{"id":2675,"date":"2016-09-05T16:44:54","date_gmt":"2016-09-05T11:14:54","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2675"},"modified":"2021-12-09T13:00:54","modified_gmt":"2021-12-09T07:30:54","slug":"corporate-and-professional-update-sept-5-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-5-2016\/","title":{"rendered":"corporate and professional update sept. 5, 2016"},"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-69ea7d38bd145\" 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-69ea7d38bd145\"  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-update-sept-5-2016\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\">Professional Update For the Day:<\/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-update-sept-5-2016\/#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-update-sept-5-2016\/#INDIRECT_TAX_UPDATE\" title=\"INDIRECT TAX UPDATE:\">INDIRECT TAX UPDATE:<\/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-update-sept-5-2016\/#GST_UPDATE\" title=\"GST UPDATE:\">GST UPDATE:<\/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-update-sept-5-2016\/#FAQ_on_GST\" title=\"FAQ on GST:\">FAQ on GST:<\/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-update-sept-5-2016\/#MCA_UPDATE\" title=\"MCA UPDATE: \">MCA UPDATE: <\/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-update-sept-5-2016\/#OTHER_UPDATE\" title=\"OTHER UPDATE:\">OTHER UPDATE:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-5-2016\/#KEY_DATES\" title=\"KEY DATES:\">KEY DATES:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-5-2016\/#Effect_of_GST_on_Advertisement_and_Cinema_Industry\" title=\"Effect of GST on Advertisement and Cinema Industry\">Effect of GST on Advertisement and Cinema Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-5-2016\/#GST_Impact_on_Import_and_Export\" title=\"GST Impact on Import and Export\u00a0\">GST Impact on Import and Export\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-sept-5-2016\/#_GST_Impact_on_Real_Estate\" title=\"\u00a0GST Impact on Real Estate\u00a0\">\u00a0GST Impact on Real Estate\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/02\/Untitled7.png\" alt=\"Untitled7\" width=\"825\" height=\"382\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span>Professional Update For the Day:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span><strong><span style=\"text-decoration: underline;\">DIRECT TAX:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">SAFEMA : It is only when link or nexus of properties with convict\/revenue or to income from such illegal activity is established, properties standing even in name of a relative can be forfeited Competent Authority v. M. Khader Moideen[2016] 72 taxmann.com 283 (Madras)<\/p>\n<p style=\"text-align: justify;\">IT: Eligibility of exemption u\/s 54F(4) &#8211; the entire amount which was subject to capital gain tax had not been utilized for the purpose of construction of new house nor were the unutilized amounts deposited in the notified Bank Accounts &#8211; No exemption &#8211; Humayun Suleman Merchant Vs The CCIT-XVII, Mumbai, and Anr. (2016 (9) TMI 70 &#8211; Bombay High Court)<\/p>\n<p style=\"text-align: justify;\">IT:\u00a0Without using the services of the directors the key decisions of the business cannot be taken. Therefore it is essential to give remuneration as per Rules and Regulations of the company. In view of this expenditure is allowable as business expenditure\u00a0&#8211;\u00a0Rangoli Projects Pvt. Ltd. Vs ITO, Ward-15 (2), New Delhi (2016 (9) TMI 67 &#8211; ITAT Delhi)<\/p>\n<p style=\"text-align: justify;\">University not wholly or substantially financed by the government is not eligible for exemption u\/s 10(23)(iiiab). [Visvesvaraya Technological University vs. ACIT (Supreme Court of India)].<\/p>\n<p>ITAT Kolkata held that without rejecting the books of account, the ad hoc disallowance made is not sustainable in the eyes of law especially when Assessee has maintained books of account with support. Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)<\/p>\n<p>ITAT Bangalore held that <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> is not deductible on loss on subscription to chit.\u00a0Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)<\/p>\n<p>A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">goods and services tax (GST)<\/a> regime. However, some of them said that the notification is aimed at bringing abo.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"INDIRECT_TAX_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">INDIRECT TAX UPDATE:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Refunds will be allowed where the contract is for a fixed amount and it has been categorically recorded in the impugned order that no excise duty incidence has been passed on by the respondent to NHAI. NHAI is also categorically certified to that effect. (CCE, Raipur Versus M\/s Ircon International Ltd.)- 2016 (8) TMI 1022 &#8211; CESTAT NEW DELHI &#8211; Central Excise<\/p>\n<p style=\"text-align: justify;\">where on account of delay in delivery of manufactured goods is liable to pay a lesser amount that the generically agreed price as a result of a clause (in the agreement), stipulating variation in the price, on account the liability to \u201cliquidated damages\u201d, irrespective of whether the clause is titled \u201cpenalty\u201d or \u201cliquidated damages\u201d, the resultant price would be the \u201ctransaction value. ( M\/s Kalpana Chemicals Versus CCE, C &amp; ST, Hyderabad \u2013 III) &#8211; 2016 (8) TMI 1024 &#8211; CESTAT HYDERABAD &#8211; Central Excise<\/p>\n<p style=\"text-align: justify;\">ST:\u00a0CENVAT credit &#8211; an assessee cannot be denied the benefit of Cenvat Credit of duty on the ground that no manufacturing activity was involved when the assessee has admittedly cleared its final product on payment of duty &#8211;\u00a0M\/s. Hindustan Unilever Ltd. Versus C.E. &amp; S.T. Jabalpur (2016 (9) TMI 96 &#8211; CESTAT New Delhi)<\/p>\n<p style=\"text-align: justify;\">Full receipt of Singaporean sub-contractor to develop &#8216;T3 Terminal&#8217;, Delhi Airport is taxable AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI\u00a0MERO Asia Pacific (P.) Ltd., In re[2016] 73\u00a0taxmann.com\u00a017 (AAR &#8211; New Delhi)<\/p>\n<p>CBEC implementing Electronic Sealing for containers by exporters under the self-sealing procedure prescribed by Circular 26\/2017-Cus dated 1st July, 2017 and Circular 36\/2017 dated 28th August 2017. Vide notification no 450\/08\/2015, dated 20th September 2017<\/p>\n<p>The income tax department\u2019s e-filing website remained inaccessible to users for about 2 hours today amid growing concern about cyber security threats to the financial sector The <a href=\"https:\/\/carajput.com\/income-tax-services.php\">income tax<\/a> department\u2019s e-filing website remained inaccessible to users for about two hours on Wednesday amid growing concern ab.<\/p>\n<p>Group Discussion on E Way Bill provisions Under GST (INDIRECT TAXES) Date: From 22-09-2017\u2013 To: 22-09-2017 POU Name: GURGAON BRANCH OF NIRC Event Venue<\/p>\n<p>Income Tax Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 20\/09\/2017 For more information<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"GST_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> UPDATE:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Tax officials have asked about 5,000 companies, including some big manufacturers that figure in<\/p>\n<p>The BSE 500 list, provides an explanation of the transition credit they claimed in July under GST.<\/p>\n<p>The government today ruled out any further extension of the deadline after December for filing<a href=\"https:\/\/carajput.com\/gst\/gst-return.php\"> GSTR-3B<\/a> tax returns by businesses. GSTR 3B is a simple return form introduced by the CBEC for the month of July and August, following the rollout of the goods and services tax from July. \u201cWe have already extended the period for GSTR-3B&#8230; People ha..<\/p>\n<p>The Kerala GST department has notified that registrations for entities mandated to <a href=\"https:\/\/carajput.com\/tds.php\">collect and deduct tax at source (TDS)<\/a> have been made compulsory from last Monday.<\/p>\n<p>(September 18). The notification said that government or semi-government institutions, societies, and public sector organizations are expected to complete the registration form.<\/p>\n<p>Who shall furnish details:\u00a0Every registered person who\u00a0causes\u00a0movement of goods shall furnish information relating to the said goods in\u00a0Part A of\u00a0FORM <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> EWB-01, electronically, on the common portal, before the commencement of such movement. When to submit: If the consignment value of such goods exceeds \u20b9 50,000\/<\/p>\n<p>The government today said businesses that want to deregister their brands for availing the benefit of lower GST will have to file an affidavit before the tax commissioner about forgoing the rights. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily for.<\/p>\n<p>GST exemption for traders having turnover up to 25 lakhs: Revenue Secretary\u00a0Source:\u00a0<a href=\"https:\/\/www.businesstoday.in\">www.business today.in<\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a>:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong><strong>\u00a0<\/strong>Since some customers may not bear the taxes if shown separately, can a single consolidated price inclusive of all taxes be shown along with such a declaration?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong><strong>\u00a0<\/strong>The invoice rules prescribe a separate field to mandatorily mention prominently the amount of tax and the rate of tax applicable on the price at which the supply is made. Therefore, mentioning a consolidated amount without showing the tax separately will not be valid.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"MCA_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">MCA UPDATE: <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\">Ministry of Corporate Affairs vide General Circular No. 8\/2016 dated 29.07.2016, has extended the date to file financial Statements or Annual Returns on or before 29.10.2016, where due date for holding of AGM is on or after 1st April 2016, without payment of additional fees.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"OTHER_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">OTHER UPDATE:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>E-File TRAN-1 by\u00a010.2017. Option to revise it once till\u00a031-10-17. Notification 3\/2017 CT of 21 Sep 2017.<\/li>\n<\/ul>\n<ul>\n<li>The government\u00b4s move to debar directors of companies that have not filed annual returns for three successive years is likely to be challenged in courts citing retrospective application of the Companies Act, 2013.<\/li>\n<\/ul>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> proposed move to simplify category classifications of mutual fund schemes may lead to a change in the definition of balanced funds. Balanced funds in the past few years and unofficially insisted on a 50:50 equity-to-debt mix for new scheme approvals.<\/li>\n<\/ul>\n<h4><span class=\"ez-toc-section\" id=\"KEY_DATES\"><\/span><strong><span style=\"text-decoration: underline;\">KEY DATES:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Return of input service distributer for August:\u00a022\/09\/2017<\/p>\n<p style=\"text-align: justify;\">E-Payment of Service Tax for August by Companies:\u00a006\/09\/2016<\/p>\n<p style=\"text-align: justify;\">E-Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> deduced\/collected for the month of August:\u00a007\/09\/2016<\/p>\n<p style=\"text-align: justify;\">Submission of Form No. 27C (TCS) received in August to IT Commissioner:-\u00a007\/09\/2016<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comments.\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.carajput.com%2F&amp;h=gAQHsWv16AQFzlc4f70dAECucTda_B9jilKfCgneeqqu7PA&amp;enc=AZPUk1qSy7_DGmookvElFjnUXYX3K0FPXVQ6LxfUnjgljqDX0P6jFZnpNH5t7Yt6TpvPD_TBP30DWaadPDKvaBy4FKUuIg27nk64qxy4GjjzfG96BrSAO9DKSM7QZ-zRr0H_1seDnwx81zv7LENE7mngqEq05doeSutrNoPIQRvjIbEFb_PEZA8D1pUlJzy7MCsIwWN_xt9o3UmaFFdtL9S1&amp;s=1\">www.carajput.com<\/a><\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<\/p>\n<p style=\"text-align: justify;\">W:\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.carajput.com%2F&amp;h=SAQGflxq6AQEemiXU5m1Sleu5gX786YxP36euwMDL4osVrw&amp;enc=AZNOhiS8emvOi54UCNVnOtgbK0wGSKeEDPbJpQZAlf7cr5YxodSOowKyOSqQSaPOGvHdnvM7BqIC59kJjZSk01ga1fRZiYW43kCBMakJLj2AABFBk9rS2CYBcAfrJuc94lg0aPhuGpayaxGpsPeGoOhC-uzXppp1p3gEF_2Ypq758ZRU2ATuk77eX5g1paVf-MLMxpH-3DA9l9FUmq44lBe_&amp;s=1\">www.carajput.com<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0 E: singh@carajput.com \u00a0\u00a0\u00a0\u00a0\u00a0T: 011-233-4-3333, 9-555-555-480<\/p>\n<p>more updates for related blogs are:<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Effect_of_GST_on_Advertisement_and_Cinema_Industry\"><\/span><strong><a href=\"https:\/\/carajput.com\/publications\/effect-of-gst-on-advertising-and-cinema-induatry.pdf\">Effect of GST on Advertisement and Cinema Industry<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"GST_Impact_on_Import_and_Export\"><\/span><strong><a href=\"https:\/\/carajput.com\/publications\/gst-impact-on-import-and-exports.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/gst-impact-on-import-and-exports.pdf\">GST Impact on Import and Export\u00a0<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"_GST_Impact_on_Real_Estate\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/gst-impact-on-real-estate\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/gst-impact-on-real-estate\/\">\u00a0GST Impact on Real Estate\u00a0<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: DIRECT TAX: SAFEMA : It is only when link or nexus of properties with convict\/revenue or to income from such illegal activity is established, properties standing even in name of a relative can be forfeited Competent Authority v. M. Khader Moideen[2016] 72 taxmann.com 283 (Madras) IT: Eligibility of exemption u\/s &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,12,15],"tags":[4944,4945,4943,4946,4947],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2675"}],"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=2675"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2675\/revisions"}],"predecessor-version":[{"id":19616,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2675\/revisions\/19616"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}