{"id":3182,"date":"2017-05-20T11:34:54","date_gmt":"2017-05-20T06:04:54","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3182"},"modified":"2021-08-12T19:19:09","modified_gmt":"2021-08-12T13:49:09","slug":"corporate-and-professional-update-may-20-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-20-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 20, 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-69ead0f2d371c\" 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-69ead0f2d371c\"  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-20-2017\/#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-20-2017\/#_Indirect_Tax\" title=\"\u00a0Indirect 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-20-2017\/#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-20-2017\/#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-20-2017\/#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-20-2017\/#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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-20-2017\/#MCA_Update\" title=\"MCA Update:\">MCA Update:<\/a><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2016\/03\/Untitled18A-300x197.png\" alt=\"Untitled18A\" width=\"494\" height=\"325\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong>Direct Tax:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u00b7 S. 56(2)(vi): A HUF is a &#8220;group of relatives&#8221;. Consequently, a gift received from a HUF by a member of the<a href=\"https:\/\/carajput.com\/services\/hindu-undivided-family.php\"> HUF<\/a> is exempt from tax as provided in the Explanation to s. 56(2)(vi)\u00a0\u00a0DCIT vs. Ateev V. Gala (ITAT Mumbai)<\/p>\n<p>\u00b7 \u00a0S. 68 cash credit: If the assessee has explained the source of the loans received by it, the fact that the lender may have raised bogus share capital to advance the funds to the assessee does not mean that the loan received by the assessee can be treated as unexplained income.<\/p>\n<p>\u00b7 \u00a0A statement recorded under duress, which is retracted later, cannot be the sole basis for addition\u00a0Anil Chhaganlal Jain vs. ACIT (ITAT Mumbai)<\/p>\n<p>Due date of filing of Form 61A of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> for specified persons is 31st May 2017.<br \/>\n\u00b7 Income Tax department published names of five entities owing over Rs 10 crore in taxes, as part of its strategy to name and shame big defaulters<\/p>\n<h2><span class=\"ez-toc-section\" id=\"_Indirect_Tax\"><\/span><strong>\u00a0Indirect Tax:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Centre releases<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a> Rate Schedule of Goods as well as GST Compensation Cess Rates for different supplies, pursuant to GST Council meeting today; \u201cRate Schedule\u201d contains 98 chapters categorized into Nil, 5%, 12%, 18% and 28% tax slabs.<\/p>\n<p><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/what-is-core-business-activity-in-gst\/\">What is core Business Activity GST<\/a><\/em><\/strong><\/p>\n<p><strong><em><u>Read more about: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/43rd-gst-council-meeting\/\">Important decisions made at the \u00a043<sup>rd<\/sup> GST Council\u00a0 meeting<\/a><\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"GST_Updates\"><\/span><strong><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Updates:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p>GST Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods.\u00a0The Council has also broadly approved the rates of GST Compensation Cess to be levied on certain goods.<br \/>\n<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Council finalises Rates of Cess on Pan Masala (60%), cold drinks (12%), Tobacco, Tobacco products, Cigarettes, Motor vehicles (1% to 15%) etc.<br \/>\nGST Council finalises rates of 1211 Goods under 98 categories. Rates for textiles, footwear, biris, precious metals etc&amp; services to be decided.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_dates\"><\/span><strong>Key dates:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>E-payment of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> &amp; CST for April:\u00a005.2017<br \/>\nPayment of <a href=\"https:\/\/carajput.com\/pf-esi.php\">ESI<\/a> of April:05.2017<br \/>\nIssue of DVAT certificates for deduction made in April:\u00a005.2017<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong>FAQ on <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Query<\/strong>:\u00a0\u00a0Whether a person applying for new registration\u00a0within thirty days\u00a0of becoming liable for registration or applying for voluntary registration would be entitled to claim of credit of tax paid on Capital Goods held on the date of registration?<\/p>\n<p><strong>Answer<\/strong>:\u00a0\u00a0No, Capital goods held by person as on date of registration would not be eligible for claim of Input Tax Credit. Thus, in the case of capital intensive Industries, registration would have to be taken right at the time of commencement of set up of business and before any purchase of capital goods have been made, otherwise any delay might result in loss of Input tax Credit paid on Purchase of Capital goods.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><strong>Other Updates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ICAI advised the members involved in Coaching\/Teaching Activities to abstain from advertising their association with Coaching \/teaching activities through hoardings, posters, banners and by any other means, failing which they may be liable for disciplinary action, as per the provisions of Chartered Accountants Act, 1949 and Rules \/Regulations framed thereunder\u00a0Vide Announcement dated 18.05.2017.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"MCA_Update\"><\/span><strong>MCA Update:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>MCA issued clarification regarding applicability of Section 16(1)(a) of the Companies Act, 2013 with reference to cases under corresponding provisions of Companies Act, 1956\u00a0Vide Circular No 04\/2017 dated 16.05.2017.<\/p>\n<p>Time barred plea for rectification of name once rejected can\u2019t be filed afresh under Companies Act, 2013: MCA CIRCULAR NO.4\/2017 [F.NO.17\/89\/2016-CL-V],\u00a0DATED 16-5-2017.<\/p>\n<p>RBI relaxed the branch authorization policy, bringing all branches and fixed business correspondent outlets under the definition of banking outlets and removing restrictions on opening branches in Tier 1 centers<\/p>\n<p><strong>Quotes of the Day:<\/strong><\/p>\n<p>\u201cA man who dares to waste one hour of time has not discovered the value of life.\u201d<\/p>\n<p>\u201cBe not afraid of life. Believe that life is worth living, and your belief will help create thefact.\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>Direct Tax: \u00b7 S. 56(2)(vi): A HUF is a &#8220;group of relatives&#8221;. Consequently, a gift received from a HUF by a member of the HUF is exempt from tax as provided in the Explanation to s. 56(2)(vi)\u00a0\u00a0DCIT vs. Ateev V. Gala (ITAT Mumbai) \u00b7 \u00a0S. 68 cash credit: If the assessee has explained the source &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":[5126,2304,5122,5124,5123,5121,5125,5127],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3182"}],"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=3182"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3182\/revisions"}],"predecessor-version":[{"id":15586,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3182\/revisions\/15586"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}