{"id":5295,"date":"2018-09-10T00:15:31","date_gmt":"2018-09-09T18:45:31","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5295"},"modified":"2022-01-10T11:17:20","modified_gmt":"2022-01-10T05:47:20","slug":"corporate-and-professional-updates-9th-sep-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-sep-2018\/","title":{"rendered":"Corporate and professional updates 9th 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-69cff8cd79b14\" 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-69cff8cd79b14\"  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-9th-sep-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_9TH_SEP_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 9TH SEP 2018\">CORPORATE AND PROFESSIONAL UPDATES 9TH 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-9th-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-9th-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-9th-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-9th-sep-2018\/#MCA_Update\" title=\"MCA Update:\">MCA Update:<\/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-9th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-sep-2018\/#RBI_UPDATES\" title=\"RBI UPDATES\">RBI UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-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-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-sep-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\u00a0\">KEY DUE DATES\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20823\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/09\/corp-1.jpg\" alt=\"\" width=\"631\" height=\"407\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_9TH_SEP_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 9TH 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><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/latory-matters\/\"><strong><em><span style=\"text-decoration: underline;\">Direct Tax :<\/span><\/em><\/strong><\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ITAT Delhi held that tax exemption cannot be denied to IOA merely for receiving sponsorship.\u00a0\u00a0The D.C.I.T. Vs India Olympic Association (ITAT Delhi)<\/li>\n<li>Kerala HC expresses disagreement with Cochin ITAT ruling in The Kadakkarappally Service Co-op Bank and Nagpur ITAT ruling in Buldana Urban Cooperative Credit Society Limited allowing Sec. 80P benefit on unexplained cash credits addition made u\/s. 68; Assessee (a credit cooperative society) had filed a writ challenging the appellate authority order granting stay subject to payment of 50% demand and had relied on the aforesaid ITAT rulings with respect to unexplained cash credits addition made u\/s. 68 for deposits received in cash during AY 2011-12;\u00a0[TS-494-HC-2018(KER)]<\/li>\n<li>Jaipur ITAT upholds AO\u2019s stand of recognizing revenues in respect of advance received by the assessee (engaged in residential township development) from the customers during AY 2012-13 applying percentage completion method (PCM\u2019) [Category 1], but rejects AO&#8217;s action of recognizing entire sale consideration in case of sale deeds executed [Category 2];[TS-617-ITAT-2017(JPR)]<\/li>\n<li>Delhi ITAT upholds revision u\/s 263 in order to tax gift received by assessee-HUF from mother of Karta (not a member of HUF) u\/s 56(2)(vii) for AY 2013-14; During relevant AY, the assessee received 75000 equity shares from mother of the Karta of assessee-HUF, rejects assessee\u2019s stand that the said gift was not covered by 56(2)(vii) taxability as it would qualify as gift from \u2018relative\u2019; [TS-10-ITAT-2018(DEL)]<\/li>\n<li>Attention Taxpayers! 15.09.2018 is last date for payment of your second instalment of Advance Tax. Non\/short payment will attract levy of interest.<\/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>CBEC has waived the late fee paid under section 47 of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Central Goods and Service Tax act, 2017<\/a>.\u00a0Vide notification no 41\/2018, dated 4th September 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>A CBEC has extended the time limit for making the declaration in FORM GST ITC-01 of the CGST Rules, 2017 by registered persons who have filed the application in FORM GST-CMP-04 of the CGST Rules, 2017 between the 2nd day of March, 2018 and the 31st day of March, 2018, for a period of thirty days from the date of publication of this notification in the Official Gazette.Vide notification no 42\/2018, dated 4th September 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBEC has extended the time limit for making the declaration in FORM <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST ITC-04<\/a>, in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the period from July, 2017 to June, 2018 till the 30th day of September 2018.Vide notification no 40\/2018, dated 4th September 2018.<\/li>\n<li>The CBEC has issued a circular regarding the E-way bill in case of storing of goods in the godown of the transporter. Vide Circular No. 61\/35\/2018-GST.<\/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 <a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST Audit<\/a>:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:\u00a0<\/span>Who can conduct audits of taxpayers?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer: <\/span>As per section 49 of MGL, any officer of CGST or SGST authorized by his Commissioner by a general or specific order may conduct an audit of a taxpayer. The frequency and manner of audit will be prescribed in due course.<\/li>\n<li><span style=\"text-decoration: underline;\">Query:<\/span> \u00a0Under what circumstances can a special audit\u00a0be instituted?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer: <\/span>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=\"MCA_Update\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA Update:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\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. DINs obtained letter have to be surrendered. Please note that on approval of form DIR-5, all existing\/erstwhile associations of the surrendered DIN shall be automatically<\/li>\n<li>mapped to the retained DIN.In respect of an individual with a single DIN, if it is\/was once associated with any LLP or Company, it is NOT eligible for surrender. Stakeholders may kindly take note and plane accordingly.<\/li>\n<li>MCA21 system will be intermittently unavailable from\u00a0Saturday, 8th September 2018 10.00 pm\u00a0to Sunday, 9th September 2018 02.00 pm IST due to maintenance activity. Stakeholders are requested to plan accordingly.<\/li>\n<li>MCA has issued the much awaited circular w.r.t Relaxation of additional fees and extension of last date of filing of Form BEN-2 under the provisions of the Section 90 of the Companies Act,\u00a02013.<\/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> may soon dilute some of the controversial provisions notified in its\u00a0April 10\u00a0circular on foreign portfolio investors (FPIs).\u00a0Sources say the regulator is mulling exempting people of Indian origin (PIOs) from the ambit of the new KYC norms.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI 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\/rbi-consulting.php\">RBI<\/a> has notified the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Second Amendment) Regulations, 2018 which shall come into force with effect from the 1st day of September, 2018.<\/li>\n<li>Reserve Bank of India has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009 to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series at bank branches and RBI offices, which are smaller in size compared to the earlier series.\u00a0Vide notification no RBI\/2018-19\/46, dated 7th September 2018.<\/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>Union government doubled the pecuniary limit to Rs. 20 lakh for filing loan recovery applications in the Debt Recovery Tribunals (DRTs) by banks and financial institutions, to help reduce the pendency of such cases.<\/li>\n<li>The rupee crossed the 72-a-dollar mark on Thursday but retreated on intervention by the Reserve Bank of India (RBI). The currency fell to 72.07 a dollar in intra-day trade but closed just below the 72-mark.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"KEY_DUE_DATES\"><\/span><em><strong>KEY DUE DATES\u00a0<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> (AUG 2018)-SEP 20th, 2018<\/li>\n<li>The GSTR-5 (AUG 2018)-SEP 20th, 2018<\/li>\n<li>GSTR-6 (JULY 17 \u2013 AUG\u201918)- SEP 30TH, 2018<\/li>\n<li>A GSTR-4 (JULY-SEP, 2018)-OCT 18th, 2018<\/li>\n<li>GSTR-5A (AUG 2018)-SEP 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 31ST, 2018.<\/li>\n<li>Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a>-(AUG 2018)-SEP 11th\u00a02018<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul style=\"text-align: justify;\">\n<li>Popular blogs:<\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/interim-dividend-final-dividend\/\">What are the interim dividend and final dividend?<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/what-is-process-to-get-back-shares-from-iepf\/\">What is the Process to get back shares from IEPF<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/closure-of-subsidiary-company\/\">CLOSURE OF SUBSIDIARY COMPANY<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/compliance-for-foreign-subsidiary-companies-in-india\/\">Compliance for Foreign Subsidiary Companies in India<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/key-highlights-of-racp-bill-2020-and-companies-amendment-bill2020\/\">Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020<\/a>\n<p style=\"text-align: justify;\">\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 9TH SEP 2018 Direct Tax : ITAT Delhi held that tax exemption cannot be denied to IOA merely for receiving sponsorship.\u00a0\u00a0The D.C.I.T. Vs India Olympic Association (ITAT Delhi) Kerala HC expresses disagreement with Cochin ITAT ruling in The Kadakkarappally Service Co-op Bank and Nagpur ITAT ruling in Buldana Urban Cooperative Credit &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":[5747,5739,5750,435,1296,558,1255,5746,5749,5748],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5295"}],"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=5295"}],"version-history":[{"count":6,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5295\/revisions"}],"predecessor-version":[{"id":20921,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5295\/revisions\/20921"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}