{"id":3155,"date":"2017-05-12T13:12:09","date_gmt":"2017-05-12T07:42:09","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3155"},"modified":"2021-08-13T11:15:50","modified_gmt":"2021-08-13T05:45:50","slug":"corporate-and-professional-update-may-12-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-12-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 12, 2017"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6acbb7050c7df\" 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-6acbb7050c7df\"  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-12-2017\/#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-12-2017\/#_Indirect_Tax\" >\u00a0Indirect 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-12-2017\/#Company_Law\" >Company Law:<\/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-12-2017\/#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-12-2017\/#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\/12\/shutterstock_523561387-300x234.jpg\" alt=\"shutterstock_523561387\" width=\"494\" height=\"385\" \/><\/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>Uncertainty to the applicability of Section [271(1)(c) of the Act or section 271AAA] is a reflection of non application of mind by the AO, and, therefore, the notice issued by the AO under section 274 r.w.s. 271(1)(c) of the Act is untenable and consequently, the penalty imposed by the AO under section 271(1)(c) of the Act of the Act is to be deleted. [Siddhi Home Makers Vs ITO (ITAT Mumbai)]<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income-tax<\/a> dept has begun a multi-city crackdown against owners of benami assets who parked their ill-gotten wealth in the name of other individuals. It has identified over 300 cases which could face action under the Benami Transactions Act.<\/li>\n<li>Income Tax Dept launched a new e-facility in their e-filing website to link <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> with Aadhaar. Finance Act 2017, has made it mandatory for taxpayers to quote Aadhaar or enrolment ID of Aadhaar application form for filing of ITR.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"_Indirect_Tax\"><\/span><strong>\u00a0<\/strong><strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Bombay HC finds challenge to Circular dated January 20, 2015 under apprehension of service tax demand on activity involving transfer of title in goods \/ immovable property by way of sale, as premature; Reiterates prerequisite of show cause notice containing specific allegations based on applicability of law to assessees\u2019 activities, before confirmation of demand [TS-85-HC-2017(BOM)-ST]<\/li>\n<li>Cenvat credit couldn&#8217;t be rejected on ground that assessee was not registered during said period of claim:\u00a0HC [2017] 80\u00a0taxmann.com\u00a0382 (Allahabad).<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/blog\/gst\/\"><strong><em><u>Read more about: <\/u><\/em><em>What is core Business Activity GST<\/em><\/strong><\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/gst\/\"><strong><em><u>Read more about<\/u><u>: <\/u><\/em><em>All about GST Offenses, Penalties, and Appeals<\/em><\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Company_Law\"><\/span><strong><span style=\"text-decoration: underline;\">Company Law:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>MCA has revised the versions of e Forms \u2013 Form DIR-3C and Form RD &#8211; 1 (Applications made to Regional Director) are being revised w.e.f. 11th May, 2017.<\/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>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<\/a> TDS for quarter ending march : 15.05.2017<\/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>Allahabad High Court confirmed punishment of a CA for presenting forged copies of Challans on behalf of the assessee to the Income Tax dept. The Court enhanced the punishment to Five years against two years suggested by the DC of ICAI.<\/li>\n<li>Vijaya Bank invites online application for empanellement of concurrent auditors from the CA firms which are on RBI panel. Last date 20.05.2017.<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/strong><\/p>\n<p>\u201cChange I Can\u2019t into I can and you will soon say I did.\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<\/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: Uncertainty to the applicability of Section [271(1)(c) of the Act or section 271AAA] is a reflection of non application of mind by the AO, and, therefore, the notice issued by the AO under section 274 r.w.s. 271(1)(c) of the Act is untenable and consequently, the penalty imposed by &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":[5154,5156,4190,5153,309,5155],"class_list":["post-3155","post","type-post","status-publish","format-standard","hentry","category-direct-tax","category-gst","category-income-tax","category-indirect-tax","tag-aadhaar-application-form-for-filing-of-itr","tag-dc-of-icai","tag-form-dir-3c-and-form-rd-1","tag-penalty-imposed-by-the-ao-under-section-2711c","tag-tax-audit-services","tag-versions-of-e-forms"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Professional Update for the day: Direct Tax: Uncertainty to the applicability of Section [271(1)(c) of the Act or section 271AAA] is a reflection of non application of mind by the AO, and, therefore, the notice issued by the AO under section 274 r.w.s. 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