{"id":3057,"date":"2017-03-18T12:20:14","date_gmt":"2017-03-18T06:50:14","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3057"},"modified":"2021-08-13T12:50:46","modified_gmt":"2021-08-13T07:20:46","slug":"corporate-and-professional-update-march-18-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-18-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE March 18, 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-69eaa37e9e901\" 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-69eaa37e9e901\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-18-2017\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\">Professional Update For the Day:<\/a><ul class='ez-toc-list-level-2'><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-18-2017\/#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-18-2017\/#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-18-2017\/#GST_UPDATES\" title=\"GST UPDATES\">GST UPDATES<\/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-18-2017\/#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-march-18-2017\/#SEBI_UPDATES\" title=\"SEBI UPDATES\">SEBI UPDATES<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><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><\/h1>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/06\/8-Tips-Biz-Name-300x207.jpg\" alt=\"8-Tips-Biz-Name\" width=\"571\" height=\"394\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"DIRECT_TAX\"><\/span>DIRECT TAX:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Entitlement for deduction U\/s 80IB &#8211;\u00a0amount under the head VKGUY [Vishesh Krishi Gram Udhyog Yojana] and on account of DEPB &#8211; these benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I\/80IA\/80IB\u00a0&#8211;\u00a0ITAT Jaipur in case of\u00a0[M\/s Neel Kanth Gum &amp; Chemicals Vs. ACIT].<\/li>\n<li>New India Assurance to refund TDS amount to claimant as it had wrongly deducted TDS on compensation:\u00a0HC[2017] 79\u00a076 (Gujarat)<\/li>\n<li>Expenditure incurred for re- possession of the club\u00a0&#8211; capital or revenue in nature &#8211; when as per the JDA, the ownership is vested in the assessee and the plot owners have no right in the assets of the club, it cannot be said that creating the asset of the club is a revenue expenditure\u00a0&#8211;\u00a0ITAT Bangalore in case of [G.R. Developers Vs. The ACIT, Circle-3 (1) , Bangalore].<\/li>\n<li>Operation Clean Money;<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax<\/a> Department identifies 17.92 Lakh persons whose tax profiles were not in line with the cash deposits made by them during the demonetization period.<\/li>\n<li>CBDT reported the direct tax collections up to February 2017 to witness steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore which is 10.7% more.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"INDIRECT_TAX\"><\/span>INDIRECT TAX:<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>CBEC has issued\u00a0Master Circular\u00a0providing the clarity and uniformity on the issue dealing with show cause notice, adjudication of proceedings and recovery.<\/li>\n<li>Date of filing of DVAT Return in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto\u00a031.03.2017vide circular 28 dated 17.03.2017.<\/li>\n<li>Date of filing of DVAT Return in Form 16, 17 &amp; 48 for Q-3, 2016-17 has been extended up to\u00a017.03.2017\u00a0vide Circular No. 26 dated 08.03.2017.<\/li>\n<li>CBEC vide\u00a0Circular No. 1053\/02\/2017-CX dated March 10, 2017\u00a0has issued the\u00a0Master Circular providing the clarity and uniformity on the issues dealing with Show Cause Notice, Adjudication Proceedings and Recovery of duty.<\/li>\n<li>The<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax<\/a> Appellate Tribunal (ITAT) has ordered UK&#8217;s Cairn Energy Plc to pay Rs 10,000 crore capital gains tax on transfer of ownership from Cairn UK Holdings to Cairn India\u00a0.<a href=\"https:\/\/economictimes.indiatimes.com\/articleshow\/57574668.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst\">https:\/\/economictimes.indiatimes.com\/articleshow\/57574668.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst<\/a><\/li>\n<li>Penalty u\/s. 271(F) &#8211; non furnishing the return within the due date &#8211; There was reasonable cause for the failure of the assessee to comply with the provisions of the Act &#8211; No penalty -ITAT Mumbai in case of [Kripa Shanakar Singh Vs. ITO Cir 21 (1) (2). Mumbai]<\/li>\n<li>AO cannot examine sec. 37 conditions on \u201cPrivilege fees\u201d paid for renewal of liquor Licence:\u00a0HC 79125 (Karnataka)<\/li>\n<li>Where landowner sold land to various purchasers and purchasers entered into agreement with assessee for construction of building as per their plan at their own money and assessee had no share in constructed area, it was a case of mere &#8216;works contract&#8217;; assessee was not eligible for deduction under section 80-IB.\u00a0[2017] 79\u00a010 (Chennai &#8211; Trib.)<\/li>\n<li>Where AA had levied upon assessee composite penalty both under section 11AC of Central Excise Act and under rule 173Q of Central Excise Rules, Tribunal was not justified in setting aside it on ground that composite levy of penalty was not permissible.\u00a0[2017] 79\u00a023 (Gujarat)<\/li>\n<li>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\u00a017.03.2017\u00a0vide Circular No. 26 dated 08.03.2017.<\/li>\n<li>Gold, Silver and Diamond bearing watches classifiable as Jewellery under Gujarat VAT:\u00a0HC [2017] 78345 (Gujarat)<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"GST_UPDATES\"><\/span><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> UPDATES<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Parliament to pass CGST, IGST, UTGST &amp; Compensation bills already approved by GST Council in Budget session. States to pass respective SGST bills.<\/li>\n<li>GST Council cleared a proposal to cap the cess on luxury cars and aerated drinks at 15 per cent over the peak rate of 28 per cent<\/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<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"RBI_UPDATES\"><\/span><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> UPDATES<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>RBI issued clarification regarding mentioning Reference No. on\u00a0Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016\u00a0that needs to be quoted on\u00a0Form V\u00a0while uploading the same to the Income tax Authorities.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"SEBI_UPDATES\"><\/span><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> UPDATES<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>SEBI has issued circular for\u00a0Redressal of complaints against Stock Brokers and Depository Participants through SEBI Complaint Redress System (SCORES).<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Key Dates<\/span><\/strong><strong>:\u00a0\u00a0<\/strong>Due dates for the month of March 2017:<\/p>\n<p><strong style=\"font-style: inherit;\">6 March\u00a0: Service tax monthly deposit other than Ind,HUF &amp; P.Firm<\/strong><\/p>\n<p><strong style=\"font-style: inherit;\">7 March\u00a0\u00a0: <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/ TCS<\/a> deposit<\/strong><\/p>\n<p><strong style=\"font-style: inherit;\">15 March\u00a0: Deposit of PF<\/strong><\/p>\n<p><strong style=\"font-style: inherit;\">15 March\u00a0:Payment of Advance Tax<\/strong><\/p>\n<p><strong style=\"font-style: inherit;\">20 March\u00a0: Monthly UP <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">VAT return<\/a> &amp; tax<\/strong><\/p>\n<p><strong style=\"font-style: inherit;\">21 March\u00a0: Deposit of ESI<\/strong><\/p>\n<p><strong style=\"font-style: inherit;\">31 March\u00a0: E-payment of service Tax by all assesses Monthly\/ Quarterly<\/strong><\/p>\n<p><strong style=\"font-style: inherit;\">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 style=\"font-style: inherit;\">Payment of Advance Income Tax by all assesses (100%):\u00a015.03.2017<\/strong><\/p>\n<p><strong style=\"font-style: inherit;\">E-payment of PF for Feb:\u00a015.03.2017<\/strong><\/p>\n<p>The difference between a successful person and others is not lack of strength, not lack of knowledge, rather it is a lack of will.<\/p>\n<p>If you are perfect and right, complaints are like strokes that check your patience and integrity. They will then confirm your perfection.<\/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=\"mailto:singh@carajput.com\">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: Entitlement for deduction U\/s 80IB &#8211;\u00a0amount under the head VKGUY [Vishesh Krishi Gram Udhyog Yojana] and on account of DEPB &#8211; these benefits do not form part of the net profits of eligible industrial undertaking for the purposes of Sections 80I\/80IA\/80IB\u00a0&#8211;\u00a0ITAT Jaipur in case of\u00a0[M\/s Neel Kanth Gum &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4],"tags":[2144,2150,2146,2151,2147,2148],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3057"}],"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=3057"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3057\/revisions"}],"predecessor-version":[{"id":15632,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3057\/revisions\/15632"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}