{"id":5341,"date":"2018-10-09T00:07:26","date_gmt":"2018-10-08T18:37:26","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5341"},"modified":"2022-01-05T16:00:01","modified_gmt":"2022-01-05T10:30:01","slug":"corporate-and-professional-updates-9th-oct-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-oct-2018\/","title":{"rendered":"corporate and professional updates 9th 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-69d7d68f3211c\" 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-69d7d68f3211c\"  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-oct-2018\/#corporate_and_professional_updates_9th_Oct_2018\" title=\"corporate and professional updates 9th Oct 2018\">corporate and professional updates 9th 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-9th-oct-2018\/#Direct_tax\" title=\"Direct tax\">Direct tax<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-oct-2018\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-9th-oct-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER 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-oct-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.jetairways.com\/Images\/cards\/management.jpg\" alt=\"Image result for corporate and professional updates\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"corporate_and_professional_updates_9th_Oct_2018\"><\/span>corporate and professional updates 9th Oct 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><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>244: The Dept should bring some order and discipline to the aspect of granting refunds. All pending refund applications should be processed in the order in which they are received.<\/li>\n<li>It is the bounden duty of the Revenue to grant refunds generated on account of orders of higher forums and disburse the amount expeditiously.<\/li>\n<li>In the absence of a clear policy, the Courts may impose interest on the quantum of a refund at such rates determined by the Court. SICOM Ltd vs. DCIT (Bombay High Court)<\/li>\n<li>80-IC: An assessee who avails of the deduction for a period of 5 years @ 100% of profits and gains is entitled to a deduction on &#8216;substantial expansion&#8217; for the remaining 5 Assessment Years @ 25% (or 30% where the assessee is a company) and not @ 100% (Mahabir Industries v. PCIT 256 TM 201 (SC) distinguished) CIT vs. Classic Binding Industries (Supreme Court)<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Foreign embassies to comply with <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">CGST<\/a> notifications to claim compensation cess refund. Representations have been received by the Board regarding the entitlement of UN and specified international organizations, foreign diplomatic mission or consular posts, diplomatic agents and consular offices post therein to refund of Compensation Cess.<\/li>\n<li>CBDT has extended the due date for filing of return of income and reports of audit pertaining to the assessment year 2018-19 from 15th October\u00a02018 to 31<sup>st<\/sup>\u00a0October 2018.\u00a0Vide notification no 225\/358\/2018\/ITAT.II, dated 8<sup>th<\/sup>\u00a0October 2018<\/li>\n<\/ul>\n<p><strong><em><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST<\/a> Audit:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"text-decoration: underline;\">Query: <\/span>Can a consolidated \u2018revised invoice\u2019 be issued to every recipient for supplies made during the period before registration is granted?<\/li>\n<li><span style=\"text-decoration: underline;\">Answer: <\/span>As Per Proviso to Rule 6 (2) of Tax Invoice, Credit, and Debit note Rules, it is mandatory to issue separate tax invoices in the following cases:\n<ul>\n<li>Supplies to registered persons;<\/li>\n<li>Inter-state supplies to unregistered persons where the taxable value of the supply exceeds Rs. 250,000.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 60px; text-align: justify;\">A consolidated invoice can be issued to an unregistered recipient (State-wise consolidation) not covered above.<\/p>\n<p>&nbsp;<\/p>\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 decided to relax the additional fees payable to companies having registered offices in the State of Kerala on e-forms AOC-4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 up to 31.12.2019, wherever additional fee is applicable.<\/li>\n<li>URC-1 notified vide Companies (Authorised to Register) Second Amendment Rules, 2018, dated 5th July 2018 would be available for filing purposes w.e.f 9th October 2018.<\/li>\n<li>Web-service\u00a0<span style=\"text-decoration: underline;\">RUN<\/span>and\u00a0<span style=\"text-decoration: underline;\">SPICe forms<\/span> are also likely to be revised due to the impact of the introduction of the URC-1 form. Stakeholders are advised to check the latest version before filing.<\/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> lowered its retail inflation projection for the second half of the current fiscal to 3.9-4.5 percent mainly because of an unusually benign trend in food prices.<\/li>\n<li>Food inflation has remained unusually benign, which imparts a downward bias to its trajectory.<\/li>\n<li>RBI proposed new norms for foreign portfolio investors (FPIs) to attract long-term and stable FPI investments into debt markets while allowing them operational flexibility.<\/li>\n<li>RBI, in consultation with the government and Sebi, has proposed the voluntary retention route to encourage FPIs willing to make long-term investments in debt.<\/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 submitted representation suggesting non-deduction of TDS under MVAT Act after implementation of GST: Certain Govt Departments like PWD &amp; other Municipal Corporations and Local Self Govt bodies continue to deduct TDS as per the provisions of Section 31 of MVAT Act.<\/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- TCS Return for Jul to Sep 2018<\/li>\n<li>&#8211; <a href=\"https:\/\/carajput.com\/tax-audit.php\">Tax Audit<\/a> &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 blogs:<a href=\"https:\/\/carajput.com\/blog\/closure-of-subsidiary-company\/\">CLOSURE OF SUBSIDIARY COMPANY<\/a>\n<p><a href=\"https:\/\/carajput.com\/blog\/compliance-for-foreign-subsidiary-companies-in-india\/\">Compliance for Foreign Subsidiary Companies in India<\/a><\/p>\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 9th Oct 2018 Direct tax 244: The Dept should bring some order and discipline to the aspect of granting refunds. All pending refund applications should be processed in the order in which they are received. It is the bounden duty of the Revenue to grant refunds generated on account of orders &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,9,4],"tags":[5866,5867,5863,1296,558,5868,5864,5869,5865],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5341"}],"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=5341"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5341\/revisions"}],"predecessor-version":[{"id":20776,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5341\/revisions\/20776"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}