{"id":5344,"date":"2018-10-11T00:01:27","date_gmt":"2018-10-10T18:31:27","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5344"},"modified":"2024-03-16T17:25:15","modified_gmt":"2024-03-16T11:55:15","slug":"corporate-and-professional-updates-11th-oct-2018","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-oct-2018\/","title":{"rendered":"Corporate and professional updates 11th 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-69db81ef0b1df\" 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-69db81ef0b1df\"  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-11th-oct-2018\/#CORPORATE_AND_PROFESSIONAL_UPDATES_11TH_OCT_2018\" title=\"CORPORATE AND PROFESSIONAL UPDATES 11TH OCT 2018\">CORPORATE AND PROFESSIONAL UPDATES 11TH 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-11th-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-11th-oct-2018\/#INDIRECT_TAX\" title=\"INDIRECT TAX\">INDIRECT TAX<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-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-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-oct-2018\/#MCA_UPDATES\" title=\"MCA UPDATES\">MCA UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-oct-2018\/#SEBI_UPDATE\" title=\"SEBI UPDATE\">SEBI UPDATE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-oct-2018\/#RBI_UPDATES\" title=\"RBI UPDATES\">RBI UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-oct-2018\/#OTHER_UPDATES\" title=\"OTHER UPDATES\">OTHER UPDATES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-11th-oct-2018\/#KEY_DUE_DATES\" title=\"KEY DUE DATES\">KEY DUE DATES<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20768\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/10\/corp.png\" alt=\"\" width=\"908\" height=\"587\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/10\/corp.png 557w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/10\/corp-300x194.png 300w\" sizes=\"(max-width: 908px) 100vw, 908px\" \/><\/h2>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATES_11TH_OCT_2018\"><\/span>CORPORATE AND PROFESSIONAL UPDATES 11TH 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><a 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 class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>ITAT Mumbai held that the Income of the Indian plastic institute from technical lectures, seminars, and workshop is exempt.\u00a0\u00a0M\/s. Indian Plastics Institute VsThe Assistant Director of Income Tax Officer (ITAT Mumbai)<\/li>\n<li>Calcutta High Court held that payment by tenant for removal of sub-tenants from property is capital expenditure.\u00a0nited Spirits Limited Vs Commissioner of Income Tax (Calcutta High Court)<\/li>\n<li>CBDT further extends due to dt for filing of IT Returns &amp; audit reports from 15th Oct 2018 to 31st Oct 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u\/s234A of IT Act will remain the same.<\/li>\n<li>CBDT has set up a committee to draw up the Incentive program to reward and recognize honest taxpayers to encourage a culture of compliance like A cup of tea with the state governor, priority check-in at the airport, passports on priority, dedicated toll lanes, airport lounge access, etc.<\/li>\n<li>Every company to which sec 115JB of the income tax act, 1961 applies, is required to file Form 29B certifying that book profits have been computed in accordance with the provisions of the Income Tax Act. Further, Form 29B should be electronically filed along with the return of income before the due date.<\/li>\n<li>Undue delay in granting the refund &#8211; The petitioner cannot claim any further interest or compensation over and above the statutory interest prescribed u\/s 244A &#8211; having regard to long delay, the CIT shall pay the cost of \u20b9 1,00,000\/= to the petitioner \u2013NIMA Specific Family Trust Vs ACIT (2018 (10) TMI 441 &#8211; Gujarat HC).<\/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>AAR stated that No ITC admissible on GST paid on freight for transportation of petro\u00a0goods to the export warehouse located in another state.<\/li>\n<li>GSTN has introduced the new RFD-01A form for Refund by Supplier of deemed export. In this article we will see the detailed analysis related to the Refund form, Rules, and how to file the nil and not a nil refund form online.<\/li>\n<li>Govt has imposed an anti-dumping duty of up to USD 719 per tonne for five years on the import of nylon filament yarn from the European Union (EU) and Vietnam following recommendations by the commerce ministry\u2019s investigation arm DGTR.<\/li>\n<li>Jurisdiction of Central and State tax administrations under GST &#8211; Both the Central and State tax administrations shall have the power to take intelligence-based enforcement action in respect of the entire value chain \u2013\u00a0O. F. No. CBEC\/20\/43\/01\/2017-GST(PT), dt.05.10.2018.<\/li>\n<li>Levy of GST &#8211; printing services &#8211; The supply of Aadhaar Cards are classifiable under heading 9989 of GST Tariff and attracts GST @ 12% &#8211;\u00a0AAR, Hyd-Tel. in\u00a0\u00a0KL Hi-Tech Secure Print Ltd. (2018 (10) TMI 445).<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQ_on_GST_Audit\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on GST Audit:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Query: Who is the person responsible to make an assessment of taxes payable under the Act?<\/li>\n<li>Answer: Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment, he shall file the return required under section 39<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>MCA notified Form RC-1 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. Web-service\u00a0RUN\u00a0and SPICe form are also likely to be revised due to the impact of introduction of URC-1 form.<\/li>\n<li>MCA notified URC-1 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<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_UPDATE\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI UPDATE<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul style=\"text-align: justify;\">\n<li>SEBI has put in place revised norms for recovering of investors&#8217; money, wherein a registered insolvency professional will be appointed as administrator to undertake sale of assets.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>foreign RBI investors with new relationship terms for a commitment of staying invested a minimum three years in local debt from them. In exchange, it has offered unbridled access to local derivatives market and its own liquidity facilities.<\/li>\n<li>RBI is expected to increase policy rates by 25 basis points in the first quarter of the next year, primarily led by inflationary pressures and depreciation of the rupee, says a Goldman Sachs report.<\/li>\n<li>The Reserve Bank of India Sovereign Gold Bond Scheme 2018-19, Operational Guidelines.\u00a0Vide notification no RBI\/2018-19\/58, dated 8th October 2018.<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-26301\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/10\/Bond-.jpg\" alt=\"SOVEREIGN GOLD BOND SCHEME\" width=\"923\" height=\"1043\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/10\/Bond-.jpg 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/10\/Bond--265x300.jpg 265w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2018\/10\/Bond--768x868.jpg 768w\" sizes=\"(max-width: 923px) 100vw, 923px\" \/><\/p>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ICAI has released an exposure draft on ICAI Code of Ethics, 2018. The Last date for comments on this Draft is November 7, 2018.<\/li>\n<li>The central government will issue Sovereign Gold Bonds 2018-19 for public subscription from October 15-19 and will be issued every month from October 2018 to February 2019.&#8221; bonds would earn an interest of 2.5% per annum, payable every six months on the nominal value.<\/li>\n<li>International Monetary Fund (IMF) retained economic growth projection for India at 7.3% for 2018-19.\u00a0\u00a0IMF wants the RBI to tighten monetary conditions.\u00a0For the next year 2019-20, the IMF lowered India\u2019s growth projections to 7.4%.<\/li>\n<li>ICAI releases a List of Valid Nominations for election to the 24<sup>th<\/sup>\u00a0Council and 23<sup>rd<\/sup>\u00a0Regional Councils. There are 19 Valid Nominations for CC and 46 Valid Nominations for RC from Northern India.<\/li>\n<li>UIDAI has said that the Supreme Court order restricting the use of the Aadhaar will have no bearing on enrolment and update services being carried out at banks, post offices, and government premises. The move comes as service providers may still use offline verification tools that leverage the unique ID without authentication.<\/li>\n<\/ul>\n<h2 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><\/h2>\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; 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- TDS Return for Jul to Sep 2018<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Disclaimer:<\/em><\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decisions do consult your Professional \/ tax advisor. For misrepresentation or interpretation of acts or rules Author does not take any responsibility.<\/p>\n<p style=\"text-align: justify;\">Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance thereon. The author is a Chartered Accountant and the Chief Gardener &amp; Founder Director of Rajput Jain &amp; Associates, a leading Tax &amp; Investment Planning Advisory Service Provider.<\/p>\n<p style=\"text-align: justify;\">His blog can be found at For any query you can write to\u00a0singh@carajput.com. Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact: \u00a0 singh@carajput.com\u00a0or call at\u00a009811322785\/4 9555 5555 480)<\/p>\n<p>Popular blog:-<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/interim-dividend-final-dividend\/\"><strong>What are the interim dividend and final dividend?<\/strong><\/a><\/p>\n<p><strong><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>?<\/strong><\/p>\n<h2 style=\"text-align: justify;\"><\/h2>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATES 11TH OCT 2018 Direct Tax: ITAT Mumbai held that the Income of the Indian plastic institute from technical lectures, seminars, and workshop is exempt.\u00a0\u00a0M\/s. Indian Plastics Institute VsThe Assistant Director of Income Tax Officer (ITAT Mumbai) Calcutta High Court held that payment by tenant for removal of sub-tenants from property is &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,9,4],"tags":[3543,5870,5871,1296,5872,5744,558,5873,5874,5875],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5344"}],"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=5344"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5344\/revisions"}],"predecessor-version":[{"id":26302,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5344\/revisions\/26302"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}