{"id":5454,"date":"2019-01-09T18:25:49","date_gmt":"2019-01-09T12:55:49","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5454"},"modified":"2020-09-08T01:05:14","modified_gmt":"2020-09-07T19:35:14","slug":"corporate-professional-updates-on-9th-january-2019","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-professional-updates-on-9th-january-2019\/","title":{"rendered":"Corporate &#038; Professional Updates on 9th January 2019"},"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-69e884ca82916\" 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-69e884ca82916\"  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-professional-updates-on-9th-january-2019\/#Direct_Tax_Updates\" title=\"Direct Tax Updates:\">Direct Tax Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-professional-updates-on-9th-january-2019\/#%E2%80%9C%E2%80%A6a_professional_is_someone_who_can_do_his_best_work_when_he_doesnt_feel_like_it%E2%80%9D\" title=\"\u201c\u2026.a professional is someone who can do his best work when he doesn\u2019t feel like it.\u201d\">\u201c\u2026.a professional is someone who can do his best work when he doesn\u2019t feel like it.\u201d<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Direct Tax Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/carajput.com\"><img decoding=\"async\" src=\"https:\/\/susanpevetosbookkeeping.com\/wp-content\/uploads\/sites\/2819\/2017\/02\/tax-1.jpg\" alt=\"Image result for Hd pics on tax\" \/><\/a><\/p>\n<ul>\n<li style=\"text-align: justify;\">The Details of the Income tax circular is asked by the Government. The Circular was issued and then Reverted By the CBDT (Central Board Of Direct Tax) showing the ongoing case on Rahul Gandhi and Sonia Gandhi. A latest assessment order is asked By the Government Form the Income Tax Department Stating the latest assessment order.<\/li>\n<li style=\"text-align: justify;\">The Representing lawyer of Gandhi\u2019s is asked to send their reply on the CBDT circular which was issued on 31st December 2018 and then withdraw on 4th January 2019.<\/li>\n<li style=\"text-align: justify;\">A Group of Lawyers including P. Chidambaram, kapil Sibal, Arvind P Datar and Kavita Jha, are there for Representing Gandhi in the case. The Lawyers explains court about how the Circular was issued and Withdraw by the Government. The circular that was issued and then withdrawn was for applicability of section 56 (2) (viia) of the income tax act that deals with black money transactions in\u00a0investment situations.\u00a0The lawyer of Income Tax Department Tushar Mehta said that even the first circular that was issued on December 31, is not relevant to the case and this income tax\u00a0section was not applied in the ongoing cases including Gandhi Chidambaram asked for one week time from the Supreme Court for replying in this regard.<\/li>\n<li style=\"text-align: justify;\">The Experts Recommended that the circular withdrawn has made certain confusions in the mind of the companies that has received tax demands on valuations and added that some tax regulations has been modified in 2010 for the prevention from money Laundering The government had inserted a regulation-Section 56(2)(viia)-in the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">income tax Act<\/a> to tackle black money\u00a0transactions in the situation of investment.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Indirect Tax Updates:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/businessfortnight.com\/wp-content\/uploads\/2018\/01\/GST-4.jpg\" alt=\"Related image\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>The applicability of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> in the Indian taxation system was a move aimed towards \u2018one nation, one tax\u2019. Post land abetment, the applicable GST for under-construction properties was 12% while ready-to-move-in flats were kept out of the GST ambit. Even for under-construction properties, there was a ruling of Input Tax Credit (ITC) pass-over to the buyer to ensure that it becomes a tax neutral proposition. While calculations and ITC pass-over still remain a challenge after 1.5 years of GST regime, a recent announcement stated that there is no GST applicable only on ready-to-move-in flats wherein sales took place after the issue of completion certificate. This is likely to add woes to buyers as well as developers.<\/li>\n<li>The fee for late filing of the returns is Rs 25 per day for Central GST and an equal amount under State GST.\u00a0The government has waived late fees for non-filers of summary and final sales returns for the July 2017-September 2018 period by businesses registered under the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">goods and services tax (GST)<\/a>.\u00a0However, these businesses would have to file their returns for the 15-month period by March 31, 2019, the Central Board of Indirect Taxes and Customs (CBIC) said.<\/li>\n<li>The fee for late filing of the returns is Rs 25 per day for Central GST (CGST) and an equal amount under State GST (SGST).\u00a0However, those businesses who have to file returns but have &#8216;nil&#8217; tax liability would have to pay a fine of Rs 10 under CGST law, and an equal amount under SGST law.\u00a0The CBIC said &#8220;the amount of late fee payable under Section 47 of the said (CGST) Act shall stand waived for the registered persons who failed to furnish the return&#8221; in Form GSTR-3B GSTR-1, for the months between July 2017 and September 2018, by the due date but furnishes the said return between the period from December 22, 2018 to March 31, 2019.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">RBI Updates:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\"><img decoding=\"async\" src=\"https:\/\/www.livemint.com\/rf\/Image-621x414\/LiveMint\/Period2\/2017\/09\/28\/Photos\/Processed\/hdttrr-k5lG--621x414@LiveMint.jpg\" alt=\"Image result for Hd pics of RBI\" \/><\/a><\/p>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> may introduce a new Committee which will work for the state of Digitalisation of payment in the country to identify gaps and how to bridge them. The idea is to encourage digitisation of payments and\u00a0enhancing of financial inclusion through digitalisation.<\/li>\n<li>The payments space has seen much of change in the past year, on rules and in other aspects, from data localisation to wallet interoperability. And, the Supreme Court\u2019s\u00a0(SC\u2019s) Aadhaar judgment which barred private companies from using that database for paperless verification of customers.\u00a0Payments executives say the regulator needs to come up with a solution for electronic Know Your Customer (KYC) norms. Leading banks and wallet companies have been\u00a0unable to perform KYC verification since that October order of the SC, and unable to digitally enroll customers.\u00a0The panel will also assess the current levels of digital payments in financial inclusion and suggest a medium-term strategy for deepening of digital payment.<\/li>\n<li>The Card transactions in December saw a drop of four per cent in volume against November and five per cent in volume, to 1.3 billion transactions and Rs 3.8 trillion\u00a0respectively.\u00a0The Unified Payments Interface saw growth of 18 per cent in volume and 12 per cent in value to 620 million transactions worth Rs 1 trillion in the same period.\u00a0The committee would suggest measures to strengthen the safety and security of digital payments, and how to raise customer confidence and trust while accessing\u00a0financial services through digital modes.\u00a0Last week, RBI extended the limited liability of customers to payment entities not covered by previous guidelines. In December, it had said it would implement an\u00a0ombudsman scheme for digital transactions, to be notified by the end of January.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">FAQ\u2019s on financial sector:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">QUES. <\/span><\/em><\/strong><strong><em><span style=\"text-decoration: underline;\">\u00a0<\/span><\/em><\/strong>Can a Bank \/ insurer defer the availment of input tax credit for a month or quarter and avail of the same in subsequent months?<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">ANS.<\/span><\/em><\/strong>\u00a0\u00a0 Yes. As per section 16(4) of the CGST Act, 2017, availment of input tax credit can be deferred and availed upto the due date of furnishing of return for the month of September following the end of financial year to which relevant invoice or invoice relating to such debit note pertains or furnishing of the relevant annual return, whichever is earlier.<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">QUES.<\/span><\/em><\/strong> Would intermediary services provided to an offshore client and services provided by a banking company to its offshore account holders be treated as an intra-State supply or an inter-State supply for payment of GST?<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">ANS. <\/span><\/em><\/strong>\u00a0Under clause (b) of section 13(8) of the IGST Act, 2017 the place of supply of such services is the location of the provider of services. As the location of supplier and place of supply are in same State, such supplies will be treated as intra-State supply and Central tax and State tax or Union territory tax, as the case may be, will be payable.<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">QUES. <\/span><\/em><\/strong>Who is the \u2018supplier\u2019 of service of purchase or sale of foreign currency?<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">ANS. <\/span><\/em><\/strong>The \u2018supplier\u2019 of service of purchase or sale of foreign currency is the Authorised Dealer or authorized moneychangers who are getting the commission. For example, in case of a purchase or sale of foreign currency between a Bank and a Corporate, the bank is the \u2018supplier\u2019 of the service.<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Key Due Dates:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS return<\/a> of December Quarter for all buyers is 31st January 2019.<\/li>\n<li>Issue of TDS Certificate in case of payment made in November for purchase of property under 194IA is 14th January 2019.<\/li>\n<li>Issue of TDS Certificate in case of payment made in November for purchase of property under 194IB is 14th January 2019.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span style=\"text-decoration: underline;\">QUOTE OF THE DAY:<\/span><\/strong><\/p>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"%E2%80%9C%E2%80%A6a_professional_is_someone_who_can_do_his_best_work_when_he_doesnt_feel_like_it%E2%80%9D\"><\/span><em><strong>\u201c\u2026.a professional is someone who can do his best work when he doesn\u2019t feel like it.\u201d<\/strong><\/em><span class=\"ez-toc-section-end\"><\/span><\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax Updates: The Details of the Income tax circular is asked by the Government. The Circular was issued and then Reverted By the CBDT (Central Board Of Direct Tax) showing the ongoing case on Rahul Gandhi and Sonia Gandhi. A latest assessment order is asked By the Government Form the Income Tax Department Stating &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[6087,6011,6089,6088,686,6094,6110,6111,6109,6090],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5454"}],"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=5454"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5454\/revisions"}],"predecessor-version":[{"id":6850,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5454\/revisions\/6850"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}