{"id":5282,"date":"2018-09-04T00:35:07","date_gmt":"2018-09-03T19:05:07","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5282"},"modified":"2021-12-25T11:47:03","modified_gmt":"2021-12-25T06:17:03","slug":"corporate-and-professional-updates-4th-sep-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-4th-sep-2018\/","title":{"rendered":"corporate and professional updates 4th sep 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-69ea89105cb94\" 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-69ea89105cb94\"  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-4th-sep-2018\/#corporate_and_professional_updates_4th_Sep_2018\" title=\"corporate and professional updates 4th Sep 2018\">corporate and professional updates 4th Sep 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-4th-sep-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-4th-sep-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-4th-sep-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-4th-sep-2018\/#SEBI_UPDATES\" title=\"SEBI UPDATES\">SEBI 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-4th-sep-2018\/#MCA_Update\" title=\"MCA Update\u00a0;\">MCA Update\u00a0;<\/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-4th-sep-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-4th-sep-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-4th-sep-2018\/#Popular_Blog\" title=\"Popular Blog:\">Popular Blog:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-4th-sep-2018\/#_income_tax_rebate_u_s_87a\" title=\"\u00a0income tax rebate u s 87a\">\u00a0income tax rebate u s 87a<\/a><\/li><\/ul><\/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\/2018\/07\/srryz1.jpg\" alt=\"Image result for professional updates\" width=\"817\" height=\"497\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_updates_4th_Sep_2018\"><\/span>corporate and professional updates 4th Sep 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><em><span style=\"text-decoration: underline;\">Direct Tax :<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Kerala HC reverses ITAT\u2019s order, allows deduction u\/s 36(1)(v) for LIC premium paid in order to indemnify the liability towards gratuity of employees taken over from another company pursuant to business take-over; At the time of take-over of business, the assessee also took over employees with the specific agreement as to the continuation of service without break as also statutory benefits including gratuity for past years; [TS-495-HC-2018(KER)]<\/li>\n<li>Mumbai ITAT denies a deduction for expenses incurred by the assessee (a JV co. formed by Tata Advances System Ltd. and Lockheed Martin Aerostructure Corporation, USA [\u2018LMAC\u2019]) as pre-operative expenses, noting that the assessee&#8217;s facility for assembling, manufacturing, and supplying aircraft structural articles to LMAC, US was not set up till the end of relevant AY;[TS-450-ITAT-2018(Mum)]<\/li>\n<li>Calcutta HC upholds ITAT order deleting Sec. 40(a)(ia) disallowance, rules that payment of interest by the assessee (a State-owned housing development co.) for delayed delivery of plot during AY 2005-06, was not in the nature of interest as defined in Sec. 2(28A), <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> u\/s. 194A is not applicable.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Bombay HC dismisses Revenue\u2019s appeal, confirms ITAT order holding assessment order in remand proceedings, which was passed without issuing a draft order u\/s 144, as invalid. Observes that once ITAT, in the first round of proceedings, set aside the assessment and remanded it back to TPO to give hearing opportunity to the assessee, \u201cthe matter was relegated to the stage of Section 144C(1)\u201d;[TS-773-HC-2018(BOM)- TP]<\/li>\n<li>CBDT has amended the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax Rules, 1962<\/a>. These rules may be called the Income-tax (9th Amendment), Rules, 2018, which shall come into force from the 1st day of April 2019 and shall apply in relation to the assessment year 2019-20 and subsequent years<\/li>\n<\/ul>\n<h3 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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Finance Ministry is considering an amendment in the law to raise penalties against companies that fail to pass on <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> rate cuts to consumers. At present, the penalty for such an act is 10,000 or the amount of tax evaded, whichever is higher<\/li>\n<li>CBIC has issued a circular to clarify that the forwarding of samples for testing to the Outside Laboratories till the upgradation of the Revenue Laboratories.<\/li>\n<li>GST: TUESDAY (11 SEP 2018)\u00a0is the last date for filing of\u00a0GSTR-1for the m\/o August, 2018 for the taxpayers with\u00a0Turnover exceeding Rs.1.50 Crores or opted to file monthly Return.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on<span style=\"color: #000000;\"><a style=\"color: #000000; text-decoration: underline;\" href=\"https:\/\/carajput.com\/gst\/gst-audit.php\"> GST Audit<\/a><\/span>:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>What would be the action by the proper officer\u00a0upon conclusion of the audit?<\/li>\n<li>Answer:\u00a0The proper officer must without delay inform the\u00a0taxable person about his findings, reasons for findings and\u00a0the taxable person\u2019s rights and obligations in respectof\u00a0such findings.<\/li>\n<li>Query:Under what circumstances can a special audit\u00a0be instituted?<\/li>\n<li>Answer:A special audit can be instituted in limited\u00a0circumstances where during scrutiny, investigation, etc. it\u00a0comes to the notice that a case is complex or the revenue\u00a0stake is high. This power is given in section 50 of MGL.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> \u00a0is working on facilitating the participation of mutual funds and the commencement of portfolio management services in the commodity derivatives market. MCX and custodian banks have submitted a report to SEBI on how issues pertaining to MF participation can be facilitated.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA Update<\/span><\/em><\/strong><strong><em><span style=\"text-decoration: underline;\">\u00a0;<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>MCA21 system will be intermittently unavailable from Saturday, 1st September\u00a02018 10.00 pm toSunday,2nd September 2018 02.00 pm IST\u00a0due to maintenance activity. Stakeholders are requested to plan accordingly.<\/li>\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 note and plan accordingly.<\/li>\n<li>MCA clarifies\u00a0that N.N:G.S.R. 307(E) &amp; G.S.R. 308(E), dt.30.03.2017\u00a0for disclosure on Specified Banking Notes (SBN)\u00a0was event specific and hence NOT APPLICABLE for FY 2017-18 or thereafter.<\/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>Supreme Court reserved its verdict on the SFIO&#8217;s plea to stay a Delhi High Court order in a case concerning Bhushan Steel&#8217;s erstwhile promoter Neeraj Singal. It said it will pass orders on the plea of the SFIO, while agreeing to hear the probe agency&#8217;s appeal against the release order.<\/li>\n<li>DGFT has eased down the process of making<a href=\"https:\/\/dgft.gov.in\/sites\/default\/files\/PN%20No.32%20english.pdf\">\u00a0<\/a>intimation to Regional Authorities about Block-wise fulfillment of EO under the EPCG Scheme by facilitating intimations without using the digital signatures.<\/li>\n<li>ICAI: 30 SEP 2018is the last date for the payment of\u00a0Annual Membership\u00a0and\u00a0Certificate of Practice\u00a0fee for the year\u00a02018-19.<\/li>\n<li>ICAI has issued a\u00a0Technical Guide on Audit of Urban Improvement Trusts and Development Authorities issued by the Auditing and Assurance Standards Board.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">KEY DUE DATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Due dates for Compliances under GST:<\/p>\n<ul style=\"text-align: justify;\">\n<li>10-09-2018- Due date for filing GSTR -1 for the month of August 2018. Applicable for taxpayers with Annual Aggregate turnover More than 1.50 Crore<\/li>\n<li>20-09-2018- GSTR-3B for the m\/o August 2018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Due dates for Comp under Income tax:<\/p>\n<ul style=\"text-align: justify;\">\n<li>07-09-2018- Due date for deposit of tax deducted\/collected at source for the month of August 2018<\/li>\n<li>14-09-2018- Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB in the month of July 2018<\/li>\n<li>15-09-2018- Due date of deposit of second installment of advance tax for the assessment year 2019-20<\/li>\n<li>30-09-2018 \u2013 Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA, 194-IB in m\/o August 2018<\/li>\n<li>30-09-2018 \u2013 Audit report under section 44AB for the assessment year 2018-19 in the case of a corporate\/non-corporate assessee (who is required to submit return of income on September 30, 2018)<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Due dates for under Companies Act;<\/p>\n<ul style=\"text-align: justify;\">\n<li>15-09-2018- Application for KYC of all Directors for the year ending 31.03.2018 via form DIR-3 KYC<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>Due dates for Compliance under ESI, PF Acts:<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>15-09-2018- PF Payment for m\/o August 2018<\/li>\n<li>15-09-2018- ESIC Payment for m\/o August 2018<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"Popular_Blog\"><\/span>Popular Blog:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"_income_tax_rebate_u_s_87a\"><\/span><a href=\"https:\/\/carajput.com\/learn\/basic-understanding-of-rebate-us-87a-of-i-tax-act.html\">\u00a0income tax rebate u s 87a<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>corporate and professional updates 4th Sep 2018 Direct Tax : Kerala HC reverses ITAT\u2019s order, allows deduction u\/s 36(1)(v) for LIC premium paid in order to indemnify the liability towards gratuity of employees taken over from another company pursuant to business take-over; At the time of take-over of business, the assessee also took over employees &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,9933,150,172,9,4],"tags":[9156,1296,5471,5715,5721,558,5720,5718],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5282"}],"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=5282"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5282\/revisions"}],"predecessor-version":[{"id":6915,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5282\/revisions\/6915"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}