{"id":3116,"date":"2017-05-01T15:10:19","date_gmt":"2017-05-01T09:40:19","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3116"},"modified":"2021-12-07T13:45:02","modified_gmt":"2021-12-07T08:15:02","slug":"corporate-and-professional-update-may-1-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-1-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE MAY 1, 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-69d78b7fba3f6\" 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-69d78b7fba3f6\"  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-may-1-2017\/#Professional_Update_For_the_Day\" title=\"Professional Update For the Day:\u00a0\">Professional Update For the Day:\u00a0<\/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-may-1-2017\/#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-may-1-2017\/#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-may-1-2017\/#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-may-1-2017\/#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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-1-2017\/#Other_Update\" title=\"Other Update \">Other Update <\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-1-2017\/#Key_Dates\" title=\"Key Dates:\">Key Dates:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/01\/12112090_641118839325014_7134893405186083746_n-300x240.jpg\" alt=\"12112090_641118839325014_7134893405186083746_n\" width=\"516\" height=\"413\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Professional_Update_For_the_Day\"><\/span><strong>Professional Update For the Day:\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><span style=\"color: #000000;\"><a style=\"color: #000000;\" 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><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>IT:Registration u\/s 12AA &#8211; proof of charitable activities &#8211; treatment as registered trust &#8211; receipt of land as Donation &#8211; the objects of the assessee trust being charitable had not been objected &#8211; exemption allowed &#8211;\u00a0<strong>CIT (Exe.), Chandigarh Vs Smt. Shanti Devi Educational Trust (2017 (4) TMI 1065 &#8211; Punjab &amp; Haryana High Court)<\/strong><\/li>\n<li>CBDT:\u00a0Lease rent from letting out buildings\/developed space with other amenities in an Industrial Park\/SEZ &#8211; taxable as business income &#8211;<strong>Circular No. 16\/2017, dt.25.04.2017.<\/strong>.<\/li>\n<li>CBDThas issued a\u00a0Clarification on removal of Cyprus from the list of notified jurisdictional areas under Section 94A of the<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax Act, 1961.<\/a><\/li>\n<li>IT:Prim-facie adjustment u\/s 143(1) intimation &#8211; Expenditure on advertisement and public issue &#8211; Even though it is a debatable issue but as Gujarat High Court had taken a view that it is capital expenditure and the registered office of the respondent assessee being in the State of Gujarat the law laid down by the Gujarat High Court was binding \u2013\u00a0<strong>DCIT Vs Raghuvir Synthetics Ltd. (2017 (4) TMI <\/strong>975 &#8211; Supreme Court)<\/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<ul>\n<li>ST:\u00a0Activity of inspection or examination of seeds in various stages is liable to service tax as technical inspection &amp; certification service &#8211;\u00a0M. P. State Seed Certification Agency Vs CCE, Bhopal (2017 (4) TMI 1085 &#8211; CESTAT New Delhi)<\/li>\n<li>ST:\u00a0Interest cannot be levied for service tax paid on the basis of retrospective amendments on renting of property prior to 01.07.2010 &#8211;\u00a0Thadi Satya Ramalinga Reddy Vs CCEST&amp;C, Visakh (2017 (4) TMI 1024 &#8211; CESTAT Hyderabad)<\/li>\n<li>ST:\u00a0Service of SCN on partners instead of firm &#8211; services provided by the Partnership Firm &#8211; demand raised against one partner is non est in law &#8211;\u00a0Maturu Panchakshari Vs CC,CE&amp;ST, Guntur (2017 (4) TMI 998 &#8211; CESTAT Hyderabad).<\/li>\n<li>Date of filing of <a href=\"https:\/\/carajput.com\/services\/vat-return-filing.php\">DVAT Return<\/a> in Form 16, 17 &amp; 48 for Q4, 2016-17 has been extended upto 15.05.2017 vide Circular No. 2 dated 28.04.2017.<\/li>\n<\/ul>\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<ul>\n<li>Under GST every registered person to keep in physical \/electronic form, books of account at Principal &amp; EVERY related place of business mentioned in his RC.<\/li>\n<li>Andhra, Telangana, Bihar and now Today,\u00a0Jharkhand assembly passes GST bill.<\/li>\n<li>CBCE:\u00a0Only 34% service taxpayers moved to GST Network.<\/li>\n<li>GST to rate taxpayers, businesses on payment record, make ratings public<br \/>\nTrade and industry will be assigned a &#8216;compliance rating&#8217; based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the goods and services tax structure. Revenue Secretary Hasmukh Adhia said a system of GST Compliance Rating will be put in place so that every trader or businessman will be rated<\/li>\n<\/ul>\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>Question<\/strong>: How will imports be taxed under GST?<\/p>\n<p><strong>Answer<\/strong>: The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST. As per explanation to clause (1) of article 269A of the Constitution, IGST will be levied on all imports into the territory of India. Unlike in the present regime, the States where imported goods are consumed will now gain their share from this IGST paid on imported goods.<\/p>\n<p><strong>How would GST be administered in India?<\/strong><\/p>\n<p><strong>Answer<\/strong>: Keeping in mind the federal structure of India, there will be two components of <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> \u2013 Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain.<\/p>\n<p>Tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.<\/p>\n<p>The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output. No cross utilization of credit would be permitted.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Corporate Law:<\/span><\/strong><\/p>\n<p>Where revenue urged that assesses\u00a0company 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>MCA has issued a Circular clarifying the issues relating to the Transfer of shares to IEPF Authority.\u00a0The due date for transfer of shares by Companies to IEPF is\u00a0May 31, 2017\u00a0.<\/p>\n<p>Meeting of creditors could be dispensed with if maximum no. of creditors gave their consent to amalgamation scheme.\u00a0[2017] 80\u00a0taxmann.com\u00a0307 (NCLT &#8211; Bang.).<\/p>\n<p>Govt. has notified section 234 of the Companies Act, 2013 which provides for mergers and amalgamations between an Indian Company and a foreign company and vice versa.\u00a0<a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> has also inserted Rule 25A[2] to amend the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Corporate Law:<\/span><\/strong><\/p>\n<p>IBBI\u00a0has published\u00a0the draft regulations for Fast Track Corporate Insolvency Resolution Process of Corporate Persons<\/p>\n<p>CL:\u00a0Company petition for winding up &#8211; allegation that company failed to make the payment against dues &#8211; The disputed questions cannot be gone into in this winding up petition &#8211;\u00a0Nasir Amin Hungund Vs Glasspaane Aluminium (I) Pvt. Ltd. (2017 (4) TMI 1019 &#8211; Bombay High Court).<\/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>MoL&amp;E:\u00a0The Ministry of Labour and Employment has released a set of clarifications addressing concerns under the provisions of the Maternity Benefit (Amendment) Act, 2017.<\/p>\n<p><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a>:\u00a0The\u00a0SEBI\u00a0Board\u00a0in its last\u00a0meeting\u00a0has taken various decisions\u2019 to improve the facilities being offered to the stakeholders.<\/p>\n<p>C&amp;AG: The status of provisional empanelment cum point score of the firms for the year 2017-18 is being made available in website C&amp;AG website at\u00a0www.cag.gov.in\u00a0from\u00a026 APR2017 to 05MAY2017. The mistakes, if any can be\u00a0emailed at\u00a0sao2ca5@cag.gov.in\u00a0by\u00a005 MAY 2017.<\/p>\n<p>EMP:\u00a0Dena Bank invites applications from CA Firms for empanelment as Concurrent Auditors for the Year July\u2019 17 to June\u2019 2018. The last date for submission of Online Applications is\u00a010 MAY 2017.<\/p>\n<p>ICAI\u00a0appeals its Members\u00a0to contribute towards Swachh Bharat Abhiyaan\u00a0launched by\u00a0Hon\u2019ble Prime Minster of India Shri Narendra Modi on 2nd October, 2014.<\/p>\n<h4><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><\/h4>\n<ul>\n<li>E- Payment of service tax for April by Cos\u00a0:\u00a006.05.2017<\/li>\n<li>Submission of forms received in April to IT Commissioner\u00a0:\u00a007.05.2017<\/li>\n<li>Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> deducted\/collected in April\u00a0:\u00a007.05.2017<\/li>\n<li>Return of non \u2013 <a href=\"https:\/\/carajput.com\/services-ssi-registration.php\">SSI<\/a> assesses for april\u00a0:\u00a010.05.2017<\/li>\n<li>Return by units paying duty &gt; 1 crore (CENVAT + PLA) for April\u00a0:\u00a010.05.2017<\/li>\n<\/ul>\n<p>Success lies not in the result&#8230;but in the effort, Being the best is not at all important, Doing the best is all that matters.<\/p>\n<p>Life is not a sharp Knife to cut all those bad memories but Life is a needle to weave golden thread of sweet memories&#8230;!!<\/p>\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 \u00a0<\/a> T: 011-233-4-3333 , 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Professional Update For the Day:\u00a0 Direct Tax: IT:Registration u\/s 12AA &#8211; proof of charitable activities &#8211; treatment as registered trust &#8211; receipt of land as Donation &#8211; the objects of the assessee trust being charitable had not been objected &#8211; exemption allowed &#8211;\u00a0CIT (Exe.), Chandigarh Vs Smt. Shanti Devi Educational Trust (2017 (4) TMI &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":[4213,338,339],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3116"}],"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=3116"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3116\/revisions"}],"predecessor-version":[{"id":19538,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3116\/revisions\/19538"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}