{"id":2924,"date":"2016-11-24T17:58:46","date_gmt":"2016-11-24T12:28:46","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2924"},"modified":"2021-08-13T14:44:19","modified_gmt":"2021-08-13T09:14:19","slug":"corporate-and-professional-update-nov-24-2016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-24-2016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE NOV 24, 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-69cfd71bf3a3d\" 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-69cfd71bf3a3d\"  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-nov-24-2016\/#Direct_Tax\" title=\"Direct Tax:-\">Direct Tax:-<\/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-and-professional-update-nov-24-2016\/#_Indirect_Tax\" title=\"\u00a0Indirect Tax:-\">\u00a0Indirect Tax:-<\/a><\/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-update-nov-24-2016\/#ESIC_Update\" title=\"ESIC Update:-\">ESIC Update:-<\/a><\/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-update-nov-24-2016\/#GST_UPDATE\" title=\"GST UPDATE: \">GST UPDATE: <\/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-update-nov-24-2016\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-nov-24-2016\/#Other_Update\" title=\"Other Update \">Other Update <\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>Professional Update For the Day:<\/strong><\/p>\n<h2><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><\/h2>\n<ul>\n<li>ITAT Amritsar in the belo mentioned case held that\u00a0 Once the books of accounts has been rejected the Assessing Officer cannot fall back upon the same books for making addition on account of interest accrued on the FDRs reflected in the books of account.( M\/s National India Construction Co. Vs. ACIT, Pathankot And ITO, Vs. M\/s National India Construction Co.)<\/li>\n<li>Supreme court in the below citied case held that\u00a0 \u00a0Rental Income from business of leasing out house properties taxable as business income.(\u00a0M\/s Rayala Corporation Pvt. Ltd. vs. ACIT)<\/li>\n<li>ITAT Bangalore\u00a0held that \u00a0When the transactions in question are falling under the ambit of definition of \u2018international transaction\u2019 as provided u\/s.92B, then the AE being tax resident of India will not take out the matter from the purview of the Transfere Pricing\u00a0 provisions.(\u00a0United Engineers (Malasia) Berhad Quorum Vs. DCIT, (International Taxation), Bengaluru<\/li>\n<li>IT : Preliminary expenses incurred by assessee-company in connection with issue of right shares qualify for benefit of section 35D(2)(c)(iv) Nitta Gelatine India Ltd. v. Assistant Commissioner of Income-tax, Circle 1(1), Ernakulam[2016] 75\u00a0taxmann.com\u00a0142 (Kerala)<\/li>\n<li>CBDT notification on amendment in Rule 114B for compulsory quoting of pan in case of cash deposit exceeding 50k in a single day or aggregating to more than 2.5 lakh during the period 09.11.16 till 30.12.16<\/li>\n<li>Amendment in Rule 114E\u00a0for filing AIR report as required u.\/s 285BA w.r.t reporting by banking company and a cooperative bank on account of aggregate cash deposits in one or more current account of a person in excess of Rs12.5 lakhs OR Rs2.5 lakh or more in one or more account of a person during 09.11.16 till 30.12.16.<\/li>\n<li>Income Tax dept starts issuing notices for cash deposits of more than Rs 250,000\/- on or after 09\/11\/2016.<\/li>\n<li>No tax on collection of contingent sales tax liability if same was refunded to customers<br \/>\nCommissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax<\/a> v. Khoday Breweries Ltd.[2016] 75\u00a0taxmann.com\u00a0155 (SC)<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"_Indirect_Tax\"><\/span><strong>\u00a0<\/strong><strong><span style=\"text-decoration: underline;\">Indirect Tax:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Export of Business Auxiliary Services under resulted in accumulation of un-utilized credit of service tax availed on input services. Appellants filed three separate refund claims which were rejected on the ground that these input services have been received by the appellants after the period of export of services. In case of Shell India Markets Pvt. Ltd. vs. CCE, Bangalore &#8211; 2012 (278) E.L.T 50 (Kar.)it was held that it is necessary to verify not only that particular input service is consumed for providing particular output service but also that eligible service received under various invoices have actually gone into consumption for providing impugned exported output service and not utilized for other purpose\u00a0(M\/s BNY Mellon International Operation (India) Pvt. Ltd. Vs. Commissioner of Central Excise (Appeals), Pune-III)<\/li>\n<li>Existing dealers registered under <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT,<\/a> Profession Tax, Luxary Tax etc in a state etc to get single Provisional Login ID for Enrolment under <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST.<\/a>\n<ul>\n<li>Filing of online return of VAT for second quarter of 2016-17 extension of period thereof. Dated 21.11.2016, CIRCULAR NO. (19 of 2016-17).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"ESIC_Update\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/pf-esi.php\">ESIC<\/a> Update:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Employees&#8217; State Insurance Corporation (ESIC) Raised The Monthly Wage Threshold Limit from Rs 15000 To Rs 21,000 wef\u00a0October 1.<\/p>\n<h2><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><\/h2>\n<ul>\n<li>Enrolment under GST is common for Central &amp; State GST. There will be common Registration, Returns &amp; Challan for CGST &amp; SGST.<\/li>\n<li>Under GST Class 2 \/3 Digital Signature in Token can be used at\u00a0www.gst.gov.in\u00a0from Internet Explorer 10, Chrome 49\u00a0 or Firefox 45 or higher versions.<\/li>\n<li>Under GST Summary of invoices issued to be given in GSTR-1 and Every advance receipt against supplies shall get a transaction id which is to be mentioned against invoice issued later in GSTR-1.<\/li>\n<li>GST desktop browser for accessing GST common portal\u00a0www.gst.gov.in\u00a0should be internet explorer 10, chrome 49 or firefox 45 or higher versions.<\/li>\n<li>Enrolment\u00a0 in GST begins at\u00a0www.gst.gov.in. Delhi, Haryana, UP, Punjab from 16-31 Dec .\u00a0 Gujarat, Maharastra 14-29 Nov. ST assessees in Jan 2017.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"RBI_Updates\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> Updates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>500 \/ 1000 Monetization:\u00a0Small cash deposit into the Bank upto Rs.2.5Lac not to face any Enquiry \u2013 FM.<\/li>\n<li>RBI:\u00a0No limit on deposit of Rs.500 \/ 100 Currency Notes into the Bank.\u00a0Please check your books for cash in hand before doing so.<\/li>\n<li>RBI:\u00a0Banks to remain open for public on\u00a0SAT\u00a0(12Nov) &amp;\u00a0SUN\u00a0(13Nov) as normal working including RTGS \/ NEFT transactions.<\/li>\n<\/ul>\n<h2><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><\/h2>\n<ul>\n<li>ICAI has released the 5th Edition (November 2016) of the guidance note on report under Section 92E of the Income Tax Act, 1961.<\/li>\n<li>No charges on use of ATM between 10.11.2016 to 30.12.2016,[ Circular no DPSS.CO.PD.No.1240\/02.10.004\/2016-2017].<\/li>\n<li>Supreme Court refuses stay against Demonetisation notification. Refuses to even consider validity of notification. On pleading by Kapil Sibal, restricts scope to public inconvenience. Asks govt to file status report.<\/li>\n<\/ul>\n<p><strong>The Dollar after US Presidential Elections<\/strong> : The dollar was expected to weaken with a Republican Party victory as it was surmised that Donald Trump would turn protectionist which would not be good for the economy. However, the dollar has been strengthening relentlessly since then; and while domestic fundamentals have played their part at times for specific countries, in general currencies have been weakening against the dollar as the table below shows. To maintain comparability the periods chosen are 7 trading sessions before the Elections i.e. 8 th of November and a similar number of sessions post- 8 th November (ending 18th November). Some major countries have been selected and the changes in their currencies relative to the dollar have been tabulated for the two time periods. The numbers in red represent appreciation in the currency vis-\u00e0-vis the dollar. The changes are reckoned on a point on point basis for these 17 currencies.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><\/p>\n<p>Issue of DVAT certificate for the deduction made in the month of October in Form DVAT-43\u00a0\u2013\u00a022.11.2016<\/p>\n<p>Advance Information for 1st\u00a0fortnight of Dec of functions with booking cost more than Rs. 1 Lakh in banquet halls,hotels etc.-\u00a027.11.2016<\/p>\n<p>\u201cEven though the future seems far away, it is actually beginning right now.\u201d<\/p>\n<p>\u201cTo be a great leader of people &#8211; inspire them to follow you, not your rules.\u201d<\/p>\n<p>We look forward for your valuable comments.\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.caindelhiindia.com%2F&amp;h=zAQGBs6T6AQFFsNItuGxh4fxCHTlAS9Tt0scDC8mzhy0mvg&amp;enc=AZNXalJ8vdvfI-XBWzvS_VaSm2pZq50E9P2Fv2mSoszgysRuEC3PU2i7LDHU-U6ohsYa7L2D9MgWffZsflho-ou3AtkxmmZxP6AV9AN0Gs37MAZC9gpDDNp9yIsld3GFMSsqWcSe8ACgBv_tlCRiQtq19PXurNHd7DJkPAeweAKCpVVB4GuMttuSENW8L0MLTL2AO_r-YFwYxwLajRbncoNm&amp;s=1\">www.caindelhiindia.com<\/a><\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/l.facebook.com\/l.php?u=http%3A%2F%2Fwww.caindelhiindia.com%2F&amp;h=wAQF-i40JAQFRcDLGoUTk1CgcvNMjLMbblWGEOON7wTJZdw&amp;enc=AZPLjKsdSlXm1Wdy-E_rQ7_BcImKzAseATUEYZXqn0EvM6aliEg8M57IVfC45W5vM1-XZEa2cvDX5AMKk7-KauykmQ8ApvIxVdzem1FVsBK1GPf8xK13QC23WQYNPKX_cTNahdGPJOD9vMxv3F4KKvLp_lOhs9sMtokKFotEEtk8tmHMwyvorfkLEkQO3HXDCRWgH3WfWcPNdYNtOfAnsvql&amp;s=1\">www.caindelhiindia.com<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0E: <a href=\"mailto:info@caindelhiindia.com\">info@caindelhiindia.com<\/a>\u00a0 \u00a0 \u00a0 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax:- ITAT Amritsar in the belo mentioned case held that\u00a0 Once the books of accounts has been rejected the Assessing Officer cannot fall back upon the same books for making addition on account of interest accrued on the FDRs reflected in the books of account.( M\/s National India Construction &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4],"tags":[2410,9021,5,9023,9022],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2924"}],"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=2924"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2924\/revisions"}],"predecessor-version":[{"id":15662,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2924\/revisions\/15662"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}