{"id":5311,"date":"2018-09-20T00:27:55","date_gmt":"2018-09-19T18:57:55","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5311"},"modified":"2022-01-07T16:39:07","modified_gmt":"2022-01-07T11:09:07","slug":"corporate-and-professional-updates-20th-sep-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-sep-2018\/","title":{"rendered":"corporate and professional updates 20th sept. 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-69e59551addae\" 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-69e59551addae\"  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-20th-sep-2018\/#corporate_and_professional_updates_20th_sept_2018\" title=\"corporate and professional updates 20th sept. 2018\">corporate and professional updates 20th sept. 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-20th-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-20th-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-20th-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-20th-sep-2018\/#SEBI_UPDATES\" title=\"SEBI UPDATES\u00a0\">SEBI UPDATES\u00a0<\/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-20th-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-20th-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-20th-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-20th-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-20840\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/09\/corp-2.jpg\" alt=\"\" width=\"670\" height=\"432\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_updates_20th_sept_2018\"><\/span>corporate and professional updates 20th sept. 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>Bombay High Court held that deduction under section 80IA can be claimed without excluding deduction under section 80HHC.\u00a0\u00a0M\/s. Indian Gum Industries Ltd. Vs\u00a0\u00a0JCIT (Bombay High Court)<\/li>\n<li>ITAT Delhi held that depreciation on IPR cannot be disallowed merely for non use in Manufacturing. Commissioner of income tax Vs Sinochem india co. Pvt. Ltd. (ITAT Delhi)<\/li>\n<li>The six-member task force appointed by the government to simplify India&#8217;s income tax laws is likely to submit its report by end of this month. Earlier this year, the government had formed a task force to draft a new direct tax law to replace the existing <a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\">Income Tax Act<\/a>, which has been in force since 1961.<\/li>\n<li>CBDT Chairman expressed confidence in exceeding Rs 11.5 lakh crore direct tax collection target in current fiscal. In 2018-19 budget, the government had projected a 14.3 per cent rise in direct tax collections to Rs 11.5 lakh crore.<\/li>\n<li>CBDT said no withholding tax will apply on interest payments made by an Indian company or a business trust to a non-resident in respect of offshore rupee denominated bonds issued between September 17, 2018 and March 31, 2019<\/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 extended the period for submitting the declaration in FORM <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST TRAN-1<\/a> till\u00a031st January, 2019, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the Council.\u00a0Vide order no 4\/2018, dated 17th September 2018.<\/li>\n<li>Thursday\u00a0(20 SEP 18)is the last date for filing\u00a0GSTR-3B, GSTR-5 &amp; GSTR-5A\u00a0for Aug, 2018.<\/li>\n<li>CBIT&amp;C\u00a0notifies\u00a0section 51 of the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST Act<\/a> to bring provisions related to TDS into force w.e.f 01.10.2018-N.N.50\/2018-CT, dt.13.09.18.<\/li>\n<li>CBIT&amp;C\u00a0section 52 of the CGST Act to bring provisions related to TCS into force w.e.f 01.10.2018-N.N.51\/2018-CT, dt.13.09.18.<\/li>\n<li>GST:\u00a0Restaurant services &#8211; The Applicant is not entitled to pay the GST @ 18% with input tax credit &#8211; Liable for GST @ 5%, without ITC \u2013\u00a0<strong>AAR, Karnataka in Coffee Day Global Ltd. (2018 (9) TMI 1042)<\/strong><strong>.<\/strong><\/li>\n<li>Form TRAN-1 reopened for the registered persons\u00a0who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the Council.<\/li>\n<li>The GSTPs enrolled on the GST Network under sub-rule (2) of Rule 83 and covered by clause (b) of sub-rule (1) of Rule 83, are required to pass the said examination before 31.12.2018. The examination for such GSTPs shall be conducted on\u00a031.10.2018.It\u00a0will be a Computer Based Exam. registration portal, link (https:\/\/nacin.onlineregistrationform.org\/)<\/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>\u00a0If a taxable person fails to file the return\u00a0required under law (under section 27 or 31), what\u00a0legal recourse is available to the tax officer?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>The proper officer has to first issue a notice to the\u00a0defaulting taxable person under section 32 of MGL requiring\u00a0him to furnish the return within a specified period of time,\u00a0which has to be a minimum of fifteen days as per section\u00a046 of MGL.<\/li>\n<li>If the taxable person fails to file return within\u00a0the given time, the proper officer shall proceed to assess\u00a0the tax liability of the return defaulter to the best of his\u00a0judgment taking into account all the relevant material\u00a0available with him. This power is given under section 46 of\u00a0MGL.<\/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\u00a0<\/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> has revised the regulations for share buyback to provide more clarity on the requirement to make public announcements. Separately, the market regulator said credit rating agencies will not carry out any activity other than the rating of securities offered through public or rights issue.<\/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 is considering giving another opportunity to 2.1 million company directors who have failed to comply with the \u2018know your customer\u2019 (KYC) norms, according to a senior official. The government could give another 15 days for meeting the compliance norms or reduce the penalty for late filing.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\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\u00a0<\/a>conceded before the Madras High Court that debt resolution and recovery mechanisms, such as Corporate Debt Restructuring Scheme, Strategic Debt Restructuring Scheme, Scheme for Sustainable Structuring of Stressed Assets, Joint Lenders Forum and\u00a05\/25\u00a0scheme had proved to be ineffective in resolution of stressed assets.<\/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>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\u00a0has further represented to CBDT to extend time for submission of <a href=\"https:\/\/carajput.com\/tax-audit.php\">Tax Audit<\/a> Reports (TAR) and related returns from 30 SEP 2018 to 31 OCT 2018.<\/li>\n<li>ICAI RVO:\u00a0announces\u00a0Next Batch of Educational Course at Hotel Fortune Select Excalibur, Main Sohna road, Sector-49, Gurgaon from 6 Oct to 28th Oct. 2018<\/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><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-5A (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<li>Quarterly return for registered persons with aggregate turnover more than Rs. 1.50 Crores- GSTR-1-(SEP 2018)-OCT\u00a031ST\u00a02018<\/li>\n<li>Popular blogs :<a href=\"https:\/\/carajput.com\/blog\/compliance-for-foreign-subsidiary-companies-in-india\/\">Compliance for Foreign Subsidiary Companies in India<\/a>\n<p><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><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>corporate and professional updates 20th sept. 2018 Direct Tax: Bombay High Court held that deduction under section 80IA can be claimed without excluding deduction under section 80HHC.\u00a0\u00a0M\/s. Indian Gum Industries Ltd. Vs\u00a0\u00a0JCIT (Bombay High Court) ITAT Delhi held that depreciation on IPR cannot be disallowed merely for non use in Manufacturing. Commissioner of income tax &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":[5782,5779,5778,5781,1296,5780,558,1486],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5311"}],"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=5311"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5311\/revisions"}],"predecessor-version":[{"id":20843,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5311\/revisions\/20843"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}