{"id":3055,"date":"2017-03-18T12:16:16","date_gmt":"2017-03-18T06:46:16","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3055"},"modified":"2021-11-18T15:00:31","modified_gmt":"2021-11-18T09:30:31","slug":"corporate-and-professional-update-march-17-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-17-2017\/","title":{"rendered":"Corporate and professional update march 17, 2017"},"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-69d02429c9ded\" 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-69d02429c9ded\"  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-march-17-2017\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\">Professional Update For the Day:<\/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-march-17-2017\/#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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-17-2017\/#Indirect_Tax\" title=\"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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-17-2017\/#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-march-17-2017\/#MCA_UPDATE\" title=\"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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-17-2017\/#SEBI_UPDATE\" title=\"SEBI UPDATE :\">SEBI 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-march-17-2017\/#Key_Dates_Due_dates_for_the_month_of_March_2017\" title=\"Key Dates:\u00a0\u00a0Due dates for the month of March 2017:\">Key Dates:\u00a0\u00a0Due dates for the month of March 2017:<\/a><\/li><\/ul><\/nav><\/div>\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<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/10600582_800697433397460_6452363275309472516_n-300x251.jpg\" alt=\"10600582_800697433397460_6452363275309472516_n\" width=\"435\" height=\"364\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong>Direct Tax<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>CBDT has signed 10 more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.<\/p>\n<p><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income tax\u00a0<\/a>penalty cannot be levied for Bonafide mistakes in making wrong claim.\u00a0Case name : Wadhwa Estate &amp; Developers India pvt. Ltd vs ACIT (ITAT Mumbai)<\/p>\n<p>The Income\u00a0Tax Department has issued as many as 4,000 notices to firms over unusual surge in cash deposits in their bank accounts to the tune of 1.2 lakh crore during the demonetization drive.<\/p>\n<p>Income Tax Department in its latest drive has started\u00a0de-activating PAN\u00a0of all Income Tax assesses who were allotted more than one PAN at anytime in the past.<\/p>\n<p>Capital gain u\/s 45 arises in the year of execution of deed and not when the same was registered with the office of the Sub-Registrar. Reopening of assessment is invalid &#8211; Rajendra Kantilal Patel Vs ITO (2017(3)TMI268- Gujarat\u00a0High Court)<\/p>\n<p>CBDT has signed 10 more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.<\/p>\n<p>CBDT to make separate wing to probe Benami, black money\u00a0and\u00a0issued warning against those who undertake Benami transactions as this would invite Rigorous Imprisonment (RI) of up to seven years under the normal <a href=\"https:\/\/carajput.com\/income-tax-services.php\">I-T Act.<\/a><\/p>\n<p>Income Tax Department will issue statutory notices u\/s 133(6) to all those who have failed to respond to its SMS and e-mail queries seeking explanation on bank deposits made after demonetization.<\/p>\n<p>Amount received as forfeiture of share application money for issue of share warrants is capital receipt, not taxable: ITAT Ahmedabad.<\/p>\n<p>CBDT clarified that Place of Effective Management (POEM) guidelines shall not apply to company other than an Indian company having turnover or gross receipts of Rs 50 crores or less in a financial year.\u00a0CIR NO.8 OF 2017 [F.NO.142\/11\/2015-TPL]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong>Indirect Tax<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Date of filing of <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">DVAT Return<\/a> in Form 16, 17 &amp; 48 for Q-3, 2016-17 has been extended up to\u00a017.03.2017vide Circular No. 26 dated 08.03.2017.<\/p>\n<p>CENVAT credit &#8211; input services used for setting up modernization renovation of a factory will be allowed even if not directly related &#8211; Sankei Giken (India) Pvt. Ltd. Vs CCE, Delhi (2017 (3) TMI 300 &#8211; CESTAT Chandigarh)<\/p>\n<p>Extension to\u00a008.03.17\u00a0of last date to file DVAT-16, DVAT-17 &amp; DVAT-48 for Q3 of 2016-17.CIRCULAR NO. 25 of 2016-17.<\/p>\n<p>Retired VAT Officer can be appointed as member of VAT Tribunal:\u00a0Case Name:\u00a0Bihar Value Added Tax Act Vs Commercial Taxes Bar Association (Patna High Court)<\/p>\n<p>CBEC has launched a\u00a0mobile application for <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Services Tax<\/a>.\u00a0The mobile application enables taxpayers to be well informed of the latest updates on GST.<\/p>\n<p>Ministry of Finance has withdrawn Service Tax Exemption to Education Institutions other than an institution providing services by way of pre-school education and education up to higher secondary school or equivalent. The new amendment will be applicable from 1st day of April, 2017.<\/p>\n<p>CBEC chairman said\u00a0pinning hopes on global Trade Facilitation Agreement (TFA) in goods to boost India\u2019s trade flows implementing the deal would not be a problem for India.<\/p>\n<p>Delhi High Court Judgment:\u00a0Property in the consumables chemicals used in the process of cleaning does not\u00a0transfer to the contractee and therefore the\u00a0said goods are not eligible to tax.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"GST_Update\"><\/span><strong><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Update:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>GST Council clears final draft of CGST &amp; IGST law. UTGST &amp; SGST\u00a0bills to be finalised at next meeting of Council on\u00a016 March 2017.<\/p>\n<p>Council of GST decided on a 5% Levy on dhabas and small restaurant under GST. They also approved the CGST and IGST Law. The Government will now seek Parliamentary approval once the budget session resumes on March 9.<\/p>\n<p>GST council approved two crucial bills &#8212; State and Union Territory GST &#8212; paving the way for tabling of the GST bills in the current session of parliament and respective state assemblies and introduction of the new indirect taxation system from july.<\/p>\n<p>In GST law, supplier has to issue credit\/ debit note, in case of incorrect amount of supplies or GST, return of goods or deficiency in supplies.<\/p>\n<p>Under GST Purchaser to inform in GSTR-2, amount of ineligible input tax credit on inward non-taxable supplies\u00a0or those for non business purposes.<\/p>\n<p>GST council is likely to retain a clause in the law that will require service providers to register in every state where they operate, despite recent representations.<\/p>\n<p>The proposed <a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\">GST <\/a>Legislation appears to deny tax credit in relation to input services for which payments are made after three months of the date of the invoice of the supplier.<\/p>\n<p>UGST law proposed for implementation of GST in Union Territories like Andaman &amp; Nicobar Islands, Chandigarh etc. as SGST not applicable to them<\/p>\n<p>Govt. notifies new rules on Trade Marks\u00a0to be applicable w.e.f.\u00a006.03.2017.\u00a0The govt brought down the number of forms required for filing an application from 74 to eight and almost halved the application fees.<\/p>\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<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MCA_UPDATE\"><\/span>MCA UPDATE :<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>MCA has issued show-cause notices to 1,018 companies for non-compliance of CSR norms even as a parliamentary panel has suggested putting in place a stricter monitoring and compliance mechanism.<\/p>\n<p>MCA has amended the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. They shall come into force from the\u00a028th\u00a0February, 2017.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SEBI_UPDATE\"><\/span><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> UPDATE :<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SEBI issued guidelines for mutual fund advertisements, allowing use of celebrities to increase awareness of the rs. 17.9 lakh crore industry.\u00a0The regulator also tweaked the performance disclosure requirement.<\/p>\n<p>The government will consider the demands made by foreign retailers for allowing nonfood items such as home care products under the foreign direct investment (FDI) policy, Union minister.<\/p>\n<p>SEBI has permitted Foreign Portfolio Investors to invest in corporate debt securities and notified\u00a0the SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2017.<\/p>\n<p>The government has asked all banks to provide mobile banking facility to all customers by\u00a0March 31\u00a0in a bid to push digital transactions.<\/p>\n<p>SEBI has amended various regulations to enable the market participants to make payments to it through digital mode as well, the regulator said in a notification dated March 6.<\/p>\n<p>OTHER UPDATE :<\/p>\n<p>LAST DATE FOR *RETROSPECTIVE RESTORATION OF MEMBERSHIP* AND COP REMOVED DURING THE YEAR 2016-17 IS\u00a031ST\u00a0MARCH, 2017<\/p>\n<p>ICAI has submitted Post-Budget Memorandum to the Government and\u00a0suggested certain amendments to the proposals contained in the\u00a0Finance Bill, 2017\u00a0which would help the government to achieve the desired objectives.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Dates_Due_dates_for_the_month_of_March_2017\"><\/span><strong><span style=\"text-decoration: underline;\">Key Dates<\/span>:\u00a0\u00a0<\/strong>Due dates for the month of March 2017:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>6 March\u00a0: Service tax monthly deposit other than Ind,HUF &amp; P.Firm<\/strong><\/p>\n<p><strong>7 March\u00a0\u00a0: TDS\/ TCS deposit<\/strong><\/p>\n<p><strong>15 March\u00a0: Deposit of PF<\/strong><\/p>\n<p><strong>15 March\u00a0:Payment of Advance Tax<\/strong><\/p>\n<p><strong>20 March\u00a0: Monthly UP VAT return &amp; tax<\/strong><\/p>\n<p><strong>21 March\u00a0: Deposit of ESI<\/strong><\/p>\n<p><strong>31 March\u00a0: E-payment of service Tax by all assesses Monthly\/ Quarterly<\/strong><\/p>\n<p><strong>31 March\u00a0:Filing of Belated<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax returns<\/a> for the A\/Y 15-16 &amp; A\/Y 16-17<\/strong><\/p>\n<p><strong>Payment of Advance Income Tax by all assesses (100%):\u00a015.03.2017<\/strong><\/p>\n<p><strong>E-payment of PF for Feb:\u00a015.03.2017<\/strong><\/p>\n<p><strong>When you talk, you are only repeating what you already know. But if you listen, you may learn something new.<\/strong><\/p>\n<p><strong>When you have to make a decision, it&#8217;s like holding your breath..But once made, you can Breath again. Don&#8217;t fear the outcome. Doors will open &amp; tide will turn. Believe the best is yet to come.<\/strong><\/p>\n<p>The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact: <a href=\"https:\/\/mailto:singh@carajput.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">singh@carajput.com<\/a>\u00a0or call at\u00a0011-23343333 \/ 9555555480<\/p>\n<p>We look forward for your valuable comments.\u00a0www.carajput.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax CBDT has signed 10 more unilateral Advance Pricing Agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. Income tax\u00a0penalty cannot be levied for Bonafide mistakes in making wrong claim.\u00a0Case name : Wadhwa Estate &amp; Developers India pvt. Ltd vs ACIT &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,9,4],"tags":[2160,2159,556,448,443,2162,2137,483,2161,2157],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3055"}],"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=3055"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3055\/revisions"}],"predecessor-version":[{"id":19058,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3055\/revisions\/19058"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}