{"id":5306,"date":"2018-09-17T00:22:17","date_gmt":"2018-09-16T18:52:17","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5306"},"modified":"2022-01-07T17:12:56","modified_gmt":"2022-01-07T11:42:56","slug":"corporate-and-professional-updates-17th-sep-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-17th-sep-2018\/","title":{"rendered":"Corporate and professional updates 17th 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-69db081148831\" 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-69db081148831\"  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-17th-sep-2018\/#Corporate_and_professional_updates_17th_Sep_2018\" title=\"Corporate and professional updates 17th Sep 2018\">Corporate and professional updates 17th 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-17th-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-17th-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-17th-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-17th-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-17th-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-17th-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-17th-sep-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\u00a0\">KEY DUE DATES\u00a0<\/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\/2015\/11\/Untitled24A.png\" alt=\"Image result for professional updates\" width=\"698\" height=\"450\" \/><\/p>\n<h2><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_professional_updates_17th_Sep_2018\"><\/span>Corporate and professional updates 17th 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><\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ITAT Hyderabad held that cash discount cannot be disallowed for mere non-mention of same on the invoice. M\/s. Sai Krishna Agencies Medak Vs Asstt. (ITAT Hyderabad)<\/li>\n<li>Madras High Court held that property attachment notice by TRO cannot be changed before HC.Champa Devi Vs The Tax Recovery Officer (Madras High Court)<\/li>\n<li>Gujarat High Court held that unsecured loan \/Gift to be added to income if the creditworthiness of giver not proved. Sitaram Ramchanddas Patel Vs Income-tax Officer (Gujarat High Court)<\/li>\n<li>E-commerce platforms such as Amazon, Flipkart, and Myntra will from October 1 have to withhold tax from payments made to suppliers.<\/li>\n<li>The t<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">ax deducted at source (TDS) and tax collected at source (TCS)<\/a> provisions under the goods and services tax (GST) have been notified to be effective from October.<\/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 specified that on 1st October\u00a02018 the provisions of section 51 of the Central Goods and Services Tax Act, 2017 shall come into force with respect to persons specified under clauses (a), (b) and (c) of sub-section (1) of section 51 of the\u00a0 Central Goods and Services Tax Act, 2017.\u00a0Vide notification no 50\/2018, dated 13th September 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBEC has issued a circular regarding Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified in Circular Nos. 41\/15\/2018-GST dated 13.04.2018 and 49\/23\/2018-GST dated 21.06.2018. Vide circular no 64\/38\/2018, dated 14th September 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBEC has made amendments in the Central Goods and Services Tax Rules, 2017. These rules may be called the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Central Goods and Services Tax<\/a> (Tenth Amendment) Rules, 2018, which shall come into force on the date of their publication in the Official Gazette.\u00a0Vide notification no 49\/2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/gst\/gst-audit.php\">GST Audit<\/a> and format of reconciliation statement has been\u00a0notified\u00a0https:\/\/www.cbic. gov.in\/resources\/\/htdocs-cbec\/gst\/notfctn-49-central-tax-english-ew.pdf;jsessionid= 06184B89BBC363EDC3190CD6B0D667 1F<\/li>\n<li>AAR cannot decide whether a supply is inter-State or intra-State.\u00a0In re Fichtner Consulting Engineers (I) Pvt Ltd.\u00a0(GST AAR Tamilnadu).<\/li>\n<li>Punjab Govt has notified that E-Way bill will not be required, Where the movement of goods commences and terminates within the State of Punjab without crossing the boundaries of the State of Punjab and consignment value Not exceeds Rs. 1 Lakh.<\/li>\n<li>GST issued Circular No 64 Modification of the procedure for interception of conveyances for inspection of goods in movement, and detention, release and confiscation of such goods and conveyances, as clarified.<\/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: <\/span>Under what circumstances can a best judgment assessment order issued under section 60 be withdrawn?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer: <\/span>The best judgment order passed by the Proper\u00a0Officer under section 62 of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST\/SGST Act<\/a> shall automatically stand withdrawn if the taxable person\u00a0furnishes a valid return for the default period (i.e. files the return and pays the tax as assessed by him), within thirty days of the receipt of the best judgment assessment order.<\/li>\n<li><span style=\"text-decoration: underline;\">Query: <\/span>Under what circumstances can a best judgment assessment order issued under section 46 be withdrawn?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer: <\/span>The best judgment order passed by the Proper Officer under section 46 of MGL shall automatically stand withdrawn if the taxable person furnishes a valid return for the default period (i.e. files the return and pays the tax as assessed by him), within thirty days of the receipt of the best judgment assessment order.<\/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>MCA has made amendments in the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.<\/li>\n<li>These rules may be called the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 20 18, which shall come into force on the date of their publication in the Official Gazette.<\/li>\n<li>MCA has made amendments to Schedule V of the Companies Act, 2013.<\/li>\n<li>No govt approval is required for public cos for managerial compensation. Now with effect from 12th September 2018, approval of the Central Government shall no longer be required for the increase in the payment of remuneration to the managerial personnel (in excess of 11 percent of the net profit of a company).<\/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> is likely to consider a proposal to allow trading in this segment by foreign entities with exposure to the Indian physical commodity market.<\/li>\n<li>Besides, the regulator may deliberate on the issue of introducing a common application form for foreign portfolio investors (FPIs) to enter into the domestic capital market as part of the exercise to improve ease of doing business.<\/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>ICAI has further requested CBDT to extend the time for submission of Tax Audit Reports and related returns from 30th September 2018 to 31st October 2018 as CBDT has not followed Norms of Earlier Years of discussing Important Changes in Tax Audit Report with ICAI, there were Constant changes in Utilities relating to Tax Audit Forms, Delay in the release of utilities and there was Issue in the utility of ITR Form No. 5.<\/li>\n<li>ICAI releases a compilation of FAQ\u2019s and MCQ\u2019s on GST<\/li>\n<li>The Companies (Amendment) Act, 2017 (I of 2018); the Central Government hereby appoints the 12th September 2018 as the date on which the provisions of sections 66 to 70 (both inclusive) of the said Act shall come into force.<\/li>\n<li>ICAI invites applications for the following positions on a contract basis from competent professionals.<\/li>\n<li>Interested candidates may email their application in structured format at recruitmentdirector@icai.in<a href=\"mailto:recruitmentdirector@icai.in\">\u00a0<\/a>or can send through speed post to the Consultant \u2013 HR at the Institute of Chartered Accountants of India, ICAI Bhawan, I.P. Marg, New Delhi.<\/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\u00a0<\/span><\/em><\/strong><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\u00a02018)-SEP\u00a020th, 2018<\/li>\n<li>GSTR-5 (AUG\u00a02018)-SEP\u00a020th, 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\">GSTR-5A<\/a> (AUG\u00a02018)-SEP\u00a020th, 2018<\/li>\n<li>Quarterly return for registered persons with aggregate turnover up to Rs. 1.50 Crores- GSTR-1 (JULY- SEP, 2018)-OCT\u00a031ST, 2018.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and professional updates 17th Sep 2018 Direct Tax: ITAT Hyderabad held that cash discount cannot be disallowed for mere non-mention of same on the invoice. M\/s. Sai Krishna Agencies Medak Vs Asstt. (ITAT Hyderabad) Madras High Court held that property attachment notice by TRO cannot be changed before HC.Champa Devi Vs The Tax Recovery &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":[5768,5733,5771,1296,5769,558,5772,5770,5767],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5306"}],"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=5306"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5306\/revisions"}],"predecessor-version":[{"id":20848,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5306\/revisions\/20848"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}