{"id":3083,"date":"2017-03-28T14:18:59","date_gmt":"2017-03-28T08:48:59","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3083"},"modified":"2021-08-13T11:37:12","modified_gmt":"2021-08-13T06:07:12","slug":"corporate-and-professional-update-march-28-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-28-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 28, 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-69eab57361e34\" 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-69eab57361e34\"  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-28-2017\/#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-28-2017\/#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-28-2017\/#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-28-2017\/#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-28-2017\/#RBI_Updates\" title=\"RBI Updates:\">RBI Updates:<\/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-28-2017\/#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-28-2017\/#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\/08\/bigstock-D-Man-Tax-Help-44327380-resized-600-300x225.png\" alt=\"bigstock-D-Man-Tax-Help-44327380-resized-600\" width=\"501\" height=\"376\" \/><\/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>Compensation paid to employees on closure of business couldn\u2019t be termed as VRS package for income-tax relief.\u00a0[2017] 79\u00a0\u00a0298 (Madras)<\/p>\n<p>Mere signing of &#8216;Sauda Chitthi&#8217; wouldn&#8217;t prove that assessee had received consideration from sale of land:\u00a0HC [2017] 79\u00a0\u00a0237 (Gujarat)<\/p>\n<p>CBDT Stipulates Guidelines For Waiver Of Interest Charged U\/s 201(1A)(i) Of The Income-Tax Act, 1961 For TDS Default.\u00a0\u00a0Circular No. 11\/2017 dated 24.03.2017<\/p>\n<p>Sec. 50C couldn&#8217;t be applied to determine profits where assessee was engaged in business of sale of flats:\u00a0HC \u00a0[2017] 79\u00a0\u00a0238 (Bombay)<\/p>\n<p>Cost of material reimbursed to AE without any profit was to be excluded while computing profit margin under TP study.\u00a0[2017] 79\u00a0\u00a0232 (Delhi &#8211; Trib.)<\/p>\n<p>CBDT has issued guidelines for waiver of interest charged under section 201(1A) (i) of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax Act, 1961<\/a> via\u00a0circular no. 11\/2017 dated 24th\u00a0march, 2017.<\/p>\n<p>ITAT Mumbai held that unless during the relevant previous year, assessee earns any exempt income no disallowance under section 14 A r\/w 8D can be made.\u00a0[Red Chillies entertainment pvt. Ltd. Vs Asstt. Commissioner of Income Tax]<\/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>Madras High Court held that fly ash generated during generation of electricity by burning of pulverized coal does not involve any manufacturing activity and therefore, does not fall within the purview of \u201cexcisable goods\u201d under section 2(d) of central excise act.\u00a0[TS-561-HC-2016(MAD)-EXC]<\/p>\n<p>FM approves the re-organisation of the field formations of the Central Board of Excise &amp; Customs (CBEC) for the iplementmation of Goods &amp; Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes &amp; Customs (CBIC), after getting legislative approval.<\/p>\n<p>Reimbursement of expenditure not liable to service tax if gross earning are shared between parties: Delhi CESTAT.\u00a0[2017] 79\u00a0\u00a0218 (New Delhi &#8211; CESTAT)<\/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><span style=\"text-decoration: underline;\">\u00a0:<\/span>\u00a0 \u00a0\u00a0\u00a0Is it permissible to amend the Registration Certificate?<\/p>\n<p><span style=\"text-decoration: underline;\">Answer<\/span><span style=\"text-decoration: underline;\">:<\/span>\u00a0Yes. In terms of Section 20, the proper officer may, on the basis of such information furnished either by the registrant or as ascertained by him, approve or reject amendments in the registration particulars in the manner and within such period as may be prescribed. It is to be noted that permission of the proper officer for making amendments will be required for only certain core fields of information, whereas for the other fields, the registrant can himself carry out the amendments.<\/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=\"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>CGST, IGST, UTGST &amp; Compensation bills introduced in Lok Sabha On (27.3.17). IGST &amp; CGST Bills Not Applicable to the State of Jammu &amp; Kashmir.<\/p>\n<p>Under GST Check Migration status using PAN, Indirect Tax Registration No or Provisional ID:\u00a0https:\/\/services.gst.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"RBI_Updates\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> Updates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>RBI notified that the government of India issued a circular via\u00a0circular no. DPSS.CO.CHD.No.\/2695\/03.01.03\/2016-17\u00a0dated\u00a025th march, 2017\u00a0regarding payments systems to remain open for public on all days from march 25th, 2017 to\u00a0april 1st , 2017.<\/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>Profit\/Loss arising out of Investment in Equity Participation is \u2018Revenue\u2019 in nature: Case Principal CIT v. Industrial Finance Corporation of India Ltd: Delhi High Court.<\/p>\n<p>IASB of ICAI is organising Certificate Course on Concurrent Audit of Banks at Ghaziabad from\u00a0April 29 2017. For Regn visit at , http: \/\/<a href=\"https:\/\/resource.cdn.icai.org\/44969iasbghz.pdf\">resource.cdn.icai.org\/44969iasbghz.pdf<\/a><\/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: <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/ TCS<\/a> deposit<\/li>\n<li>15 March\u00a0: Deposit of <a href=\"https:\/\/carajput.com\/pf-esi.php\">PF<\/a><\/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 <a href=\"https:\/\/carajput.com\/pf-esi.php\">ESI<\/a><\/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 <a href=\"https:\/\/carajput.com\/income-tax-services.php\">ITR<\/a> 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>Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no help at all.<\/p>\n<p>Difficulties are viewed differently by different people, For some, these are speed breakers &amp; for others, these are opportunities to jump.<\/p>\n<p>Behaviour is sometimes Greater than Knowledge, Because There are many Situations, Where Knowledge Fails But Behaviour can handle Everything.<\/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.\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com\u00a0\u00a0<\/a><!--more--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax: Compensation paid to employees on closure of business couldn\u2019t be termed as VRS package for income-tax relief.\u00a0[2017] 79\u00a0\u00a0298 (Madras) Mere signing of &#8216;Sauda Chitthi&#8217; wouldn&#8217;t prove that assessee had received consideration from sale of land:\u00a0HC [2017] 79\u00a0\u00a0237 (Gujarat) CBDT Stipulates Guidelines For Waiver Of Interest Charged U\/s 201(1A)(i) &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":[2077,2082,2081,446,5092,5094,2078,2080,5093,322,2079],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3083"}],"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=3083"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3083\/revisions"}],"predecessor-version":[{"id":15605,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3083\/revisions\/15605"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}