{"id":3392,"date":"2017-09-11T13:44:02","date_gmt":"2017-09-11T08:14:02","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3392"},"modified":"2024-02-14T11:24:26","modified_gmt":"2024-02-14T05:54:26","slug":"corporate-and-professional-update-2","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-2\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE"},"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-69d8c827542d2\" 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-69d8c827542d2\"  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-2\/#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-2\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect 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-2\/#GST_Update\" title=\"GST Update\">GST Update<\/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-2\/#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-2\/#FAQ_on_GST\" title=\"FAQ on GST:\">FAQ on GST:<\/a><\/li><\/ul><\/nav><\/div>\n<p style=\"text-align: left;\"><strong>CORPORATE AND PROFESSIONAL UPDATE 11 Sep 2017<\/strong><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Direct_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Direct Tax:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"text-align: left;\">SC sets-aside HC order, holds HC was not justified in allowing the appeals filed by Revenue u\/s. 27A of the Wealth tax Act without formulating \u2018substantial questions of law. [TS-375-SC-2017]<\/li>\n<li style=\"text-align: left;\">Punjab and Haryana high court held that if assessee has not filed income tax returns in earlier years, it cannot be said that the activities of the assessee of the charitable trust \/ society were not genuine and grant of the registration under section 12AA cannot be denied.\u00a0\u00a0CIT (Exemptions) Vs. M\/s Shri Shirdi Sai Darbar Charitable Trust (Dharamshala) (Punjab &amp; Haryana High Court)<\/li>\n<\/ul>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><strong><span style=\"text-decoration: underline;\">Indirect Tax<\/span><\/strong><strong>:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"text-align: left;\">Delhi high court grants interim relief to gold dore bar importers. Kundan Care Products\u00a0 Limited Vs Union of India &amp; ANR. (Delhi High Court)<\/li>\n<li style=\"text-align: left;\">Income Tax Settlement Commission is a premier Alternative Dispute Resolution (ADR) body in India. Its mandate is to resolve tax disputes in respect of Indian Income Tax &amp; Wealth Tax Laws between the two disputing parties, Income Tax Department on one side and litigating tax payer on the other.<\/li>\n<\/ul>\n<h2 style=\"text-align: left;\"><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><\/h2>\n<ul>\n<li style=\"text-align: left;\">\u00a0Govt. has now set its sights on overhauling the 56-year-old direct taxes law covering income and\u00a0 as it seeks to make the Indian regime more contemporary and tailor it to current requirements.<\/li>\n<li style=\"text-align: left;\">Jewellery sales have declined by around 50 per cent over the past four weeks, due to consumers\u2019 deferring of orders amid fear of future action against them under the Prevention of Money Laundering Act.<\/li>\n<li style=\"text-align: left;\">GST @5% on GTA Service will be paid by Service Receiver under RCM. Service Receiver can take full credit of GST so Paid on GTA. GTA can opt for 12% GST with ITC or 5% GST with no ITC.<\/li>\n<li style=\"text-align: left;\">It has come to our knowledge that\u00a0Govt. of India decides to extend the dates of Forms<a href=\"https:\/\/carajput.com\/gst\/gst-return.php\"> GST R 1, GST R-2 and GSTR-3<\/a> for the month of July to 20th,\u00a025th and 30th September 2017\u00a0respectively. Dates for August Returns extended to 5th,\u00a010th and 15th October\u00a0respectively. Official notification is awaited.<\/li>\n<\/ul>\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><u>: <\/u><\/em><em><a href=\"https:\/\/carajput.com\/blog\/all-about-gst-offenses-penalties-appeals\/\">All about GST Offenses, Penalties, and Appeals<\/a><\/em><\/strong><\/p>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Key_dates\"><\/span><strong><span style=\"text-decoration: underline;\">Key dates<\/span><\/strong><span style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"text-align: left;\">Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> and filling of return of GST TDS for\u00a0 11.09.2017<\/li>\n<\/ul>\n<p style=\"text-align: left;\"><strong><span style=\"text-decoration: underline;\">Quotes of the Day:<\/span><\/strong><\/p>\n<p style=\"text-align: left;\">&#8220;No matter how many times &#8220;teeth bites the tongue&#8221;\u200b \u200bThey still &#8220;stay and work together&#8221;. That&#8217;s the &#8220;spirit of forgiveness and relationship.&#8221;<\/p>\n<p style=\"text-align: left;\"><span class=\"ab-label\">&#8220;New\u00a0\u00a0<\/span>Education is not the name of any degree or certificate that can be shown to others as a proof.\u00a0 But education is the name of our behavior, attitude, actions, language and personality with others in real life.&#8221;<\/p>\n<h2 style=\"text-align: left;\"><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 style=\"text-decoration: underline;\">:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\"><strong><span style=\"text-decoration: underline;\">Query<\/span><\/strong>: <strong>I am constructing a building for my client. The client is required to pay me on completion of plinth, 1st floor and 2nd floor. When should the invoice be raised?<\/strong><\/p>\n<p style=\"text-align: left;\"><strong><span style=\"text-decoration: underline;\">Answer<\/span><\/strong><span style=\"text-decoration: underline;\">:<\/span> The above instance is a case of continuous supply of services. Here, since the payment is linked to completion of an event (i.e., milestones set in the contract), an invoice should be raised on or before the due date of completion of event. Therefore, an invoice be raised on or before completion of the 1st floor and the second time on or before the completion of 2nd floor.<\/p>\n<p style=\"text-align: left;\"><strong><span style=\"text-decoration: underline;\">RBI Update<\/span><\/strong><span style=\"text-decoration: underline;\">:<\/span><\/p>\n<ul>\n<li style=\"text-align: left;\">The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank<\/a> has been conducting the Services and Infrastructure Outlook Survey (SIOS) on a pilot basis since 2014-15. The survey is conducted on a quarterly basis. Vide press release 2017-2018\/670, dated 11 September 2017<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE 11 Sep 2017 Direct Tax: SC sets-aside HC order, holds HC was not justified in allowing the appeals filed by Revenue u\/s. 27A of the Wealth tax Act without formulating \u2018substantial questions of law. [TS-375-SC-2017] Punjab and Haryana high court held that if assessee has not filed income tax returns in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,150,172,9,4,1],"tags":[645,5341,5342,4245,636,5340,646],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3392"}],"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=3392"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3392\/revisions"}],"predecessor-version":[{"id":3394,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3392\/revisions\/3394"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}