{"id":5302,"date":"2018-09-15T00:03:11","date_gmt":"2018-09-14T18:33:11","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5302"},"modified":"2022-01-07T17:27:16","modified_gmt":"2022-01-07T11:57:16","slug":"corporate-and-professional-updates-15th-sep-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-sep-2018\/","title":{"rendered":"Corporate and professional updates 15th 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-69db08114a507\" 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-69db08114a507\"  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-15th-sep-2018\/#Corporate_and_professional_updates_15th_Sep_2018\" title=\"Corporate and professional updates 15th Sep 2018\">Corporate and professional updates 15th 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-15th-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-15th-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-15th-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-15th-sep-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-15th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-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-15th-sep-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\u00a0\">KEY DUE DATES\u00a0<\/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-15th-sep-2018\/#What_are_the_interim_dividend_and_final_dividend\" title=\"What are the interim dividend and final dividend?\">What are the interim dividend and final dividend?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-sep-2018\/#What_is_the_Process_to_get_back_shares_from_IEPF\" title=\"What is the Process to get back shares from IEPF\">What is the Process to get back shares from IEPF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-sep-2018\/#CLOSURE_OF_SUBSIDIARY_COMPANY\" title=\"CLOSURE OF SUBSIDIARY COMPANY\">CLOSURE OF SUBSIDIARY COMPANY<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-sep-2018\/#Compliance_for_Foreign_Subsidiary_Companies_in_India\" title=\"Compliance for Foreign Subsidiary Companies in India\">Compliance for Foreign Subsidiary Companies in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-15th-sep-2018\/#Key_Highlights_of_RACP_Bill_2020_and_Companies_Amendment_Bill2020\" title=\"Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020\">Key Highlights of RACP Bill, 2020 and Companies (Amendment) Bill,2020<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20820\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/09\/corp.jpg\" alt=\"\" width=\"629\" height=\"406\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_professional_updates_15th_Sep_2018\"><\/span>Corporate and professional updates 15th 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\/\"><strong><em><span style=\"text-decoration: underline;\">Direct Tax<\/span><\/em><\/strong><span style=\"text-decoration: underline;\">:<\/span><\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ITAT Ahmedabad held that addition for interest under Section 244A cannot be made in absence of intimation regarding grant of interest.\u00a0Denis Chem Lab Ltd. Vs ACIT (ITAT Ahmedabad)<\/li>\n<li>ITAT Mumbai held that addition for bogus purchases based merely on statements and not backed by any material evidence is not sustainable. M\/s. Aquatic Remedies Pvt. Ltd. Vs The DCIT (ITAT Mumbai)<\/li>\n<li>Due Date Sept 15, 2018, for payment of, ESI, Advance Income Tax, and KYC of DIN.<\/li>\n<li>Finance Ministry extended the last date for filing final sales return <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> for July 2017 to September 2018 period\u00a0till October 31\u00a0and also waived the late fee for the delayed filing of returns.<\/li>\n<li>The numbers of taxpayers who have filed summary sales return GSTR-3B is substantially higher than the number of taxpayers who furnished GSTR-1.<\/li>\n<li>National Anti Profiteering Authority (NAA) ruled that suppliers will be liable to pay a penalty for not passing the benefits of GST rate reduction on sale of goods in a case against Jaipur-based Sharma Trading Company indulged in profiteering in contravention of Sec 171 of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST Act<\/a>.<\/li>\n<li>CBDT has amended the meaning of the term \u2018Balance Sheet\u2019 as defined under <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Rule 11U(b) and inserts new Income Tax Rule 11UAB on \u2018<strong>Determination of Fair Market Value (FMV) for Inventory\u2019\u00a0<\/strong>and shall apply in relation to AY 2019-20 and subsequent years \u2013\u00a0N.42, dt.30.08.2019<\/li>\n<li>ITAT can direct AO for a fresh inquiry into aspects of the subject matter of the appeal. Case M\/s. Fidelity Business Services India Pvt. Ltd. Vs ACIT (Karnataka High Court)<\/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 made amendments to the C<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">entral Goods and Services Tax Rules, 2017<\/a>. These rules may be called the Central Goods and Services Tax (Ninth Amendment) Rules, 2018, which shall come into force on the date of their publication in the Official Gazette. Vide Notification No. 48 \/2018, dated 10th September 2018.<\/li>\n<li>CBEC has specified the time period for form <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> to the persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year.\u00a0Vide Notification No. 43\/2018, dated 10th September 2018.<\/li>\n<li>Profiteering Activity &#8211; Benefit of reduction in the rate of tax from 28% to 18% not passed &#8211; Respondent has deliberately acted in defiance of the above law and hence he is guilty of the conduct which is contumacious and dishonest &#8211;\u00a0<strong>Pawan Sharma, DGAPIT&amp;C Vs. Sharma Trading Company (2018 (9) TMI 625 \u2013 NAPA)<\/strong><strong>.<\/strong><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><span style=\"color: #000000;\"><strong><em><span style=\"text-decoration: underline;\">FAQ on <a style=\"color: #000000; text-decoration: underline;\" href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST Audit<\/a>:<\/span><\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query:\u00a0\u00a0<\/span>What is the period within which the audit is to\u00a0be completed?<\/li>\n<li><span style=\"text-decoration: underline;\">Anwar<\/span>: The audit is required to be completed within 3 months from the date of commencement of audit or within a further period of a maximum of 6 months subject to the approval of the commissioner.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_UPDATES\"><\/span><strong><em><span style=\"text-decoration: underline;\">MCA UPDATES<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\">MCA: 15 SEP 2018(SATURDAY) is the LAST DATE for filing DIR-3 KYC by Directors having DIN.<\/li>\n<li>MCA has invited Comments on the report of the Committee to review offenses under the Companies Act, 2013, along with justifications.<\/li>\n<li>An MCA time limit for filing the BEN\u20102 form would be 30 days from the date of deployment of BEN\u20102e\u2010form on the MCA\u201021 portal without any additional fee.<\/li>\n<li>Supreme Court has stayed the Reserve Bank of India&#8217;s circular, preventing initiation of Insolvency proceedings against their stressed power assets to private power, textiles companies, and shipowners, etc.<\/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> is becoming consistent in adding gold to its foreign currency reserves.\u00a0In July the central bank added 6.8 tonnes, the highest monthly accretion after 2009.<\/li>\n<li>This came at a time when the central bank spent more than $25 billion defending the falling rupee.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\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> is looking at including NRIs in the foreign portfolio investor\u2019s quota. Sources said the regulator had written to the central government, seeking its opinion on this.<\/li>\n<li>The move could open a new source for foreign inflows into the country, as NRIs are currently not big investors because of regulatory curbs.<\/li>\n<li>All unlisted public companies have to issue shares in Demat form mandatorily with effect from 2nd October 2018.<\/li>\n<li>Private limited companies, small companies, and OPC companies can still issue shares in physical form.<\/li>\n<li>SEBI has directed the NSE to keep four senior officials, served show-cause notices (SCN) in the co-location case, out of action.<\/li>\n<li>Sources said these four key managerial personnel (KMP) will have to remain out of the bourse\u2019s \u201csensitive\u201d and \u201cconfidential\u201d matters until the probe is complete.<\/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>Global private equity (PE) funds are likely to be among those most affected by the beneficial ownership norms notified by MCA u\/s 90 of the Companies Act, 2013.<\/li>\n<li>According to the new rules, a company can suspend control rights on its shares if the PE fund does not disclose the beneficial owner.<\/li>\n<li>UCO Bank invites online applications from practicing firms of CA for empanelment as Concurrent Auditors from 01-10-2018 TO 30-09-2019. The last date is 12-09-2018.<\/li>\n<li>Special courts under the NCLT are likely to be set up by November to deal with an increasing number of insolvency cases. The Ministry of Corporate Affairs is working on this proposal.<\/li>\n<\/ul>\n<h4 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><\/h4>\n<ul style=\"text-align: justify;\">\n<li>GSTR-3B (AUG\u00a02018)-SEP\u00a020th, 2018<\/li>\n<li>GSTR-5 (AUG\u00a02018)-SEP\u00a020th, 2018<\/li>\n<li>A GSTR-6 (JULY 17 \u2013 AUG\u201918)- SEP 30TH, 2018<\/li>\n<li>GSTR-4 (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)-OCT 31ST, 2018.<\/li>\n<li>GSTR-5A (AUG\u00a02018)-SEP\u00a020th, 2018<\/li>\n<\/ul>\n<p>Popular blogs:<\/p>\n<ul style=\"text-align: justify;\">\n<li>\n<h4><span class=\"ez-toc-section\" id=\"What_are_the_interim_dividend_and_final_dividend\"><\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/interim-dividend-final-dividend\/\">What are the interim dividend and final dividend?<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"What_is_the_Process_to_get_back_shares_from_IEPF\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"CLOSURE_OF_SUBSIDIARY_COMPANY\"><\/span><a href=\"https:\/\/carajput.com\/blog\/closure-of-subsidiary-company\/\">CLOSURE OF SUBSIDIARY COMPANY<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Compliance_for_Foreign_Subsidiary_Companies_in_India\"><\/span><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/compliance-for-foreign-subsidiary-companies-in-india\/\">Compliance for Foreign Subsidiary Companies in India<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Key_Highlights_of_RACP_Bill_2020_and_Companies_Amendment_Bill2020\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and professional updates 15th Sep 2018 Direct Tax: ITAT Ahmedabad held that addition for interest under Section 244A cannot be made in absence of intimation regarding grant of interest.\u00a0Denis Chem Lab Ltd. Vs ACIT (ITAT Ahmedabad) ITAT Mumbai held that addition for bogus purchases based merely on statements and not backed by any material &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":[5761,5760,5764,1296,558,5766,5762,5732,5765,5763],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5302"}],"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=5302"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5302\/revisions"}],"predecessor-version":[{"id":20849,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5302\/revisions\/20849"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}