u00a0<\/span>Can any conveyance carrying goods without cover of prescribed documents be subject to confiscation?<\/li>\n<li>.<span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0 Section 130 provides that any conveyance carrying goods without the cover of any documents or declaration prescribed under the Act shall be liable to confiscation. However, if the owner of the conveyance proves that the goods were being transported without cover of the required documents\/declarations without his knowledge or connivance or without the knowledge or connivance of his agent then the conveyance shall not be liable to confiscation as aforesaid.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em>\u00a0<span style=\"text-decoration: underline;\">MCA update<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>As per the extant rules, in respect of an individual who is in possession of Duplicate\/Multiple DINs, he can retain the Oldest DIN only. DINs obtained later have to be surrendered. Further DIN once associated is NOT eligiblefor surrender. Stakeholders may kindly take\u00a0note\u00a0and plan accordingly.<\/li>\n<li>MCA:As per the extant rules, in respect of an individual who is in possession of Duplicate\/Multiple DINs, he can retain the Oldest DIN only. DINs obtained later have to be surrendered. Further DIN once associated is NOT eligible\u00a0for surrender.<\/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> is likely to let cos use stock exchanges to sell bonds directly to investors, including retail investors, any time and as many times during a financial year, after filing a single prospectus Sugata Ghosh &amp; Reena Zachariah \u2018Bond tap\u2019, which gives corporates the flexibility to time the market, prune cost, and dramatically cut down on paperwork for raising money, will soon be a reality in India.<\/li>\n<li><strong>Credit of units of Alternative Investment Funds in dematerialised form<\/strong><br \/>\nSecurities and Exchange Board of India has prescribed timelines &amp; processes to be complied by Alternative Investment Funds for dematerializing or crediting the units issued. You may refer the <a href=\"https:\/\/carajput.com\/archives\/credit-of-units-of-alternative-investment-funds-in-dematerialised-form.pdf\">complete details at below link<\/a><\/li>\n<li><strong>SEBI given the Extension of Time limit for implementation of provisions on Redressal of investor grievances via New <\/strong>SEBI Complaint Redressal (SCORES) PlatformSecurities and Exchange Board of India is making &amp; Pertaining to implementation of provisions on investor grievances Redressal via Securities and Exchange Board of India Complaint Redressal (SCORES) Platform,\u00a0The timelines for regulations pertaining to the workflow of entities processing investor grievances have been extended by Securities and Exchange Board of India. For more details may refer the <a href=\"https:\/\/carajput.com\/archives\/investor-grievances-redressal-via-complaint-redressal-scores.pdf\">attached link<\/a><\/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>ICAI Invites Application for\u00a0Awards for Excellence in Financial Reporting for the year 2017-18, to all business entities that publish annual\u00a0reports, to participate in this annual competition of the Institute\u00a0by 30th Sept\u00a02018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em>KEY DUE DATES\u00a0<\/em><\/strong><\/p>\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>GSTR-4 (JULY-SEP, 2018)-OCT 18th, 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\">&#8211; GSTR-1<\/a> (JULY- SEP, 2018)-sep 15TH, 2018.<\/li>\n<li>Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(aug 2018)-sep 11th\u00a02018<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax : Mumbai ITAT grants vacancy allowance u\/s 23(1)(c)\u00a0\u00a0to Saif Ali Khan Pataudi (\u2018assessee\u2019) \u00a0in respect of his Bandra flats that could not be let out during AY 2012-13; \u00a0Notes that\u00a0assessee had offered Rs.11.83 lakh\u00a0\u00a0as taxable rent, however, Revenue had substituted a sum of Rs. 50 lakh as reasonable rent for the property, accepts &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":[5700,5698,1296,5697,558,5699],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5270"}],"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=5270"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5270\/revisions"}],"predecessor-version":[{"id":25881,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5270\/revisions\/25881"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}