{"id":3137,"date":"2017-05-05T12:23:51","date_gmt":"2017-05-05T06:53:51","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3137"},"modified":"2021-08-13T11:43:38","modified_gmt":"2021-08-13T06:13:38","slug":"corporate-and-professional-update-may-5-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-5-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 5, 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-69d00488694e7\" 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-69d00488694e7\"  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-5-2017\/#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-5-2017\/#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-5-2017\/#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-5-2017\/#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-5-2017\/#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-5-2017\/#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\/08\/bigstock-D-Man-Tax-Help-44327380-resized-600-300x225.png\" alt=\"bigstock-D-Man-Tax-Help-44327380-resized-600\" width=\"363\" height=\"272\" \/><\/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>SC reverses Gujarat HC judgment ruling in favour of Revenue for AY 1994-95, approves AO\u2019s &#8216;prima facie adjustment&#8217; u\/s 143(1)(a) with respect to share issue expenses disallowance as these expenses are capital in nature. [TS-168-SC-2017]<\/li>\n<li>ITAT Cochin held that &#8220;On Money&#8221; received by an assessee for sale of agricultural land has to be treated as &#8220;agricultural income&#8221; and exempted from tax if the facts show that the assessee has no other source for the receipt. [ITO Vs Abraham Varghese Charuvil]<\/li>\n<li>CBDT releases New Rules for Sec 115BA(4) &amp; Form 10-IB for Startups to Opt for Lower Tax Rate.<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Dept had been asking people to link their <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> no. with Aadhar before 31 July and many were finding it difficult as their names did not match in both. Just go to www.incometaxindiaefiling.gov.in and login. Then go to Profile settings and choose Aadhar linking. Then enter Aadhar no. and ENTER NAME AS GIVEN IN AADHAR CARD.<\/li>\n<li>Supreme Court ends the paid vs. Payable. Held that Disallowance u\/s Section 40(a)(ia) for <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> default not to be restricted to amounts payable but also when it is paid. Dated 03-05-2017 in Palma Gas Service.<\/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>Madras High Court Held that the absence of a statutory provision, prescribing that, registration of the premises was mandatory for availing input service tax credit, the Assessee could not be denied refund of unutilized cenvat credit on input services. [Commissioner of Service Tax-III Vs Customs, Excise &amp; Service Tax Appellate Tribunal]<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"GST_Updates\"><\/span><strong><span style=\"text-decoration: underline;\">GST Updates:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Madhya Pradesh Legislative Assembly on Wednesday unanimously passed the Madhya Pradesh <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Services Tax (GST)<\/a><\/li>\n<li>Also this states in switching over to the January December fiscal year from April to March.<\/li>\n<\/ul>\n<p>More read:<\/p>\n<p><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><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/\">Extension of the due date of GSTR-1<\/a><\/p>\n<p><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><\/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<a href=\"https:\/\/carajput.com\/services\/service-tax-registration.php\"> service tax<\/a> for April by Cos\u00a0: 06.05.2017<\/li>\n<li>Submission of forms received in April to IT Commissioner\u00a0: 07.05.2017<\/li>\n<li>Payment of TDS\/TCS deducted\/collected in April\u00a0: 07.05.2017<\/li>\n<li>Return of non \u2013<a href=\"https:\/\/carajput.com\/services-ssi-registration.php\"> SSI<\/a> assesses for April\u00a0: 10.05.2017<\/li>\n<li>Return by units paying duty &gt; 1 crore (CENVAT + PLA) for April\u00a0: 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><strong>\u00a0<\/strong>What are the benefits of GST for consumers?<\/p>\n<p>Answer: <span style=\"text-decoration: underline;\">For the consumer<\/span><\/p>\n<ul>\n<li>Single and transparent tax proportionate to the value of goods and services: Due to multiple indirect taxes being levied by the Centre and State, with incomplete or no input tax credits available at progressive stages of value addition, the cost of most goods and services in the country today are laden with many hidden taxes. Under GST, there would be only one tax from the manufacturer to the consumer, leading to transparency of taxes paid to the final consumer.<\/li>\n<li>Relief in overall tax burden: Because of efficiency gains and prevention of leakages, the overall tax burden on most commodities will come down, which will benefit consumers.<\/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 Order against the Corporate Debtor, Magna Opus Hospitality Pvt. Ltd for the Corporate Insolvency Resolution Process and the order for Moratorium of 180 days starting from 12th April, 2017.<\/li>\n<li>Provisional Empanelment status with O\/o C&amp;AG is available at CAG website up to 05May. Representation, if any, may be sent\u00a0sao2ca5@cag.gov.in\u00a0by 5th May.<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/strong><\/p>\n<p>\u201cIf you focus on results you will never change but if you focus on changes you will definitely change your results.\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: SC reverses Gujarat HC judgment ruling in favour of Revenue for AY 1994-95, approves AO\u2019s &#8216;prima facie adjustment&#8217; u\/s 143(1)(a) with respect to share issue expenses disallowance as these expenses are capital in nature. [TS-168-SC-2017] ITAT Cochin held that &#8220;On Money&#8221; received by an assessee for sale &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":[4208,4209,4210,350],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3137"}],"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=3137"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3137\/revisions"}],"predecessor-version":[{"id":15608,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3137\/revisions\/15608"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}