{"id":3134,"date":"2017-05-04T13:18:32","date_gmt":"2017-05-04T07:48:32","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3134"},"modified":"2021-08-13T11:50:43","modified_gmt":"2021-08-13T06:20:43","slug":"corporate-and-professional-update-may-4-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-4-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 4, 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-69cfe95dac55c\" 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-69cfe95dac55c\"  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-4-2017\/#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-may-4-2017\/#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-may-4-2017\/#GST_Updates\" title=\"GST Updates:\">GST Updates:<\/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-may-4-2017\/#Key_dates\" title=\"Key dates:\">Key dates:<\/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-may-4-2017\/#FAQ_on_GST\" title=\"FAQ on GST \">FAQ on GST <\/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-may-4-2017\/#Other_Updates\" title=\"Other Updates\">Other Updates<\/a><\/li><\/ul><\/nav><\/div>\n<p><strong>Professional Update for the day:<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/09\/GST-FIRST-LOOK-300x195.jpg\" alt=\"GST FIRST LOOK\" width=\"429\" height=\"279\" \/><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax<\/span><\/strong><strong>:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Supreme Court of India held that insertion of Section 35FF makes the provision of Section 35F more balanced because the amount so deposited by\u00a0 the assessee-appellant, will be refunded with interest in case the\u00a0 appeal is allowed in favour of the assessee-appellant and the rate\u00a0 of interest will vary from 5% to maximum of 36% per annum\u00a0 depending upon the notification published by the Central\u00a0 [Satya Nand Jha vs. Union of India and Others (Supreme Court)]<\/li>\n<li>ITAT Ahemdabad held that the assessee has actually received the salary from his previous employers after deducting the notice period as per the job agreement with them. Therefore, in our considered view, the actual salary received by the assessee is only taxable. [ Shri Nandinho Rebello Vs DCIT]<\/li>\n<li>Bombay High Court held that the purpose of service is put the other party to notice and to give him a copy of the papers. The mode is irrelevant. The rules and procedure are not so ancient or rigid that only antiquated methods of service through a bailiff or by beat of drum is acceptable. E-Mail &amp; Whatsapp are not formally approved but if service is shown to be effected and is acknowledged it cannot be said that the Defendants had \u2018no notice\u2019. Defendants who avoid and evade service by regular modes cannot be permitted to take advantage of that evasion. [Kross Television India Pvt. Ltd. Vs Vikhyat Chitra Production]<\/li>\n<\/ul>\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<ul>\n<li>CBEC has issued a circular vide circular no. 16\/2017-Customs dated 2nd april, 2017 regarding monitoring of export obligation fulfillment under EPCG and Advance Authorisation Schemes.<\/li>\n<li>CESTAT Delhi held that, as the relevant provisions (namely section 62 (25a), Section 65 (105)(zzze) and Section 66 of the Act), to the extent these provisions purport to levy<a href=\"https:\/\/carajput.com\/services-tax-registration.php\"> service tax<\/a> in respect of services provided by a club of association to its members is declared ultra vires. Hence, there are no operative legislative provisions of the Act legitimising the levy and collection of service tax from the appellants, for providing Club or association service, in so far as these relate to any services provided to members of these appellants.[M\/s DLF Recreational Foundation Ltd. Vs CST, New Delhi]<\/li>\n<li>Chhattisgarh High Court is of the considered opinion that there is no willful suppression of facts to evade tax on the part of the petitioner and it was bona fide on the part of the petitioner, it was not deliberate and in absence of finding relating to mensrea recorded by the Settlement Commission, the penalty imposed upon the petitioner under Section 78 of the Finance Act, 1994 deserves to be quashed. [Mahadev Logistics, Vs Customs and Central Excise Settlement Commission]<\/li>\n<li>Services performed in India for a service recipient located abroad are export of services\u00a0provided recipient\u00a0does not have any branch or project or business establishment in India and payment for the service has been received in convertible foreign exchange: \u00a0Gap International Sourcing (India) Pvt. Ltd. Vs. CST- CESTAT NEW DELHI]<strong>\u00a0<\/strong><\/li>\n<\/ul>\n<h2><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><\/h2>\n<p>IGST, CGST, SGST deposited cannot be adjusted against each other. Only IGST, CGST &amp; SGST input tax credit can be adjusted in specified order.<\/p>\n<h2><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><\/h2>\n<ul>\n<li>E- Payment of service tax for April by Cos: 06.05.2017<\/li>\n<li>Submission of forms received in April to IT Commissioner: 07.05.2017<\/li>\n<li>Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS\/TCS<\/a> deducted\/collected in April:07.05.2017<\/li>\n<li>Return of non \u2013<a href=\"https:\/\/carajput.com\/services-ssi-registration.php\"> SSI<\/a> assesses for april:10.05.2017<\/li>\n<li>Return by units paying duty &gt; 1 crore (CENVAT + PLA) for April: 10.05.2017<\/li>\n<\/ul>\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><\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What are the major features of the proposed payment procedures under GST?<\/p>\n<p>Answer: The major features of the proposed payments procedures under GST are as follows:<\/p>\n<ul>\n<li>Electronic payment process- no generation of paper at any stage<\/li>\n<li>Single point interface for challan generation- GSTN<\/li>\n<li>Ease of payment \u2013 payment can be made through online banking, Credit Card\/Debit Card, NEFT\/RTGS and through cheque\/cash at the bank<\/li>\n<li>Common challan form with auto-population features<\/li>\n<li>Use of single challan and single payment instrument<\/li>\n<li>Common set of authorized banks<\/li>\n<li>Common Accounting Codes<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">Other Updates<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>NCLT: Company petition filed by authorized signatory is maintainable where the source of authorization letter is the shareholders&#8217; resolution and the authorized signatory is competent to file company petition.\u00a0BUHARI ABDUL KHADER KHALID\u00a0vs. EMIRATES TRADING LLC.\u00a0CHENNAI BENCH.<\/li>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> invites applications for Direct Recruitment for the posts of Officers in Grade \u2018B\u2019 (General) &#8211; DR, DEPR and DSIM in Common Seniority Group (CSG) Streams \u2013 2017. visit <a href=\"https:\/\/www.rbi.org.in\">rbi.org.in<\/a><strong>\u00a0<\/strong><\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quotes of the Day:<\/span><\/strong><\/p>\n<p>\u201cWhen we give cheerfully and accept gratefully, everyone is blessed.\u201d<\/p>\n<p>\u201cOur character is what we do when we think no one is looking.\u201d<\/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\u00a0<\/a>\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a> \u00a0 T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update for the day: &nbsp; Direct Tax: Supreme Court of India held that insertion of Section 35FF makes the provision of Section 35F more balanced because the amount so deposited by\u00a0 the assessee-appellant, will be refunded with interest in case the\u00a0 appeal is allowed in favour of the assessee-appellant and the rate\u00a0 of interest &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":[4212,338,442,556,333],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3134"}],"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=3134"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3134\/revisions"}],"predecessor-version":[{"id":15610,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3134\/revisions\/15610"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}