{"id":3350,"date":"2017-07-25T11:50:19","date_gmt":"2017-07-25T06:20:19","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3350"},"modified":"2021-12-25T11:47:18","modified_gmt":"2021-12-25T06:17:18","slug":"corporate-and-professional-update-july-25-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-25-2017\/","title":{"rendered":"corporate and professional update july 25, 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-69d7933036801\" 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-69d7933036801\"  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-july-25-2017\/#CORPORATE_AND_PROFESSIONAL_UPDATE_July_25_2017\" title=\"CORPORATE AND PROFESSIONAL UPDATE July 25, 2017\">CORPORATE AND PROFESSIONAL UPDATE July 25, 2017<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-25-2017\/#Direct_Tax\" title=\"Direct Tax:\">Direct Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-25-2017\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-25-2017\/#GST_Update\" title=\"GST Update\">GST Update<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-25-2017\/#FAQ_on_GST\" title=\"FAQ on GST\">FAQ on GST<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-july-25-2017\/#Corporate_Law\" title=\"Corporate Law:\">Corporate Law:<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/ezoic-top-images.s3.amazonaws.com\/jvfv9mp94fb2549gkr55g9p8670xf4.jpg\" alt=\"\" width=\"713\" height=\"269\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_July_25_2017\"><\/span><strong>CORPORATE AND PROFESSIONAL UPDATE July 25, 2017<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/application-of-gst-on-contribution-by-rwa-members\/\"><strong><span style=\"text-decoration: underline;\">Direct Tax<\/span>:<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>ITAT Delhi held that no interest in late <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> payment due to system\/connectivity issues at bankers.\u00a0\u00a0(Asstt.Commissioner of Income Tax Vs M\/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi)<\/li>\n<li>\u00a0Gujarat High court held that the Assessing Officer may proceed further with re-assessment proceeding beyond six years, however, no final order shall be passed without prior permission of this Court, during the pendency and final disposal of this petition. ( Raghunath Devchand Patil Vs Asst. Commissioner of income Tax (Gujarat High Court)<\/li>\n<li>CBDT lays down Standard Operating procedures to handle revenue audit objections.<\/li>\n<li>No reassessment on basis of change of opinion that income was to be taxed under the different head on income. Gujarat High Court Radhawami Salt Works Vs ACIT.<\/li>\n<\/ul>\n<h3><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><\/h3>\n<ul>\n<li>CBEC specified an extension of the time limit for filing intimation for composition levy under sub-rule (1) of rule 3 of the Maharashtra Goods and Services Tax Rules, 2017. Vide order no 01\/2017-(MGST)<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"GST_Update\"><\/span><strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> Update<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Invoice data upload functionality has gone live at GST Portal.<\/li>\n<li>Offline Utility for <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> for upload of invoice data\/other records is available on GST Portal under the Download section. The tool is to be used to import data from the Excel template which is bundled with Offline Tool.<\/li>\n<li>Creation &amp; saving of Outward Supplies Return (Form GSTR-1) is now available on the GST portal. Data uploaded can be viewed by the counterparty in Form GSTR-2A.<\/li>\n<\/ul>\n<h3><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><\/h3>\n<p><strong><span style=\"text-decoration: underline;\">Query:<\/span><\/strong> Whether taxes paid on change of interiors of service apartment is eligible for the input tax credit?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong> Input tax credit is not available on goods or services received by a taxable person for construction of an immovable property on his own account other than plant and machinery even when used in the course or furtherance of business. The word \u201cconstruction\u201d includes reconstruction, renovation, additions or alterations or repairs to the extent of capitalization to the said immovable property. If the cost of interiors is capitalized towards the cost of an immovable property then it forms part of the cost of immovable property (Service apartment) and accordingly taxes paid on change of interiors of service apartment will not be eligible as an input tax credit.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Corporate_Law\"><\/span><strong><span style=\"text-decoration: underline;\">Corporate Law:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul>\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> has today released the data on\u00a0Outward Foreign Direct Investment (OFDI)\u00a0indicating the comparative position for the month of May 2017 and June 2017 and for the month of June 2016 and June 2017 both under Automatic Route and the Approval Route, for the month of June 2017.Vide press release 223, dated\u00a025th July 2017.<\/li>\n<li>MCA has released new version of the XBRL Validation Tool V3.0.6 and updated Business Rules.\u00a0In the XBRL Validation tools, changes have been made w.r.t CSR reporting, Business Rules related to the XBRL and C &amp; I taxonomy 2016 have been revised<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quotes of the day<\/span><\/strong><\/p>\n<p>\u201cGreatness comes by beginning something that doesn&#8217;t end with you.\u201d<\/p>\n<p>We look forward for your valuable comment www.carajput.com<\/p>\n<p>FOR FURTHER QUERIES CONTACT US:<\/p>\n<p>W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com\u00a0<\/a>\u00a0\u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a>\u00a0T: 011-233-4-3333, 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; CORPORATE AND PROFESSIONAL UPDATE July 25, 2017 Direct Tax: ITAT Delhi held that no interest in late TDS payment due to system\/connectivity issues at bankers.\u00a0\u00a0(Asstt.Commissioner of Income Tax Vs M\/s. Nokia Siemens Networks (P) Ltd. (ITAT Delhi) \u00a0Gujarat High court held that the Assessing Officer may proceed further with re-assessment proceeding beyond six years, &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,9933,150,172,9,4],"tags":[9156,1902,1903,1901,5264,5266,5265,5263,1900],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3350"}],"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=3350"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3350\/revisions"}],"predecessor-version":[{"id":20449,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3350\/revisions\/20449"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}