{"id":2989,"date":"2016-12-20T12:59:57","date_gmt":"2016-12-20T07:29:57","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=2989"},"modified":"2021-08-13T13:53:21","modified_gmt":"2021-08-13T08:23:21","slug":"corporate-and-professional-update-dec-202016","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-202016\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE DEC 20,2016"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ac3441e18d77\" 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-6ac3441e18d77\"  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-202016\/#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-dec-202016\/#Indirect_Tax\" >Indirect 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-dec-202016\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-202016\/#RBI_update\" >RBI 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-dec-202016\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-dec-202016\/#Other_Update\" >Other 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-update-dec-202016\/#Key_Dates\" >Key Dates:-<\/a><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><strong>Professional Update For the Day:<\/strong><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/Naming-Your-New-Business-750x422.jpg\" rel=\"attachment wp-att-2990\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2990 alignnone\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/Naming-Your-New-Business-750x422-300x169.jpg\" alt=\"Naming-Your-New-Business-750x422\" width=\"599\" height=\"338\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/Naming-Your-New-Business-750x422-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/Naming-Your-New-Business-750x422.jpg 750w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/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>CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel \/ digital means for the financial year 2016-17. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash.<\/li>\n<li>SC: Dismisses Revenue\u2019s SLP challenging grant of Sec.80IB housing deduction on &#8216;part project&#8217;\u00a0[TS-659-SC-2016]<\/li>\n<\/ul>\n<h2><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><\/h2>\n<ul>\n<li>CESTAT : Allows CENVAT credit refund; Mandap-keeper, health &amp; fitness services &#8216;relate to business&#8217;\u00a0\u2013[TS-505-CESTAT- 2016-ST]<\/li>\n<li>DVAT has issued circular regarding\u00a0Communication of the provisional Identification Number and Password to dealers registered with <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a> department for migration to GST from 16th December, 2016 to\u00a031st December, 2016\u00a0Vide Circular No.\u00a0 No. JCTT\/Policy\/2016\/751-769 dated 14.12.2016.<\/li>\n<\/ul>\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>Migrated Taxpayers not liable for registration under GST shall\u00a0apply online in Form <a href=\"https:\/\/carajput.com\/gst\/gst-registration.php\">GST REG-24<\/a> for cancellation of registration.<\/li>\n<\/ul>\n<p><strong>Read our articles: <\/strong><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\"><strong>E-Invoice Mechanism under the GST<\/strong><\/a><\/p>\n<p><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><\/p>\n<h2><span class=\"ez-toc-section\" id=\"RBI_update\"><\/span><strong><span style=\"text-decoration: underline;\">RBI update:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> issued instructions that tenders of SBNs in excess of Rs.5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"ESIC_Update\"><\/span><strong><span style=\"text-decoration: underline;\">ESIC Update:-<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/pf-esi.php\">ESIC<\/a> Rate Chang to 3% from 4.75% for employers, it&#8217;s \u00a0applicable from this month onwards. It has also chang for employees from 1.75% to 1% \u00a0as monthly contribution.<\/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>Last date for compliance of CPE hours requirement for the year 2016 has been extended from 31st Dec 2016 to 31st Jan 2017.<\/li>\n<\/ul>\n<h2><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><\/h2>\n<ul>\n<li>E- Payment of DVAT &amp; CST for Nov :\u00a021.12.2016.<\/li>\n<li>Issue of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> Certificate for Deduction made in Nov :\u00a022.12.2016.<\/li>\n<\/ul>\n<p>\u201cOrdinary people merely think how they shall spend their time; a man of talent tries to use it.<\/p>\n<p>We look forward for your valuable comment www.carajput.com<\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:<a href=\"https:\/\/carajput.com\/\">\u00a0www.carajput.com<\/a>\u00a0\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a>\u00a0 \u00a0, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Professional Update For the Day: Direct Tax:- CBDT has decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel \/ digital means for the financial year 2016-17. 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