{"id":3144,"date":"2017-05-08T11:35:18","date_gmt":"2017-05-08T06:05:18","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3144"},"modified":"2021-08-13T11:22:52","modified_gmt":"2021-08-13T05:52:52","slug":"corporate-and-professional-update-may-8-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-8-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 8, 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-69d035cec5020\" 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-69d035cec5020\"  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-8-2017\/#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-8-2017\/#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-8-2017\/#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-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-8-2017\/#Other_Updates\" title=\"Other Updates\">Other Updates<\/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-8-2017\/#Key_dates\" title=\"Key dates:\">Key dates:<\/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\/2015\/05\/21-300x173.png\" alt=\"21\" width=\"559\" height=\"322\" \/><\/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>Allahabad High Court held that contention of the learned counsel for the petitioner is that the petitioner be allowed to appear before the authority concerned for recording the statement under Section 108 of the Customs Act in the presence of his counsel as no substance as there is no statutory provision which may allow a person to appear along with his counsel before the authorities concerned while his statement under Section 108 of the Customs Act is to be recorded. [Pawan Kumar Pawan Arora Vs Union of India]<\/li>\n<li>CBDT releases New Rules under Sec 115BA(4) &amp; Form10-IB for Startups to Opt for Lower Tax Rate.<\/li>\n<li>IT: Non deduction of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> &#8211; the word payable u\/s 40(a)(ia) also covers the cases where the amount is actually paid during the year \u2013 Palam Gas Service Vs CIT (2017 (5) TMI 242 &#8211; Supreme Court).<\/li>\n<li>CBDT releases Draft Rules for Valuation of Unquoted Equity Shares<strong>\u00a0<\/strong><\/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>ITAT Mumbai held that keeping in view the principle of mutuality the assessee is not required to deduct tax at source on payments to KPMG International. Since the very basis for levy and upholding of penalty under section 271C of the Act by the authorities for assessment years 2000- 01 and 2002-03 to 2004- 05 does not survive, the orders levying\/upholding the aforesaid penalty are not sustainable. [ M\/s. KPMG Vs Additional C.I.T. (International Taxation)]<\/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>What will become costlier and cheaper in GST?<\/strong><\/p>\n<p>According to experts, these items could become costlier:<\/p>\n<ul>\n<li>Cigarette prices likely to go up as <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> rate for tobacco will be higher than current duties<\/li>\n<li>Commercial vehicles such as trucks will become costlier<\/li>\n<li>Mobile phone calls may get costlier as service tax will go up<\/li>\n<li>Textile and branded jewellery may become costlier<\/li>\n<\/ul>\n<p>And these could become cheaper:<\/p>\n<ul>\n<li>Auto: Prices of entry-level cars, two-wheelers, SUVs may fall<\/li>\n<li>Car batteries likely to get cheaper<\/li>\n<li>Paint, cement prices likely to fall<\/li>\n<li>Movie ticket prices likely to fall as entertainment tax will come down<\/li>\n<li>Electronics items like fans, lighting, water heaters, air coolers, etc. will get cheaper<\/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><strong>NPAs:<\/strong> notifies<strong>\u00a0<\/strong>Ordinance\u00a0on banks&#8217; non-performing assets on Friday. RBI can now direct banks to order action against loan defaulters apart from getting lenders to initiate insolvency and bankruptcy proceedings.<\/li>\n<li>Prime Minister has asked the revenue department to scale up e-assessment facilities to cover 25 cities, take corrupt officers to task and promote a regime friendly to taxpayers. He also asked the department to train guns on benami properties and focus on broadening the tax net.<\/li>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> advised public sector banks to put in place a fair and transparent mechanism for appointment of statutory branch auditors.<\/li>\n<li>Govt notified changes to the Banking Regulation Act, giving the RBI broad powers to deal with specific bad-loan cases as it tries to speed up resolution of Rs 9.64 trillion of stressed assets clogging the Indian banking system.<\/li>\n<\/ul>\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>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<p><strong><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/strong><\/p>\n<p>&#8220;Faith is the art of holding on to things your reason has once accepted, in spite of your changing moods.&#8221;<\/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 T: 011-233-4-3333, 9-555-555-480<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professional Update for the day: Direct Tax: Allahabad High Court held that contention of the learned counsel for the petitioner is that the petitioner be allowed to appear before the authority concerned for recording the statement under Section 108 of the Customs Act in the presence of his counsel as no substance as there 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":[150,172,9,4],"tags":[354,5164,353,5163],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3144"}],"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=3144"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3144\/revisions"}],"predecessor-version":[{"id":15600,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3144\/revisions\/15600"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}