{"id":5339,"date":"2018-10-08T00:27:15","date_gmt":"2018-10-07T18:57:15","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5339"},"modified":"2022-01-10T11:20:49","modified_gmt":"2022-01-10T05:50:49","slug":"corporate-and-professional-updates-8th-oct-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-8th-oct-2018\/","title":{"rendered":"Corporate and professional updates 8th oct 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-69d7ec67e5e05\" 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-69d7ec67e5e05\"  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-8th-oct-2018\/#Corporate_and_professional_updates_8th_oct_2018\" title=\"Corporate and professional updates 8th oct 2018\">Corporate and professional updates 8th oct 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-8th-oct-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-8th-oct-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-8th-oct-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-8th-oct-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-8th-oct-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-8th-oct-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3008\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company.jpg\" alt=\"www.carajput.com;CORPORATE UPDATE\" width=\"1200\" height=\"600\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company.jpg 1200w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company-300x150.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company-768x384.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/annual-compliance-of-a-private-limited-company-1024x512.jpg 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_professional_updates_8th_oct_2018\"><\/span>Corporate and professional updates 8th oct 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 reassessment for non-disclosure of bank A\/C which was disclosed during original assessment is invalid.\u00a0Akshar Developers Vs Assistant Commissioner of Income-tax (Bombay High Court)<\/li>\n<li>Demand of Interest U\/S\u00a0Section 234 A illegal once due date has been extended\u00a0:<\/li>\n<\/ul>\n<p>Income Tax Department cannot demand interest U\/S Section 234 A, once due date of ITR has been extended,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Kerala High Court admits writ petition.<\/p>\n<ul style=\"text-align: justify;\">\n<li>Income Tax Dept has notified norms for applicability of concessional long-term capital gain tax. This will benefit investments made in IPOs and follow-on public offerings (FPOs).<\/li>\n<li>The new norms will come into effect from April 1, 2019, and will apply in relation to the assessment year 2019-20 and subsequent assessment 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>Form GSTR-9C released. Due date of filing GSTR -9C is yet to be notified.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Extension of Due date for <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> only for newly migrated taxpayers for months July 2017 to Nov 2018 till 31st December 2018. The due dates remain unchanged for the rest of the taxpayers.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Extension of Due date for GSTR-1 in case of taxpayers with turnover above Rs 1.5 crores in previous FY or Current FY\n<ul>\n<li>Regular taxpayers: for months from July 2017 to September 2018 extended till the 31st October 2018.<\/li>\n<li>Newly migrated taxpayers: for months from July 2017 to November 2018 extended till the 31st December 2018.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Extension of Due date for GSTR-1 in case of taxpayers with turnover upto Rs 1.5 crores in previous FY or Current FY<\/li>\n<\/ul>\n<p style=\"padding-left: 120px; text-align: justify;\">a.Regular taxpayers :<\/p>\n<p style=\"padding-left: 120px; text-align: justify;\">Quarter\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 New Due date<\/p>\n<p style=\"padding-left: 120px; text-align: justify;\">July \u2013 September 2017\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31st October 2018<\/p>\n<p style=\"padding-left: 120px; text-align: justify;\">October \u2013 December 2017\u00a0\u00a0\u00a0\u00a0\u00a0 31st October 2018<\/p>\n<p style=\"padding-left: 120px; text-align: justify;\">January \u2013 March 2018 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31st October 2018<\/p>\n<p style=\"padding-left: 120px; text-align: justify;\">April \u2013 June 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31st October 2018<\/p>\n<p style=\"padding-left: 120px; text-align: justify;\">July \u2013 September 2018\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31st October 2018<\/p>\n<p style=\"padding-left: 120px; text-align: justify;\">October \u2013 December 2018\u00a0\u00a0\u00a0\u00a0\u00a0 31st January 2019<\/p>\n<p style=\"padding-left: 120px; text-align: justify;\">January \u2013 March 2019 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30th April 2019<\/p>\n<ul style=\"text-align: justify;\">\n<li>Newly migrated taxpayers: For all quarters from July 2017 to September 2018 extended till 31st December 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>For flood-affected regions of Kodagu, Mahe, and Kerala: The above the table of dates remains the same except for the quarter July 2018 to September 2018 extended till 15th November 2018.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>The due date of TRAN-1 and TRAN-2 is extended for certain taxpayers who could not complete filing due to tech glitch, to 31st March 2019 and 30th April 2019 respectively.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>CBIC released formats of GSTR -9 &amp; GSTR -9A.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST <\/a>council waives the late fees for the following :<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Taxpayers whose GSTR -3B for the month of October 2017 was submitted but not filed on the common portal.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Taxpayers whose GSTR -4 was filed for the period of October to December 2017 within due date but late fees were mistakenly charged.<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>Input service distributors who paid late fees for GSTR-6 for any tax period between 1st Jan 2018 to 23rd Jan 2018.<\/li>\n<\/ul>\n<h3><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>\n<li><span style=\"text-decoration: underline;\">Query: <\/span>If a taxable person fails to file the return required under the law \u00a0(under section \u00a039 ( monthly\/ quarterly), or \u00a045 \u00a0( final return), what legal recourse is available to the tax officer?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer: <\/span>The proper officer has to first issue a notice to the defaulting taxable person under section 46 of CGST\/SGST Act requiring him to furnish the return within a period of fifteen days.<\/li>\n<li>If the taxable person fails to file the return within the given time, the proper officer shall proceed to assess the tax liability of the return defaulter to the best of his judgment taking into account all the relevant material available with him. (Section 62).<\/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>Constitution of National Financial Reporting Authority: In exercise of the powers conferred under Companies Act, 2013 the Central Government hereby appoints the 1st October\u00a02018\u00a0said Act shall come into force.<\/li>\n<li>MCA has issued a circular regarding Relaxation of additional fees and extension of the last date of in filing of forms MGT-7 (Annual Return) and Aoc-4 (Financial statement) under the Companies Act, 2013- State of Kerala. Vide circular no 09\/2018, dated 5th October 2018.<\/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\">Reserve Bank of India (RBI)<\/a> Wednesday relaxed policy on borrowing from overseas to allow state-owned fuel retailers to raise up to USD 10 billion external debt for working capital needs.<\/li>\n<li>Banks move to alert ED on exporters whose payments have been delayed:In the past few days, banks have shared with the Enforcement Directorate the names of thousands of exporters who have not received payments against shipment of goods<\/li>\n<\/ul>\n<h3 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><\/h3>\n<p style=\"text-align: justify;\">October 2018 Due Dates:<\/p>\n<ul style=\"text-align: justify;\">\n<li>14th October- ADT 1 for Appointment of Auditor<\/li>\n<li>15th October- <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TCS Return<\/a> for Jul to Sep 2018\u00a0-Tax Audit &amp; ITR for FY 2017-18<\/li>\n<li>18th October- GSTR 4 for Composition Dealer for Jul 2017 to Sep 2018<\/li>\n<li>20th October- GSTR 3B &#8211; Sep 2018 Month<\/li>\n<li>30th October- AOC 4 for FY 2017-18<\/li>\n<li>31st October- GSTR 1 for July 2017 to Sep 2018<\/li>\n<li>31st Oct- <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS Return<\/a> for Jul to Sep 2018<\/li>\n<li>Popular blog:-\n<ul>\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><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Corporate and professional updates 8th oct 2018 Direct Tax: Bombay High court held that reassessment for non-disclosure of bank A\/C which was disclosed during original assessment is invalid.\u00a0Akshar Developers Vs Assistant Commissioner of Income-tax (Bombay High Court) Demand of Interest U\/S\u00a0Section 234 A illegal once due date has been extended\u00a0: Income Tax Department cannot demand &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,172,9,4],"tags":[5857,5859,5861,5862,1296,5858,558,5856,5855],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5339"}],"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=5339"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5339\/revisions"}],"predecessor-version":[{"id":20922,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5339\/revisions\/20922"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}