{"id":3074,"date":"2017-03-25T17:28:46","date_gmt":"2017-03-25T11:58:46","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3074"},"modified":"2021-08-13T11:31:59","modified_gmt":"2021-08-13T06:01:59","slug":"corporate-and-professional-update-march-25-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-25-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 25, 2017"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ac05d11391c7\" 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-6ac05d11391c7\"  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-25-2017\/#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-25-2017\/#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-25-2017\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-25-2017\/#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\/annual-compliance-of-a-private-limited-company-300x150.jpg\" alt=\"annual-compliance-of-a-private-limited-company\" width=\"552\" height=\"276\" \/><\/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>Advertisement expenses incurred to publicize change of name from UTI bank to Axis Bank allowable as revenue exp.\u00a0[2017] 79\u00a0\u00a0187 (Ahmedabad &#8211; Trib.)<\/p>\n<p>Sum paid for right to use software without any copyright won&#8217;t fall within the purview of royalty.[2017] 79\u00a0\u00a0206 (Kolkata &#8211; Trib.)<\/p>\n<p>Payment made by assessee to ICC as &#8216;Rights fee&#8217; was exclusively for use of Marks of ICC for purposes of promotion and advertisement and not for manufacture and sale of licensed products, hence, not in nature of &#8216;Royalty&#8217; or &#8216;Fees for technical services&#8217;.\u00a0[2017] 79\u00a0\u00a0271 (Delhi &#8211; Trib.<\/p>\n<p>Interest rate prevailing in country where loan is consumed to be used to determine ALP of loan granted to AE.\u00a0[2017] 79\u00a0\u00a0215 (Mumbai &#8211; Trib.)<\/p>\n<p>Pradhan Mantri Garib Kalyan Yojna to declare Black Money is going to end on\u00a031.03.2017. Either Pay Tax @ 49% or @ 77% along with penalty, prosecution and enforcement actions after this Scheme.<strong>\u00a0<\/strong><\/p>\n<p><strong>The Lok Sabha passed the Finance Bill, Starting from\u00a0<span data-term=\"goog_1737436393\">April 1, 2017<\/span>:<\/strong><\/p>\n<ol start=\"2\">\n<li>A) The tax rate on income between Rs. 2.5-5 lakh will be 5 per cent from 10 per cent.<\/li>\n<li>B) A 10 per cent surcharge for individuals having income from Rs. 50 lakh to 1 crore.<\/li>\n<li>C) A simple one-page ITR form for individuals having a taxable income up to Rs. 5 lakh other than business income.<\/li>\n<li>D) No deduction will be allowed for investment in Rajiv Gandhi Equity Saving Scheme from Assessment Year 2018-19.<\/li>\n<li>E) Income tax officials can reopen tax cases for up to 10 years if search operations reveal undisclosed income over Rs. 50 lakh.<\/li>\n<\/ol>\n<p>F)Taxpayers who do not file their returns on time will have to shell out a penalty of up to Rs. 10,000 from AY 2018-19.<\/p>\n<ol>\n<li>F) The holding period of a property for qualifying as long-term gains will be reduced to two years, from three years.<\/li>\n<li>G) The government has cut down tax benefits borrowers enjoyed on properties let out on rent up to Rs. 2 lakh.<\/li>\n<li>H) Individuals will be required to deduct a 5 per cent TDS for rental payments above Rs. 50,000 per month fromJune 1, 2017.<\/li>\n<li>I) Partial withdrawals from National Pension System (NPS) will not attract tax.<\/li>\n<li>J) Aadhaar number will be a must while applying for PAN as well as filing of income tax returns fromJuly 1.<\/li>\n<\/ol>\n<p>K)limit on cash transactions has been set at Rs. 2 lakh from proposed Rs. 3 lakh.<\/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>Input service availed by wholly owned Subsidiary Company allowable as credit to Holding company:[2017] 79\u00a0\u00a0217 (New Delhi &#8211; CESTAT)<\/p>\n<p>Consumables used in provision of services can&#8217;t be treated as sales; not liable to VAT.\u00a0[2017] 79\u00a0195 (Delhi)<\/p>\n<h2><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><\/h2>\n<p>All existing indirect tax assessees to migrate to GST in next 7 days as\u00a031.3.17\u00a0is the last date shown on\u00a0<a href=\"https:\/\/www.gst.gov.in\/\">www.gst.gov.in<\/a>\u00a0for this purpose.<\/p>\n<p style=\"margin-left: .25in;\"><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/impacts-of-gst-e-invoicing-system\/\">More updates:IMPACTS OF GST E-INVOICING SYSTEM<\/a><\/strong><\/span><\/p>\n<p style=\"margin-left: .25in;\"><strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/key-characteristics-for-auto-population-of-e-invoice-details-in-gstr-1-2a-2b-4a-6a\/\">More updates:Key characteristics for Auto-population of e-invoice<\/a><\/span><\/strong><\/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<ul>\n<li>6 March \u00a0: Service tax monthly deposit other than Ind, HUF &amp; P.Firm<\/li>\n<li>7 March\u00a0\u00a0: TDS\/ TCS 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 VAT return &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 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.<\/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:\u00a022.03.2017<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>A seed grows with no sound, but a tree falls with huge noise. Destruction has noise, but creation is silent. Grow Silently.<\/p>\n<p>You can never cross the ocean until you have the courage to lose sight of the shore.<\/p>\n<p>&nbsp;<\/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>&nbsp;<\/p>\n<p>We look forward for your valuable comments.\u00a0www.carajput.com<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax: Advertisement expenses incurred to publicize change of name from UTI bank to Axis Bank allowable as revenue exp.\u00a0[2017] 79\u00a0\u00a0187 (Ahmedabad &#8211; Trib.) Sum paid for right to use software without any copyright won&#8217;t fall within the purview of royalty.[2017] 79\u00a0\u00a0206 (Kolkata &#8211; Trib.) Payment made by assessee to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,4,1],"tags":[2083,2086,2090,2088,2084],"class_list":["post-3074","post","type-post","status-publish","format-standard","hentry","category-direct-tax","category-gst","category-indirect-tax","category-others","tag-advertisement-expenses","tag-fees-for-technical-services","tag-limit-on-cash-transactions","tag-lok-sabha-passed-the-finance-bill","tag-right-to-use-software"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Professional Update For the Day: Direct Tax: Advertisement expenses incurred to publicize change of name from UTI bank to Axis Bank allowable as revenue exp. [2017] 79 187 (Ahmedabad - Trib.) 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