{"id":3080,"date":"2017-03-27T13:07:50","date_gmt":"2017-03-27T07:37:50","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3080"},"modified":"2021-08-13T11:34:23","modified_gmt":"2021-08-13T06:04:23","slug":"corporate-and-professional-update-march-27-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-27-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 27, 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-69eaa3730a004\" 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-69eaa3730a004\"  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-27-2017\/#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-27-2017\/#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-27-2017\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-27-2017\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-27-2017\/#RBI_UPDATE\" title=\"RBI UPDATE \">RBI 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-27-2017\/#Other_Update\" title=\"Other Update \">Other Update <\/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\/2017\/03\/1-2-300x232.png\" alt=\"1 (2)\" width=\"524\" height=\"405\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax<\/span><\/strong><strong>:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Provision made by the assessee for payment of any gratuity, that has become payable during the year is allowable. In fact the CBDT has also clarified the introduction of section 40A(7) that the provision made for payment of gratuity that has become payable during previous year is allowable. Therefore the liability accrued on account of the\u00a0gratuity which became payable during the year on account of the\u00a0employees who retired during the year itself is allowable\u00a0\u00a0[DCIT Vs M\/s. Reliance Jute Mills International Ltd (ITAT Kolkata) ]<\/p>\n<p>CBDT Stipulates Guidelines For Waiver Of Interest Charged U\/s 201(1A)(i) Of The <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-Tax Act<\/a>, 1961 For TDS Default.\u00a0\u00a0Circular No. 11\/2017 dated 24.03.2017.<\/p>\n<p>Insurance &amp; Travelling Expenses incurred in Foreign Currency needs to be Excluded from both Export and Total Turnover for the purpose of section 10A Calculations.\u00a0[M\/s.\u00a0Sunquest Information Systems India Pvt. Ltd. Vs JCIT (OSD) (ITAT Bangalore)]<\/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>CESTAT holds that exemption accorded to small scale industries under Notification No. 8\/2001-CE cannot be denied because brand name used by assessee is registered with another person; CESTAT observes that such denial would constrain the exemption Notification and would be perilous for any small unit to use a brand unless registered in own name\u00a0[TS-57-CESTAT-2017-EXC]<\/p>\n<p>Finance ministry\u00a0on Saturday\u00a0approved the re-organisation of the indirect tax wing renaming the Central Board of Excise and Customs (CBEC) as the Central Board of Indirect Taxes and Customs (CBIC).<\/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>: If taxable person affects inter state supplies, can he availed composition scheme?<\/p>\n<p><span style=\"text-decoration: underline;\">\u00a0<\/span><span style=\"text-decoration: underline;\">Answer<\/span>: If taxable person does not affects inter state supplies,then he cannot avail composition scheme.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"GST_Update\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Update <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>GST Provisional IDs not used till\u00a031.3.17\u00a0may be cancelled as not needed. All existing indirect tax assessees migrate to GST by\u00a031st March, 2017.<\/p>\n<p>The CBIC will have 21 zones, 101 GST tax payer services commissionerates comprising 15 sub-commissionerates, 768 divisions, 3,969 ranges, 49 audit comm and 50 appeals Commissionerates.<\/p>\n<h2><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><\/h2>\n<p>RBI issued notification that All Agency Banks to remain open for public on all days from March 25, 2017 to April 1, 2017.<\/p>\n<h2><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><\/h2>\n<p>ICAI invites applications for suitable positions at various levels for Financial Reporting Domain of its Technical Directorate on full time \/ contractual basis for its Mumbai location.\u00a0<a href=\"https:\/\/www.icai.org\/\">www.icai.org<\/a><\/p>\n<p>The Ministry of Labour and Employment has notified the draft Contract Labour (Regulation and Abolition) Central Amendment Rules, 2017. It provides employers to pay wages to its employees through cheque or e-payment.<\/p>\n<p>The Comptroller and Auditor General of India (CAG) plans to audit the impact of note ban and the affect it has had on government tax revenues, said CAG Shashi Kant Sharma.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Key Due Dates:<\/span><\/strong><\/p>\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<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax returns <\/a>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:\u00a022.03.2017<\/li>\n<\/ul>\n<p>There is a thin line dividing self-confidence and overconfidence. Hence, be careful.<\/p>\n<p>Self-confidence is key to success. It&#8217;s four components are: Feel Good, Take Responsibility, Be Accountable and Develop Skills.<\/p>\n<p>Life isn&#8217;t about getting and having, it&#8217;s about giving and being.<\/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: Provision made by the assessee for payment of any gratuity, that has become payable during the year is allowable. In fact the CBDT has also clarified the introduction of section 40A(7) that the provision made for payment of gratuity that has become payable during previous year is allowable. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4,11],"tags":[442,2071,2067,2066,443,2063,444],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3080"}],"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=3080"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3080\/revisions"}],"predecessor-version":[{"id":15604,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3080\/revisions\/15604"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}