{"id":3410,"date":"2017-09-14T15:57:20","date_gmt":"2017-09-14T10:27:20","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3410"},"modified":"2023-12-02T08:29:07","modified_gmt":"2023-12-02T02:59:07","slug":"corporate-and-professional-update-14-sep-2017","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-14-sep-2017\/","title":{"rendered":"CORPORATE AND PROFESSIONAL UPDATE 14 Sep 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-69eaa8cdaaf7f\" 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-69eaa8cdaaf7f\"  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-14-sep-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-14-sep-2017\/#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-14-sep-2017\/#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-14-sep-2017\/#Others_Updates\" title=\"Others Updates\">Others Updates<\/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-14-sep-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-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-14-sep-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-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-14-sep-2017\/#RBI_Update\" title=\"RBI Update:\">RBI Update:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><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<p>1.Gov.has now set its sights on overhauling the 56-year-old direct taxes law covering income and\u00a0corporation taxas it seeks to make the Indian regime more contemporary and tailor it to current requirements.<\/p>\n<p>2.Madras HC confirms ITAT order, holds that commission paid by assessee-individual (engaged in garments exports) to an Indian agent on behalf of the foreign entity is taxable in India, confirms Sec. 40(a)(i) disallowance for AY 2002-03.\u00a0[TS-390-HC-2017(MAD)]<\/p>\n<p>3.ITAT Bangalore held that <a href=\"https:\/\/carajput.com\/blog\/tag\/tds-tcs-changes-to-covid19\/\">TDS<\/a> not deductible on loss on subscription to chit.\u00a0Shri Ashok Kumar Rai Vs. The Joint Commissioner of Income Tax (ITAT Bangalore)<\/p>\n<h2><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><\/h2>\n<p>CBEC extends the time limit for furnishing the details or return, as the case may be, under section 37(1), 38(2) and section 39(1) of the said Act, as specified in column (2) of the Table for the month of July, 2017,for such class of taxable persons or registered persons, as the case may be, as specified in the corresponding entry in column (3) of the Table till the time period as specified in the corresponding entry in column (4) of the Table. Vide notification no 30\/2017, dated 11th September 2017.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"GST_Update\"><\/span><strong><span style=\"text-decoration: underline;\">GST Update<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1.Govt. 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.<\/p>\n<p>2.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.<\/p>\n<p>3.<a href=\"https:\/\/carajput.com\/blog\/gst\/\">GST<\/a> @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.<\/p>\n<p>4.It has come to our knowledge that\u00a0Govt. of India decides to extend the dates of Forms GSTR 1, GSTR-2 and GSTR-3 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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Others_Updates\"><\/span><strong>Others Updates<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1.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.<\/p>\n<p>2.The Central Government delegates powers to Regional Directors to make representations in case of Reduction of Share Capital by the Company.<\/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>1.Payment of TDS and filling of return of GST TDS for\u00a0 15.9.2017<\/p>\n<p><strong>Quotes of the Day:<\/strong><\/p>\n<p>1.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.<\/p>\n<p>2.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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong>FAQ on GST:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Query: How will transfer of credit on account of sale, merger, amalgamation etc be effected<strong>?<\/strong><\/p>\n<p><strong>Answer: <\/strong>The registered person is required to furnish the details of sale, merger, amalgamation, de-merger, lease, transfer of business in Form GSTR ITC-02 electronically with a request to transfer the unutilized credit to the transferee.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"RBI_Update\"><\/span><strong>RBI Update:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>1.Survey (SIOS) on a pilot basis since 2014-15. The survey is conducted on a quarterly The Reserve Bank has been conducting the Services and Infrastructure Outlook basis. Vide press release 2017-2018\/670, dated 11th September 2017<\/p>\n<p><strong>Disclaimer:<\/strong><\/p>\n<p>1.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. 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