{"id":3064,"date":"2017-03-22T13:35:49","date_gmt":"2017-03-22T08:05:49","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3064"},"modified":"2021-12-25T16:57:55","modified_gmt":"2021-12-25T11:27:55","slug":"corporate-and-professional-update-march-22-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-22-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 22, 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-69d0b5f834f73\" 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-69d0b5f834f73\"  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-22-2017\/#CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_22_2017\" title=\"CORPORATE AND PROFESSIONAL UPDATE MARCH 22, 2017\">CORPORATE AND PROFESSIONAL UPDATE MARCH 22, 2017<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-22-2017\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-22-2017\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-22-2017\/#GST_Update\" title=\"GST Update :\">GST Update :<\/a><\/li><\/ul><\/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-22-2017\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-22-2017\/#Other_updates\" title=\"Other updates: \">Other updates: <\/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-22-2017\/#Key_Due_Dates\" title=\"Key Due Dates:\">Key Due Dates:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-22-2017\/#How_to_file_a_return_of_TDS_online\" title=\"How to file a return of TDS online\">How to file a return of TDS online<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-22-2017\/#New_revise_TDSTCS_due_date_for_filing_Return_and_Payment_for_the_year_2020\" title=\"New revise TDS\/TCS due date for filing Return and Payment for the year 2020\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-22-2017\/#key_features_of_TCS_on_goods_sale_section-206c\" title=\"key features of TCS on goods sale section-206c\">key features of TCS on goods sale section-206c<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/01\/12036518_636965443073687_8061467608404050178_n-300x240.png\" alt=\"12036518_636965443073687_8061467608404050178_n\" width=\"764\" height=\"612\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_22_2017\"><\/span>CORPORATE AND PROFESSIONAL UPDATE MARCH 22, 2017<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Royalty and fee for technical assistance paid in pursuance of the license agreement are revenue expenditure and not capital in nature \u2013 CIT, Noida Vs H-One India Pvt. Ltd. (2017 (3) TMI 396 &#8211; Allahabad HC).<\/li>\n<li>CBDT issued guidelines to ITOs that in case of individual not having business income, no further verification is required to be made in cash deposit is up to Rs 2.5 lacs and in case above 70 years of age, the limit is Rs 5 lacs.<\/li>\n<li>Society running an educational institute\u00a0to impart education to youth is entitled to sec. 12A registration. [2017] 78\u00a0com 179 (Chandigarh &#8211; Trib.)<\/li>\n<li>CBDT rolled out Prosecution Module under Income Tax Business Application.<\/li>\n<li>Finance Ministry seeks to limit cash transactions at Rs 2 lakh in Finance Bill amendment. Effective from01.04.2017.<\/li>\n<li>30 individuals on I-T Deptt radar for\u00a0Tax evasion to the tune of Rs.500 Cr. established during demonetization and\u00a0planning to initiate criminal prosecution against them.<\/li>\n<li>CBDT vide notification no 10\/2017 dated 14th February, 2017 notifies the amended India-Israel DTAA signed on 14th October, 2015.<\/li>\n<li>CBDT has issued a circular via\u00a0circular no. 08 of 2017\u00a0dated\u00a023rd\u00a0February, 2017\u00a0regarding clarification of determination of\u00a0Place of Effective Management (POEM)\u00a0of a Company, other then an Indian company.<\/li>\n<li>New versions of e-TDS\/TCS Return Preparation Utility (RPU) and File Validation Utilities (FVUs) are applicable from February 23, 2017.<\/li>\n<li>No TDS liability if payee not identifiable at time of making provision for expenditure at year end. [2017] 78\u00a0com 195 (Delhi &#8211; Trib.)<\/li>\n<\/ul>\n<h3><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><\/h3>\n<ul>\n<li>CBEC launches a Mobile Application for GST to inform the taxpayers of the latest updates on GST among others.<\/li>\n<li>The clearances to 100% EOU is to be treated as export &#8211; Refund of accumulated CENVAT credit availed on input services allowed &#8211; CCEC&amp;ST Vs Nash Ind. India Pvt. Ltd. (2017 (3) TMI 351 &#8211; CESTAT Bang.).<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"GST_Update\"><\/span><strong>GST Update :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>No GST on Education &amp; Health Care provided by Government or its Authority, Local Authority (Schedule IV). Those provided by others may attract GST.<\/li>\n<li>Central Board of Excise and Customs (CBEC) has started\u00a0Migration to GST on or before 31st\u00a0March 2017. Log on to\u00a0https:\/\/www.aces.gov.in\/ obtain Provisional ID and password. \u00a0Use it to enroll at\u00a0www.gst.gov.in. Call Help Desk No\u00a01800 1200 232\u00a0or mail to\u00a0cbecmitra.helpdesk@icegate.gov.in.<\/li>\n<li>GST Council to approve Composition, Valuation, Input Tax Credit &amp; Transition Rules on Council Meeting on\u00a031-3-17. Other Rules already approved.<\/li>\n<li>For B2C supplies, invoice wise details in GSTR-1 for interstate sales of more than 2.50 lacs &amp; State wise total for sales up to 2.50 lacs.<\/li>\n<li>Under GST separate invoice to be issued for reverse charge and forward charge goods &amp; services. Both cannot be clubbed together in single invoice.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"SEBI_UPDATE\"><\/span><strong>SEBI UPDATE :<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>SEBI increased the investment ceiling of debt mutual funds in housing finance cos from 10 percent to 15 percent,&#8221; Under the current guidelines, the sectoral exposure for debt mutual fund schemes is 25 percent.<\/li>\n<\/ul>\n<p>RBI UPDATE<\/p>\n<ul>\n<li>RBI services offered through the eBiz portal will be migrating to a new platform from 27th February 2017.<\/li>\n<li>RBI has issued a Master&#8217;s direction on the Money Transfer Service Scheme (MTSS) of transferring personal remittances from abroad to beneficiaries in India.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Other_updates\"><\/span><strong>Other updates: <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Companies (Indian Accounting Standards) Amendment Rules 2017 effective from\u00a01.4.2017.<\/li>\n<li>Standard Operating Procedure (SOP) to be followed by the AOs in the verification of Cash transactions relating to demonetization \u2013 Inst No. 03\/2017, dt. 21 FEB 2017.<\/li>\n<li>Parliament passes Maternity Benefit Bill to provide 26-weeks paid leave, creche in office, to be effective once the President gives his assent.<\/li>\n<li>Supreme Court directed all industrial units situated in severely polluted areas across the country to install primary effluent treatment plants (PETP) within three months, failing which they will be shut down.<\/li>\n<li>Labour Ministry has doubled the Gratuity amount to Rs 20 Lacs for the employees of Private Companies.<\/li>\n<li>State Bank of India is going to shut down 47% of associate banks&#8217; offices (SBBJ, DBOH, SBOP, SBOT &amp; SBOM) post-merger.Out of five head offices of the associate banks, will retain only two. All banks branches to operate under SBI w.e.f. 1.4.2017.<\/li>\n<\/ul>\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: Service tax monthly deposit other than Ind, HUF &amp; P.Firm<\/p>\n<p>7\u00a0\u00a0 March\u00a0\u00a0: TDS\/ TCS deposit<\/p>\n<p>15 March: Deposit of PF<\/p>\n<p>15 March: Payment of Advance Tax<\/p>\n<p>20 March\u00a0: Monthly UP VAT return &amp; tax<\/p>\n<p>21 March: Deposit of ESI<\/p>\n<p>31 March: E-payment of service Tax by all assesses Monthly\/ Quarterly<\/p>\n<p>31 March: Filing of Belated Income Tax returns 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 DVAT Return 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<ul>\n<li>Our main business is not to see what lies dimly at a distance, but to what clearly lies at hand.<\/li>\n<li>Anxiety, doubt and uncertainty about future are three worst enemies for anybody to grow in life. Let us resolve to do our work in hand rather than be under stress and waste our precious time.<\/li>\n<\/ul>\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<\/p>\n<p>Popular blog:<\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"How_to_file_a_return_of_TDS_online\"><\/span><a href=\"https:\/\/carajput.com\/blog\/how-to-file-tds-return-online\/\">How to file a return of TDS online<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"New_revise_TDSTCS_due_date_for_filing_Return_and_Payment_for_the_year_2020\"><\/span><a href=\"https:\/\/carajput.com\/blog\/new-revise-tds-tcs-return-filing-due-date-payment-due-date\/\">New revise TDS\/TCS due date for filing Return and Payment for the year 2020<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"key_features_of_TCS_on_goods_sale_section-206c\"><\/span><a href=\"https:\/\/carajput.com\/learn\/key-features-of-tcs-on-goods-sale-section-206c-1h-applicable-from-1-october-2020.html\">key features of TCS on goods sale section-206c<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; CORPORATE AND PROFESSIONAL UPDATE MARCH 22, 2017 Direct Tax: Royalty and fee for technical assistance paid in pursuance of the license agreement are revenue expenditure and not capital in nature \u2013 CIT, Noida Vs H-One India Pvt. Ltd. (2017 (3) TMI 396 &#8211; Allahabad HC). CBDT issued guidelines to ITOs that in case of &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,9933,150,172,9,4],"tags":[9156,2123,2129,2130,4875,5095,1741],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3064"}],"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=3064"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3064\/revisions"}],"predecessor-version":[{"id":20480,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3064\/revisions\/20480"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}