{"id":3061,"date":"2017-03-21T12:41:27","date_gmt":"2017-03-21T07:11:27","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3061"},"modified":"2021-08-13T12:37:46","modified_gmt":"2021-08-13T07:07:46","slug":"corporate-and-professional-update-march-21-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-21-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 21, 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-69d09aaf6c8dd\" 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-69d09aaf6c8dd\"  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-21-2017\/#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-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-21-2017\/#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-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-21-2017\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-21-2017\/#FAQ_on_GST\" title=\"FAQ on GST:\u00a0\">FAQ on GST:\u00a0<\/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-21-2017\/#_SEBI_UPDATE\" title=\"\u00a0SEBI UPDATE :\">\u00a0SEBI 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-21-2017\/#Other_update\" title=\"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-march-21-2017\/#Key_Due_Dates\" title=\"Key Due Dates:\">Key Due Dates:<\/a><\/li><\/ul><\/nav><\/div>\n<p>Professional Update For the Day:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/12020007_637530096350555_1152480212943063681_n-300x240.png\" alt=\"12020007_637530096350555_1152480212943063681_n\" width=\"558\" height=\"446\" \/><\/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<p>Bombay court held that TDS cannot be Adjusted against Tax payable under VDIS, 1997Earnest\u00a0Business\u00a0Services\u00a0Pvt. \u00a0Ltd., Vs The\u00a0Commissioner\u00a0\u00a0of\u00a0<a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income\u00a0 Tax<\/a> (Bombay High Court)<\/p>\n<p>ITAT Delhi held that Capital gains on transfer by a foreign company of shares in another foreign company holding assets in India is taxable in India\u00a0Cairn U K Holdings Limited V DCIT (International Taxation) (ITAT Delhi)<\/p>\n<p>CBDT\u00a0has asked its field formations to concentrate on recoveries of arrears and pending tax demands in the remaining two weeks of the fiscal.<\/p>\n<p>W.e.f. 01.04.2017, Cash transactions above Rs 3 lakhs to be done through banking channels only. Budget 2017.<\/p>\n<p>Income tax department released a list of 29 entities owing Rs 448.02 crore in *taxes as part of its strategy to name and shame large defaulters.<\/p>\n<p>CBDT has notified<a href=\"https:\/\/carajput.com\/income-tax-services.php\">\u00a0The Income Tax<\/a> (2nd Amendment) Rules, 2017\u00a0which shall come into force on the date of their publication in the Official Gazette. The Amendment has been made to provide new procedure and common application form for allotment of <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> and TAN.<\/p>\n<p>The Income Tax Department has issued refunds amounting to Rs.1.42 lakh crore in the current fiscal so far, 41.5% higher than last year.<\/p>\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<p>HC finds no merit in writ petition, upholds confirmation of service tax demand against assessee thereby rejecting contention that show cause notice was issued without application of mind and in violation of law; Since the said notice had not been set aside by Court in earlier writ petition, being issued on the basis of cogent material and evidence, it was no longer open to assessee to complain about legality and validity thereof\u00a0[TS-48-HC-2017(CAL)-ST]<\/p>\n<p>CBEC clarified that the \u2018Saree\u2019 which has undergone further processing will be classifiable as \u2018Saree\u2019 under Chapter 50, 52 and 54 of the Central Excise Tariff Act, 1985 depending upon the material of the fabrics, and not as made-ups under Chapter 63 of the said Act\u00a0Vide Circular No. 1054\/03\/2017-CX dated 15.03.2017.\u00a0<a href=\"https:\/\/www.cbec.gov.in\/resources\/htdocs-cbec\/excise\/cx-circulars\/cx-circulars-2017\/circ1054-2017cx.pdf\">(Click here to view)<\/a><\/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>Cabinet approves CGST, IGST, UTGST &amp; Compensation bills. Lok Sabha to pass them as Money Bills in Budget Session. No need for Rajya Sabha approval.<\/p>\n<p>GST council is considering setting up a centralized assessment interface for service-oriented industries such as banking, telecom, insurance and information technology.<\/p>\n<p><a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> to be deducted on basic amount &amp; not on GST. Issue TDS certificate in 5 days of deposit of TDS. Late fee of 100 per day (Max 5000) (Sec 46).<\/p>\n<p>DVAT\u00a0Filing of online return for 3rd quarter of 2016-17 extension of period thereof up to 28-02-2017.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong><span style=\"text-decoration: underline;\">FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a>:\u00a0<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"text-decoration: underline;\">Query:<\/span>\u00a0Are there different valuation provisions for Goods and Services and CGST, SGST and IGST?<\/p>\n<p><span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0<em>\u00a0<\/em>No, section 15 is common for goods and services and all three taxes.<\/p>\n<p><span style=\"text-decoration: underline;\">Query:<\/span>\u00a0Can composition scheme be availed if the taxable person effects inter state supplies?<\/p>\n<p><span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0No, composition scheme is applicable only if taxable person doesnot effects any inter state supplies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"_SEBI_UPDATE\"><\/span><strong>\u00a0<\/strong><strong><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> UPDATE :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The SEBI Board in its last meeting has taken various decisions to improve the facilities being offered to the stakeholders.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_update\"><\/span><strong>Other update :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\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<p>ICAI membership last date for retrospective restoration of membership and COP removed during the year 2016-17 is\u00a031st march, 2017.<\/p>\n<p>ICAI new Fee: Annual Membership, COP and Restoration Fee. (Entrance Fee &#8211; ACA Rs.2000, FCA Rs.2500. Annual Membership Fee &#8211; ACA Rs.1500, FCA Rs.3000, COP Fee &#8211; ACA &#8211; Rs.3000, FCA Rs.4000. with effect from\u00a01st April, 2017.).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Due_Dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key Due Dates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Important dates for March 2017:<\/p>\n<p>6\u00a0\u00a0 March \u00a0: Service tax monthly deposit other than Ind, HUF &amp; P.Firm<\/p>\n<p>7\u00a0\u00a0 March\u00a0\u00a0:<a href=\"https:\/\/carajput.com\/tds.php\"> TDS\/ TCS<\/a> deposit<\/p>\n<p>15 March\u00a0: Deposit of PF<\/p>\n<p>15 March\u00a0: Payment of Advance Tax<\/p>\n<p>20 March\u00a0: Monthly UP VAT return &amp; tax<\/p>\n<p>21 March\u00a0: Deposit of ESI<\/p>\n<p>31 March\u00a0: E-payment of service Tax by all assesses Monthly\/ Quarterly<\/p>\n<p>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<\/p>\n<p>Return of TDS for dec quarter in DVAT 48\u00a0: 17:03:2017<\/p>\n<p>E payment of DVAT &amp; CST tax for Feb\u00a0: 21:03:2017<\/p>\n<p>Date of filing of <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">DVAT Return<\/a> in Form 16,17, and 48 for Q-3 , 2016-17 has been extended upto\u00a031.03.2017\u00a0vide circular 28 dated 17.03.2017.<\/p>\n<p>You must not lose faith in humanity. Humanity is like an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty.<\/p>\n<p>Failure is a great learning experience. Perhaps, a nature&#8217;s way to teach us something profound. Remember, failure is the fertilizer for success.<\/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:\u00a0<a href=\"https:\/\/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\u00a0\u00a0<!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax: Bombay court held that TDS cannot be Adjusted against Tax payable under VDIS, 1997Earnest\u00a0Business\u00a0Services\u00a0Pvt. \u00a0Ltd., Vs The\u00a0Commissioner\u00a0\u00a0of\u00a0Income\u00a0 Tax (Bombay High Court) ITAT Delhi held that Capital gains on transfer by a foreign company of shares in another foreign company holding assets in India is taxable in India\u00a0Cairn U &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":[2135,761,446,5098,2133,2137,5099,5097,2136],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3061"}],"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=3061"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3061\/revisions"}],"predecessor-version":[{"id":15627,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3061\/revisions\/15627"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}