{"id":3093,"date":"2017-03-31T18:35:21","date_gmt":"2017-03-31T13:05:21","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3093"},"modified":"2021-12-22T18:53:14","modified_gmt":"2021-12-22T13:23:14","slug":"corporate-and-professional-update-march-31-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/","title":{"rendered":"Corporate &#038; professional update march 31 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-69d024299442b\" 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-69d024299442b\"  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-31-2017\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\">Professional Update For the Day:<\/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-31-2017\/#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-31-2017\/#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-31-2017\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/#GST_Update\" title=\"GST Update:\">GST Update:<\/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-31-2017\/#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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/#RBI_Updates\" title=\"RBI Updates :\">RBI 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-31-2017\/#MCA_Updates\" title=\"MCA Updates:\">MCA Updates:<\/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-31-2017\/#SEBI_UPDATE\" title=\"SEBI UPDATE:\">SEBI UPDATE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/#OTHER_UPDATE\" title=\"OTHER UPDATE\">OTHER UPDATE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/#Key_Due_Dates\" title=\"Key Due Dates:\">Key Due Dates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/#_What_is_core_Business_Activity_GST\" title=\"\u00a0What is core Business Activity GST\">\u00a0What is core Business Activity GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/#All_about_GST_Offenses_Penalties_and_Appeals\" title=\"All about GST Offenses, Penalties, and Appeals\">All about GST Offenses, Penalties, and Appeals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/#Applicability_of_GST_Provisions_on_Non-Residents_Taxable_Person\" title=\"Applicability of GST Provisions on Non-Residents Taxable Person\">Applicability of GST Provisions on Non-Residents Taxable Person<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-march-31-2017\/#GST_on_the_Real_Estate_Sector\" title=\"GST on the Real Estate\u00a0 Sector\">GST on the Real Estate\u00a0 Sector<\/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\/2017\/03\/3-2-300x169.png\" alt=\"3 (2)\" width=\"1002\" height=\"564\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span>Professional Update For the Day:<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>Supreme court held that premium collected by the assessee on its subscribed share capital doesn\u2019t constitute capital employed in the business of the company for computing deduction under section 35D. [TS-120-SC-2017]<\/p>\n<p>Non-refundable deposits received by Club for providing facilities to its members are taxable as revenue receipt. [2017] 78 338 (Mumbai &#8211; Trib.)<\/p>\n<p>The tax demand raised by the authorities under the proposed GST regime can be paid in monthly installments\u00a0for up to two years, in case of financial hardship<\/p>\n<p><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Department in its latest drive has started\u00a0de-activating PAN\u00a0of all Income Tax assesses who were allotted more than one <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> at any time in the past.<\/p>\n<p>CBDT clarified that Place of Effective Management (POEM) guidelines shall not apply to company other than an Indian company having turnover or gross receipts of Rs 50 crores or less in a financial year.\u00a0CIR NO.8 OF 2017 [F.NO.142\/11\/2015-TPL]<\/p>\n<p>CBEC has launched a\u00a0mobile application for <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Services Tax<\/a>.\u00a0The mobile application enables taxpayers to be well informed of the latest updates on GST.<\/p>\n<p>Assessing officer being a statutory authority under the Act is bound to respect all the laws may be made by the Parliament or may be made by the State Legislature.<\/p>\n<p>He has no jurisdiction to examine the constitutional validity of any Act or the statute or a subordinate legislation which creates statutory liability upon the assessee to make the payment by way of an expenditure incurred.[The Commissioner of Income Tax Vs M\/s Karnataka State Beverages Corporation ltd. (Karnataka High Court)]<\/p>\n<p>CBDT to honour honest taxpayers\u00a0&#8220;Honest and Compliant&#8221; taxpayers from across the country who have paid their <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> dues diligently over the years.<\/p>\n<p>The Finance Bill, 2017 passed with Changes:<\/p>\n<ul>\n<li>Threshold limit prohibiting cash payments reduced from rupees three lakhs to two lakhs with equivalent penalty.<\/li>\n<li>TCS on cash transactions scrapped from\u00a0 1% on sale of jewellery above Rs five lakh.<\/li>\n<li>Mandatory quoting of Aadhaar No for <a href=\"https:\/\/carajput.com\/income-tax-services.php\">IT Return<\/a> and <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> Application W.e.f.01\/07\/17.<\/li>\n<li>Cap on political donations removed from Co. Under Companies Act, 2013 from up to 7.5% of their average profits.<\/li>\n<\/ul>\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>CESTAT Mumbai 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. It 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.<\/p>\n<p>The contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u\/s. 80C (2) (vi) of the I.T. Act.\u00a0M\/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin)<\/p>\n<p>DVAT has extended the last date of filing of online\/hard copy of third quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 alongwith required annexures\/enclosures to\u00a017.03.2017Vide Circular No. 26 of 2016-17 dated 08.03.2017.<\/p>\n<p>CESTAT rules that assembling various components into a computer system does not constitute \u2018manufacture\u2019, hence not liable to &#8216;excise duty&#8217;\u00a0\u00a0[TS-43-CESTAT-2017-EXC]<\/p>\n<p>Service receiver can&#8217;t change classification and categorization of services:\u00a0Delhi CESTAT [2017] 79\u00a0198 (New Delhi &#8211; CESTAT)<\/p>\n<h3><span class=\"ez-toc-section\" id=\"GST_Updates\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Updates :<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>GST\u00a0set to be rolled out from\u00a0July 1, states have not made many changes in the indirect tax structure in their Budgets for 2017-18, assuming that adequate compensation would be provided to them for any shortfall in revenue receipts on this count.<\/p>\n<p>Delhi <a href=\"https:\/\/carajput.com\/services-vat.php\">VAT<\/a>:\u00a0Denial of Input Tax Credit on the ground that the transactions were reflected in retail invoices and not tax invoices and therefore did not qualify for credit is not valid as the strict interpretation of Section 50(2) was unwarranted. Credit allowed. Revenue\u2019s appeal dismissed. (J C Decaux Advertising I P Ltd. \u2013 Delhi High Court. January 9, 2017).<\/p>\n<p>Limitation period of one year is not applicable for claiming refund of Excise taxes paid under protest.\u00a0High Court of Punjab and Haryana in the case of\u00a0CCEC Chandigarh-1 Vs. Ind. Swift Lands Ltd.<\/p>\n<p>Extension to\u00a008.03.17\u00a0of last date to file DVAT-16, DVAT-17 &amp; DVAT-48 for Q3 of 2016-17.CIRCULAR NO. 25 of 2016-17.<\/p>\n<p>Retired VAT Officer can be appointed as member of VAT Tribunal:\u00a0Case Name:\u00a0Bihar Value Added Tax Act Vs Commercial Taxes Bar Association (Patna High Court)<\/p>\n<p>CBEC has notified via\u00a0notification no. 10\/2017 \u2013 Customs dated 28th\u00a0march, 2017\u00a0to\u00a0impose basic customs duty of 10% on wheat and Tur, with immediate effect.<\/p>\n<p>CBEC has issued a circular via\u00a0circular no. 10\/2017-Cus dated 30th\u00a0march, 2017\u00a0regarding export of carpets under duty drawback.<\/p>\n<p>circular via circular no. 09\/2017 dated 29th march, 2017 regarding Disposal of seized\/confiscated cigarettes of foreign origin vis-\u00e0-vis provisions of the Cigarettes and other Tobacco products (Packaging and Labelling) Rules, 2008.<\/p>\n<h3><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><\/h3>\n<p>GST to be implemented from\u00a01st July! As informed by Economic Affairs Secretary Shaktikanta Das, all the states have agreed for the GST implementation from the said date.<\/p>\n<p>GST Late Returns would attract fee @ Rs.100 per day subject to maximum of Rs.5000. This fee is separate for each return i.e. GSTR-1, 2, 3 etc.<\/p>\n<p>A GST law proposed for implementation of GST in Union Territories like Andaman &amp; Nicobar Islands, Chandigarh etc. as SGST not applicable to them<\/p>\n<p>Under GST Composition Scheme in 17-18 for most Manufacturers &amp; Restaurants @ 5% &amp; Traders at 2% if turnover upto 50 lacs in 16-17. NA for Service sector.<\/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>\u00a0<\/strong><strong>Can a return once uploaded be revised or rectified?<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0There is no provision for revision of any return under GST Law. The return once filed and matched will become final. The transactions which need revision in any return already filed will be considered in the next month\u2019s return. In every monthly return, there is a table for entries in respect of the earlier returns filed.<strong>\u00a0\u00a0<\/strong><em>\u00a0<\/em><\/p>\n<p><strong><span style=\"text-decoration: underline;\">Query<\/span><\/strong><strong><span style=\"text-decoration: underline;\">:<\/span><\/strong><strong>\u00a0What will be the implications if unregisterd dealers purchased goods?<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\">\u00a0<\/span><span style=\"text-decoration: underline;\">Answer<\/span><span style=\"text-decoration: underline;\">:<\/span>\u00a0The receiver of goods would not get ITC.Further the recipients who are registerd under composition scheme would be liabale to pay tax under reverse charge.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong><strong>\u00a0<\/strong><strong>Under GST,<\/strong><strong>\u00a0<\/strong><strong>if any person is availing Composition Scheme, can he purchase goods and services from unregistered tax payers?<\/strong><\/p>\n<p><span style=\"text-decoration: underline;\">Answer:<\/span>\u00a0A Composition supplier is required to make purchases only from registered taxpayers. In case, a composition supplier makes any purchases from an unregistered taxpayer, he would be liable to pay tax on reverse charge basis on all his purchases made from unregistered persons.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong><strong>\u00a0<\/strong>We have a query regarding GST implication as in case\u00a0 goods are supplied on hire purchase basis, then will it be treated as supply of goods or supply of services. Kindly clarify<\/p>\n<p><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong><strong>\u00a0<\/strong>Supply of goods on hire purchase shall be treated as supply of goods as there is transfer of title, albeit at a future date.<\/p>\n<table>\n<tbody>\n<tr>\n<td>The GST Council will meet in April to thrash tax rate for upto 5,000 commodities and services under GST. Services will not be taxed more than 18 per cent under GST.Today is the last date for payment of tax for March 2017 is 31.03.17, please schedule Central Excise Duty\/ Service Tax payment well in advance to avoid last minute rush.<\/p>\n<p>GST Network extends deadline for Migration of Registration till April 30 for firms to register as only 54 lakhs businesses, out of the estimated 80 lakhs.<\/p>\n<p><strong>Date of GST Migration extended to 30th April 2017 by GST Network. (Source- Indian Express)<\/strong><\/p>\n<p>1. Changes in IT law wef 1-4-2017:<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>(A) Limit for payment of expenses by cash \u00a0(both, capital and revenue expenditure) reduced from Rs.20000 to Rs.10000 per day in aggregate per person.<\/p>\n<p>(B) No person shall receive an amount of two lakh rupees or more, by cash (Sec. 269ST).<\/p>\n<p>(C) For below Rs.2 crores turnover cases &#8211;\u00a0For Non Cash Sales (through Digital, Online, cheque, Bank etc.) \u00a0: Net Profit will be taken as 6% of Turnover\/Gross Receipt. For Cash Sales it&#8217;s 8%.<\/p>\n<p>(D) Tax Exemption limit is Rs.2,50,000\/- (same as earlier) After that, upto Rs.5 lakh, Tax Rate is 5% (earlier it was 10%).<\/p>\n<p>(E) Payment of Rent &#8211; Rs.50,000 per month by any Individual or HUF (not subject to <a href=\"https:\/\/carajput.com\/tax-audit.php\">Tax Audit<\/a> requirements) &#8211; deduct TDS @ 5%.<\/p>\n<p>(F) Capital Gain in respect of Land &amp; Buildings period reduced from 3 years to 2 years and Base year shifted from 01.04.1981 to 01.04.2001.<\/p>\n<p>(G) Corporate tax rate for the account year 2017-18 for companies with annual turnover upto Rs. 50 crores (in the account year 2015-16) is reduced to 25%. \u00a0No change in firm tax rate of 30%.<\/p>\n<p>(H) Donations made exceeding Rs.2000 will be not be eligible for deduction under section 80G.<\/p>\n<p>(I) Sale of unquoted shares to be taxed at (deemed) fair value.<\/p>\n<p>(J) In absence of <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> of the buyer of specified goods, the rate of TCS will be twice of the extent rate or 5%, whichever is higher.<\/p>\n<p>(K) \u00a0From financial year 2017-18, if Return is not filed within due date, late fee of Rs.5000 for delay up to 31st December, and Rs. 10000 thereafter.<\/p>\n<p>(L) Where Sec.12AA registered trusts modify their objects clause, they need to apply within 30 days to CIT for approval.<\/p>\n<p>&nbsp;<\/p>\n<h3><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><\/h3>\n<p>RBI notified that the Government of India has issued amendments in the master direction on risk management and inter-bank dealings. Also, for providing operational flexibility to multinational entities and their Indian subsidiaries exposed to currency risk arising out of current account transactions emanating in India, the extent hedging guidelines have been amended as per the terms and conditions in Annex I to this circular vide circular no. A.P. (DIR Series) Circular No. 41 dated 21st March 2017.<\/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 has issued\u00a0\u00a0Companies (Indian Accounting Standards) Amendment Rules, 2017\u00a0vide notification dated 17th\u00a0March, 2017.<\/p>\n<p>MCA has amended the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016. They shall come into force from the\u00a028th\u00a0February, 2017.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"SEBI_UPDATE\"><\/span><strong><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> UPDATE:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>SEBI\u00a0is evaluating the category of benchmarks being currently used to compare the returns of mutual fund (MF) schemes.<\/p>\n<p>Govt\u00a0considering allowing 100% Foreign Direct Investment (FDI) in insurance broking with a view to giving a boost to the sector at present, allows 49%.<\/p>\n<p>SEBI has made various amendments to the existing norms for settlement of administrative and civil proceedings, to streamline and strengthen the settlement process.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"OTHER_UPDATE\"><\/span><strong>OTHER UPDATE<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>India\u00b4s revised tax treaty with Singapore, aimed at checking round tripping of funds, has come into force.\u00a0The principal clause allowing levy of capital gains tax on investments routed through Singapore will come into force from\u00a0April 1.<\/p>\n<p>E-Filling New TM Govt Fees Rs.4500 for individual\/ startup\/ Small Business. For Others Rs.9000. Physical filing Fees Rs.5000 for individual\/ startup\/ Small Business and for Others Rs.10000.<\/p>\n<p>The head quarters of all PSU banks subject to audit,\u00a0are expected to\u00a0get a comprehensive list of firms for allotment\u00a0from RBI from\u00a006-03-2017. In turn\u00a0banks are supposed to complete the allotment\u00a0procedure by\u00a016th March, 2017.<\/p>\n<p>ICAI has submitted Post-Budget Memorandum to the Government and\u00a0suggested certain amendments to the proposals contained in the\u00a0Finance Bill, 2017\u00a0which would help the government to achieve the desired objectives.<\/p>\n<p>ICAI ARF hereby invites proposals from eligible Chartered Accountants to be associated for handling its upcoming project of Indian Railways for conversion of its books of accounts from hybrid to accrual accounting. The firms satisfying the eligibility criteria may fill their particulars latest by\u00a020th March, 2017.<\/p>\n<p>The government will consider the demands made by foreign retailers for allowing nonfood items such as home care products under the foreign direct investment (FDI) policy, Union minister.<\/p>\n<p>Govt. notifies new rules on Trade Marks\u00a0to be applicable w.e.f.\u00a006.03.2017.\u00a0The govt brought down the number of forms required for filing an application from 74 to eight and almost halved the application fees.<\/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<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<\/ul>\n<p><strong>Strive not to be a success, but rather to be of value.<\/strong><\/p>\n<p><strong>A strong positive self-image is the best possible preparation for success.<\/strong><\/p>\n<p><strong>The best day of your life is the one on which you decide that your life is your own and\u00a0you alone are responsible for the quality of it.<\/strong><\/p>\n<p>For query or help, contact: <a href=\"https:\/\/mailto:singh@carajput.com\/\">singh@carajput.com<\/a> or call at 9555555480<\/p>\n<p>We look forward for your valuable comments.<a href=\"https:\/\/carajput.com\/\">\u00a0www.carajput.com<\/a><\/p>\n<p>Popular blog:<\/p>\n<h4><span class=\"ez-toc-section\" id=\"_What_is_core_Business_Activity_GST\"><\/span><strong><em>\u00a0<a href=\"https:\/\/carajput.com\/blog\/what-is-core-business-activity-in-gst\/\">What is core Business Activity GST<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"All_about_GST_Offenses_Penalties_and_Appeals\"><\/span><strong><em><a href=\"https:\/\/carajput.com\/blog\/all-about-gst-offenses-penalties-appeals\/\">All about GST Offenses, Penalties, and Appeals<\/a><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Applicability_of_GST_Provisions_on_Non-Residents_Taxable_Person\"><\/span><strong><span style=\"color: #002060;\"><a href=\"https:\/\/carajput.com\/blog\/applicability-of-gst-provisions-on-non-resident-taxable-person\/\"><em><span style=\"color: #002060; text-decoration: none; text-underline: none;\">Applicability of GST Provisions on Non-Residents Taxable Person<\/span><\/em><\/a><\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"GST_on_the_Real_Estate_Sector\"><\/span><strong><span style=\"color: #002060;\"><a href=\"https:\/\/carajput.com\/blog\/gst-on-real-estate-sector\/\"><em><span style=\"color: #002060; text-decoration: none; text-underline: none;\">GST on the Real Estate\u00a0 Sector<\/span><\/em><\/a><\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; Professional Update For the Day: Direct Tax: Supreme court held that premium collected by the assessee on its subscribed share capital doesn\u2019t constitute capital employed in the business of the company for computing deduction under section 35D. [TS-120-SC-2017] Non-refundable deposits received by Club for providing facilities to its members are taxable as revenue &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[4994],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3093"}],"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=3093"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3093\/revisions"}],"predecessor-version":[{"id":20372,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3093\/revisions\/20372"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}