{"id":3151,"date":"2017-05-11T11:13:07","date_gmt":"2017-05-11T05:43:07","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3151"},"modified":"2021-08-13T11:18:22","modified_gmt":"2021-08-13T05:48:22","slug":"corporate-and-professional-update-may-11-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-11-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 11, 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-69d8419fbdf12\" 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-69d8419fbdf12\"  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-11-2017\/#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-11-2017\/#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-11-2017\/#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-11-2017\/#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-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-11-2017\/#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\/RAJPUT-JAIN-AND-ASSOCIATES-4-250x300.jpg\" alt=\"RAJPUT JAIN AND ASSOCIATES 4\" width=\"480\" height=\"576\" \/><\/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>ITAT Hyderabad has held that Mobilisation\/ trade advance has been wrongly treated as trade receivable. It is not to be subjected to TP. It cannot be re-characterised as receivables. Moreover, advances given as part of contract work does not require any special addition, when the TPO was already examined and held that the transaction relating to \u2018work contract expenses\u2019 are within the ALP during the year.\u00a0[ DCIT Vs. M\/s. Lanco Infratech Limited]<\/li>\n<li>Time limitation for \u201cinitiation\u201d of penalty proceedings under section 275(1)(c) of the<a href=\"https:\/\/carajput.com\/income-tax-services.php\"> Income Tax Act<\/a>, starts from the date on which the AO wrote a letter recommending the issuance of the Show Cause Notice, and not from the date mentioned in the Show Cause Notice. Delhi High Court CIT v. Mahesh Wood Products Pvt. Ltd.<\/li>\n<li>Generating profits out of publishing and selling of school text books can be treated as \u201cCharitable purpose\u201d and therefore, exemption under sections 11 and 12 of the Income Tax Act cannot be denied to the assesses-society. Delhi Bureau Of Text Books v. DIT(E), Delhi High Court.<\/li>\n<li>The present Chairman of the CBDT Mr. Sushil Chandra got a one-year extension to continue in his post. He had taken over as chief of the Board on November 1 last year.<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>The case of the department is that the Cenvat credit on production or processing of goods is not liable to be paid by the job worker as service provider as the same was exempted under N\/N. 8\/05-ST dated 1-3-2005. It was held that from the combined reading of both the provisions of Section 93 and Section 5A of CEA, it is an option to the assesee in service tax whether to avail exemption notification or to pay service tax.\u00a0[M\/s V.N.S Industries Pvt. Ltd. Vs Commissioner of Central Excise]<\/li>\n<li>Excise &amp; Custom: Commissioner (Appeals) cannot entertain an appeal, namely, hear and decide it unless pre-deposit is made, he cannot insist upon payment of pre-deposit as a condition precedent for filing an appeal. [2017] 81 taxmann.com 37 (Gujarat)<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<ul>\n<li>Under GST Inter-state supplies to Consumers up to Rs. 2.50 lacs made directly &amp; through e-commerce portal to be shown separately in GSTR-1.<\/li>\n<li>Goa <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Service Tax (GST)<\/a> Bill 2017 will come into force from July onwards. The bill was unanimously passed in the Goa assembly amid projections of an increase in revenue between Rs 600 to Rs 1,000 crore.<\/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>Kindly clarify under what circumstances can a special order of exemption from tax under GST be issued?<\/p>\n<p><strong>Answer:<\/strong> Section 10(2) of Model GST law provides that the Central or State governments under circumstances of an exceptional nature, on the recommendation of the GST Council, by special order, exempt the levy of tax on goods and\/or services on which tax is otherwise leviable. The circumstances of exceptional nature would need to be mentioned in the special order of the government.<\/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>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<li>Advance information for 2nd fortnight of may of functions with booking cost &gt; Rs 1 lakh in banquet halls, hotels, etc. in delhi : 12.05.2017<\/li>\n<li>E-payment of <a href=\"https:\/\/carajput.com\/pf-esi.php\">PF<\/a> for April : 15.05.2017<\/li>\n<li>Deposit of DVAT TDS for April : 15.05.2017<\/li>\n<li>TCS returns by all collectors : 15.05.2017<\/li>\n<li>Return of<a href=\"https:\/\/carajput.com\/services-vat.php\"> DVAT TDS<\/a> for quarter ending march : 15.05.2017<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/strong><\/p>\n<p>&#8220;Style is the reflection of your attitude and your personality.&#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:<a href=\"https:\/\/carajput.com\/\">\u00a0www.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","protected":false},"excerpt":{"rendered":"<p>Professional Update for the day: Direct Tax: ITAT Hyderabad has held that Mobilisation\/ trade advance has been wrongly treated as trade receivable. It is not to be subjected to TP. It cannot be re-characterised as receivables. Moreover, advances given as part of contract work does not require any special addition, when the TPO was already &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":[4204,5158,5157,5159,4205],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3151"}],"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=3151"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3151\/revisions"}],"predecessor-version":[{"id":15598,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3151\/revisions\/15598"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}