{"id":3448,"date":"2017-09-26T18:11:01","date_gmt":"2017-09-26T12:41:01","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3448"},"modified":"2021-12-04T17:12:26","modified_gmt":"2021-12-04T11:42:26","slug":"corporate-and-professional-update-september-22nd-2017-2","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-22nd-2017-2\/","title":{"rendered":"corporate and professional update september 22nd 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-69ed904a22026\" 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-69ed904a22026\"  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-september-22nd-2017-2\/#CORPORATE_AND_PROFESSIONAL_UPDATE_SEPTEMBER_22nd_2017\" title=\"CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 22nd 2017\">CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 22nd 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-september-22nd-2017-2\/#DIRECT_TAX_UPDATES\" title=\"DIRECT TAX UPDATES:\">DIRECT TAX UPDATES:<\/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-september-22nd-2017-2\/#INDIRECT_TAX_UPDATE\" title=\"INDIRECT TAX UPDATE:\">INDIRECT TAX UPDATE:<\/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-september-22nd-2017-2\/#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-september-22nd-2017-2\/#FAQ_on_GST\" title=\"FAQ on GST:\">FAQ on GST:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-22nd-2017-2\/#RBI_UPDATE\" title=\"RBI UPDATE:\">RBI UPDATE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-22nd-2017-2\/#OTHER_UPDATE\" title=\"OTHER UPDATE:\">OTHER UPDATE:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-22nd-2017-2\/#_KEY_DATES\" title=\"\u00a0KEY DATES:\">\u00a0KEY DATES:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-22nd-2017-2\/#Read_more_about_What_is_core_Business_Activity_GST\" title=\"Read more about: What is core Business Activity GST\">Read more about: What is core Business Activity GST<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-september-22nd-2017-2\/#Read_more_about_All_about_GST_Offenses_Penalties_and_Appeals\" title=\"Read more about: All about GST Offenses, Penalties, and Appeals\">Read more about: All about GST Offenses, Penalties, and Appeals<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><strong><span style=\"text-decoration: underline;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19447\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/09\/corp.png\" alt=\"\" width=\"1154\" height=\"761\" \/> <\/span><\/strong><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_SEPTEMBER_22nd_2017\"><\/span>CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 22nd 2017<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"DIRECT_TAX_UPDATES\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><span style=\"text-decoration: underline;\">DIRECT TAX UPDATES:<\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>ITAT Kolkata held that without rejecting the books of account, the ad hoc disallowance made is not sustainable in the eyes of law especially when Assessee has maintained books of account with supporting.\u00a0Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata)<\/li>\n<li>ITAT Bangalore held that <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> not deductible on loss on subscription to chit.\u00a0Shri Ashok Kumar Rai Vs. The Joint Commissioner of <a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> (ITAT Bangalore)<\/li>\n<li>A draft notification by the Central Board of Direct Taxes (CBDT) has not gone down well with the industry, which said it would increase compliance burden on them at a time when they are already struggling to cope with issues related to the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">goods and services tax (GST)<\/a> regime. However, some of them said that the notification is aimed at bringing abo.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"INDIRECT_TAX_UPDATE\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><span style=\"text-decoration: underline;\">INDIRECT TAX UPDATE:<\/span><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>CBEC implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26\/2017-Cus dated 1st July, 2017 and Circular 36\/2017 dated 28th August, 2017.\u00a0Vide notification no 450\/08\/2015, dated 20th September 2017<\/li>\n<li>The <a href=\"https:\/\/carajput.com\/income-tax-services.php\">income tax<\/a> department\u2019s e-filing website remained inaccessible to users for about 2 hours today amid growing concern about cyber security threats to the financial sector The income tax department\u2019s e-filing website remained inaccessible to users for about two hours\u00a0on Wednesdayamid growing concern ab.<\/li>\n<li>Group Discussion on E Way Bill provisions Under GST (INDIRECT TAXES) Date: From:\u00a022-09-2017\u2013 To:\u00a022-09-2017\u00a0POU Name: GURGAON BRANCH OF NIRC Event Venue<\/li>\n<li><a href=\"https:\/\/carajput.com\/income-tax-services.php\">Income Tax<\/a> Appellate Tribunal Mumbai Consolidated list of orders ready for Pronouncement on 20\/09\/2017 For more information<\/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>Tax officials have asked about 5,000 companies, including some big manufacturers that figure in<\/li>\n<li>The BSE 500 list, to provide explanation on transition credit they claimed in July under GST.<\/li>\n<li>The government today ruled out any further extension of deadline after December for filing <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-3B<\/a> tax returns by businesses. GSTR 3B is a simple return form introduced by the CBEC for the month of July and August, following the roll out of the goods and services tax from\u00a0July . \u201cWe have already extended the period for GSTR-3B&#8230; People ha..<\/li>\n<li>The Kerala GST department has notified that registrations for entities mandated to collect and deduct tax at source (TDS) have been made compulsory from last Monday.<\/li>\n<li>(September 18). The notification said that government or semi-government institutions, societies and public sector organisations are expected to complete the registration forma.<\/li>\n<li>Who shall furnish details:\u00a0Every registered person who\u00a0causes\u00a0movement of goods shall furnish information relating to the said goods in\u00a0Part A of\u00a0FORM GST EWB-01, electronically, on the common portal, before commencement of such movement. When to submit:\u00a0If the consignment value of such goods exceeds \u20b9 50,000\/<\/li>\n<li>The government today said businesses that want to deregister their brands for availing the benefit of lower <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> will have to file an affidavit before the tax commissioner about forgoing the rights. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily for.<\/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><strong>\u00a0<\/strong>Since some customers may not bear the taxes if shown separately, can a single consolidated price inclusive of all taxes be shown along with such a declaration?<\/p>\n<p><strong><span style=\"text-decoration: underline;\">Answer:<\/span><\/strong><strong>\u00a0<\/strong>The invoice rules prescribe a separate field to mandatorily mention prominently the amount of tax and the rate of tax applicable on the price at which the supply is made. Therefore, mentioning a consolidated amount without showing the tax separately will not be valid.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"RBI_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">RBI UPDATE:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/rbi-consulting.php\">RBI<\/a> came up with a discussion paper on peer-to-peer lending (P2P), seeking to regulate the fast emerging crowd funding platforms as the new financing model has assumed importance too significant to be ignored<\/li>\n<li>RBI\/2017-18\/57A. P. (DIR Series) Circular No. 04 September 15, 2017 ToAll Category &#8211; I Authorised Dealer Banks Madam \/ Sir Export Data Processing and Monitoring System (EDPMS)Issuance of Electronic Bank Realisation Certificate (eBRC) Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to the provisions contained in the&amp;n<\/li>\n<li>All peer-to-peer lending (P2P) platforms will be regulated by the <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India (RBI)<\/a>, according to a government of India notification released\u00a0on Wednesday. The gazette notification stated that all the P2P loan platforms will be treated as non-banking financial companies (NBFCs) and will be brought under the ambit of the banking regulator..<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"OTHER_UPDATE\"><\/span><strong><span style=\"text-decoration: underline;\">OTHER UPDATE:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>E-File TRAN-1 by\u00a010.2017. Option to revise it once till\u00a031-10-17. Notification 3\/2017 CT of 21 Sep 2017.<\/li>\n<li>The government\u00b4s move to debar directors of companies that have not filled annual returns for three successive years is likely to be challenged in courts citing retrospective application of the Companies Act, 2013.<\/li>\n<li><a href=\"https:\/\/carajput.com\/sebi-consulting.php\">SEBI<\/a> proposed move to simplify category classifications of mutual fund schemes may lead to a change in the definition of balanced funds. Balanced funds in the past few years and unofficially insisting on a 50:50 equity-to-debt mix for new scheme approvals.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"_KEY_DATES\"><\/span><strong><span style=\"text-decoration: underline;\">\u00a0<\/span><\/strong><strong><span style=\"text-decoration: underline;\">KEY DATES:<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Return of input service distributer for August:\u00a022\/09\/2017<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">WORD OF WISDOM:<\/span><\/strong><\/p>\n<ul>\n<li>Never be bullied into silence. Never allow yourself to be made a victim; accept no ones definition of your life.<\/li>\n<\/ul>\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<\/a>\u00a0\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a> \u00a0 T: 011-233-4-3333, 9-555-555-480<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Read_more_about_What_is_core_Business_Activity_GST\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Read_more_about_All_about_GST_Offenses_Penalties_and_Appeals\"><\/span><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><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE SEPTEMBER 22nd 2017 DIRECT TAX UPDATES: ITAT Kolkata held that without rejecting the books of account, the ad hoc disallowance made is not sustainable in the eyes of law especially when Assessee has maintained books of account with supporting.\u00a0Pioneer Himudyog P. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Kolkata) ITAT Bangalore &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":[5319,627,5321,467,5320,4234],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3448"}],"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=3448"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3448\/revisions"}],"predecessor-version":[{"id":19448,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3448\/revisions\/19448"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}