{"id":3086,"date":"2017-03-29T16:10:42","date_gmt":"2017-03-29T10:40:42","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3086"},"modified":"2021-08-13T11:40:26","modified_gmt":"2021-08-13T06:10:26","slug":"corporate-and-professional-update-march-29-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-29-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MARCH 29, 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-69f19b843a42a\" 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-69f19b843a42a\"  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-29-2017\/#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-29-2017\/#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-29-2017\/#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-29-2017\/#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-29-2017\/#SEBI_Updates\" title=\"SEBI Updates:\">SEBI 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-29-2017\/#MCA_Update\" title=\"MCA Update: \">MCA 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-29-2017\/#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-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-29-2017\/#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\/12\/annual-compliance-of-a-private-limited-company-300x150.jpg\" alt=\"annual-compliance-of-a-private-limited-company\" width=\"556\" height=\"278\" \/><\/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>Share application money received from bogus shareholders, ITO to reopen assessment of such shareholders and not to add the same to the assessee\u2019s income as unexplained cash credit \u2013\u00a0CIT-1 Vs Gagandeep Infrastructure Pvt. Ltd. (2017 (3) TMI 1263 &#8211; Bombay High Court).<\/p>\n<p>Lessee can\u2019t claim depreciation on reimbursement of construction cost to lessor:\u00a0Apex Court [2017] 79\u00a0375 (SC)<\/p>\n<p>Fine for traffic violation isn\u2019t deductible as business expenditure: Kolkata ITAT .[2017] 79\u00a0240 (Kolkata &#8211; Trib.).<\/p>\n<p>Recruitment services to foreign co. using information technology wouldn&#8217;t be eligible for benefit u\/s 10A, SLP granted .[2017] 79\u00a0\u00a0255 (SC)<\/p>\n<p>Materials confiscated due to contravening excise rules could be retained by assessee on payment of redemption fine.\u00a0[2017] 79\u00a0262 (Madras).<\/p>\n<p>Out of pocket expenses\u00a0which are in nature of conveyance, travel, mobile expenses etc. cannot be included for purpose of levy of service tax under category of management consultant.\u00a0[2017] 7\u00a0196 (New Delhi &#8211; CESTAT).<\/p>\n<p>The Central Board of Direct Taxes (CBDT) on March 24 issued a circular for waiver of interest in disputed tax demand in different scenarios.<\/p>\n<p>Govt. can make Aadhar must for<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> ITRs<\/a>, PAN, Bank A\/cs, etc. except welfare schemes \u2013 Supreme Court of India.<\/p>\n<p>Share application money rec&#8217;d from bogus shareholders, ITO to reopen assessment of such shareholders and not to add the same to the assessee\u2019s income as unexplained cash credit \u2013 CIT-1 Vs Gagandeep Infrastructure Pvt. Ltd. (2017 (3) TMI 1263 &#8211; Bombay High Court).<\/p>\n<p>CBDT has issued a notification via\u00a0notification no. 17\/2017\/F.No. 370142\/4\/2017-TPL\u00a0dated\u00a023rd march,2017declaration of Income tax ( 3rd Amendment) Rules, 2017.<\/p>\n<p>ITAT Mumbai held that TDS\u00a0is not applicable on Hotel Rent in absence of any contract\u00a0.\u00a0Red Chillies Entertainment Pvt. Ltd. Vs ACIT.(TDS) (ITAT Mumbai)<\/p>\n<p>ITAT Mumbai held that Rule-8D is not attracted and applicable in a situation, where, the assessee has voluntarily computed the disallowance as per Rule-8D of the Rules.\u00a0M\/s Shapoorji Pallonji &amp; Co. Ltd Vs. DCIT (ITAT Mumbai)<\/p>\n<p>Rajasthan High Court held that notice issued by the authority asking the assessee to file the returnwithin fifteen days\u00a0under section 158BC is not in accordance with the provisions of the <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax Act<\/a> and therefore it is invalid.\u00a0Kumawat Udyog Bus Stand Vs CIT (Rajasthan High Court)<\/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><a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> has prescribed the procedure \u00a0to be adopted for de-selling of the business premises, which are sealed in the event of Enforcement Survey etc. by the officers of the Department of Trade &amp; TaxesVide Circular No. 27 of 2016-17 dated 08.03.2017.\u00a0(Click here to view)<\/p>\n<p>CBEC has issued Master Circuar on Show Cause Notice, Adjudication and Recovery\u00a0Vide Circular No. 1053\/02\/2017-CX dated 10.03.2017.<\/p>\n<p>CBEC has issued a circular via\u00a0circular no. 205\/3\/2017 \u2013 service tax dated 27th march, 2017\u00a0regarding extension of e-payment deadline and of banking hours.<\/p>\n<p>CESTAT Mumbai held that enhanced duty inapplicable on goods loaded on ship for export, before enhancement of duty; Accepts assessee\u2019s contention that, checklist of shipping bill indicates that permission has been granted on each day when loading has taken place, therefore, enhanced rate of duty would be applicable only to consignments loaded after issue of notification.\u00a0[TS-567-CESTAT-2016-CUST]<\/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><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong><strong>\u00a0<\/strong><\/p>\n<p>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?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong><strong>\u00a0<\/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.<\/p>\n<p><span style=\"text-decoration: underline;\">Query:<\/span>\u00a0Under reverse charge, what is the time of supply of service?<\/p>\n<p><span style=\"text-decoration: underline;\">Answer:\u00a0<\/span>The time of supply will be the earliest of the following dates:<\/p>\n<ol>\n<li>a) date of receipt of services;<\/li>\n<li>b) date on which payment is made;<\/li>\n<li>c) date of receipt of invoice;<\/li>\n<li>d) date of debit in the books of accounts by supplier.<\/li>\n<\/ol>\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>GST Peak rate kept at 40% in the Bill to obviate the need to approach Parliament for changing tax rates in case of exigencies or when the Cess is removed.<\/p>\n<p>The CGST Bill keeps TCS not &gt;1% of the net value of taxable supplies out of payments to vendors of goods or services through e-Commerce companies portal.<\/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=\"SEBI_Updates\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> Updates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>SEBI has further extended the period by three months to the Exclusively Listed Companies (ELCs) on the Dissemination Board (DB)\u00a0till\u00a0June 30, 2017.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><strong><span style=\"text-decoration: underline;\">MCA Update: <\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>MCA has revised the versions of eForm\u00a0\u2013\u00a0Form 20B,\u00a0Form PAS-3\u00a0and\u00a0\u00a0Form\u00a023ACA, will be available on the portal w.e.f\u00a0\u00a029th\u00a0\u00a0March 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>ICAI is organising Master in Business Finance Certificate Course (MBFCC) &#8211; Registrations opened.\u00a0<a href=\"https:\/\/resource.cdn.icai.org\/44930cma34840.pdf\">https:\/\/resource.cdn.icai.org\/44930cma34840.pdf<\/a>. Cntct-0120-3045905 \/\u00a0<a href=\"mailto:cma@icai.in\">cma@icai.in<\/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 <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">VAT return<\/a> &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 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>The Secret of Health for both mind and body is, not to mourn for the Past, worry about the Future or anticipate Troubles, but to live in the Present Moment wisely and earnestly.<\/p>\n<p>The pain you feel today is the strength you feel\u00a0tomorrow.<\/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<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update For the Day: Direct Tax: Share application money received from bogus shareholders, ITO to reopen assessment of such shareholders and not to add the same to the assessee\u2019s income as unexplained cash credit \u2013\u00a0CIT-1 Vs Gagandeep Infrastructure Pvt. Ltd. (2017 (3) TMI 1263 &#8211; Bombay High Court). Lessee can\u2019t claim depreciation on reimbursement &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,208,150,172,9,4],"tags":[1973,2056,1974,1976,2057,1975,1977,2058,1705,1978],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3086"}],"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=3086"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3086\/revisions"}],"predecessor-version":[{"id":15607,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3086\/revisions\/15607"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}