{"id":3187,"date":"2017-05-23T13:28:18","date_gmt":"2017-05-23T07:58:18","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3187"},"modified":"2021-08-28T00:36:24","modified_gmt":"2021-08-27T19:06:24","slug":"3187","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/3187\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 2017"},"content":{"rendered":"<p><strong>PROFESSIONAL UPDATE FOR THE DAY<img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/01\/12036518_636965443073687_8061467608404050178_n-300x240.png\" alt=\"12036518_636965443073687_8061467608404050178_n\" width=\"969\" height=\"776\" \/><\/strong><\/p>\n<p><strong><span style=\"text-decoration: underline;\">Direct Tax<\/span><\/strong><strong>:<\/strong><\/p>\n<ul>\n<li>Allahabad High Court held that<a href=\"https:\/\/carajput.com\/learn\/capital-gains-on-the-sale-of-nri-immovable-property.html\"> Gain<\/a> on sale of Shares held for 16 years as an investment cannot be treated as business income\u00a0The Commissioner Of Income Tax Vs M\/S Jindal Poly Films Ltd. (Allahabad High Court)<\/li>\n<li>Kolkata ITAT rules that remission of employee training expenses to Chinese parent by assessee (an Indian company engaged in construction of integrated steel plant) for payment to a Chinese training agency (i.e. third party) for AY 2010-11, not reimbursement\u00a0[TS-190-ITAT-2017(Kol)]<\/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<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/strong><\/p>\n<p>Delhi High Court held that Practice of taking \u201cundated cheques\u201d by \u00a0 \u00a0 \u00a0excise department is illegal\u00a0Digipro Import &amp; Export Pvt. Ltd Vs \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Union of India &amp; Ors. (Delhi High Court)<\/p>\n<p>Also Read: <strong><em><a href=\"https:\/\/carajput.com\/learn\/key-features-of-tcs-on-goods-sale-section-206c-1h-applicable-from-1-october-2020.html\">key features of TCS on goods sale section-206<\/a><\/em><\/strong><\/p>\n<ul>\n<li><strong><em><a href=\"https:\/\/carajput.com\/learn\/new-tds-deduction-provision-prevent-cash-transactions-of-more-than-1-crore-section-194n.html\">New TDS deduction No cash transactions exceeding 1 Crore -Section 194N<\/a><\/em><\/strong><\/li>\n<li><strong><em><a href=\"https:\/\/carajput.com\/learn\/nsdl-extension-of-qtr-tdstcs-statement-filing-dates-for-4-quarter-of-fy-201920-until-30-june.html\">Extention of TDS\/TCS statement filing Date<\/a><\/em><\/strong><\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">\u00a0FAQ on<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a><\/span><\/strong><\/p>\n<p><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong><span style=\"text-decoration: underline;\">\u00a0<\/span>\u00a0A person has a balance of Rs 1 lakh in his electronic credit ledger as on 1<sup>st<\/sup>\u00a0December but on 2<sup>nd<\/sup>\u00a0Dec, the goods subsequently become exempt from the levy of tax. What would be the treatment of balance Input Tax Credit lying in his electronic ledger?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong>\u00a0\u00a0Once the goods or services or both supplied by a registered person become wholly exempt under the law, then the person would be required to pay, by debiting to electronic cash ledger or electronic credit ledger, an amount equivalent to the credit of input tax credit in respect of<\/p>\n<ol>\n<li>\u00a0Inputs held in stock, and<\/li>\n<li>\u00a0Inputs contained in semi-finished or finished goods held in \u00a0stock, and<\/li>\n<li>\u00a0Capital goods<\/li>\n<\/ol>\n<p>on the day immediately preceding to the date of such exemption of goods or services or both. After payment of the amount by way of debit to the electronic cash ledger or credit ledger, the balance of input tax credit, if any, lying in his electronic credit ledger shall lapse.<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Other Updates<\/span><\/strong><\/p>\n<ul>\n<li>Bogus share capital: AO must scrutinize documents produced by assessee, addition cannot be done merely on a report of investigation wing -Pr. Commissioner of Income Tax Vs. Laxman Industrial Resources Pvt. Ltd. (Delhi High Court)<\/li>\n<li>Tax on financial services transactions will rise from the current 15% to 18% as the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">goods and services tax (GST)<\/a> kicks in on 1 July, making them marginally costlier.<\/li>\n<li>The arbitrator cannot Lift Corporate Veil:\u00a0\u00a0Case Name: Sudhir Gopi Vs Indira Gandhi National Open University and ANR. (Delhi High Court).<\/li>\n<li>MCA has notified Exit Scheme for <a href=\"https:\/\/carajput.com\/services-llp-consultancy.php\">LLP<\/a>. The Central Government has amended the Rules by notified the Limited Liability Partnership (Amendment) Rules, 2017, which shall come into force with effect from 20th May 2017.<\/li>\n<li>WTO has called a review meeting to promote connectivity through digital trade in developing countries amid strong opposition by India owing to apprehensions among experts that this may be a back door attempt to push e-commerce.<\/li>\n<li>of India has notified the Companies (Transfer of Proceedings) Rules, 2016. Through these rules all matters relating to winding up and amalgamation has been transferred from High Courts to NCLT.<\/li>\n<\/ul>\n<p><strong><em><span style=\"text-decoration: underline;\">Key dates:<\/span><\/em><\/strong><\/p>\n<ul>\n<li>Issue of <a href=\"https:\/\/carajput.com\/services-vat.php\">DVAT<\/a> certificates for deduction made in April:<strong>22\/ 05\/2017<\/strong><\/li>\n<li>Advance Information for 1<sup>st<\/sup>fortnight of June functions with booking cost &gt; Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT:\u00a0<strong>27\/05\/2017<\/strong><\/li>\n<li>Issue of TCS Certificates by collectors for the quarter ended March:\u00a0<strong>30\/05\/2017<\/strong><\/li>\n<\/ul>\n<p><strong>Quote of the Day:<\/strong><\/p>\n<p>\u201cEven if you\u2019re on the right track, you\u2019ll get run over if you just sit there.\u201d<\/p>\n<p>&#8220;Challenges are what make life interesting And overcoming them is what makes life meaningful&#8221;.&#8221;<\/p>\n<p>We look forward for your valuable comment<a href=\"https:\/\/carajput.com\/\"> www.carajput.com<\/a><\/p>\n<p><em><strong>More updates:<a href=\"https:\/\/carajput.com\/blog\/new-changes-on-tds-changes-in-withholding-tax\/\">New change on TDS in withholding Tax<\/a><\/strong><\/em><\/p>\n<p><strong>FOR FURTHER QUERIES CONTACT US:<\/strong><\/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 \u00a0 \u00a0 \u00a0 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PROFESSIONAL UPDATE FOR THE DAY Direct Tax: Allahabad High Court held that Gain on sale of Shares held for 16 years as an investment cannot be treated as business income\u00a0The Commissioner Of Income Tax Vs M\/S Jindal Poly Films Ltd. (Allahabad High Court) Kolkata ITAT rules that remission of employee training expenses to Chinese parent &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[360,356],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3187"}],"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=3187"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3187\/revisions"}],"predecessor-version":[{"id":16346,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3187\/revisions\/16346"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}