{"id":3195,"date":"2017-05-26T11:38:37","date_gmt":"2017-05-26T06:08:37","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3195"},"modified":"2021-08-12T19:15:19","modified_gmt":"2021-08-12T13:45:19","slug":"corporate-and-professional-update-may-26-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-may-26-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE May 26, 2017"},"content":{"rendered":"

PROFESSIONAL UPDATE FOR THE DAY<\/span><\/strong><\/p>\n

\"Untitled8\"<\/p>\n

Direct Tax<\/span><\/strong>:<\/strong><\/p>\n

Bogus purchases: In view of the Supreme Court\u2019s order in Vijay Proteins Ltd vs. CIT whereby the verdicts of the Gujarat High Court in Sanjay Oilcake Industries vs. CIT 316 ITR 274 (Guj) and N.K. Industries Ltd vs. Dy. CIT were confirmed, the AO has to accept the law and verify whether the transaction is genuine or not on the basis of the aforesaid three judgments\u00a0CIT vs. M\/s Carpet Mahal (Rajasthan High Court)<\/p>\n

ITAT Kolkata held that\u00a0in absence of fresh material indicating escaped income, the AO cannot assume jurisdiction to reopen already concluded assessment.\u00a0A.C.I.T., Circle-2(1) Vs M\/s. BNK E Solution Pvt. Ltd. (ITAT Kolkata)<\/p>\n

\u00a0<\/strong>Indirect Tax:<\/span><\/strong><\/p>\n

SC dismisses assessee\u2019s SLP, thereby upholds levy of service tax on commission received by automobile dealer from Maruti Finance, a unit of Maruti Udyog Ltd. (Maruti) under \u2018business<\/a> auxiliary service\u2019 (BAS) u\/s 65(105) of Finance Act, 1994; HC had earlier dismissed assessee’s writ petition rejecting his plea that, since Maruti had already deposited service tax amount, hence, it (i.e. assessee) cannot be asked to satisfy outstanding demand as same would amount to \u2018double taxation\u2019\u00a0\u00a0[TS-127-SC-2017-ST]<\/p>\n

FAQ on GST <\/span><\/strong><\/p>\n

Query:\u00a0<\/span>\u00a0What is the time limit for issuance of invoice in case of supply of service stopped before completion of the service?<\/p>\n

Answer:\u00a0<\/span>In situation when supply of service cease under a contract before completion of supply. The invoice would be issued to the extent of supply which has been made before such cessation.<\/p>\n

Read more about: <\/u><\/em>What is core Business Activity GST<\/a><\/em><\/strong><\/p>\n

Read more about: <\/u><\/em>Important decisions made at the \u00a043rd<\/sup> GST Council\u00a0 meeting<\/a><\/em><\/strong><\/p>\n

Other Updates<\/span><\/strong><\/p>\n

Central Government directed Income-ta<\/a>x authorities under section 116 of the Income-tax Act, 1961, having headquarters at the places specified, to exercise the powers and perform the functions of the\u00a0\u2018Authority\u2019 under the Prohibition of Benami Property Transactions Act, 1988.<\/p>\n

Under GST<\/a> Casual taxable person or Non-resident taxable person cannot opt for Composition scheme under GST. (Rule 3(1) (a) of Composition Rules).<\/p>\n

GST Council may reconsider the proposed 43 per cent tax on hybrid cars at its meeting next week after the auto industry voiced disappointment over the steep rate hike.<\/p>\n

RBI issued\u00a0Regulatory requirements for issue of Pre-paid Payment Instruments by Co-operative Banks\u00a0which have installed ATMs and issued ATM cum Debit cards to introduce semi-closed Prepaid Payment Instruments (PPIs) for payment of utility bills \/ essential services up to a limit of Rs.10, 000.<\/p>\n

Union Cabinet\u00a0scrapped the 25-year-old Foreign Investment Promotion Board (FIPB), which has been overseeing foreign direct investment (FDI) proposals requiring government approval.ICAI issued\u00a0Important Clarification on Amendment to Paragraph 17 of Revised Guidance Note on Audit of Consolidated Financial Statements.<\/p>\n

LIVE Webcast on SFT in Form 61A under Rule 114E on 26.5.17 from 3-5 PM addressed by DIT (I&CI) -organized by DTC, ICAI. Visit\u00a0www.icai.org<\/p>\n

Key dates:<\/span><\/strong><\/p>\n

Advance Information for 1st<\/sup>\u00a0fortnight of June functions with booking cost > Rs. 1 lakh in Banquet Halls, hotels etc. in DVAT:\u00a027\/05\/2017<\/p>\n

Issue of TCS Certificates by collectors for quarter ended March:\u00a030\/05\/2017<\/p>\n

Issue of TDS certificate to employee:31\/05\/2017<\/p>\n

TDS returns for march quarter by ALL deductors:31\/05\/2017<\/p>\n

Quote of the Day:<\/span><\/p>\n

\u201cRemember your yesterdays, dream your tomorrows and live your todays..\u201d<\/p>\n

” The biggest challenge in life is being yourself\u2026 In a world trying to make you like everyone else.”.”<\/p>\n

We look forward for your valuable comment www.carajput.com<\/p>\n

FOR FURTHER QUERIES CONTACT US:<\/strong><\/p>\n

W:\u00a0www.carajput.com\u00a0\u00a0 \u00a0E: singh@carajput.com \u00a0 T: 011-233-4-3333, 9-555-555-480<\/p>\n

Disclaimer:<\/strong><\/p>\n

All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his\/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.<\/p>\n

The visitors may visit the web site of\u00a0Government site Like\u00a0Income Tax Department, Services Tax, Excise, Etc for resolving their doubts or for clarifications.<\/p>\n","protected":false},"excerpt":{"rendered":"

PROFESSIONAL UPDATE FOR THE DAY Direct Tax: Bogus purchases: In view of the Supreme Court\u2019s order in Vijay Proteins Ltd vs. CIT whereby the verdicts of the Gujarat High Court in Sanjay Oilcake Industries vs. CIT 316 ITR 274 (Guj) and N.K. Industries Ltd vs. Dy. CIT were confirmed, the AO has to accept the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172,1],"tags":[1947,363,362,1946],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3195"}],"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=3195"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3195\/revisions"}],"predecessor-version":[{"id":15584,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3195\/revisions\/15584"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}