{"id":3070,"date":"2017-03-24T17:06:14","date_gmt":"2017-03-24T11:36:14","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3070"},"modified":"2021-12-06T18:22:46","modified_gmt":"2021-12-06T12:52:46","slug":"corporate-and-professional-update-march-24-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-24-2017\/","title":{"rendered":"corporate and professional update march 24, 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-69d0242902287\" 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-69d0242902287\"  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-24-2017\/#CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_24_2017\" title=\"CORPORATE AND PROFESSIONAL UPDATE MARCH 24, 2017\">CORPORATE AND PROFESSIONAL UPDATE MARCH 24, 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-24-2017\/#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-24-2017\/#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-24-2017\/#FAQ_on_GST\" title=\"FAQ on GST:\u00a0\">FAQ on GST:\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-24-2017\/#GST_Updates\" title=\"GST Updates :\">GST Updates :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-24-2017\/#RBI_update\" title=\"RBI update:\">RBI update:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-24-2017\/#MCA_Updates\" title=\"MCA Updates:\">MCA Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-24-2017\/#Other_UPDATE\" title=\"Other UPDATE \">Other UPDATE <\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-24-2017\/#Key_Due_Dates\" title=\"Key Due Dates:\">Key Due Dates:<\/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\/2016\/12\/10600582_800697433397460_6452363275309472516_n-300x251.jpg\" alt=\"10600582_800697433397460_6452363275309472516_n\" width=\"520\" height=\"435\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_MARCH_24_2017\"><\/span>CORPORATE AND PROFESSIONAL UPDATE MARCH 24, 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<p>CBDT issues clarifications on Income Computation and Disclosure Standard (ICDS) u\/s 145(2) of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act, 1961<\/a> on 23 March, 2017.<\/p>\n<p>CBDT notifies Third Protocol amending India-Singapore DTAA\u00a0on 23 March 2017 effective from 27 February 2017.<\/p>\n<p>Bombay High Court decision: No summons u\/s 131(1) of the Income Tax Act can be issued, if no proceeding are pending.\u00a0Jamnadas Madhavji And Co. And vs J.B. Panchal, Income-Tax Officer.<\/p>\n<p>Income tax department has launched criminal prosecution in 570 cases till January in the current financial year, about a threefold jump from 196 in the previous fiscal.<\/p>\n<p>Capital gains deposited by the assessee in the specified bank account in accordance with Capital Gain Account Scheme, after the due date of filing of Return of Income u\/s 139(1) but before the due date of filing the Revised Return u\/s 139(5) would be eligible for exemption u\/s 54G.\u00a0\u00a0DCIT vs. M\/s. Kilburn Engineering Ltd., ITAT \u2013 Kolkata.<\/p>\n<p>CBEC has been the biggest litigant in the last three years, filing twice as many appeals in the Supreme Court than private co\u2019s, a study by the govt. official auditor showed.<\/p>\n<p>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.<\/p>\n<p>The <a href=\"https:\/\/carajput.com\/income-tax-services.php\">I-T<\/a> department is likely to launch the second phase of &#8216;Operation Clean Money&#8217; next month to close in on unaccounted money into banks but may ignore standalone deposits below Rs. 5 lakh for now.<\/p>\n<p>Every person who has bank account but has not furnished his <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN number<\/a> to the bank at the time of opening of bank account or subsequently is required to furnish PAN before 28.02.2017.<\/p>\n<p>High Court held that opinion that such a huge tax evasion cannot be so lightly permitted on account of any hyper-technicality. The concept of lift or piercing of corporate veil, as sometimes referred to as cracking the corporate shell, is applied by the Courts sparingly.\u00a0[Ajay Surendra Patel Vs DCIT (Gujarat High Court)]<\/p>\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<p>CBEC has issued a\u00a0circular clarifying the Applicability of service tax on the services by way of transportation of goods by a vessel from a place outside India to the customs station in India\u00a0w.r.t. goods intended for transshipment to any country outside India.<\/p>\n<p>CESTAT\u00a0Delhi rejects valuation adopted by Deputy Commissioner, Special valuation branch by way of backward calculation of related party imports, viz. making deductions from RSP\/MRP of CVDs\/DVDs so imported.\u00a0It also holds that valuation mechanism adopted by Revenue is strictly not in accordance with Rule 7 of Customs Valuation (Determination of Value of Imported Goods) Rules, 2007.\u00a0[TS-55-CESTAT-2017-CUST]<\/p>\n<h3><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><\/h3>\n<p><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong><strong>\u00a0Will composition scheme be optional or compulsory?<\/strong><\/p>\n<p><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong><strong><span style=\"text-decoration: underline;\">Answer<\/span><\/strong><strong>: Optional<\/strong><\/p>\n<p><strong>\u00a0<\/strong><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong><strong>\u00a0<\/strong><strong>If an individual buys a car for personal use and after a year sells it to a car dealer. Whether this transaction will be a supply in terms of MGL?<\/strong><\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong><strong>\u00a0<\/strong><strong>No, this transaction is not be a supply because supply is not made by the individual in the course or furtherance of business. Further, no input tax credit was admissible on such car at the time of its acquisition as it was meant for non-business use.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"GST_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">GST Updates :<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The last GST Council meeting (the eleventh since the Council\u2019s inception), though scheduled for two days, got concluded in a day as the revised CGST and IGST Laws were approved by the Council.<\/p>\n<p>Under <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> No threshold for persons responsible for deduction or collection of tax at source under existing GSTIN or separately registered for TDS\/TCS.<\/p>\n<p>Under GST No refund shall be granted to deductor if TDS amount has been credited to Electronic Cash Ledger of the deductee.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"RBI_update\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> update:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>RBI notified that The Government of India has prescribed the\u00a0Master Directions on Issuance and Operation of Prepaid Payment Instruments in India. These Master Directions have been prepared to facilitate the Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers to have all the extant instructions on the subject at one place; vide\u00a0notification no.\u00a0 DPSS.CO.PD. No. \/02.14.006\/2016-17 dated 20th march,2017.\u00a0(click here to view)<\/p>\n<p>RBI has issued a Notification regarding\u00a0Reimbursement of Merchant Discount Rate (MDR).\u00a0The Govt of India has decided to absorb the Merchant Discount Rate charges in respect of debit card transactions while making payments to the Govt.<\/p>\n<p>Foreign institutional investors (FPIs) issuing participatory notes (P-notes) have decided to impose a 7.5 per cent tax on those who want to use these off-shore derivative instruments to bet on India\u2019s equity market.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"MCA_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">MCA Updates<\/span><\/strong><strong><span style=\"text-decoration: underline;\">:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>MCA\u00a0has empowered the Regional Director to prepare and maintain the Mediation and Conciliation Panel of eligible experts in pursuance of Rule 3(1) of Section 442 of the Companies Act, 2013 who are willing to be appointed as mediator or conciliator.<\/p>\n<p>MCA has revised the versions of eForms\u00a0&#8211;\u00a0Form AOC-4,\u00a0Form\u00a0AOC-4 XBRL,\u00a0Form GNL-2\u00a0w.e.f\u00a017th\u00a0February, 2017.<\/p>\n<p>Companies being controlled and managed by same set of shareholders to be treated as AE. [2017] 78\u00a0\u00a057 (Bangalore &#8211; Trib.)<\/p>\n<h3><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><\/h3>\n<p>Indirect tax collections increase by 16.9 per cent in January\u00a0and\u00a0the government is on track to achieve its revised tax target for the current fiscal.<\/p>\n<p>The Cabinet on Wednesday approved the proposed merger of State Bank of India (SBI) and five subsidiaries SBBJ, SBH, SBM, SBP and SBT \u2014 a combination that will create the first Indian lender to rank among the world\u2019s top 50.<\/p>\n<p>The Lok Sabha passed the Payment of Wages (Amendment) Bill, 2017 which allows for digital payment of salaries or through cheque.<\/p>\n<p>Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2016-17<\/p>\n<h4><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><\/h4>\n<p>Important dates for March 2017:<\/p>\n<ul>\n<li>6 March \u00a0: Service tax monthly deposit other than Ind, HUF &amp; P.Firm<\/li>\n<li>7 March\u00a0\u00a0: <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/ TCS<\/a> deposit<\/li>\n<li>15 March\u00a0: Deposit of PF<\/li>\n<li>15 March\u00a0: Payment of Advance Tax<\/li>\n<li>20 March\u00a0: Monthly UP <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">VAT return<\/a> &amp; tax<\/li>\n<li>21 March\u00a0: Deposit of ESI<\/li>\n<li>31 March\u00a0: E-payment of service Tax by all assesses Monthly\/ Quarterly<\/li>\n<li>31 March\u00a0: Filing of Belated Income Tax returns for the A\/Y 15-16 &amp; A\/Y 16-17<\/li>\n<li>Return of TDS for dec quarter in DVAT 48\u00a0: 17:03:2017<\/li>\n<li>E payment of DVAT &amp; CST tax for Feb\u00a0: 21:03:2017<\/li>\n<li>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.<\/li>\n<li>E payment of service tax for quarter ended march\u00a0: 31:03:2017<\/li>\n<li>E payment of excise duty for quarter ended\u00a0: 31:03:2017<\/li>\n<li>Filing of ITR for AY 2016-17 without penalty &amp; AY 2015-16 with penalty of 5000\u00a0: 31:03:2017<\/li>\n<li>Payment of balance Advanve income tax by ALL (sec 234B&amp;234C)\u00a0: 31:03:2017<\/li>\n<li>Issue of DVAT certificate for deduction made in feb\u00a0:\u00a003.2017<\/li>\n<\/ul>\n<p>Waves are inspiring, not because they rise and fall but because they never fail to rise again.<\/p>\n<p>Be soft as a flower when it comes to kindness. But tough as thunder when it comes to principles.<\/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<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; CORPORATE AND PROFESSIONAL UPDATE MARCH 24, 2017 Direct Tax: CBDT issues clarifications on Income Computation and Disclosure Standard (ICDS) u\/s 145(2) of the Income Tax Act, 1961 on 23 March, 2017. CBDT notifies Third Protocol amending India-Singapore DTAA\u00a0on 23 March 2017 effective from 27 February 2017. Bombay High Court decision: No summons u\/s 131(1) &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":[2098,2097,761,2100,2095,2102],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3070"}],"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=3070"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3070\/revisions"}],"predecessor-version":[{"id":19498,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3070\/revisions\/19498"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}