{"id":2974,"date":"2016-12-15T12:55:43","date_gmt":"2016-12-15T07:25:43","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2974"},"modified":"2021-12-22T13:50:31","modified_gmt":"2021-12-22T08:20:31","slug":"corporate-and-professional-update-dec-152016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-152016\/","title":{"rendered":"corporate and professional update dec 15,2016"},"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-69ea327f2f212\" 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-69ea327f2f212\"  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-dec-152016\/#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-dec-152016\/#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-dec-152016\/#Indirect_Tax\" title=\"Indirect Tax:-\">Indirect Tax:-<\/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-dec-152016\/#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-dec-152016\/#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-update-dec-152016\/#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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-152016\/#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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-152016\/#E-Invoice_Mechanism_under_the_GST\" title=\"E-Invoice Mechanism under the GST\">E-Invoice Mechanism under the GST<\/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-dec-152016\/#BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\" title=\"Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN\">Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN<\/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-dec-152016\/#Reasons_for_the_Movement_of_Goods_under_the_GST\" title=\"Reasons for the Movement of Goods under the GST\">Reasons for the Movement of Goods under the GST<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/11987074_919610658111019_5991428056741075136_n.jpg\" rel=\"attachment wp-att-2975\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2975 alignnone\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/11987074_919610658111019_5991428056741075136_n-300x203.jpg\" alt=\"11987074_919610658111019_5991428056741075136_n\" width=\"590\" height=\"399\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/11987074_919610658111019_5991428056741075136_n-300x203.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/11987074_919610658111019_5991428056741075136_n.jpg 500w\" sizes=\"(max-width: 590px) 100vw, 590px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><strong>Professional Update For the Day:<\/strong><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><span style=\"text-decoration: underline;\">Direct Tax:-<\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>CBDT has issued a pr\u00e8ss release dated 14th December 2016 regarding filling of Revised <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Returns<\/a> by the Taxpayers post-de-monetization of currency. This is done to discover any omission or any wrong statement therein.<\/li>\n<li>ITAT Kolkatta held that deposit in the bank account of the supplier in compliance with govt. regulations who are wholesale dealers where the genuineness of transaction is not disputed by revenue cannot be disallowed as the same is routed through banking channels making evasion of taxes difficult thus, not defeating the provisions of sec 40A(3). [Bolkunda Pachwai &amp; (S) C.S. Shop Vs Income Tax Officer]<\/li>\n<li>ITAT Hyderabad held that when the object of the assessee\u2019s business is to develop and let out the properties then even when it is also providing other facilities to the tenants still the assessee\u2019s income will be assessable as business income. [DCIT Vs M\/s. Alexandria Knowledge Park Pvt. Ltd.]<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Indirect Tax:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>CESTAT Mumbai held that it is settled law that even a licence obtained by fraud or misrepresentation of facts is only voidable and not void ab-initio. It is good in law until it is avoided. Therefore, no recovery can be made by the bonafide purchaser of the scrip.[Sumit Wool Processors Vs Commissioner of Customs (Imports)\/ (Exports)]<\/li>\n<li>CESTAT Delhi in the below cited case held that service tax is not payable on the notional interest accrued on the security deposit received on providing immovable property on rent.\u00a0[The lake Palace Hotels and Motels P Ltd Vs Commissioner of Central Excise]<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><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<ul style=\"text-align: justify;\">\n<li>GST will be applicable on all books at applicable rates exemption only to text books &amp; art works. GST council to decide on any other exemptions.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><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><\/h3>\n<ul style=\"text-align: justify;\">\n<li>RBI\u00a0has notified Amendments to Master Direction (MD) on KYC two major changes being notified are to allow One Time Pin (OTP) based e-KYC Scheduled Commercial Banks (SCBs) shall upload the KYC data pertaining to all new individual accounts opened on or\u00a0after\u00a0January 1,2017.<\/li>\n<li>RBI on a review, has decided to extend the time for deployment of Aadhaar-enabled devices till June 30, 2017.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><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 style=\"text-align: justify;\">\n<li>Finance Minister Mr. Jaitley hints at tax rate might be brought down as demonetization will increase taxation base.<\/li>\n<li>The Board of Trustees has decided to provide financial assistance of Rs. 1500\/- p.m for IPCC course and Rs. 2000\/- p.m. for final in accordance with ICAI Regulation.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><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<ul style=\"text-align: justify;\">\n<li>Payment of Advance Income Tax for all assessees (75%) :\u00a015\/12\/2016<\/li>\n<li>E-Payment of <a href=\"https:\/\/carajput.com\/pf-esi.php\">PF<\/a> for Nov:\u00a015\/12\/2016<\/li>\n<li>Payment of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> TDS for Nov :\u00a015\/12\/2016<\/li>\n<li>Issue of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> certificate in case of payment\/credit\u00a0made in Oct for purchase of property u\/s 194IA :\u00a015\/12\/2016<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\u201cPatience is a great quality. We should learn it from the sun and the moon. Both patiently wait for their turn.\u201d<\/p>\n<p style=\"text-align: justify;\">&#8220;The distance between insanity and genius is measured only by success.&#8221;<\/p>\n<p style=\"text-align: justify;\">We look forward for your valuable comment www.carajput.com<\/p>\n<p style=\"text-align: justify;\">FOR FURTHER QUERIES CONTACT US:<\/p>\n<p style=\"text-align: justify;\">W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a>\u00a0\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a>\u00a0 \u00a0 \u00a0, 9-555-555-480<\/p>\n<p><strong>Popular blog:<\/strong><\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"E-Invoice_Mechanism_under_the_GST\"><\/span><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\"><strong>E-Invoice Mechanism under the GST<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"BlockingUnblocking_the_E-Way_Bill_creation_system_if_fails_to_file_GSTR-3B_GSTN\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/blocking-the-e-way-bill-creation-system-if-fails-to-file-gstr-3b-gstn\/\">Blocking\/Unblocking the E-Way Bill creation system if fails to file GSTR-3B: GSTN<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Reasons_for_the_Movement_of_Goods_under_the_GST\"><\/span><strong><a href=\"https:\/\/carajput.com\/blog\/reasons-for-the-movement-of-goods-under-the-gst\/\">Reasons for the Movement of Goods under the GST<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax:- CBDT has issued a pr\u00e8ss release dated 14th December 2016 regarding filling of Revised Income Tax Returns by the Taxpayers post-de-monetization of currency. This is done to discover any omission or any wrong statement therein. ITAT Kolkatta held that deposit in the bank account of the supplier in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,9,4],"tags":[6256,5,6,322,9016],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2974"}],"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=2974"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2974\/revisions"}],"predecessor-version":[{"id":7558,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/2974\/revisions\/7558"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=2974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=2974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=2974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}