{"id":3041,"date":"2017-01-09T11:42:45","date_gmt":"2017-01-09T06:12:45","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3041"},"modified":"2021-08-13T12:56:00","modified_gmt":"2021-08-13T07:26:00","slug":"corporate-and-professional-update-jan-09-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-jan-09-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE JAN 09, 2017"},"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-6acb7a6c4eadc\" 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-6acb7a6c4eadc\"  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-jan-09-2017\/#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-jan-09-2017\/#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-jan-09-2017\/#MCA_Update\" >MCA 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-jan-09-2017\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-jan-09-2017\/#Key_Dates\" >Key Dates:-<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>Professional Update for the Day:<\/strong><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/01\/12112090_641118839325014_7134893405186083746_n.jpg\" rel=\"attachment wp-att-3042\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3042 aligncenter\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/01\/12112090_641118839325014_7134893405186083746_n-300x240.jpg\" alt=\"12112090_641118839325014_7134893405186083746_n\" width=\"470\" height=\"376\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/01\/12112090_641118839325014_7134893405186083746_n-300x240.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/01\/12112090_641118839325014_7134893405186083746_n-768x614.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/01\/12112090_641118839325014_7134893405186083746_n.jpg 960w\" sizes=\"auto, (max-width: 470px) 100vw, 470px\" \/><\/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>Bombay High Court in the below cited case held that when the assessee\u2019s volume of purchasing &amp; selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares unless the assessee provide a sound reasoning that why transactions should not be considered as trading activity.\u00a0[Pine Tree Finserve Pvt. Ltd. Vs CIT]<\/li>\n<li>CBDT\u00a0notification no. 2\/2017 Report cash deposit in Bank &amp; Post Office A\/c\u2019s between 01.04.2016 to 09.11.2016.<\/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>SC dismisses assessee&#8217;s SLP for lack of merit against HC order denying service tax refund under Notification No. 41\/2007-ST absent inclusion of exported services from date of issue of Notification[TS-1-SC-2017-ST]<\/li>\n<li>Delhi HC shows leniency to assessee, reduces penalty levied u\/s 78 of Finance Act to 25% of entire tax due on deposit of balance amount\u00a0within 30 days, where assessee failed to obtain registration or file ST returns despite liability\u00a0[TS-555-HC-2016(DEL)-ST]<\/li>\n<li>CBEC notified that overseas companies providing online information and database access (\u2018OIDAR\u2019) services will have to pay service <a href=\"https:\/\/carajput.com\/blog\/taxes-on-income-received-from-blogging-under-income-tax\/\">tax<\/a> from December 1, 2016.<\/li>\n<\/ul>\n<p><strong>Read our articles:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/e-invoice-mechanism-under-the-gst\/\"><strong>E-Invoice Mechanism under the GST<\/strong><\/a><\/li>\n<li><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><\/li>\n<li><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><\/li>\n<\/ul>\n<h2><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><\/h2>\n<ul>\n<li>MCA, in the interest of public, directs that certain provisions of Companies Act, 2013 shall not apply or shall apply with some exceptions, modifications and adaptations to an unlisted company which is licensed to operate by RBI or SEBI or IRDA located in an approved multi services SEZ set-up\u00a0Vide Notification.<\/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>Black money would be taxable at higher rates; Finance Minister Mr. Jaitley said on Demonetization, IDS &amp; Cashless Economy.<\/li>\n<li>Causal taxable person or non-resident taxable person must apply for registration at least 5 days before actual commencement of business.<\/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>Return by units paying duty &gt; 1 crore (CENVAT + PLA) for December \u2013\u00a010.01.2017.<\/li>\n<li>Return of Non <a href=\"https:\/\/carajput.com\/services-ssi-registration.php\">SSI<\/a> assesses for December \u2013\u00a010.01.2017.<\/li>\n<li>Return of SSI assesses for quarter ending December \u2013\u00a010.01.2017.<\/li>\n<li>Return for EOUs for December \u2013\u00a010.01.2017.<\/li>\n<li>Due date to deposit of\u00a0<a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> of December &#8211; 21.01.2017.<\/li>\n<\/ul>\n<p>\u201cNothing is interesting if you are not interested.\u201d<\/p>\n<p>\u201cExpectation is a gift, not a burden. When people expect something from you, it means you have given them reasons to believe in you.\u201d<\/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:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com \u00a0\u00a0<\/a>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 T: 011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update for the Day: Direct Tax:- Bombay High Court in the below cited case held that when the assessee\u2019s volume of purchasing &amp; selling shares is quite high with higher frequency of buying and selling with holding 75 days or less then its prima facie indicate that it is engaged in trading of shares 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