{"id":3102,"date":"2017-04-28T17:23:15","date_gmt":"2017-04-28T11:53:15","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3102"},"modified":"2021-12-06T17:51:15","modified_gmt":"2021-12-06T12:21:15","slug":"corporate-and-professional-update-april-28-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-28-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE April 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-69ea5772c4f75\" 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-69ea5772c4f75\"  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-april-28-2017\/#CORPORATE_AND_PROFESSIONAL_UPDATE_April_28_2017\" title=\"CORPORATE AND PROFESSIONAL UPDATE April 28, 2017\">CORPORATE AND PROFESSIONAL UPDATE April 28, 2017<\/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-april-28-2017\/#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-april-28-2017\/#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-april-28-2017\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-april-28-2017\/#Corporate_Law\" title=\"Corporate Law:\">Corporate Law:<\/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-april-28-2017\/#Other_Update\" title=\"Other Update \">Other Update <\/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-april-28-2017\/#FAQ_on_GST\" title=\"FAQ on GST\">FAQ on GST<\/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-april-28-2017\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/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-april-28-2017\/#More_read\" title=\"More read :\">More read :<\/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-april-28-2017\/#Blocking_the_E-way_bill_creation_system_if_fails_to_file_GSTR-3B\" title=\"Blocking the E-way bill creation system if fails to file GSTR-3B\">Blocking the E-way bill creation system if fails to file GSTR-3B<\/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-april-28-2017\/#Extension_of_the_due_date_of_GSTR-1\" title=\"Extension of the due date of GSTR-1\">Extension of the due date of GSTR-1<\/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-april-28-2017\/#E-invoice_details_are_auto-populated_in_the_respective_GSTR-1\" title=\"E-invoice details are auto-populated in the respective GSTR-1\">E-invoice details are auto-populated in the respective GSTR-1<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/12\/11987074_919610658111019_5991428056741075136_n-300x203.jpg\" alt=\"11987074_919610658111019_5991428056741075136_n\" width=\"562\" height=\"380\" \/><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_April_28_2017\"><\/span>CORPORATE AND PROFESSIONAL UPDATE April 28, 2017<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 if an undertaking is sold as a running business with all assets and liabilities for a slump price, no part of the consideration can be attributed to depreciable assets and assessed as a short-term capital gain u\/s 50(2). If the undertaking is held for more than three years, it constitutes a &#8220;long-term capital asset&#8221; and the gains are assessable as a long-term capital gain. [CIT Vs Equinox Solution Pvt. Ltd.]<\/p>\n<p>CBDT has made it clear that income from letting out buildings \/developed space along with other amenities in an industrial park\/special economic zones (<a href=\"https:\/\/carajput.com\/sez-stpi.php\">SEZs<\/a>) would only be treated as \u201cbusiness income\u201d and not as \u201cincome from house property\u201d.<\/p>\n<p>CBDT issued Circular No.17 of 2017\u00a0on the Clarification regarding Liability to income \u2013 tax in India for a non \u2013 resident seafarer receiving salary in NER (Non Resident External) account maintained with an Indian Bank.<\/p>\n<p>Transfer pricing &amp; advance tax requirements won&#8217;t apply to\u00a0Indian Cos with overseas subsidiaries are likely to get some leeway around transfer pricing, withholding tax and advance tax requirements under the place of \u00a0effective management (POEM) rules.<\/p>\n<p>Additional evidence was to be admitted if it was relevant for calculating actual income:\u00a0HC [2017] 80\u00a0271 (Punjab &amp; Haryana)<\/p>\n<p>Where revenue urged that assessee company received share application money from bogus shareholders, it was for revenue to proceed by reopening assessment of such shareholders and assessing them to tax and not to add same to assessee&#8217;s income as unexplained cash credit.\u00a0Proviso to Sec 68 \u00a0[2017] 80\u00a0\u00a0272 (Bombay HC)<\/p>\n<p>Supreme Court asked why there was no objection from lawmakers on the government\u2019s decision to make Aadhaar mandatory for making\u00a0PAN cards in Parliament w.e.f.\u00a0July 1, 2017.<\/p>\n<p>CBDT has made it clear that income from letting out buildings \/developed space along with other amenities in an industrial park\/special economic zones (<a href=\"https:\/\/carajput.com\/sez-stpi.php\">SEZs<\/a>) would only be treated as \u201cbusiness income\u201d and not as \u201cincome from house property\u201d.<\/p>\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>Court can\u2019t direct Central Government to issue Excise Exemption Notification, being a policy matter .[2017] 80\u00a0\u00a0358 (SC)<\/p>\n<p>Benefit of reduced penalty couldn&#8217;t be granted if excise duty was not paid\u00a0within 30 days\u00a0of demand order.\u00a0\u00a0[2017] 80\u00a0\u00a0293 (Punjab &amp; Haryana).<\/p>\n<p>CBEC issued a notification regarding\u00a0 amendment in Notification no. 131\/2016-Customs (N.T.) dated 31.10.2016 relating to AIR of duty drawback with respect to Guar and its products vide\u00a0\u00a0Notification No. 41\/2017-CUSTOMS (N.T.) dated 26th April, 2017.<\/p>\n<p>CBEC issued an order vide\u00a0order no. 1\/2017 \u2013 Service tax dated 25th April, 2017\u00a0regarding \u00a0Extension of the date of submission of the Form ST-3 for the period 1st October 2016 to 31st March 2017 from 25th April 2017 to\u00a030th April 2017.<\/p>\n<p>Uttarakhand High court\u00a0 HC rules on maintainability of appeal u\/s 35G of Central Excise Act in respect of question of availability of \u2018area based exemption\u2019 benefit under Notification No. 50\/2003-CE as a new industrial unit; Notes that Legislature has, by virtue of Section 35L(2), declared that question relating to taxability or excisability shall be included within the meaning of the expression \u201cquestion in relation to rate of duty\u201d; Hence, HC remarks that decision on \u2018excisability\u2019 or \u2018taxability\u2019 by CESTAT after amendment to Section 35L in 2014 would confer exclusive jurisdiction on Apex Court. \u00a0[TS-80-HC-2017(UTT)-EXC]<\/p>\n<h3><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><\/h3>\n<p>Under GST Records can be kept in electronic form &amp; authenticated by Digital Signature. Backups should be taken which can be restored in reasonable time.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Corporate_Law\"><\/span><strong><span style=\"text-decoration: underline;\">Corporate Law:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Meeting of creditors could be dispensed with if maximum no. of creditors gave their consent to amalgamation scheme.\u00a0[2017] 80\u00a0\u00a0307 (NCLT &#8211; Bang.)<\/p>\n<h3><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><\/h3>\n<p>Over four crore\u00a0members of\u00a0the retirement fund body\u00a0<a href=\"https:\/\/carajput.com\/services\/epf-registration.php\">EPFO<\/a>\u00a0can now\u00a0withdraw funds\u00a0from their EPF account for the\u00a0treatment of illness\u00a0and purchasing equipment to deal with handicap\u00a0without medical certificates.\u00a0MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 25th April,2017.<\/p>\n<p>Supreme Court asked why there was no objection from lawmakers on the government\u2019s decision to make Aadhaar mandatory for making\u00a0PAN cards in Parliament w.e.f.\u00a0July 1, 2017.<\/p>\n<p><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> has taken the first major step towards development of the commodity derivatives market by approving introduction of options contracts since taking over the market&#8217;s regulation in September 2015.<\/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><\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong><span style=\"text-decoration: underline;\">Query<\/span><\/strong>:\u00a0Kindly clarify the treatment of construction of building etc. as services or goods under GST Regime.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong><strong>\u00a0<\/strong>According to Schedule II to Model GST Law, construction of a complex , building, civil structure or part thereof, including a complex or building intended for sale to a buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or before its first occupation, whichever is earlier of Model Law shall be treated as supply of services.<\/p>\n<p><strong>With trust, even silence is understood. Without trust, every word is misunderstood. Trust is the soul of relationships.<\/strong><\/p>\n<p><strong>Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Key_Dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key Dates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/services\/service-tax-return-filing.php\">Service Tax return<\/a> for the half year ended march :\u00a030.04.2017<\/li>\n<li>Return of DVAT <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> for quarter ending march\u00a0:\u00a028.04.2017<\/li>\n<li>Filing of <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">DVAT return<\/a> verification form for quarter ended march where return not signed with digital signature\u00a0:28.04.2017<\/li>\n<\/ul>\n<p>We look forward for your valuable comment <a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a><\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a>\u00a0\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a> \u00a0 T: 011-233-4-3333 , 9-555-555-480<\/p>\n<h4><span class=\"ez-toc-section\" id=\"More_read\"><\/span>More read :<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Blocking_the_E-way_bill_creation_system_if_fails_to_file_GSTR-3B\"><\/span><a href=\"https:\/\/carajput.com\/blog\/blocking-the-e-way-bill-creation-system-if-fails-to-file-gstr-3b-gstn\/\">Blocking the E-way bill creation system if fails to file GSTR-3B<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Extension_of_the_due_date_of_GSTR-1\"><\/span><a href=\"https:\/\/carajput.com\/blog\/\">Extension of the due date of GSTR-1<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"E-invoice_details_are_auto-populated_in_the_respective_GSTR-1\"><\/span><a href=\"https:\/\/carajput.com\/learn\/einvoices-details-are-autopopulated-in-the-respective-gstr1-tables.html\">E-invoice details are auto-populated in the respective GSTR-1<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE April 28, 2017 Direct Tax: Supreme Court held that if an undertaking is sold as a running business with all assets and liabilities for a slump price, no part of the consideration can be attributed to depreciable assets and assessed as a short-term capital gain u\/s 50(2). If the undertaking is &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":[5106,4726,5109,5110,5105,5107],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3102"}],"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=3102"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3102\/revisions"}],"predecessor-version":[{"id":3104,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3102\/revisions\/3104"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}